Realtor Kim Ogilvie closed a
deal this past week with an interesting twist; a
golden one to be exact.
The buyer of a $1 million downtown Sarasota
residence came to the closing with a briefcase
filled with $400,000 worth of South African
Krugerrands. That is about 444 of the gold coins
or 37 pounds based on a spot price of $900 per
“This was a first,” Ogilvie stated, adding: “It
really shows you the depth to which buyers will
go to use their resources to acquire properties
they think are well-priced. I represented the
seller and were happy to complete the
transaction in whatever form they wished to
However just in case a foreign coin dealer was
present to inspect the coins, They were genuine.
Krugerrands, first minted in 1967, were not
allowed into the United States during the 1970s
and ’80s to protest the South African policy of
apartheid, although the ones already here
continued to be traded as bullion. When
political reforms came to South Africa in the
early 1990s, the ban was lifted.
Krugerrand was the first gold bullion coin
to contain one troy ounce and became a world
standard for the unit weight of a gold coin.
Developed later were the Canadian Maple Leaf,
Chinese Panda, American Gold Eagle and Vienna
The coin was named after Paul Kruger, the last
president of the old South African Republic
whose face adorns the coin.
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