WE BUY and SELL GOLD KRUGERRANDS
Vermillion Enterprises buys gold! Gold bars, rounds, coins, and jewelry. Including the 22k Gold Krugerrand. We buy and sell gold Krugerrands!
Private mints have tried mimicking the Krugerrand design to increase sales. Several mints have always minted gold and silver bullion rounds. However, the term bullion coin denotes currency. Whereas bullion rounds do not. Most private mints mint bullion rounds. Whereas sovereign government mints mint bullion coins. Krugerrands are the first bullion coin to not feature a currency denomination on the reverse or obverse. Its value is solely based on the value of the gold within it and a small premium.
Historical Markers of the Gold Krugerrand(s)
The Krugerrand first appeared in 1967. It was a time in which the public first started investing in personal gold coin portfolios. Derived from the former President of South Africa, Paul Kruger, and the rand, a South African unit of currency. Krugerrands are legal tender in South Africa. In South Africa, after the British took over, gold coins were considered for the rich. The Kruggerand was minted originally as the “working man’s coin.” Designed to be a coin for a wider population. Focused on the hard-working population who wanted to preserve their savings.
The United States saw a high importation of Krugerrand coins between 1974-1985. 22 million coins to be exact! It is available in 1⁄50 oz proof, 1⁄10 oz, 1⁄4 oz, 1⁄2 oz, and 1 oz sizes. The Krugerrand is also available in a 2 oz. proof as well. Limited to 400 minted each year.
The Gold Krugerrand – Trendsetter!
The Krugerrand is 22K gold. Minted in a copper-gold alloy. Making it more durable than pure gold. By 1980, the Krugerrand accounted for 90% of the global gold coin market. That year, the mint introduced the 1⁄10 oz, 1⁄4 oz, and 1⁄2 oz sizes. Since 1967 over 50 million ounces of gold Krugerrand coins have been sold. The huge success of this coin encouraged other gold minting countries to issue their own gold bullion coins.
1979: Canadian Gold Maple Leaf Coins
1982: Chinese Gold Panda Coins
1986: American Gold Eagle Coins
1987: Australian Gold Nugget Coins
1987: British Gold Britannia Coins
BUY or Sell Gold Krugerrands – Bullion vs. Proof – BUY or Sell
The Golden Anniversary for the Gold! For its 50th Anniversary in 2017, the South African Mint celebrated the Krugerrand series with a 1/50 oz. Gold Coin. It is the first ever! For the Krugerrand. For gold bullion coins worldwide. It is available as a proof only, but it is a more affordable option for those interested in collecting gold coins.
Additionally in 2017, The South African Mint introduced their first Silver Proof ever! Done also in celebration of the 50th Anniversary for the Krugerrand coin! In 2018, the Silver bullion coin was added.
There is a distinction between the gold bullion Krugerrand and the gold proof Krugerrand. But how? The seration marks! The bullion version has 180 serations. Compared to the 220 on the proof. Additionally, standard bullion Krugerrands mint at high speed in the hundreds of thousands. Thus, the quality of the final struck coin is less. Proof versions are limited to under 1,000. With each coin struck individually and then stamped up to three times.
The Great Discrimination
However, at one point in 1985, there was a ban on the importation of Krugerrands into the U.S. due to South Africa’s apartheid – open discrimination/segregation of minorities. U.S. Stance: S.A. Opposition of Minorities = U.S. Opposition of Krugerrand Importation. There was a little confusion regarding U.S. ownership of Krugerrands during that time; however, the ban was lifted once apartheid ended in the early 90’s. Importation was legal once again. Unfortunately, the premiums on Krugerrands fell below that of competing gold bullion coins due to this.
To Buy or Sell Gold Krugerrands
Buy Gold Krugerrands:
** This applies to Foreign Gold Bullion / Coins, non-denominational rounds, and bars **
- There is NO sales tax in the State of Florida on US Gold coins, or any U.S. coins.
- Purchases UNDER $500 = State Sales Tax.
- including fractional Maple Leafs, Krugerrands, and ingots.
- Purchases OVER $500 = NO State Sales Tax.
- Buying Over $10,000 & paying in Cash/cash equivalents = Form 8300 MUST be filled out and reported
- Even if you split who is paying in Cash. If the transaction total is $10,000 or more, and cash is used to pay it – it MUST be reported.
- We accept payment in the form of cash, wire transfer, or check. Please note, checks will be held for 10 business days before product delivery.
Sell Gold Krugerrands:
** This applies to U.S. and Foreign Gold Bullion **
- If you sell 25 coins or more of the Krugerrand, Maple Leaf, or Mexican Gold Onza, dealers are required to report the sale on Form 1099B.
- Applies to total sales within a 24-hour period.
- Selling Over $10,000 and receiving cash/cash equivalents = Form 8300 MUST be filled out and reported
- Payment via check or wire transfer does NOT require Form 8300
Invest in Gold Krugerrands:
If my IRA invests in gold or other bullion, can I store the bullion in my home?
Gold and other bullion are “collectibles” under the IRA statutes, and the law discourages the holding of collectibles in IRAs. There is an exception for certain highly refined bullion provided it is in the physical possession of a bank or an IRS-approved nonbank trustee. This rule also applies to an indirect acquisition, such as having an IRA-owned Limited Liability Company (LLC) buy the bullion
Unfortunately, GOLD Krugerrands are not IRA eligible. The IRS does permit a Self-Directed IRA to own certain gold coins (i.e. American Gold Eagle coins or coins at least .995 fine/99.5% pure). In order for coins to be held inside an IRA, coins must be meet a certain level of pureness in their mineral content so that they are not viewed as a type of collector’s coin. Even though gold bullion is considered a collectible. As a result, GOLD Krugerrands and the Gold Double Eagle coins are disallowed because they do not meet this standard. But the Silver Krugerrand does!
Both the Gold Krugerrand and the Gold Double Eagle coins are excellent choices for collections and should be in yours too! But if you are looking for an IRA approved gold coin – the American Gold Eagle is the best route! Its weight, content, and purity are guaranteed by the U.S. government.
Vermillion Enterprises is the place to BUY or SELL Gold Krugerrands!
Call, stop by, or visit us on Facebook!
If you live in or near Spring Hill, Lutz, New Port Richey, Hudson, Crystal River, Inverness, Brooksville or surrounding Florida location. Stop in at Vermillion Enterprises for some amazing Gold Krugerrand coin prices today. Whether you buy or sell, Vermillion Enterprises will treat you well!