Disclosure: Our content does not constitute financial advice. Speak to your financial advisor. We may earn money from companies reviewed. Learn more
The South African National Mint altered the world of precious metals markets and bullion investing for all time when they dreamed up the concept of making a gold coin that would be legal tender and come in a standard one troy ounce size in 1967. Thanks to this genius move, their gold coins became the most commonly available bullion pieces on earth. To this day, fifty years later, they are still instantly recognized for their enormous mintage, classic and unchanging design, and reliable gold content.
In honor of the fifty year anniversary of the trend-setting Krugerrand, the now legendary South African Mint has developed two new precious metals variations on the gold standard classic. The one is in silver and the other in platinum. It may be a half century after they first released the first gold bullion coins in modern history, yet these timeless, ageless gems still bear the distinction of being one of the leading international symbols of prestige and wealth.
South Africa Silver Krugerrand Coins Background and History
South Africa Silver Krugerrand Coins are struck for the very first time in 2017 just in time for the fifty year anniversary of the first-in-the-world modern bullion coin the Krugerrand. This will be the only time ever that you can pick up the first edition of a new chapter in Krugerrand history. To commemorate this momentous occasion, the mint has produced an astonishingly low 15,000 proof silver coins in total. Each of these beauties holds a full .999 fine one troy ounce of pure silver. The issues themselves each come arrayed in a handsome red leatherette presentation box and include a South African government-approved certificate of authenticity.
The name of the Silver Krugerrand first originated from the original President of South Africa, Paul Kruger. The country then added as a suffix to his name the currency word Rand in order to come up with the Krugerrand concept. Back in the day, South Africa literally mined 75 percent of all global gold unearthed in the final years of the 60's and early years of the 70's. Though silver is found in many countries today, South Africa is still a significant producer of silver as it is of all the important precious metals platinum, palladium, and gold.
South Africa Silver Krugerrand Coins Physical Characteristics
South Africa Silver Krugerrand Coins are minted in a gorgeous proof finish. They are available in the single ounce, one Rand face value edition for this their 2017 first year of minting. In the future it is probable that the South African Mint will decide to increase the lineup of silver Krugerrands to include other sizes of partial and/or multiple ounce coins.
The front side of coins is commonly called “the obverse” in numismatics. South Africa Silver Krugerrand Coins bear an obverse with the consistent theme on these Krugerrand coins – the portrait of their beloved first hero of the republic Paul Krugerrand. He became a symbol of resistance to imperialism the world over when he fought in the Second Boer War against the at-the-time unbeatable British Empire, their unparalleled navy, and their rightly much-feared army. The Dutch descent farmers in the region may have ultimately lost the wars, but Kruger did hold off the imperial power of Great Britain far longer than anyone believed possible at the time. Around his portrait is inscribed the name of the country South Africa in both English and Afrikaans.
The backside of coins is called the “reverse” by coin collectors and investors alike. South Africa Silver Krugerrand Coins showcase the nation's beloved symbol and native animal, the springbok antelope, on the reverse. Besides this, the coin reverse carries the mint year and silver weight and purity of the piece. Above the antelope, there is also a small privy stamp showing the anniversary number 50 within a circle.
South Africa Silver Krugerrand Coins come in a one troy ounce version. Their dimensions are as follows:
- Mass: 31.1 grams
- Diameter: 38.7 mm
- Content: 1 troy ounce
- Purity: .999 fine silver
South Africa Silver Krugerrand Coins Pricing
South Africa Silver Krugerrand Coins carry a minor face value of one Rand. The silver value intrinsic in these coins is far greater than the face value. This value is derived from the spot price of silver as well as a premium to cover the costs of minting and distribution. You can simply and quickly determine the literal real-time prices of silver by going on over to our homepage.
Can IRA Accounts Contain South Africa Silver Krugerrand Coins?
To figure out whether or not the self directed IRAs are able to hold these exciting South Africa Silver Krugerrand Coins requires that you consider the rules of the U.S. tax authority the Internal Revenue Service. They alone determine which bullion coins you will be allowed to inventory within your precious metals IRA retirement account. Their exacting standards require strictly bullion pieces that are both highly pure silver and are released by a government mint which is officially recognized.
The IRS will insist that you finish opening your silver IRA account by making a minimally $5,000 purchase in IRA-approved silver along with other types of IRA-approved precious metals which can include gold, platinum, and palladium. After you have made this initial deposit, you are allowed to make subsequent purchases at only $1,000 minimum for each transaction. If you have another form of traditional IRA account which is not a self directed IRA, you can relatively easily roll it over into a Silver IRA.
Regarding the ability of an IRA account to contain South African Silver Krugerrand coins, these coins do match the IRS minimum silver requirement of .999 fine silver with exactly that level of silver purity. They also are produced by the government South African Mint as bullion coins which carry true face value. Thanks to this, you can include these lovely new 2017 year first edition silver South African Krugerrand coins in your precious metals IRA account. You can order them directly from the South African Mint as well as from reputable silver bullion dealers or world coin shops.
Sign up to learn more. It's free!
If you're worried about the economy and want to learn tips on how to protect your retirement savings in case of another systemic collapse, sign up to our monthly newsletter now for free! We cover topics such as: precious metals investing, inflation, currency devaluation, national debt, the Fed's financial policies, world politics, and much more. Join now and we'll send you a free PDF report entitled “5 scams to avoid when investing in bullion gold & silver”