The 3rd July 1967 was an important date in the world of gold coins as it saw the release of the Krugerrand by the South African Mint. The Krugerrand was an important vehicle for South Africa to release its gold reserves worldwide. At the time South Africa was mining c75% of the world’s annual gold supply and this coin was a convenient and collectible way for the gold to be used and was more affordable to the man on the street than gold bars.
The Krugerrand has a name origin, split into two parts, which are:
- Kruger – Named after Paul Kruger, the president of the South African Republic from 1883 to 1900. His portrait features on one side of the coin
- Rand – The rand is a currency used in South Africa and is named after the “White waters’ ridge” (Witwatersrand in Afrikaans). This area is prolific for gold mining and is the origin of in excess of 50% of the gold ever mined on earth
10 amazing facts and stats about the Krugerrand
- The Krugerrand was the world’s first 1oz. weight gold coin, where weight was used as the denomination
- They have no face value, instead, the coin’s value is actively known across the world and is based on its precious metal content
- The Krugerrand is easily the most recognisable gold coin worldwide
- In 1980, ½ oz. ¼ oz. and 1/10 oz. versions of the Krugerrand were released to help investors with more restricted budgets
- The Krugerrand has been mass produced, with more than fifty million being minted to date
- The reverse side of a Krugerrand features a springbok, a type of South African antelope and symbol of the country
- The coin is gold alloy featuring 91.67% 22-Karat gold and 8.33% copper (this is quite like the constitution of a British Sovereign)
- Proof versions of the coin have been produced with collectors in mind as opposed to a primary motive of investment. Proof coins have 220 serrations on the edge of the coin whereas the standard bullion coins have just 160
- Platinum and silver proof versions of the Krugerrand were released for the fiftieth anniversary
- A special 50oz. version of the coin was minted for the fiftieth anniversary, these are highly collectible as only fifty were ever minted
Here’s to another fifty years
Whilst other countries have released their own national coins (e.g. the Canadian Maple Leaf (1979), the American Golden Eagle (1986) and the Britannia (1987), etc.) demand worldwide for the Krugerrand is still extremely strong. This coin has well and truly stood the test of time and has not disappointed happy investors. Here’s looking forward to another fifty years of the Krugerrand.
For further information about the South African Krugerrand also read our recent insight article by clicking South African Krugerrand.
Buying Krugerrands from Physical Gold
It’s the 50th (or Golden anniversary) of the Krugerrand, so why not buy some now from us here at Physical Gold? Call us today on 020 7060 9992 to place your order or discuss your requirements or email us via our contact form here.
Image Credit: Rajeev Prasad