Since the 1970s, the Krugerrand has been the most well-known investment gold coin globally. This South African “ingot currency,” also known as bullion coins, has a face worth 1 ounce and is the first-ever one-ounce gold coin.
What Is A 1 Oz Krugerrand Or 1 Oz Krugerrand Worth To You?
A 1 oz Krugerrand costs about the same as gold. You will find that the 2019 Krugerrand is worth several dozen euros if you compare their prices. Be aware that the South African Mint’s coin is not as pure and as pure as, say, a Canadian Maple Leaf. It is titled at 916%0.
Is There A Legal Tender For Krugerrand Gold Coins?
Every year, many countries mint gold coins. South Africa, a major gold-producing nation, has produced a vintage since 1967. This article is dedicated to legal tender coins. It explains that legal tender gold coins must comply with specific criteria, including registering a date, the name, and value facial.
Krugerrand is not worth its face value if you carefully examine a “Krug.” So…
You might be wrong. The ounce 1 oz is the face value. South Africa is the only country that considers the troy ounce legal tender.
The indication 1 Oz is a face value. The Krugerrand coin is legal tender.
Where Can I Sell Krugerrand?
This is the good news. From 1967 to the 1980s, South Africa’s gold coin was the most traded worldwide. We will explain how the United States and Canada coins will replace the African coin after years of embargo.
Krugerrand South Africa: A Strong National Identity
This coin was initially launched by the South African Mint in 1967 for use only by South African citizens. It is now internationally recognized and highly sought-after in investment logic. One troy ounce of pure gold was added to the Krugerrand’s first coin. This made the Krugerrand an attractive alternative to nuggets that were more difficult to manage or monetize.
In the United States, the coin enjoyed tremendous popularity in the 1970s when ingot-from gold was banned. It was much more costly to hold foreign gold coins than the gold they contained. American investors found the Krugerrand attractive because it was worth more than its gold content. Imagine that you could buy 20 Krugerrands at $40 each in 1971. After a period of boycott from the time apartheid ended to the end of the 80s, the Krugerrand has regained its position ahead of the American Eagles and Canadian Maple Leafs.
You can now buy and sell the Krugerrand reasonably in different formats (in multiples or an ounce) from anywhere. There must be no shortage of Krugerrand, as was the case during the stock market crisis at 2008’s end.
The Origins Of The Name Krugerrand
From 1883 to 1902, Paul Kruger was President of South Africa. He was the first person to achieve the total independence of Transvaal and was re-elected four times. Paul Kruger is an Afrikaner icon in South Africa. The South African currency is called the Rand. Rand comes from Witwatersrand, an Afrikaans term meaning “bank of white waters” or simply the “Rand.”
Before The Krugerrand
South Africa started minting its own coins in 1874. After the victory of the English over the Boers in the 1899-1902 war, the Pretoria Mint was established and issued sovereigns.
This was true until 1961, when the country became independent and adopted the decimal system simultaneously. In 1961, the Pretoria Mint began to mint 1 and 2 rand coins. The nine decimal series coins bear Jan van Riebeeck’s effigy. He was the leader of the Dutch expedition that arrived at Cape of Good Hope in 1652. On the Krugerrand, you can find the famous springbok symbol (the leaping gazelle), which is now the national emblem.
The Yannick College specialist in precious metals considers the “Krugerrand,” the most valuable coin, to help protect against the financial collapse. It is based on 3 criteria:
- its popularity (it is widely recognized),
- its liquidity (it can easily be resold anywhere in the world)
- its taxation (there is no tax for transactions less than 5000 euro).