Before the advent of the Krugerrand, gold was only available in bars, which are not considered to be legal tender and are far too expensive to be owned by the general public. The Krugerrand’s smaller size created an entirely new market for gold investment.
When they were first introduced into the international market, Krugerrands were only available in one size, and were made up of a single troy ounce of pure gold. Their popularity subsequently led to a variety of different, smaller sizes being created in 1980.
Since its creation in the sixties, the Krugerrand has been available in two forms. The first and most popular was the bullion Krugerrand, which is mass-produced. The second is the Proof Krugerrand, of which fewer have been minted, giving them value above that of their gold content, and making them an ideal investment for coin collectors.
By giving the gold coin legal tender status, countries such as the United Kingdom are allowed to import Krugerrands without paying import taxes, duties and VAT. This added to the coin’s popularity all over the world. However, it was illegal to own gold bullion coins in the UK until 1971, which means that that Krugerrands were relatively unknown in Britain until the seventies.
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