In collaboration with two gold coin dealers, the Scion Shop and the South African Gold Coin Exchange, South African Web3 tech firm Momint is set to tokenize the old Zuid-Afrikaansche Republiek (ZAR) coins.
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 collectible set. Even the less wealthy enthusiasts can own portions of the South African famed coins.
A report published by IT News Africa explained that possessing the non-fungible tokens (NFTs) of ZAR coins means holders are also part owners of the actual coins. The complete set of coins being tokenized includes those minted before the South African War of 1899.
Momint has stated that its NFT marketplace will accept credit card purchases in order to ensure that the tokenized coins are available to many consumers. The company added that it will create a cryptocurrency wallet for each customer and that the starting price for collectors will be $200.
The Krugerrand coins, made of gold, silver, and bronze and first issued in Germany in 1874, are said to have maintained an excellent condition and are “rated highly” by the grading service PCGS. Thus, from an initial value of one rand in 1893, one of the coins, Een Pond is now thought to be valued at $14,087 (240,000 rands).
With the world now braced for another recession, holders of the tokenized ZAR coins, just like physical gold holders, could be insulated from some of the effects of the economic downturn.