Gold coins: The Kruggerands
Paul Kruger, the four – term president of the South Africa Republic who was also a nature conservationist, was the inspiration for the name of the coins. The Kruggerand coin bears of one side the portrait of Paul Kruger and on the other, one of the national symbols of South Africa, the springbok. The South African Mint struck the first Kruggerand coin on the 3rd of July 1967. Ever since the Kruggernad coins have had worldwide legal tender.
The Chamber of Mines of South Africa developed the Kruggerands on behalf of the South African gold mining industry as they were authorized by the South Africa Reserve Bank.During the 1970s and the 1980s due to the economic sanctions against South Africa and despite the fact that they had legal tender, the Kruggernads were illegal in some Western countries. These sanctions ended in 1994.
Since September 1980 the 22 karat Kruggerands are available in 3 sizes. The Kruggerand coin is one of the most traded bullion coin in the world. Investors worldwide can purchase and own gold more easily because of it.
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.
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