South African Mint; the Rand Refinery supplies the metal and owns the brand
With Paul Kruger on one side and a leaping springbok on the other, the Krugerrand is the gold coin South Africa has struck since 1967 to hold one troy ounce of fine gold, with no amount in rand written on it. Its copper alloy gives it a slightly orange colour, warmer than pure gold. Spread across the world in tens of millions, it only really interests collectors for a few early years and its proof versions.
Paul Kruger, last president of the Transvaal republic in the 19th century, in left-facing profile with a fringe beard; around him, “SUID-AFRIKA · SOUTH AFRICA”, in Afrikaans then English.
Reverse
Reverse
The springbok antelope caught in mid-leap, the name “KRUGERRAND” above, the date split on either side of the animal and, at the bottom, the fine gold weight in both languages: “FYNGOUD 1 OZ FINE GOLD” on the ounce.
Edge
Reeded, with more and finer reeds on proofs than on standard coins.
Engraver
Otto Schultz engraved Kruger's effigy; the springbok is the work of Coert Steynberg.
Dates and mintages
The South African Krugerrand: key dates
On a standard Krugerrand the date matters little. Two groups stand out: the very first years, 1967 and 1968, made in small numbers, and the mirror-field proofs, sold cased and limited to about 10,000 pieces a year at first. The table only covers these landmarks and a few recent issues.
The South African Krugerrand: dates and mintages
Year
Version
Mintage
Remarks
1967
Ounce, standard
40,000
Launch year.
1967
Ounce, proof
10,000
First proofs.
1968
Ounce, standard
20,000
Smallest standard mintage of the series.
1968
Ounce, proof
10,000
Including 1,044 with frosted bust and springbok.
1970
Ounce, standard
211,018
Production changes scale.
1970
Ounce, proof
10,000
1978
Ounce, standard
6,012,293
One of the highest-output years.
1980
1/2, 1/4 and 1/10 ounce
unknown
The small sizes arrive.
2017
Ounce, gold, “50” privy
5,000
Fiftieth-anniversary privy mark.
2017
Ounce, silver
1,000,000
The Krugerrand appears in silver for the first time.
2017
Ounce, platinum
2,017
Fiftieth-anniversary platinum issue.
Figures for 1967 to 1978 from the NGC guide (KM# 73), 2017 issues from Wikipedia. Between 1970 and 1980, more than 36 million ounces were produced. Fractions and recent years are not detailed.
One ounce, four sizes
The design does not change from one size to another. Only the weight mention at the bottom of the reverse separates the ounce from the fractions: “1/2 OZ”, “1/4 OZ” or “1/10 OZ”. The three small sizes have existed since 1980. Measuring the diameter with calipers is enough to sort them: 32.77 mm for the ounce, about 27 mm for the half ounce.
Each size comes in two qualities. The standard coin has a satin look, with no contrast between design and field. The proof has a field polished like a mirror, finer and often frosted reliefs and more finely reeded edge; it was sold in a case with a certificate. Without the case, these features remain visible.
Since 2017, some series carry a tiny privy mark in the field, such as the “50” of the fiftieth anniversary. The same year saw the first silver and platinum Krugerrands, with the same design.
Not to be confused with
The gold American Eagle is the coin closest to the Krugerrand on the scale: same 22 carat alloy, same total weight of 33.93 g for one ounce of fine gold. The design leaves no doubt, though: walking Liberty and American eagle. The Canadian Maple Leaf and the Austrian Philharmonic, in pure gold, are yellower and weigh 31.10 g.
The springbok also appears on older South African medals and coins: without the word “KRUGERRAND” and the weight mention, it is not the same coin. Finally, a coin with the same design but white in colour is either a silver or platinum Krugerrand, or a copy. Among older gold coins, the British sovereign and the American 20 dollars are entirely different pieces.
Tungsten and gilt brass: the counterfeits
The Krugerrand is among the most imitated gold coins today. The most deceptive method encloses a tungsten core inside a gold shell. Tungsten is almost as dense as gold: the coin weighs nearly the right amount and does not react to a magnet. Its volume, however, cannot be identical: the diameter or thickness is slightly off, and the coin sounds duller when tapped.
Cheap copies in gold-plated brass give themselves away with a yellow that is too bright: the genuine coin leans towards orange because of its copper. The weight tolerance is very narrow, around 0.2% on the ounce. Scales reading to a hundredth of a gram, calipers and a comparison with a coin you trust already rule out many fakes. If doubt remains, ask a numismatist through our coin identification page.
Contact marks rather than wear
The Krugerrand was not used for everyday payments, so true wear is rarely seen. The usual flaws come from storage. Coins kept in tubes or loose rub together and pick up small nicks; the edge takes knocks; the copper in the alloy sometimes causes brown or reddish spots.
To judge condition, look on the obverse at Kruger's beard, cheekbone and the hair above his ear, then on the reverse at the springbok's shoulder, hindquarters and forelegs, and the tuft of grass beneath it. The 22 carat alloy resists scratches better than pure gold.
A proof needs more care: a single fingerprint is enough to cloud its mirror. Keep it in its capsule and do not clean it, even to remove a spot, since cleaning leaves permanent marks.
From the 1967 launch to the sanctions of the 1980s
The first strike dates from 3 July 1967. The name combines Paul Kruger and the rand, South Africa's currency. As the leading gold producer of the time, the country wanted to offer its metal to private buyers in a simple form: the coin states a weight rather than an amount, while remaining legal tender in South Africa.
Around 1980, roughly nine out of ten gold coins distributed worldwide were Krugerrands; the fractions appeared that year. The decade was also one of sanctions against apartheid: the United States banned its import in 1985, and the European Community suspended the entry of South African gold coins in 1986. These measures ended in the early 1990s.
Its success pushed other countries to launch their own ounce, from the Maple Leaf to the Philharmonic.
In Cannes
The South African Krugerrand on the French Riviera
The Krugerrand was never legal tender in France, and its entry onto the French market was even blocked for a time: Council Regulation (EEC) No 3302/86 of 27 October 1986 suspended the release into free circulation of Krugerrands and other South African gold coins throughout the Community, and therefore on the French Riviera too. The regulation ceased to have effect on 1 February 1992. A Krugerrand kept by a family in France may have arrived before 1986, after 1992 or through another country: the coin itself does not say. As the French Riviera's clientele is partly international, the Cannes shop can help you identify yours, fraction or proof included.
The South African Krugerrand: frequently asked questions
How do I know whether I have an ounce or a fraction?
Read the mention at the bottom of the reverse (1 OZ, 1/2 OZ, 1/4 OZ, 1/10 OZ) or measure the diameter: 32.77 mm for the ounce, 27.07 mm for the half ounce.
Do the Krugerrand and the gold American Eagle weigh the same?
Yes: both are 22 carat and weigh 33.93 g for one ounce of fine gold. Only the design and the colour, slightly more orange on the Krugerrand, set them apart.
Why was the Krugerrand barred from import into Europe?
As part of the sanctions against apartheid, the European Community suspended the entry of South African gold coins in 1986. The regulation ceased to apply in February 1992.
Can a Krugerrand without its case be a proof?
Yes. The mirror field, frosted reliefs and finer reeding are enough to recognise it; have it confirmed by a numismatist.