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By 1980, the Krugerrand accounted for more than 90% of the global gold coin market and was the number one choice for investors buying gold. However, during the 1980s and 1990s, Krugerrands fell out of favor as some Western countries forbade import of the Krugerrand because of its association with the apartheid government of South Africa. [4] [5]
The gold rand coins were minted until 1983. Starting in 1967, however, they were gradually replaced by the Krugerrand coins, especially after the issue of the smaller Krugerrand denominations from 1/10 to 1/2 oz in 1980. The 1 rand coin was in silver and has the diameter of 32.7 mm and weighs 15 grams from 1967, but from 1970 to 1990, the 1 ...
Bullion coins are government-minted, legal tender coins made of precious metals, such as gold, palladium, platinum, rhodium, and silver.They are kept as a store of value or an investment rather than used in day-to-day commerce.
By 1980 the Krugerrand accounted for 90% of the global gold coin market. The name itself is a compound of "Kruger" (the man depicted on the obverse) and "rand", the South African unit of currency. During the great bull market in gold of the 1970s, the gold Krugerrand quickly became the No.1 choice for investors worldwide wanting to buy gold.
In terms of the gold amounts recorded, this is where accounts differ and the legend of the Kruger Millions begins. Jan Smuts suggests after weighing and recording this data, the gold sent to Middelburg consisted of gold bars, unprocessed gold and approximately 100,000 ponds to the value of 750,000 pond or around 170,000 ounces.
Bullion coins are contemporary precious metal coins minted by official agencies for investment purposes. Some bullion coins have been used as currency throughout the 20th century, such as the Maria Theresa thaler and the Krugerrand. Modern bullion coins generally do not enter common circulation despite having legal tender status and nominal ...
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