The South African Reserve Bank has published a notice declaring the new 2 oz Piedfort Krugerrand as legal tender under the South African Reserve Bank Act No. 90 of 1989, effective from 24 May 2024.
The 2 oz Piedfort Krugerrand is a unique and valuable addition to the illustrious Krugerrand series, produced by the South African Mint. Known for its remarkable thickness and weight, the Piedfort version offers collectors and investors a substantial and aesthetically pleasing coin.
With its iconic design featuring the portrait of Paul Kruger and the springbok antelope, this coin embodies South African heritage. It holds significant investment potential due to its two troy ounces of pure gold and limited mintage. This article explores the key details and features of the 2 oz Piedfort Krugerrand, shedding light on its design, composition, and value in the market.
Here are the key details about the 2 oz Piedfort Krugerrand coin:
General Information
- Name: 2 oz Piedfort Krugerrand
- Issuing Country: South Africa
- Mint: South African Mint
- Year of Issue: Varies (depending on the specific edition)
Characteristics
- Denomination – 2 oz
- Metal content – Au 916.67 Cu 83.33
- Diameter – 32.69 mm
- Mass – 67.86 g
Design of the coin
- Obverse:
Features the portrait of Paul Kruger, the last President of the South African Republic, facing left.
The inscription typically reads “SUID-AFRIKA • SOUTH AFRICA.” - Reverse:
Showcases the iconic image of a springbok antelope, a national symbol of South Africa.
The inscription includes “KRUGERRAND,” the year of minting, and “FYNGOUD 2 OZ FINE GOLD.”
Features
Piedfort: The term “Piedfort” indicates that the coin is thicker and heavier than a standard coin, often resulting in a more substantial feel and higher gold content.
Collectability and Value
- Mintage: The 2 oz Piedfort Krugerrand’s mintage is usually limited, which adds to its collectability and potential value among investors and collectors.
- Premium: These coins often carry a premium over the spot price of gold due to their limited mintage, unique design, and the prestigious reputation of the Krugerrand series.
Investment Potential
- Gold Content: With two troy ounces of gold, the coin’s intrinsic value is substantial, making it an attractive option for investors seeking a physical asset.
- Market Demand: The Krugerrand is one of the most recognised gold coins globally, and the Piedfort version’s uniqueness can enhance its appeal and liquidity in the market.
Exchange Control: exporting coins
Exporting currency coins and numismatic coins up to R300 is permissible without special exchange control approval. However, if you wish to export coins exceeding this value, including Krugerrand coins, you must obtain exchange control approval from the Financial Surveillance Department of the South African Reserve Bank.
Additionally, South Africans should familiarise themselves with the destination country’s regulations regarding the importation of coins to ensure compliance with local laws.
The 2 oz Piedfort Krugerrand is a distinguished member of the Krugerrand family, merging historical significance with exceptional craftsmanship. Its increased weight and thickness, iconic design, and limited mintage make it a sought-after piece for collectors and investors.
FinGlobal: cross-border financial specialists and authorised dealers
With FinGlobal’s expertise and support, South Africans can confidently navigate the complexities of exchange control approvals. Whether facilitating the exchange control approval for the export of cherished coin collections or providing guidance on regulatory nuances, FinGlobal is a reliable partner, ensuring a smooth and hassle-free process for clients.
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