Krugerrand Coin Values and Price Charts

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The Gold Krugerrand is the South Africa's official gold bullion coin and one of the most historically significant coins of its kind. It played a pioneering role in promoting private ownership of gold as an investment.

The name "Krugerrand" combines Paul Kruger, the former president of the South African Republic, with "rand," the South African Rand (ZAR), the country’s currency.

This article explores the history and evolution of the Krugerrand bullion coin program and includes a comprehensive price guide for Gold Krugerrands, including proof versions and fractional sizes, dating back to the first mintage in 1967.

The Krugerrand History

In 1980, the Gold Krugerrand coin was first minted in 1967 as a joint effort between the South African Mint and the Rand Refinery, a leading precious metals refining company responsible for producing all the blanks used to create the gold coins.

The South African government’s goal was to capitalize on the country's rich gold reserves, found in its many mines, while also encouraging private ownership of the precious metal.

Despite the success of its first strikes and the release of the fractional half-ounce, quarter-ounce, and tenth-ounce counterparts, it faced severe difficulties in reaching investors.

Why? During the 80s, some of the most prominent Western countries imposed economic sanctions against the apartheid policy. Some even prohibited imports of the coin. The United States government, for instance, did not allow South African Gold Krugerrands but made no restrictions on other foreign coins.

With the end of the apartheid regime, sanctions were lifted, and the Gold Krugerrand became widely available again. This allowed the coin to fulfill its original purpose: providing a straightforward way for private investors to access the gold bullion market.

The Design

The Obverse: Paul Kruger

The obverse design, created by Otto Schultz, carries a portrait of Paul Kruger, an essential political personality for the country's Independence. Hence, “Krugerrand,” which is a compound of “Kruger” and “Rand,” the official currency unit in South Africa. Surrounding the bust is the name of the country both in English and in Afrikaan, “SUID-AFRIKA” and “SOUTH AFRICA”.

Kruger served as the fifth President of South Africa, leading the country for nearly two decades. A figure who sparked both controversy and admiration, he dedicated his life to being a Boer military and political leader in the late 19th century. Kruger fiercely championed the nation's interests against Great Britain, particularly during the Second Boer War.

The Reverse: The Springbok Antelope

The reverse displays the Springbok Antelope, one of the national South African symbols. The inscriptions on this side read “KRUGERRAND” and “FYNGOUD 1 OZ FINE GOLD”. This design is a creation of Coert Steynberg.

The Springbok antelope is native to South Africa and is commonly found across various regions of the country. It was adopted as the national animal, symbolizing the country's rich natural heritage.

The South African Mint

South African Mint Base of Operations. Source

The South African Mint’s history is closely linked to the first discovery of gold in Johannesburg, back in 1880. President Kruger, at the time, faced two major challenges: a shortage of circulating coins and the need for the Republic to produce its own currency. To solve this, he established the mint in 1892, enabling the country to produce its local coinage.

During British occupation in 1900, however, the mint became a branch of the Royal Mint, but only until 1941, when it became known as the South African Mint. Interestingly, British currency remained in use until 1961, when the rand was introduced as part of a new monetary system, replacing the British sovereign with the R2 and R1 coins, which became the first gold bullion coins.

In 1980, the South African Mint was privatized and placed under the South African Reserve Bank. The new mint facility in Centurion officially opened in October 1992, featuring advanced technology, making it one of the world’s leading coin manufacturers. In addition to producing South African coins, the mint supplies coins to countries worldwide.

The production attends the South African Reserve Bank to produce the national Rand currency for widespread circulation, and works in partnership with the Rand Refinery to make the Krugerrand coins.

The South African Krugerrands Series

Krugerrand Gold Coins

The 1 oz Krugerrand, introduced before fractional sizes in 1980, measures 32.77 mm in diameter, 2.84 mm thick, and weighs 33.93 g. Made of 22k gold, it contains 91.67% pure gold alloyed with 8.33% of copper for durability.

The 1/2 oz, the 1/4 oz, and the 1/10 oz coins seemed more popular among investors who could not afford the gold price in a whole troy-ounce coin or those who appreciated the idea of making Gold Krugerrands a collection by acquiring all the versions.

The standard bullion finish and the original design have accompanied the Krugerrands for over 50 years. Gold remained the only noble metal in the program until 2017 when the Silver Krugerrand was released as part of the 50th anniversary and the first-ever silver coin made for silver bullion investors.

Krugerrands are also available in proof versions and fractional gold weights.

Proof Krugerrands

As any other proof version of a coin, the Proof Krugerrand coin differs from regular bullion coins for its mirror-like appearance. While the design imprinted in the South African Krugerrand gets a higher relief, the specific polishment applied to the coin's background provides a 3-D and shiny luster.

Struck in limited numbers, Proof Krugerrand coins also differ from their bullion versions because of the number of serrations on the coin's edges, as bullion coins have 160 serrations and proof ones 220.

The South African Mint produced fewer proof coins than bullion ones. Due to their more detailed production process, proof coins have a higher initial cost. However, their historical significance and over 50 years of tradition have increased demand, giving them numismatic value.

The 50th Anniversary Edition

2017 South African Gold Krugerrand Coin 1 oz - 50th Anniversary Privy

The Gold Krugerrand was released in a 22k commemorative limited edition. While all modern gold bullion coins are 91.67% pure gold, the Mint also introduced two new metal-based products with 99.9% (.999) purity: the 1 oz Platinum Krugerrand and the 1 oz Silver Krugerrand.

2017 South African Silver Krugerrand Coin 1 oz - 50th Anniversary Privy

Both options of the coin feature the same design elements as the gold counterpart, except for the “50” privy seal mark engraved on the reverse side of the commemorative coins.

The anniversary strike accounted for 2,017 1 oz Platinum Krugerrands, 5,000 1 oz Premium Gold Krugerrands, and 1,000,000 1 oz Silver Krugerrands, along with 15.000 Silver Proof Krugerrands.

An Oddity

Krugerrands' production line has followed a specific pattern since its first release. The design, coin sizes, dimensions, and content remain the same except for one strike.

The 2011 edition of the Gold Proof Krugerrand experienced a rare issue where a small, yet uncertain number of coins were produced with the correct overall weight but contained less gold than required. The SA Mint attributed this discrepancy to unspecified issues that altered the metal composition during production.

While unlikely, such anomalies could potentially impact prices and collectors' demand due to their rarity.

How to determine Krugerrand value

Krugerrands are made of noble metals in Bullion, Proof, or Premium Versions, and the finish type used to enhance surfaces impacts the product price, along with its graded condition, rarity, and collectibility considerations.

However, the determining factor of a bullion coin's value is its metal content. Institutions like the LBMA - London Bullion Market Association, announce the price of precious metals to the global market daily.

The gold spot price and the silver spot price are base values for every silver and gold bullion product, but noble metals dealers add a premium before selling it at retail. The premium is either a fixed value or a percentage over the spot price.

Spot prices rise and fall several times during a typical business day. The relation between the industrial demand and the supplies mined, the number of transactions made with certain metals, and mass liquidation periods may directly affect the spot price.

Since Krugerrands are composed of highly valuable metals, each ounce holds at least its equivalent worth in bullion. Unlike other sovereign coins, Gold Krugerrands do not bear face value, but the South African Republic guarantees their legal tender status based on the gold spot price of the day. On the other hand, the Silver Krugerrand has a nominal value of 1 rand, even though this value is not detailed on the coin itself.

South African Gold Krugerrand Price Charts

Below, you will find a price chart for Gold Krugerrands, including the 1 Troy oz version, fractional sizes, and proof coins. All information is extracted from NGC Coin Explorer.

Please note that after 2012 mintage numbers are not proved by NGC's price guide.

Denomination: Krugerrand

*Melt Value - may vary

Denomination: 1/2 Krugerrand

*Melt Value - may vary

Denomination: 1/4 Krugerrand

Denomination: 1/10 Krugerrand

Advantages and Disadvantages of Krugerrands

Acquiring physical bullion can be a smart investment for a diversified portfolio, as it’s less prone to devaluation during market turmoil compared to commodities tied to fiat currencies. Its intrinsic value helps preserve wealth over time.

For over 50 years, the South African Mint has produced countless Krugerrands, making them widely available and potentially negotiable. The Mint’s global recognition has made Krugerrands one of the most famous gold coins.

While Gold Krugerrands don’t carry a face value, they are legal tender, fully backed by the South African Government. These factors make Krugerrands a valuable asset for private investors seeking to invest in gold or silver through coin collection.

Frequently Asked Questions About Krugerrand Coins

What is a Krugerrand?

Krugerrand was the first 1 oz gold coin minted in the world. Produced for the first time in 1967 in South Africa, they arrived in the market as a private investment. Currently made in gold, silver, and platinum with a high concentration of metal content in each version, in varied sizes, including fractions, they have legal tender status guaranteed by the Republic of South Africa.

Learn more about this iconic coin in our article: What is a Krugerrand?

How much is a Krugerrand worth?

Bullion value typically depends on metal content and weight. The 1 oz Gold Krugerrand contains 31.1 grams of gold, with prices fluctuating around $3,060 as of April 2025, plus a premium based on market demand and dealer fees.

What impacts the valuation of Krugerrands?

A Krugerrand's value is influenced by condition, weight, rarity, collectibility, and metal content. While its worth primarily follows gold’s spot price, significant market shifts can impact valuation. The 1967 1 oz Gold Krugerrand holds particular value due to its inaugural mintage and historical import bans during apartheid, making it highly collectible.

Is Krugerrand Gold a Good or Safe Investment?

Yes, Krugerrands are considered a relatively safe investment. Gold historically retains value during economic uncertainty, acting as a hedge against inflation. While prices can fluctuate, Krugerrands, made from .999 pure gold, remain highly liquid assets. Fractional sizes also allow for more flexible investments.

Which year Krugerrand is the most valuable?

The 1967 1 oz Gold Krugerrand is considered one of the most valuable coins in the series due to its year of mintage. It marked the debut of the Krugerrand Collection, with the 1 oz Gold Krugerrand being the first one-troy-ounce gold bullion coin available for private investment. During the apartheid era, Western countries banned the import of Gold Krugerrands, making these early strikes highly collectible.

How do I sell my gold Krugerrand coin?

You can sell your coin to dealers, at auctions, or through trusted online platforms. Graded coins are generally more trusted than non-graded ones, so it is wise to consult a numismatics expert who can evaluate your Krugerrand using grading systems like NGC or PCGS, ensuring a fair price based on its condition and metal content.

Do Krugerrands increase in value?

Yes, Krugerrands can increase in value over time due to gold's intrinsic worth and collectible traits. While spot prices fluctuate daily, they don't usually cause drastic price changes. Krugerrands, as one of the oldest bullion coins, may also see value appreciation based on their rarity and condition.

How much gold is in a Krugerrand?

A Gold Krugerrand is made of 22-karat gold, meaning it contains 91.67% pure gold, or 0.9167 in purity terms. The remaining 8.33% consists primarily of copper, which adds durability and rigidity to the coin. For clarity, a 1 oz Krugerrand, this means it holds approximately 31.1 grams of gold, with 28.6 grams being pure gold and the rest being copper. The Krugerrand gold coin series comprises 1 oz, ½ oz, ¼ oz, and 1/10 oz gold coins. These numbers represent the amount of gold weight, and the copper adds to that weight.