South Africa | |
| Value | 1 troy oz. fine gold |
|---|---|
| Mass | 33.93 g (1.09 troy oz) |
| Diameter | 32.77 mm (1.28 in) |
| Thickness | 2.84 mm (0.11 in) |
| Composition | Gold (91.67% Au, 8.33% Cu) |
| Years of minting | 1967–present |
| Obverse | |
 | |
| Design | 1892 by Otto Schultz – Profile of Paul Kruger with "SUID‑AFRIKA · SOUTH AFRICA" in the legend |
| Reverse | |
 | |
| Design | 1947 by Coert Steynberg – A pronking springbok antelope with the mint date in the field. The legend is inscribed with "KRUGERRAND" and the gold weight. |
The Krugerrand (/ˈkruːɡərænd/;[1] Afrikaans: [ˈkry.ərˌrant]) 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.[2][3] The name is a compound 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.
By 1980, the Krugerrand accounted for more than 90% of the global gold coin market and was the number one choice for investors buying gold. 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.[4][5]
Although gold Krugerrand coins have no face value, they are considered legal tender in South Africa by the South African Reserve Bank Act (SARBA) of 1989.[6]
In 2017, the Rand Refinery began minting silver versions with the same overall design as the gold coin.[7]
- ^ "Krugerrand - definition". Dictionary.com, LLC. Retrieved 11 August 2012.
- ^ "Products". Rand Refinery. Archived from the original on 29 May 2020. Retrieved 19 April 2019.
produced by Rand Refinery and the SA Mint
- ^ "Bullion". The South African Mint Company. Retrieved 19 April 2019.
The South African Mint Company manufactures Proof Krugerrands, and jointly manufactures the Bullion Krugerrand with Rand Refinery.
- ^ Bob Secter (02 Oct 1985) Reagan Bans Imports of S. Africa Krugerrand, The Los Angeles Times, accessed 28 June 2018
- ^ Staff, Robin Foster of The Sentinel (10 September 1985). "KRUGERRAND LUSTER DIM FOR LOCAL COLLECTORS". OrlandoSentinel.com. Retrieved 1 May 2020.
- ^ 17 (2) (a) "[...] the value of each gold coin so tendered shall be equal to the net amount at which the bank is prepared to purchase that gold coin on the day of such tender thereof […]" [1], South African Reserve Bank Act, 1989
- ^ "The Silver Krugerrand has arrived" (PDF). Alchemist Issue 90. London Bullion Market Association. Retrieved 24 August 2019.