South African Gold Krugerrand Coins

Gold Krugerrands - the world's most traded gold bullion coins

Most investors who buy gold in the form of gold coins probably know that the South African Gold Krugerrand coins dominated the world's gold coin market in the 1980's and early 1990's. Much less known is the fact that Gold Krugerrands are still the most traded gold bullion coins in the world. That is partly due to their longer history compared to other gold bullion coins. The South African Mint started minting the coins already in 1967, twelve years before the Canadian Gold Maple Leafs were first minted for example.

The South African Krugerrand gold coins are made out of 91.67% pure gold just like the also popular American Gold Eagle coins. The alloying with 8.33% copper makes the 22 karat Gold Krugerrand appear a bit more orange compared with other gold bullion coins. Copper-alloyed coins like the Krugerrand are also more resistant to scratches and dents. However, if you are investing in gold for your retirement, it is important to note that the coins are not eligible for inclusion in Individual Retirement Accounts (IRA's).

The South African Krugerrand coins are offered with brilliant uncirculated and proof finishes in the four denominations of 1 oz, 1/2 oz, 1/4 oz and 1/10 oz. The coins are legal tender in South Africa even though there is no face value imprinted on them. Their legal value is tied to the current market price of gold. The South African government guarantees the weight, metal content and purity of the Krugerrands.

obverse side of the 2012 issue of the brilliant uncirculated 1 oz South African Gold Krugerrands

reverse side of the 2012 issue of the brilliant uncirculated 1 oz South African Gold Krugerrand coins

1 oz BU Gold Krugerrand 2012

Coin Specifications

Weight	Purity	Diameter x Thickness
1 oz	91.67%	32.8 x 2.84 mm
1/2 oz	91.67%	27 x 2.2 mm
1/4 oz	91.67%	22 x 1.89 mm
1/10 oz	91.67%	16.5 x 1.35 mm

Gold Krugerrand Coin Design

The obverse side of the South African Krugerrands was designed by Otto Schultz. It bears the portrait of Paul Kruger who was the 5th president of the South African Republic from 1883 until 1900. Paul Kruger is still remembered today in South Africa for his heroic leadership in the fight of the Boers against the British during the Second Boer War. The words "South Africa" and its native equivalent "Suid Afrika" are printed around the image of Kruger's head.

The reverse side of the Gold Krugerrand coin shows South Africa’s springbok antelope galloping across the grassy savanna. The coin's actual gold content, year of mintage and the title "Krugerrand" appear along its edge. The image was designed by Coert Steynberg (7 January 1905 - 28 July 1982), an internationally acclaimed South African sculptor. It had been previously used on the South African five shilling coin. Gold Krugerrand coins don't have a mint mark but some special editions display a privy mark on the reverse.

For the 50th anniversary of the Krugerrand in 2017, all coins were adorned with a special circular privy mark on the reverse. This privy mark shows the number 50 surrounded by a circular inscription made up of the years "1967" and "2017" and the words "YEAR ANNIVERSARY".

Variations of the Gold Krugerrand

The 1 oz proof version of the South African Gold Krugerrand coin has 220 serrations along the border whereas the standard brilliant uncirculated version has only 160 serrations. However, the 3 smaller denominations of the South African Gold Krugerrands have the same number of serrations, no matter whether brilliant uncirculated or proof: 185 serrations on the 1/2 oz coin, 150 serrations on the 1/4 oz coin and 115 serrations on the 1/10 oz coin. The only exception to this rule is the 1 oz proof version of the South African Gold Krugerrand that was minted in the year 1977. These coins exist with 220 serrations as well as 188 serrations.

History of the Gold Krugerrands

The South African Krugerrand gold coin was introduced in 1967 in order to encourage the private ownership of gold. The coins were not mass-produced in the first three years between 1967 and 1969. The bullion coins that were minted in those years in limited numbers were proof-like. Mass production of uncirculated Krugerrands only started in 1970.

Even though the South African Krugerrands have no face value imprinted on them, they are in fact legal tender in South Africa with their legal value tied to the current market price of gold. Gold Krugerrands dominated the world's gold coin market in the 1980's and early 1990's with a market share of about 90%, even though some Western governments didn't permit the import of Krugerrands during South Africa's Apartheid years (until 1994).

The three smaller Krugerrand denominations of 1/10 oz, 1/4 oz and 1/2 oz are minted since 1980. In 2017 for the Krugerrand's 50th anniversary, four additional proof coin sizes (50 oz, 5 oz, 1/20 oz and 1/50 oz) were added to the lineup. The 50 oz and 5 oz Krugerrands were only available in this anniversary year as limited-edition proof coins. A vintage 1 oz coin with the 1967 date and the anniversary privy mark also came out in 2017 as a re-issue. Another new proof coin size of 2 oz was then first issued in 2018.

The South African Mint produces all proof Krugerrands on its own. However, the bullion version of the South African Gold Krugerrand coins is manufactured jointly with the Rand Refinery.

Mintage Numbers

Annual mintage numbers of the coins were still low during the first years but then exploded through the start of mass production to 211,018 coins in 1970 and 3.2 million coins in 1974. The mintage record for a denomination was set in 1978 when 6,012,293 uncirculated 1 oz Gold Krugerrands were minted. Production plummeted after the end of the Apartheid regime to 23,277 ounces (total accumulated production of all sizes) in 1998 and even just 10,539 total ounces in 2000. The 6,657 uncirculated coins of the 1 oz denomination that were minted that year are also a record low. Annual mintage numbers of the South African Gold Krugerrand coins have increased slowly but steadily since then.

The rarest proof coins are undoubtedly the 60 coins that were each minted of the 1/2 oz, 1/4 oz and 1/10 oz denomination in 1980. The proof mintage record are the 21,040 coins of the 1 oz denomination that were minted in 1986.

These mintage numbers are not only for individually sold coins but also include coins that were sold as part of multiple coin sets.

BU Gold Krugerrand Coins

	1 oz	1/2 oz	1/4 oz	1/10 oz
1967	40,000	none	none	none
1968	20,000	none	none	none
1969	20,000	none	none	none
1970	211,018	none	none	none
1971	550,200	none	none	none
1972	543,700	none	none	none
1973	859,300	none	none	none
1974	3,203,675	none	none	none
1975	4,803,925	none	none	none
1976	3,004,945	none	none	none
1977	3,331,344	none	none	none
1978	6,012,293	none	none	none
1979	4,940,755	none	none	none
1980	2,845,872	245,096	353,916	856,011
1981	3,108,968	257,063	844,737	1,108,331
1982	2,179,120	222,044	695,755	1,017,192
1983	3,169,200	227,435	545,292	741,222
1984	2,305,128	197,438	622,813	755,988
1985	609,837	98,783	354,964	382,137
1986	698,600	17,134	15,044	81,451
1987	312,177	10,398	8,806	53,628
1988	307,612	3,214	8,418	54,058
1989	308,923	4,254	6,513	40,875
1990	286,808	3,996	6,980	52,225
1991	42,334	2,678	5,815	44,206
1992	50,630	4,366	7,601	55,440
1993	163,909	14,156	19,663	72,477
1994	278,815	17,709	22,091	87,814
1995	8,285	17,694	15,459	43,159
1996	17,163	2,488	7,867	36,035
1997	12,199	10,746	12,889	39,664
1998	12,703	7,984	14,174	30,386
1999	21,845	23,738	28,671	50,098
2000	6,657	2,593	2,517	19,567
2001	33,406	3,337	5,846	21,938
2002	85,841	2,724	4,464	13,420
2003	41,995	2,363	4,279	7,315
2004	87,794	2,847	604	868
2005	27,570	6,338	8,141	21,560
2006	50,790	9,576	8,645	14,743
2007	194,451	11,775	3,890	8,769
2008	256,288	10,999	13,685	14,681
2009	731,262	40,071	37,325	83,181
2010	613,870	25,714	39,244	58,731
2011	722,938	32,718	35,025	79,151
2012	716,295	50,035	41,659	80,102
2013	833,261	27,613	29,779	73,059

proof South African Gold Krugerrands

	1 oz	1/2 oz	1/4 oz	1/10 oz
1967	10,000	none	none	none
1968	10,000	none	none	none
1969	10,000	none	none	none
1970	10,000	none	none	none
1971	6,000	none	none	none
1972	6,625	none	none	none
1973	10,000	none	none	none
1974	6,352	none	none	none
1975	5,600	none	none	none
1976	6,600	none	none	none
1977	8,500	none	none	none
1978	8,500	none	none	none
1979	8,500	none	none	none
1980	12,000	60	60	60
1981	12,900	9,000	7,500	7,500
1982	16,960	13,000	11,270	11,270
1983	19,100	13,600	12,075	12,075
1984	14,000	9,600	13,020	13,020
1985	10,224	5,945	6,700	6,700
1986	21,040	8,613	8,613	8,612
1987	11,352	5,389	6,050	6,050
1988	5,074	3,088	2,362	2,862
1989	5,070	3,727	3,316	3,316
1990	3,032	2,850	2,750	3,459
1991	2,181	3,459	1,626	3,524
1992	2,067	1,501	1,629	1,789
1993	3,963	2,439	3,061	3,811
1994	1,761	2,146	1,874	2,215
1995	1,678	1,012	1,095	1,612
1996	2,188	1,788	1,853	4,000
1997	1,663	2,000	1,440	2,410
1998	2,000	1,303	1,701	1,799
1999	2,787	1,924	1,558	2,782
2000	3,188	3,462	3,600	4,603
2001	5,168	3,696	2,503	4,058
2002	2,931	2,295	2,442	3,110
2003	2,136	1,895	3,060	2,583
2004	2,338	2,134	3,416	2,657
2005	763	2,000	none	none
2006	1,969	2,000	3,000	3,000
2007	2,000	2,000	3,000	3,000
2008	1,500	1,500	3,000	3,000
2009	1,500	1,500	3,000	5,000

reverse side of the 2017 issue of the premium uncirculated 1 oz South African Silver Krugerrand coins

South African Silver Krugerrands

The South African Mint started issuing Krugerrand coins out of silver in 2017. These new silver bullion coins are 99.9% pure. Only premium uncirculated (with laser-etched designs) and proof 1 oz coins were offered that year and their mintage was capped at 1,000,000 and 15,000 pieces respectively. A brilliant uncirculated bullion version of the 1 oz coins is issued annually since 2018 and a 2 oz proof version was introduced in 2020. The South African Silver Krugerrands display the same design of Paul Kruger (obverse) and a springbok (reverse) as the best-selling Gold Krugerrands (which still are the most traded gold bullion coins worldwide). The silver version of the coins is a little bigger though, having a slightly larger diameter than the gold coins. A special "50 year anniversary" privy mark appeared on the reverse side of the 2017 issue of the coins. The 1 oz South African Silver Krugerrand coins have an official face value of 1 Rand whereas the gold version of the coins doesn't have an official face value.

The South African Silver Krugerrand page gives more information about the coins and allows you to compare current prices.

South African Platinum Krugerrands

The South African Mint started producing Krugerrand coins out of platinum in 2017. The coins are 99.99% pure whereas most other platinum bullion coins are 'only' 99.95% pure. Only 1 oz proof coins are issued for now that are comparable in their dimensions to the 1 oz Gold Krugerrands. Mintage is capped at 1,967 pieces in order to commemorate the 50th anniversary of the Krugerrand coins that were first issued in 1967. Just like the silver version of the coins, Platinum Krugerrands have an official face value (10 Rand) which the gold coins do not have. The design of both sides is identical to the gold and silver coins and shows Paul Kruger's portrait on the obverse and a springbok on the reverse. The 50th anniversary privy mark appears on the reverse as well.

South African Krugerrand Gold Coin Sets

1.92 oz South African Gold Krugerrand proof set

Gold Krugerrand Prestige Proof Set

total gold weight: 1.92 oz (since 2017)
(1.85 oz until 2016)

Until 2016, the Krugerrand Prestige Set included the four proof coins of the 1 oz, 1/2 oz, 1/4 oz and 1/10 oz denomination. Since 2017, this type of proof set also includes the 1/20 oz and 1/50 oz proof Krugerrands. Only 600 such sets will be issued in 2019 which is in line with the typical issuance numbers for this set. In the past, the coins that are included in this set were sometimes certified by the South African Gold Coin Exchange (SAGCE). In more recent years, the coins were sometimes labeled as First Strike.

5 coin proof set with bonus gold medal of the South African Krugerrand gold coins issued in 2000

5-Coin Krugerrand Proof/Prestige Set

total gold weight: 1.85 oz + Bonus

The 5 coin Gold Krugerrand proof sets contain the 4 proof Krugerrand coins (1 oz, 1/2 oz, 1/4 oz, 1/10 oz) and a bonus coin, medal or medallion. Sometimes the medallion included a diamond. At other times, the bonus was a silver or bimetallic gold & silver coin/medal/medallion.

2005 Treasures of Africa 2 piece proof set of the South African Gold Krugerrand coin

2005 "Treasures of Africa" Proof Set

total gold weight: 1 oz

This set contains the 1 oz proof Krugerrand gold coin plus a 12 gram miniature crown and a 5 gram scepter (both out of sterling silver gilded in 24-karat gold and adorned with a 0.05 carat diamond). The SA Mint issued the set in 2005 to commemorate the 100th Anniversary of the discovery of the Cullinan Diamond.

$2020 fractional Krugerrand Set$

Krugerrand Fractional Proof Set

total gold weight: 0.92 oz (since 2017)
(0.85 oz until 2016)

Until 2016, this type of proof set that was specifically issued for export included the 1/2 oz, 1/4 oz and 1/10 oz coins plus a bonus silver coin or medal. Only a few hundred such sets were made in certain commemorative years (e.g. in 2015 to commemorate 15 years of the Coat of Arms of South Africa). Since 2017, the Krugerrand Fractional Proof Set includes the 1/2 oz, 1/4 oz, 1/10 oz, 1/20 oz and 1/50 oz coins. A 3-coin fractional set (1/10 oz, 1/20 oz, 1/50 oz) and a 4-coin fractional set (1/4 oz, 1/10 oz, 1/20 oz, 1/50 oz) were also issued in 2017.

Gold & Silver Krugerrand Proof Set

total gold weight: 0.92 oz

total silver weight: 1 oz

The Gold & Silver Krugerrand Proof Set was first issued in 2018. It includes the fractional Gold Krugerrand coins (1/2 oz, 1/4 oz, 1/10 oz, 1/20 oz and 1/50 oz) and a 1 oz Silver Krugerrand coin. Only 500 such sets were issued in 2018 and 2019. The coins are packaged in a wooden box along with a numbered certificate of authenticity.

2016 Krugerrand Launch Set commemorating the 150th anniversary of the Eureka diamond

Krugerrand Launch Sets

total gold weight: 1 oz

The South African Mint issues a limited-mintage Krugerrand Launch Set each year to commemorate a certain event. The latest 2019 and 2020 Krugerrand Launch Sets were both dedicated to events that are related to World War II. For the 2019 set, that event was the 75th anniversary of the D-Day landings and for 2020, it was the 75th anniversary of VE Day (Victory in Europe Day). The sets always consist of a privy-marked 1 oz proof Gold Krugerrand coin and a silver or bimetallic medallion. The privy mark is always different and reflects the specific event that is commemorated. Mintage of the 2019 and 2020 sets was limited to 150 pieces.

Special 2017 Sets

1 oz Book Set:

1 oz coin + "Krugerrand Golden Jubilee: 1967 – 2017" book

50th Anniversary Set:

50 oz proof coin + book and stamp sheet

3 coin Vintage Set:

1 oz 1967 re-issue + 1 oz 2016 proof + 1 oz 2017 proof

5 coin Vintage Set:

1 oz 1967 re-issue + 1 oz 2016 proof + 1 oz 2017 proof + 1 oz silver proof + 1 oz platinum proof