When people talk about South Africa Gold, they’re usually talking about Krugerrands – the workhorse of the modern bullion world.
The Gold Krugerrand was first released in 1967 by the South African Mint and Rand Refinery.
At the time, the world was dealing with Cold War uncertainty, the breakdown of the gold standard, and inflation worries. South Africa was already a huge gold producer, so they created a 1 oz bullion coin whose value was tied directly to its gold content, not a face value. It was minted in durable 22-karat gold (.9167 fine) alloyed with copper, with exactly 1.000 troy ounce of pure gold in the 1 oz piece.
By the 1970s, the Krugerrand absolutely dominated the bullion market. Between 1970 and 1980, over 36 million 1 oz bullion Krugerrands were minted, and by 1980 they’re estimated to have made up about 90% of the global gold coin market.
South Africa’s gold coin market is defined by the Krugerrand. Introduced in 1967 by the South African Mint and Rand Refinery, the Krugerrand was created to promote South African gold exports and to give private investors a standardized, 1 troy ounce gold bullion coin.
In the modern era, Krugerrand mintages are more controlled and market-driven. Standard bullion issues remain widely available, while Proof and special issues are struck in comparatively low numbers and are of primary interest to collectors.