Jardines Galleries · The corrected design · ZAR's standard gold Pond, 1892 – 1900
The 1892 Single Shaft Pond.
After the "O.S." controversy on the inaugural Double Shaft issue, the Berlin Mint prepared corrected dies — restoring the single-shaft disselboom from the Republic's coat of arms, and removing Otto Schultz's offending initials from below Kruger's bust. The Single Shaft Pond became the standard ZAR gold coinage for nine years, 1892 – 1900, struck first at the Royal Prussian Mint, Berlin, then transferred to the new Pretoria Mint from 1893 onwards. Total mintage across the run: 2,186,136. The 1892 Berlin striking is the key date with only ~10,150 pieces; the 1899 war year produced an "O.S." overdate and the legendary "Single 9" — the unique coin that sold for R20 million in 2010.
The corrected design
Single shaft restored · "O.S." removed · New rear-wheel proportionsThe Single Shaft Pond is the resolution of the controversy that defined its predecessor. The original Otto Schultz ox-wagon design carried two shafts instead of the heraldically correct single disselboom, and Schultz's "OS" initials below Kruger's bust were read in Afrikaans as "os" — ox — a slur on the bearded president. Both errors were corrected: the wagon now shows a single shaft (matching the Republic's coat of arms), and the initials are gone. The rear wheel is also enlarged relative to the front in the corrected dies. (See the Double Shaft Pond for the controversy itself.)
Nine years, two mints
Berlin 1892 (key date) · Pretoria 1893 – 1900Some 1892-dated Single Shaft Ponds were struck in Berlin from the corrected dies — these are the key date for the series. From 1893 onwards, the new Pretoria Mint took over production, striking from Berlin-prepared dies through 1900. The Single Shaft is the standard ZAR gold coinage of the period — 2,186,136 total — but the ~10,150 Berlin-struck 1892s sit at the top of the desirability ladder. (See Berlin Mint Connection and Pretoria Mint for the production-transition story.)
The single-shaft wagon (disselboom) is the form represented in the Republic's coat of arms. Schultz's original two-shaft engraving departed from heraldic precedent.
Read as "os" (ox) in Afrikaans — an unintended slur on the bearded Kruger. The initials below the bust are absent on the corrected truncation.
The corrected dies show the rear wheel larger than the front — closer to the actual proportions of an ox-wagon. A subtler fix than the shaft, but part of the same revision pass.
History
1891 lease · Berlin commission · Otto Schultz's dies · The Pretoria handoverAlthough a lease had been granted in 1891 to the Nationale Bank van de Zuid Afrikaansche Republiek to establish a state mint in Pretoria, President Kruger was anxious to get new coins into circulation and placed an immediate order with the Royal Prussian Mint at Berlin. The task of engraving the dies was assigned to Otto Schultz (1848 – 1911) — a Berliner whose career had taken in the Loos medallic business in his home city, work with L.C. Wyon at the Royal Mint in London, and finally a posting at the Berlin mint as Second Medallist under Emil Weigand (1837 – 1906).
Initially Schultz engraved the ox-wagon on the three largest denominations with two shafts, instead of the single disselboom represented in the Republic's coat of arms. This — combined with the fact that he placed his initials "O.S." below the bust of Kruger, which were read in Afrikaans as "os" (ox) — meant the first shipment of coins from Berlin was ill-received in the Republic. On Kruger's orders the dies were altered, and corrected dies prepared.
The corrected design featured the single-shaft wagon, larger rear wheels, and a clean obverse truncation with the offending initials removed. Some 1892-dated Single Shaft Ponds were struck in Berlin from these corrected dies; from 1893, the new Pretoria Mint took over production, striking 1892-dated coins from Berlin-prepared dies in the early period and continuing the standard issue through 1900.
Technical specifications
22-carat gold · 22 mm · 7.99 g · Otto Schultz diesIssue data
- Denomination
- 1 Pond
- Years
- 1892 – 1900
- Mint 1892
- Royal Prussian, Berlin
- Mint 1893 – 1900
- Pretoria Mint
- Engraver
- Otto Schultz
- Catalog
- KM#10.2 · Hern Z45 – Z53
Metal & size
- Weight
- 7.99 g
- Diameter
- 22 mm
- Thickness
- 1.52 – 1.56 mm
- Composition
- .9167 gold (22 carat)
- AGW
- 0.2352 oz
- Edge
- Reeded
The corrected obverse
Bearded bust of President Paul Kruger facing left, with no initials on the truncation — the visible difference from the controversial Double Shaft.
ZUID AFRIKAANSCHE REPUBLIEKThe single-shaft reverse
Coat of arms of the South African Republic with value and date. The wagon features a single shaft (correct disselboom) and larger rear wheels.
1 POND ★ [YEAR] ★ EENDRAGT MAAKT MAGTVarieties & key dates
Year-by-year values · VF / EF / UNC · 1899 specialsComprehensive year-by-year value reference. The 1892 Berlin Single Shaft is the key date at the top; the 1895 EF tier shows an unusual jump (€14,000) suggesting tight high-grade supply for that year; the 1899 specials sit at the bottom as the legendary terminal-year varieties.
| Year | Mintage | VF | EF | UNC |
|---|---|---|---|---|
| 1892 · Berlin · single shaft | 10,150 | €980 ($1,060) | €1,600 ($1,730) | €2,600 ($2,810) |
| 1893 | 61,926 | €860 ($930) | €1,400 ($1,510) | — |
| 1894 | 317,723 | €900 ($970) | €950 ($1,030) | €4,500 ($4,860) |
| 1895 | 336,000 | €1,400 ($1,510) | €14,000 ($15,120) | — |
| 1896 | 235,000 | €920 ($990) | €1,000 ($1,080) | €3,300 ($3,560) |
| 1897 | 310,980 | €870 ($940) | €1,000 ($1,080) | — |
| 1898 | 136,870 | €840 ($910) | €1,000 ($1,080) | €1,500 ($1,620) |
| 1899 · war year | 142,000 | Includes overdate varieties — see legends below | ||
| 1899/8 · double "99" overstamp | ~130 | Extremely rare · auction-driven valuation | ||
| 1900 · final year | 33,000 | €1,300 ($1,400) | €1,300 ($1,400) | — |
Three legends
1892 Berlin · 1899/8 overdate · 1899 Single 91892 Single Shaft · Berlin striking
~10,150 mintage · First-year corrected dies · Berlin-struck before Pretoria openedThe first year of issue in its corrected form, struck in Berlin from the revised dies before Pretoria production began in 1893. The mintage of ~10,150 pieces makes the 1892 Single Shaft scarce in any grade — and particularly rare in uncirculated condition, since most circulated heavily as the Republic's first proper gold currency.
Distinguishing features from later Pretoria issues are subtle but documented: die polish details and slight stylistic differences identify Berlin striking from Pretoria continuation. (See Berlin Mint Connection.)
— ~10,150 struck · key date for the series —1899/8 · The double "99" overdate
~130 examples known · 1898 die overstamped to 1899 · Wartime expedientAn 1899-dated coin where the final "9" was punched over an "8" on a die originally dated 1898. The overstamp is visible under magnification — both the underlying 8 and the overlying 9 remain partially legible. Approximately 130 examples are known, making the 99/8 overdate one of the rarer documented ZAR Pond varieties.
The overstamp reflects wartime die management at Pretoria — the Second Boer War began in October 1899, and the mint was operating with constrained resources. Repurposing 1898 dies by overstamping the date was a practical expedient rather than a planned issue.
— ~130 known —1899 · The "Single 9" Pond
Unique · 1898 die with single "9" overstamp · R20 million in 2010The most famous coin in South African numismatics. Created when a single "9" was punched over an "8" on an 1898 die — a different overstamp from the 99/8 variety, producing a date that reads as 1899 with only one 9 distinct from the underlying 8. Only one example exists.
The Single 9 sold for approximately R20 million in 2010 — at the time the highest price paid for any South African coin and one of the highest prices for any African coin at auction. (See the Error Coin Encyclopedia for the full numismatic context.)
— One known specimen —Collector notes
Condition · Proofs · Grading · Authentication- Condition. The 1892 Single Shaft Pond is particularly scarce in uncirculated condition. The 1895 and 1898 issues are the most commonly encountered Pretoria years in high grade.
- Proofs. Proof examples exist only for the Double Shaft variety (1892) and are of the highest rarity. The 1892 proof set (9 coins) sold for £65,000 in 2006 and £40,000 in 2005.
- Grading. NGC and PCGS certification is recommended for high-value specimens. Recent auctions have featured coins graded MS62 to MS64.
- Authentication. Beware of counterfeits. Verify the single shaft on the wagon is clearly visible; verify the obverse has no "OS" initials on the truncation. Both diagnostics are foundational and cheap to check.
Auction records
Heritage · Spink · Noonans · 2006 – 2025| Date | Auction house | Year / variety | Grade | Realised |
|---|---|---|---|---|
| Sep 2025 | Heritage | 1892 double shaft | NGC MS62 | $2,400 |
| Aug 2025 | Heritage | 1892 double shaft | PCGS MS63 | $2,220 |
| Jan 2025 | Heritage | 1892 double shaft | NGC MS64 | $3,600 |
| 2024 | Spink Coinex | 1898 Pond | MS61 | £450 |
| 2023 | Spink (Becker Coll.) | 1894 Pond | Good VF | £480 |
| 2023 | Spink (Becker Coll.) | 1895 Pond | VF | £450 |
| 2014 | Noonans | 1892 single shaft Crown · lot 1564 | Removed from mount | £350 – 450 (est.) |
| 2013 | Noonans | 1892 double shaft Pond · lot 2009 | Fine-VF (in set) | £1,200 – 1,500 (est.) |
| 2013 | Noonans | 1892 double shaft Pond · set of 9 | Fine-VF | £1,200 – 1,500 (est.) |
| 2006 | Noonans | 1892 proof set · Hohmann Coll. | PR63 – 65 | £65,000 |
- Numista — "1 Pond 'Kruger Pond'" (KM#10).
- Wynyard Coin Centre — "South Africa 1892 'Single Shaft' Gold One Pond."
- Noonans Mayfair — Lot 1426 (29 Sep 2010), Proof Half-Pond history.
- Noonans Mayfair — Lot 1313 (28 Sep 2006), 1892 proof set.
- Noonans Mayfair — Lot 2009 (24 Sep 2013), ZAR set.
- Noonans Mayfair — Lot 1564 (3 Apr 2014), 1892 single shaft Crown.
- London Coins — Auction 168, Lot 720, ZAR cased set.
- Heritage Auctions — 2025 sales results.
- Spink Auction 23006 (Becker Collection), 2023 results.
- Hern, Brian — Standard Catalogue of South African Coins, Medals and Tokens.
- Cross-references: Double Shaft Crown (the controversy that produced the corrected dies), Berlin Mint Connection (Otto Schultz, Royal Prussian Mint context), Pretoria Mint (the 1893 production transition), People Behind the Coins (Otto Schultz biography), Error Coin Encyclopedia (Single 9 / Double 99 full context).