First minted in 1967, the Gold Krugerrand Coin was for many years the only gold bullion coin available in the market. Unlike most gold bullion coins from national mints, Krugerrands, since their first mintage have had no face value or denomination because their value was linked to the daily gold price.
The obverse surface of the Gold Krugerrand Coin bears an effigy of Paul Kruger, the President of the historical South African Republic. Kruger is revered in South African history as the face of the Boer resistance against British rule in the Transvaal. This effigy was struck from the original die used in 1892 for the Kruger half-crown coin. The reverse surface of the coin, designed and engraved by famed South African sculptor Coert Steynberg, bears the image of a prancing springbok, a national symbol
The history of the South African Mint goes back to the opening of the first state mint in Pretoria in 1892. The current South African Mint came into being in 1941 when the South African government took over the Pretoria branch of the Royal Mint.