1970 South Africa 1 oz Gold Krugerrand BU

The South African Gold Krugerrand is one of, if not the most recognizable Gold bullion coins in the world. First produced in 1967, the Krugerrand was the world’s first modern bullion coin. Available in 1/10 oz, 1/4 oz, 1/2 oz and 1 oz Gold coins, this iconic bullion coin is a favorite of investors and collectors alike for its Gold content, historical significance and beautiful design.

The obverse of the coin features the profile of Paul Kruger, the first and only president of South Africa. The reverse depicts a Springbok antelope, a symbol synonymous with South Africa. The word “Krugerrand” comes from President Kruger’s last name and is combined with “rand”, the currency of South Africa. In the late 1960s and early 1970s, South Africa produced 75 percent of the world’s Gold, and by 1980, the Krugerrand accounted for 90 percent of the global Gold coin market. The coin was so popular it inspired other countries like the United States, Canada and the United Kingdom to produce their own Gold bullion coins. Despite the Krugerrand’s popularity, due to South Africa’s system of apartheid, many Western countries placed sanctions on South Africa and banned the import of Gold Krugerrand coins from the 1970s to 1994. Because of this, production levels of the Gold coin have varied greatly since 1967, but the South African Mint produced the most coins before the sanctions were put in place.

Stephanus Johannes Paulus “Paul” Kruger, often referred to as Oom Paul (“Uncle Paul”), was one of the most prominent military and political figures of 19th-century South Africa. Kruger was president of the South African Republic, also known as the Transvaal, from 1883 to 1900 and was the face of the Second Boer War from 1899-1902. This war between the United Kingdom and the Transvaal and its neighboring Orange Free State came about because of conflicting ideologies of imperialism and republicanism, the discovery of Gold on the Witwatersrand and tension between various political leaders, among many other reasons. Kruger’s cause was ultimately unsuccessful and he was exiled to Europe before a treaty was signed annexing the Transvaal and Orange Free State to Britain. To this day, Kruger remains a divisive figure in South African history. Admirers of Kruger consider him a tragic folk hero who was able to unite and defend a maligned nation, but to critics, he was the champion of an ignoble cause and a suppressor of the native Africans in the region. Regardless of these differing viewpoints, Kruger was undoubtedly responsible for shaping much of South Africa’s history.

The South African Mint was first established by President Kruger in 1892 in order to address the serious shortage of coins in circulation and to provide a means for South Africa to produce its own currency. After Britain occupied South Africa as a result of the Second Boer War, all production at the mint ceased until the Mint Act of 1919 established the Royal Mint in Pretoria. In 1941, Britain broke the bonds with the Royal Mint in Pretoria and it thus became the South African Mint. In 1961, when South Africa became its own republic, the mint stopped producing British currency and introduced its own currency system.