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21-632: The Krugerrand ( / ˈ k r uː ɡ ə r æ n d / ; 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 . 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

42-606: A premium above gold bullion value. They can be distinguished from the bullion Krugerrands by the number of serrations on the coin's edge. Proof coins have 220 edge serrations, while bullion coins have 160. 2017 marked the 50th year of issuance (1967–2017), and to commemorate the anniversary, the South African Mint produced "Premium Uncirculated" versions in gold (.916 or 22 carats) and, for the first time also in platinum (.999 fine) and silver (.999 fine). The issue limit for these commemorative platinum, gold, and silver coins

63-800: A pure refiner of doré to a more rounded company emphasizing beneficiation. It facilitates a wide range of value-added products, including: 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. It has been appointed the sole supplier of bullion Krugerrands to primary distributors both locally and internationally. In addition to its smelting and refining services, Rand Refinery offers metallurgical, logistics, and vault services. It acts as an agent for its precious metal depositing customers, and its global market business unit markets all

84-543: Is that no single shareholder may own more than 10,000 shares individually. Currently there are 696 shareholders, as of the shareholders index report of 31 August 2018, owning shares in the South African Reserve Bank. Shareholders are entitled a dividend of not more than 10 South African cents per share per annum (the total maximum dividend is therefore 200,000 South African Rand or a maximum of 1,000 South African Rand for any individual shareholder), with

105-632: The Bank of England , which provided the model for establishing the SARB, the SARB is privately owned. SARB has a board of directors consisting of a Governor Lesetja Kganyago three Deputy Governors, and eleven Directors. The Governor, and Deputy governors are appointed for five-year terms by the President of South Africa in consultation with the Minister of Finance . Four of the directors are also appointed by

126-791: The Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1987, the Chinese Gold Panda in 1982, the American Gold Eagle in 1986, and the British Britannia coin in 1987. The coin is so named because the obverse, designed by Otto Schultz, bears the face of Boer statesman Paul Kruger , four-term president of the old South African Republic . The reverse depicts a springbok , the national animal of South Africa. The image

147-699: The Salvation Army 's annual " Christmas Kettle " donation jars in various cities around the country. Rand Refinery It was established in 1920 in Germiston , South Africa, by the Chamber of Mines of South Africa to refine all the gold produced by South Africa's gold mines instead of in London. As of 1919, the Bank of England would receive consignments of raw gold from the producers and issue it to individual refineries, refined and then returned to

168-681: The Bank for sale, and the hope was that after the Rand Refinery was built, the gold industry would still be financed in London and that the refined gold would be sold in the latter. On 27 November 1920, Rand Refinery Ltd was registered as a private company, the capital raised from shares of gold mining companies that were members of the Chamber of Mines. The building of the facilities commenced in August 1920. Low-quality ingots would be received from

189-603: The Krugerrand an illegal import in many Western countries during the 1970s and 1980s, with the United States , which had historically been the largest market for the coin, banning imports in 1985: the previous year, over US$ 600 million of Krugerrands had been marketed in the country. Most of these sanctions were removed in 1991 after the South African government took steps to end its apartheid policies. The South African government still found creative ways to circumvent

210-627: The President for terms of three years. The remaining seven directors are appointed by the Shareholders of the Bank, also for a three-year term. The Reserve Bank, with 2 million issued shares, is one of eight reserve banks worldwide that have shareholders other than the governments of their respective countries (the others being Belgium, Greece, Italy, Japan, Switzerland, Türkiye and the United States). The only limitation on shareholding

231-726: The South African Reserve Bank Act (SARBA) of 1989. In 2017, the Rand Refinery began minting silver versions with the same overall design as the gold coin. The Krugerrand was introduced in 1967 as a vehicle for private ownership of gold. It was minted in a copper-gold alloy more durable than pure gold. By 1980, the Krugerrand accounted for 90% of the global gold coin market. That year, South Africa introduced three smaller coins containing 1 ⁄ 2 ,  1 ⁄ 4 , and 1 ⁄ 10 troy ounce (15.6, 7.8, and 3.1  g ) of gold. Economic sanctions against South Africa for its policy of apartheid made

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252-653: The abnormal monetary and financial conditions which World War I had brought. The SARB was only the fourth central bank established outside the United Kingdom and Europe , the others being the Federal Reserve , Bank of Japan and Bank of Java . The earliest suggestions for the establishment of the Central Bank in South Africa date back to 1879. A select committee, of ten members of Parliament,

273-546: The exportation of Krugerrands by a South African resident to a non-resident to a maximum of R 30,000 (about US$ 2,100 or €1,870 as of June 2018). Visitors to South Africa can export up to 15 coins by declaring the items to the South African Revenue Service . In the 21st century, Krugerrands have received media attention in the United States after anonymous donors have left the valuable coin in

294-562: The gold mines and then refined to 99.6% purity and then sold to the South African Reserve Bank for sale around the world on the London and Zurich bullion markets. By 1922, the supply of gold to London was almost nonexistent and impacted the two major UK refiners, Johnson Matthey and Rothschild . Rand Refinery is one of five companies accredited as Good Delivery Referees by London Bullion Market Association (LBMA). In recent years, Rand Refinery has evolved from

315-410: The precious metal produced by the refinery. 26°13′08″S 28°09′18″E  /  26.21889°S 28.15500°E  / -26.21889; 28.15500 South African Reserve Bank The South African Reserve Bank ( SARB ) is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920", as a direct result of

336-606: The remaining profits being paid to the South African government. The South African government has announced that it plans to nationalise the Reserve Bank. On 1 April 2024, an arm of the South African Reserve Bank, the Corporation for Deposit Insurance (CODI), became operational; this is South Africa's deposit insurance scheme. 25°44′43″S 28°11′46″E  /  25.74528°S 28.19611°E  / -25.74528; 28.19611 Categories: companies based in

357-609: 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

378-505: The sanctions. Over 50 million ounces of gold Krugerrand coins have been sold since production started in 1967. During the bull market in gold of the 1970s, the gold Krugerrand quickly became the primary choice for gold investors worldwide. Between 1974 and 1985, it is estimated that 22 million gold Krugerrand coins were imported into the United States alone. This huge success of the Krugerrand encouraged other gold-producing countries to mint and issue gold bullion coins of their own, including

399-471: Was 2,017 for platinum, 5,000 for gold, and 1,000,000 for silver. The commemorative issues are distinguished by a '50' privy seal mark above the springbok design on the reverse for the platinum and silver issues and to the right of the springbok design on the gold issues. In addition to the "Premium Uncirculated" issue, 15,000 silver "Proof" Krugerrands were also issued, as well as "Proof" Krugerrands in gold and platinum. The South African Reserve Bank restricts

420-635: Was designed by Coert Steynberg and was previously used on the reverse of the earlier South African five shillings (1947-51 and 1953-59) and 50 Cents (1961-64) coin. The name "South Africa" and the gold content are inscribed in both Afrikaans and English (as can be seen on the pictures of the coin). The word "Krugerrand" is a registered trademark owned by Rand Refinery Limited , of Germiston . The South African Mint Company produces limited edition proof Krugerrands intended to be collectors' items rather than bullion investments. These coins are priced above bullion value, although non-proof Krugerrands also have

441-537: Was established on 31 March 1920 to examine the benefits to the national interest of the establishing of the central bank. Following on the recommendations of the committee, the South African Reserve Bank opened for business on 30 June 1921, making it the oldest central bank in Africa. The first banknotes were issued to the public by the Bank on 19 April 1922. Set of ZAR notes 2012 to present R 104 000 000 000.00 and Set of ZAR notes 2018 to present 400 000 000 print. Unlike

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