The Krugerrand from South Africa, first minted in 1967, was the first gold coin to contain precisely one ounce of fine gold and intended as created to provide a vehicle for the private ownership of gold. By bestowing legal tender status upon the coin, Krugerrands could be owned by citizens of the United States, who at that time were prohibited private ownership of bullion, but allowed ownership of foreign coins.
Since inception, the Krugerrand has become the most widely owned bullion coin in the world with over 46 million ounces in circulation. The Krugerrand gets its name from Paul Kruger, featured on the obverse, president of the old South African Republic. The reverse depicts a springbok, one of the national symbols of South Africa. The name “South Africa” and the gold content are shown in both Afrikaans and English.
The success of the Krugerrand led to other gold producing nations minting their own bullion coins, including the Canadian Maple Leaf in 1979 and the American Eagle in 1986.