The South African Krugerrand is the world’s oldest gold bullion coin, and the first introduced in the modern era specifically for use as an investment tool. The Krugerrand has fallen down the ladder in terms of visibility in recent years, but remains a proven commodity in the precious metal industry. Introduced in 1967 to market the gold reserves of South Africa as a private investment vehicle, the Krugerrand was for decades the preeminent coin responsible for the growth of the modern precious metals market.
As the South African Mint celebrates the 50th anniversary of this popular coin in 2017, the demand for the Krugerrand remains strong and the program gets its first-ever silver coin. In the following paragraphs you can learn all the ins and outs of the South African Gold Krugerrand coin, which is available with each annual release from JM Bullion.
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.
South African Gold Krugerrand coins debuted in 1967 as South Africa sought to market its gold to private investors around the world. For almost two decades, the Krugerrand was not only the preeminent option for those looking to invest in or collect gold coins, it was the only option. The introduction of the Canadian Gold Maple Leaf (1979), Chinese Gold Panda (1982), and American Gold Eagle (1986) cut into the Krugerrand's dominance, as did the economic boycott of its apartheid system.
Nearly 22 million South African Gold Krugerrands were sold and shipped to buyers in the United States alone between 1967 and 1979, but the South African system of apartheid led Western nations to boycott South African goods in the late 1970s, including the Krugerrand. This was a large reason for the introduction of the Canadian Gold Maple Leaf.
Despite the significant drop in popularity, it remains a sought-after coin today. 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. The Krugerrand is so named because it is a combination of the name of Paul Kruger, the third president of the South African state at the turn of the 20th century, and the country’s nominal currency, the rand.
However, the Krugerrand has no official face value assigned to the coins. You’ll find no engravings or other markings on the coins denoting a monetary face value. The coins hold status as the official gold bullion product of South Africa.
The reverse image of the springbok, a native antelope species and national symbol of South Africa, was created by Coert Steynberg. This image had previously appeared on the reverse side of South African five shilling coins. Inscriptions on both sides of the coin are featured in the local Afrikaans dialect and English.
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.
It’s hard to mention the 50-year reign of the South African Gold Krugerrand without acknowledging the introduction of the all-new 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.
Additionally, the South African Mint considers these coins Premium Uncirculated coins. This unique condition is attributed to both the quality of the silver used in the production of each Silver Krugerrand, as well as the state-of-the-art laser etching technology used to bring an incredible new level of detail to life on the Krugerrand design.
Each of the new 2017 1 oz South African Silver Krugerrand coins has a gorgeous mint luster and a distinct engraving, which makes the coins of this initial release truly worthy of a Premium Uncirculated grade.
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.
When you decide to purchase the South African Gold Krugerrand coin from JM Bullion, you’ll find that we proudly accept a variety of payment methods for the Gold Krugerrand you purchase. We accept most major credit/debit cards, with an average one-business-day processing time. Bank wire and PayPal transactions are processed immediately, releasing your coins into our shipping queue the fastest. Paper check payments are accepted, but take an average of four to six business days to process. Both paper check and bank wire transactions quality for a 4% discount.
All JM Bullion shipments over $99 qualify for free shipping and insurance. We package all products in discreet boxes to protect the identity of your shipment. All packages are sent out via UPS or the US Postal Service, with expedited shipping available from both carriers with an additional fee. If your shipment is lost or stolen, we’ll work to provide you with a replacement product (if possible) or a refund of your purchase price.
If you have any questions about the South African Gold Krugerrand, don’t hesitate to reach out to JM Bullion. Our associates are available on the phone at 800-276-6508, online using our live web chat feature, or via email. On our website you’ll also find the price of gold and silver updated live throughout the day!