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History Of The South African Krugerrand Gold Coin
The South African Krugerrand coin is one of the most notable gold coins that has ever been minted. The Krugerrand was the first coin to contain one troy ounce of pure gold. The coins were intended to be durable and as such they were alloyed with copper. The Krugerrand contains the same amount of pure gold as the American Eagle, American Buffalo and Canadian Maple Leaf minted coins.
The Krugerrand was originally minted in 1967 when Paul Kruger was president of the old South African republic. There is an honorary image of Paul Kruger on the obverse of the Krugerrand and a springbok on the reverse side. The springbok is an animal totem which represents the Republic of South Africa. The Krugerrand faces also declare the gold content and the name "South Africa" which is displayed in both English language and native Afrikaans.
The coin was minted so that the Republic could see profits from overseas sales, thus, increasing the overall wealth of the country. Americans were prohibited from owning gold bullion at the time yet the coins were something that could still be purchased. The Krugerrand became popular amongst American investors. Many other countries began purchasing the Krugerrand as well. In protest to the Apartheid regime, the United States later banned the purchase of the Krugerrand. These sanctions were placed on the purchase of the Krugerrand during the 1970s and 1980s. The result was that the coin became near impossible to acquire. The ban was lifted in 1994, allowing the Krugerrand to circulate back amongst astute American investors.
There is a different gold content present in the Krugerrand coins minted since 1980. Coins began to be minted in 1/10th, 1/4th, and ½ ounce to make the cost more accessible to the everyday consumer. There are generally higher premiums on these coins so it is optimal to invest in the ounce Krugerrand. The fine percentage is roughly 91.67% being that the Krugerrand contains a copper alloy. A Krugerrand weighs in at around 33.93 grams which is marginally heavier than other coins containing the same mass of pure gold.
The South African Krugerrand remains a solid and lucrative investment due to its gold content and its remarkable place within South African history. Discover more about the elaborate history of gold bullion at GoldBullionPricing.com.
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