The Krugerrand was originated in response to a series of attempts to demonetize gold. After intensive investigation into new methods of marketing and distributing gold, the Chamber of Mines of South Africa arrived at a new concept to put gold into the hands of the man in the street.

The development of the original Krugerrand as an ounce-denominated gold bullion coin with no face value overcame the traditional problem inherent in the minting of gold coinage since the days of the Roman Empire, i.e. the value of the metal content of a coin outpacing its face value.

In July 1967, the first Krugerrands - containing 1 oz of pure gold, were sold. These were proof Krugerrands and proof-like Krugerrand gold coins, sold at high prices to coin collectors.

In April 1970, uncirculated (mass-produced) Krugerrands, containing exactly 1 oz of pure gold, were produced and sold as bullion coins with low premiums (mark-ups) above the prevailing value of their gold content. These Krugerrands were designed for gold investors.

From around 1985 until the early 1990s, international sanctions prohibited the import of Krugerrands into many countries, although it was wholly legal to own and trade already-imported Krugerrands. It should be noted that sanctions no longer apply. Krugerrands can be imported, exported and traded worldwide.
 

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