South Africa, the southernmost country on the African continent, is known for its varied topography, great natural beauty, and cultural diversity, all of which have made the country a favored destination for travelers and safari-lovers. As a result, the South African Mint takes inspiration from the country’s wildlife to create its well-known coins, making it revered among bullion investors. Read on to learn more about the history of the South African Mint, the coins it creates, and more.
What is a Mint?
First, let’s start with some background information. If you’re new to the bullion world, you might be wondering, “what is a mint?” Mints are facilities that produce coins for use as currency or for sale to collectors. National mints produce coins recognized by the government as legal tender. The mint is also responsible for the distribution of the currency, protection of the Mint’s assets, and overseeing production facilities.
What is the South African Mint?
Located in Centurion, Gauteng, The South African Mint mints all coins of the South African rand. The mint is also responsible for manufacturing both domestic and international coins.
The History of the South African Mint
Paul Kruger, established a national mint after the discovery of gold in the South African Republic in 1890. As a result of the Mint Act of 1919, it became a British branch of the Royal Mint and operated from 1923 to 1941. As South Africa began to sever ties with Britain, the mint reopened privately as the South African Mint. Today, the South African Mint works with the South African Reserve Bank. It also works with the Rand Refinery to make its famous Gold Krugerrands.
The Coins of the South African Mint
The most recognizable coin from the South African Mint is the 1 oz Gold Krugerrand, a key collector’s piece. The South African Gold Krugerrand was first released in 1967 to help market South African Gold. Since then, it has been a long-time investor and collector’s piece with its simple design displaying key South African figures. The obverse side features a profile of Paul Kruger, South Africa’s president when the Mint was founded, along with the word “South Africa” in English and Afrikaans (the national language of South Africa). The reverse side displays a Springbok antelope, the national animal, along with the year minted and the weight of the coin.
As you can see, each coin tells a story! Ready to add some South African history to your portfolio? Shop coins Gold Krugerrands from Bullion Express’ selection today!