23Aug

3 July 1967: Krugerrand – Birth of a Gold Icon

by kruger_admin

Johannesburg, South Africa, 30 June 2017: 50 years ago, on 3 July 1967, the first Krugerrand, the famous South African investment coin, was manufactured jointly by the South African Mint and Rand Refinery, thus beginning a unique and very special global success story. The basic premise of the investment coin was to provide private investors with access to gold as an investment product, thus making the precious metal mined in South Africa accessible to everyone.

As a result, the Kruggerand ranks as the world’s most traded gold bullion coin and has come to be one of the world’s favourite investment coins. It is legal tender in South Africa and is valued solely according to the current price of gold. To make it more marketable, the South African coin with its distinctive springbok-motive on its reverse has a 1/12 copper content, making it particularly resistant to scratches or other forms of damage. The Krugerrand contains the exact amount of gold stated on its face value, and the copper is added to the gold.

Richard Collocott, Executive Head Marketing at Rand Refinery, states: “At the beginning, the Krugerrand was only issued in the weight value of one ounce. This soon changed following a sharp increase in demand. Today, these investment coins are also available in fine gold weight values of 1/2 ounce, 1/4 ounce and 1/10 ounce, thus we are offering investors a greater variety of investment opportunities. The huge interest in this coin continues to this day. Since it was first introduced 50 years ago, more than 52 million ounces of the Krugerrand have been sold around the world. In 2016, the Krugerrand was the world’s most popular gold bullion coin.” Tumi Tsehlo, Managing Director of South African Mint, adds: “50 years ago, no one could ever have envisaged that the Krugerrand would be such a huge worldwide success. To continue this success, we consider it is very important to uphold tradition by retaining the original design and thus its high degree of recognition. However, this does not mean that we turn a blind eye to current developments. These developments include, for example, an increasing relevance of precious metals other than gold in the investment sector.” That is why, on the 50th anniversary of the Krugerrand, the South African Mint also issued limited edition, collectible versions of the coin in silver and platinum, for the first time. “The limited edition platinum Krugerrand is available in a weight of one ounce, and will be issued in 2017 only,” Tsehlo explains. On the occasion of such a significant birthday, the range of limited edition gold Krugerrands also features limited editions of 5 ounce, 1/20 ounce, 1/50 ounce coins and an impressive 50 ounce coin as the highlight of the range.

About the Krugerrand
The Krugerrand is jointly produced by Rand Refinery and the South African Mint. Rand Refinery is solely responsible for the distribution of the bullion (investment) Krugerrand, while the South African Mint controls the distribution of the collectible Krugerrand range, including the new 50th anniversary collectible coins.

Fifty years on – the demand for the iconic coin remains strong.

by kruger_admin

Source: Creamer Media’s Mining Weekly (Original Article)

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by kruger_admin

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