Krugerrand 1 oz Gold Coin History
The South African Krugerrand 1 oz gold coin is the original one troy ounce gold bullion coin made by a government and valued on the content of its gold, rather than the face value of the coin. The Krugerrand was the first gold coin to contain exactly one troy ounce of gold, and was intended from its inception to provide a way for the private investor to purchase precious metals. The South African Krugerrand is a 22-karat coin weighing a total 1.0909 ounces (or 33.930 grams). It is comprised of one troy ounce of pure gold and 2.826 grams of a copper alloy which is used to give the coins higher durability and to make them more resistant to scratching, and gives the coins a unique orange-gold hue. Today, the Krugerrand is regarded as one of the worlds' oldest and most recognizable gold bullion coins, carrying with it all of the qualities one could want in a gold investment:
The South Africa Krugerrand 1 oz gold coin features Paul Kruger and the Springbok antelope. The South Africa Krugerrand 1 oz gold coin quickly became popular because of its 1 oz size made it easy to measure its value.
South Africa Krugerrand 1 oz Coin Specifications:
- Random Year
- Mint South African
- Mint Started 1967
- Purity 0.9167
- Gold content 1 troy oz.
- Thickness 2.84 mm
- Diameter 32.8 mm
- Obverse: Showcases an left facing effigy of Paul Kruger who is South Africa’s first and only president as well as “South Africa” in Afrikaans and English.
- Reverse: Features the national animal of South Africa, the Springbok antelope prancing through a field along with its purity and year struck.
In 1967 the South African Gold Krugerrand 1 oz was an overnight success because it moved directly with the price of gold and its 1 oz size made for easy valuation. In 1980 smaller sizes were added the ½ oz gold Krugerrand coin, the ¼ Krugerrand gold coin, and the 1/10 oz Krugerrand gold coin. These coins are so popular that by 1980 the Krugerrand accounted for 90% of the global gold coin market.
There is no reporting requirement for this bullion coin when you purchase. If you sell 25 South African Gold Krugerrand 1 oz coins it is reportable on Federal Form 1099B. Your sale of less than 25 coins is not reportable by your dealer.