Named after the famous South African President and nature conservationist Paul Kruger and the South African monetary currency, Krugerrands have been legal tender worldwide since the first coin was struck on the 3 July 1967.
As the world’s first ounce-denominated gold coin, the Krugerrand was developed by the Chamber of Mines of South Africa on behalf of the South African gold mining industry and authorised by the South African Reserve Bank. The Krugerrand became the chosen vehicle to promote South African gold as an investment vehicle into the international markets.
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Krugerrands were originally minted in one size only: one full troy ounce of fine gold, which is the equivalent of 31.103 grams of gold. Made from 22 carat gold, Krugerrands have since September 1980 also become available in three different sizes containing exactly 1/2 ounce, 1/4 ounce and 1/10 ounce of pure gold.
The most widely held and actively traded bullion coin in the world, the Krugerrand remains the easiest way for investors worldwide to own gold. To date some 48 million ounces of fine gold contained in newly minted Krugerrands have been sold world wide. This equates to more Krugerrands in circulation internationally than all other gold coins combined. It is important to note that although Krugerrands are considered legal tender, there is no record of their face value on either side of the coin. The rationale for this is that emphasis is laid on their direct link to the prevailing value of their fine gold content.
Rand Refinery is the only refinery in the world authorised by the South African Treasury, through the Reserve Bank of South Africa, to manufacture and supply the gold coin blanks for Krugerrands.
Rand Refinery has also since 1998 been appointed to act as agent for and on behalf of the South African gold mining industry, to distribute the coins both locally and internationally.