Gold Krugerrand South Africa Coins

History of the Gold Krugerrand

As one of the most popular gold coins ever produced, millions of Krugerrands have been sold worldwide since its inception. Krugerrands are often used for investment purposes but are also considered legal tender in South Africa.

The value of a Krugerrand is primarily based on its weight and purity instead of its face value since there is no face value given to this unique currency. Since the gold bullion coin is considered legal tender in South Africa, buying this coin does not have a Value Added Tax (VAT). The Krugerrand was introduced as a way to market South African gold globally during a time when international trade in gold was restricted.

The Krugerrand is named after Paul Kruger (1825-1904), the former president of South Africa from 1883 to 1902, and the rand which is the South African currency. South African President Paul Kruger is credited with helping establish the Witwatersrand Gold Rush that began in 1886 and helped establish the city of Johannesburg, during a period of what is commonly referred to as the Mineral Revolution. However, there was some concern regarding Paul Kruger’s policies that made gold mining difficult for some people.

Kruger was known for his support of foreign mining, his staunch stance and waged war against the British, and his disfigured hand. When Kruger was around 14 years old, he had a hunting accident in which he shot his own hand. After trying to save his hand, he figured he could not so he cut off his thumb and part of his hand, which left his hand permanently appearing mangled.

In 1904, at the age of 78, Kruger died in Switzerland while in exile after losing his war against the British and not gaining the European support he needed to reclaim South Africa from the British.

The Gold Krugerrand holds a prestigious status as the world's first ounce-denominated gold bullion coin and has paved the way for the creation of similar coins worldwide. Its rich history, timeless design, and enduring value continue to make it a sought-after addition to investment portfolios and coin collections. The gold Krugerrand is among the most recognized throughout the world gold coin market.

The springbok (Antidorcas marsupialis) is a medium-sized antelope known for its distinctive jumping behavior, which gives it its name ("spring" means jump, and "bok" means antelope in Afrikaans).

The springbok holds cultural significance in South Africa and is featured on various national symbols, including the South African coat of arms and the country's sports teams, such as the national rugby team, known as the Springboks.

The springbok’s inclusion on the reverse side of the Gold Krugerrand further emphasizes its importance as a symbol of South African identity.

The Krugerrand derives its name from a combination of two key elements: "Kruger" and "Rand." "Kruger" is a reference to the surname of Paul Kruger (1825-1904), a pivotal figure in South African history who served as the President of the South African Republic, or the Transvaal Republic, from 1883 to 1902.

Paul Kruger's legacy is closely tied to the Witwatersrand Gold Rush of 1886, which led to the establishment of Johannesburg and had a profound impact on South Africa's economy.

On the other hand, "Rand" alludes to the South African currency, known as the "Rand," which itself was named after the Witwatersrand Basin, a region abundant in gold deposits.

By blending these two components, "Kruger" and "Rand," the coin was aptly named the "Krugerrand," serving as both a tribute to Paul Kruger and symbolizing the link between South African gold and the nation's currency, the Rand.

The Krugerrand was introduced to facilitate the global marketing of South African gold during a period when international gold trade was constrained, and it has since become a globally renowned and extensively traded gold bullion coin.

The Gold Krugerrand is a highly valued investment asset, sought after by both numismatic collectors and financial investors. Purchasing Krugerrands from a reputable dealer like Money Metals Exchange ensures authenticity, occasionally accompanied by a certificate of authenticity (COA) or at minimum a company guarantee.

The Gold Krugerrand's presence in the market remains robust, with a steady demand for its enduring value and timeless appeal. Investors and collectors alike buy, sell, and trade Gold Krugerrands to diversify their portfolios and capitalize on the fluctuations in the gold market.

Design and Specifications

The Krugerrand design features a side profile image of Paul Kruger looking left on the obverse side (heads) and a springbok antelope (sometimes called a Prancing Springbok, or an African antelope gazelle) on the reverse side (tails) which is one of the national animal symbols of South Africa. The obverse side includes the Afrikaans and English language words “SUID-AFRIKA,” and, “SOUTH AFRICA.”

The reverse side includes the mintage year and the words “KRUGERRAND,” and, “FYNGOUD 1 OZ FINE GOLD.”

The obverse side image was designed by artist Otto Schultz. While the reverse side image was designed by Coert Lourens Steynberg whose initials, CLS, are located on the right side of the landscape where the springbok antelope is located.

Dr. John Edward Holloway, along with the Minerals Council, helped pass the South African Coinage Act of 1964 that established the gold Krugerrand coin’s mintage. The Krugerrand was first minted in 1967 by the South African Mint, and it is refined in the Rand Refinery Limited exclusively from gold mined in the region and made into blanks before the coins’ minting. By 1980, some reports indicate that nearly 90% of the world’s gold coin trade was credited to Krugerrands.

The Krugerrand is widely considered to be the first legal tender gold bullion coin that garnered worldwide recognition and use in the modern era. It is also thought to be the world’s first ounce-denominated gold bullion coin since it does not have a face value and is predominantly valued based on its weight and purity of gold.

The South African Mint and Rand Refinery Krugerrand inspired other gold bullion coins around the world, including the Royal Canadian Mint’s Canadian Gold Maple Leaf, the Australia Perth Mint’s Australian Gold Nugget, The China Mint’s Chinese Gold Panda, the US Mint’s American Gold Eagle, and the British Royal Mint’s Britannia gold coin.

The Krugerrand gold coin has a diameter of 32.77 millimeters (1.28 inches) and a thickness of 2.84 millimeters (0.11 inches). The coin has 1 Troy ounce of 22 karat gold, which in this case is a millesimal fineness of 91.67% pure gold (0.9167 fine), and has a copper alloy content of 8.33%.

This mixture is what gives the Krugerrand its distinct orange-copper gold coloring. The total weight of the coin is 33.93 grams, which makes the total weight of the coin slightly more than one Troy ounce and closer to 1.0908748 Troy ounces by no mistake of the goldsmith.

Although gold Krugerrand coins are highly collectible coins with significant popularity and liquidity, they do not qualify for a self-directed precious metals IRA.

One security feature on all Krugerrands is that the edges of the Krugerrand are reeded. From 2017 on, the word Krugerrand was added to the mountain range behind the antelope, and a serial number was placed near the back hoof.

Some years have put the serial number under or between the ears of wheat on the bottom right side of the reverse side of this coin. The silver Krugerrand was also released in 2017, but it has a face value of 1 rand (one rand).

In 1980, the South African Mint and Rand Refinery began producing fractional sizes of gold Krugerrands, including ½ ounce, ¼ ounce, and 1/10 ounce.

Buying and Selling Krugerrands

Gold Krugerrands do a great job of building a store of value while creating a hedge against inflation. In 1967, when the Krugerrand was first issued, the average price of gold per ounce was $35.50. The average gold prices per ounce in 2022 was close to $1800, and by 2024 the gold spot price has so far remained above $2000 per ounce.

The gold Krugerrand coin is a great purchase and addition to any investment portfolio. When buying collectible gold Krugerrands, it is extremely important to know the current gold spot price and to only buy from a reputable dealer to avoid being scammed, to receive the items quickly, and to pay a reasonable spot price and premium (i.e. standard company overcharge).

Money Metals Exchange not only sells gold Krugerrands, silver Krugerrands, and fractional sizes of the gold Krugerrands, but we also buy your Krugerrands from you.

By visiting our website, you can select the precious metal version and size of the Krugerrand you have, click the tab that says “Click Here To Sell To Us,” and then follow the instructions provided.

You may or may not be instructed to call our customer service to complete this process, but once the coin is received and authenticated, you will be promptly paid.

You can bypass some of these steps by simply calling directly to our phone number:


If you have any questions (FAQs) or are ready to place your order for Gold Krugerrands, other prestigious gold bullion coins from around the globe, silver coinage, or any aspect of gold investing, please don't hesitate to reach out to our dedicated, zero-commission, customer service team at our phone number:


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