South African Coinage · The World's Gold Coin
The Krugerrand.
Introduced on 3 July 1967, the world's first modern gold bullion coin. By 1980, it accounted for 90% of the global gold coin market. Over 50 million ounces have crossed the world since production began — the coin that taught a generation of investors how to own gold.
Obverse · Kruger
Reverse · Springbok
Two heritage designs
Both Predate the KrugerrandObverse
Paul Kruger
Otto Schultz · 1892
The portrait first appeared on the 1892 ZAR coinage struck at the Berlin Mint, engraved by Otto Schultz — the same German engraver whose wax models are still preserved at the Berlin Münzkabinett today. When the Krugerrand was launched in 1967, the South African Mint reached back seventy-five years and recovered the original Kruger portrait. The same face that defined the gold of the Boer Republic now defines the gold of modern South Africa.
Reverse
The Springbok
Coert Steynberg · 1947
The springbok engraved by Coert Steynberg was first struck on the 1947 5-shilling Crown, a Union-era piece commemorating the Royal Visit. When Krugerrand production began in 1967, that twenty-year-old Springbok design was carried forward unchanged. Two designers, two eras, one coin — Schultz from Berlin in 1892 meeting Steynberg from Pretoria in 1947, on every Krugerrand struck since.
The story
Three Acts · 1967 to PresentThe seven sizes
Gold · 22 CaratEvery Krugerrand is struck from a 22-carat alloy — 91.67% gold, 8.33% copper — which gives the coin its distinctive reddish hue and makes it noticeably more durable than pure gold. Seven sizes have been produced; the original 1 oz coin remains the standard against which all bullion coins are measured.
| Size | Introduced | Total Weight | Gold Content | Diameter | 2025 Proof Mintage |
|---|---|---|---|---|---|
| 2 oz | 2018 | 67.86 g | 62.207 g | 40.00 mm | 200 |
| 1 oz | 1967 | 33.93 g | 31.103 g | 32.69 mm | 1,000 |
| ½ oz | 1980 | 16.965 g | 15.552 g | 27.00 mm | 500 |
| ¼ oz | 1980 | 8.482 g | 7.776 g | 22.00 mm | 1,250 |
| 1/10 oz | 1980 | 3.393 g | 3.110 g | 16.50 mm | 1,500 |
| 1/20 oz | 2017 | 1.697 g | 1.555 g | 12.00 mm | Sets only |
| 1/50 oz | 2017 | 0.679 g | 0.622 g | 8.00 mm | Sets only |
The silver Krugerrand
From the 50th Anniversary, 2017First silver issue
1 oz Silver Krugerrand
- Denomination1 Rand
- Metal.999 fine silver
- Weight1 oz · 31.1 g
- Diameter38.7 mm
- First struck2017 (50th anniversary)
- 2017 mintage630,000
- 2025 proof mintage7,500
Recent expansion
2 oz Silver Krugerrand
- Introduced2025
- Metal.999 fine silver
- Weight2 oz · 67.252 g
- Diameter50 mm
- 2025 proof mintage5,000
- FormatProof only
- PositionPremium collector tier
Bullion or proof
Read the Edge to Tell Them ApartCirculation strike
Bullion
160 reeds
Uncirculated finish. Higher mintages, lower premiums over spot. The investment-grade Krugerrand — the form most of the 50+ million ounces in the world have taken. Sold annually at 3 – 5% over spot for the 1 oz size.
Collector strike
Proof
220 reeds
Mirror finish, frosted relief. Lower mintages, significant numismatic premiums. Issued in annual prestige sets (7-coin, 6-coin, 5-coin) limited to 50 – 400 sets each. The reed count is the simplest authentication test for proof versus bullion.
The final Oom Paul Krugerrands
A Press Retired After 132 YearsEditorial · 2024
The press that struck the first Krugerrand also struck the last of its line.
The Oom Paul Press — installed at the Pretoria Mint in 1892 to strike the original ZAR Kruger gold coinage — went on to strike South African coinage continuously for the next 132 years. From the ZAR republic, through Union, through the entire decimal era, and from the very first Krugerrand in 1967 onwards. One press, four political eras, every major South African coin series.
In 2024, the Oom Paul Press was retired. The final Krugerrands struck on it have been certified by NGC with the special pedigree "Final Oom Paul Krugerrands." For collectors, these are the closing pieces of a thread that runs unbroken from Otto Schultz's 1892 dies to the modern bullion market.
The Krugerrand began on the same press as the original Kruger coinage. Now both eras have ended on it — together.
Key dates
Where the Numismatic Premium Lives| Year | Mintage | MS68 Value | Notes |
|---|---|---|---|
| 1967 | 40,000 | $2,500 | First year of issue |
| 1967 Proof | 10,000 | $4,500 | Extremely limited proof |
| 1968 | 20,000 | $2,500 | Low mintage collector issue |
| 1969 | 20,000 | $2,500 | Last collector-only year |
| 1970 | 211,018 | $2,500 | First mass-production year |
| 1991 GRC Proof | 426 | $2,000 | Extremely rare proof |
| 1997 30th Anniv. | 1,663 | $3,000 | Special anniversary edition |
| 1997 SS Proof | 72 | $15,000 | Ultra-rare proof variety |
Authentication & security
For Buyers and SellersThe dedicated guide
Krugerrand security features & international minting
Edge serration counts, international mintmarks, advanced testing methods, and the diagnostic differences between authentic Krugerrands and the most common counterfeits. Required reading before any large transaction.
The references
Standard Sources- South African Mint2025 Range — official mintage and product specifications.
- Gainesville CoinsGold Krugerrand Value reference — historical pricing.
- EMKKrugerrand 1 oz Silver — 50th Anniversary technical record.
- Metal Market EuropeKrugerrand 1/4 oz Gold 2026 — bullion pricing reference.
- Krugersdorp News50 years of Krugerrands commemoration coverage.
- GreysheetGold Krugerrand 1/10 ounce values — graded specimen pricing.