Momint, a South African platform that let’s your make your own NFTs, says it has successfully tokenized an exclusive set of gold coins which were used as currency in the 1890s as a way of expanding access to the legendary South African coins.
According to Momint:
“Collectively known as the original Krugerrands, these coins hold a unique place in South Africa’s history and continue to grow in value.”
Momint is also presenting this as an opportunity for the digital community to buy the NFTs to protect their wealth and savings as inflation in South Africa hits the highest in 5 years.
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The gold coins that have been made into NFTs are owned by The South African Gold Coin Exchange and its retail arm The Scoin Shop who trade in special and valuable coins.
A search on their website indicates that The Scoin Shop and The South African Gold Coin Exchange trades in:
- Local and foreign coins
- Coin jewellery
- Modern and old coins
- Collectable coins
- Numismatic items
The set of coins is valued at $1.2 million by Scoin Shop, an exorbitant amount that is out of reach for most.
However, the NFT of the set of coins will be fractionalized, which is when they divide one NFT into smaller NFTs.
Speaking about this, Momint said:
“The coin set is going to be fractionalised into 1,510 NFTs ranging from $200 to $12 000, thus enabling lower price entry points for coin enthusiasts to own their share of these otherwise unaffordable historical assets.”
As to the historical value of the coins, Momint indicated that:
‘South African coins issued between 1892 – 1897, from the period before the onset of the Anglo-Boer war in 1898, are particularly sought after.’
“Most of the coins minted during this period ended up getting lost or destroyed during the war and the Interwar Period of British Control, and this coin set is considered to be one of the highest-graded proof quality coins from the first currency issued by President Kruger.”
RECOMMENDED READING: [EXPLAINER GUIDE] How to Mint an NFT on the Momint Marketplace in 7 Simple Steps
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