During the 1970s, there was no more popular coin than the South African Krugerrand. The Krugerrand, which was minted starting in 1967, was the only major gold bullion coin to be produced at this time, and by 1980 it accounted for nearly 90% of all gold coins on the market.
The name of the Krugerrand is a combination of rand, which is the name of the national currency of South Africa, and the surname of Paul Kruger, a famous President of South Africa during a period of national upheaval. After serving in the South African army, Kruger soon became an important politician around the same time the British forces began aggressive action against the area. The discovery of gold in the area was the impetus for massive foreign immigration and colonial expansion. Seeking to bring the mineral-rich region of South Africa under its hegemony, the British attempted to annex the South African Republic. These actions led directly to the famous Boer Wars.
Kruger was an important figure during the Wars. First elected President during the First Boer War, he helped negotiate the first peace settlement. However, after gold discoveries were made in the area, the nation was once again plunged into war with the British. This time, the British were victorious and Kruger was forced to flee the country and spent the remaining years of his life in Europe. Kruger was the last President of the Republic of South Africa.
The Krugerrand coin is called such because the obverse of the coin contains a profile image of the iconic man. The reverse of the coin shows a springbok antelope, a famous animal which inhabits the grasslands of the current nation of South Africa.
The popularity of the Krugerrand has led to many private mints making their own versions of the coin. While these “bullion rounds” often contain composition of gold, silver, or other metals, they cannot be considered coins because they are not minted by the government of South Africa and are not considered legal tender. Many of the private rounds contain similar images, such as Paul Kruger and the antelope, and some are nearly identical copies of the images on the official Krugerrand coin.
For many years the Krugerrand was an illegal import into several nations. While South Africa was under the regime of official racial discrimination against black-skinned natives (called apartheid), a great number of governments imposed economic sanctions against South Africa, thereby limiting the availability of the Krugerrand outside the nation.
The popularity of the Krugerrand has not diminished in recent years as the price of gold has multiplied significantly. In the current market, a 1975 Krugerrand 1 ounce gold coin sells for upwards of $1600. Krugerrands are ubiquitous in the world of gold coins and their values show no signs of diminishing any time soon.