South African Mint

It is recommended that you read this write up about the South African Mint and find out who the South African Mint are and what they are like before you undertake any dealings with them.

In all transactions with gold or any other precious metal with any gold dealer, it is wise to do your own due diligence and find out as much about them as possible.

Who are the South African Mint
When gold was discovered in the Gauteng area (Johannesburg) in 1886, President Paul Kruger realized that the ZAR needed its own coins so the government of the day granted a concession to a consortium of Dutch, German and British investors in 1890 to establish the National Bank and permission to operate a mint.

Within two years The State Mint and Bank was built and officially opened on 6 July 1892.

During the eighties, the Government initiated the deregulation of State activities and the South African Mint was privatized, with the SA Reserve Bank as the holding company. The South African Mint Company (Pty) Ltd was established on 1 September 1988 as a full subsidiary of the SA Reserve Bank.

This lasted until the new mint at Gateway, Centurion which was built and completed in October 1990 and officially opened during October 1992

The mint has seven directors, six non executive and the managing Director, Executive. Each are appointed by the sole shareholder, the South African Reserve Bank. The Managing Director if the mint is Mr AM Mvinjelwa and the Chairperson is RD Mokate.

The website, www.samint.co.za has been online since November 1999 and, although the presentation started off rather poorly has improved very well over the years.

South African Mint Products
Probably the most famous of the South African mint coins is the Krugerrand. The world’s first ounce-denominated gold coin, the Krugerrand, was struck at the South African Mint on the 3 July 1967.

These 1 troy-ounce gold bullion coins were produced in vast quantities so that the “man in the street” would be able to purchase gold easily and with confidence. Later, in 1980, the fractional Krugerrands (½ oz, ¼ oz and 1/10 oz) were added to the 1 oz Krugerrand to assist the smaller buyer to obtain gold at a more affordable price.

As one of the best selling gold coins for the South African mint, the Krugerrand is still minted in the traditional 22 carat gold and proof quality Krugerrands are available as limited editions only. With each individual coin set issued with a numbered certificate of authenticity.

The name Krugerrand, incidentally, was derived from KRUGER (President Paul Kruger) and RAND the monetary unit of South Africa. The word Rand (meaning 'ridge' is associated with the area called Witwatersrand, "the ridge of white water" an important gold producing area.

According to the Mint, When Intergold was established as a subsidiary of the Chamber of Mines in South Africa, they took over the distribution of the uncirculated (bullion) Krugerrand (with 180 serrations) while the proof Krugerrand (with 220 serrations) was sold by the South African Mint. The bullion Krugerrand is linked to the daily gold price while the proof Krugerrand is available in limited quantities with a yearly fixed price. As a numismatic coin, the proof Krugerrand has been eagerly sought after by coin collectors.

More information on the Krugerrand is available on Gold Price.

Other coins available from the South African mint include the Protea.

After the success of the Krugerrand a second gold collectors’ coin, the PROTEA series was introduced by the South African Mint in 1986. The King Protea is portrayed on the obverse of the coin while the reverse themes changes each year.

Arthur Sutherland, chief die-sinker of the South African Mint modelled the popular design and in 1988, three different Protea coins were issued. Since the year 1989, the King Protea has appeared on the obverse of the Protea coin series. Initially, the coins were issued in 22 carat gold, but since 1997, the gold Protea coins have been issued in 24 carat gold. Protea coins are available in proof quality 1 oz and 1/10th oz pure gold as well as R1 sterling silver (1 oz). Like all proof coins, these artistic pieces have a limited yearly mintage and have become a much sought after series by international coin collectors.

The Natura Series was first minted in 1994. These coins were South Africa’s first 24 carat 999.9 fine gold coin series. The Natura legal tender coins are issued as singles or in sets in limited edition and PROOF quality only including from one ounce to half, quarter and one tenth ounces. The Natura series features the animals of Africa including the Elephant, buffalo, leopard among others.

Other somewhat minor issues are also produced.

Buying from the South African Mint
You cannot buy direct from the South African Mint but would need to buy from either local dealers, if in South Africa or International Dealers if overseas. A list of all the dealers is provided on site.

Last Word on the South African Mint
Of course, such coins are really more suitable for collectors than for investment purposes. Investment in gold and silver is best done using gold or silver rounds and bullion bars. in addition one can invest in gold and silver by owning it and not having the hassle of storage and transport issues, by going to goldmoney.com and opening an account there.

If you have bought any gold or silver coins or other bullion from www.samint.co.za, please feel free to leave your feedback on the quality of service by the www.samint.co.za online as well as any complaints and special attention or service given by www.samint.co.za online.