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Metal: 91.67% Au
Edge: corrugated
Embossing years: 1967 until today
1 oz Krugerrand 2017 Bildseite.png
Motive: Paul Kruger
Designer: Otto Schultz
Draft date: 1892
1 oz Krugerrand 2017 Wertseite.png
Motive: Springbok
Designer: Coert Steynberg
Draft date: 1967

The Krugerrand is an investment coin and Kurant coin that is minted in gold , and since 2017 also in silver or platinum . In the German- speaking world, the spelling Krugerrand and the corresponding pronunciation are common.


The coins of the Transvaal Republic were designed in Berlin before 1892 by the German mint master Otto Schultz at the Imperial Mint in Berlin and showed the President of the South African Republic and founder of the Kruger National Park, Paul Kruger . The Krugerrand uses the image of the original Paul Kruger bust by Otto Schultz and is named after South Africa's legal tender since 1961 , the rand .

Means of payment

Formally, according to the South African central bank regulation, it is an official means of payment in South Africa , although it is not intended as cash and is practically not used as such. It is therefore also a tax-free investment. In contrast to most coins, the Krugerrand does not have an imprinted face value ; instead, it is officially re-set every working day in relation to the market price of the gold content. In contrast to this are the silver and platinum variants, which were first published on the occasion of the 50th anniversary: ​​They have a nominal value of 1 and 10 rand respectively.


The obverse of all Krugerrand coins shows a portrait of Paul Kruger and the words SUID-AFRIKA and SOUTH AFRICA . On the back the national animal of South Africa, a springbok antelope , is shown, in split writing to the left and right of it is the indication of the respective year of issue, in the upper part the picture is framed by the writing KRUGERRAND and below with FYNGOUD 1 OZ FINE GOLD or FYNSILWER 1 OZ FINE SILVER R1 . Only in the platinum version does the lettering differ with 1 OZ PLATINUM R10.

The fineness of the pieces, minted since 1967 and generally regarded as the first modern gold investment coins, is 916.7 / 1000 and the fine weight depending on the denomination 50, 5, 2, 1, ½, ¼, 110 , 120 or 150 troy ounce . In fact, a Krugerrand coin weighs more than its fine weight - the higher rough weight results from the alloy with a proportion of copper to increase scratch resistance, which is the reason for the reddish-gold color of the coin. The denominations below an ounce up to and including the 1/10 ounce have only been produced since 1980. In 2017, the denominations 50, 5, 1/20 and 1/50 ounces were added, and in 2018 the denomination 2 ounces.

The platinum coin, also issued for the first time in 2017, has a fineness of 999.9 / 1000 ( edition : 2,017 copies) and the silver counterpart (edition: 1 million copies) has a fineness of 999/1000.

Technical data of the Krugerrand
Precious metal size diameter thickness Weight Fine weight Material value (€) 1 Embossing years
gold 150 ounce 8.00 mm - 0.679 g 1/50 oz. tr. = 0.622 g 21.77 from 2017
gold 120 ounce 12.00 mm - 1.696 g 1/20 oz. tr. = 1.555 g 54.43 from 2017
gold 110 ounce 16.50 mm 1.35 mm 3.393 g 1/10 oz. tr. = 3.110 g 108.86 from 1980
gold ¼ ounce 22.06 mm 1,888 mm 8.482 g 1/4 oz. tr. = 7.776 g 272.16 from 1980
gold ½ ounce 27.07 mm 2,215 mm 16.965 g 1/2 oz. tr. = 15.552 g 544.31 from 1980
gold 1 ounce 32.77 mm 2.84 mm 33.93 g 1 oz. tr. = 31.103 g 1,088.62 from 1967
gold 2 ounces 40.00 mm - 67.86 g 2 oz. tr. = 62.206 g 2,177.24 from 2018
gold 5 ounces 50.00 mm - 169.65 g 5 oz. tr. = 155.515 g 5,443.11 from 2017
gold 50 ounces 100.00 mm - 1696.50 g 50 oz. tr. = 1555.15 g 54,431.08 from 2017
silver 1 ounce 38.725 mm - 31.107 g 1 oz. tr. = 31.103 g 14.73 from 2017
platinum 1 ounce 32.69 mm - 31.107 g 1 oz. tr. = 31.103 g 800 from 2017

1 The material value here only corresponds to the material value of the respective precious metal (gold, silver, platinum). In the case of gold coins, the copper content is not taken into account. It is also negligible: at a copper price of € 5300 per ton , the material value of the copper used is only 1.5 cents per Krugerrand (1 ounce). The prices listed in the table above apply to a gold price of € 35 per gram or € 1,088.62 per troy ounce , a silver price of € 0.47 per gram or € 14.73 per troy ounce and a platinum price of € 25.72 per gram or € 800 per troy ounce ( as of October 2017).

History and circulation

All sizes of the Krugerrand from 1/50 oz. up to 50 oz.

On July 3, 1967, the first 1 oz gold Krugerrand was minted by Nico Diedricks by the Rand Refinery based in Germiston and 40,000 coins were minted in normal and 10,000 in polished plates (proof, PP). In previous years, the price of gold had been frozen by the United States at US $ 35 / troy ounce. Gold was practically not traded at the free market value and it was not until 1967 that gold was freely traded again.

In the first three minting years (from 1967 to 1969) the total circulation was 30,000 to 50,000 ounces annually. After that, production multiplied: 211,018 coins were produced in 1970 and over 3.2 million copies in 1974. The denominations below one ounce were introduced in 1980. In the decade between 1974 and 1984 marked by the oil crisis, the production figures were between two and six million units.

In 1986 the European Communities and the United States passed a sanction due to ongoing apartheid . This led to the import ban on the Krugerrand, whereupon the minting of the coin collapsed. The lows were reached in 1995 with 8285 one-ounce pieces and in 1998 with a total annual production of all denominations of 23,277 troy ounces. Trading and possession of these coins was never prohibited. However, due to uncertainty and misinformation, banks offered to exchange the coins for equivalent Maple Leafs . As a result, many Krugerrand coins were melted down and the coin price was discounted.

The import ban was lifted in 1999, the circulation has grown again since then, but has not yet matched the old circulation figures.

Today the Krugerrand has the largest market share among bullion coins made of gold. This is mainly due to the fact that it has a relatively low surcharge of around five percent on the spot rate set on the precious metal exchanges . The editions shortly before the turn of the millennium were still relatively small, so that in the meantime individual Bullion years also have collector surcharges (e.g. 1998, 1999 etc.).

For the 50th anniversary of the Krugerrand in 2017, the range was expanded to include fine weight units of 50, 5, 1/20 and 1/50 troy ounces as well as 1 troy ounce of silver and platinum. The mintage of the 50 ounce coin is limited to 50 pieces worldwide and has a fine weight of 1.55 kilograms (1.68 kg gross weight). The price is - depending on the dealer - around € 140,000.


The coin is minted in the Rand Refinery in Germiston , a few kilometers south of Johannesburg . The precious metal that is already 80 percent pure and is flown in by helicopter is melted and separated under strict safety requirements.

See also


  • F. Döring: The development of the Kruger Rand. In: Collector Service No. 25/1980, p 1878th

Web links

Commons : Krugerrand  - collection of images, videos and audio files

Individual evidence

  1. - National Animal South Africa ( Memento of October 13, 2007 in the Internet Archive )
  2. Rand Refinery: Testing the authenticity of a Krugerrand coin, November 2014. 2014, accessed on February 7, 2017 (English).
  3. Research report on trade sanctions against South Africa (PDF file; 283 kB)
  4. Financial Times Deutschland, May 28, 2010