1 Oz Silver Krugerrand Coin 2023
The Krugerrand 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. The name is a compound of Paul Kruger, the former President of the South African Republic (depicted on the obverse), and rand, the South African unit of currency. On the reverse side of the Krugerrand is a pronking springbok, South Africa's national animal.
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.
Although gold Krugerrand coins have no face value, they are considered legal tender in South Africa by the South African Reserve Bank Act (SARBA) of 1989.
In 2017, the Rand Refinery began minting silver versions, which have the same overall design as the gold coin.
Rand Refinery is committed to internationally accepted responsible sourcing practices and as such is in conformance with the LBMA Responsible Gold & Silver Guidance and the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High Risk Areas.
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