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The South African Krugerrand is the most widely owned gold bullion coin in the world, representing 46 million ounces since its introduction in 1967. The purpose of the original issue was to encourage individual ownership of gold, and it must be said that this objective has clearly been met by the Krugerrand. The coins were intended to be used as currency in South Africa, and therefore are made of the more durable 22k gold. Since the coin is .9167 pure and not .9999, the weight of each coin is actually slightly more than 1 ounce, so as to still allow 1 ounce of pure gold in each coin. South African Krugerrands are available in 4 denominations containing 1, 1/2, 1/4, or 1/10 ounces of pure gold. The Krugerrand is unique amongst its bullion coin counterparts in that it has no face value. Instead, its legal tender value is the bullion value of its gold at the current market price. The coin takes its name from the portrait of Paul Kruger on the obverse, who was the last president of the former South African Republic. The reverse depicts a Springbok antelope—a national symbol of South Africa.