The Krugerrand (; ) is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint.
Most sanctions ended in 1991, after the South African government took steps toward ending its apartheid policy. Over 50 million ounces of gold Krugerrand coins have been sold since production started in 1967. ==Variations and imitations== During the bull market in gold of the 1970s, the gold Krugerrand quickly became the primary choice for gold investors worldwide.
That year, South Africa introduced three smaller coins with a half troy ounce, quarter ounce, and tenth ounce of gold. Economic sanctions against South Africa for its policy of apartheid made the Krugerrand an illegal import in many Western countries during the 1970s and 1980s.
Most sanctions ended in 1991, after the South African government took steps toward ending its apartheid policy. Over 50 million ounces of gold Krugerrand coins have been sold since production started in 1967. ==Variations and imitations== During the bull market in gold of the 1970s, the gold Krugerrand quickly became the primary choice for gold investors worldwide.
Between 1974 and 1985, it is estimated that 22 million gold Krugerrand coins were imported into the United States alone.
This huge success of the Krugerrand encouraged other gold-producing countries to mint and issue gold bullion coins of their own, including the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1987, the Chinese Gold Panda in 1982, the American Gold Eagle in 1986, and the British Britannia coin in 1987. ==Properties== The coin is so named because the obverse, designed by Otto Schultz, bears the face of Boer statesman Paul Kruger, four-term president of the old South African Republic.
On the reverse side of the Krugerrand is a springbok, South Africa's national animal. By 1980 the Krugerrand accounted for more than 90% of the global gold coin market and was the number one choice for investors buying gold.
By 1980 the Krugerrand accounted for 90% of the global gold coin market.
That year, South Africa introduced three smaller coins with a half troy ounce, quarter ounce, and tenth ounce of gold. Economic sanctions against South Africa for its policy of apartheid made the Krugerrand an illegal import in many Western countries during the 1970s and 1980s.
This huge success of the Krugerrand encouraged other gold-producing countries to mint and issue gold bullion coins of their own, including the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1987, the Chinese Gold Panda in 1982, the American Gold Eagle in 1986, and the British Britannia coin in 1987. ==Properties== The coin is so named because the obverse, designed by Otto Schultz, bears the face of Boer statesman Paul Kruger, four-term president of the old South African Republic.
The United States which had historically been the largest market for the coin, banned imports in 1985; the previous year, over US$600 million of Krugerrands had been marketed in that country.
Between 1974 and 1985, it is estimated that 22 million gold Krugerrand coins were imported into the United States alone.
This huge success of the Krugerrand encouraged other gold-producing countries to mint and issue gold bullion coins of their own, including the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1987, the Chinese Gold Panda in 1982, the American Gold Eagle in 1986, and the British Britannia coin in 1987. ==Properties== The coin is so named because the obverse, designed by Otto Schultz, bears the face of Boer statesman Paul Kruger, four-term president of the old South African Republic.
This huge success of the Krugerrand encouraged other gold-producing countries to mint and issue gold bullion coins of their own, including the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1987, the Chinese Gold Panda in 1982, the American Gold Eagle in 1986, and the British Britannia coin in 1987. ==Properties== The coin is so named because the obverse, designed by Otto Schultz, bears the face of Boer statesman Paul Kruger, four-term president of the old South African Republic.
Most sanctions ended in 1991, after the South African government took steps toward ending its apartheid policy. Over 50 million ounces of gold Krugerrand coins have been sold since production started in 1967. ==Variations and imitations== During the bull market in gold of the 1970s, the gold Krugerrand quickly became the primary choice for gold investors worldwide.
In addition to the "Premium Uncirculated" issue, 15,000 silver "Proof" krugerrands were also issued as well as "Proof" krugerrands in gold and platinum. ==Export Control== The South African Reserve Bank restricts the exportation of Krugerrands by a South African resident to a non-resident to a maximum of R30,000 (about US$2,100 or 1,870 Euro as of June 2018).
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Page generated on 2021-08-05