South African Mint, with the Rand Refinery supplying the gold and owning the brand
The Krugerrand is a South African gold coin struck since 1967, containing exactly one ounce of fine gold. It was designed from the outset to put gold into circulation in coin form, with no face value inscribed, which explains the tens of millions of pieces in existence. Only a few early low-mintage years and the proof versions are of particular interest to collectors; condition and authenticity still have to be checked.
Bust of Paul Kruger, president of the South African Republic of the Transvaal in the late 19th century, facing left, with the bilingual legend “SUID-AFRIKA · SOUTH AFRICA”.
Reverse
Reverse
A springbok, the antelope that is the country's emblem, in full leap, with “KRUGERRAND” at the top, the date on either side of the animal and the gold weight in Afrikaans and English, “FYNGOUD 1 OZ FINE GOLD” for the ounce.
Edge
Reeded. Proof versions have more serrations than ordinary coins, which helps to tell them apart.
Engraver
Otto Schultz for the portrait of Kruger, Coert Steynberg for the springbok, a design taken from earlier South African coins.
Dates and mintages
Krugerrand: key dates
For an ordinary Krugerrand, the year makes little difference. The first dates (1967 and 1968) were struck in small quantities, and the proof versions (mirror finish, in a case) were limited to about 10,000 a year in the early years. These are the ones that interest collectors.
Krugerrand: dates and mintages
Year
Version
Mintage
Remarks
1967
Ounce, ordinary
40,000
First year.
1967
Ounce, proof
10,000
First proof version.
1968
Ounce, ordinary
20,000
Ordinary mintage even lower than in 1967.
1968
Ounce, proof
10,000
Including 1,044 with frosted bust and springbok.
1970
Ounce, ordinary
211,018
Start of large-scale production.
1970
Ounce, proof
10,000
1978
Ounce, ordinary
6,012,293
Among the highest annual mintages.
1980
1/2, 1/4 and 1/10 ounce
unknown
Introduction of the fractions.
2017
Ounce, gold, “50” privy mark
5,000
50th anniversary, small privy mark.
2017
Ounce, silver
1,000,000
First silver Krugerrand.
2017
Ounce, platinum
2,017
Platinum version for the 50th anniversary.
Mintages from the NGC guide (KM# 73) for 1967 to 1978 and Wikipedia for the 2017 issues. More than 36 million Krugerrands were struck between 1970 and 1980. Mintages of the fractions and of recent years are not detailed here.
Versions, fractions and known fakes
The ordinary version, struck in large runs, has a bright finish but no contrast. The proof version, supplied in a case with a certificate, is recognised by its mirror field, its sharper relief and its edge with tighter serrations. Since 2017, some series carry a small privy mark, such as the “50” of the fiftieth anniversary. The fractions, introduced in 1980, use exactly the same design: only the weight on the reverse changes (1/2 OZ, 1/4 OZ, 1/10 OZ).
The Krugerrand is one of the most counterfeited gold coins today. The most widespread fakes have a tungsten core, a metal with a density very close to gold, covered with a layer of gold: the weight is almost right and the coin is not attracted by a magnet. They often give themselves away by a slightly wrong thickness or diameter, since the volume cannot be exactly the same, and by a duller ring when the coin is tapped. Cruder copies, in gilded brass, have a colour that is too yellow: a genuine Krugerrand is slightly orange, because of its copper. The weight tolerance is narrow, around 0.2% for the ounce. The guide spotting a fake coin (in French) details these checks.
Grading this coin
Thanks to its copper alloy, the Krugerrand resists scratches better than a pure gold coin, but it still marks. On the obverse, the points to check are Paul Kruger's beard and cheekbone, then the hair above the ear. On the reverse, the springbok's shoulder, rump and front legs, and the grass under its hooves.
As the Krugerrand did not pass from hand to hand, real wear is rare. The most frequent defects are contact marks: small nicks left by coins rubbing together in a tube or box, edge knocks, brown or reddish spots due to the copper in the alloy. Proofs are more fragile: a simple fingerprint can dull the mirror field, which is why they are best left in their capsule.
For an ordinary Krugerrand, condition has little effect. For a proof or an early date, a coin with no marks or spots stands out clearly. Do not clean the coin, even to remove a spot: the guide cleaning a coin (in French) explains why.
History
The Krugerrand was first struck on 3 July 1967 by the Rand Refinery and the South African Mint. Its name combines that of Paul Kruger with the rand, the South African currency. South Africa, then the leading gold producer, was looking for a way to sell its metal to private buyers in a practical form. The coin shows no face value in rand, but it is legal tender in the country.
Success came quickly: around 1980, the Krugerrand accounted for about 90% of the gold coins sold worldwide. The fractions appeared that year. In the 1980s, opposition to apartheid led to sanctions: several countries, including the United States in 1985, banned its import. Most of these sanctions were lifted in 1991.
The Krugerrand's success prompted other countries to create one-ounce coins, such as the Canadian Maple Leaf or the Austrian Philharmonic. For 2017, the fiftieth anniversary, silver and platinum versions were added. Find other foreign gold coins in the section gold coins (in French).
In Strasbourg
Krugerrand in Alsace
The Krugerrand has no historical link with Alsace and never circulated as money in France. It is found in Alsatian estates as in the rest of the country. It sometimes comes with its fractions, gathered as a set by the same person.
It was designed to represent a weight of gold, one ounce, rather than a sum in rand. It is nonetheless legal tender in South Africa.
How can I recognise a proof version?
The field is a mirror, the relief is sharper and often frosted, and the edge has more serrations. These coins were supplied in a case with a certificate; without the case, they can still be identified by their appearance.
My Krugerrand has an orange tint: is that normal?
Yes. The alloy contains 8.33% copper, which gives a warmer colour than a pure gold coin. A bright yellow tint, on the other hand, should raise suspicion.
Is weight enough to prove a Krugerrand is genuine?
No. Fakes with a tungsten core have an almost correct weight. The diameter and thickness also need to be measured, and at the slightest doubt, have the coin examined by a numismatist.