South African Gold Krugerrand

The South African Gold Krugerrand Coin was first released by the South African Mint in 1967 with the intention of promoting South African gold to international markets and making private ownership of gold a possibility for individuals. As legal tender gold bullion, the Krugerrand was minted to be more wear-resistant than 24 karat gold coins. The Krugerrand is 22 karats, or 91.67%, gold. The additional 8.33% alloy is copper. At the time of the Krugerrand’s mintage, the United States did not permit the private ownership of gold bullion to its citizens, however ownership of foreign coins was permitted, making the Krugerrand accessible in the U.S. During the 1970’s and 1980’s, numerous Western countries banned the import of Krugerrands as part of enforced economic sanctions against South Africa due to apartheid. These economic sanctions ended in the West in 1994 with the abandonment of apartheid by South Africa. Despite obstacles, the Krugerrand experienced widespread success, cornering 90% of the gold coin market worldwide in 1980. The Krugerrand’s success inspired the minting of legal tender gold bullion by other countries, including Canada’s Gold Maple Leaf in 1979 and the United States’ Gold Eagle in 1986.