Gold Price South Africa
South Africa lies at the bottom tip of the African continent and is known officially as the Republic of South Africa. The country has nearly 2000 miles of coastline running along the Atlantic and Indian Oceans, and shares land borders with several nations including Namibia, Botswana, Zimbabwe, Mozambique an Swaziland. South Africa is the largest country in Southern Africa, and is one of the world’s most populous with a population of approximately 56 million. The nation’s largest city is Johannesburg, and it has three capitals of Pretoria, Bloemfonteina and Cape Town. Numerous languages are spoken in South Africa including English, Venda, Northern Sotho, Southern Sotho and Swazi.
The official currency of South Africa is the South African Rand. The rand can be subdivided into 100 cents, and the currency is considered good, legal tender throughout the common monetary area of South Africa, Lesotho, Namibia and Swaziland despite the fact that some of these nations also maintain their own separate currencies.
The rand was introduced in 1961 for the Union of South Africa, just months before the South African Republic was established. The new currency followed a decimal system, and replaced the South African Pound.
The South African Rand is issued and controlled by the nation’s central bank known as the South African Reserve Bank. The central bank was founded in 1921 through an act of parliament, and it was one of the first central banks to be established.
South Africa was at one time the largest gold producer in the world. The booming industry created significant wealth that attracted people from all over and financed key areas of the country’s infrastructure. The industry has been shrinking in recent decades, however, and its impact on overall economic activity within the nation has declined substantially.
The South African Mint has been supplying coins to South Africa and others for over 100 years. One of the mint’s most widely recognized products is the South African Gold Krugerrand coin. Krugerrands are available in both bullion and proof forms, and are very popular with investors and collectors. The South African Mint produces the proof versions, and the mint jointly manufactures the bullion version with the Rand Refinery.
The South African Gold Krugerrand is the world’s oldest bullion coin. It was introduced in 1967 as a means of investment and played a key role in the growth of the metals market for decades. In fact, the krugerrand was the only gold bullion coin available for many years until the introduction of the Canadian Gold Maple Leaf Coin, the Chinese Gold Panda Coin and the American Gold Eagle Coin. The coin features the image of Paul Kruger, the republic’s first president as well as an image of the springbok, a national symbol of South Africa.
The South African Gold Krugerrand is available not only in the standard one ounce weight, but in fractional weights as well including 1/10th oz, ¼ oz and ½ oz. The krugerrand is the official gold bullion product of South Africa, and due to the fact it was designed and marketed to showcase gold as an investment, it has no face value.