Before there was a Canadian Gold Maple Leaf, Chinese Gold Panda, or American Gold Eagle available to private investors and personal collectors, the South African Mint was capitalizing on the wealth of gold in South Africa with the production of a coin referred to simply as the Krugerrand.
Now referred to in investing circles as the South African Gold Krugerrand, this coin was the first-ever bullion product to popularize gold coins as a form of personal investment for individuals around the world. Introduced in 1967, the coin series is now celebrating its 50th anniversary with another first: a 2017 South African Silver Krugerrand.
About the Silver Krugerrand
The South African Mint is celebrating this monumental milestone for the Krugerrand with the striking of a 2017 South African Silver Krugerrand. The new Silver Krugerrand marks the first-ever silver coin in the long-running Krugerrand collection and was unveiled with its first test striking available for viewing at FUN 2017 on January 6th.
Silver Krugerrand production was targeted by the South African Mint for one million units. The coins were originally supposed to be delivered to the North American market in December 2016, but issues with test strikings have forced the mint to push back delivery. It is now expected the coins will become available to investors and collectors in North America starting in February 2017.
All 2017 Silver Krugerrands will have the same designs on both the obverse and reverse sides as the Gold Krugerrand. The coins will be available in a proof version as well, with a limited mintage of only 15,000 silver proofs available to purchase. The proof coins will have a small privy stamp on the reverse above the Springbok antelope, with the number “50” stamped inside the privy circle.
When available, the 2017 South African Silver Krugerrand Proof coins will arrive in a red leatherette box and come with a Certificate of Authenticity from the South African Mint.
History of the Gold Krugerrand
South Africa has long been a hotbed of precious metal and gemstone mining. The country is home to some of the largest gold reserves found in the world, and it is no surprise that the nation was the first to issue a commemorative gold bullion coin as a national marketing tool. The South African Gold Krugerrand was introduced in 1967 as the official bullion coin of South Africa, and became the first commemorative gold bullion coin on the market as a vehicle for private gold ownership. The coin was uncontested in the market for more than 12 years, with the Canadian Gold Maple Leaf offering the first challenge.
Nearly 22 million South African Gold Krugerrands were sold and shipped to buyers in the United States alone between 1967 and 1979 when Western nations enacted an embargo on South African goods in retaliation for its apartheid policies. Today it remains a popular product, and is available in bullion and proof, with fractional weights of ½ oz., ¼ oz., and 1/10 oz. now struck as well.
On the obverse face of all Krugerrands is the image of President Paul Kruger, the first president of the South African republic in 1905. Kruger was so beloved, his image not only inspired the design of the coin, but also its popular name. Kruger’s likeness is surrounded on both sides by “Suid-Afrika” and “South Africa,” the Afrikaans and English spellings of the national name.
The reverse features the Springbok antelope, a native species of South Africa and the national animal of the country. This side includes the year of issue engraved on either side of the Springbok antelope, the name “Krugerrand” above, and the phrase “Fyngoud 1 oz. Fine Gold” below.
Background on the South African Mint
The South African Mint is the official sovereign mint of the Republic of South Africa. Headquartered in Centurion, in Gauteng province outside of Pretoria, it produces coinage for the South African Reserve Bank.
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