The South African Krugerrand is one of the most prestigious and actively traded gold bullion coin in different parts of the world. Ever since the South African Mint started manufacturing Silver and Gold Krugerrand, it has gone on to surpass many coins out there. But how well do you know this iconic coin? If you have been asking yourself this question then you have definitely come to the right place. In this post, we are going to examine 4 facts about the Krugerrand you probably knew nothing about.
The First Gold Krugerrand Coin Was Minted in 1967
You probably did not know this but the first Krugerrand Gold coin was first released by the South African Mint in July 1967. This was at a time of great political turmoil and uncertainty including the Cold War, the Vietnam Conflict and Richard Nixon ending the Gold Standard. After all these happenings, South Africa decided to strike its own gold coin thus leading to the release of the first in 1967.
It Has a Chequered Past
South Africa suffered economic sanctions during the 1970s and 1980s due to its policy on apartheid. Therefore, buying Krugerrands was viewed as an approval of the practice and hence some Western countries, Great Britain included, decided to make the Krugerrand an illegal import. Ever since the end of apartheid, South Africa increased the production of the Krugerrand making it one of the most highly respected gold coins in existence today.
It is a Legal Tender Coin
While releasing the Gold Krugerrand, the South African Mint had the intention of making it the country’s money. It was actually meant for use both locally and internationally with the 1oz Krugerrand bearing a face value of 1 Rand. The coins value emanates from the value of the pure gold contained within it. To make it even better, the Krugerrand was the first coin to not feature a currency denomination on the obverse or reverse.
It is Recognized Worldwide
The silver Krugerrand can be traded virtually anywhere in the world at any particular time. Actually, millions of ounces of gold have been used in the minting of Gold Krugerrand making it one of the most traded gold bullion coins in the world. Having a remarkable history, the South African Krugerrand is surely a dependable gold coin and hence you can try it out even when having a different metal investment portfolio.