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South Africa and its national mint changed the precious metals investing market forever when they came up with the idea to produce a gold coin which was legal tender in a standardized size of a single troy ounce back in 1967. The result of their epiphany was the gold standard of bullion coins that is still the most readily available gold bullion coin on the planet. It is immediately recognized on site for its incredibly huge mintage, familiar and unchanging, timeless design, and dependable one ounce of gold in the metal content.
For the fiftieth year anniversary of the standard-setting Krugerrand, the South African Mint introduced two new precious metals versions of the old classic, one in platinum and another in silver. Fifty years after the original release of the gold edition, these Krugerrands are still considered to be an international benchmark for wealth and prestige, and their bullion platinum version is already renowned among the few platinum coins available to investors.
South African Krugerrand Platinum Coins Background and History
South Africa Platinum Krugerrand Coins only appeared in 2017. They are a once in a lifetime chance to own the original edition of a new classic in Krugerrand history. The proof mintage is incredibly low at only 1,967 total pieces, and the coins themselves contain an impressive .9999 fineness of pure platinum. These lovely gems come complete with an official certificate of authenticity and in a red leatherette presentation box.
The name for the Platinum Krugerrand originally comes from South Africa's first President Paul Kruger, which was then combined with the South African currency's official name the Rand. The country originally exceeded all expectations for bullion mass market production exactly because they mined an incredible 75 percent of all gold on the planet back in the last years of the 1960s and first years of the 1970s. They are in a similar position with platinum now, as one of the world's largest and few significant producers of the white precious metal.
South African Krugerrand Platinum Coins Physical Characteristics
South African Krugerrand Platinum Coins are struck in a stunning proof condition. They come in only the single one ounce 10 Rand face value version for the first year of minting 2017. It is possible the South African Mint will expand the range of sizes (and denominations) in future minting years.
The front side of any coin is referred to as “the obverse.” These South African Krugerrand Platinum Coins have an obverse with the portrait of the first president of South Africa, Paul Krugerrand. He achieved legendary status during the Second Boer War fighting like a modern day David against the proverbial giant Goliath of the colonial masters Great Britain. Though in the end the white, Dutch descended, African colonials lost the wars, Krugerrand managed to withstand the imperial might of Britain's undefeatable navy and revered army as folk hero and national leader for years. Surrounding his picture is written the name of South Africa in both Afrikaans and English.
The backside of coins is called in numismatics the “reverse.” The reverse of these platinum coins depicts the national symbol and beloved animal from South Africa, the springbok antelope. The creature is designed with sharp and impressive details as a memorial of the political and natural past of the country. The reverse also bears the inscription of the mint year and the platinum weight and fineness of the coin.
South African Krugerrand Platinum coins come in a one troy ounce version. Their dimensions are as follows:
- Mass: 33.930 grams
- Diameter: 32.8 mm
- Thickness: 2.84 mm
- Content: 1 troy ounce
- Purity: .9999 fine platinum
South African Krugerrand Platinum Coins Pricing
These South African Krugerrand Platinum Coins include a high face value of 10 Rand. These bullion pieces have a much greater intrinsic value which is equivalent to the spot price of platinum plus a small premium to cover the circulation and minting costs for the coins. The market value is derived almost completely from the platinum spot price because the coins are so widely known and circulated. You can learn today's actual real time platinum prices simply by clicking this link to go to our homepage.
Can IRA Accounts Contain South African Krugerrand Platinum Coins?
Where coins to be included in a precious metals IRA are concerned, it is up to the American taxing authority the Internal Revenue Service to decide which bullion pieces they will permit you to hold in their self directed IRA retirement accounts. The accounts themselves can only contain those bullion pieces which are extremely pure and which are produced by a recognized official government mint. The IRS requires that you first deposit the equivalent of $5,000 via an initial purchase of IRA-approved platinum and/or other IRA-approved precious metals such as gold, silver, and palladium. Once you have done this, you can always purchase an additional amount of bullion with only a minimum of $1,000 per purchase. Should you already own another kind of traditional IRA account that is not self directed, it is easy for you to roll it over into this kind of Platinum IRA.
After your IRA account administrator purchases your platinum bullion on your behalf, it must be stored with an IRS-approved, third-party depository such as Brinks Storage or Delaware Depository. They will both maintain and safeguard your valuable precious metals bullions coins and bars until such a time as you choose to either sell them or receive them as a physical distribution.
The answer to the question of whether or not South African Platinum Krugerrand coins can be inventoried within your retirement precious metals IRA account is not difficult. The coins exceed the government's minimum required .9995 fineness with their impressive .9999 purity level. They are also produced by the official South African Mint and are not collectible coins, but true face value carrying bullion. Because of this, you are able to include these new 2017 first year editions of the latest form of South African Krugerrands in your IRA account. They can be ordered directly from the South African Mint or any reputable platinum coin dealer or bullion shop.
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