2011 South African proof Krugerrands made under-spec!

pmbug · Apr 17, 2012

Press release from the South African Reserve Bank:

Further to the media statement issued by the South African Reserve Bank (Bank) on 8 December 2011 regarding technical issues within the operations of the SA Mint Company (SA Mint), investigations into the matter have revealed that some of the proof Krugerrand coins casted between April 2011 and May 2011may not meet all the required quality specifications.

Based on information that there had been fluctuations in assay results in the production process starting from April 2010, a conservative approach was adopted to analyse results from 01 April 2010 until 31 October 2011, the latter date being one on which new quality control measures were introduced. The extended period was adopted merely as a precaution.

It is important to distinguish between bullion Krugerrand coins and proof Krugerrand coins. The SA Mint is involved in the production and distribution of proof Krugerrands, which are targeted at the collectors’ market and are produced in much smaller quantities than bullion Krugerrand coins. During the period 01 April 2010 to 31 October 2011, a number of gold blanks of different sizes were manufactured by the SA Mint. As a further precautionary measure, it was deemed important that an intensive assessment of all Krugerrand proof coins that were still in the stock of our dealer network be undertaken.

The verification process indicated that some coins appeared to be under specification to varying degrees. The SA Mint and the Bank contacted relevant local and international dealers, and also held meetings with dealers to inform them of this possibility. An offer was made that, should any of the dealers have reasonable concerns that some proof Krugerrand coins may not comply with all required quality criteria, they could return such coins to the SA Mint. Arrangements were to be made for the exchange of any such coins for new ones and all related costs would be for the account of the SA Mint.

Concurrent with the investigation into proof Krugerrand coins, the SA Mint investigated the evidential theft of R5 circulation coins. This crime was ostensibly committed by a number of employees who appeared to have acted in collusion with what appears to be a syndicate-style operation that included external parties. Appropriate steps have been taken and all evidence gathered has been handed over to the Police’s Directorate for Priority Crime Investigation (“the Hawks”).
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http://www.resbank.co.za/Publicatio...22e-7125-4e55-bb65-56fd3333371e&sarbitem=5019

Video report on YouTube (does not embed - must watch on YouTube):

http://www.youtube.com/watch?v=y9PuUBd8wCY

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Blaubart · Apr 17, 2012

I wonder if coin collectors are going to be snatching these up instead of running away from them.

fatima · Apr 18, 2012

I'd say they probably will. I've never seen a proof Krugerrand though I know they exist. Maybe the mintage is already low to begin with.

mrbrklyn · Apr 19, 2012

pmbug · Apr 19, 2012

^ What does that pic have to do with the OP?

mrbrklyn · Apr 19, 2012

Its gold

Guano · Apr 20, 2012

I have a MS67 D Cam krugerrand, is that the same as a proof

ziggy9 · Apr 20, 2012

mrbrklyn said: ↑

Its gold
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so are these but I don't see how they relate...

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2011 South African proof Krugerrands made under-spec!

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2011 South African proof Krugerrands made under-spec!

pmbug Taking steps on my thousand mile journey

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Blaubart Melt Value = 4.50

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pmbug Taking steps on my thousand mile journey

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