Jardines Galleries · The world's first modern gold bullion coin · 3 July 1967 · 50M+ ounces sold
The Krugerrand.
The world's first modern gold bullion coin, introduced on 3 July 1967 as a vehicle for private gold ownership. Within a decade it had created an entire numismatic category; by 1980 it accounted for 90% of the global gold coin market. Over 50 million ounces have been sold across nearly six decades. The obverse carries Otto Schultz's 1892 portrait of Paul Kruger — the same engraver controversy detailed in the ZAR Hub — paired with Coert Steynberg's 1947 springbok on the reverse. Two heritage designs unified into a single bullion programme that survived sanctions, recovered, and now spans seven gold denominations, silver issues, and the historic 2024 retirement of the Oom Paul Press that struck the very first 1967 coin.
The world's first
1967 origin · 50M+ ounces · 90% of global market by 1980Before the Krugerrand, private gold ownership meant collector coins, jewellery, or unwieldy bars. The 1967 launch created an entirely new product category: a government-issued, legal-tender gold coin designed not for circulation but for investors. The 22-carat alloy made it durable; the 1 oz weight made it standardisable; the South African Mint's production scale made it available globally.
Within thirteen years it owned 90% of the global gold coin market. Its success spawned imitators — the American Gold Eagle, the Canadian Maple Leaf, the Chinese Panda, the Australian Nugget — but the Krugerrand remains the original.
— 50M+ ounces · 1967 – present —The Schultz inheritance
Otto Schultz · 1892 ZAR Pond portrait · 75 years to 1967The Krugerrand obverse is not a 1967 design. It's Otto Schultz's 1892 portrait of Paul Kruger — originally engraved for the ZAR Pond at the Royal Prussian Mint in Berlin, the very portrait that carried the "O.S." controversy documented across the ZAR Hub. Reused unchanged 75 years later for the world's first modern bullion coin.
The reverse is younger: Coert Steynberg's 1947 springbok, originally designed for Union 5-shilling Crowns. Two heritage designs — 1892 obverse, 1947 reverse — combined in 1967 to make the Krugerrand. (See People Behind the Coins for the full Schultz and Steynberg biographies.)
Initially referred to internally as the "Trojan" — a reference to its one Troy ounce of gold content — the SA Mint invited public submissions for a permanent name. Credit is given to a Mr Maré, who suggested combining "Kruger" (the President on the obverse) with the "rand" (the South African currency unit). The portmanteau stuck. Krugerrand.
Five chapters
Sixty years of gold bullion · Origin → dominance → sanctions → recovery → expansionThe Krugerrand's history divides cleanly into five chapters. Each marks a structural shift — from collector-only beginnings, to global dominance, through the sanctions-era collapse, into recovery, and finally the modern multi-denomination expansion that continues today.
The collector origin
From 1967 to 1969, Krugerrands were made only as collector's pieces — not yet a mass-market bullion product. 1967 mintage: 40,000 regular plus 10,000 proof. The 1968 and 1969 mintages dropped to 20,000 each. Three years of proof-of-concept production before the real launch.
Global dominance
Mass production began in 1970 with a 211,018-coin first run for international circulation. By 1980, the Krugerrand accounted for 90% of the global gold coin market. The decade leading up to the sanctions ban was the Krugerrand's peak commercial moment — annual sales in the tens of millions of dollars, especially into the United States.
The sanctions era
During the apartheid-era sanctions push, Western countries forbade Krugerrand imports. The United States banned imports in 1985 — the previous year, over $600 million worth of Krugerrands had been sold there. The market collapsed; the Krugerrand fell out of favour. The 1991 GRC Proof at 426 minted reflects the small-scale survival of the programme during this period.
The recovery
Most sanctions were lifted in 1991; the South African Reserve Bank Act of 1989 had already affirmed the Krugerrand's legal-tender status. The 1990s through 2010s saw steady recovery — annual issues, special editions like the 1997 30th Anniversary set, and the ultra-rare 1997 Special Strike Proof at 72 pieces.
The modern expansion
The 50th-anniversary year saw silver Krugerrands introduced for the first time alongside the new 1/20 oz and 1/50 oz fractional gold issues. 2018 brought the 2 oz gold; 2024 marked the historic retirement of the Oom Paul Press that struck the original 1967 coins; 2025 introduced a 2 oz silver. The product line is now broader than at any point in the coin's history.
Krugerrand Security Features & International Minting
A comprehensive guide to authenticating Krugerrands — edge serrations (160 vs 220), the distinctive copper-gold alloy, international mintmarks (Berlin 2006, 2010), and advanced testing methods. Essential reading for collectors concerned about counterfeits or intent on understanding the coin's deeper provenance ecosystem.
Technical specifications
22-carat alloy · 91.67% gold + 8.33% copper · Seven gold denominations · Two silverThe Krugerrand is struck from a durable 22-carat gold alloy — 91.67% gold + 8.33% copper — which gives it the distinctive reddish hue and makes it more resistant to scratches and wear than pure gold. The total weight of each coin includes both gold and copper; the gold-only weight (AGW) is the figure that matters for bullion value.
| Denomination | Introduced | Total weight | Gold weight (AGW) | Diameter |
|---|---|---|---|---|
| 2 oz · gold | 2018 | 67.86 g | 2 oz · 62.207 g | 40.00 mm |
| 1 oz · gold | 1967 | 33.93 g | 1 oz · 31.103 g | 32.69 mm |
| ½ oz · gold | 1980 | 16.965 g | ½ oz · 15.552 g | 27.00 mm |
| ¼ oz · gold | 1980 | 8.482 g | ¼ oz · 7.776 g | 22.00 mm |
| 1/10 oz · gold | 1980 | 3.393 g | 1/10 oz · 3.110 g | 16.50 mm |
| 1/20 oz · gold | 2017 | 1.697 g | 1/20 oz · 1.555 g | 12.00 mm |
| 1/50 oz · gold | 2017 | 0.679 g | 1/50 oz · 0.622 g | 8.00 mm |
| Denomination | Introduced | Weight | Diameter | Face value |
|---|---|---|---|---|
| 1 oz · silver | 2017 | 31.1 g | 38.7 mm | R1 |
| 2 oz · silver | 2025 | 62.2 g | 50 mm | R2 |
Standard uncirculated finish, higher mintages, lower numismatic premiums. The investor's coin — bought for gold content plus 3 – 30% premium depending on size.
Mirror-like proof finish, lower mintages, higher numismatic premiums. The collector's coin — premiums often 50 – 200% over equivalent bullion. Counted on the edge: 220 vs 160.
Key dates & values
Collector-tier issues · Low-mintage proofs · Special-edition strikesMost common-date Krugerrands trade at small premiums over gold content. Certain key dates command significant numismatic premiums due to lower mintages and collector demand — most notably the 1967 – 1969 collector-only years and the ultra-rare 1997 Special Strike Proof at just 72 pieces.
| Year | Mintage | MS68 value | Notes |
|---|---|---|---|
| 1967 | 40,000 | $2,500 | First year of issue · the original |
| 1967 · proof | 10,000 | $4,500 | Extremely limited proof · first-year |
| 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 | Gold Reef City Mint |
| 1997 · 30th Anniversary | 1,663 | $3,000 | Special edition |
| 1997 · SS Proof | 72 | $15,000 | Ultra-rare proof · headline result |
| 2006 Berlin Mintmark | Limited | Premium | Otto Schultz mintmark · honouring the engraver |
| 2010 Berlin Bear | Limited | Premium | World Money Fair |
International mintmarks
Berlin Otto Schultz 2006 · Berlin Bear 2010 · Double Strike Set 85 sets- 2006 "Berlin Otto Schultz" — honouring the original engraver of the Paul Kruger portrait whose initials sparked the 1892 controversy. Struck at the Berlin Mint with a special mintmark to commemorate the lineage.
- 2010 "Berlin Bear" — issued to mark the World Money Fair in Berlin. The Berlin Bear is the city's heraldic symbol; the mintmark places it alongside the Krugerrand's standard design.
- 2010 Double Strike Set — combining both Berlin mintmarks into a two-coin presentation. Mintage of only 85 sets, making it among the rarest modern Krugerrand products. Full detail on the Security Features & International Minting page.
Collecting strategies
Four common approaches · Pick the lens that fits your goalsBullion accumulation
Buy annual issues at spot + 3 – 5% premium. Ideal for investors prioritising gold exposure over numismatic upside. Liquidity is excellent; the Krugerrand is recognised globally and trades near spot at any precious-metals dealer.
Date set
Collect 1 oz from 1967 to present — approximately 58 coins. Key dates include the 1967 – 1970 collector-only issues at premium prices; common-date years are inexpensive. A complete chronological set tells the Krugerrand's story coin by coin.
Proof set collection
Annual proof sets cost €2,000 – 3,000+ each. Low mintages ensure future rarity; the difference from bullion is immediate (mirror finish, 220 reeds). Best for collectors interested in numismatic appreciation rather than bullion exposure alone.
Mintmark specials
Target limited-edition issues like the Berlin mintmarks (2006 Otto Schultz, 2010 Berlin Bear) and the Oom Paul Press commemoratives from 2024. These trade at significant premiums and are increasingly difficult to source on secondary markets.
Final Oom Paul Krugerrands
The press that struck the first 1967 coin · retired after 132 years of serviceThe historic Oom Paul Press — the same press that struck the very first Krugerrand in 1967 — was retired in 2024 after 132 years of service to South African coinage. The final Krugerrands struck on this press were certified by NGC with the special pedigree "Final Oom Paul Krugerrands".
These coins close a numismatic loop: the same press that opened the modern bullion era in 1967 struck its final issues in 2024. They are highly sought after, both as historical artefacts and as the last products of a 132-year mechanical lineage. Read the full press history on the Oom Paul Press page.
Market information
Bullion premiums · 2025 reference prices · Proof issue limits- Bullion premiums (2026): 1 oz: 3 – 5% · ½ oz: 10 – 15% · ¼ oz: 15 – 20% · 1/10 oz: 20 – 30% over spot. Smaller fractionals carry larger premiums proportional to the manufacturing-cost-to-metal-content ratio.
- 2025 1/10 oz bullion: approximately R10,224 in South Africa · ~$675 – 725 in the US.
- 2025 1 oz gold proof: limited to 1,000 pieces — premium significant over equivalent bullion.
- 2025 1 oz silver proof: limited to 7,500 pieces, approximately €59.50 issue price.
Where to buy
Local dealers · International channelsSouth African retailers
- Randburg Coin — long-established SA dealer.
- The Scoin Shop — modern issues and bullion.
- South African Mint — Coin World, the official source.
Overseas dealers
- APMEX — major US bullion dealer.
- EMK — Germany.
- MDM — Germany.
Library cross-references
Engraver biographies · Mint context · ZAR origin · Press historyPeople Behind the Coins
Otto Schultz (1892 obverse) and Coert Steynberg (1947 reverse) — the two engravers whose work was unified to create the Krugerrand in 1967. Schultz also designed the entire 1892 ZAR coinage; Steynberg's springbok originally appeared on the Union 5-shilling Crown.
ZAR Hub · 1892 – 1902
The Krugerrand obverse is Otto Schultz's 1892 portrait, originally for the ZAR Pond. The full 1892 controversy — "O.S." initials, double-shaft errors, the Berlin Mint context — is documented across the ZAR cluster. The Krugerrand is the portrait's second life, 75 years later.
Oom Paul Press
The 132-year-old press that struck the first Krugerrand in 1967 and the last Final Oom Paul Krugerrands in 2024. The press's full 1892 – 2024 history — including its time at the original Pretoria Mint — has its own dedicated Library page.
SA Mint Today
The operational source for every Krugerrand ever struck. Current programmes, the post-Oom-Paul production landscape, and how the Krugerrand fits into the SA Mint's broader output alongside commemorative series.