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The Krugerrand, a South African gold coin, gets its name from the country's former president, Paul Kruger. The word rand is simply the name of South Africa's currency. Kruger is featured on one side of the coin, while the Springbok, one of the country's native animals is depicted on the reverse side. South Africa and gold have had a long association. During the 1960s more than 1,000 tons of gold were produced in the country. Although its current output is a quarter of that number, South Africa still leads the world in gold mining.
The Krugerrand was first introduced in 1967 and was one of the few gold coins minted as legal tender at the time. The coin is made of 22 karat gold and is available in several sizes from a 1/10 of an ounce to one ounce, with the one-ounce size being the most popular. The coins give people an easy way to invest in gold and are, in fact, considered one of the easiest ways to trade gold.
There are two types of Krugerrands, an uncirculated or bullion coin and a proof coin. The bullion coin features 180 serrations on the coins' edge. The price of the bullion coin is linked to the daily market price of gold. The proof coins have 220 serrations on the edge. Available at a fixed price, the proof coins have a more limited availability than the bullion Krugerrands
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