With a the durability of gold alloy, the 22 karat South African Krugerrand is one of the most prized gold bullion coins on the market.
The South African Gold Krugerrand is one of the most prized gold bullion coins in the entire world. It is known for its durability (from gold alloy), iconic design, and high gold purity. Here are the answers to some of the most frequently asked questions about the Krugerrand.
What is a South African Gold Krugerrand?
Beyond its obvious country of origin and primary material, the gold Krugerrand was first minted in 1967 as a means by which South African citizens could own gold.
A Krugerrand can be recognized by the following details:
- The obverse features a profile of former South African president Paul Kruger and contains the words for “South Africa” inscribed in capital letters in both the English and Afrikaans languages.
- The reverse features an image of an antelope, the date that the coin was minted, the gold weight of the coin, and the word “Krugerrand” in all capital letters. The antelope is also found on South African five-shilling pieces.
The coin’s name comes from combining Paul Kruger’s surname with the “rand,” South Africa’s national currency. Additionally, “Krugerrand” is trademarked by Rand Refinery Limited. These particular coins have also been mentioned in American films and television programs like “Archer,” “Arrested Development,” “NewsRadio” and “Lethal Weapon 2.”
What animal is on the South African Gold Krugerrand?
The reverse of the coin depicts a variety of antelope known as a springbok. Similar to the maple leaf on Canadian currency and the bald eagle on the United States’ currency, the springbok is a national symbol of South Africa. The animal’s name comes from a combination of the Afrikaans words for “jump” and “antelope/goat.” This animal is the only species within the Antidorcas genus of bovines.
What are South African Gold Krugerrands made of?
While these coins are equivalent to 1.09 troy ounces a piece, only 91.67 percent of the coin is actually made of gold. Copper accounts for the remaining 8.33 percent of the coin’s metal content.
How many South African Gold Krugerrands are minted each year?
More than 25,000 gold Krugerrands are minted annually. That being said, the largest mint run the coin ever experienced occurred in 1978 when more than six million gold Krugerrands were produced by the South African Mint.
How much is a South African Gold Krugerrand worth in dollars?
While the coin’s mass brings it to 1.09 troy ounces, the coin’s monetary value is whatever the market rate of a gold troy ounce happens to be on the day of sale.
Can the South African Gold Krugerrand be used as legal tender?
Yes. However, while SARBA (the South African Reserve Bank Act of 1989) classifies them as legal tender, they have no face value.
Are South African Gold Krugerrands illegal in the United States?
While these coins were once considered illegal due to growing sanctions over South Africa’s apartheid policy, those sanctions were lifted with the abolition of apartheid in 1994. All Krugerrand coins, even ones minted during the time when international sanctions were fully enforced, are now perfectly legal to own, handle, buy, and sell within the United States.
Are South African Gold Krugerrands a good investment?
As a gold bullion coin, South African gold Krugerrands are as good an investment as any other form of gold coin. The Krugerrand once accounted for 90 percent of all gold coins in circulation and is responsible for other nations’ decisions to mint their own gold coinage, including the United States and Canada.
What Gold Krugerrand coin sizes are available?
The weight and dimensions of a 1-ounce Gold Krugerrand are 33.93 grams, 32.77 millimeters (mm) wide and 2.84 mm thick. The coin has also been minted with less-pure gold in half ounce, quarter ounce and one-tenth ounce sizes.
Where are South African Gold Krugerrands minted?
These coins are minted by the South African Mint, located within Centurion, South Africa. Prior to 1995, Centurion was known as Verwoerdburg. Prior to 1967, the year that the coin was first minted, Verwoerdburg was known as Lyttleton.
Where can I buy and sell South African Gold Krugerrands in the United States?
There are a variety of American gold dealers and coin merchants that handle gold Krugerrands. Parties interested in acquiring or selling a collection of these particular gold coins within the States have both internet and brick-and-mortar options for purchasing.
If you are considering a South African Krugerrand for your coin collection, Provident Metals has a wide Krugerrand selection. Head to our Knowledge Center to learn more about investing in precious metals and the Gold Krugerrand sovereign coin.