Krugerand Gold Coin (incl GST)

Krugerand Gold Coin (incl GST)

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Krugerrand gold coin (incl GST).

The infamous Krugerrand is produced by the South African Mint and is legal tender with its purity guaranteed by the South African Government. The Krugerrand's actual weight is 1.0909 troy ounces (33.93 g). It is minted from gold alloy that is 91.67% pure (22 carats), so the coin contains one troy ounce (31.1035 g) of gold. The remaining 8.33% of the coin's weight (2.826 g) is copper to give it better wearing properties. Because it is not 99.99% pure it is not classified as investment bullion per se in Australia and attracts GST.

First minted in 1967, by 1980 it accounted for 90% of the global coin market and remains a popular coin. The obverse, designed by Otto Schultz, bears the face of Boer statesman Paul Kruger, four-term president of the old South African Republic. The reverse depicts a springbok, one of the national symbols of South Africa. The name "South Africa" and the gold content are inscribed in both Afrikaans and English.

Coins are a popular choice of bullion given their legal tender status (Government backing of the coin and its metal content), often smaller in size (making for easier disposal in the event of large price increases), international recognition (no fuss tradability overseas) and portability. Another common advantage is mintage limits on many government minted coins meaning a “collectible” premium can often be realised. Caution should be exercised in buying coins over bars for your Super as they can be classified as a collectible and need special storage / insurance requirements. Refer to the ATO or your advisor for more information.
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