The gold Krugerrand is one of the world’s most storied bullion coins. Thanks to the country’s bountiful gold mines, in 1967, the South African Mint produced the first gold bullion Krugerrand coin that was widely available for private ownership and personal investment. The name of the gold coin is a combination of “Kruger,” after State President Paul Kruger of the South African Republic, and “rand,” after the South African unit of currency. Now, 51 years later, the South African Mint and Rand Refinery jointly released the first non-proof silver bullion version of this iconic coin.
In fact, the South African Mint issued its first silver Krugerrand in 2017 to celebrate the 50th anniversary of the original Krugerrand coin. However, that commemorative proof coin was primarily aimed at collectors. Only 15,000 of these Premium Uncirculated coins were available for purchase—and they were fairly high-priced. Due to the commemorative issue’s immense popularity, though, the South African Mint decided to produce a bullion silver Krugerrand. This issue is available at a lower premium and presents another option to popular silver bullion coins such as the Maple Leaf, the Philharmonic, or the Kangaroo.
Silver Krugerrand Bullion Coin Design
Designed by Otto Schultz, the obverse features the profile of former president of the South African Republic, Paul Kruger. This side also displays the name of the country in its two official languages, English (“SOUTH AFRICA”) and Afrikaans (“SUID AFRIKA”). Gracing the reverse is one of the country’s national symbols, designed by Coert Steynberg, the springbok antelope. The reverse also features the mint year, metal content, weight, and face value. The proof versions have a small privy stamp on the reverse above the Springbok antelope, with the number “50” stamped inside the privy circle.
Proof Silver Krugerrand Coin Design
In addition to the bullion silver Krugerrand, the South African Mint also introduced a 2018 1-ounce proof silver Krugerrand. The proof coins are struck on specially polished blanks and feature frosted design elements as well as a mirror-like background. The design is the same as the bullion issue, except that the proof coin has more notches around its outer edge. The proof silver Krugerrand has a limited mintage of 15,000 coins.
The Ideal Silver Bullion Coin for Investors
This 1-ounce coin is made from .999 fine silver and has a face value of one rand. The silver Krugerrand is in the same category as the Canadian silver Maple Leaf, Australian silver Kangaroo, and Austrian silver Philharmonic coins. A large number of silver Krugerrands are certified by the Numismatic Guaranty Corporation (NGC) and Professional Coin Grading Service (PCGS) to have Specimen 70 grades, attesting to the coins’ full mint luster and flawless surface area.
IRA Approved Silver Coin
You will be happy to learn that the Silver Krugerrand is eligible for purchasing in a Precious Metals IRA (Individual Retirement Account). Given the South African Mint’s excellent reputation and long history, you can rest assured that you will have a coin of outstanding quality and value in the silver Krugerrand. Learn more about IRA approved gold and silver and how a gold and silver IRA works.
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