The Gold Krugerrand, first introduced in 1967, is the worlds first legal tender bullion coin. Marked only by it's weight in gold, the coin was created with the intention of being a way for private citizens to own bullion. Sanctions against it's maker, South Africa, during the 1970s and 1980s for apartheid caused the Gold Krugerrand to be an illegal import in many western countries. Despite the sanctions, the coin accounted for 90% of the gold coin market by 1980.
Because it is marked only by the it's weight in gold (1 oz), the value of the coin is not set, and instead is valued at the current value of it's weight in gold.
US $649.99
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Created as a legal tender coin, it is composed of a copper and gold alloy rather than the silver and gold alloy that most current gold coins are made of. The copper alloy makes the coin more durable and resistant to scratches and denting. It also gives the coin a more orange color than most silver alloy coins. Each of the coins weighs 33.93 grams, and is made with a 91.67% pure gold alloy. (31.1035 grams of gold and 2.826 grams of copper)
The coin gets it's name from the man who is engraved on the face of the coin, Paul Kruger. The Rand is the South African currency. The reverse features a springbok, the national symbol of South Africa along with the date of minting and the weight of the coin.
Along with the 1 oz coin, the South African Mint also mints fractional coins in 1/2 oz, 1/4 oz, and 1/10 oz denominations. These were created following the popularity of the 1 oz coin as a way to make it simpler for making change for a 1 oz coin as well make a cheaper entry point for collectors and investors. Each year, the mint creates a limited quantity of "proof" coins, which are marked by their 220 serrations versus the 180 serrations on the production gold Krugerrand.