There are a number of coins series in the bullion business. Pick a country, and most likely we can name one. The United States of America? American Eagle Program that features gold, silver, platinum, and palladium. Australia? We can name a few: silver and gold Koalas, Kangaroos, Kookaburras. Canada? Gold and Silver Maple Leafs. China? Gold and Silver Pandas.
While those bullion programs mentioned above have their own impressive list of statistics when it comes to ounces produced and sold over time, we are highlighting an option in our next edition of the blog 100 Greatest Modern World Coins series that may get pushed to the background. While getting its start in the late 1960s, authors Charles Morgan and Hubert Walker have it pegged to the middle of the pack of the Whitman Publishing publication for its sheer impact on the international bullion investment game that was ever-changing in the early twentieth century.
#57 - South Africa 1967 Gold Krugerrand
By the 1960s, the gold standard in the global economic system was faltering and world powers were struggling to find their place in the chaos. Economic warfare was on the verge of creating yet another world war and Western countries were struggling to combat the ongoing battles of rebuilding after the Second World War. The Bretton Woods Agreement, which was created to stabilize exchange rates among major countries that would attach gold to the United States dollar, was beginning to crumble which left America at the helm of being the global economic powerhouse. All the while this was happening, South Africa was becoming one of the world’s leading producers of gold.
The American economy would experience a long period of vigorous growth and in turn, would help the rebuilding of global economies overseas. However, this resulted in America’s leading power to experience a slight dip as foreign economies would put pressure on the American dollar once again. President Nixon would eventually withdraw from the Bretton Woods Agreement because of this. But while global economies were ever-changing and creating a competitive environment, South Africa was preparing to introduce a legal tender bullion coin to the world market. That coin ended up being struck in 1967 and was touted as the 22-karat gold Krugerrand. It would forever change the bullion and minting industry and would still remain a well-known bullion issue over 50 years later.
In its first year of production, around 50,000 gold bullion coins were struck. There were also 10,000 Proof versions minted. Since then, the coin series has produced over 60 million ounces of gold passing through the South African Mint. The production of the gold Krugerrand was a partnership between the South African Mint and the Rand Refinery. The Rand Refinery was established in 1920 by the South African Chamber of Mines and was the only producer of the Krugerrand planchets.
The design itself features the profile of Paul Kruger on the obverse, the African Republic leader. The reverse depicts a springbok, which is a native antelope and a national symbol. The name itself comes from the combination of Paul Kruger and the monetary unit in South Africa which is the rand.