The first national bullion coin in the world, the South African Krugerrand
coin was first issued in 1967 to demonstrate the quality of that country's gold. The Krugerrand is named after Paul Kruger, the 5th president of South Africa and war hero of the Second Boer War, and the rand, the official South African currency unit. The coin was such a wild success that other countries followed suit, issuing their own bullion coins. Canada (Gold Maple Leaf), Australia, China, the United States (American Gold Eagle) and Great Britain all issued their first bullion coins in the late 1970s through the 1980s.
The Krugerrand stands alone in one important regard: Although it was meant primarily as an investment vehicle, it was also issued as legal tender for use in South Africa.
The obverse of the coin depicts a portrait of Paul Kruger, designed by artist Otto Schulz. On the reverse of the coin is a springbok, a gazelle often used as a symbol of South Africa, which was designed by Coert Steynberg.
As the pace setter for bullion coins, the Krugerrand was often imitated by the pressing of rounds.
However, as these rounds are not issued by the Mint of South Africa, they hold no value as legal tender. They became most common during the height of the embargo against South Africa for its practice of apartheid. During that time, the Canadian Gold Maple Leaf surged in popularity and value.
Since September 1980, the Krugerrand has been made available in three additional sizes containing 1/2 ounce, 1/4 ounce and 1/10 ounce of gold.
To learn more about the South African Krugerrand and to get current pricing, please call us at (800) 355-2116.