The two-ounce (2 oz) Krugerrand gold coin is part of the extensive range of Krugerrand coins which has its beginning in 1967 and is produced by Rand Refinery together with the South African Mint. The original (one ounce gold) Krugerrand is the first modern bullion coin.
Although gold Krugerrand coins have no face value, they are considered legal tender in South Africa; however, unlike bullion coins issued by other countries, their legal tender denomination - also known as face value - is not fixed and varies depending on the current price of gold, so is not inscribed on the coin.
Initially, the coin was only issued in this one format: one ounce of gold. The range was gradually expanded though and now includes also a massive fifty ounces (50 oz) gold coin, five ounces (5 oz) gold, two ounces (2 oz) gold, half ounce of gold, quarter ounce of gold, one tenth of an ounce of gold, twentieth-ounce (1/20th oz) gold and fiftieth ounce (1/50th oz) gold, a platinum ounce plus two ounces silver and one ounce silver.
The composition of the gold versions is the same as the British Gold Sovereign coin, being 22-carat gold alloyed with copper (91.67% gold, 8.33% copper), making the coins redder in colour compared to other coins alloyed with silver, as well as harder and more resistant to scratches. The coin is heavier than two ounces, so as to have exactly two ounces actual gold weight (2 oz AGW).
Paul Kruger - depicted on the obverse - was affectionately known as "Oom Paul" (uncle Paul), one of the highest designations anyone can be given in South Africa. His portrait was designed long before the Krugerrand was first minted, and was originally used on Boer coins. When the gold finds in Transvaal gave them the opportunity to start minting their own coins, president Kruger requested a law to found a national bank, which also stated that South African money should be modelled after British money. Since the country did not have a mint, they assigned the task of minting the first Zuidafrikaanse Ponde (South African Pond, or Pound) to the Berlin Mint. Thus Berlin medallist Otto Schultz designed them in 1892 and his effigy of Kruger is still used today.
The reverse of the Krugerrand, designed by Coert Laurens Steynberg in 1967, shows a Springbok antelope, South Africa's national animal.