South African Krugerrand Gold Bullion Coin
The Krugerrand from South Africa, first minted in 1967, became the first gold coin to contain precisely one ounce of fine gold. The coin was created with the intent of providing a vehicle for the private ownership of gold. By bestowing legal tender status upon the coin, the gold Krugerrand could be owned by citizens of the United States, who at that time were prohibited private ownership of bullion, but allowed ownership of foreign coins.
Since inception, the Krugerrand has become the most widely-owned bullion coin in the world with over 46 million ounces in circulation. The success of the Krugerrand led to other gold producing nations minting their own bullion coins, including the Canadian Maple Leaf in 1979 and the American Eagle in 1986.
Design
The Krugerrand gets its name from Paul Kruger, President of the old South African Republic, who is featured on the coin’s obverse. The reverse depicts a Springbok, one of the national symbols of South Africa. The name South Africa and the gold content are shown in both Afrikaans and English.
The South African Krugerrand is a 22-karat coin weighing a total 1.0909 ounces. It is comprised of one troy ounce of pure gold and 2.826 grams of a copper alloy which is used to give the coins higher durability and to make them more resistant to scratching. It is what gives the coins a unique orange-gold hue.
The gold Krugerrand has a fineness of 0.9167, or 22/24 karats. It is the world's most popular gold coin and is known and accepted around the world.
