The South African Mint (SA Mint)

South African Mint

The South African Mint is given the task of minting all coins for South Africa on behalf of the Reserve Bank of South Africa. The mint is situated at Centurion, Gauteng which is close to Pretoria which is the South African administrative capital. The South Africa mint produces coins as well as planchets for the domestic and international markets.

 

History of the South African Mint

 

In 1886, when gold was discovered in South Africa, the decision to construct the South African Mint was reached. The gold rush was the catalyst that led President Paul Kruger to establish the nation’s first mint. The mint was established in 1890 and was ready to be used from 6th July 1892 at Pretoria. Following the Second Boer War ended in 1902, the country was made an integral part of the British Empire. The result was the closing of the mint following the pound sterling became legal to be used in the new colony.

 

The British approved the “1919 Mint Act” and proceeded to start an extension from the Royal Mint in South Africa. The mint began operations on 1st January 1923 then produced bullion of PS83,114,575 in its time. The colonial rule began to fall consequently the ties between Britain and South Africa weakened with it. The result was the closure of the South African Mint on the 30th of June, 1941. It opened again then renamed the South African Mint.

 

Since this time, the mint is responsible for the creation of the majority of coins used in South Africa. These coins comprise:

  • Coins of the South African Rand
  • Bronze Plated Steel
  • Nickel-plated Bronze
  • Sterling Silver
  • Zimbabwean Bond Coins
  • South Sudanese Pound Coins

 

The African Mint is a major bullion refiner that makes the majority of South African coins and in other countries. The primary function of the Mint is to ensure that there are enough bullion coins in circulation. The mint also makes commemorative coins of great value to collectors and investors across the globe.

 

In 1996, the South African mint opened a store and museum known as “The Coin World Centurion”. The museum is staffed by knowledgeable tour guides who speak to the visitors while viewing South African coins, minting machines, artworks, and antique furniture that is on display. Visitors are also offered the opportunity to strike their coins with one of the oldest minting presses.

 

The minting press of the past is known as “Oom Paul” and it’s the sole left press of its kind. First produced in 1891, the minting pross has seen two world wars. The mint purchased older presses imported from Germany at the time it was situated in Church Square, Pretoria. 

 

These “Oom Paul” minting presses used to mint more than 8 million coins between 1892 and 1900, including the very first Krugerrand as well as “The Kruger Million.”

 

The Kruger million was coined to promote the Royal family’s trip to South Africa in 1947. The Kruger million coins were the very first decimal 1c coins to be issued in 1961. The visitors to Coin World Museum can have the option of purchasing the renowned Krugerrand coins, jewellery as well as other items at the store.

 

The SA Mint museum guarantees all visitors an enjoyable experience that will spark curiosity and increase their admiration for the Mint. The museum’s small size has amazing and stunning exhibits which tell the history about and the history of SA mint. Visitors can see coins, collections of coins, as well as antiques, such as the oldest printing press.

 

The exhibits in the museum provide a glimpse into the various stages that have shaped South African currency development. The museum exhibits a range of objects that range from bartering vessels used in early societies to the modern five-rand coin, equipped with the latest security features.

 

The museum also exhibits coins that tell the history that has led to gold mines and the creation of wealth throughout South Africa. People who love history are impressed by the variety of objects displayed in the SA mint museum. The exhibit captures all particulars of Johannesburg the deepest gold mines, with the longest one reaching 3.9 kilometres. Before the discovery of gold by South Africa in the 1880s, Johannesburg was a large farming community, with 690 farms.

 

The most famous bullion piece that comes from this mint is Kruger Rand that was produced first from the year 1967. The Krugerrand was created to permit private investors to purchase gold. In the South African Mint facility, there’s an area called the ‘Coin World’. However, it is not available for visitors and produces every one of South African coins and that of numerous other countries around the world.

 

The SA Mint produces millions of coins each year. Its Coin World is an educational centre with content suitable for all ages. The museum has a collection of antiquated South African coins that date to the year 1200. This is significant since there is no documented time for the use of coins of South Africa before 1650.

 

The coins in the SA mint museum depict the nation’s history, the political shifts, and the values that helped South Africa in becoming a democratic state. Visitors can bring a piece from South Africa home by buying historical bullion coins. Visitors are however subject to rigorous security checks before being permitted to enter Coin World.

 

Visitors must bring valid identification documents and are not allowed to carry any coins.SA mint also produces a variety of commemorative coins that comprise the Mandela series. This coin is given to South African’s great achievers like the Nobel Literature Laureates Nadine Gordimer and JM Coetzee. They are vibrant with images of birds and flowers that capture South Africa’s beautiful biosphere.

 

The mint issues different versions of commemorative coins annually. This offers a variety of options for anyone who is looking for unique items to commemorate a special occasion or anniversary.

 

SA Mint Coin Collection

SA Mint Price List 2021

The Gold Krugerrand South African Coins for Sale

 

The 1 Oz Krugerrand Gold coin is among the finest gold coins around since it was the first modern gold coin on the gold market. The coin was first struck for the first time in the year 1967, with the coin having more than 50 million pieces made and traded around the world. This represented 75% of all the gold that was produced in the western world.

 

The mining from the Krugerrand is part of a plan to promote South African gold, which is vital to the growth of South Africa’s economy. In 1971, the trade-in physical gold became essential following the fall of the Bretton Woods Agreement. The collapse closed the golden window which allowed the conversion of the U.S currency into bullion gold in physical form.

 

The SA mint created its 1 Oz gold Krugerrand coin to meet demands for gold. In the 1960s the Chamber of Mines of South Africa as well as the South African Mint, and the Reserve Bank came up with the Krugerrand coin.

 

The Krugerrand gold coin was the very first 1 oz gold bullion coin that was ever produced around the globe. It is a legally valid currency in South Africa although it was not struck with an actual face value. The reason that the gold coin had no face value was that it was left to the market to decide the value. The first Krugerrand coin was 91.6 percentage or 22 k gold. The year 1980 saw the mint launched fractioned Krugerrand coins, which include coins of 1/10 Oz, 1/4 Oz along 1/10 Oz gold coins.

 

More than 50 million gold Krugerrands of various sizes have been created. 

 

In 2017, The Krugerrand gold coin celebrated its 50th anniversary. It was 50 years ago since the coins were made in the very first instance. The first platinum and silver coins were introduced in celebration of the anniversary.

 

The Krugerrand gold coin comes with the finest quality in .9167 pure gold, with the rest of the weight composed of copper. The copper makes the coin have an orange look as compared to silver-based gold alloys. The Krugerrand takes its name from its South African President, Paul Kruger and his image appears in the front on the coins. The last portion of the name originates from the world Rand which is the official name for the country.

 

The renowned South African engraver Otto Schulz designed the portrait of the president’s in the Krugerrand. The reverse of this coin has been engraved with an illustration of the springbok that is among the most popular symbols of South Africa. Coert Steynberg was the designer of the antelope. The original design was drawn on the coin of five shillings created in 1947 to mark the visit of the British Royal Family.

 

Sovereign Gold Coins for Sale

 

The initial South African Gold Sovereign Coins were created in 1923 between 1923 and 1932. The coins were struck with 0.2354 Troy Oz, 24K gold and has a purity of .9167 gold. That’s the same amount of gold in every sovereign coin available in the market. The face of the coin displays the image of George V, the British monarch.

 

The reverse of the coin has been embossed by the figure depicting St. George riding on horseback while slaying the dragon. The artful depiction of St. George on the coin was created by the famous and talented Italian engraving artist Benedetto Pistrucci. His designs were used in all gold sovereign coins beginning in 1817. Gold sovereigns were created in various amounts throughout the years that it was made. The ones that were produced in 1923, 1924 and are among the most sought-after. This makes having this South African Sovereign coin a satisfying experience as it is extremely rarified and has historical significance.

 

Silver Krugerrands South African Coins for Sale

 

The SA Mint produced the first silver Krugerrand coin in the year 2017. It was intended to commemorate the 50 years of prosperity of the mint. After its launch, the silver Krugerrand was a hit with investors worldwide and enjoyed huge great success. The coins were in top uncirculated state and never disappointed investors and collectors. Investors were awed by the quality, design and craftsmanship of the coins.

 

The silver Krugerrand was offered in a myriad of series which include the Protea series and the Big Cat series, as well as the Natura series.

 

The Big Five Coin Series

 

The five-coin big series is an investment program in bullion that the SA mint launched in the year 2019. In 2019, the elephant, lion rhinoceros and leopard coin series were released. In 2021 the Mint announced its Big Five African buffalo coin. Fans are anxiously waiting to see the new coin that will be released in this series. The big five bullion coins are created to honour and protect the largest five wildlife species found in Africa.

 

The silver variant of the big five-coin series features the image of the majestic animals created in .9999 fine silver, gold and platinum in 1 Oz. The bullion coin of the big five series is the finest from the SA mint in terms of both quality and workmanship. It also helps show the amazing natural wildlife South Africa is endowed with.

 

Revenue and Sales Pattern

 

The South African mint has successfully fulfilled its obligation to ensure that there are enough coins available each year. The brand new anniversary Krugerrand products were the main source of the profit that the mint earned in the year 2017. The South African mint reported a gross profit before taxes of R952 million, and net profits total of R668 million.

 

The SA Mint is ISO 14001 certified, and the mint is nearing certification to ISO 14001: 2015. This certification acknowledges the mint as an environmentally safe facility, despite the risks posed by harmful substances. The mint is also planning to implement its Prestige Bullion plan meant to ensure the interests of shareholders and create the necessary resources and staff.

 

South African Mint’s Distribution Channels

 

The South African Mint Group fully owns three subsidiaries, which include two companies that produce currencies and another that receives all deposits from investors interested in investing the short-term funds through money market instruments as well as special treasury bills.

 

The top of the group is The South African Reserve Bank. Its South African Mint Company, the South African Bank Note Company along the Corporation for Public Deposits are all overseen by the Reserve Bank. The South African Mint Company and the South African Bank Note Company create money. The Corporation for Public Deposits provides investment services. Each subsidiary is led by its Board and Board members are appointed by the Governor’s Executive Committee.

Frequently Asked Questions(FAQs)

Yes, Krugerrand coins are still minted to this day. First minted in 1967, Krugerrand coins have become one of the most desired and loved bullion coins.
The Krugerrand coins are 1 oz in weight and their value is equivalent to the melt value of the respective metal it is minted. The value of the Krugerrand coin may vary from time to time due to fluctuations in the spot price of the precious metal.
The Krugerrand coins from the South African Mint are one of the most demanded precious metal coins in the world.
The popular South African Coin, South African Silver Krugerrand Coins are silver coins from the South African Mint.

References and Links

 

 

[1] Wikipedia, “South African Mint,” [Online]. Available: https://en.wikipedia.org/wiki/South_African_Mint. [Accessed 16 May 2021].
[2] Gauteng Tourism Authority, “The South African Mint,” [Online]. Available: https://www.gauteng.net/attractions/the_south_african_mint. [Accessed 16 May 2021].
[3] In Your Pocket, “Coin World: the South African Mint coin museum and store,” [Online]. Available: https://www.inyourpocket.com/johannesburg/coin-world-the-south-african-mint-coin-museum-and_157609v. [Accessed 16 May 2021].
[4] KITCO, “Why buy South African Mint Bullion?,” [Online]. Available: https://online.kitco.com/south-african-mint. [Accessed 16 May 2021].
[5] South African Reserve Bank, “The South African Mint Company (RF) Proprietary Limited,” 2017/18. [Online]. Available: https://www.resbank.onlinereport.co.za/2018/downloads/pdf/SARB_The_South_African_Mint_Company_RF_Proprietary_Limited.pdf. [Accessed 16 May 2021].
[6] Reserve Bank of South Africa, “Subsidiaries,” 2017/18. [Online]. Available: https://resbank.onlinereport.co.za/2017/pdfs/SARB_Annual_Report_2016_17_The_South_African_Mint_Company_RF_Proprietary_Limited.pdf. [Accessed 16 May 2021].
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on pinterest
Pinterest
Share on skype
Skype
0

Terms & Conditions

Trading in gold and other precious metals is risky because the market is volatile. Past performance is not indicative of future returns. This is why we encourage you to read Our Terms and Conditions carefully before making purchases, selling, or placing orders with BULLIONTRADING LLC. Refer to Safety Tips from the CFTC (Commodity Future Trading Commission). These terms and conditions apply to all orders, all purchases, and all sales made through our website, telephone, or other channels.

In the event you do not fully understand the terms of this agreement, BULLIONTRADING LLC strongly encourages you to consult with your own experts. BULLION TRADING enters into transactions with customers on the reliance and belief that clients are aware of, understand, and agree to these terms.

These terms and conditions are effective as of March 11, 2022, and are binding to all new and existing customers and users.

PURCHASES, SALES, AND ORDERS

The prices for gold, silver, platinum and palladium coins and bars keep on fluctuating because of the risk factors that cause price volatility. The risk factors include political development, war, pandemics, demand, and supply. It is important to keep this in mind when transacting with BULLIONTRADING LLC.

The Ordering Process

BULLIONTRADING LLC. Does Not speculate on the prices of precious metals. This means that we don’t make profits by buying gold when the prices are low and selling when prices go up. BULLIONTRADING LLC generates revenue through premium spreads. This is the difference between what Bullion Trading LLC pays & sells these items for.

Orders and inquiries can be made through our website, phone, or other suitable channels. Contact Us for information.

Inquiries

Inquiries are made by customers who are not ready to transact immediately. Customers can contact us or go online at Bulliontradingllc.com to get current market prices. The price quote and quantity available are subject to change. They can also contact us for guidance on buying and selling bullion coins and bars. You should note that the Price Quotations you receive when inquiring are Estimates because the prices of bullion coins and bars fluctuate daily, and the number of our stock changes all the time.

For example, The U.S Mint sets premium and minimum prices for American Eagles. Prices for American Eagles are determined by the current price of gold, silver, platinum, or palladium. The mint also charges a modest premium to cater to the cost of distribution and marketing. Consequently, the price of bullion coins and bars changes daily as the markets for gold, silver, platinum, and palladium fluctuates. Refer to the United States Mint’s Charges for Authorized Dealers.

ORDERS

Orders are made when customers are ready to transact immediately. The prices you get when ordering bullion coins and bars from us are an accurate reflection of the current market prices. Note that once you place an order, the prices are locked and are no longer subject to market conditions.

An order is placed when you finalized negotiations with our agents and an invoice is generated, not when the payment is made. Ordering and then bailing out or canceling after an invoice is generated makes BULLIONTRADING LLC incur losses. We incur losses because when you place an order, we consider the bullion coin or bar sold and will have hedged ourselves accordingly.

Disclaimer: To protect our company from losses, BULLIONTRADING LLC has implemented a Market Loss Policy.

Market Loss Policy Explained

An order starts when you finalize the deal with our agents, not when the payment is made. We generate an invoice immediately the deal is sealed either through our website or phone. We also count the bullion coin or bar as sold and will have hedged ourselves accordingly.

Customers who place orders, have invoices generated, and then cancel thereafter make us incur losses. To protect ourselves we have implemented a market loss policy. This means that you will incur penalties for ordering, having an invoice generated, and then bailing out. Once an order is placed, prices are locked and not subject to market conditions.

The moment you place an order an invoice is generated. If you cancel, and then gold prices decline you make us incur a loss. It is your responsibility to offset this loss if your order is canceled and your funds are returned. If this happens you will pay for the loss caused by a decline in the price of gold after a sale is made plus a cancellation fee of $35.00. This is our market loss policy.

To remain transparent and protect ourselves from risk we might require credit card information from every customer even if payment will be received through a different channel. We also will ask for immediate confirmation of the amount locked in. This gives us an avenue to compensate ourselves for losses in the event a customer places an order and then fails to pay.

However, if the price of bullion coins and bars stays the same, we usually don’t enforce our market loss policy because we don’t incur losses. If the price goes down we charge a market loss fee which is equal to the amount BULLIONTRADING LLC would have lost because of the unpaid order.

PAYMENTS

Bullion Trading LLC only accepts payments in the form of bank transfers, certified checks or personal checks. The method you use to pay us is determined by the number of bullion coins and bars you are willing to buy from us as follows:

  • Orders ranging from $1,000 to $5,500 should be paid via any option listed above and must be received within 2 business days from the time the order was made.
  • Orders ranging from $5,500.01 to $10,000 should be paid by bank wire, certified check, cashier’s check, money orders, or personal check, and must be received within 2 business days from the time the order was made.
  • Orders ranging from $10,000.01 to $25,000 should be paid by bank wire, certified check, and must be received within 2 business days from the time the order was placed.
  • Over $25,000.01 should be paid by bank wire and must be received within 1 business day from the time the order was placed.

If Using A Credit Card You Are Agreeing To The Following Terms:

  • I understand and agree that should I dispute the credit card charge through my credit card provider, I will have breached the contract as well as committed a credit card fraud.
  • I waive any charge-back rights. In the event of a dispute, and I request for a refund it must be made through the Bullion Trading LLC Arbitration Procedure described herein under Bullion Trading LLC.
  • Dispute resolution: I understand that all sales are final. There are NO EXCHANGES or REFUNDS.
  • I cannot receive a refund from Bullion Trading LLC, nor can I request the funds from my credit card company.
  • I also agree to waive any charge-back rights in the event of a dispute.

CONSENT

You agree that you have sufficient experience and knowledge to make informed decisions to purchase from and/or sell to BULLION TRADING LLC. You openly acknowledge that you are making all of your decisions in connection with purchases and/or sales. BULLION TRADING LLC is not making any decision on your behalf concerning purchases and sales.

You also openly acknowledge that you are subject to a variety of risks that are beyond the control of BULLION TRADING LLC. You openly acknowledge that BULLION TRADING LLC is not liable or responsible for the risks you incur while trading with us. Those risks include, without limitation, risks associated with the price volatility of bullion coins and bars. Market conditions or other disruptions such as technical problems may make it impossible for you to liquidate bullion coins and bars bought from us. You have the freedom to liquid the coins and bars at market prices acceptable to you.

RISKS

All investments involve risk – bullion coins and bars are no exception. The value of bullion coins (e.g., American Eagles or Maple Leafs) is affected by many economic factors. The current market price of bullion coins and bars is determined by perceived scarcity and other factors. Some of these factors include quality, current demand, and general market sentiment.

The price of bullion coins and bars keeps on fluctuating and this means that they are not a suitable investment for everyone. Since all investments, including bullion coins and bars, can decline in value, you should make an informed decision. It is a good idea to have adequate cash reserves and disposable income before investing in bullion coins and bars.

INDEMNIFICATION

You shall indemnify and absolve BULLION TRADING LLC and its affiliates, directors, officers, and shareholders collectively. You agree to compensate the indemnified parties for and against any costs, damages, expenses, liabilities, and obligations. They include without limitation to reasonable attorney fees that the Indemnified Parties may incur as a result of, or in connection with:

(a) Any breach of any representation or warranty made by you to BULLION TRADING LLC or,

(b) Failure to comply with these terms and conditions or the policies adopted by BULLION TRADING LLC.

LIMITATION OF LIABILITY

You acknowledge that you are subject to the limitations of liability contained in these terms and conditions, the disclaimer, and other policies adopted by BULLION TRADING LLC.

If you suffer indirect, punitive, or speculative damages BULLION TRADING LLC is not liable to you. Any transaction between us and you pursuant to these terms and conditions, and any liability of BULLION TRADING LLC to you shall be limited to:

(a) The amount, if any, that you paid in such transaction or,

(b) $100 compensation. We are not, in any event, liable for any indirect, punitive, or speculative damages.

PRIVACY POLICY

BULLION TRADING LLC has adopted a Privacy Policy that is included in these terms and conditions. Our privacy policy protects your identity and credit card information.

BULLION TRADING LLC privacy policies are found in the Disclaimer, Ordering Policy, and the protection of credit card information. These terms and conditions may be updated from time to time depending on the market forces and the legal landscape.

DEFAULT RIGHTS AND REMEDIES

Upon any failure by you to comply with your obligations to BULLION TRADING LLC, the company shall pursue the rights and the remedies available to us. Either by law, through equity, or otherwise. It includes without limitation rights and remedies under these terms and conditions.

Breaching our rights may make BULLION TRADING LLC turn your account over to a collection agency, or a lawyer for collection. BULLION TRADING LLC will not fail in exercising any rights or pursuing any remedies in the case we suffer losses or damages.

Note: Failure by you to comply with these terms and conditions, may make BULLION TRADING LLC charge the credit card on which you have provided. This includes without limitation any and all market losses incurred by BULLION TRADING LLC, including cancellation fees, for ordering and then canceling at the last minute. You openly authorize BULLION TRADING LLC to charge your credit card for all losses caused by you violating our ordering policy.

RELATIONSHIPS

BULLION TRADING LLC is an authorized dealer and a professional organization. We maintain a professional relationship with all our clients. We don’t enter into relationships such as agent-principal relationships, employee-employer relationships, franchisee-franchisor relationships, joint venture relationships, and partnership relationships with our clients.

ANNULMENT

You cannot forfeit these terms and conditions, your rights, or your obligations as they apply without the prior written consent from BULLION TRADING LLC. You may be granted permission to forfeit your rights or it may be withheld by BULLION TRADING LLC at its sole discretion. These terms and conditions shall be binding to all parties that trade with BULLION TRADING LLC.

COSTS AND EXPENSES FOR COLLECTION

If you violate these terms and conditions BULLION TRADING LLC will take action against you. It may include without limitation, turning your account over to a collection agency, or a lawyer for collection. You shall pay all of the costs and the expenses incurred by BULLION TRADING LLC, including without limitation to reasonable attorney’s fees.

DISPUTE RESOLUTION

BULLION TRADING LLC maintains professional relationships with clients. This is why we make sure that any grievances are resolved expeditiously. We agree that all disagreements and disputes with our clients should be resolved in accordance with the provisions below.

Because we value the relationship with our clients, we opt for arbitration or mediation as a channel for dispute resolution instead of going straight to state/federal courts. However, if arbitration or mediation fails, we may be forced to take legal action in state/federal courts in the State of New York.

GOVERNING LAW

These terms and conditions are governed by and interpreted in accordance with the laws of the State of New York. These terms and conditions do not take into consideration the possible violation of laws in other jurisdictions.

WAIVER OF JURY TRIAL: ARBITRATION

BOTH BULLION TRADING LLC AND YOU HEREBY WAIVE THEIR RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY DISAGREEMENT OR DISPUTE RESULTING FROM, OR IN CONNECTION WITH THESE TERMS AND CONDITIONS; OR THE TRANSACTIONS UNDER THESE TERMS AND CONDITIONS. Both BULLION TRADING LLC and you also waive any arbitration requirements to which they might be subject.

FORCE MAJEURE

If BULLION TRADING LLC cannot perform any obligation hereunder as a result of any event that is beyond its control, the company shall be excused and shall not be liable for any damages as a result of, or in connection with, such delays, or such failures.

FURTHER ASSURANCES

You shall sign and avail other documents, or take actions that assist BULLION TRADING LLC in enforcing the provisions of these terms and conditions.

NOTICES

Except as provided in these terms and conditions, all notices, and other communications to BULLION TRADING LLC shall be directed to it at 20 West 47th Street Lower Level #24, New York, NY 10036. All notices and other communications to you shall be sent by BULLION TRADING LLC, to the address that you provided to us at the time of your registration, or to the email address that you provided to us at the time of your registration.

RECORDING OF PHONE CONVERSATIONS

BULLION TRADING LLC may record phone conversations between you and company agents or representatives. You consent to the recording of such phone conversations.

ABSENCE OF WAIVERS

A decision or a failure by BULLION TRADING LLC to take action with respect to any non-compliance with these terms and conditions does not affect the ability of the company to enforce the terms and conditions with respect to other violations. Whether the violations are similar or dissimilar in nature.