The Kruger­rand turns 50

CityPress - - News -

Kruger­rands were mass pro­duced to en­able the ‘man in the street’ to pur­chase gold eas­ily and with con­fi­dence. Dur­ing 1967-1969, around 40 000 coins were minted each year. In 1970, the num­ber rose to over 200 000 coins. More than one mil­lion coins were pro­duced in 1974, and in 1978, a to­tal of six mil­lion were pro­duced. In 1980, the

frac­tional Kruger­rands

(½ oz, oz and 1/10 oz) were added to the one ounce Kruger­rand so the smaller buyer could buy gold at an af­ford­able price

The was de­signed by Otto Schultz. It de­picts the pro­file of Paul Kruger with ‘SUID-AFRIKA • SOUTH AFRICA’ in the le­gend The Kruger­rand is 32.77mm in di­am­e­ter and 2.84mm thick. The Kruger­rand’s ac­tual weight is 1.0909 troy ounces (33.93g). It is minted from gold al­loy that is 91.67% pure (22-carats). The re­main­ing 8.33% of the coin’s weight (2.826 g) is cop­per, which gives the Kruger­rand a more or­ange ap­pear­ance than sil­ver­al­loyed gold coins.

Cop­per al­loy coins are harder and more durable, so they can re­sist scratches and dents

The coin is so named be­cause the Kruger was pres­i­dent of the South African Repub­lic (or Transvaal) from 1883 to 1900

Kruger

The was de­signed by Co­ert Steyn­berg. It has a spring­bok an­te­lope with the mint date in the field. The le­gend is in­scribed with ‘KRUGER­RAND’ and the gold weight

Paul

ob­verse bears the face of

(left), four-term pres­i­dent of the old South African Repub­lic.

The re­verse de­picts a spring­bok, one of the na­tional sym­bols of SA. The im­age was pre­vi­ously used on the re­verse of the ear­lier South African five shilling coin. The words ‘South Africa’ and the gold con­tent are in­scribed in both Afrikaans and English. The word ‘Kruger­rand’ is a reg­is­tered trade­mark owned by Rand Re­fin­ery Lim­ited, of Ger­mis­ton The rand takes its name from the Wit­wa­ter­srand, the ridge where most of SA's gold de­posits were found

re­verse THOU­SAND RAND PER OUNCE

To cel­e­brate the en­dur­ing value and 50th an­niver­sary of the tra­di­tional known and trusted Kruger­rand, the SA Mint de­cided to pro­duce the leg­endary icon in an­other metal.

This is the first time a Kruger­rand is is­sued in sil­ver. Due to leg­is­la­tion, and be­cause it is non gold, the one ounce fine-sil­ver Proof Kruger­rand fea­tures a de­nom­i­na­tion of R1.

The sil­ver coins can be or­dered from the SA Mint, with a one ounce fine Kruger­rand prices over the years

Dur­ing the late 1960s and early 1970s, SA’s an­nual gold mine output av­er­aged 75% of to­tal output in the west­ern world. Fol­low­ing the fi­nal col­lapse of the gold stan­dard in 1971, the pro­mo­tion of gold was con­sid­ered vi­tal.

The cho­sen ve­hi­cle to drive the de­mand was the Kruger­rand, which was de­vel­oped by the Cham­ber of Mines of SA, work­ing closely with the SA Re­serve Bank and the SA Mint.

The first 22-carat gold Kruger­rand was minted on 3 July 1967 by the SA Mint. Dr John Edward Hol­loway

ob­verse

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