Krugerrand 1 ounce (Refinery Rand)
The South African gold coin Krugerrand is the most frequently sold 1-ounce gold coin in the world. With a percentage of gold at 916/1000, it weighs a little more than an ounce and so consists of one ounce of pure gold. It has been in production since 1967 at the South African refinery Rand. Over 50 million of this gold coin have been produced to date. It is named after Paul Kruger, the president of the South African Republic in four consecutive mandates. Its popularity guarantees easy sellout, and all major gold dealers have them on offer.
The refinery Rand is the largest plant for processing and melting precious metals in the world. It was established in1920 as a gold refinery in South Africa. This country is the primary source of all world gold. Until the Rand refinery opened, all gold was transported to London for processing. In the last hundred years, this refinery, thanks to large amounts of gold at hand, has become the largest in the world. It is assumed that 30% of all gold in circulation has been processed at the Rand refinery.