Krugerrand Value
The Krugerrand was created and released in 1967, as a way of allowing individual citizens to own gold. It was actually supposed to circulate as legal currency. Therefore it was minted using a lot far more sturdy gold alloy, not like most other gold bullion coins. This can have a significant effect on the Krugerrand value.
Despite the coin’s legal tender intentions, economic downturns and opposition to South Africa for its use of apartheid resulted in the Krugerrand becoming an illegal import in plenty of Western nations throughout the 1970s and 1980s. These sanctions ended when South Africa abandoned apartheid in 1994.
By 1980 the Krugerrand accounted for 90% of your gold coin marketplace. The success in the coin and the Krugerrand value led to many other gold-producing nations minting their own bullion coins, like the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1981, the American Gold Eagle in 1986 collectively with the British Britannia coin.
In 1980, three smaller coins had been launched, getting a half ounce, quarter ounce, and tenth ounce of gold.
The Krugerrand is 32.6 millimeters in diameter and 2.74 millimeter in thickness. The Krugerrand’s real total weight is 1.0909 troy ounces or 33.93 grams. It actually is minted from gold alloy which is 91.67% pure gold or 22 karats. The coin features one troy ounce or 31.104 grams of gold. The remaining 8.3% from the coin’s makeup is copper. This alloy is known historically as crown gold which has long been employed for English gold sovereigns. This gives the Krugerrand a much more orange look than silver alloy gold coins. Copper alloy coins are not as hard and extra durable, so they tend to resist scratches and dings.
The Krugerrand name is attributable to the Boer statesman Paul Kruger. He was a fourth term president of the South African Republic. The other side depicts a springbok, a nationwide symbol of South Africa. The picture was designed by Coert Steynberg, and was previously used on the back of the South African 5 shilling coin. The name “South Africa” together with the gold content materials are inscribed in each Afrikaans and English.
The word “Krugerrand” is now a registered trademark owned by the company Rand Refinery Restricted, of Germiston, South Africa.
The South African Mint Organization creates limited edition proof Krugerrands intended as collector’s products. The Krugerrand value is above bullion value, although non-proof Krugerrands also have a premium over gold bullion value. They can be distinguished from your bullion Krugerrands by the number of serrations to the edge from the coin. Proof coins have 220 while bullion coins have 160 of these.
The Krugerrand is minted in gold for historical reasons. You may run across some Web sites offering to provide silver Krugerrands, but, according to the “Tax Free Gold” site, there is no silver Krugerrands minted. These kinds of coins “are not official, don’t have any authorized tender value, are not made or sanctioned by the South Africa Mint or Authorities, and have no Krugerrand value.