The South African gold Krugerrand is the “original Bullion Coin“. The first gold coin with one Troy ounce of gold, it is the grandfather of all modern bullion coins, such as the Eagle, Maple, Kangaroo, and Philharmonic. Until these coins were created, the Krugerrand had the dominant market share. First minted on 3 July 1967, the name is a compound of Paul Kruger, the former President of the South African Republic (depicted on the obverse), and rand, the South African unit of currency. On the reverse side of the Krugerrand is a springbok, South Africa's national animal.
The gold Krugerrand, like the gold American Eagle, weighs over one Troy ounce, as it is alloyed with copper (91.67% Au, 8.33% Cu) for hardness. Although gold Krugerrand coins have no face value, they are considered legal tender in South Africa by the South African Reserve Bank Act (SARBA) of 1989.