Krugerrand — Gold Coins

Krugerrand — the history of the world's most important bullion coin

The Krugerrand was introduced in 1967 in the Republic of South Africa and is widely regarded as the first modern bullion coin produced at scale for the physical gold market. This issue practically defined the entire segment of contemporary bullion coins and remains a benchmark for other state mints around the world.

The obverse features a portrait of Paul Kruger — President of the South African Republic from 1883 to 1900 — after whom the coin is named. The reverse, depicting a springbok (the national symbol of South Africa), was designed by Coert Steynberg. The combination of history, sovereign origin and the backing of the South African Mint and Rand Refinery makes the Krugerrand one of the most trusted coins in the world of gold.

Gold content, alloy and durability of the Krugerrand

Unlike many coins struck in 999.9 fineness, the Krugerrand is minted in a 22-carat alloy (Au 916.7/1000) with a copper addition. This does not change the declared fine gold content — a Krugerrand 1 oz contains exactly 1 troy ounce (31.1035 g) of pure gold. The copper addition gives the coin its characteristic warm tone and increases resistance to minor mechanical damage.

For the buyer this means a more durable product than many 999.9 coins — while retaining full precious metal value. This is one of the features that have distinguished the Krugerrand from other bullion issues for decades.

Krugerrand denominations — specification

All denominations contain the declared amount of fine gold. The difference between total weight and fine gold weight is due to the copper content in the 22-carat alloy.

VAT exemption — Krugerrand gold bullion

As investment-grade gold bullion meeting the criteria of EU Directive 2006/112/EC, the Krugerrand is exempt from VAT. The price contains no tax — the buyer pays only for the precious metal value and the producer premium. This is a significant advantage of gold over silver, platinum and palladium, which in physical form are subject to standard VAT rates.

Krugerrand 1 oz or fractional — how to choose?

The most popular denomination remains the Krugerrand 1 oz — the most classic format in the bullion coin segment, offering the best ratio of premium to precious metal value. The full ounce carries the lowest percentage premium and the highest liquidity at resale.

Fractional coins — 1/2 oz, 1/4 oz and 1/10 oz — are chosen by buyers building their position gradually or those who prefer greater portfolio flexibility. The percentage premium increases with decreasing weight, but smaller denominations allow partial sales without liquidating the entire holding.

Why Krugerrand — key features of the issue

• the world's first modern bullion coin — minted continuously since 1967,
• South African Mint + Rand Refinery — sovereign minting and refining infrastructure,
• 22-carat alloy — enhanced durability with full fine gold content,
• VAT exempt — tax-free pricing under EU Directive 2006/112/EC,
• global recognition — accepted by dealers worldwide,
• 4 denominations — from 1/10 oz to 1 oz, flexible position building.

Krugerrand at GoldInvest24

Compare available vintages and denominations, check current prices and choose Krugerrand gold coins that fit your strategy. Live gold quotes are available on the precious metals prices page. Other bullion issues — gold coins.

FAQ — Krugerrand, gold bullion coins

What is a Krugerrand?

The Krugerrand is the world's first modern bullion coin, minted since 1967 by the South African Mint in partnership with the Rand Refinery. It remains one of the most important issues in the history of the physical gold market and one of the most widely traded bullion coins in the world.

What is the gold fineness of a Krugerrand?

The Krugerrand is struck in a 22-carat alloy (Au 916.7/1000) with a copper addition. Despite the lower fineness, the coin contains the declared amount of fine gold — the 1 oz variant contains exactly 31.1035 g of pure gold. The copper addition increases the coin's durability.

Which Krugerrand denomination should I choose?

The most popular choice is the Krugerrand 1 oz — it offers the lowest percentage premium and the highest liquidity. Fractional coins (1/2 oz, 1/4 oz, 1/10 oz) are suitable for gradual position building or when flexibility for partial sales is desired.

Is the Krugerrand VAT exempt?

Yes. As investment-grade gold bullion, the Krugerrand meets the criteria of EU Directive 2006/112/EC and is exempt from VAT. The price contains no tax — the buyer pays only for the precious metal value and the producer premium.

Who designed the Krugerrand?

The obverse features a portrait of Paul Kruger — President of the South African Republic (1883–1900). The reverse depicting a springbok (the national symbol of South Africa) was designed by Coert Steynberg. The springbok is one of the most recognisable motifs in the world of bullion coins.