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Roodepoort, meaning red valley, was established in 1886 as one of four Witwatersrand goldfields. With 98% of South Africa's gold production coming from this area, Roodepoort homeowners can literally say, their town is built on gold. Following the discovery of massive amounts of gold on the Witwatersrand and the need for a major town west of the reef, Krugersdorp was founded in 1887. In 1961 South Africa's currency, the Rand, was introduced, aptly named after the Witwatersrand. South Africa's Kruger Rand was the first production bullion coin ever manufactured and bears the image of Paul Kruger, the President whom Krugersdorp was named after.