Nothing says wealth like Gold Krugerrand coins from South Africa.
The Gold Krugerrand is perhaps the most famous name in Gold coins because it was the first modern bullion coin. The iconic South African Gold coins were first released in 1967 with no face denomination because the coins’ value was linked to the daily Gold spot price
. The Krugerrand was the only Gold bullion coin available to the international market, making it wildly successful. Other Gold coins from national mints would follow, but having Krugerrands has remained a shorthand for wealth.
The Gold Krugerrand was introduced as a mass-produced means of allowing private ownership of Gold as well as being legal tender currency. The South African Gold coins are made with a copper-Gold alloy for more durability. The Krugerrand Gold coin was later released in smaller sizes, making it an affordable investment for a greater number of people who want to buy Gold. The success of the Gold coins caused other mints to issue Gold bullion coins, including the Gold Canadian Maple Leaf and the Gold American Eagle.
The Gold Krugerrand gets its name from Paul Kruger, South Africa’s first president, and rand, the South African currency. These Gold coins being referred to as “rand” also is associated with the Witwatersrand, where Gold was discovered in 1886. The production of the South African Gold coins and other Gold products from this Gold reef changed Africa almost instantly. The importance of the Krugerrand Gold coin mirrors just how important Gold has been to South Africa, which produced 75 percent of the world’s Gold in the late 1960s and early 1970s.
The Gold Krugerrand is one of the most popular Gold bullion investment coins in the world. The Krugerrand Gold coin was made specifically to drive demand for South African Gold. Because the South African Gold coins were legal tender, foreigners could buy them when it was illegal to buy foreign Gold bars. The South African Gold coins have their weight stamped on them instead of a face value to emphasize their worth as Gold and to make trading and accounting easier. The Gold coins are now also made in collector series, which add numismatic value to the Precious Metal value.