South African Krugerrand - Various years - 1/10 oz
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Country: South Africa
Manufacturer: Rand Refinery
Diameter: 16.5 mm
Thickness: 1.35 mm
Fine Weight: 0.1 troy oz (3.1 gram)
Tax Status: Gross Margin Scheme
To date some 46 million ounces fine gold contained in newly minted Krugerrands have been sold worldwide. This equates to more Krugerrands in circulation internationally than all other gold coins combined.
Contains 1/2 troy oz of gold mixed with copper. The purpose of the alloy, consisting of 11/12 gold and 1/12 copper, is to make the coins more resistant to wear and tear since copper is a harder metal than gold.
The South African Chamber of Mines came up with the idea of the Krugerrand in the 60s as an idea of how to market South African gold. The coin was minted for the first time in 1967 and has been produced every year since.
The coin was initially only produced in one size being 1 troy oz. Since 1980, three smaller sizes being 1/10 oz, 1/4 oz and 1/2 oz are also minted.
The name Kruger originates from the 19th century boer president Paul Kruger which has also given name to the famous Kruger park. The rand, which is also the name of South Africas currency, is originating from the geographical name Witwatersrand in the Gauteng province where large amounts of gold was found during the end of the 19th century.
The portrait on the obverse of the coin is a picture of Paul Kruger.
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