Krugerrands

Stay up to date with the gold price today in South African Rand (ZAR), with live updates pulled directly from the global markets. If you're buying or selling Krugerrands or gold bars, Bullion Traders gives you real-time access to current rates, so you can make confident, informed decisions.

A short history

The name “Krugerrand” combines the unit of currency of South Africa, the Rand, with the last name of Paul Kruger, an important political and military personality in the former South African Republic; his face appears on one side of the coin. The other side carries a springbok, South Africa’s national animal, in mid-stride.

Rand Refinery and the South African Mint created it to give ordinary investors a straightforward way to own physical gold. Back then, gold ownership was far more restricted for individuals than it is today. The Krugerrand changed that. It’s often called the coin that opened up gold investing to everyday buyers, not just banks and governments.

1967

The first Krugerrand was introduced in 1967, at a time when South Africa was one of the world’s major Gold producers. Produced by Rand Refinery and the South African Mint, the coin was created to promote South African Gold internationally and provide investors with a practical way to own physical Gold.

1970s

Through the 1970s, demand for the Krugerrand grew rapidly outside South Africa, making it the preferred way for international investors to hold physical Gold. Its popularity during this decade set it on course to dominate the global Gold coin market by the end of the 1970s.

1980

In 1980, Rand Refinery and the South African Mint introduced three smaller Krugerrand sizes, the 1/2oz, 1/4oz and 1/10oz, giving investors more ways to buy Gold at different budgets. By this point, the Krugerrand accounted for roughly 90% of the global Gold coin market, making it the dominant bullion coin worldwide.

1980s–90s

Through the 1980s and into the early 1990s, international sanctions linked to apartheid restricted the import of Krugerrands into several major markets, including the United States. The coin remained in demand elsewhere throughout this period, and most restrictions were lifted in the early 1990s as South Africa's political landscape changed.

2017

2017 marked the Krugerrand's 50th anniversary. To celebrate, Rand Refinery and the South African Mint introduced Silver and Platinum versions of the coin for the first time, reinforcing the Krugerrand's standing as one of the most recognised Gold coins in the world.

Today

Today, the Krugerrand remains one of the most widely held and traded Gold bullion coins in the world. It's legal tender in South Africa, which is also what keeps it VAT-free to buy, and its range of sizes, from a full 1oz coin down to a 1/10oz, still gives investors an entry point at almost any budget.

What a Krugerrand costs

A Krugerrand has no fixed retail price. It is quoted live, and four moving parts decide what you pay on the day.

Gold spot price

The London gold price in US dollars per troy ounce sets the base value of the metal inside the coin.

Rand exchange rate

Because spot is quoted in dollars, a weaker rand raises the rand price of a Krugerrand even when gold is flat.

Premium

A small margin over melt value covering minting, distribution, insurance and dealer spread. Fractional coins carry higher premiums.

Buy / sell spread

Dealers buy slightly under and sell slightly over the fair value. A narrow spread is a sign of a liquid, well-priced coin.

Krugerrand Specifications

Every Krugerrand is struck in the same 22 carat Gold. Only the weight and size change. The table below shows the weight, Gold content and dimensions for each size.

Size	Gross weight	Fine gold	Diameter	Thickness
1 oz	33.93 g	31.10 g	32.77 mm	2.84 mm
1/2 oz	16.97 g	15.55 g	27.07 mm	2.22 mm
1/4 oz	8.48 g	7.78 g	22.06 mm	1.89 mm
1/10 oz	3.39 g	3.11 g	16.55 mm	1.35 mm

Purity standards

Krugerrands are struck to a fixed, published standard, which is why they trade sight-unseen anywhere in the world.

Gold · 22 carat

91.67% gold (916.7 fineness) with 8.33% copper. The alloy makes the coin far more scratch-resistant than a 999 coin while still holding a full ounce of gold.