1 oz Krugerrand Gold Coin 2023
The 2023 version of the 1 oz Krugerrand Gold Coin is now available for purchase on StoneX Bullion.
What does the word Krugerrand mean?
This word is a combination of two words: Kruger which refers to the surname of the first President of South Africa Paul Kruger and Rand, the South African national currency
When was it created?
The first Krugerrands were minted by the Republic of South Africa in 1967 to help promote South African gold to the international markets and to make it possible for individuals to own gold. The Rand refinery also wanted to capitalize on the gold mining industry in South Africa and certainly managed to do so with this coin!
How popular is the Krugerrand?
This coin was immediately successful. The demand for the coins continued to grow and by the end of the 70’s the Rand refinery was minting more than 3 000 000 coins annually.
During the '80s, numerous Western countries banned the import of Krugerrands as part of enforced economic sanctions against South Africa as a result of the apartheid. The Krugerrand suffered from diminished interest until 1994 when the apartheid ended.The Krugerrand remains one of the most popular gold coins in the world.
What’s the design about ?
The reverse of the coin portrays a galloping springbok antelope, one of South Africa’s national symbols. At the top of the coin can be found the word “Krugerrand”’, the year of mintage is written on the left and right of the springbok and at the bottom are the purity and the coin’s weight.
The obverse of the coin depicts the image of Paul Kruger who was president at the end of the 19th century. Paul Kruger held office when one of the world’s most profitable mines, Durban Deep was founded in 1896. He was also president during the Witwatersrand Gold Rush which led to the founding of Johannesburg-hence the reference to his name on the coin!At the top of the coin the words 'South Africa' are written in English and in Afrikaans
Any more specificities about the coin?
The South African 1 ounce gold Krugerrand coin is a 916.7 gold coin. It is mixed with copper and this is why the coin presents a slightly more reddish tone than other gold coins. Because of its legal tender status in South Africa, the Krugerrand was minted to be more resilient to wear than the 24-karat gold coins used for decoration medals.
The Krugerrands are recognised worldwide and can be purchased and sold very easily. That makes them a fantastic investment and a great addition to a collector’s portfolio!