030608: 2008 Kruger National park Krugerrand Set- 110 year anniversary. Consists of 4 x 22 carat gold coins, 1oz, 1/2oz, 1/4oz and 1/10oz and a silver medallion presented in an African Rosewood box with a hand embroidered lid. Box not shown 010608 Picture: Handout/Supplied
030608: 2008 Kruger National park Krugerrand Set- 110 year anniversary. Consists of 4 x 22 carat gold coins, 1oz, 1/2oz, 1/4oz and 1/10oz and a silver medallion presented in an African Rosewood box with a hand embroidered lid. Box not shown 010608 Picture: Handout/Supplied

Scandal of underweight gold Krugerrands

By Sapa Time of article published Apr 16, 2012

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Some Krugerrands have been found to be underweight, with too little gold used in their manufacture.

The Sunday Times reported that the SA Mint Company, a subsidiary of the SA 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 currently, and is the world’s most popular gold coin, and one of SA’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 it.

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

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