Back in 1967 when the gold Kruggerand was introduced, it was the first coin to have such unusual legal tender. The Kruggerand was also the first gold coin to contain one ounce of fine gold. As a gold bullion, a Kruggerand coin was sold with a five percent premium (the dealer's mark up price added to the coin's original value).

The Kruggerand has a legal tender, meaning it can be used to purchase goods and services. However, the Kruggerand does not have a face value unlike other coins. Instead, its face value is converted to the bullion value based on the current price of gold. The Krugerrand was meant to be circulated in the South African currency.

The Kruggerands are made from 22 karat gold and are available since September 1980 in three sizes. They are one of the most widely traded bullion coins in the world. This is mainly because the Krugerrand is the easiest way for investors worldwide to own gold.

The Krugerrands have been sold worldwide. This means that there are more of them on the international market than all other gold coins.

At 32.6 mm in diameter and 2.74 mm thick, the Krugerrand weighs 1.0909 troy ounces (33.93 g). Even if the Kruggerand contains an exact amount of one troy ounce (31.1035 g) of gold, it   is alloyed with other base metals to make it more durable. Hence, the gold Krugerrand is 91.67% pure or 22 karats.

The Kruggerand has an orange-tinged gold color due to its copper alloy. Rand Refinery Limited, the biggest gold refinery in the world, owns the registered trademark for the word "Krugerrand".

Years after it was launched, the South African Krugerrand ruled the gold bullion market. Gold coin investors had a great demand for the Kruggerands because of its one ounce precious metal content.