South Africa’s Krugerrand coin was minted for the first time in 1967, in an effort to market South African gold. At the time gold bullion coins weren’t readily made and the Krugerrand allowed regular people to invest in gold bullion. The coin was produced by Rand Refinery, in cooperation with the South African Mint and gets its name from Paul Kruger, a former President of the South African Republic, and the rand, which is the name of South Africa’s currency. On the obverse of the coin, Paul Kruger lends his profile, while on the reverse, South Africa’s national animal, the pronking springbok is pictured. These coins are considered to be legal tender in South Africa, as per the 1989 South African Reserve Bank Act.
In Western countries, the Krugerand became unpopular by the 1980’s and 1990’s due to its association with South Africa’s apartheid government. The United States government eventually banned the coin in 1985 – one year before the ban, $600-million worth of the coin was bought, sold or traded in the US.
The popularity of the South African Krugerrand gave way to several gold bullion coins around the globe.
No. The coin is completely legal. In 1985 the US governement banned the coin due to the politics of South Africa’s apartheid government. But those bans were lifted and the Krugerrand can be imported, bought or sold like other coins.
On the obverse of the coin is a profile of Paul Kruger, originally created in 1892 by Otto Schultz. On the reverse is a 1947 design by Coert Steynberg of a pronking springbok antelope.
In 2017, to commemorate the coin’s 50th anniversary, the South African Mint produced uncirculated coins, platinum coins, and silver coins. Here are the issue limits for each denomination of coin during the 50th anniversary minting:
In subsequent years, more Krugerrand coins were minted. Here are the gold Krugerrand specifications:
The South African Krugerrand is 22 karat gold.
Yes. South Africa’s Krugerrand has a long and rich history in attracting investors. In its heyday, the coin was the only gold coin, weighing one ounce available to investors readily. It is, and has always been, an excellent coin for the purposes of investment and gold speculation. As always, when purchasing coins it’s important to work with a reputable dealer who has the correct paperwork and knowledge to understand what they’re working with.
Crown Gold Exchange holds the utmost respect for you and your valuables. When you visit one of our locations, we make sure that you feel welcome, and that your property is protected. We use industry-standard equipment to ensure accurate measurement of your valuables, and we have a special process to keep your valuables safe. Our accuracy enables us to offer you top dollar, and we have several different payment methods available for your convenience, so you won’t be waiting around to get paid.
Crown Gold Exchange will purchase any kind of gold you bring us, including 8-karat, 10-karat, 14-karat, 18-karat, 21-karat, 22-karat, 24-karat, or anything else. We buy gold bars, gold bullion, gold jewelry and some gold plated items like pocket watches. If you happen to be in possession of an exclusive piece made by a top gold designer such as Cartier, Tiffany, Rolex, or Patek Philippe, we will often pay more than the weight of the item. Such special pieces often command a higher price on the secondary market due to their superior craftsmanship.