South Africa is renowned for its thriving gold mining industry and it is one of the premier countries for providing the rest of the world with gold investments. The Krugerrand is one of the most well-known gold products in the world because of the status that it brings to its owner.

The first Krugerrand was minted on 3 July 1967, and the coin was originally developed so that private investors could have an opportunity to own gold bullion. Before this, gold was only available in larger quantities that were too expensive for individuals to purchase.

The Krugerrand is named after Paul Kruger, who was president of the South African Republic – the area more recently known as the Transvaal province - at the time of gold first being mined in the area in the 1880s. His face is imprinted on the obverse side of the coin.

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.

Many other countries have attempted to duplicate the success of South Africa’s Krugerrand, yet it remains the most popular and widespread gold bullion coin available. Over 50 million coins have been minted since its first minting, which is more than all other bullion coins combined.

The popularity of the Krugerrand is set to increase even more over the coming years, and now is the time for individuals to invest in these gold coins and reap the financial rewards of South Africa’s gold industry.

Contact Scoinshop for more information on Krugerrand investments or visit the Scoinshop website to purchase your very own Krugerrand.