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Uncirculated South African Gold Krugerrands
In order to encourage private gold ownership, South Africa needed a bullion coin for investors to domestically and internationally buy. The South Africa Gold Krugerrand was minted by the South African Mint in 1967. The South African Mint was more than successful, by 1980, the South Africa Gold Krugerrand accounted for 90% of the global coin market. The South Africa Gold Krugerrand is a compound name of the country's president (Kruger) and South Africa's unit of currency (rand). In the 1970's and 1980's, a few western countries made the import of the South Africa Gold Krugerrand illegal, due to the apartheid regime at the time.
Collectors may notice that finding South Africa Gold Krugerrands from the earlier days of production are deemed very difficult, since from 1967-1969, only 40,000 coins were minted each year. The number increased, in 1970, to 200,000 and by 1978, a total of 6 million South Africa Gold Krugerrands were minted. Following the apartheid, the number of coins minted dropped significantly to 23,000 in 1998 but have since steadily rose again.
Design History of South African Krugerrand
The South African Krugerrand's design was imagined by two artists: Coert Steynberg (reverse design) and Otto Schultz (obverse). The reverse presents the national animal of the South African Republic: the Springbok antelope. This design was done by Coert Steynberg, featuring the antelope effortlessly galloping through a field. The coin's purity, weight, and year of issue are also engraved on the reverse.
The obverse was designed by Otto Schultz and features the side profile portrait of Paul Kruger. Kruger remains one of the most divisive and well-known political figures from the 19th century. Seated as the 3rd president of the South African Republic, Kruger served for almost 10 years as Commander in Chief. His name was linked to the rand, which is the South African currency, and together make the Krugerrand.
Variations of the South African Krugerrand
The South African Krugerrand began as just a 1 troy oz gold coin but due to extreme demand, smaller increments were introduced in 1980. Four versions: 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz are all still minted today. Proof versions were also minted. The main difference between the bullion coin and the proof is the number of serrations around the coin's edge. Proof South African Krugerrands have 220 serrations, wherein the Brilliant Uncirculated South African Krugerrands have about 160.
12.27
-3.26
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