The Krugerrand: A Coin of Firsts
South Africa is known for its flourishing gold mining industry, which is why many countries keep a close eye on it with gold investments to this day. It is the birthplace of the Krugerrand, one of the world‟s most sought-after gold bullion coins among collectors, anda coin of many firsts. The coin‟s name is an amalgamation of four-time South African President Paul Kruger‟s surname and the moniker of the country‟s currency: rand. Its name is currently a registered trademark that Rand Refinery Limited of Germiston owns. Of its value The Krugerrand is the first coin to have exactly one troy ounce of 22 carat gold, and its weight is at around 33 grams. The coin‟s total weight exceeds one troy ounce, as it contains a small amount of copper for better durability, which results in 91.67% of the coin being pure gold and the remaining 8.33% being copper. The coin measures 32.77 mm in diameter and a thickness of 2.84 mm. Its design features a portrait of former fourtime South African president Paul Kruger on the obverse, and one of South Africa‟s national symbols, the springbok, on the reverse side. It also features the name “South Africa” inscribed in both English and Afrikaans.
Of its history Gold used to be only in the form of ingots and bars, which made it an extremely precious resource individuals cannot afford. The South African government pushed the creation of a vehicle that introduced the private ownership of gold, which resulted in the first minting of the Krugerrand on July 3, 1967. The Krugerrand is one of the first few gold coins that acquired legal tender status, a move deemed unusual in most countries, which resulted in the copper-gold alloy material of it. Many Western countries, however, made the Krugerrand an illegal import during â€ž70s and the â€ž80s because of the apartheid policy of the country. When South Africa abandoned this repressive policy in 1994, the countries lifted this sanction, thus opening the Kr ugerrand to trade. Since then, the Krugerrand has become a highly valuable item from Suid Afrika, and a sought-after asset for collectors. Apart from its immense value, the Krugerrand is a vestige of South Africaâ€&#x;s history and a coin of many firsts. Resources: http://atkinsonsbullion.com/gold-coins/1-2oz-gold-krugerrand http://www.wisegeek.com/what-is-a-krugerrand.htm http://www.sahistory.org.za/people/stephanus-johannes-kruger
Published on Feb 25, 2014
South Africa is known for its flourishing gold mining industry, which is why many countries keep a close eye on it with gold investments to...