The South African Krugerrand was conceptualized for the first time in 1964 as a bullion coin of legal tender marked only with its weight in gold. The coin was created as a means for private ownership of gold bullion from South Africa by the general public and was first minted at the South African Mint on July 3, 1967.
The Gold Krugerrands are designed to be durable and, therefore, are 0.9170 or 91.7% gold, with the rest being copper. This gold bullion coin also appears closer to an orange hue than the silver alloy coins. Each one ounce coin weighs 33.93 grams (consisting of 31.1 grams of pure gold and 2.83 grams of copper). The Krugerrand currency determines its value by its gold content plus a premium that is dictated by market conditions.
The gold coin of South Africa is named after a combination of the first president of Boer of the Republic of South Africa, Paul Kruger, and the name of the currency of South Africa, the rand.
Paul Kruger (obverse) – The coin presents the former president of the former Republic of South Africa from 1883 to 1900, on the obverse of the coin.
African Antelope Gazelle (Reverse) – The Springbok, a famous national symbol of the Republic of South Africa, is on the back. The words “South Africa” and “fine gold” are shown in English and in Afrikaans.
Krugerrand gold is one of the most widely owned gold coins to date, with sales of more than 50 million ounces since its inception.