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.
The Krugerrand 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: to let people own gold directly, in a fixed, recognised unit, rather than through bars or 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 weight. The result is a warm, slightly orange coin with a bearded portrait on one face, 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 it became the standard way for private investors to own gold in coin form.
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. The Gold Avenue buys 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. Each size is priced on its own share of an ounce.
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 their gold. 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 separately.
Tell the buyer which you hold before the valuation, and 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 price plus that day’s local trade prices. Proof coins and presentation sets are assessed separately. If you hold a proof, 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. One ounce, 22 carat, Paul Kruger and the springbok. |
| 1970s | The coin becomes the standard way for private investors 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, 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, 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 plus that day’s local trade prices. The full process is on the Krugerrands page.
Frequently asked questions
When was the Krugerrand first minted?
In 1967, as a one ounce coin in 22 carat gold. The half, quarter and tenth ounce sizes followed in 1980.
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 the difference between a proof and a bullion Krugerrand?
A bullion Krugerrand is the standard coin, struck for trading, with 160 edge serrations and no serial number. A proof Krugerrand has a mirror-like finish and 220 edge serrations, comes in presentation packaging with a certificate, and is assessed separately.
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. Proof coins are 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 Founder and Managing Director of The Gold Avenue, the gold, diamond, Krugerrand and luxury watch buyer he established at Illovo Point, Sandton in April 2022, and a Finalist in the Absa Eric Ellerine Entrepreneur Award 2024. He built The Gold Avenue as a secure, professional and transparent alternative to the traditional pawn-and-gold-buying trade, and works with an extensive local and international dealer network to pay sellers more competitively for their gold, diamonds and watches.