The golden ambassador from South Africa: The Krugerrand captures the hearts of gold fans21/02/2017
Commemorative coins for collectors in the gold bullion’s anniversary
year – the South African Mint and precious metal refinery Rand Refinery
are the manufacturers and distributors of the Krugerrand, the world’s
most famous gold coin since 1967.
Johannesburg, South Africa, 25 April 2017. The number-one investment classic
among precious metal coins, the South African Krugerrand, celebrates its fiftieth
birthday on 3 July 2017. The gold used for the Krugerrand comes from Rand Refinery
in Germiston, east of Johannesburg. The South African Mint in Midrand, near Pretoria
mints this golden ambassador from South Africa; over the past 50 years, the
Krugerrand has turned into the most famous and at the same time most traded gold
coin in the world.
The Krugerrand’s success story began when US President Richard Nixon announced
the cancellation of the dollar’s convertibility into gold in the early 1970s. Gold
suddenly became attractive to private investors, as an investment and as protection
against inflation. At that time, South Africa produced 75 per cent of the world’s gold
and the Krugerrand, which was said to be stable and well-tradeable due to its alloy
with copper, launched its triumph as a globally recognised bullion coin.
Worldwide demand for the Krugerrand significantly increased in 2007 in the course of
the global financial crisis. In 2016 more than 1 million ounces of bullion Krugerrands
were sold, making it the most popular gold coin of 2016.
In the 2017 anniversary year, the South African Mint and Rand Refinery will also be
issuing the bullion Krugerrand in coins of a tenth, a quarter, a half and one ounce of
gold. In addition, 100,000 coins will be minted in a special one-ounce “anniversary
edition”. There will be unique collectible or “numismatic” Krugerrand coins made of
silver and platinum, which will have additional collector value besides their pure
As a special highlight, limited numbers of collectible or “numismatic” Krugerrand gold
coins will also be minted in version of 50 ounces, 5 ounces, a twentieth of an ounce
and a fiftieth of an ounce. These trade at higher premiums than the bullion coins due
to their scarcity and finishing.
The state mint and the Rand Refinery, founded in 1920, jointly managed the bullion
Krugerrand in a collaborative effort. Rand Refinery supplies the gold blanks, the
South African Mint strikes the coins, before returning them to Rand Refinery for final
packaging and sale. Rand Refinery is also responsible for the worldwide marketing of
the Krugerrand. The collectible or “numismatic” Krugerrand ranges are exclusively
manufactured and managed by the South African Mint.
The Krugerrand has no fixed nominal value – its value depends on the daily fixed gold
price. It is nevertheless legal tender of the Republic of South Africa.
For further information, please visit www.randrefinery.com.
About Rand Refinery
Rand Refinery and the South African Mint produce the bullion Krugerrand in South Africa. Rand Refinery has refined nearly 50,000 tons of gold, around one third of the gold ever produced worldwide. The Rand Refinery was founded in 1920 by the Chamber of Mines in Germiston, South Africa to process raw gold mined around Johannesburg, marketing it around the world. The firm now processes approximately all gold mined in South Africa and a substantial share of gold mined in the rest of Africa. In addition to the world-famous Krugerrand gold coin, the company sells gold ingots ranging from one gramme to one kilogramme in weight. In Europe, the best-known ingots are the „elephant ingots“, bars of fine gold with an elephant motif on the back. The Rand Refinery has been admitted to the London Bullion Market Association, and is also listed for good delivery on the New York Commodities Exchange (COMEX), the Tokyo Commodities Exchange (TOCOM) and the Dubai Good Delivery Multi Commodities Centre (DMCC), amongst others.