Sell South African Gold Krugerrand to the #1 Buyer in Las Vegas and Henderson, NV
A Gold Krugerrand is a 1 oz coin introduced by Rand Refinery and produced by the South African Mint. Krugerrand is an amalgamation of the former South African President’s name, Paul Krugger, and rand, the South African unit of currency. Authorized by the South African Reserve Bank Act (SARBA) of 1989, gold Krugerrand coins were also used as a form of money or legal tender. It is likewise considered the first modern bullion investment gold coin, making it more popular as a gold bullion coin in the world.
Brief History
The South African Krugerrand coin is originally named after Paul Krugger. He was a former President of the South African Republic in the late 1800s. In contrast, the Rand in the coin’s name is derived from the monetary unit of South Africa. The Rand is named after the world-famous Witwatersrand gold reef in the Transvaal, the world’s largest gold producing area.
This gold bullion coin was first created in the mid-1960s to sell South African gold to retail investors in the international arena. In 1967, the first Krugerrands were minted to privately own gold and only mass-produced in 1970 to serve the global market. It was made of a copper-gold alloy instead of fine gold, as the added copper made it more durable to damages.
In 1980, the Krugerrand dominated 90% of the gold coin market worldwide. South Africa also released three coins of smaller weight during that year, the ½ troy ounce, ¼ ounce, and 1/10 ounce of gold. However, apartheid during that time, importing the gold Krugerrand was made illegal in Western countries. The United States, in particular, was historically the largest importer for the Krugerrand banned its import in 1985. Over US$600 million Krugerrand was imported into the United States in 1984. In 1991, most sanctions were lifted as the South African government ended its apartheid era.
Rand Refinery, a private company owned by four leading South African gold mining companies, namely, Goldfields, AngloGold Ashanti, Harmony and DRDGOLD, produces the coin blanks for gold Kurgerrands which are eventually minted by The Rand Refinery and The South African Mint Company. This refinery is located in Germiston, east of Johannesburg. It is believed to be the largest single gold refining and smelting site in the world. The Rand Refinery refined 25% of the world’s products.
Being the leading mint in Africa and the official mint of South Africa, the South African Mint has over 100 years of experience minting gold and other coins for Africa and countries internationally. Gold Krugerrand is one manifestation of the excellence that they bring to their work as they continue to produce quality gold bullion coins. South African Gold Krugerrands have legal tender status, but they have no face value on the reverse and obverse sides.
Design
The gold Krugerrand is made from 91.67% (22-karats) fine gold and 8.33% copper. It measures 1.290 inches in diameter and 0.112 inches thick, and it weighs exactly 1 1⁄11 troy ounces. The copper makes the coin look more orange and making it even more durable.
Designed by Otto Schulz, the coin’s obverse features Paul Kruger’s portrait, a former president of the South African Republic. It also bears the words “SUID-AFRIKA·SOUTH AFRICA”. The reverse side of the coin depicts the national animal of South Africa, the springbok. The reverse side was designed by the renowned South African sculptor Coert Steynberg. The word “KRUGERRAND,” the year minted, and the weight is also indicated on the reverse side.
Value
Gold Krugerrands are made from 22-karat gold with a fineness of 0.9167 pure gold. This coin is also made of 11 parts gold to 1 part copper, which creates an alloy known as a crown coin. The one troy ounce of fine gold, or 31.103 grams, adds to the coin’s gross weight, which is slightly over a troy ounce at 1.0909 ozs or 33.93 grams.
Gold Krugerrands do not have any face value. However, they are considered legal tender by the South African Reserve Bank Act (SARBA). The price of gold Krugerrands is hugely based on its gold content (fineness), weight (in troy ounces), and the spot price of gold (which constantly changes). These are the primary factors that are used to compute the price of Gold Krugerrands. Other factors such as rarity and collectability may also come into play. To learn more about gold’s spot price, click on the link below: https://www.kitco.com/charts/livegold.html
Where to Sell Gold South African Krugerrands
Nevada Coin Mart is the best place to sell your Gold Krugerrand coins. For over 25 years now, we have maintained a good reputation for buying precious items from the public. So far, we have catered to millions of people and helped them earn money by selling their bullion and other items. We pay the most cash for silver bullion items and provide the most impressive customer service among all buying-establishments and other pawnshops in Las Vegas, NV.
Nevada Coin Mart is the #1 gold coin buyer in Las Vegas and Henderson. Licensed by Clark County, we are authorized to legally buy jewelry from the general public. We can give you a free quote or in-store evaluation for your gold coin item in person using a state-of-the-art x-ray spectrometer. This way, we ensure that you receive top dollar for your items. We are the best dealer of gold coin items that has transitioned into the modern technology age combined to provide the highest possible cash offerings and the best customer service.
References:
https://www.investopedia.com/terms/k/krugerrand-gold-coin.asp