Where to Sell Krugerrand | Krugerrand Buyer – Las Vegas & Henderson, NV
The South African Government released these coins to promote South African gold. Equally important, it is worth noting that the South African Mint and the Rand Refinery are in charge of manufacturing the well-loved Krugerrand coins. It is one of the most – if not the most popular coin globally. Learn about where to sell Krugerrands and Krugerrand buyers in this blog.
Value of Krugerrand
If you plan on selling your Krugerrands, it is important to know that Krugerrand comes in gold and silver versions. Prices also vary. The metal content for each version determines the value of the Krugerrand coin. First is the gold Krugerrand. These gold coins contain 22-karat gold with a fineness of 0.9167 pure gold. The one troy ounce of fine gold, or 31.103 grams, adds to the coin’s gross weight, slightly over a troy ounce at 1.0909 ozs or 33.93 grams.
Gold Krugerrands have no face value.
The South African Reserve Bank Act considers Gold Krugerrand Coins as legal tender. As a result, citizens can use it to pay taxes or as a monetary commodity. The price of gold Krugerrands is based on its gold content or fineness, weight measured in troy ounces, and the spot price of gold that changes every day. These are the primary factors that determine the price of Gold Krugerrands.
On the other hand, the price of a Silver Krugerrand is usually determined using the London Bullion Market Association’s (LBMA) official benchmark for the cost of silver, which is issued and released daily by them. A silver Krugerrand coin strictly contains 99.9 percent silver which is complementary to the coin’s purity. The coins are typically sold in tubes of 25 or a box containing 500 coins per purchase. The Prestige Bullion is the overall agency responsible for producing and distributing the silver Krugerrand coin. They do not sell directly to public members but sell through a well-established network of international bullion dealers.
Like the gold Krugerrands, the value of the silver version of this coin is likewise based on its metal content. The spot price of silver becomes a determining factor of the value of the silver coin. It changes regularly and serves as the basis of the coin’s purchase value rather than the face value. Learn more about the spot price of silver Krugerrand here: https://www.kitco.com/charts/livesilver.html
Where to Sell Krugerrand
If you want to sell your Krugerrands, Nevada Coin Mart is the place to be! Nevada Coin Mart is the best buyer of Krugerrands in Las Vegas and Henderson, NV. They deal with all kinds of coins, domestic or foreign. We offer the best prices when you do your business with us.
Nevada Coin Mart is the largest buyer of Krugerrands in Las Vegas and Henderson, NV. We have been in business for more than two decades, and our expertise is unparalleled. Before we give you an offer for your Krugerrands, we carefully evaluate your coin so you can get the best offer. For more information, you can call us at 702-998-4000 or visit us at S. Jones Blvd Las Vegas, NV 89103. We are open 365 times a year, from 9 am to 6 pm.
In 1967, an easier way to privately own physical gold was introduced in the form of the Krugerrand. The coin was a collaboration between the South African Mint and Rand Refinery. The coin was named after the former President of the South African Republic Paul Kruger, and the South African currency, called the rand. Paul Kruger’s profile is depicted on the obverse side of the coin and was designed by Otto Schultz. At the same time, the reverse side of the coin depicts South Africa’s national animal, the springbok.
By 1980, the Krugerrand quickly became popular in the gold coin market, catapulting it to become the number one choice for gold coin investors. However, because of the apartheid during the 1980s and 1990s, some western countries banned the importation of the Krugerrand. In 1985, the United States—the largest market for the Krugerrand, imposed a ban on the importation of the Krugerrand. The apartheid resulted in multiple sanctions that greatly affected South Africa’s gold exports.
The apartheid eventually ended in 1990, and by 1991 most sanctions had ended. As a result, Krugerrands were back in the Western markets.