What are Krugerrands?
Gold Krugerrands are a type of gold bullion coins minted from the official South African mint Rand Refinery. The Krugerrand was first minted in 1967 to promote South African gold. Gold at that time in 1967, The U.S. had a law prohibiting people to own bullion. However, since this was official legal tender from South Africa U.S. Citizens could buy and own gold through these coins.
Along with being the first legal gold bullion, the Krugerrand was also the first gold coin to be exactly one ounce of fine gold. Since September 1980, the South African mint has also begun three different sizes containing exactly 1/2 ounce, 1/4 ounce and 1/10 ounce of pure gold. There is, however, no Silver Krugerrand, all coin and coin dealers claiming to be “Silver Krugerrands” are all fake and should be avoided.
“To date some 46 million ounces fine gold contained in newly minted Krugerrands have been sold world wide. This equates to more Krugerrands in circulation internationally than all other gold coins combined,” mentions the Rand Refinery. This status makes investing in gold Krugerrands fairly risk-free of liquidity risk (the risk no one would want to buy the coin from you).
The Krugerrand is named after the famous South African President and nature conservationist Paul Kruger, who is shown in the image above, while the reverse shows a Springbok Antelope, a national South African symbol.
If your looking to buy gold Krugerrands, Goldprice.org saids “Krugerrands are available through the usual coin dealers and coin auction houses. When purchasing krugerrands or ‘krugers’, ensure that the size is mentioned clearly. Also ensure the date of mint, price and condition are clearly stated.”
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