History of South African Krugerrand

South African krugerrand

The South African Krugerrand is a gold bullion coin. It was first minted in 1867 and it was the first coin to contain one full ounce of fine gold. Interestingly, at that time in the United States of America, private gold ownership was prohibited among citizens. However, because the South African Krugerrand was legal tender and a foreign coin, people could own them creating a vehicle by which gold bullion could be procured by common citizens who could pay for it.

During the 1970s and 1980s, there were economic sanctions placed on South Africa due to apartheid. This made the South African Krugerrand an illegal import in many western countries making them nearly impossible to obtain. These sanctions were lifted but not until 1994. Today, it is the most widely known bullion coin and the most widely owned enjoying 90% of the market in 1980. This is due to the fact that they were the first and the longest to be minted. The Canadian Maple Leaf was the next gold bullion coin to be minted to enjoy some popularity but not until 1979.

The design itself features Paul Kruger on the obverse. He was the President of the old South African Republic. On the reverse, there is a springbok which is a national symbol of South Africa. The reverse also shows the gold content, the name “South Africa” which is shown in both English and Afrikaans.

The South African Krugerrand is minted in many content levels of bullion including one ounce, one half ounce, one quarter ounce and one tenth ounce. According to refinery records, 46 million ounces of these gold bullion coins have been sold through 2008.

The South African Krugerrand continues to enjoy a popularity that is above and beyond other bullion coins produced in other countries. It is the most widely recognized, the most widely purchased and the most widely sought after. The South African Krugerrand will continue to remain a popular choice for people interested in collecting gold bullion far into the future.

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