Description
The South African Krugerrand was first minted in 1967 to market the gold produced from the South African gold mines. Since then it has become one of the most popular bullion coins and is recognised internationally. The Krugerrand is 22 carat, but contains one ounce of pure gold. The name is derived from a combination of ‘Kruger’ taken from Paul Kruger, the former President of the South African Republic and ‘Rand’, the South African currency.
The obverse shows a portrait of Paul Kruger by Otto Schultz and the reverse design by Coert Steynberg, shows a springbok, the national animal of South Africa. The gold content and ‘South Africa’ are written in both English and Afrikaans. The Krugerrand is considered to have legal tender status in South Africa although it displays no face value.
The Krugerrand is made in fractional sizes of half ounce, quarter ounce and one-tenth ounce from 1980 onwards.