Key takeaway: The Krugerrand was first minted in 1967 by the South African Mint, using gold refined by Rand Refinery, as a way for private individuals to own exactly one troy ounce of gold in a coin. It carries Paul Kruger on the obverse and a springbok by Coert Steynberg on the reverse, is struck in 22 carat gold alloyed with copper, and gained half, quarter and tenth ounce sizes in 1980. It is legal tender with no face value, which is why it still trades on its gold content today.
Few objects carry South Africa’s name around the world like the Krugerrand. It began as a practical idea, a coin that turned the country’s gold into something anyone could hold, and it became the model for the bullion coins that other countries went on to produce. This is its history, from the first striking to the coin in your hand, told with the facts that matter when you come to sell one.
When was the Krugerrand first minted?
The first Krugerrands were struck in 1967 by the South African Mint. The gold came from Rand Refinery, the country’s gold refinery, and the partnership between the two is what gave the coin its credibility from day one: a national mint striking gold of known purity from a national refinery. The purpose was plain. South Africa produced a large share of the world’s gold, and the Krugerrand let people own that gold directly, in a fixed, recognised unit, rather than through bars or older coins of varying weights.
The name joins two South African ideas. “Kruger” is Paul Kruger, the historical figure whose portrait appears on the coin. “Rand” is the currency, itself named after the Witwatersrand, the ridge on which Johannesburg and its gold fields sit.
Who is on the Krugerrand? Paul Kruger and the springbok
The obverse carries a portrait of Paul Kruger, facing left, with the country’s name around the rim. The reverse carries a springbok in mid stride, designed by Coert Steynberg, with the year of issue and the fine gold content. If you are searching for pictures of a Krugerrand, that is what you are looking at: a warm, slightly orange coin with a bearded portrait on one face and a leaping antelope on the other, and a reeded edge all the way round.
The springbok became the coin’s signature. Dealers and buyers anywhere recognise it on sight, and its crisp rendering is one of the first things checked when a coin is examined. Our guide on how to tell if a Krugerrand is real goes through those checks.
Why the Krugerrand is 22 carat gold
A Krugerrand is not pure gold, and that was a deliberate choice. It is struck in 22 carat gold, 91.67% gold with the balance copper. Pure gold is soft. It scratches, dents and wears, which is a poor quality in a coin meant to be handled, stored and traded for decades. Copper hardens the alloy and gives the coin its distinctive orange tint.
The alloy did not reduce the gold. A one ounce Krugerrand contains exactly one troy ounce, 31.1035 g, of fine gold, with the copper added on top, which is why the coin weighs 33.93 g in total. It measures 32.77 mm across and 2.84 mm thick. Those fixed specifications are what make the coin easy to verify and hard to fake.
How the Krugerrand changed gold ownership
The Krugerrand was the world’s first modern one ounce gold bullion coin. Before it, private investors who wanted gold bought bars or historic coins with awkward weights and purities. The Krugerrand standardised the idea into one unit: one ounce of gold, in a coin, at a price that tracked the gold market. Through the 1970s, as gold rose and private ownership opened up in more countries, it became the dominant way for ordinary investors around the world to own gold coins.
Its success is why the coins that followed look the way they do. The Canadian Maple Leaf, the American Gold Eagle and the British Britannia are all one ounce bullion coins built on the template the Krugerrand created. Buyers today, The Gold Avenue included, trade all of them alongside the original. See the gold coins we buy.
The sanctions years
The coin’s reach made it a target. In the 1980s, as international pressure against apartheid grew, a number of Western countries banned the import of Krugerrands. The ban did not touch coins already in private hands, and it did not touch the gold inside them, but it opened the door for the Maple Leaf, the Eagle and other national bullion coins to take market share. Krugerrands kept trading in South Africa and elsewhere throughout, and once sanctions lifted the coin returned to the international market. Coins from those years are ordinary bullion, valued on their gold like any other.
Fractional Krugerrands from 1980
For its first years the Krugerrand existed only as a full one ounce coin. In 1980 three fractional sizes were introduced: the half ounce, the quarter ounce and the tenth ounce. Each carries the same design and the same 22 carat alloy, with proportionally less gold and its own smaller dimensions. The fractionals let people buy gold in smaller amounts, and they remain popular. Many collections brought to us in Illovo mix full and fractional coins, and each is priced on its own gold content.
Proof vs bullion Krugerrands
Two versions of the coin exist, and they are valued differently.
- Bullion Krugerrands are the standard coin, struck for trading and valued on gold content. They have 160 serrations on the edge and carry no serial number.
- Proof Krugerrands are struck for collectors with a different, mirror-like finish and 220 edge serrations. They are sold in presentation packaging with a certificate and are assessed on their own merits rather than on gold alone.
Telling them apart before you sell matters, because a proof priced as bullion would be undervalued. A knowledgeable buyer identifies which you hold before pricing. Never clean a proof coin.
Is a 1967, 1970 or 1980 Krugerrand worth more?
For bullion coins, the year makes no difference to the price. A Krugerrand from the first year contains the same troy ounce of gold as one struck last year, and both are priced on the live gold market and the day’s trade prices. Some early years and proof issues carry collector interest, and those are assessed separately when they come across the desk. If you hold what you believe is an early or special issue, say so before the valuation. The mechanics of the price itself are covered in the Krugerrand price today to sell.
Krugerrand timeline
| Year | Event |
|---|---|
| 1967 | First Krugerrands struck by the South African Mint from Rand Refinery gold. One ounce, 22 carat, Paul Kruger and the springbok. |
| 1970s | The coin becomes the leading way for private investors worldwide to own gold in coin form. |
| 1980 | Half, quarter and tenth ounce fractional Krugerrands introduced. |
| 1980s | Import bans in several Western countries during the sanctions era; rival national bullion coins gain ground. |
| Today | Legal tender in South Africa with no face value, traded daily on its gold content, bought in person at The Gold Avenue in Illovo. |
Why the Krugerrand still trades today
The coin’s history is the reason it is so easy to sell. Everyone in the trade knows exactly what it is and what it contains. Its specifications are fixed and public, so it can be verified in seconds. Its copper alloy means coins from any decade survive in good condition. And because it has no face value, its worth is simply its gold at the market price that day. That combination is why The Gold Avenue, registered with the Financial Intelligence Centre as a Krugerrand dealer, buys Krugerrands every week, and why the process is straightforward: each coin is weighed and tested on a Niton XRF analyser in front of you, then priced on the live gold price and the day’s trade prices. The full process is on the Krugerrands page.
Frequently asked questions
When was the Krugerrand first minted?
In 1967, by the South African Mint, from gold refined by Rand Refinery. It was the world’s first modern one ounce gold bullion coin.
Who designed the springbok on the Krugerrand?
Coert Steynberg designed the springbok on the reverse. The obverse carries a portrait of Paul Kruger, after whom the coin is named.
Why is the Krugerrand orange in colour?
Because it is 22 carat gold alloyed with copper for durability. The copper gives it a warmer, slightly orange tone than a 24 carat coin, without reducing the full troy ounce of gold inside.
What is a 1980 Krugerrand?
A Krugerrand struck in the year the fractional sizes were introduced. A 1980 one ounce coin is ordinary bullion valued on its gold, and 1980 is also the first year for half, quarter and tenth ounce coins.
Does a Krugerrand have a face value?
No. It is legal tender in South Africa but carries no face value. Its value is its gold content at the market price on the day.
Is a Krugerrand from 1967 worth more than a new one?
As bullion, no. Both contain one troy ounce of fine gold and are priced the same way. Any collector interest in a particular early issue or proof is assessed separately.
Sell your Krugerrands at The Gold Avenue in Illovo, Sandton
Bring your coins to Office 804, 8th floor, Illovo Point, 68 Melville Road, Illovo, Sandton, 2196, with your ID and proof of banking details. In a private booth a Purchasing Consultant tests each coin while you watch, explains the offer, and if you accept, has you sign a one page Sale Agreement on an iPad and pays by immediate EFT or cash. Most visits take 10 to 15 minutes. Open Monday to Thursday 08:00 to 17:00, Friday 08:00 to 16:00, Saturday by pre-booked appointment only, closed Sunday and public holidays.
Call 010 109 0080, WhatsApp 076 393 5429, or book a free valuation at https://thegoldavenue.co.za/request-a-quote/.
Written by Trent Saldsman, Founder and Managing Director, The Gold Avenue.
Trent Saldsman is the owner and managing director of The Gold Avenue, the luxury watch, gold and diamond exchange he built in Illovo, Sandton, and a nominee for the Eric Ellerine Entrepreneur Award in 2024. He founded The Gold Avenue to offer a transparent, five-star alternative to the traditional pawn-and-gold-buying trade, and works with an international dealer network, particularly in the UAE, to pay local sellers more competitively for their gold, diamonds and watches.