South African Krugerrand Gold Bullion Coins

South African Krugerrands -- gold bullion coins

Fineness: .9167
Actual Gold Content: 1.0 troy ounce (31.103 grams)
Diameter: 34 mm
(also minted in 1/2, 1/4, 1/10 ounce sizes)

Introduced in 1970, the South African Krugerrand, often misspelled as krugerand or kruggerand, was the first legal tender gold bullion coin to gain worldwide use in the modern era. To this day, many gold owners equate gold ownership with Krugerrand ownership. The Krugerrand received its first competition from the Canadian Maple Leaf, introduced in 1979. Eventually the Maple Leaf supplanted the Krugerrand as the world's top seller, gaining a significant market share as a one-ounce pure gold coin (.9999 fineness). In 1984 the U.S. Congress banned the import of the Krugerrand as part of the economic sanctions imposed on South Africa. The premium dropped to slightly-above the spot gold price and has never completely recovered. -- From The ABCs of Gold Investing

Featured on the coin's obverse (and lending his name to the coin) is Paul Kruger, locally known fondly as "Uncle Paul" and elected four-time President of the Transvaal. The reverse features the springbok, a natural inhabitant of the dry savannahs, able to run at speeds up to 80 km/hr and jump over 10 meters. The springbok is the icon of the national rugby team.