South African Mint Gold Krugerrand Coins
The South African Mint Gold Krugerrand coin is a gold bullion coin that was first minted by the South African Mint in 1967. It was the world's first modern gold bullion coin, and it quickly became a popular investment among collectors and investors around the world. Today the gold Krugerrand is one of the top ten gold bullion coins for investments.
The Krugerrand is named after Paul Kruger, a former president of South Africa, and the rand, the South African currency. The coin features the image of Kruger on one side and a springbok antelope on the other. The springbok is a national symbol of South Africa.
The Krugerrand is made from a gold alloy that is 91.67% pure (22 karats), and it contains one troy ounce of gold. The remaining 8.33% of the alloy is made up of copper, which makes the coin more durable and gives it a reddish color. The coin has a diameter of 32.77 mm and a thickness of 2.84 mm.
Krugerrands are legal tender in South Africa, but they are not often used as currency. Instead, they are primarily used as a store of value and an investment in gold. They are traded and collected around the world and are often bought and sold based on the current market price of gold.
In addition to the one-ounce size, Krugerrands are also available in fractional sizes, including half-ounce, quarter-ounce, and tenth-ounce sizes.
Overall, South African Mint Gold Krugerrand Coins are a well-known and respected investment option for those looking to invest in gold bullion.
The History of the South African Mint
The South African Mint is one of the oldest mints in the world, with a history dating back to the mid-17th century.
In 1652, the Dutch East India Company established a refreshment station at the Cape of Good Hope, which is now Cape Town in South Africa. The station was intended to provide fresh food, water, and supplies for the company's ships as they traveled between Europe and Asia. Over time, the station grew into a permanent settlement, and in 1795, the British seized control of the colony from the Dutch.
In 1874, the British government decided to establish a mint in South Africa to produce coins for the colony. The mint was built in Pretoria, and it began producing gold coins in 1892. The first coins produced by the mint were the gold "pond" coins, which were equivalent to one pound sterling.
In 1923, the mint was moved to a new facility in Pretoria, and it began producing gold coins as well as silver. During World War II, the mint produced medals and other items for the war effort, and it also produced coins for other countries in the region.
In 1961, South Africa became a republic, and the mint began producing coins for the new government. The first coins produced for the republic were the gold "krugerrand" coins, which were introduced in 1967 and quickly became popular among investors around the world.
Today, the South African Mint is a subsidiary of the South African Reserve Bank and continues to produce coins for South Africa and other countries around the world. It is known for producing high-quality coins and medals that are sought after by collectors and investors alike.