The Gold Krugerrand was meant to circulate as currency back in 1967 when it was introduced. Gold Krugerrand was minted in a gold alloy that was more durable and to withstand any dents or flaws. If you look at an ordinary coin, you will see that it has a fixed legal tender value which is stamped on the face of the coin. This is normally greater than the bullion value of its metal. The British sovereign had a fixed face value that was once considered more the bullion value, but also could be less.
There is no face value for the Gold Krugerrand due to the fact that the legal tender value lies in the bullion value of the metal at the current market price of gold. The Gold Krugerrand was the first gold coin to have one ounce of fine gold in it. During the years of 1970 and 1980, the Gold Krugerrand was made illegal in the import in many Western countries due to the economic sanctions against South Africa for its policy of apartheid. Once South Africa parted from the apartheid in 1994, these sanctions were then ended.
90 percent of the gold coin market was with the Gold Krugerrand in 1980. Due to this wonderful success, the Krugerrand led to many other nations that started to produce gold, minting their own bullion coins. These nations were include the following: Canadian Gold Maple Leaf in 1979, the Australian Nuggett in 1981, the British Britannian coin in 1987 and the American Gold Eagle in 1986. Three smaller coins were introduced and released in 1980 which were half ounce, quarter ounce and the tenth ounce of gold.
The size of the Gold Krugerrand is 32.6 mm in diameter and 2.74 mm thick and weighs in at 1.0909 troy ounces (33.93 g). It is minted from gold alloy that is 91.67% pure (22 karats), so the coin contains one troy ounce (31.1035 g) of gold. Copper makes up the remaining 8.33% of the coin’s weight (2.826 g). This is what gives the Gold Krugerrand a more orange appearance than silver-alloyed gold coins. Resistance to scratches and dents are due to the gold alloy coins which are made harder and more durable. The Gold Krugerrand gets its name from the face of Boer, statesman Paul Krueger, who was the four-term president of the old South African Republic. The back side depicts a springbok, one of the national symbols of South Africa.
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