South Africa has a long history with coin minting due to it's abundance of precious metals. In fact, the country is credited with popularizing coins as an investment asset. The gold Krugerrand coin was first introduced to the precious metals market in 1967, and was the first gold coin marketed directly to retail investors. All gold and silver coins produced by the government of South Africa are referred to as Krugerrands, in honor of the third president of the country, Paul Kruger. To commemorate a half century of production of gold Krugerrands, the Rand Refinery introduced the silver Krugerrand in 2017. This was the first coin made by the Rand Refinery from a material other than gold. The 2017 silver Krugerrand was not designed for annual minting, however it was so popular that the South African government has introduced the coin as a permanent addition to South African coin production. Each Silver Krugerrand coin is 0.999 pure silver. The coins have been priced to compete with the silver Maple Leaf and the silver American Eagle, and may be purchased in Monster Boxes.
A History of Silver Krugerrand coin
As the silver Krugerrand was only released in 2017, its history is limited. The coin was introduced in order to commemorate 50 years of Krugerrand production. The coin is a celebration of the outstanding history of the Krugerrand. The Krugerrand is credited with transforming precious metals coins into a retail investment asset, and it is sought after by both investors and collectors who appreciate its symbolic importance.
The design of the coin belongs to Otto Shultz and Coert Steynberg. The former produced the refined version of Paul Kruger’s profile that is featured on the front of the coin, and the later designed the reverse side, which features a Springbok antelope.
Silver Krugerrand coins are noted for their high quality. This is due to the high purity of silver which is used in its production and laser technology which ensures the highest levels of detail possible.
About the Silver Krugerrand Coin
The front of the coin features the third president of South Africa, Paul Kruger, with the country's name in native Afrikaans “Suid-Afrika” written on the left side of the coin, and “South Africa” is written on the right side.
The reverse side of the coin features a Springbok antelope. “Krugerrand” is written along the top of the coin. The date of the coin's mintage is written across the coin's middle. The weight and face value (R1, which stand for 1 Rand) of the coin can be found written along the bottom of the coin.
Due to the popularity of the coin, a proof Silver Krugerrand was made available a year after the coin's original release. Both the bullion and proof coins feature the same designs and have the same weight.
The silver Krugerrand coin is produced by the Rand Refinery and is available only in the 1 Ounce size. The value and quality of the coin are guaranteed by the Republic of South Africa.
Due to the high quality of this coin, the silver Krugerrand is one of the most sought after coins in the precious metals market. Silver Krugerrands are available individually, in tubes of 20 or in Monster Boxes of 500 coins. These coins may be purchased for VAT-exempt storage in Switzerland, or for delivery.