1OZ KRUGER RAND

1 OZ KRUGER RAND

The Krugerrand was introduced in 1967, as a vehicle for private ownership of gold. It was actually intended to circulate as currency. Therefore it was minted in a more durable gold alloy, unlike most other bullion coins.

Despite the coin's legal tender status, economic sanctions against South Africa for its policy of apartheid made the Krugerrand an illegal import in many Western countries during the 1970s and 1980s. These sanctions ended when South Africa abandoned apartheid in 1994.^{[citation needed]}

By 1980 the Krugerrand accounted for 90% of the gold coin market.^[1] The success of the Krugerrand led to many other gold-producing nations minting their own bullion coins, such as the Canadian Gold Maple Leaf in 1979, the Australian Nugget in 1981, the American Gold Eagle in 1986 and the British Britannia coin.

In 1980, three smaller coins were introduced, with a half ounce, quarter ounce, and tenth ounce of gold.^{[citation needed]}

Through 2008, Krugerrand coins containing 46 million ounces of gold have been sold.^[2]