The Krugerrand is a South African gold coin, first minted in 1967 to help market South African gold. The coin proved popular, and by 1980 the Krugerrand accounted for 90% of the gold coin market. It is produced by the South African Mint, and offered in one ounce, a half ounce, a quarter ounce and a tenth ounce of actual gold weight.

Private mints have attempted to capitalize off the popularity of the Krugerrand, minting gold and silver bullion rounds (the term coin denotes legal currency) in the style of the Krugerrand. The rounds often depict Paul Kruger and a springbok antelope, some even blatantly copying the same design as on the Krugerrands themselves, though the inscriptions are altered. These bullion rounds are not offered by the South African Mint or the Government of South Africa, and are therefore not official, have no legal tender value and can not technically be considered coins.

History

The Krugerrand was introduced in 1967, as a vehicle for private ownership of gold. It was actually intended to circulate as currency. Therefore it was minted in a more durable gold alloy, unlike most other bullion coins.

Despite the coin's legal tender status, economic sanctions against South Africa for its policy of apartheid made the Krugerrand an illegal import in many Western countries during the 1970s and 1980s. These sanctions ended when South Africa abandoned apartheid in 1994.

By 1980 the Krugerrand accounted for 90% of the gold coin market. The success of the Krugerrand led to many other gold-producing nations minting their own bullion coins, such as the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1981, the American Gold Eagle in 1986 and the British Britannia coin.

In 1980, three smaller coins were introduced, with a half ounce, quarter ounce, and tenth ounce of gold.

Through 2008, Krugerrand coins containing 46 million ounces of gold have been sold.