First you need to find out if the coin has intrinsic value. If the coin is in mint or gem condition, if it's a proof, etc. You might try taking it to a coin shop and seeing if you can find out any information about it. You can also find out online depending on how much you know about coins yourself. Be sure to check around to at least a few different coin dealers, know what the gold spot is for that day before you cash it in (www.kitco.com) and when you call around just say, how much under spot would you pay for a 1976 krugerrand in good (fair, gem etc.) condition? See who will give you the most. Any coin dealer is going to pay less than spot, that's how they make their money, but it shouldn't be too much less.
The price of gold will probably continue to go up, I might hold onto it if I were you. To get an idea of what gold has done in the past few years, look at the historical gold charts on the website above. You can also try selling it on eBay to get closer to spot. It's more of a seller's market than a coin shop is.
If the coin does turn out to be rare (it's probably not) you can have it certified by PCGS for a fee, and sealed in a plastic shell. This locks in the value and protects the coin should you decide to keep it long term. They are also easier to sell this way as buyers are guaranteed of their authenticity and value.
This is definitely a good time to sell gold, it might get better though.