Buy Gold South Africa
A Gold Krugerrand is a 1 oz gold bullion coin produced by The South African Mint. It is accredited as being the first modern bullion investment gold coin and is still one of the most popular gold bullion coins in the world.
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Gold Krugerrands were designed and first minted in 1967 specifically as investment gold coins. They are widely traded on the global gold markets with some 50 million having been created and are therefore competitively priced and highly liquid. South African Krugerrands were mass produced to help retail investors purchase gold bullion with ease and in confidence.
In order to determine the price of a Gold Krugerrand, simply multiply the spot price of gold by the number of gold troy ounce in the Gold Krugerrand (1 ounce) and then add or subtract the current premium for the coin or coins.
The value of a Gold Krugerrand is their competitive price, high popularity, and internationally liquidity. They are considered to be a portable store of value and a vital form of financial insurance. They are one of the best ways for gold buyers and investors to own physical gold. For 50 years, they have acted as a hedge and protected gold owners from domestic and international financial and monetary risks.
Gold Krugerrands are 22 karat gold coin, with a fineness of 0.9167 or 22/ 24 pure gold. It is made of 11 parts gold to 1 part copper, creating an alloy known as a crown coin. The copper is added to provide durability and strength to the coin.
In the mid-1960s the South African Chamber of Mines devised the Krugerrand as a way of selling South African gold to retail investors internationally. The first Krugerrands were minted in 1967 but only mass produced for the international market beginning in 1970.
The South African Mint is the leading mint in Africa and the official mint of South Africa. It has over 100 years of experience minting gold and other coins for Africa and countries internationally. The South African Mint Company is located in Centurion, between Pretoria and Johannesburg and is a wholly owned subsidiary of the South African Reserve Bank (SARB).
Gold Krugerrands have legal tender status in South Africa but they have never recorded a face value on the obverse or reverse side of the gold coin. This was done in order to underline that the value of each gold coin is directly related to the prevailing value of their fine gold content.
Coins, including proof coins, are purchased for their gold content at the prevailing gold price. Customers are paid out in rand. Payments to customers are processed electronically and customers receive funds directly into their bank accounts. A receipt is handed to the customer at the time of concluding the transaction.
The SARB will only pay for the gold content of any Krugerrand, and Protea or Natura series gold coins offered. The prevailing market gold price and dollar exchange rate are used to calculate the price offered for the coin(s) on the day of selling. It should be noted that no premium is paid for the scarcity or collectability of any coin(s) offered for purchase by the SARB. Authorised coin dealers or coin collectors are more likely to pay a premium for collectable coins.
The SARB only pays for the gold content of the coins offered. However, proof coins can be sold to an authorised coin dealer or coin collector who might be willing to pay a premium for the coins based on their scarcity and condition.
The SARB does not sell coins to the public. Gold coins, including Krugerrands, can be purchased from the South African Mint or authorised coin dealer. A list of accredited authorised gold coin dealers is available on the South African Mint website.What price can I expect the SARB to pay for my Krugerrands or other acceptable gold coins?
The SARB buys Krugerrands, and Protea and Natura series gold coins from the public. However, the SARB will only pay for the gold content of each coin and no premium is paid for the scarcity or collectability of the coin. Authorised coin dealers or coin collectors are more likely to pay a premium for collectable coins.
Krugerrands can be purchased from coin dealers in person or online. All Krugerrand coins, even ones minted during the time when international sanctions were imposed on South Africa, are now legal to own, buy, or sell."}},"@type": "Question","name": "How Much Gold Does a Krugerrand Contain?","acceptedAnswer": "@type": "Answer","text": "A Krugerrand coin contains one ounce of gold, and weighs a total of 1.09 ounces due to the trace presence of copper alloy that makes the coins more durable.","@type": "Question","name": "How Much Does One Krugerrand Cost?","acceptedAnswer": "@type": "Answer","text": "Since a Krugerrand contains one ounce of pure gold, the price of one of these coins closely follows the market price of gold, which is quoted per-ounce."]}]}] Investing Stocks Bonds Fixed Income Mutual Funds ETFs Options 401(k) Roth IRA Fundamental Analysis Technical Analysis Markets View All Simulator Login / Portfolio Trade Research My Games Leaderboard Economy Government Policy Monetary Policy Fiscal Policy View All Personal Finance Financial Literacy Retirement Budgeting Saving Taxes Home Ownership View All News Markets Companies Earnings Economy Crypto Personal Finance Government View All Reviews Best Online Brokers Best Life Insurance Companies Best CD Rates Best Savings Accounts Best Personal Loans Best Credit Repair Companies Best Mortgage Rates Best Auto Loan Rates Best Credit Cards View All Academy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All TradeSearchSearchPlease fill out this field.SearchSearchPlease fill out this field.InvestingInvesting Stocks Bonds Fixed Income Mutual Funds ETFs Options 401(k) Roth IRA Fundamental Analysis Technical Analysis Markets View All SimulatorSimulator Login / Portfolio Trade Research My Games Leaderboard EconomyEconomy Government Policy Monetary Policy Fiscal Policy View All Personal FinancePersonal Finance Financial Literacy Retirement Budgeting Saving Taxes Home Ownership View All NewsNews Markets Companies Earnings Economy Crypto Personal Finance Government View All ReviewsReviews Best Online Brokers Best Life Insurance Companies Best CD Rates Best Savings Accounts Best Personal Loans Best Credit Repair Companies Best Mortgage Rates Best Auto Loan Rates Best Credit Cards View All AcademyAcademy Investing for Beginners Trading for Beginners Become a Day Trader Technical Analysis All Investing Courses All Trading Courses View All Financial Terms Newsletter About Us Follow Us Facebook Instagram LinkedIn TikTok Twitter YouTube Table of ContentsExpandTable of ContentsWhat Are Krugerrands?Krugerrands: The Gold CoinHistory of KrugerrandsCurrent StatusInvesting in KrugerrandsFAQsCommoditiesGoldKrugerrands: Gold Coins Minted by South AfricaByCarla TardiFull Bio LinkedIn Carla Tardi is a technical editor and digital content producer with 25+ years of experience at top-tier investment banks and money-management firms.Learn about our editorial policiesUpdated August 22, 2022Reviewed byAndy SmithFact checked byAmanda Jackson Fact checked byAmanda JacksonFull Bio LinkedIn Amanda Jackson has expertise in personal finance, investing, and social services. She is a library professional, transcriptionist, editor, and fact-checker.Learn about our editorial policies What Are Krugerrands? Krugerrands are gold coins that 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. Krugerrands are among the most frequently traded gold coins in the world market.
As the first modern gold bullion coin available to investors, the Krugerrand boasts a storied history. The Gold Krugerrand continues to be a popular product available in both bullion and proof forms. Today, you can get Gold Krugerrands in 1 troy ounce and fractional weights including 1/2 troy ounce, 1/4 troy ounce and 1/10 troy ounce.
The Krugerrand is a South African coin. The country's government wanted to promote the nation's vast reserves of gold, other precious metals and gems, leading to the launch of this coin. The name of the coin is a combination of Paul Kruger, who was the former President of the South African Republic, and Rand, which is the unit of currency in South Africa. The coins were first minted in July 1967 and produced by the South African Mint and Rand Refinery [1] [2].
The Krugerrand gold coin made its debut as a 1 troy ounce coin made of 22-karat gold and became the first modern gold bullion coin available for private investors. This South African gold coin quickly became a top choice for investors who wanted to buy gold, and it made up more than 90% of the coin market in the world. However, western governments implemented economic sanctions and banned Krugerrand imports due to the apartheid government in South Africa [3] [4].
While gold Krugerrands still found their way into the hands of buyers in Europe and North America, the ban sparked an increase in the creation of other gold coins that were easier for Western investors to purchase. Between the years of 1979 and 1989, various gold coins came to the market for gold buyers, including: 041b061a72