The History of the Krugerrand Shows it All Started Here
Krugerrand is pronounced like cougar but with a “cr” sound like “crew” and “rand” at the end. If you are thinking, where have I heard that word before? You may have seen it in a number of Hollywood hits as a guest star, usually the one everyone is chasing. Lethal Weapon 2, starring Mel Gibson, Danny Glover and Joe Pesci in his break out comedy role centered around the Krugerrand gold coin as the controversial object to obtain.
Krugerrand gold coins are popular in the precious metal industry.
History of the Krugerrand
The name comes from Paul Kruger. The former President of the South African Republic. Rand is the name of South African currency. The first Krugerrands were minted by the South African Mint in 1967. Serving to promote the country’s gold mining industry, they did rather well. By 1980 the gold coin dominated 90% of the gold bullion market. It is estimated that between 1974-1985 some 22 million of these lustrous marvels were imported into the United States alone.
Quite the trend setter, Krugerrand coins were the first gold coins to contain exactly one troy ounce of gold. This uniform weight made them a convenient way to purchase and own gold. The export was so popular that other countries wanted in on the action. Canadian Maple Leaf gold coins were introduced in 1979. The Chinese Panda gold coin in 1982. The American Eagle gold coin joined the fun in 1986. Following suit were the British Gold Britannia and Australian Nugget in 1987.
Krugerrands also became popular due to their high gold content and relative affordability. They are widely recognized and accepted in the international market. Making them a popular choice for those looking to invest in gold.
Design
The featured unique design sets them apart from other gold coins. The reverse side features a springbok antelope, the national symbol of South Africa.
The obverse side of the coin features the profile of former President Paul Kruger.
Krugerrand coins are 22 karat gold (91.67%). The blend is a combination of gold and copper. The addition of copper is the secret to its beauty, making the coins more durable and resistant to scratches.
Sizing and Value
Krugerrands are available in four different sizes: 1 ounce, 1/2 ounce, 1/4 ounce, and 1/10 ounce. The value of these gold coins are based on the current market value of gold, as well as any additional premiums charged by dealers.
Their recognition and reputation in the international market make Krugerrand coins a safe coin due to wide spread acceptance. Making them easy to resale. Thus making them easy to buy, and a convenient option for those looking to purchase gold.
Summation
Krugerrand coins are a widely popular option in the precious metal industry. These gold coins are easy to spot due to their unique design, setting them apart from other gold coins. Krugerrand coins are available in four different sizes. Value is based on the current market value of gold. If you’re considering purchasing gold, you may have met one that checks all the boxes. Krugerrand gold coins are a reliable and convenient option that has stood the test of time.
