The South African Gold Krugerrand is one of the first bullion coins made for investment purposes. The 22K coins were first minted in 1967. The Gold Krugerrand was commercialized so well that in the 80s, they were 89% of all the gold bullion coin market.
Today, investors and collectors identify the coin simply as “Krugerrand". The name comes from “Kruger", a very popular South African president (1883-1900) and “rand", which is the currency in Sounth Africa. The Gold Krugerrand is unique in the sense that it doesn't have face value, as do the majority of gold bullion coins. From 1967-1979, this coin was only made in 1oz. Even though the gross weight of the coin is slightly more than one ounce, the quantity of gold is exactly one ounce, making trading easy.
This standard was replicated in other precious metal coins around the world. Since 1980 till today, the Krugerrand is minted in 1oz, 1/2oz and 1/10oz. A silver version was never officially minted.
Even though it is not as popular, the South African Mint also makes the version “collector proof gold" coin.
The inverse of the coin depicts Paul Kruger and around him, the inscriptions “SUID AFRIKA" and “SOUTH AFRICA"; his country's name in both Afrikaans and English.
On the reverse of the coin is the image of a Springbok, a South African antelope and a famous national symbol. Inscriptions on this side include “KRUGERRAND", the year of mintage, “FYNGOUD", “1OZ" and “FINE GOLD".