Krugerrands – one troy ounce

Krugerrands are the world’s best-known gold bullion coins and have been issued annually since 1967.   They were created as a vehicle for private ownership of gold at a time when it was illegal for citizens of the United States to own gold bullion, but legal for them to own foreign coins. The Krugerrand was issued with legal tender status in South Africa, making it legal for Americans to own. It was intended to circulate as currency therefore it was minted in a more durable gold alloy, Unlike most other bullion coins, Krugerrands have no face value, its legal tender value is the bullion value of its metal at the current market price of gold. The Krugerrand was the first bullion coin to have this kind of legal tender value. It was also the first gold coin to contain precisely one ounce of fine gold.