Silver lining for iconic krugerrand
For the first time in its 51-year history‚ the iconic krugerrand is going silver.
Prestige Bullion‚ a joint venture between Rand Refinery and the South African Mint‚ announced it will begin sales of a one-ounce silver bullion krugerrand this month.
The silver krugerrand will be produced in unlimited mintage‚ dependent on market appetite and linked to the daily price of silver.
The introduction of the silver bullion krugerrand makes this the first time in its 51-year history that the krugerrand is produced in a metal other than 22-carat gold.
The specification‚ finish and elements of the design are instantly recognisable‚ as the krugerrand has not changed since its introduction in 1967.
The new silver bullion coin will also bear the same iconic design as the gold bullion krugerrand featuring the springbok designed by Coert Steynberg on the reverse side. The obverse side of the coin features the bust of Paul Kruger designed by Otto Shultz surrounded by 200 serrations.
Due to legislation and because it is not gold‚ the new coin features a denomination of R1‚ even though it is worth a lot more.
Richard Collocott‚ a director of Prestige Bullion said: “The silver bullion coin will allow those wishing to invest in krugerrands an even greater choice when diversifying their portfolio at an affordable price point.
“Trust and consistency are the values that have made the krugerrand great and we are confident that the new coin will quickly standout and be counted with its peers.
“The new silver krugerrand joins Prestige Bullion’s flagship gold bullion krugerrand offering one complete bullion solution to investors. The one-ounce silver bullion coin was developed to serve as a reliable and attainable investment in the krugerrand.
“For over 50 years‚ the gold bullion krugerrand has put South African gold and enduring value in the hands of investors around the world‚” added Collocott.