South African Gold Krugerrand History

The Gold Krugerrand is from South Africa and was first minted in 1967. It gets its name from Paul Kruger who was the old South African president. The Gold Krugerrand is said to be the first gold coin that contained 1 ounce of gold in it. Gold Krugerrands were meant for the purpose of private ownership by the people. It was even given the status of legal tendership. Thus it enabled the citizens of the United States to buy Gold Krugerrands. This was a good thing for them because they were not allowed to buy bullion at that time. The Krugerrand is considered as legal currency but people hardly use it for that purpose.

This coin is also know as "Medal Coin" and is quite popular among the coin collectors. One side it has the picture of the old president and on the reverse of the gold krugerrand depicts a spring book antelope. This is one of the national symbols of the South Africa. On it the name "South Africa" and the gold content are shown in both English and Afrikaans languages. One Troy Oz of this coin is 32.6 mm in diameter, its thickness is 2.75 mm and the purity is .917. Besides this the coin is also available in half, one fourth and even one tenth Troy Oz.

This coin became so successful that other nations also started minting their own gold coins. Some such nations were Canadian Maple Leaf 1979 and the American Eagle in 1986. The minimum purchase of this coin is 5 ounces. As far as the price of this coin is concerned it depends on "spot price" and additional premium per every Gold Krugerrand. This spot price of gold changes every day and so is reported. One can find it in news papers, radio, TV and even online. The current rate is $939.33 weighing 33.930 grams. By buying Gold Krugerrand one is investing in gold. In case of an increase in the price of gold the value of the coins will also increase and it will result in gain for investors.


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