The Krugerrand gold coin was first released in 1967 by the Rand Refinery in South Africa. The coin was released as a way to capitalize on the gold mining industry in South Africa, and for the country to monetize the gold. Furthermore, in the 1960, retail investing in physical gold became quite popular, and even trendy. Krugerrand gold coins were first released in the 1960s, and were immediately successful. The demand for the coins continued to grow, and by 1979 the Rand Refinery was minting more than 3,000,000 coins annually. 

The front of the 2023 gold Krugerrand coin features an image of Paul Kruger, who was president of South Africa at the end of the 19th century. At the top of the coin the words 'South Africa' are written in English and in Afrikaans. The reverse side of the coin  features an image of a famous South African Springbok, leaping through the grass. At the top of the coin is inscribed the word 'Krugerrand'. The bottom of the coin features the coin's weight and purity, and the coin's year of minting, 2023, is located to the left and white of the Springbok image. South African Krugerrand coins are unique in that they are the only gold bullion coin issued by a government mint that doesn't have a legal tender value. However, they are still guaranteed by the government of South Africa, and this was placed into law in 1989 by the South African Reserve Bank Act. 

The South African 1 Ounce gold Krugerrand coin is a 999 fine gold coin. The coin is mixed with copper which acts as an alloy, and gives the coin a slightly more reddish tone than other gold coins. However, this distinct quality of the Krugerrand adds to the coins popularity. 

Metal: Gold

Fineness: 916.7%

Weight: 33.93g

Pure Gold Content: 31.1g