The Chamber of Mines of South Africa had a great idea for promoting South African gold sales. They launched 1oz gold coins that were sold based on the market price of gold and at very small brokerage. Krugerrands were first coined and launched in 1967 and they have subsequently been produced every year. Krugerrands are legal tender in South Africa, which is why they can be exported to numerous countries, free of value added tax. The Rands became so popular that when the USA started to design its Gold Eagle coin, the dimensions and alloy of the Krugerrand was used as a benchmark.
Krugerrands are the best selling pure gold coins in the world today. The number of Krugerrands coined exceeds the number of all other gold coins ever made (about 54 million).
The Krugerrand coin family
Originally, Krugerrands were produced in one size only and they contained exactly 1 ounce (31.1035 g) of pure gold. The coin was called Krugerrand or Kruger. In 1980, three more sizes were added - 1/2 oz, 1/4 oz, and 1/10 oz. The word Kruger or Krugerrand marks the original 1-ounce gold coin. Krugerrand gold coins are special for they have no nominal value.
Krugerrands are traded only on the secondary market, which means that the buyers of Krugerrands will get coins that have been previously owned by other investors.
The aim of Krugers has never been to look good; they were made for the purpose of having a piece of gold with a certain weight and value. The colour of Krugerrands is a little redder than other gold coins. Surely, they cannot be considered beautiful coins. Collectors who prefer aesthetically pleasant coins should perhaps consider Australian and Chinese gold.
The name Krugerrand comes from the fact that the front side of the coin features a portrait of Paul Kruger, a former president of the Republic of South Africa.
The reverse side displays a springbok – an animal that constitutes a national symbol of South Africa. The words “South Africa” and the contents of the gold are marked in English as well as Afrikaans.
|Gold weight in |
Troy ounces (oz)
NB! These coins have been in circulation, scratches may appear.