Gold coins: The Kruggerands
The Kruggerand coins got their name after the four -term president former South Africa Republic and the nature conservationist, Paul Kruger. The coin has on one side the springbok, one of the national symbols of South Africa and on the reverse, the image of Paul Kruger. In 1967 the first Kruggerand coin was struck by the South African Mint. The Kruggerands have had worldwide legal tender ever since.
The Chamber of Mines of South Africa and the South African gold mining industry were in complete agreement with the creation of the Kruggerand coin.
Some Western countries decided during the 1970s and the 1980s that the Kruggerands were illegal despite their legal tender. This happened because of some economic sanctions against South Africa. These sanctions ended in 1994.
The 22 karat Kruggerands can be found in three sizes since September 1980. The Kruggerand has the reputation of being one of the most widely traded bullion coin in the world. Investors worldwide can now own gold more easily because of the Kruggerand coins.The Krugerrands have been sold worldwide. There are more Kruggerand coins on the world market than any other gold coin.
The coin doesn’t have its value recorded on neither side. The gold it is made from gives the Kruggerand its real value. There is only one refinery that can manufacture and supply the coin blanks for the Kruggerands and this is the Rand Refinery. The refinery is authorized by the South African Treasury through the Reserve Bank of South Africa. The refinery is also the only one that can act as an agent for and on behalf of the South African mining industry.
If you are planning to invest in Kruggerands you have to know that they can only be found in gold. There are no silver Kruggerands.
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