The Krugerrand was unique when it was first issued in 1964 by the Republic of South Africa. It was the first coin valued not for the face amount but for the amount of gold that made up the coin. The original Krugerrand was 1 troy oz., and smaller versions are now available. The gold purity is .917, with the balance being copper. Krugerrands are bought and sold on the gold market, with the price fluctuating daily. There are several options to finding the current value of the coin.
Check the business section in your local newspaper for current gold prices. Gold is valued by the ounce and because the Krugerrand is not pure 24 karat gold the actual gold value is .083 percent less. However, because of the ease of buying and selling Krugerrands the face value may be more. For example, in mid-March of 2011 the price for an ounce of gold was $1,426, but the prices that international dealers were selling Krugerrands ranged from $1,427 to $1,532.
Call a local dealer in gold and other precious metals. Often jewelry stores or coin shops buy gold at the current value or just below. They will be able to give a price for the coin.
Search speciality Internet sites such as golddealer.com, krugerrandprice.org or nwtmint.com. They list the price for both you selling a Krugerrand to them, and the price they will sell one to you.
- Photo Credit Jupiterimages/liquidlibrary/Getty Images
What Is the Meaning of a Gold Ounce?
A "gold ounce" is one troy ounce of elemental or pure gold. A troy ounce weighs 31.103 grams, compared to 28.348 grams...
Gold Krugerrands Vs. Gold Eagles
Gold Krugerrand and American Gold Eagle coins are popular ways to invest in gold bullion. Both are universally accepted worldwide for their...
How to Buy a Gold Krugerrand
Gold Krugerrands were the very first gold bullion coins sold to private citizens. The first Krugerrands were introduced in South Africa in...
Cheapest Way to Buy Gold
With gold hovering around $1000 an ounce, it's not that surprising that many people are interested in procuring it for investment purposes....