The South African Krugerrand is one of the most popular types of gold coins available today that investors and collectors look for. Unlike the Canadian maple gold coin, Krugerrand gold is an alloy. However, it is made out of 91.67 percent gold, making it one of the more pure alloy gold coins you can find.
The history of the Krugerrand began in 1967 when the first Krugerrand was minted and produced by the South African Mint. They feature the head of four-term president of the old South African Republic, Paul Kruger. The reverse depicts a springbok, one of the national symbols of South Africa. With a closer look at the gold Krugerrand price today, you will be more prepared to buy gold Krugerrands for your investment or collection purposes.
What You Need to Know Before You Buy Gold Krugerrands for Sale
In each of the Krugerrand gold coins, there is estimated to be exactly one troy ounce of pure gold. However, the actual weight of the coin is slightly more than this because the gold has been mixed with an alloy to make it stronger. The added strength of the metal minimizes the chance that the coin value will be negatively impacted by scratches and wear. For example, because the Canadian gold coin is made out of pure gold, even dropping a coin on a table can result in damage that decreases its resale price. Nonetheless, both investors and collectors who are interested in getting the maximum Krugerrand gold coin value when they resell it later should do their best to preserve the coins. This means minimizes handling of gold Krugerrand coins and keeping them preserved in special cases when possible.
Why the Year of Production Influences Gold Krugerrand Value
One of the most common questions that dealers are asked is “how much is a gold Krugerrand worth?” You can find the Krugerrand gold coin available for purchase in South African banks as well as through online dealers, but it is important to note that these coins often sell for a premium much higher than the value of the gold in the coins.
One of the factors that directly impacts the price of Krugerrand gold coins is the year in which they were minted. In some years, such as in 1970, more than 200,000 coins were minted and circulated. In other years, such as 1998, less than 24,000 coins were minted and circulated. The rarity of the coins will greatly influence the value of Krugerrands. Therefore, before you invest in a 1980 Krugerrand, a 1978 Krugerrand or another mint year, use a price chart to determine how rare a specific year is and what the valuation of it may be.
Where to Buy the South African Krugerrand
If you are interested in this South African gold coin, you may want to know where and how to buy it. It is important to note that there are several versions of counterfeit Krugerrands in circulation. Some of these may be made out of gold, but others are not. To get the true worth out of your Krugerrand investment, it is important to only buy from legitimate, reputable dealers. Because they are so heavily circulated, you may be able to find a number of them offered for purchase through local and reputable coin dealers in your home country. This may make it easier for you to vet the company you buy them from before you make a purchase. However, keep in mind that the coins that are worth more are those that have not been circulated.
How to Safely Store Your Krugerrands
Regardless of the year of your coins or if they were circulated or not, you still want to take every step possible to safeguard your Krugerrands from damage. They do have a metal alloy in them for strength, but because they are more than 90 percent pure gold, they can still scratch easily and may show signs of wear. It is best to keep your Krugerrands secured in special packaging that is designed specifically for collector edition coins, and you may also store these coins in a safe to prevent theft. This will help to protect the value of Krugerrand gold coins.
South African gold is in high demand in areas around the globe, and buying Krugerrand coins is a great way to purchase gold for your investment or collection purposes. Take time to carefully review the options and to vet your dealer before you make a purchase. This initial effort will help to ensure that you make a best coin purchase possible.