British West Africa Coins

Welcome to my site! We have the British West Africa Coins information that you are looking for.

The One oz Krugerrand History by Ben Martinez Laura Shaldin Erik Briens Mark Lewens Pablo Smith

The One oz Krugerrand history begins not on July 3rd, 1967 when it was first struck- not even in planning and strategy meetings held by the Chamber of Mines of South Africa (established in 1889 as a voluntary private sector organization to represent the interests of mining employers) who were its architects.

Witwatersrand, South Africa or the "ridge of white waters" in Afrikaans, is truly where Krugerrand history starts. These mineral rich hills run east to west near Johannesburg for over sixty miles. They produce many minerals including uranium- and in 1884 the first gold discovery was made. The president of the Transvaal at that time was Paul Kruger, who knew that the gold discovery would forever change the face of South Africa. As he predicted, the rich gold find brought in many foreign miners looking to make their fortune. As more and more foreigners entered, they eventually began to outnumber the Boers, and their protests for their rights lead to increasing levels of conflict. Underlying this concern for their rights, was the British desire to control gold rights.

The second Boer war started in 1899 with ultimatums from the British demanding equal rights for the uitlanders (foreigners), and Kruger's response for the British to be out of Transvaal in 48 hours. After three bloody years, the war ended in 1902 and Transvaal was absorbed into the British empire- with some concessions to the Boers.

Politics settled, the march of the Gold Krugerrand carried on. A Krugerrand would be nothing without that heart of precious metal- refined gold bullion. In 1920 the Transvaal Chamber of Mines needed a consolidated refinery to handle all the gold in South Africa. The Rand Refinery was created to meet this need, and has been in continuous operation every since.

The One oz Krugerrand takes its name from a combination of Paul Kruger's surname, and the Rand, which is the currency of South Africa (the Rand was taken from Witwatersrand). The obverse of the 1 oz Krugerrand has a portrait of Paul Kruger, designed by Otto Schultz. Coert Steynberg designed the reverse, which is a Springbok antelope, a national symbol of South Africa.

In 1967 when Krugerrands were first produced, the United States government prohibited its citizens from owning gold bullion, but allowed ownership of foreign coins. The 1 oz Krugerrand was a brilliant piece of marketing for two reasons. One, it was the first bullion coin to be traded for its gold content, rather than a denomination on the coin (a 1 oz gold Krugerrand is 22 carats, 11 parts gold to 1 part copper- however it does contain one full ounce of gold bullion). As the price of gold fluctuates, so goes the price of Krugerrands. Second, by making the Krugerrand legal tender, it allowed American investors to purchase the coin. This allowed everyday people to buy gold without the need to have it melted and assayed. The South African Krugerrand was declared illegal to import in many Western countries during the 1970s and 1980s due to the policy of apartheid. With South African political reform from 1990 to 1994 and the abolishment of apartheid, one ounce Krugerrands became legal imports to the U.S. Even with the previous prohibitions, Krugerrands are the most popular gold bullion coin- with over forty-six million ounces in circulation. The One Ounce Krugerrand History is peppered with blood, politics, and ingenuity.

Mission: Find the Krugerrand gold price Place: Krugerrand Ferret.

Article Source: http://www.earticlesonline.com/Article/The-One-oz-Krugerrand-History/531149

FEATURED PRODUCTS:

A great place to shop for British West Africa Coins products is Amazon.

Check out these fine shops that offer British West Africa Coins products:

Other Products purchased from this website:
1936 halfpenny coin edward viii british west africa , 1951 british west africa george vi 1 shilling coin high grade, 1942 1 shilling coin british west africa, british west africa half penny lot 1951 x 5 coins, british west africa half penny 1949kn lot xf and better 7 coins, 1952 british west africa 1 penny coin, british west africa 2 identical bright uncirculated coins 110 penny 1943, 1916 british west africa 2 shilling silver world coins, b0124 1913 british west africa 1 shilling georgivs v silver coin, b0125 1913 british west africa 1 shilling georgivs v silver coin, b0126 1914 british west africa 1 shilling georgivs v silver coin, b0127 1913 british west africa 1 shilling georgivs v silver coin, b0128 1916 british west africa 1 shilling georgivs v silver coin, 1950 british east africa 1 shilling amp; 1919 west africa one penny large coins , british west africa 1938 two shillings coin ref v3230 , british west africa 1938 one shillings coin ref v3231 , 1938kn george vi british west africa 3 pence coin vf, british west africa 110 penny 1943 au kgvi coin km 20, 1949 one shilling coin from british west africa, british west africa 1936kn halfpenny coin top condition bright uncirculated, rare british west africa 1936 edward viii coin one tenth of a penny good cond, 1936 british west africa one penny coinkings norton mint, 1938 british west africa 2 shilling world coins, british west africa 1940 1 shilling coin, 10 identical coins british west africa bright uncirculated 110 penny 1943, british west africa 1952 king george vi bronze one penny coin , british west africa 110 penny 1926 ch bu 2 coins, 1934 british west africa 1 penny world coins, 2 collectable rare edward viii 1936 british west africa one pennys coins, 1946 kn british west africa 110 penny coin george vi km20 unc, 1936 british west africa 1 penny large coin edward viii km16, 1936 british west africa keviii half penny 12d coin sku 846, 1951 british west africa bwa penny 1d coin 8077, 1936 british west africa keviii half penny 12d coin sku 849, 1928 unc british west africa bwa 110 penny 110d coin 8075, 1951 british west africa bwa two shillings florin coin 8078, 1933 british west africa bwa penny 1d coin 8076, 1949 h british west africa bwa two shillings florin coin 8087, british west africa 1949h uncirculated half penny lot of 3 coins, 2 coins british west africa 1936 penny amp; east africa 5 cents 1964 both bu, 2 older 1 shilling coins from british west africa 1942 amp; 1947, 4 old foreign coins yugoslavia 1924 british west africa 1937 1942 australia , 1927 british west africa 2 sh km13b high grade coin ships to most buyers , british west africa 2 shilling coin 1942 au, british west africa 3 pence 1945 h george vi coin km21, coin british west africa 1920 1 penny ef, coin british west africa 1936 1 penny ef, coin british west africa 1939 3 pence xf , rare 1919 british west africa shilling silver coin high grade luster, rare 1914 british west africa shilling sterling silver coin beautiful toned coin, very nicely detailed high end 1944 british west africa 1 penny coinmy126

Tagged with: bookmark • bookmarks • british west africa coins • british west africa coins ebay • british west africa coins one penny • british west africa coins pictures • british west africa coins sale • british west africa coins value • del.icio.us • social • web2.0

Filed under: Coins: World

Like this post? Subscribe to my RSS feed and get loads more!