South African Krugerrand Gold Coins

First minted in 1976 by the South African Mint Company, the South African Krugerrand was originally developed to help market the mining regions gold to the world. Intended for use as a common coin, the Krugerrand was minted using 22 carat gold alloy to make it stand up to the rigors of daily use.

During the seventies and eighties, economic sanctions against South Africa made the import of Krugerrands illegal in most Western countries, despite the fact that Krugerrands were legal tender for trade in South Africa. The economic sanctions placed against South Africa in an almost global statement against apartheid could have devastated the value of the Krugerrand and the South African economy but, even though the Krugerrands were illegal for import in most countries, the Krugerrand accounted for 90% of the global gold coin market. To date, over 46 million ounces of gold have been used in the minting of South African Krugerrands.

Being one of the first bullion gold coins, the success of the Krugerrands inspired many other countries to mint their own gold bullion coins, including the Canadian Gold Maple Leaf, the Australian Nugget, the American Gold Eagle and the British Britannia.

The Krugerrand is minted from a 22 carat gold alloy which uses 1 ounce of pure gold and 2.826 grams of copper. This is the same alloy used in English gold Sovereigns and is often called "crown gold". This gold-copper alloy makes the Krugerrands more durable and also gives the coins their orange tinted coloration.

The Krugerrand takes its name from the Boer statesman represented on the obverse design, Paul Kruger. Kruger spent four terms as the president of the South African Republic and was thus honored on the Krugerrand coin.

On the reverse side of the coin, a Springbok, whose image was captured by the designer, Coert Steynberg, is pictured. The Springbok image was first portrayed on the reverse side of the South African Five Shilling coin.

The South African Krugerrand is minted in four denominations. These are 1/10 ounce, 1/4 ounce, 1/2 ounce and 1 ounce. They bear face values of 1 Rand, 2.5 Rands, 5 Rands and 10 Rands respectively. They are also made available for purchase at a slight premium over the current gold spot price.

Interesting Facts About South African Krugerrands

The South African Mint Company creates a small number of limited edition proof Krugerrands each year for sale as collector's items. Proof Krugerrands are priced well above their bullion value and the only difference between these coins and the regular Krugerrands is the number of serrations on the edge of the coin. While proof coins have 220 serrations a bullion coin has only 160.

Many companies around the world are offering silver Krugerrands for sale. These are not real Krugerrands. As a matter of tradition, Krugerrands have always been minted in gold and the South African Mint has not sanctioned these counterfeit coins. In fact, they have issued a statement that silver Krugerrands have no legal tender value, are not official and are not even real coins. Silver Krugerrands are novelty items only and their only value is their silver content or collectors value.

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