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Krugerrand turns 50

Apr 23 2017 06:00
Lesetja Malope

The world’s most popular collectable gold coin, the Krugerrand, is celebrating its 50th birthday this year.

To mark the half-century since it was released as the first easily accessible way of owning tradeable and collectable gold, 1 967 limited edition 1967 Vintage Proof Krugerrands have been released by the SA Mint.

The coins were launched earlier this year in Germany at the World Money Fair in Berlin, and were minted using reproduced dies from the original tooling used for the first Krugerrands in 1967.

The one-ounce gold coins are printed by the SA Mint, a subsidiary of the SA Reserve Bank. More than 50 million Krugerrands have been sold worldwide over the past 50 years.

Initially sold for R27 in 1967, the first minted coins are now worth about R46 000 each.

The coins were the first bullion coins in the world and were used by government as an alternative legal tender to government bonds, and were also used as a form of gold beneficiation.

SA Mint also printed commemorative coins for the Krugerrand’s 30th and 40th anniversaries.

According to Alan Demby, the executive chairperson of The Scoin Shop, the 50th anniversary commemoration coins will be sought-after collectables.

“It should be seen as a collectable, long-term investment that will most likely appreciate in value over time,” he said.

“About 90% of the 60 million Krugerrands produced have been sold internationally, earning South Africa a considerable amount in foreign exchange,” Demby added.

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