Silver Krugerrand Value for Buyers in Las Vegas
The Rand Refinery and the South African Mint are in charge of issuing and producing Silver Krugerrands – the official bullion coin of South Africa. It is made as a form of investment, traded with the purpose of increasing portfolio value and storing money. The term Krugerrand is an amalgamation of the former South African President’s name, Paul Krugger, and rand which is the South African unit of currency. The 1989 South African Reserve Bank Act (SARBA) authorized the use of these coins as legal tender. However, people now use it more as a bullion coin. The value of silver Krugerrands for most buyers and sellers depends on various factors. Read on if you want to learn how to determine the price of your silver krugerrand and know where to bring them once you decide to sell them.
Silver Krugerrand Value
Manufacturers use one troy ounce of pure silver (99.9%) in producing silver Krugerrands. They strike the silver into coins that measure up to 98.7 mm. Also, as a bullion coin, silver Krugerrand coins generally follow the market value of silver rather than its face value. The face value of the South African Krugerrand silver is 1 Rand, except for the South African Big Five Silver Series. Moreover, the government allowed for a proof version of the silver Krugerrand coin for public consumption. However, they limited it to 15,000 pieces for purchase.
The value of a Krugerrand coin will vary depending on the buyer’s preferences. Some buyers would go after the silver content in a Krugerrand coin. This means that, for this buyer, the actual silver in the Krugerrand will dictate the coin’s true value. In some cases, however, certain buyers give more attention to the collector and historical value of bullion coins. The flexibility of a Krugerrand coin’s value makes it one of the most favorable investment products.
Silver Krugerrand Price
A Silver Krugerrand’s price is usually determined using the London Bullion Market Association’s (LBMA) official benchmark for the price of silver, which they release daily. Since a Krugerrand coin strictly contains 99.9 percent silver or more, and the LBMA dictates the price of silver daily, the purity of the coin can be translated into its actual price. The coins are available in tubes of 25 or in a box containing 500 coins per purchase. Prestige Bullion, the overall agency responsible for the production and distribution of the silver Krugerrand coin, does not sell directly to members of the public, but rather sells through a well-established network of international bullion dealers.
Since buyers primarily go after the precious metal content in a silver Krugerrand coin, those who wish to sell their Krugerrand should know the current spot price of silver, which is a determining factor that will drive the silver Krugerrand’s value up and down. It changes regularly and serves as the basis of the coin’s purchase value rather than the face value. This is why if you wish to sell a silver Krugerrand, it’s best that you keep abreast of the pricing trends of silver and the factors that might influence it including the current market trends and expected future prices. Learn more about the spot price of silver Krugerrand here: https://www.kitco.com/charts/livesilver.html
Characteristics of Silver Krugerrand
In terms of design, the silver Krugerrand bears the image of former South African President Paul Krugger on one side, and then, the iconic Springbok antelope, a native species of South Africa and the national animal of the country, on the other. The specification and elements of its design are instantly recognizable for it has the same iconic design as the famous Gold Krugerrand, both on the obverse and reverse sides of the coin- a design that has not changed since its introduction in 1967. The Springbok on the coin was designed by Coert Steynberg. Meanwhile, the image of President Paul Krugger displayed on the coin’s reverse was designed by Otto Shultz.
Best Silver Kruggerand Buyer in Las Vegas, NV
Nevada Coin Mart is the best place to sell your silver Krugerrand coins. For over 25 years now, we have maintained a good reputation when it comes to buying precious items from the public. So far, we have catered to millions of people and helped them earn money by selling their precious items like gold and silver bullion. Neil pays the most cash for the value of silver Krugerrands and provides the most impressive customer service among all buying-establishments and other pawnshops in Las Vegas, NV.
Nevada Coin Mart is the #1 silver coin buyer in Las Vegas and Henderson. Licensed by Clark County, we are authorized to legally buy jewelry from the general public. We can give a free in-store evaluation for all items using a state-of-the-art x-ray spectrometer. This way. we ensure that you receive top dollar for your items.
History of Silver Krugerrand
Silver Krugerrand stems from the popularity and impact of Gold Krugerrand in the coin industry. Western boycotts were able to influence these coins that came into play as modern bullion back in 1967. It was only the gold version of Krugerrand that had been in production at that time despite the fact that all gold issues of coins before, in most countries, came along with their silver releases.
In 2017, South African Gold Krugerrand marked its 50th anniversary. At that same time, the South African Mint released and issued the silver version of the South African Krugerrand. The 2017 edition of the coin became the Premium Uncirculated version. Later on, numismatists dubbed it as the premium version of the silver coin for its brilliant, stunning, and bright finish. Later, in 2018, the South African government introduced the first-ever Silver Krugerrand.
This transition from gold to silver version made a huge impact among a number of coin buyers and dealers. The 2017 edition of Silver Krugerrand established itself among the so-called most coveted annual silver issues of coins. It became a monumental milestone for South Africa as it marks its first-ever silver coin in the long-running Krugerrand collection. The silver Krugerrand was unveiled during its first test striking available for viewing at FUN 2017 on January 6th. Since then, Silver Krugerrands continued to gain an indispensable market in South Africa’s economy.