Krugerrand. No, you are searching for a foreign car, or an exotic restaurant, or an obsolete brand of coffee that you will never find. Those well learned in the trade of precious metals or coin collecting will be able to tell you that the Kruggerand is the official gold coin of South Africa. It's name comes from two words compounded together, "rand," the South African unit of currency, and "Kruger," after the 5th President of the South African Republic Paul Kruger, who served four terms between 1881 and 1883 and is depicted on the front of the coin.
Minted for the first time in 1967 to both help stimulate the economy and push the South African gold market, the Krugerrand quickly became the top choice for investors worldwide. Due to its association with the apartheid government in South Africa (which has since been abolished) and despite the fact that some countries forbade the import of said coin during the 1970s and 1980s, the Krugerrand still managed to account for approximately 90% of the global gold coin market by 1980. Popular then and popular now, perhaps the great bull market gold rush of the 1970s was a huge help.
As of 2008, over 46 million ounces of gold have been minted into Krugerrand coins and sold worldwide; and between 1974 and 1985, approximately 22 million gold Krugerrand coins were imported into the United States alone.
Initially minted and introduced by the South African Mint, the coins were initially intended to be used for private ownership of gold, however over time was given a status of being "legal tender," i.e. actual currency. After this went into effect, the Krugerrand was minted with a more durable copper-gold alloy, however not to affect its worth. And in 1980, in addition to minting the 1 troy oz. gold coin, the Mint started minting the half-ounce, quarter-ounce, and tenth-ounce coins, three smaller coins as well.
After seeing the huge success of the Kruggerand, many other countries followed suit and began to issue their own gold coins as well. This includes Canada (the Gold Maple Leaf, 1979), Australia (the Nugget, 1981), China (the Gold Panda, 1982), America (the Gold Eagle, 1986), and Britain (the Britannia coin, 1987). Additionally, there are limited edition "proof" Krugerrand coins that are distributed as collector's items, and like regular, non-proof Krugerrands, hold a value slightly above that of bullion value. The only distinguishing factor between the two (proof and non-proof) coins are the number of serrations on the outer edge, of which the proof coin has more.
Minted for the first time in 1967 to both help stimulate the economy and push the South African gold market, the Krugerrand quickly became the top choice for investors worldwide. Due to its association with the apartheid government in South Africa (which has since been abolished) and despite the fact that some countries forbade the import of said coin during the 1970s and 1980s, the Krugerrand still managed to account for approximately 90% of the global gold coin market by 1980. Popular then and popular now, perhaps the great bull market gold rush of the 1970s was a huge help.
As of 2008, over 46 million ounces of gold have been minted into Krugerrand coins and sold worldwide; and between 1974 and 1985, approximately 22 million gold Krugerrand coins were imported into the United States alone.
Initially minted and introduced by the South African Mint, the coins were initially intended to be used for private ownership of gold, however over time was given a status of being "legal tender," i.e. actual currency. After this went into effect, the Krugerrand was minted with a more durable copper-gold alloy, however not to affect its worth. And in 1980, in addition to minting the 1 troy oz. gold coin, the Mint started minting the half-ounce, quarter-ounce, and tenth-ounce coins, three smaller coins as well.
After seeing the huge success of the Kruggerand, many other countries followed suit and began to issue their own gold coins as well. This includes Canada (the Gold Maple Leaf, 1979), Australia (the Nugget, 1981), China (the Gold Panda, 1982), America (the Gold Eagle, 1986), and Britain (the Britannia coin, 1987). Additionally, there are limited edition "proof" Krugerrand coins that are distributed as collector's items, and like regular, non-proof Krugerrands, hold a value slightly above that of bullion value. The only distinguishing factor between the two (proof and non-proof) coins are the number of serrations on the outer edge, of which the proof coin has more.
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