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 oz..

“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 use.”

However just in case a foreign coin dealer was present to inspect the coins, They were genuine.

KRUGERRANDS
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.

The 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 Philharmonic.

The coin was named after Paul Kruger, the last president of the old South African Republic whose face adorns the coin.

Related posts:

1. Heritage Presents 5200 Lot Currency Auction at Florida United Numismatists Show, Orlando Florida
2. PCI Assets Purchased by David Lawrence Rare Coins
3. Wales Civil War gold comes home
4. Fabled $3 Million Nickel Returns “Home” to Milwaukee
5. Paul Hollis Brings $2.5 Million 1844-O Proof $10 “Home”
6. SL coin dealer quits business, home after attack
7. United States Mint and The Hermitage to Introduce New Andrew Jackson Presidential $1 Coin to the Nation at Old Hickory’s Home Near Nashville
8. World Coins – Unique 1928 South Africa 6 Pence Graded by NGC
9. Rationing of American Gold and Silver Eagle Bullion Coins A Thing of the Past. Again.
10. Investing in Bullion and Collectible Gold Coins