Krugerrand

The Krugerrand is a bullion coin and Kurantmünze, which is only available in gold. In German-speaking spelling Krugerrand and the corresponding pronunciation are common.

Etymology

The Krugerrand was named after the South African politician Paul Kruger and since 1961 the legal tender in South Africa, the edge, named.

Means of payment

Formally, he is by the South African Reserve Bank Regulation, a legal tender in South Africa, although he is not thought of as cash and is practically not used as such. In contrast to most of the coins Krugerrand does not carry the imposed face value, this is instead set on any working day from the official side new in relation to the market price of the gold content.

Description

The obverse of the coin shows a portrait of Paul Kruger and the writing SUID AFRICA and SOUTH AFRICA, on the back is the national animal of South Africa, a springbok antelope, pictured, is in shared notation, the left and right of the Specify the type of embossing year, in the upper part of the picture is framed by the lettering KRUGERRAND and down with FYNGOUD 1 OZ FINE GOLD. The fineness of these imprinted since 1967 and generally regarded as the first modern bullion coins pieces is 916.7 / 1000 and the fine weight depending on the denomination of 1, ½, ¼, or 1/10 ounce. In fact, a Krugerrand coin weighs each more than the fine weight - the higher Total weight is due to the alloy containing copper to increase the scratch resistance, what is the reason for the reddish- golden hue of the coin. The denominations below one ounce manufactured before 1980.

History and circulation strength

In the first three embossing years ( 1967-1969 ) the total circulation was a year with only 30,000 to 50,000 ounces. After that, the production had grown: 1970 211.018 Coins and 1974 already more than 3.2 million copies have been produced. The denominations below one ounce were introduced in 1980. The best time had the coin in the shares subscribed by the oil crisis decade 1974-1984: the production figures were between 2 and 6 million.

1986 decided the European Communities and the United States due to the ongoing apartheid sanctions. This led to the ban on the import of Krugerrands, then the rest of the coin broke. The lows were reached in 1995 8285 one-ounce pieces and 1998 with a total annual production of all denominations of 23 277 troy ounces. Trade and possession of these coins were never banned. However, banks offered because of uncertainty and misinformation to the exchange of the coins in equivalent Maple Leafs. As a result, many Krugerrand coins were melted down and there was a price reduction of the coin.

In 1999, the ban was lifted, the support is growing again since then, the old circulation figures but has not been found up to now port.

Today, the Krugerrand has the largest market share among the now numerous different bullion coins. This is mainly due to the fact that he only has a very small fee to the set of the precious metal exchange spot rate of about five percent. The conditions just before the turn of the millennium were still relatively low, so that now even individual Bullion vintages over collectors have extras (eg 1998,1999, etc.).

Production

The coin is minted in the Rand Refinery in Germiston, a few kilometers south of Johannesburg. Under strict safety requirements, the helicopter flown, pure already 80 percent precious metal is melted and divorced. The hardness of reasons enriched with a copper content of about 8.33 percent cash is recognized worldwide.