Krugerrands are bullion coins minted in South Africa. The first gold Krugerrand was minted in 1967 by the production of the South African Mint and the Rand Refinery a precious metals refining company.
The name Krugerrand comes from Paul Kruger a nationalist hero and the South African rand, who was President of the short-lived Boer Republic in South Africa (1883 – 1900). Thus, “Kruger” and “rand” combine to create the Krugerrand.
The coin features a depiction of President Kruger on the obverse side and a depiction of the South African Republic’s national animal – the springbok – on the reverse side. The word “Krugerrand” is engraved on the reverse side, above the springbok. Below the springbok image, the amount and purity of the coin’s gold content are inscribed. The obverse side is engraved with “Suid Afrika – South Africa.” Krugerrands are legal tender in South Africa.
Weight, purity and design of the Krugerrand coin (How Krugerrands Are Made).
Krugerrands were designed to be durable. Therefore, they are comprised of an alloy of gold and copper. Krugerrands are made up of only 91.67% gold and the remainder is 8,33% copper. Thanks to this, the Krugerrand is more resistant to scratches and also stands out with its unusual color. The copper component gives an orange-hued tint compared to bullion coins that are pure gold.
The actual weight of a 1oz Krugerrand is 33.9 grams.
They are manufactured to weigh a bit more than one ounce total so that they contain one full troy ounce of gold.
Krugerrands are minted in various weights. Originally, there was just the 1oz gold Krugerrand coin. The mintings now include the production of 1/2-ounce, 1/4-ounce, and 1/10-ounce coins.