The Krugerrand is a South African gold coin, and let me tell you, investors love to invest in South African Krugerrands. It is produced by the South African mint. The first time it was market minted, was back in 1967, and the reason for that was to help the South African gold industry.
Production levels of the Krugerrands rose from 1967-1969 when around 40.000 coins were produced each year, to 200.000 coins in 1970. If that was not enough in 1974 more than one million coins were produced and in 1978, a total of six million Krugerrands were produced.
As a result by 1980, the krugerrand accounted for 90% of the global coin market. It is estimated that the krugerrand coins which have been sold, contain a total amount of 50 million ounces. The huge success of the krugerrand encouraged other gold-producing countries, such as Australia, United States, China, Canada, Britain, etc. to mint and issue gold bullion coins of their own.
The krugerrand is 32.77mm in diameter and 2.84mm thick. It weighs 1,0909 troy ounces (33,93g.) and its purity is 22 karats therefore the coin contains one troy ounce (31,1035g.) of gold. The remaining 2,826g. is copper which gives the krugerrand a more orange appearance. Copper also makes it harder and more durable to resist scratches and dents.
The coin depicts the face of Boer’s statement and four-time president Paul Kruger and on the reverse bears a springbok one of South Africa’s national symbols.
Since September 1980 the krugerrand is available in three different sizes containing 1/2 oz, 1/4 oz, 1/10 oz. In addition, the South African mint company, produces limited edition proof Krugerrands intended to be collector’s items rather than bullion investments. Proof coins are actually valued higher than bullion coins.