What is the Gold Krugerrand?
Krugerrands are gold coins minted by the Republic of South Africa to help promote South African gold to international markets. Today, they are bought and sold according to the spot price of gold. They are among the most frequently traded gold coins in the world market.
About the Gold Krugerrand
The obverse of the Krugerrand coin, designed by Otto Schultz, bears the image of Paul Kruger, president of the South African Republic from 1883 to 1900. The coin’s name is a mashup of Paul Kruger’s surname with the South African currency, “rand.” The coin’s reverse side, designed by Coert Steynburg, features a springbok on its reverse side, the national animal of South Africa. The name “South Africa” is inscribed in both Afrikaans and English. The word “krugerrand” is trademarked by Rand Refinery Limited.
History of the Krugerrand
When Krugerrands were minted in 1967, the United States did not permit its citizens to own gold bullion. This was before the minting of the American Gold Eagle in 1986. However, the U.S. did permit the ownership of foreign gold coins. Therefore, the Krugerrand could be bought and sold in the U.S. This was a smart move on South Africa’s part; at the peak of the gold market in 1980, Krugerrands accounted for 90% of the world’s gold-coin market!
Despite economic sanctions against South Africa for its policy of apartheid in the 1970s and 1980s, over 50 million ounces of gold Krugerrand coins have been sold since production started in 1967.
Where Do I Buy Gold Krugerrands?
Dallas Gold & Silver Exchange is the premier destination in the DFW metroplex to purchase gold bullion coins, including the South African Gold Krugerrand. Visit any of our locations to shop our wide selection!