2023 South African one ounce Gold Krugerrand
The Krugerrand is a South African coin, first minted in 1967 to help the South African Mint market gold produced in South Africa. By 1980, the Krugerrand accounted for 90% of the global gold coin market. To date, an estimated 50,000,000 troy ounces of Krugerrands have been sold.
The name is derived from compounding the name Paul Kruger, the former South African president (pictured on the obverse), and rand, the South African unit of currency. During the 1970’s and 1980’s, some western countries forbade import of the Krugerrand because of its association with the apartheid government of South Africa, most notably the United States, which was the coin’s largest market in 1985. An estimated 22,000,000 “Krugs” were imported into the US between 1974 and 1985. In fact, the Krugerrand’s success led directly to the creation of the American Gold Eagle in 1986, ending a ban on manufacture and sale of U.S. bullion that had been in place since 1933.
The obverse, designed by Otto Schultz, depicts Boer statesman Paul Kruger, four-term president of the old South African Republic as well as the name “South Africa” inscribed in English and “Suid Afrika” in Afrikaans. The reverse image, designed by Coert Steynberg, features the springbok, the national animal of South Africa. The image had been previously used on the reverse of the South African five shilling coin. The reverse is also inscribed with the gold content (1 oz) and “FINE GOLD” in English and “FYNGOUD” in Afrikaans.
Krugerrands are also minted in denominations of 1/10, 1/4 and 1/2 ounces. Please call for a quote.
Gold Krugerrand Specifications:
Mint Mark: none
Denomination: not stated
Manufacturer: South African Mint
Gold Content: One (1) troy oz
Grading Service: none
Grade: BU (brilliant uncirculated)
Thickness: 2.84 mm
Diameter: 32.77 mm
Eligible for Precious Metals IRAs: Yes