The South African Gold Krugerrand is one of the world’s most popular gold bullion coins. The success of the Gold Krugerrand is what led other countries such as Canada, Australia and the United States into producing their own Gold Coins. Unlike other gold bullion coins, South Africa’s Gold Krugerrand was meant to be used as currency. You can purchase this fine gold coin at GovMint.
South African Gold Krugerrand History
The South African Gold Krugerrand has been minted since 1967 and was developed to encourage private ownership of gold bullion coins and to market South African gold. The strategy was very effective because by 1980 the Krugerrand accounted for 90% of the gold coin market. By the end of 2008 the Krugerrand coins accounted for circulation of 46 million ounces of gold.
The Krugerrand was intended to be used as currency so was minted as a more durable gold and copper allow it to withstand the wear and tear of currency use. The South African economic boycott due to apartheid made it illegal to import the Krugerrand during the 1970s and 1980s. When South Africa abandoned apartheid in 1994 the sanctions were lifted. The success of the Krugerrand opened the door for other gold producing nations to mint their own gold bullion coins including the Canadian Gold Maple Leaf, the Australian Nugget, the American Gold Eagle and the British Britannia bullion coin.
The Krugerrand is an attractive gold coin with a picture of Paul Kruger on one side and the South African Springbok on the other side. The image was designed by Coert Steynberg and was previously used on the reverse of an earlier South African 5 shilling coin. The gold content and South Africa are inscribed on the coin in both English and Afrikaans.
Do not confuse the Krugerrand with bullion rounds on the market that are patterned after the Krugerrand being produced by private mints. The bullion rounds are not currency and cannot be considered coins. Some of the rounds are blatant copies of the Krugerrand, they have no legal tender and are not official.
Krugerrands are minted from a gold alloy that is 91.67% pure and thus is 22 karats. The actual weight of a 1 oz Krugerrand is 1.0909 troy ounces and as such the coin contains one troy ounce of gold. The remainder of the coin is copper, which makes the allow harder and more durable to resist wear and tear from use as currency. The gold copper allow is known as crown gold.
Krugerrands come in the following sizes all in troy ounces, 1/10th oz., ¼ oz., ½ oz. and 1 oz. Prices vary based on the spot price of gold and the volume of your purchase.
Where to Buy The Gold Krugerrand
There are many online stores available for the investors and collectors that are interested in buying the Gold Krugerrand bullion coin. However, we highly recommend GovMint, the leading retailer of Gold coins worldwide. GovMint also has the largest selection of World Coins on the web. They are US based and have been servicing worldwide customers and investors for decades. GovMint also has a large selection of rare and antique coins that any serious collector would be interested in.
Alternatively, you can purchase Gold Krugerrand at any popular jewelry store or coin dealer in your area. However, be aware that prices online tend to be lower than prices you’ll find at your local jewelry. Buying Gold Krugerrand coins Online is therefore a most cost-efficient option.