The South African Mint | mint | www.metalmarket.eu
The South African Mint
History of creation
With more than 120 years of experience in the production of coins and precious metal products, The South African Mint has managed to become a leader on the continent and at the same time one of the world's major producers of circulation, bullion, commemorative and collectible coins.
The history of the mint began shortly after the discovery of gold in South Africa, which quickly led to a real gold rush. Shortly after this event, the country's president, Paul Kruger, decided to establish a state mint. This took place in 1890, while the mint itself opened on July 6, 1892. However, the mint did not last long. As early as 1902, after the end of the Second Boer War, the country was incorporated into the British Empire, which meant the introduction of the pound sterling as legal tender within the conquered colony.
The mint resumed operations again on January 1, 1923, when the British established it as a subsidiary of their Royal Mint. The resumption of operations meant the start of production of the British sovereign.
Over the years, South Africa began to sever its relations with Britain, which consequently led to the mint's closure again in 1941. Its reopening marked the return of the plant to its original state and the restart of its operations as a South African mint. However, the abandonment of the British currency has been a slow process. The pound ceased to be widely used and accepted within the country only in 1961, when South Africa became a republic and a new monetary system took effect in the country. The production of the rand, which replaced the British currency, was entrusted to the mint, and this state of affairs continues uninterrupted to this day.
Curiosity
African rands with denominations of 1 and 2 were the first gold bullion coins to be minted by The South African Mint. They were very popular, but the turning point for the mint came in 1967, when the first Krugerrands were minted. To this day, it is one of the most widely purchased bullion coins in the world. The name of the coin is not accidental - it is formed by two members. The first is the name of the president of the Republic of Transvaal and also the founder of the mint, Paul Kruger, while the second refers to South Africa's currency, the rand.
Production volume
The South African Mint employs several hundred people and undoubtedly has a large production capacity. This is because the Mint mints circulating coins, as well as investment and collector coins - for its own use and on behalf of other entities. This means that each year many millions of coins and semi-finished products leave the Centurion plant. They go primarily to the local market, but also to many African countries, Europe, South America, Asia and the Middle East.
It is estimated that between 1923 and 1932 the mint minted 83 million sovereigns. Also impressive are the statistics for the most popular coin on offer - the Krugerrand. About 60 million copies of the coin have been produced since 1970.
Most popular products
When writing about the most popular coins in The South African Mint's range, one cannot start with any other coin than the Krugerrand. Invariably for years, it has been the world's best-known and most popular investment coin for investors. What distinguishes it from other popular gold moments is undoubtedly the color. Krugerrand is produced from 916 gold with a small admixture of copper, which, on the one hand, increases its resistance to scratching and, on the other hand, gives it its characteristic color. The coin has been minted continuously since 1967. Initially it was only available in a one-ounce version, but in 1980 the range was expanded to include several other size variants. 50. the anniversary of the minting of the first Krugerrand was commemorated with the introduction of the coin in a silver variant.
Also worthy of note is The South African Mint's series of coins, the Big Five - i.e., the Big Five of Africa. The limited collection presents images of five of the most important animals on the African continent - lion, elephant, rhino, leopard and buffalo. Coins included in the collection were struck in both gold and silver.
Popular coins: