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The Krugerrand (/ ˈ k r uː ɡ ə r æ n d /; [1] Afrikaans: [ˈkry.ərˌrant]) is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint.
A Krugerrand is a South African gold coin, first minted in 1967 in order to help market South African gold. The coins have legal tender status in South Africa but are not actually intended to be used as currency. The Krugerrand was the first bullion coin to be tenderable at the market value of its face gold content.
The previous South African farthing coin (1 ⁄ 4 d) and half-a-crown (2 + 1 ⁄ 2 s) were not continued in decimal currency. In addition, two bullion coins with denominations of 1 rand and 2 rand were issued, replacing the gold half-pound and pound coins introduced in 1952.
They are kept as a store of value or an investment rather than used in day-to-day commerce. [1] ... South Africa: Krugerrand.999: 1: 630,000 [45] (2017) 2017–present
Gold coins for sale at the Dubai Gold Souk. A gold coin is a coin that is made mostly or entirely of gold.Most gold coins minted since 1800 are 90–92% gold (22‑karat), while most of today's gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo.
They were sold to compete with the South African Krugerrand and other bullion coins. The series was proposed by North Carolina Senator Jesse Helms after the United States Department of the Treasury began selling portions of the national stockpile of gold. Iowa Representative Jim Leach suggested that the medallions depict notable American artists.
Value of the South African rand to the United States dollar from 1975 to 2015 by the blue columns: The percentage rate of change year-on-year is shown by the black line. [ 8 ] One rand was worth US$ 1.40 (R0.72 per dollar) from the time of its inception in 1961 until late 1971, and the U.S. dollar became stronger than the South African currency ...
By law, the South African Mint Company is the only company allowed to manufacture South African legal tender coins such as the world-famous Krugerrand. Rand Refinery supplies all the gold used to manufacture the coins.