Random Year 1 oz Gold South African Krugerrand

Product Information:

The Krugerrand Coin was first minted in 1967 and is named in honor of Paul Kruger (Stephanus Johannes Paulus Kruger, 1825-1904), the president of the former Republic of South Africa (Transvaal). It was the first gold coin to contain exactly one ounce of fine gold.

According to the South African constitution the Krugerrand is legal tender in South Africa. Having no nominal value, the price of this 22 carat coin is fixed every day at the London Fixing and then converted into Rands, yet the Krugerrand was not created to be used as money but as an instrument to trade South African gold.

The legal tender status granted to this gold coin allowed U.S. citizens, during the prohibition of private gold ownership (1934 to 1974), to "buy" gold legally. From 1986 to 1999 all imports of South African products to Europe were banned and with it also the importation of the Krugerrand, which substantially damaged the value of this currency in comparison with others.

Description:

The Krugerrand is minted with an alloy of gold and copper giving it a more reddish appearance than gold coins alloyed with silver. The alloys are used to make gold coins harder and more durable, being able to resist scratches and dents during handling. The obverse depicts the bust of Paul Kruger and the reverse depicts a South African antelope (springbok), one of the national symbols of South Africa. The name 'South Africa' and the gold content are written in both Afrikaans and English. In 1980, three other sizes were introduced, offered in half, quarter, and tenth ounce weights.