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Information about Gold Krugerrand 1 oz
The South African Gold Krugerrand is the most widely used gold bullion coin. It was first minted in 1967 at the Rand Refinery in Germiston near Johannesburg and is available in units of 1 ounce, 1/2 ounce, 1/4 ounce and 1/10 ounce, with a fineness of 916.7. The reddish color of the coin comes from the use of copper alloy which also increases the Krugerrands scratch resistance.
The design of the gold coin
The Gold Krugerrand is named after the South African President Paul Kruger (1882-1902) and the South African currency "Rand". The obverse of the coin features a portrait of Paul Kruger, while the reverse shows the heraldic animal of the Republic of South Africa, the springbok antelope. Although the Gold Krugerrand has no face value, it is legal tender. Its value is determined by the daily gold price, which is based on the London gold fixing.
In the first three years of production, the annual production of Krugerrand gold coins amounted to less than 50,000 ounces. Thereafter, production increased significantly, peaking at 6 million ounces during the oil crisis. In 1986, however, sanctions were imposed to combat apartheid, which led to a significant decline in production that lasted until the import ban was lifted in 1999.
