News24

Dud Krugerrand coins found

2012-04-15 14:38

Johannesburg - Some Krugerrands have been found to be underweight with too little gold used in their manufacture, the Sunday Times reported in its first edition on Saturday evening.

The newspaper said the SA Mint Company, a subsidiary of the Reserve Bank, had admitted that it made underweight proof or collector Krugerrands.

In a statement on Friday the Reserve Bank confirmed that the coins in question were produced in April and May 2011.

A Krugerrand sells for about R14 000 and is the world's most popular gold coin and one of South Africa's most famed collector's items. According to the Sunday Times, coin dealers were called to the SA Mint Company last year and told about the problematic coins. Apparently they had to sign a confidentiality agreement that forbade them from talking about what they knew.

The Reserve Bank had told dealers that suspect coins would be exchanged by the SA Mint Company.

Comments
  • Brent - 2012-04-15 15:25

    Shocking! is the Reserve Bank under BBBEEE control as well? Heads must roll for this.

      PumaFred - 2012-04-15 15:51

      Oh please - you can exchange it for one that is correct. Keep your panties on.

      Anwar - 2012-04-16 14:53

      You missing the point PumaFred..

  • Gekraaktehoof - 2012-04-15 15:26

    Where are the other part of Gold that belong to the process? I smell not one rat but a whole colony of rats!!

  • Dave - 2012-04-15 15:52

    Cadre deTROYment.

      Denny - 2012-04-15 19:17

      Haha, nice :D

  • samgaf - 2012-04-15 16:06

    next they gonna print money on toilet paper

      Cris - 2012-04-15 19:15

      @Samgaf,Its not the value of the paper that gives money its face value. But if its a Gold coin then it has to be Gold

  • aiazmir - 2012-04-15 18:23

    "Apparently they had to sign a confidentiality agreement that forbade them from talking about what they knew." More secrecy. Let's not tell people and hope they don't find out. Well, we found out and the sky didn't fall down. Wtf do they have to keep it a secret. Are we living in a democracy or a fascist state?

  • Jim - 2012-04-15 19:07

    joneethling...what you drinking brother, seems it's been a long weekend for you??

  • gailcarolynhayes - 2012-04-16 13:57

    I'm not sure that these Kruger Rands may not have their own collectors value. I inherited a Kruger Rand from and ex JSE Chairman's wife (MIL) which was set in a chain and clasp from which it could be removed. This coin when taken to the Reserve Bank was also found to JUUUUUUUst not pass muster. It looked like a KR and it was genuinely gold with all the right markings but it just didn't sound like a Kruger Rand. After some investigation I discovered that it could be opened like a locket and concealed inside was a watch. The person to whom I sold it believed thatt it was a highly collectible item and very rare and I was in fact paid out in full at the then value of the Kruger Rand. I have in some ways regretted it but I needed the money at the time for educational purposes which have paid far greater dividends. Today I would hold onto it as a curiosity and because of the joke played on my MIL who fully believed she was wearing a Kruger Rand around her neck. Perhaps these buyers should consider accepting some refund for having been overcharged and actually hold onto their coins. Rarity is a valuable thing too if you can provide provenance.

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