Krugerrands are gold coins that were minted by the Republic of South Africa in 1967 to help promote South African gold to international markets and to make it possible for individuals to own gold. The coins have legal tender status in South Africa, although Krugerrands were never assigned a rand value.
The Rand Refinery is probably the most famous in the world given that since 1921, the date of its opening, it has refined over 50 000 tonnes of gold (nearly 30% of all the gold that has ever been mined!!) The Rand Refinery is owned by five large South African gold mining companies, Anglogold Ashanti, Gold Fields, Harmony, Sibanye Gold and DRDGOLD, all members of the Chamber of Mines of South Africa. Since the birth of the Krugerrand bullion program, over 60 million Krugerrands of all denominations have been fabricated.
The obverse of the coin consistently features an image of Paul Kruger who was president of South Africa at the end of the 19th century. Even though academic opinion on Kruger is divided, he was accorded a state funeral in Pretoria on 16th December 1904. He is now buried in what is called the Heroes Acre in the Church street Cemetery. And his head is now on the famous Krugerrand coin!
At the top of the coin the words 'South Africa' are written in English and in Afrikaans.
The reverse side of the coin features an image of a famous South African Springbok, leaping through the grass. The symbolic animal has appeared on Krugerrands since 1967 and its design was created by Coert Laurens Steynberg, a renowned sculptor who worked in stone, marble, bronze, copper and wood. We can see his initials in the right field under the Springbok.
At the top of the coin is inscribed the word 'Krugerrand'-a combination of the two words “Kruger for the president and Rand from the Witwatersrand in the Gauteng province where a large amount of gold was found at the end of the 19th century.
The bottom of the coin features “1/10 Krugerrand and FINE GOLD/FYNGOUD”, and the coin's year of minting, 2023, is located on the left and right of the antelope.
Krugerrands were designed to derive their value exclusively from the price of gold at the time they were traded. If the price of gold changes, so does the price of Krugerrands. Krugerrands accounted for 90% of the world’s gold-coin market in 1980, at the peak of the gold market.
Krugerrands remain a popular investment for gold investors partly because of their value and small size (easy storage). Investors continue to buy gold because of the proven longevity of its value. So purchase your 1/10 oz Gold Krugerrand 2023 today as you cannot go wrong!
1 The weight displayed is the fine metal content of the item. It does not reflect the actual weight of the product which may be higher.
* The delivered products may vary slightly from the picture shown.