Back in 1967, the South African Mint Company introduced a gold bullion coin called the Krugerrand, with the intention of circulating it as currency. Its status as a legal tender was viewed as the best way to market South African gold around the world.

Thirteen years after its introduction, this precious metal coin accounted for about ninety percent of the gold coin market.

There are thirty-three known bullion coins in the world. Five of these coins are made of platinum, one is made of palladium, nine are made of silver, and eighteen are made of gold. And of all these precious metal coins, the South African gold bullion coin Krugerrand is perhaps the most popular.

The South African Krugerrand comes in four denominations. Each of the four is 22K, containing 91.67% pure gold and 8.33% copper. This composition is meant to make the coins more durable and harder and thus resist dents and scratches since they were originally intended for circulation.

• One-tenth ounce coin (0.11 troy ounce in weight, 1.35 millimeters thick, and 16.55 millimeters in diameter).
• Quarter ounce coin (0.27 troy ounce in weight, 1.89 millimeters thick, and 22.06 millimeters in diameter).
• Half ounce coin (0.55 troy ounce in weight, 2.22 millimeters thick, and 27.07 millimeters in diameter).
• One ounce coin (1.09 troy ounces in weight, 2.84 millimeters thick, and 32.77 millimeters in diameter).

On the front side of the Krugerrand is the face of Stephanus Jonannes Paulus Kruger, the fifth president of the South African Republic. The surname Kruger and the South African currency Rand were combined to give this coin its nameS. Also inscribed are the Afrikaans and English versions of the name "South Africa".

On the reverse of the coin is an image of the springbok, the small antelope which is the national symbol of South Africa. Over the image is an inscription of the name of the coin and the coin's gold content, inscribed in both Afrikaans and English.

Special samples of the Krugerrand are minted and offered as collector's items. These “proof” Krugerrands are priced higher than the bullion Krugerrands. The two coin versions can be distinguished from one another by the number of serrations they have. The proof version has 220 serrations, while the bullion has 40 fewer.

The success of the Krugerrand most likely inspired other countries including Canada, Australia, the United States, and the United Kingdom to start producing their own precious metal coins starting in 1979. The success of the Krugerrand as a vehicle for promoting the South African gold to the international market is clear because as of 2008, about 1.3 million kilograms of South African gold, contained in Krugerrand coins, have been sold.