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| Gold coins: The Kruggerands |
| Written by Kathryn Smith |
| Wednesday, 17 March 2010 08:37 |
|
The four -term president of the former South Africa Republic and the nature conservationist, Paul Kruger was the inspiration for the name of the coins. On one side there is the portrait of Paul Kruger and on the other side of the coin, a springbok, one of the national symbols of South Africa. On the 3rd of July 1967 the South African Mint struck the first Kruggerand coin. The coins have been legal tender ever since.
The four -term president of the former South Africa Republic and the nature conservationist, Paul Kruger was the inspiration for the name of the coins. On one side there is the portrait of Paul Kruger and on the other side of the coin, a springbok, one of the national symbols of South Africa. On the 3rd of July 1967 the South African Mint struck the first Kruggerand coin. The coins have been legal tender ever since. With the acceptance of the South African gold mining industry and the authorization given by the South Africa Reserve Bank, the Chamber of Mines of South Africa developed the Kruggerands. Some Western countries decided during the 1970s and the 1980s that the Kruggerands were illegal despite their legal tender. This happened because of some economic sanctions against South Africa. These sanctions ended in 1994. The Krugerrands have been sold worldwide. This means that on the international market there are more Kruggerand coins than any other gold coin. The value of the Kruggerand cannot be found on neither side of the coin as it is considered to be valuable due to the gold it is made from. The coin blanks from which the Kruggerands are made from can only be manufactured and supplied by the Rand Refinery. The refinery is authorized by the South African Treasury through the Reserve Bank of South Africa. The South African mining industry has only one agent that can act for and on behalf of it and that is the Rand Refinery. If you are planning to invest in Kruggerands you have to know that they can only be found in gold. There are no silver Kruggerands. |