Krugerrand Coin Values - How Much is a Krugerrand worth?

The Gold Krugerrand is the official South African gold bullion coin. The South African Krugerrand is one of the most historically important coins of the sort since it was one of the first ones to promote private ownership of gold as a means of investment.

The name Krugerrand is a combination of Paul Kruger (Stephanus Johannes Paul Kruger), a prominent political leader and former president of the South African Republic (or the Transvaal Republic), and rand, the South African fiat currency.

This article will cover the history and evolution of the South African Krugerrand bullion coin program. We also include a comprehensive price guide list for Gold Krugerrand coins, including proof versions and fractional sizes, since the first mintage in 1967.

The Krugerrand History

The first strike of Gold Krugerrand coins happened on July 3, 1967. The South African government aimed to explore the natural abundance of gold ores in the many South African mines and promote private ownership of the precious metal.

In 1980, the Gold Krugerrand coin represented 90% of the gold coins available in the global gold coin market, but, despite the success of its first strikes and the release of the fractional half-ounce, quarter ounce, and tenth-ounce counterparts, it faced severe difficulties in reaching investors.

During the 80s, some of the most prominent Western countries imposed economic sanctions against the apartheid policy. Some even prohibited imports of the coin. The United States government, for instance, did not allow South African Gold Krugerrands but made no restrictions on other foreign coins.

Private investors who saw precious metals as a good investment option did not appreciate the barriers imposed. As soon as the apartheid regime ended, the sanctions were lifted, and Gold Krugerrands became globally available once more.

The Design

Gold Krugerrand Obverse Gold Krugerrand Reverse

The gold bullion coins feature the same national symbols stamped on their first release in 1967. The elements depicted represent the nation's pride, patriotism, and freedom.

The Obverse: Paul Kruger

The obverse carries a portrait of Paul Kruger, an essential political personality for the country's Independence. Hence, “Krugerrand,” which is a compound of “Kruger” and “Rand,” the official currency unit in South Africa. Surrounding the bust is the name of the country both in English and in Afrikaan, “SUID-AFRIKA” and “SOUTH AFRICA”. The design was created by Otto Schultz.

Kruger was the fifth South African President and held the government for nearly two decades. Seen by some as a controversial figure and others as a hero, he devoted his life to being a Boer military and political leader in the late 19th century, representing the nation's interests against Great Britain, especially during the Second Boer War.

The Reverse: The Springbok Antelope

The reverse displays the Springbok Antelope, one of the national South African symbols. The inscriptions on this side read “KRUGERRAND” and “FYNGOUD 1 OZ FINE GOLD”. This design is a creation of Coert Steynberg.

The Springbok Antelope is a native animal of South Africa, commonly found in many areas of the territory. It became a national animal, a symbol of homage to its political conquest and natural heritage.

The South African Mint

South African Mint Base of Operations. Source

The history of gold mining in South Africa precedes the foundation of its first official mint, which dates back to 1890 in Pretoria.

Kruger was the South African Republic president. He established the first national mint in 1886 to explore the abundant natural sources, produce richness, and meet the internal demand for currency.

The Second Boer War made the South African nation a British colony. The dominant government closed the national mint to make it a British Royal Mint branch facility in 1923 to produce pounds sterling and other British sovereign coins.

Another independence movement arose in the decades that followed. The mint facility closed once more in 1941. It would only reopen under the actual name of South African Mint, which is privately owned.

Today the main facility is in Centurion, Gauteng province, near Pretoria.

The production attends the South African Reserve Bank to produce the national Rand currency for widespread circulation and works in partnership with the Rand Refinery to make the Krugerrand coins.

The South African Krugerrands Series

Krugerrand Gold Coins

The One Ounce Krugerrand Gold coin measures 32.77 mm in diameter, 2.84 mm thick, and has a gross weight of 33.93 grams.

The fractional sizes of the iconic Gold Krugerrand arrived in 1980. The 1/2 oz, the 1/4 oz, and the 1/10 oz coins seemed more popular among investors who could not afford the gold price in a whole troy-ounce coin or those who appreciated the idea of making Gold Krugerrands a collection by acquiring all the versions.

The standard bullion finish and the original design have accompanied the Krugerrands for over 50 years. Gold remained the only noble metal in the program until 2017 when the Silver Krugerrand was released as part of the 50th anniversary and the first ever silver coin made for silver bullion investors. Krugerrands are also available in proof versions and fractional gold weights.

Proof Krugerrands

The Proof Krugerrand coin differs from regular bullion coins for its mirror-like appearance. While the design imprinted in the South African Krugerrand gets a higher relief, the specific polishment applied to the coin's background provides a 3-D and shiny luster.

Struck in limited numbers, Proof Krugerrand coins also differ from their bullion versions because of the number of serrations on the coin's edges. Bullion coins have 160 serrations and proof ones 220.

The SA Mint produced fewer proof coins than bullion ones. As their production method demands more detailed work in the production line, proof coins tend to have a higher initial cost. However, the history and the tradition conquered over 50 years brought them some numismatic status, increasing the demand for proof Krugerrand coins.

The 50th Anniversary Edition

The South African Mint celebrated the 50th Anniversary of the Gold Krugerrand in 2017 with an unprecedented edition of the Premium Uncirculated South African Krugerrand.

Gold Krugerrands got a 22k commemorative limited edition. All the Gold modern bullion coins are 91.67% pure gold.

For the first time, the Mint included two other metal-based products containing 99.9% purity levels: the 1 oz Platinum Krugerrands and the 1 oz Silver Krugerrand.

Silver Krugerrand Obverse Silver Krugerrand Reverse

Both options of the coin feature the same design elements as the gold counterpart, except for the “50” privy seal mark engraved on the reverse side of the commemorative coins.

The anniversary strike accounted for 2,017 1 oz Platinum Krugerrands, 5,000 1 oz Premium Gold Krugerrands, and 1,000,000 1 oz Silver Krugerrands, along with 15.000 Silver Proof Krugerrands.

An Oddity

Krugerrands' production line has followed a specific pattern since its first release. The design, coin sizes, dimensions, and content remain the same except for one strike.

The 2011 edition had a single episode of underweight in a Gold Proof Krugerrand. A small but uncertain number of 2011 Gold Proof Krugerrand coins were produced with the correct overall weight but with less gold content than they should have had. The SA Mint attributed this failure to unspecified issues that changed the amount of metal percentages in the planchet during the production process.

Unlikely but possible, this kind of oddity may influence prices and collectors' demand.

How to determine Krugerrand value

Krugerrands are made of noble metals in Bullion, Proof, or Premium Versions.

The finish type used to enhance surfaces impacts the product price, along with its graded condition, rarity, and collectibility considerations.

However, the determining factor of a coin's value is its metal content. Institutions like the LBMA - London Bullion Market Association, announce the price of precious metals to the global market daily. The gold spot price and the silver spot price are base values for every silver and gold bullion product, but noble metals dealers add a premium before selling it at retail. The premium is either a fixed value or a percentage over the spot price.

Spot prices rise and fall several times during a typical business day. The relation between the industrial demand and the supplies mined, the number of transactions made with certain metals, and mass liquidation periods may directly affect the spot price.

As Krugerrands are made of highly concentrated valuable metals, each oz is worth at least its weight in bullion.

Unlike other sovereign coins, Gold Krugerrands do not bear face value, but the South African Republic guarantees their legal tender status based on the gold spot price of the day. On the other hand, the Silver Krugerrand has a nominal value of 1 rand.

South African Gold Krugerrand Price Charts

Below, you will find a price chart for Gold Krugerrands, including the 1 Troy oz version, fractional sizes, and proof coins. All information is extracted from NGC Coin Explorer. Please note complete mintage information from the Rand Refinery and South African Mint are not currently available beyond 2013.

Denomination: Krugerrand

Mint Year	Mintage	Price for MS68
1967	40,000	$2,500.00
1967 Proof	10,000	$4,500.00
1968	20,000	$2,500.00
1968 Proof frosted bust and frosted reverse	1,044	$1,940.49
1968 Proof	8,956	$1,940.49
1969	20,000	$2,500.00
1969 Proof	10,000	$1,940.49
1970	211,018	$2,500.00
1970 Proof	10,000	$1,940.49
1971	550,200	$2,500.00
1971 Proof	6,000	$1,940.49
1972	553,700	$2,500.00
1972 Proof	6,625	$1,940.49
1973	859,300	$2,500.00
1973 Proof	10,000	$1,940.49
1974	3,203,000	$2,500.00
1974 Proof	6,325	$1,940.49
1975	4,803,925	$1,940.49
1975 Proof	5,600	$1,940.49
1976	3,004,945	$1,940.49
1976 Proof	6,600	$1,940.49
1977 188 serrations on the edge	3,331,344	$1,940.49
1977 220 serrations on the edge	-	$1,940.49
1977 Proof 188 serrations on the edge	8,500	$1,940.49
1977 Proof 220 serrations on the edge	-	$1,940.49
1978	6,012,293	$1,940.49
1978 Proof	10,000	$1,940.49
1979	4,940,755	$1,940.49
1979 Proof	11,800	$1,940.49
1980	3,049,396	$1,940.49
1980 Proof	12,000	$1,940.86
1981	3,185,827	$1,940.86
1981 Proof	12,900	$1,940.86
1982	2,668,506	$1,940.86
1982 Proof	16,960	$1,940.86
1983	3,349,061	$1,940.86
1983 Proof	19,100	$1,940.86
1984	2,055,689	$1,940.86
1984 Proof	14,00	$1,940.86
1985	864,995	$1,940.86
1985 Proof	10,224	$1,940.86
1986 Proof	21,040	$1,940.86
1987	19,798	$1,940.86
1987 GRC Proof	1,160	$1,940.86
1987 Proof	10,196	$1,940.86
1988	614,673	$1,940.86
1988 GRC Proof	1,220	$1,940.86
1988 Proof	3,854	$1,940.86
1989	194,319	$1,940.86
1989 GRC Proof	987	$1,940.86
1989 Proof	4,083	$1,940.86
1990	391,393	$1,940.86
1990 GRC Proof	1,066	$1,940.86
1990 Proof	1,966	$1,940.86
1991	283,184	$1,940.86
1991 GRC Proof	426	$1,940.86
1991 Proof	1,755	$1,940.86
1992	1,803	$1,940.86
1992 Proof	2,067	$1,940.86
1993	162,340	$1,940.86
1993 Proof	3,963	$1,940.86
1994	129,530	$1,940.86
1994 Proof	1,761	$1,940.86
1995	58,630	$1,940.86
1995 Proof	1,678	$1,940.86
1996	9,874	$1,940.86
1996 Proof	2,188	$1,940.86
1997 Proof 30th Anniversary of Krugerrand privy mark	30	$2,250.00
1997 Proof	1,663	$1,940.86
1997 SS Proof	72	$10,000.00
1998	7,097	$1,940.86
1998 Proof	1,179	$1,940.86
1999	17,051	$1,940.86
1999 Proof	2,787	$1,940.86
2000	34,850	$1,940.86
2000 Proof	3,143	$1,940.86
2001	5,889	$1,940.86
2001 Proof	5,563	$1,940.86
2002	16,469	$1,940.86
2002 Proof	3,531	$1,940.86
2003	47,789	$1,940.86
2003 Proof	2,136	$1,940.86
2004	71,269	$1,940.86
2004 Proof	3,492	$1,940.86
2004 W/MM Proof	500	$1,940.86
2005	3,400	$1,940.86
2005 Proof	-	$1,940.86
2006	-	$1,940.86
2006 Proof	-	$1,940.86
2007	-	$1,940.86
2007 Proof	3,400	$1,940.86
2008	-	$1,940.86
2008 Proof	3,300	$1,940.86
2009	-	$1,940.86
2009 Proof	2,500	$1,940.86
2010	-	$1,940.86
2010 Proof	2,500	$1,940.86
2011	-	$1,940.86
2011 Proof	-	$1,940.86
2012	-	$1,940.86
2012 Proof	-	$1,940.86

*Melt Value - may vary

Denomination: 1/2 Krugerrand

Mint Year	Mintage	Price for MS68
1980	374,313	$973.57
1980 Proof	60	$3,500.00
1981	169,014	$973.57
1981 Proof	9,000	$973.57
1982	416,390	$973.57
1982 Proof	13,000	$973.57
1983	46,805	$973.57
1983 Proof	13,600	$973.57
1984	176,760	$973.57
1984 Proof	9,900	$973.57
1985	97,689	$973.57
1985 Proof	5,945	$973.57
1986 Proof	8,002	$973.57
1987 GRC Proof	1,186	$973.57
1987 Proof	4,203	$973.57
1988	5,454	$973.57
1988 GRC Proof	1,026	$973.57
1988 Proof	2,062	$973.57
1989	4,980	$973.57
1989 GRC Proof	399	$1,000.00
1989 Proof	3,328	$973.57
1990 GRC Proof	1,066	$973.57
1990 Proof	1,784	$973.57
1991 GRC Proof	426	$1,000.00
1991 Proof	3,033	$973.57
1992 Proof	1,501	$973.57
1993	10,800	$973.57
1993 Proof	2,439	$973.57
1994	15,910	$973.57
1994 Proof	2,146	$973.57
1995	10,417	$973.57
1995 Proof	1,012	$973.57
1996	3,311	$973.57
1996 Proof	1,788	$973.57
1997	10,598	$973.57
1997 Proof	2,030	$973.57
1997 Proof 30th Anniversary of Krugerrand privy mark	30	$1,250.00
1998 Proof	1,303	$973.57
1999	23,917	$973.57
1999 Proof	1,924	$973.57
2000	23,851	$973.57
2000 Proof	3,453	$973.57
2001	6,429	$973.57
2001 Proof	3,696	$973.57
2002	-	$973.57
2002 Proof	2,295	$973.57
2003	11,588	$973.57
2003 Proof	1,285	$973.57
2004	-	$973.57
2004 Proof	3,288	$973.57
2005	-	$973.57
2005 Proof	-	$973.57
2006	-	$973.57
2006 Proof	-	$973.57
2007	-	$973.57
2007 Proof	3,400	$973.57
2008	-	$973.57
2008 Proof	3,300	$973.57
2009	-	$973.57
2009 Proof	2,500	$973.57
2010	-	$973.57
2010 Proof	2,500	$973.57
2011	-	$973.57
2011 Proof	-	$973.57
2012	-	$973.57
2012 Proof	-	$973.57

*Melt Value - may vary

Denomination: 1/4 Krugerrand

Mint Year	Mintage	Price for MS68
1980	533,818	$486.15
1980 Proof	60	$3,000.00
1981	718,928	$486.15
1981 Proof	7,500	$700.00
1982	1,259,898	$486.15
1982 Proof	11,270	$700.00
1983	51,612	$486.15
1983 Proof	12,075	$700.00
1984	489,351	$486.15
1984 Proof	13,020	$700.00
1985	587,193	$486.15
1985 Proof	6,700	$700.00
1986 Proof	8,613	$700.00
1987 GRC Proof	1,121	$800.00
1987 Proof	4,929	$700.00
1988	5,946	$486.15
1988 GRC Proof	835	$800.00
1988 Proof	2,027	$700.00
1989	5,943	$486.15
1989 GRC Proof	318	$900.00
1989 Proof	2,998	$700.00
1990 GRC Proof	1,066	$800.00
1990 Proof	1,084	$700.00
1991 GRC Proof	426	$900.00
1991 Proof	1,200	$700.00
1992 Proof	1,629	$700.00
1993 Proof	3,061	$700.00
1994	38,747	$486.15
1994 Proof	1,874	$700.00
1995	12,865	$486.15
1995 Proof	1,095	$700.00
1996 Proof	1,853	$700.00
1997 Proof	1,440	$700.00
1997 Proof 30th Anniversary of Krugerrand privy mark	30	$1,000.00
1998	3,937	$486.15
1998 Proof	1,701	$700.00
1999	34,844	$486.15
1999 Proof	1,990	$700.00
2000	30,282	$486.15
2000 Proof	3,600	$486.15
2001	10,607	$486.15
2001 Proof	3,841	$486.15
2002	10,558	$486.15
2002 Proof	2,442	$486.15
2003	11,468	$486.15
2003 Proof	2,450	$486.15
2004	-	$486.15
2004 Proof	4,570	$486.15
2005	-	$486.15
2005 Proof	-	$486.15
2006	-	$486.15
2006 Proof	-	$486.15
2007	-	$486.15
2007 Proof	4,400	$486.15
2008	-	$486.15
2008 Proof	4,800	$486.15
2009	-	$486.15
2009 Proof	6,000	$486.15
2010	-	$486.15
2010 Proof	6,000	$486.15
2011	-	$486.15
2011 Proof	-	$486.15
2012	-	$486.15
2012 Proof	-	$486.15

Denomination: 1/10 Krugerrand

Mint Year	Mintage	Price for MS68
1980	856,915	$300.00
1980 Proof	60	$2,250.00
1981	1,313,522	$300.00
1981 Proof	7,500	$225.00
1982	1,053,539	$300.00
1982 Proof	11,270	$225.00
1983	495,445	$300.00
1983 Proof	12,075	$225.00
1984	885,250	$300.00
1984 Proof	13,020	$225.00
1985	275,548	$300.00
1985 Proof	6,700	$225.00
1986	87,000	$300.00
1986 Proof	8,612	$225.00
1987	53,400	$300.00
1987 GRC Proof	1,126	$350.00
1987 Proof	4,939	$225.00
1988	87,433	$300.00
1988 GRC Proof	949	$350.00
1988 Proof	1,913	$225.00
1989	-	$300.00
1989 GRC Proof	377	$750.00
1989 Proof	2,939	$225.00
1990	9,500	$300.00
1990 GRC Proof	1,096	$350.00
1990 Proof	2,363	$225.00
1991	82,273	$300.00
1991 GRC Proof	426	$600.00
1991 Proof	3,098	$225.00
1992 Proof	1,789	$225.00
1993	53,535	$300.00
1993 Proof	3,811	$225.00
1994	85,753	$300.00
1994 Proof	2,215	$225.00
1995	24,788	$300.00
1995 Proof	1,612	$225.00
1996	8,945	$300.00
1996 Proof	2,891	$225.00
1997	19,496	$300.00
1997 30th Anniversary of Krugerrand privy mark	30	$300.00
1997 Proof	2,440	$225.00
1998	15,452	$300.00
1998 Proof	1,799	$225.00
1999	28,643	$300.00
1999 Proof	-	$225.00
2000	64,759	$300.00
2000 Proof	4,603	$225.00
2001	17,936	$300.00
2001 Proof	4,058	$225.00
2002	12,890	$300.00
2002 Proof	3,110	$225.00
2003	15,893	$300.00
2003 Proof	1,893	$225.00
2004	-	$300.00
2004 Proof	3,811	$225.00
2005	-	$300.00
2005 Proof	-	$225.00
2006	-	$300.00
2006 Proof	-	$225.00
2007	-	$300.00
2007 Proof	4,400	$225.00
2008	-	$300.00
2008 Proof	4,800	$225.00
2009	-	$300.00
2009 Proof	6,000	$225.00
2010	-	$300.00
2010 Proof	6,000	$225.00
2011	-	$300.00
2011 Proof	-	$225.00
2012	-	$300.00
2012 Proof	-	$225.00

Advantages and Disadvantages of Krugerrands

The acquisition of physical bullion may be a sensible option for investment funds in a diversified portfolio. Bullion tends to remain less prone to devaluation in times of market turmoil than commodities that depend on fiat currency variations. Due to its intrinsic nature, it tends to keep its value over the years, which may be an exciting way to preserve wealth in the long run.

The Mint of South Africa has been producing uncountable Krugerrands for over 50 years, making them readily available in the market and potentially negotiable.

The long journey and the difficulties faced brought international renown to the SA Mint, and therefore, the Krugerrands became one of the most recognized gold coins worldwide.

Each Krugerrand is composed of the finest valuable metals minted in South Africa, one of the most crucial international suppliers.

As Gold Krugerrand coins are 22k gold, their composition contains 91.67% pure gold alloyed with another metal, like nickel or copper, to make them a more rigid and more durable piece.

Unlike Silver Krugerrands, Gold Krugerrands do not bear face value. However, all Krugerrands are legal tender and are fully backed by the South African Government.

All these facts make Krugerrands a valuable asset for private investors who want to invest in gold or silver through a coin collection.

Frequently Asked Questions About Krugerrand Coins

What is a Krugerrand?

Krugerrand was the first 1 oz gold coin minted in the world. Produced for the first time in 1967 in South Africa, they arrived in the market as a private investment. Currently made in gold, silver, and platinum with a high concentration of metal content in each version, in varied sizes, including fractions, they have legal tender status guaranteed by the Republic of South Africa.

How much is a Krugerrand worth?

Bullion value usually depends on their metal content and weight. Troy ounce (oz) is the unit of measurement commonly used to weigh bullion coins, and the precious metal's spot price determines how much one troy ounce is worth. For instance, 1 oz Gold Krugerrand is worth at least 1 oz or approximately 31,1 grams of gold.

What impacts the valuation of Krugerrands?

Some factors influence the assessment of a particular coin to establish its value. Some are condition, weight, collectibility, rarity, and metal content. Since coins are initially valued because of their nature as precious metals, a drastic variation in the metals' spot price, which is not often, may affect a coin's value.

Is Krugerrand Gold a Good or Safe Investment?

Maintaining some physical bullion in a diversified investment portfolio may be an exciting input option because bullion tends to suffer less in market fluctuations and retains its value over time. Gold Krugerrands are composed of .999 pure gold, a considerable level of gold content. If investors are not confident investing in heavier coins, the Series offers fractional sizes that allow initial lower inputs.

Which year Krugerrand is the most valuable?

1967 1 oz Gold Krugerrand may be the most valuable coin of the series because of its year of mintage. The South African Mint debuted the Krugerrand Collection with the standard 1 oz Gold Krugerrand. It was the first one-troy-ounce gold bullion coin available in the market for private gold investment. During the apartheid policy, Western countries prohibited Gold Krugerrands imports making these initial strikes a highly collectible item.

How do I sell my gold Krugerrand coin?

Online ads can sell almost everything, yet, it is wise to engage with someone who understands numismatics in general. They can conduct a thorough evaluation using established grading systems such as NGC, ensuring fair prices for your gold Krugerrand coin. Despite not having face value, Krugerrands have high concentrations of metal composition and, according to their condition, it may be worth at least their weight in melt value.

Do Krugerrands increase in value?

As a precious metal, bullion inherently preserves value over time. So a gold investment will hardly be worth nothing. On the other hand, Spot prices vary a lot during a typical business day, but not a drastic variation to increase or decrease prices radically. Krugerrands, among the oldest bullion coins, possess semi-numismatic traits that could potentially elevate their value in price charts you may find.

How much gold is in a Krugerrand?

A Gold Krugerrand coin is 22k, which means the gold used to produce Krugerrands is 91.67% pure. The rest of the composition is copper, which makes the coin more rigid and durable. The Krugerrand gold coin series comprises 1 oz, ½ oz, ¼ oz, and 1/10 oz gold coins. These numbers represent the amount of gold weight, and the copper adds to that weight.

Krugerrand Coin Values and Price Charts