The South African Gold Coin Exchange & The Scoin Shop has partnered with Momint, a South African Web 3.0 tech firm to tokenise an exclusive Complete Denomination Coin Proof set of the old Zuid-Afrikaansche Republiek (ZAR) coinage for the digital era.
Collectively known as the original Krugerrands, the coins occupy a unique place in South African history and have only grown in legend and in value. Now a new generation of collectors can get their hands on a piece of this iconic collectable set.
This pioneering partnership once again demonstrates how the blockchain is revolutionising asset ownership. Once only the domain of only the wealthiest numismatists, this tokenisation will enable fractionalised ownership of this priceless collection, lowering the entry point for enthusiastic collectors to a price as low as $200.
To ensure the accessibility of the collection, Momint marketplace supports the purchase of NFTs using a credit card and generates a crypto wallet on behalf of each user, the company says.
This means that no prior crypto or blockchain experience is required to purchase a Scoin token.
Since the ZAR-era coins were first minted in 1874, beginning with the Burgersponde, they have proven to be an outstanding store of value over their nearly 150-year history. Worth a face value of 1 ZAR in 1893, the ‘Een Pond’ coin alone is worth more than R240,000 today. The complete set being tokenised includes the ten denominations of ZAR coins that were minted before the South African War (also referred to as the Second Anglo-Boer War) of 1899 and is worth an estimated R18 million ($1.2-million)
The holders of the tokens will gain part ownership of the actual physical collection. This initiative comes at an ideal time with the global economy poised for recession, and gold widely accepted as the safest alternative asset class in times of economic uncertainty.
The coins were first minted through the Berlin Mint of Germany in 1874. When Paul Kruger became President, he commissioned what is considered the first true ZAR. circulation coins made of gold, silver and bronze. The coins were remarkably well preserved due to non-use during the subsequent war and are therefore in exceptionally good condition and graded highly by the foremost grading company PCGS. The collection also includes the near-mythical 1892 “Red-Brown” Proof Penny, so-called for the unique colour that was produced by an incorrect mixture of copper when production was moved to Pretoria.
Edited by Zintle Nkohla
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