The world's first true gold bullion coin was introduced in 1967. The Krugerrand - whose name was a tribute to former South African President Paul Kruger and the official South African currency called a Rand - was a solid gold coin whose value was based upon the international spot price of the metal.
Created to allow South African gold to be sold on the international market, the Krugerrand provided a vehicle for the private ownership of gold and stood alone as an accessible investment opportunity for the everyday buyer. By bestowing legal tender status upon the coin, Krugerrands could be owned by citizens of the United States, who at that time were prohibited from private ownership of gold bullion, but were allowed to own foreign coins. As a true bullion coin, it does not havea specific denomination, but derives its value from the current price of gold.
Since its introduction more than 50 years ago, the Krugerrand has become the most widely owned bullion coin inthe world.
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