Everything you need to know about Krugerrand Gold Coins of South Africa
Are the South African Krugerrand Gold Coins worth collecting? All Important Features that you must know about Krugerrand Gold Coins of South Africa before buying. First introduced in 1967, Krugerrand’s main reason for being in the being is to allow the private ownership of gold. Manufacturers wanted to market gold to the world. This Krugerrand symbolizes the enduring value as minted by Rand Refinery. Till now, more than 50 million ounces of Krugerrands Gold Coins have been sold in the market.
Symbolization on the Krugerrand Gold Coins
The face on the Krugerrand Gold coin depicts the Boer leader Paul Kruger. He is the four-time president of the South African Republic. With him, there is a springbok antelope, which is considered one of South Africa’s most symbolic animals. On the backside of the coin, it has the same image as the 5 shilling coin of South Africa. Whereas the word ‘Krugerrand’ has a very deep meaning, and this word is also a registered trademark of Rand Refinery Limited.
There is no doubt that Krugerrand is currently the most popular gold bullion coin in the world. With its popularity, Krugerrand has minted and sold over all other modern gold bullion coins. It does a competitor in the U.S. as American Gold Eagles are slightly more popular and also have a higher premium than Krugerrands in the country.
Manufacturing of the Krugerrand Gold Coins
Krugerrand is an alloy metal. This coin has the percentage composition of gold and copper. The 91.67% gold and 8.33% copper are mixed in one Krugerrand. Krugerrand or coin also has four different sizes. One of them was the fractional-ounce Krugerrands. These Krugerrands were introduced in 1980 and are not always available for individuals.
Krugerrand is 91.67% pure gold. It also has a very high proportion of copper in the alloy. The Krugerrand coin is more durable and notable due to this composition. The color of the Krugerrand is a red color which is almost similar to rose gold. Like America’s Eagle and Britannia, the content of gold present in the Krugerrand is a full troy ounce, whereas the mixture and presence of copper make the coin heavier and larger than any other pure coin.
Krugerrand gold bullion coins banned
We know that for some time in 1985, the government of South Africa has a white rule. It’s a time when Congress released a bill in which they prohibited the country of South Africa from selling any kind of Krugerrands in the U.S. The ban didn’t affect the buying and selling of Krugerrands or coins that are already in the U.S. much as more than 22 million Krugerrands had already imported. This was very short-termed as currently, there is an active market for Krugerrands, and thousands of these coins are traded on a daily basis.
The gold bullion Krugerrands were again offered for sale in the U.S. in 1994 when Congress lifted the importation ban. This is one of the main reasons why Gold Eagles are preferred more in the U.S. as it was that time when Gold Eagle captured the attention of the U.S. gold bullion coin market. With the increasing popularity of Gold Eagle, the effort of South Africa to promote Krugerrands in the U.S. also ended. Today Krugerrands are only available in the secondary market in the U.S., and it also has a lower value than the Gold Eagle.
krugerrand come in four sizes
As I have told you above, this coin comes in four sizes. These sizes are
All the sizes and four gold coins have the same design and mixture composition. The most popular among them is the 1-oz Krugerrands. There are so popular that you can easily find them in larger quantities. Whereas the fractional-ounce Krugerrands are not easily available, and you cannot always find them. But if you can find these Krugerrands, then you should know that too, that these fractional-ounce Krugerrands are slightly lower in price than the fractional-ounce Gold Eagles. Fractional-ounce Gold Eagles also come in four sizes.
Being alloyed with copper, these krugerrand gold coins are 22-karat gold. It was so popular in the time that when the U.S. decided to make its own Gold Eagles, the dimensions and alloy of Krugerrands were used. Krugerrands are the legal tender coins of South Africa, and they are popular all over the world. Krugerrands are still considered the favorite gold bullion coin in the world. Since its introduction to the world, this gold bullion coin has made its mark in the world, and most people prefer this coin over any other!