South African Mint to Produce its First Silver Krugerrand

Video updated May 2017.

South Africa has always been enjoying the huge precious metal deposits in its soil. Also, it has been a world leader in the international gold coin market for quite some time now. The South African Gold Krugerrand was the first modern bullion coin available globally for trade-in 1967. Named after the famous South African President and nature conservationist Paul Kruger and the South African monetary currency Rand. Gold Krugerrands quickly displaced out-of-issue British gold sovereigns to become the world’s most popular gold trade coin. Gold Krugerrands use the 22-karat gold fineness standard (.9167 fine gold). They are minted without a real-world currency denomination, and hence they are a popular physical gold investment product.

The South African Mint is expanding its bullion coin program to include Silver Krugerrands and Platinum Krugerrands for investors to celebrate the 50th year of the Krugerrand. The mint is not only South Africa’s main operation for issuing investment products, but also it is the world’s largest integrated precious metals refining complex. The South African Mint will produce its first 1 oz Silver Krugerrand, to be released this November.

The first notable difference with the silver coin is that it carries an actual denomination, 1 Rand; the gold has never had it. Except for the inscriptions in the bottom half on the reverse side, the design remains unchanged from the original Gold Krugerrands. This side will also bear a small privy mark reading “50” in honour of the half-century anniversary. The privy is just above the image of a springbok, an antelope that is one of South Africa’s national symbols. It will have a limited mintage. The Uncirculated coin is capped at 500,000 coins, while a Proof version will have 15,000 only. Both will be struck from .999 fine silver and have a 38.725-mm diameter which is slightly larger than the normal gold Krugerrand.

As interest in silver investment expands throughout the world, the investors are waiting for the Silver Krugerrands to be released, as expected to be hit like their counterparts. The preliminary mintage of 500,000 and 15,000 will be sold out within no time, as the experts predict. The South African mint is also expanding its range of Gold Krugerrands. In addition to the standard 1-troy-ounce Krugerrand, the flagship gold bullion coin at the beginning of next year will be struck with smaller 1/20th oz and 1/50th oz and larger 5 oz and 50 oz coins than have ever previously been minted by South Africa.

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