Gold Krugerrands

Taking its name from the last name of former South Africa Republic president Paul Kruger and the country's current currency, the rand, the Krugerrand is one of the world's most widely held forms of gold bullion. First minted in 1967 to create a market for South African gold, Krugerrands have always been extremely popular with investors internationally. Even during the years of economic sanctions against South Africa and divestment in South African companies during the 1980s, the result of South Africa's racist policy of apartheid against its majority, non-white citizens, Krugerrands sold like hot cakes. Unlike gold coins such as U.S. double eagles, which can have enormous numismatic value depending on their condition, the majority of a Krugerrand's value comes from the current price of gold. Limited-edition proof Krugerrands, which have 220 serrations on their edges rather than 160 and are more detailed than bullion Krugerrands, sell at a steep premium—don't expect to pay anything remotely close the day's gold spot price for a 50-ounce proof Krugerrand, which was produced in 2017, the 50th anniversary of the Krugerrand, in a mintage of just 50. The price of bullion Krugerrands, though, fluctuates very close to the price of gold. And because the coins are considered legal tender in South Africa, they can be converted to cash quickly. Originally sold as coins weighing 34 grams, 31.1035 grams of which is pure 22 karat gold (one troy ounce), with the rest of the coin's weight accounted for in copper to make the coin harder, since 1980, Krugerrands have also been sold in half-, quarter-, and tenth-ounce sizes. The front, or obverse, of the coin features a bust of Paul Kruger, who served as the South Africa Republic's president from 1883 to 1902. Designed by Otto Schultz, the depiction of Kruger is paired on the coin's reverse with a relief image of a type of antelope known as a springbok, created by South African sculptor Coert Steynberg.