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Krugerrand

The Krugerrand is a South African bullion coin first minted in 1967 to promote South African gold and make private gold ownership more accessible.

By Ethan Anderson| Reviewed by Olivia Bennett, Standards & Fact-Checking Lead| Updated July 26, 2026|2 min read| Fact-checked

The Krugerrand is a South African bullion coin first minted in 1967 to promote South African gold and make private gold ownership more accessible. It is produced by the South African Mint and Rand Refinery, and is widely known as the first modern gold bullion coin. The coin’s name combines Paul Kruger and the rand, South Africa’s currency unit.

History

The Krugerrand was first minted on 3 July 1967 to help market South African gold internationally and encourage private ownership of gold. It quickly became one of the most widely recognised bullion coins in the world.

Design and specifications

The gold Krugerrand is made from 22-karat gold, with copper added for durability. The standard coin contains 1 troy ounce of fine gold, while the coin’s total weight is higher than one ounce.

Krugerrands are legal tender in South Africa, although their value is tied to the gold price rather than a fixed face value. They are widely traded by investors and collectors as bullion rather than as numismatic pieces.

Variants

While the original Krugerrand was a gold coin, later versions have also been issued in silver and platinum. These issues extend the brand beyond the original gold bullion coin.

Key facts

  • The Krugerrand was introduced in 1967 as an investment coin for gold ownership.
  • It is generally described as the first modern gold bullion coin.
  • The standard gold Krugerrand contains 1 troy ounce of pure gold but has a higher total weight because of copper alloy.
  • Krugerrands became highly traded internationally and were especially prominent in the gold markets of the 1970s and 1980s.
  • Later Krugerrand issues expanded beyond gold to silver and platinum.
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Canadian context

Krugerrands are relevant to Canadian readers as internationally traded bullion coins that may be bought, sold, or held by investors and collectors in Canada through precious-metals dealers and financial markets.

Frequently asked questions

What is a Krugerrand?
A Krugerrand is a South African bullion coin, originally issued in gold, that was created to promote South African gold and facilitate private gold investment.
When was the Krugerrand first minted?
The first Krugerrands were minted on 3 July 1967.
How much gold is in a standard Krugerrand?
A standard gold Krugerrand contains 1 troy ounce of fine gold and is made of 22-karat gold.
Is a Krugerrand legal tender?
Yes. Krugerrands have legal tender status in South Africa, but their market value is usually based on the gold price.
Why is it called a Krugerrand?
The name combines Paul Kruger’s surname with the word rand, the South African currency unit.
Are Krugerrands only made in gold?
No. The original Krugerrand is gold, but later issues have also been made in silver and platinum.

References

  1. Wikipedia — https://en.wikipedia.org/wiki/Krugerrand
    Supports: First minted in 1967; South African coin; produced by Rand Refinery and South African Mint.
  2. Investopedia — https://www.investopedia.com/terms/k/krugerrand-gold-coin.asp
    Supports: Legal tender status; value tied to gold price; 1 ounce of gold content; international investment role.
  3. The Royal Mint — https://www.royalmint.com/invest/discover/gold-market/the-history-of-the-krugerrand/
    Supports: 22 carat gold; 91.67% purity; one troy ounce of gold; premium over spot price.
  4. Wikipedia (German) — https://de.wikipedia.org/wiki/Krugerrand
    Supports: Later issues in silver and platinum.