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SOUTH AFRICAN GOLD KRUGERRANDS

AVAILABLE IN 1 OZ, 1/2 OZ, 1/4 OZ, AND 1/10 OZ. 

The 1 oz Gold Krugerrand Coin was first minted on July 3, 1967, and was the only gold bullion coin available in the market for many years. This harbinger bullion coin was minted in 22-karat gold (.9167 fine) by the South African Mint Company. Alloyed with copper for special wear-resistance, this gold coin has a beautiful rose-tinted hue. Unlike most national minted gold bullion coins, Krugerrands, have never had a face value or denomination because their value was linked directly to the daily gold price. The 1oz Gold Krugerrand is perhaps still the most widely owned and actively traded gold bullion coins overall.

The history of the South African Mint goes back to the opening of the first state mint in Pretoria in 1892. Production began when South Africa’s annual gold mine production averaged nearly three-quarters (75%) of total western world gold production. The promotion of physical gold bullion was considered vital to South Africa’s gold industry. Especially after 1971, physical gold trading became more vital following the final collapse of the Bretton Woods Agreement effectively ending the international convertibility of US dollars into physical gold bullion. The current South African Mint came into being in 1941 when the South African government took over the Pretoria branch of the Royal Mint.

In 1980 the fractional Gold Krugerrand (½ oz, ¼ oz and 1/10 oz) were added to the coin mintage to assist smaller more affordable price per coin purchases.

Then as well as now, the gold vehicle many investors select remains the 1oz Gold Krugerrand. In the 1960s the Gold Krugerrand was developed by the Chamber of Mines of South Africa, the South African Reserve Bank, and the South African Mint to help boost gold demand around the world. This spectacular coin was the world’s first troy ounce-denominated gold bullion coin. The Gold Krugerrand coin is legal tender in South Africa, it was never struck with a face value. This was deliberately done to better relate the value of each 1 oz Gold Krugerrand coin directly to the world’s fluctuating gold spot price. 2017 marked the 50th anniversary of the world-famous Gold Krugerrand Coin.   

 

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