Florida Home Purchased With Gold Coins

Florida Home Purchased with Gold Coins
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.

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