The Krugerrand is a South African gold coin first produced by the South African Mint Company in 1967. Half ounce, quarter ounce, and tenth ounce Krugerrand Gold Coins were introduced in 1980. These coins were marketed so successfully that by the early 1980s they held an 89% market share of the entire gold bullion coin industry. The unique concept behind the 1 oz Krugerrand was that the coin’s value was dervied solely from the current value of gold. As a result the coin was not marked with a rand value.
The Krugerrand Gold Coin Family
1 Troy Ounce Equals 31.103 Grams
Gross Weight: 33.930 grams
Thickness: 2.84 mm
Diameter: 32.77 mm
Gold Content: 31.10 grams / 1.000 ounces
1/2 Troy Ounce Equals 16.965 Grams
Gross Weight: 16.965 grams
Thickness: 2.215 mm
Diameter: 27.07 mm
Gold Content: 15.55 grams / 0.500 ounces
1/4 Troy Ounce Equals 8.482 Grams
Gross Weight: 8.482 grams
Thickness: 1.88 mm
Diameter: 22.06 mm
Gold Content: 7.77 grams / 0.250 ounces
1/10 Troy Ounce Equals 3.393 Grams
Gross Weight: 3.393 grams
Thickness: 1.35 mm
Diameter: 16.55 mm
Gold Content: 31.10 grams / 0.100 ounces
These coins are legal tender. Its composition was designed to be more durable. Its purity is .9170, or 91.7% gold, with the remainder being copper. Copper alloy gold coins are more resistant to wear than their 24 karat counterparts. The coin also appears closer to an orange shade than coins alloyed with silver. Each 1 oz coin weighs 33.93 grams (consisting of 31.1 grams pure gold and 2.83 grams copper).
The coin’s name is a combination of the first Boer president of the South African Republic, Paul Kruger, and the name of the South African currency, the rand. The coin features Paul Kruger on the obverse of the coin and a springbok, a famous national symbol of the South African Republic, on the reverse. The words “South Africa” and “fine gold” are displayed in both English and Afrikaans. The South African Mint also manufactured limited quantities of proof Krugerrands, which can be differentiated by the number of serrations on the edge of the coin — 220 serrations for proof coins compared to 180 serrations for uncirculated coins.
In 1980, following the success of the 1 oz Krugerrand, the South African Mint started producing fractional coins in 1/2 oz, 1/4 oz and 1/10 oz denominations. These fractionals make it easier to barter with and make gold coins more affordable for every price point. A special mintage of only 30 proof coins in each denomination commemorated the 30th anniversary of the Krugerrand in 1997. The Krugerrand is one of the most widely owned gold coins to date, with sales of close to 50 million ounces since inception.