Silver Krugerrand Price (Value) in Las Vegas, NV
A Silver Krugerrand is a silver bullion coin issued and introduced by Rand Refinery and the South African mint.
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. Authorized by the South African Reserve Bank Act (SARBA) of 1989, silver Krugerrand coins were also used as a form of money or legal tender.
History of Silver Krugerrand
Silver Krugerrand stems from the popularity and impact of Gold Krugerrand in the coin industry. In 1967, Gold Krugerrand came into play as the modern bullion that is heavily influenced by Western boycotts. 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. This 2017 edition of the coin was the Premium Uncirculated version, which was dubbed as the premium version of the silver coin for its brilliant, stunning, and bright finish. Then, in 2018, it was followed by the first-ever bullion 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.
Silver Krugerrand Value
The silver version of a Krugerrand is minted using one troy ounce of highly pure silver (99.9 percent), struck into a large coin that measures up to 38.7 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, a proof version of the silver Krugerrand coin was made available for public consumption but was only limited 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, the collector and historical value of the silver coin are given utmost consideration, especially by certain coin dealers during a transaction. 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 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 bullion and other items. We pay the most cash for silver bullion items and provide 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 you a free quote or in-store evaluation for your silver coin item in person using a state-of-the-art x-ray spectrometer. This way. we ensure that you receive top dollar for your items. We are the best dealer of silver coin items that has transitioned into the modern technology age combined with the aim of providing the highest possible cash offerings and the best customer service.