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By 1980, the Krugerrand accounted for more than 90% of the global gold coin market and was the number one choice for investors buying gold. However, during the 1980s and 1990s, Krugerrands fell out of favor as some Western countries forbade import of the Krugerrand because of its association with the apartheid government of South Africa.
English: This chart shows the nominal price of gold along with the price in 1971 and 2011 dollars (adjusted based on the consumer price index). The historical gold price was obtained from www.igolder.com; CPI was obtained from www.rateinflation.com.
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.
The South African pound was replaced during decimalisation by the rand on 14 February 1961 at a rate of R 2 = £SA 1. [2] The rand retained a 2:1 parity with sterling until sterling's devaluation in 1967 when South Africa did not follow suit.
Starting in 1967, however, they were gradually replaced by the Krugerrand coins, especially after the issue of the smaller Krugerrand denominations from 1/10 to 1/2 oz in 1980. The 1 rand coin was in silver and has the diameter of 32.7 mm and weighs 15 grams from 1967, but from 1970 to 1990, the 1 rand coins were smaller by 1.7 mm and it weighs ...
Rate (anchor / fixed) Abkhazian apsar: Russian ruble: 0.1 Alderney pound (only coins) [1] ... South African rand: 1 Macanese pataca: Hong Kong dollar: 1.03
Most gold coins minted since 1800 are 90–92% gold (22‑karat), while most of today's gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo. Alloyed gold coins, like the American Gold Eagle and South African Krugerrand, are typically 91.7% gold by weight, with the remainder being silver and copper.
A 1980 Grant Wood one ounce gold medallion. American Arts Commemorative Series Medallions are a series of ten gold bullion medallions that were produced by the United States Mint from 1980 to 1984. They were sold to compete with the South African Krugerrand and other bullion coins.