Glossary: Krugerrand

A South African coin first minted in 1967 that consists of one ounce of 22-karat gold. It was introduced as a means of increasing the private ownership of gold in South Africa and was originally intended to circulate as currency. As numerous countries banned private ownership of gold bullion, investors in the USA and the UK could hold gold coins and so began to hoard Krugerrands illegally, as some countries banned the import of Krugerrand as part of sanctions against the apartheid South African government. More than 50 million Krugerrands have been minted since 1967.

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