Description
The Krugerrand is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint. It was introduced as a vehicle for private ownership of gold. The name is composed of Paul Kruger, the former President of the South African Republic (depicted on the obverse) and rand, the South African unit of currency. On the reverse side of the Krugerrand is a Pronking Springbok, South Africa’s national animal.
The South African Gold Krugerrand is minted in a copper-gold alloy more durable than pure gold. The obverse (front) of the coin was designed by Otto Schultz and the reverse Coert Steynberg. The name “South Africa” and the gold content are inscribed in both Afrikaans and English.
By 1980 the Krugerrand accounted for more than 90% of the global coin market and was the number one choice. However, during the 1980s and 1990s, Krugerrands fell out of favor as some western countries forbade import of the Krugerrand because of its association with the apartheid government of South Africa.
Although the gold Krugerrand coins have no face value, they are considered legal tender in South Africa by the South African Reserve Bank Act of 1989.
Specifications
Year: Random
Diameter: 32.69 mm
Thickness: 2.84 mm
Total Weight: 33.93 grams
Gold Content: 1 troy oz
Purity: .9167 (22 karat)
Mint: South Africa Mint
Denomination: None (but is legal tender)
Packaging: Singles sold in plastic flips, increments of five sold in plastic tubes.
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