Krugerrands

Gold Kruggerands minted in South Africa

The Gold Krugerrand was the first coin to be tenderable at the market value of its gold content; other gold coins had a currency value engraved on their face, which was usually far removed from their true market value. Containing one ounce of gold, the Krugerrand was created in order to provide a means for private investors and individuals to own gold.  At the time of their creation, United States citizens were prevented by law from owning gold bullion, but they were allowed to own foreign gold coins - thus the Krugerrand cam into existence as a way for the South African government to market its vast supply of gold.  Due to apartheid, many countries outlawed the importation of Kruggerands.  When the South African apartheid policies ended they once again became a legal import item.  The Krugerrand gets its name from the fact that the obverse shows the face of Paul Kruger, president of the old South African Republic. The reverse depicts a springbok antelope, one of the national symbols of South Africa. The name "South Africa" and the gold content are printed in both Afrikaans and English.  The success of the Krugerrand as a vehicle to promote investment in gold prompted other countries to create their own gold coins.  Initially Krugerrands were sold at around a 5% premium over the spot price of gold - a very high commission indeed.  Now, to be competitive with other coins they can be bought at about a 1% premium.

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