South African Krugerrand Coins
What is the South African Krugerrand Coin?
South Africa’s Krugerrand coin was minted for the first time in 1967, in an effort to market South African gold. At the time gold bullion coins weren’t readily made and the Krugerrand allowed regular people to invest in gold bullion. The coin was produced by Rand Refinery, in cooperation with the South African Mint and gets its name from Paul Kruger, a former President of the South African Republic, and the rand, which is the name of South Africa’s currency. On the obverse of the coin, Paul Kruger lends his profile, while on the reverse, South Africa’s national animal, the pronking springbok is pictured. These coins are considered to be legal tender in South Africa, as per the 1989 South African Reserve Bank Act.
In Western countries, the Krugerand became unpopular by the 1980’s and 1990’s due to its association with South Africa’s apartheid government. The United States government eventually banned the coin in 1985 – one year before the ban, $600-million worth of the coin was bought, sold or traded in the US.
Coins inspired by the Krugerrand
The popularity of the South African Krugerrand gave way to several gold bullion coins around the globe.
- Canadian Gold Maple Leaf – 1979
- Australian Nugget – 1987
- Chinese Gold Panda -1982
- American Gold Eagle in 1986
- British Britannia – 1987
Is South African Krugerrand illegal in the US?
No. The coin is completely legal. In 1985 the US governement banned the coin due to the politics of South Africa’s apartheid government. But those bans were lifted and the Krugerrand can be imported, bought or sold like other coins.
Production of South African Krugerrand
Design
On the obverse of the coin is a profile of Paul Kruger, originally created in 1892 by Otto Schultz. On the reverse is a 1947 design by Coert Steynberg of a pronking springbok antelope.
50th Anniversary Krugerrand
In 2017, to commemorate the coin’s 50th anniversary, the South African Mint produced uncirculated coins, platinum coins, and silver coins. Here are the issue limits for each denomination of coin during the 50th anniversary minting:
- Platinum – 2,017
- Gold – 5,000
- Silver – 1,000,000
- Silver Proof – 15,000
Specifications of South African Krugerrand
- 1 troy oz of fine gold
- Diameter – 1.28 inches
- Thickness – 0.11 inches
- Composed of 91.67% gold
- Minted from 1967 to present day
In subsequent years, more Krugerrand coins were minted. Here are the gold Krugerrand specifications:
- 1/2 troy oz – 27.0 mm diameter, 2.21 mm thickness
- 1/4 troy oz – 22.0 mm diameter, 1.88 mm thickness
- 1/10 troy oz – 16.5 mm diameter, 1.35 mm thickness
Customer Testimonial
How many karats are there in South African Krugerrand?
The South African Krugerrand is 22 karat gold.
Can you buy a South African Krugerrand?
Yes. South Africa’s Krugerrand has a long and rich history in attracting investors. In its heyday, the coin was the only gold coin, weighing one ounce available to investors readily. It is, and has always been, an excellent coin for the purposes of investment and gold speculation. As always, when purchasing coins it’s important to work with a reputable dealer who has the correct paperwork and knowledge to understand what they’re working with.
Choose Crown Gold Exchange
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Crown Gold Exchange will purchase any kind of gold you bring us, including 8-karat, 10-karat, 14-karat, 18-karat, 21-karat, 22-karat, 24-karat, or anything else. We buy gold bars, gold bullion, gold jewelry and some gold plated items like pocket watches. If you happen to be in possession of an exclusive piece made by a top gold designer such as Cartier, Tiffany, Rolex, or Patek Philippe, we will often pay more than the weight of the item. Such special pieces often command a higher price on the secondary market due to their superior craftsmanship.
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