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Following the discovery of gold in the South African Republic (causing the 1886 Witwatersrand Gold Rush), the country's President Paul Kruger decided to establish a national mint. This was established in 1890 and opened on 6 July 1892 in Pretoria .
The Krugerrand (/ ˈ k r uː ɡ ə r æ n d /; [1] Afrikaans: [ˈkry.ərˌrant]) is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint.
The discovery of gold in the Witwatersrand in 1885 turned the South African Republic from an impoverished state dominated by farmers to one where fortunes could be made from mining. In 1892 President Kruger , facing an election campaign, ordered the building of a mint and the striking of the republic's first full coinage series.
By law, the South African Mint Company is the only company allowed to manufacture South African legal tender coins such as the world-famous Krugerrand. Rand Refinery supplies all the gold used to manufacture the coins. It has been appointed the sole supplier of bullion Krugerrands to primary distributors both locally and internationally.
Both the pound and the rand gold coins matched the specifications of the British half-sovereign and sovereign (minted, among others, at the Pretoria branch mint until 1932), including the gold alloy with a fineness of 22 carat (91.67%).
The farm outside of Johannesburg, near Paarlshoop, on the Witwatersrand – site of the first discovery of gold in 1886.. The first discovery of gold in the region was made in 1852 on the Pardekraal farm, Krugersdorp, in the South African Republic (ZAR) by John Henry Davis, a Welsh mineralogist.
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