The Krugerrand is a 22 carat gold bullion coin weighing one troy ounce each. Denominations comprise: one ounce, half-ounce, quarter-ounce and tenth-ounce coins. Krugerrands were first listed on the JSE on 9 April 1979. The establishment of an official market for Krugerrands has led to improved efficiency on the formation of prices where the margin between buyers' and sellers' prices has been significantly narrowed.

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