1977 Krugerrand – 1 Oz Gold Coin Bullion (1 Day) Unc
Posted by chris on January 23rd, 2010
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1977 KRUGERRAND – 1 OZ GOLD COIN BULLION UNC (1 DAY AUCTION)
The Krugerrand was introduced in 1967, as a vehicle for private ownership of gold. It was actually intended to circulate as currency. Therefore it was minted in a more durable gold alloy, unlike most other
An ordinary coin has a fixed legal tender value which is stamped on its face, which is normally greater than the bullion value of its metal. Earlier gold coins such as the British sovereign had a fixed face value, which was originally more than, and later could be much less than the bullion value of the gold content.
The Krugerrand has no face value; its legal tender value is the bullion value of its metal at the current market price of gold. The Krugerrand was the first bullion coin to have this kind of legal tender value. It was also the first gold coin to contain precisely one troy ounce of fine gold.
Despite the coin’s legal tender status, economic sanctions against South Africa for its policy of apartheid made the Krugerrand an illegal import in many Western countries during the 1970s and 1980s. These sanctions ended when South Africa abandoned apartheid in 1994.
By 1980 the Krugerrand accounted for 90% of the gold coin market. The success of the Krugerrand led to many other gold-producing nations minting their own bullion coins, such as the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1981, the British Britannia coin in 1987 and the American Gold Eagle in 1986.
In 1980, three smaller coins were introduced, with a half ounce, quarter ounce, and tenth ounce of gold.
Through 2008, Krugerrand coins containing 46 million ounces of gold have been sold.
The Krugerrand is 32.6 mm in diameter and 2.74 mm thick. The Krugerrand’s actual weight is 1.0909 troy ounces (33.93 g). It is minted from gold alloy that is 91.67% pure (22 karats), so the coin contains one troy ounce (31.1035 g) of gold. The remaining 8.33% of the coin’s weight (2.826 g) is copper (an alloy known historically as crown gold which has long been used for English gold sovereigns), which gives the Krugerrand a more orange appearance than silver-alloyed gold coins. Copper alloy coins are harder and more durable, so they can resist scratches and dents.
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