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South African Krugerrands?

Last Updated: March 24, 2024

Most people have at least heard of the South African Gold Krugerrand, but many people are unaware of the rich history of these beautiful coins. If you have been considering your investment strategy for pure gold coins, keep reading to learn everything you need to know about the gold content and more.

Attention Americans 50 and Over:

The Rich History of the Krugerrand Gold Coins

When you begin researching South Africa and the South African Mint, you will quickly discover these gold krugerrands  have a complex history that begs to be studied. These were first minted by the South African Mint in 1967.

The government wanted to produce these to showcase the country's immense gold, precious metals, and gem reserves. They debuted at one troy ounce and were made with 22-karat gold.

They were immensely popular from the moment they were released. The stock qty took a beating in the 1970s because of Western sanctions. During this time, Western governments boycotted South African Mint products.

Despite the sanctions, this African legal tender coin found its way into the hands of collectors. From 1967 to 1979, the Krugerrand was the only gold coin. The market today has many options.

Although not as popular as when they were first released, the Krugerrand coin remains prized. Many investors buy these each year to add to their collections. Unfortunately, this gold coin does not have the gold pureness level required for gold IRA investments.

Specifications of the Gold Krugerrand Coin

The market today is inundated with gold coin offerings, but these gems were once the only ones on the market. Gold Krugerrands have the distinction of being the first troy-ounce gold coins on the market. These aren't the only interesting facts about Krugerrands though.

Their name was derived by combining the name of an African hero, called Paul Kruger, and the rand, which is a South African monetary unit. Paul Kruger was a highly popular Boer leader and later went on to become president of the country. As former president of South Africa, Paul Kruger and his legacy live on in these gold coins.

Specifications for South African Gold Krugerrands

  • Feature 22-karat gold.
  • Each South African Gold Krugerrand weighs 1.0909 ounces.
  • The rand refinery includes 2.826 grams of copper in each coin for stability.
  • Each mass-produced coin is 2.74 mm thick.
  • The diameter of this South African Krugerrand bullion coin is 32.6 mm.
  • Each South African Gold Krugerrand coin has a fineness of .9167.
  • Unlike a typical gold bullion coin, the Gold Krugerrand coin has no face value.

Design of the South African Krugerrands

The South African Mint Company has placed the most beautiful designs on these beloved collectibles, including South Africa's national animal. For years, the same design has remained on the obverse and reverse.

Obverse Side

On the obverse side, you will find a highly detailed profile portrait of Paul Kruger. The inscription says “Suid-Afrika” and “South Africa.” This design was created by Otto Schultz and was updated in 1984.

Reverse Side

On the reverse side, you will see the Springbok Antelope, which is the official representation of the Modern Republic of South Africa.

When buying Krugerrand coins, there is a distinctive feature that separates proof coins from gold bullion coins. Gold bullion coins have 160 serrations on the edges, while proofs have 220.

When buying from those who sell Gold Krugerrands, keep this fact in mind. You need to be aware of fake Krugerrands and avoid them.

Variations of the South African Gold Bullion Coins

When the South African Republic first released gold Krugerrand coins, they were all one troy ounce. The Reserve Bank realized they were so popular with gold buyers that they began minting them in other sizes as well.

Today, this South African coin is available in one troy ounce, 1/2 ounce, 1/4 ounce, and 1/10 ounce. All four versions remain in production today.

Many people purchase Gold Krugerrand coins because of their nostalgic beauty and value. They  continue to shine on the global gold coin market. Although these coins are not eligible for gold IRA, many buy gold krugerrand coins to add to their collections.

What You Should Know About the South African Mint

This privately owned mint has minted countless coins for the South African Reserve Bank. It is located in Centurion, Gauteng, which is near the city of Pretoria.

The Rand Refinery and the mint work together to produce Gold Krugerrand coins. The refinery has trademarked the name Krugerrand.

Should You Invest in South African Gold Krugerrands?

Now that you know more about the South African Gold Krugerrand, you likely wonder if it is worth your time. Are silver Krugerrands a good investment? Are Krugerrands worth more than gold?

This South African Gold coin is one of the most established in history. These fine collectables have been minted for more than 50 years and their quality is guaranteed. You will find many gold dealers offer international shipping, and the shipments are fully insured.

With its national symbol and highly detailed finish, the South African Gold Krugerrand has the ability to attract investors from all over the world. When learning how to invest in Krugerrands, it is important to remember the risks. Despite the risk, the South African Gold Krugerrand is a popular investment choice.

What Are the Benefits of Investing in Krugerrand Coins?

The high popularity of these collectibles is intriguing, but you need to be aware of the benefits before you purchase. 

  • Are Krugerrands legal tender? The answer to this question is yes; they are backed by the South African government.
  • Are Krugerrands taxable? If you purchase this legal tender, you will not be taxed on your purchase.
  • They are available at competitive prices around the world.
  • Are Krugerrands pure gold? While they are made of 22-karat gold, they are not .9999 fineness.
  • Gold offers a hedge against inflation. Are Krugerrands a good investment? Keep reading to discover the answer.

FAQ About Proof Krugerrands and Gold Bullion Krugerrand Coins

The following are some of the top questions we encounter regarding gold and silver Krugerrands. Read the answers before buying and selling Krugerrands.

The average worth of a gold krugerrand is $1,795.  Check out this page for other rare coins worth money.

1967 is considered one of the most valuable years for this fine gold South African currency.

No, they do not have a fixed value.

No, they do not have serial numbers.

All gold has the potential to increase in value.

Are Gold South African Krugerrands legal in US? While many people believe the ban on imports from Africa in the 1970s makes these collectables illegal, this is not correct. Ownership was never unlawful for any stock qty.

Purchase any form of physical gold, especially a South African Krugerrand, from a reputable dealer. Understand the gold spot price before you buy. Buying Gold Krugerrand online will often save you money on gold bullion coin, but may require a bank wire.

These are legal tender from the South African Chamber but have no face value, no matter the stock qty.

As you begin investing in different types, be aware there is a potential for owing capital gains taxes on all world gold bought.

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