2021-07-13 金條聚焦：南非克魯格幣
Gold Bullion Spotlight: The South Africa Krugerrand金條聚焦：南非克魯格幣
By PCGS -July 12, 2021
The modern bullion coin market wouldn’t exist without the forerunner that, at one point, was the world’s most traded bullion unit: the South African Krugerrand. While bullion gold was quite common prior to the Krugerrand’s introduction in 1967, the coin’s convenient one-ounce form offered an easy way to buy, sell, invest, and trade bullion worldwide. With its success, other countries followed suit with their own bullion coin issues.
如果沒有曾經是世界上交易量最大的金銀單位的先驅：南非克魯格，現代金幣市場就不會存在。雖然在 1967 年克魯格幣問世之前，金條黃金非常普遍，但這種硬幣方便的一盎司形式為在全球範圍內買賣、投資和交易金條提供了一種簡單的方式。隨著它的成功，其他國家也紛紛效仿，發行了自己的金幣。
The concept for the one-ounce bullion coin may originate from multiple sources.
一盎司金幣的概念可能有多種來源。
In the South Africa Mint Museum, there is a piece struck prior to 1941, by the Royal Mint in Pretoria, for a 22-karat one-ounce gold coin. This museum-owned piece might just be the inspiration for the Krugerrand coin. The more likely inspiration came from the 1960 Chamber of Mines 24-karat one-ounce gold medallions that feature two springboks. These medals had two versions, one minted with English inscriptions and boasting a mintage of 4,000 and another in Afrikaans with a mintage of 2,000. Unfortunately, most of these medals, often considered patterns for the Krugerrand by South African collectors, seem to have been melted for the bullion and as such are scarce today. Yet, selling a one-ounce bullion issue from the Chamber of Mines likely inspired those who wanted to have an output to market South African gold to create their own units for sale.
在南非鑄幣廠博物館，有一件 1941 年之前由比勒陀利亞皇家鑄幣廠鑄造的 22 克拉一盎司金幣。這件博物館擁有的作品可能只是克魯格錢幣的靈感來源。更有可能的靈感來自於 1960 年的 Chamber of Mines 24 克拉一盎司金獎章，上面有兩隻跳羚。這些獎章有兩個版本，一個是用英文銘文鑄造的，發行量為 4,000 枚，另一個為南非荷蘭語，發行量為 2,000 枚。不幸的是，這些通常被南非收藏家視為克魯格蘭德圖案的這些獎章，似乎已經被金銀熔化了，因此今天很少見。然而，出售來自礦業商會的一盎司黃金可能會激發那些希望有產出以銷售南非黃金的人創建自己的待售單位。
In an effort to market and sell the gold of South Africa, the Rand Refinery and the South African Mint collaborated on the production of a one-ounce bullion coin. The design chosen was that of the former Boer leader and president of South Africa, Paul Kruger, based on the designs of Otto Schultz. The obverse would feature the portrait of Kruger and South Africa in two languages, English and Afrikaans. The reverse was that of a single springbok, flanked by the date, with the notation 1 oz. fine gold (again in two languages) with the denomination “Krugerrand” above. The denomination was a portmanteau joining the name of Paul Kruger with that of the South African currency, the rand, to create a Krugerrand.
為了推銷和銷售南非的黃金，蘭德精煉廠和南非鑄幣廠合作生產了一枚一盎司的金幣。選擇的設計是前布爾人領導人兼南非總統保羅克魯格的設計，基於奧托舒爾茨的設計。正面將以兩種語言（英語和南非荷蘭語）描繪克魯格和南非的肖像。反面是一隻跳羚，兩側是日期，符號為 1 盎司。純金（同樣有兩種語言），上面有“克魯格朗”的面額。面額是一個混合詞，將保羅克魯格的名字與南非貨幣蘭特的名字連接起來，形成克魯格朗。
According to Brian Hern, there is a six-coin pattern set of Krugerrand coin in the vaults of the Rand Refinery, with the six coins struck in various finesse. This approach created a set of six different-colored gold coins, from which the 22-karat piece was chosen for the final accepted issue. This set is considered unique. On July 3, 1967, the first official Krugerrand coins were minted to sell worldwide as an official government bullion coin. While these coins had no official face value, they would be government-backed legal tender, and this became official law with the South African Reserve Bank Act in 1989, years after the coins were first introduced.
據布賴恩·赫恩 (Brian Hern) 稱，蘭德煉油廠的金庫中有一套六枚硬幣圖案的克魯格硬幣，六枚硬幣以各種技巧鑄造。這種方法創造了一套六種不同顏色的金幣，從中選出 22 克拉的金幣作為最終接受的發行量。這個集合被認為是獨一無二的。 1967 年 7 月 3 日，第一批克魯格官方錢幣被鑄造出來，作為政府官方金幣在全球範圍內銷售。雖然這些硬幣沒有官方面值，但它們將是政府支持的法定貨幣，這成為 1989 年南非儲備銀行法案的正式法律，也就是硬幣首次推出多年後。
For the first 12 years, the Krugerrand was issued only in a one-ounce denomination. Both Mint State and Proof issues were struck, with some early Proof pieces featuring one-sided Cameo or Deep Cameo frosted designs and are often marketed at a premium.
在最初的 12 年中，克魯格僅以 1 盎司面額發行。 Mint State 和 Proof 問題都受到了打擊，一些早期的 Proof 作品採用單面 Cameo 或 Deep Cameo 磨砂設計，並且通常以高價出售。
In 1980, South Africa embarked on another first with the Krugerrand expanded to include fractional bullion issues of half-, quarter-, and tenth-ounce denominations. While the 1980 mintage is very high for these fraction issues, only 60 pieces of each were struck in Proof, being a set-issue only, technically making them numismatic and not bullion coins, and nevertheless among the scarcest, most desirable issues for the series. With the normal business-strike coins being proof-like, some people are deceived by Uncirculated issues being sold as Proofs for the 1980, so certification is recommended. The Krugerrand series underwent a design change in 1982, with most differences on the reverse.
1980 年，隨著克魯格幣的擴大，南非開始了另一個第一次發行，包括面額為 1/2、1/2 和 10 盎司的部分金條。雖然 1980 年的這些零碎發行量非常高，但只有 60 枚在精製版中鑄造，這只是一套發行，從技術上講，使它們成為錢幣而不是金幣，但仍然是該系列最稀缺、最理想的問題之一.由於正常的商業罷工硬幣是類似證明的，有些人被作為 1980 年證明出售的未流通問題所欺騙，因此建議進行認證。 Krugerrand 系列在 1982 年進行了設計更改，大部分差異在背面。
By 1980, South Africa had produced over 30 million non-Proof one-ounce bullion-issue Krugerrands. Also by 1980, the Krugerrand accounted for 90% of the global gold coin market. Its ease of accounting as a one-ounce unit had manifested it into being the most desired choice for gold investing.
到 1980 年，一單位生產了超過 3000 萬枚非精製金條發行的克魯格。同樣到 1980 年，克魯格幣佔全球金幣市場的 90%。成為黃金投資最理想的選擇。
Yet things were changing for South Africa and the Krugerrand. The apartheid government of South Africa started seeing the world come together against its system and the boycott of its products gained traction across the globe. The United States, which had been the largest importer of Krugerrand coins, banned the importation of South African goods–including the Krugerrand–in 1985.
然而，南非和克魯格的情況正在發生變化。南非的種族隔離政府開始看到世界團結起來反對其製度，並且抵制其產品在全球範圍內受到關注。美國曾是克魯格幣的最大進口國，於 1985 年禁止進口南非商品——包括克魯格硬幣。
If you follow the mintage of one-ounce Krugerrand coins you can see where the United States and the rest of the world banned their imports. In 1984, 2,685,466 of the one-ounce coins were minted, in 1985 the mintage dropped to 874,995, and in 1986 it plunged to 21,040. In 1986, the half-ounce and quarter-ounce coins are produced only in Proof form. Yet, if you look at the market for gold in 1985, the price was $327, and in 1986 the price was $390–a 19.5% increase for the year. The demand for gold was there, just not for South African Krugerrands. The mintages increased on Krugerrands between 1987 through 1991, with bullion issues in the 100,000 to 600,000 range, but it wouldn’t be in the millions again. Even today, some people refuse to buy or accept Krugerrand coins due to the apartheid history behind the country of issue.
如果您追踪一盎司克魯格朗硬幣的鑄造情況，您會看到美國和世界其他地區禁止進口的地方。 1984 年鑄造了 2,685,466 枚一盎司硬幣，1985 年鑄造量下降到 874,995，1986 年暴跌至 21,040。 1986 年，半盎司和四分之一盎司硬幣僅以精製形式生產。然而，如果你看看 1985 年的黃金市場，價格是 327 美元，而 1986 年的價格是 390 美元——這一年上漲了 19.5%。對黃金的需求是存在的，只是對南非克魯格的需求不存在。從 1987 年到 1991 年，克魯根的鑄幣量有所增加，黃金發行量在 100,000 到 600,000 之間，但不會再達到數百萬。即使在今天，由於發行國背後的種族隔離歷史，仍有一些人拒絕購買或接受克魯格硬幣。
Besides the controversies associated with apartheid, the Krugerrand started to see its monopoly disappear as other countries entered the market. Starting with Canada in 1979 with the Maple Leaf, China in 1982 with the Panda, and the United States in 1986 with the American Eagle, many countries started their own government-backed bullion coin programs. Apartheid ended in 1994, but by then, there were so many choices for bullion it was hard for the Krugerrand to compete. The South African Mint would innovate the Krugerrand, making it more than just a bullion coin, but one with many scarce, low-mintage pieces and offering many variances.
除了與種族隔離相關的爭議之外，隨著其他國家進入市場，克魯格朗開始看到其壟斷地位消失。從 1979 年的加拿大楓葉、1982 年的中國熊貓和 1986 年的美國鷹開始，許多國家開始了自己的政府支持的金幣計劃。種族隔離於 1994 年結束，但到那時，金條的選擇太多了，克魯格很難與之競爭。南非鑄幣廠將創新克魯格幣，使其不僅僅是一枚金幣，而是擁有許多稀缺、低鑄幣的硬幣，並提供多種差異性。
From 1987 until 1991, a special-issue Krugerrand was available in Gold Reef City, a casino and theme park in Johannesburg. This attraction included a genuine mine shaft and buildings, along with reproduction antique buildings, which included the Gold Reef City Mint. The Gold Reef City Mint allowed people to personally strike their own Krugerrand coins onsite with a special mintmark of GRC on the reverse. For these five years, these Proof-only coins had the highest mintage of only 1,650 with some issues as low as 318 pieces. The person who chose to pay for this service was permitted to strike their own coin and be given a certificate signed by the Director of the South African Mint and Deputy Master Gold Reef City Mint, with the certificate dated to the date the coin was struck and named to the striker with a unique serial number.
從 1987 年到 1991 年，約翰內斯堡的一家賭場和主題公園金礁城發行了特刊克魯格。這個景點包括一個真正的礦井和建築物，以及仿古建築，其中包括金礁城造幣廠。金礁城鑄幣廠允許人們在現場親自鑄造自己的克魯格硬幣，背面刻有 GRC 的特殊鑄幣標記。在這五年中，這些僅限證明的硬幣的最高發行量僅為 1,650 枚，有些發行量低至 318 枚。選擇支付此項服務費用的人被允許鑄造自己的硬幣，並獲得一份由南非鑄幣局局長和金礁市鑄幣局副局長簽署的證書，證書的日期為鑄造硬幣的日期和以唯一的序列號命名前鋒。
A commemorative photo was taken of the person striking the coin, but due to photos not coming out it was discontinued in 1989. This special mint gave people a direct connection to the manufacturing of coins and likely sparked interest among many future numismatists. The Gold Reef City Mint also made special issues for societies, with some special issues having only an estimated mintage of six pieces. The Gold Reef City Mint ended production in 1991 but was an innovation that many would love to see come back for collectors around the world.
拍了一張正在打造硬幣的人的紀念照片，但由於照片沒有出來，它於 1989 年停產。這種特殊的造幣廠讓人們直接接觸到硬幣的製造，並可能引起許多未來錢幣學家的興趣。金礁城鑄幣廠還為社會製作了特殊問題，一些特殊問題估計只有六枚。金礁城鑄幣廠於 1991 年停產，但這是一項創新，許多人希望看到世界各地的收藏家回歸。
The Krugerrand marked its 30th anniversary in 1997 with a special privy mark being added to the reverse of the coin. Privy marks were not a new thing, as they can be traced back to the 1600s. But modern mints, such as Australia, introduced them to bullion coins in the mid-1990s as a premium commemorative issue. Other mints, including South Africa, quickly followed suit.
克魯格紀念幣於 1997 年成立 30 週年，硬幣背面添加了一個特殊的加註標記。私人標記並不是什麼新鮮事物，因為它們可以追溯到 1600 年代。但現代鑄幣廠，如澳大利亞，在 1990 年代中期將它們引入金幣作為優質紀念幣。包括南非在內的其他鑄幣廠也迅速效仿。
The first privy for the Krugerrand was a “30” on the back for the 30th anniversary, and this set had a mintage of only 330 pieces.
Krugerrand 的第一個加註標記是 30 週年紀念背面的“30”，而這一套鑄幣僅 330 枚。
Another special privy of “SS” was added in 1997 for the Sabi Sabi Game Reserve was added to a one-ounce Proof Krugerrand, with that coin having only a mintage of 72 examples.
1997 年為 Sabi Sabi 禁獵區添加了另一個特殊的“SS”，被添加到一盎司精製克魯格幣中，該硬幣僅鑄造了 72 個示例。
In 2001, a special privy marked “CW” Krugerrand was minted using the “Oom Paul” press, a coin press that was used to ceremonially strike the first Krugerrand in 1967; the coin press from 1891 was used to strike 395 Krugerrands with the special privy.
2001 年，使用“Oom Paul”壓機鑄造了一個標記為“CW”Krugerrand 的特殊密室，這種壓幣機用於在 1967 年對第一個 Krugerrand 進行儀式性罷工； 1891 年的硬幣壓機被用於製作特殊的加註395枚克魯格。
Another special privy-marked Krugerrand was issued in 2002 for the Basel Coin Fair, with a mintage of 600 pieces. Since 2001, more than 10 low-mintage issues would carry a special privy mark.
2002 年為巴塞爾硬幣博覽會發行了另一種特殊的私人標記克魯格，發行量為 600 枚。自 2001 年以來，超過 10 種低鑄幣發行將帶有特殊的秘密標記。
In 2017, the Krugerrand turned 50, and as part of the 50th anniversary the South African Mint expanded the series with a 50 oz., 5 oz., 2 oz., 1/20 oz., and 1/50 oz. gold issue. For the first time, the South African Mint struck silver and platinum issues of the Krugerrand to offer along with what was once a purely gold bullion issue. New finishes were produced and offered for the first time besides the business strike and Proof issues. With the issue of the silver Krugerrand, many marketers, especially in the United States, began to promote Krugerrand coinage again, and many collectors added their first Krugerrand coinage to their collections.
2017 年，克魯格 50 歲，作為 50 週年紀念的一部分，南非鑄幣廠擴大了該系列的 50 盎司、5 盎司、2 盎司、1/20 盎司和 1/50 盎司。黃金問題。南非鑄幣廠首次發行克魯格朗的白銀和鉑金，與曾經純粹的金條一起發行。除了商業罷工和打樣問題外，還首次生產和提供了新的飾面。隨著克魯格銀幣的發行，許多營銷商，特別是在美國，開始再次推廣克魯格錢幣，許多收藏家將他們的第一枚克魯格錢幣添加到他們的收藏中。
The Krugerrand continues to be produced today. The series is very challenging due to many low-mintage pieces and represents a prohibitive bullion cost for most. With just the one-ounce Krugerrand coins alone, there are now 54 different dates, meaning a set would contain 54 ounces of gold for just the business-strike coins. When including Proofs, special issues, and fractional issues, the number of pieces exceeds 350 coins. Yet with patience and perseverance, it could be a great set to collect while allowing one to build a bullion reserve through the assemblage of a single set.
Krugerrand 至今仍在生產。由於許多低鑄幣件，該系列非常具有挑戰性，並且對大多數人來說代表了令人望而卻步的金銀成本。僅憑一盎司的克魯格硬幣，現在就有 54 個不同的日期，這意味著一套將包含 54 盎司的黃金，僅用於商業罷工硬幣。當包括校樣、特刊和部分發行時，件數超過 350 個硬幣。然而，如果有耐心和毅力，它可能是一個很好的收藏，同時允許一個人通過單個集合的組合來建立一個金條儲備。
炫麗 Shiny黃金白銀交易所
來源: PCGS、Coin Week
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