A 1 oz gold Krugerrand contains exactly one troy ounce of pure gold, so its value is the gold price plus a small premium. With gold assumed at $4,000 per troy ounce, a 1 oz Krugerrand holds $4,000 of gold, sells at retail for approximately $4,100-4,250 and is bought by dealers for about $3,950-4,050. The half, quarter and tenth ounce sizes scale down from there, with higher percentage premiums. Almost every Krugerrand, from the first 1967 coins to this year's, trades on gold content. Proofs, early dates and some special issues sell above that, but the main job with an inherited Krugerrand is to confirm it is genuine and to sell it close to the day's spot price.
Quick answer
- A 1 oz Krugerrand is worth the gold price plus 2-5 percent at retail, about $4,000-4,200 at $4,000 gold.
- It weighs 33.93 grams because the gold is alloyed with copper, but it holds one full ounce of gold.
- Weight, diameter and thickness catch most fakes; proofs and early dates add modest premiums.
How to check yours, step by step
A scale reading to 0.01 gram, calipers, a strong magnet and the day's gold price are all that is needed.
- Read the gold content on the reverse. Under the springbok, a 1 oz coin says FYNGOUD 1 OZ FINE GOLD. Fractions say 1/2 OZ, 1/4 OZ or 1/10 OZ. The date is on the reverse too, split on either side of the springbok.
- Check the obverse. It shows the bust of Paul Kruger, South Africa's 19th century president, with SUID-AFRIKA and SOUTH AFRICA around the edge. A Krugerrand carries no face value, since it is legal tender for its gold content.
- Weigh it. A 1 oz Krugerrand weighs 33.93 grams, not 31.10, because it is 22 carat gold: 91.67 percent gold, the rest copper. A coin that weighs 31.1 grams is the wrong weight for a Krugerrand.
- Measure the diameter and thickness. The 1 oz coin is 32.77 mm across and 2.84 mm thick. A tungsten-core fake can come close on weight, but matching weight, diameter and thickness at the same time is hard, so one of the three is usually off.
- Hold a strong magnet to it. Gold is not magnetic. A coin that is attracted to a rare-earth magnet is not gold. Passing the magnet test alone proves little, since brass and tungsten do not react either.
- Look at the color and finish. The copper alloy gives Krugerrands an orange or reddish gold color, deeper than 24 carat coins like the Maple Leaf. A proof has mirror fields and a frosted bust and springbok. A bullion coin has a plain bright finish.
- Count the edge reeding on suspected proofs. Bullion Krugerrands have 160 serrations on the edge. Proofs are usually described as having 220, a finer pattern that shows clearly under a loupe.
Gold content and value by size
The table assumes gold at $4,000 per troy ounce. To recalculate, multiply the gold content by the spot price, then add the premium.
| Size | Weight | Diameter | Pure gold | Melt at $4,000 | Typical retail premium |
|---|---|---|---|---|---|
| 1 oz | 33.93 g | 32.77 mm | 1.0000 oz | $4,000 | 2-5% |
| 1/2 oz | 16.97 g | 27.07 mm | 0.5000 oz | $2,000 | 4-7% |
| 1/4 oz | 8.48 g | 22.06 mm | 0.2500 oz | $1,000 | 5-9% |
| 1/10 oz | 3.39 g | 16.55 mm | 0.1000 oz | $400 | 7-12% |
Fractions cost more per ounce to mint, package and sell, so the premium is higher, and dealers also pay a smaller percentage over melt when they buy them back. The fractional sizes were introduced in 1980.
Value at different gold prices
| Gold price | 1 oz melt | Typical retail, 1 oz | Typical dealer buy, 1 oz | 1/10 oz retail |
|---|---|---|---|---|
| $3,000 | $3,000 | $3,070-3,150 | $2,950-3,030 | $325-345 |
| $4,000 | $4,000 | $4,100-4,250 | $3,950-4,050 | $430-450 |
| $5,000 | $5,000 | $5,120-5,250 | $4,950-5,050 | $535-560 |
These are typical ranges, not quotes. Dealer spreads widen when markets move fast and narrow when they are calm. To scale for any other price, multiply by the ounces, add 2-5 percent for retail on a 1 oz coin and subtract about 0-2 percent for a dealer buy price.
What affects the value beyond gold
| Coin | Approximate value at $4,000 gold |
|---|---|
| Common date 1 oz, any year | $4,000-4,250 |
| 1967 to 1970 1 oz, circulated or bullion quality | $4,050-4,400 |
| Proof 1 oz, common year, with box | $4,200-4,700 |
| Proof 1 oz, low mintage year | $4,500-6,000+ |
| 1/10 oz common date | $420-460 |
| Privy mark and anniversary issues | Gold plus 5-20% |
| Silver Krugerrand, 1 oz, from 2017 | Silver plus a premium, about $45-60 at $40 silver |
| Coin in a jewelry bezel or with a loop | Gold value or slightly below |
Early dates
The South African Mint struck the first Krugerrands in 1967, about 40,000 of them, as a way to sell South African gold to private buyers. Mintages grew rapidly in the 1970s, to several million a year. The 1967-1970 coins carry small premiums because collectors like the first years, but they are still mainly gold. A worn 1967 is a gold coin first and a collector coin second.
Proofs
Proof Krugerrands have been struck since 1967 in much smaller numbers than bullion coins. They have mirror-like fields, frosted designs and finer edge reeding, and they came in boxes with certificates from the South African Mint. Common proof years sell for a few hundred dollars above gold. Low mintage years, complete proof sets and coins in original packaging bring more. A proof that has been handled, scratched or mounted loses most of its premium.
Special issues
Modern Krugerrands include privy mark coins, such as the 50th anniversary pieces of 2017, and silver and platinum versions. These are sold at higher premiums than standard bullion, and some of that premium survives on resale, particularly for small mintages. Do not count on getting the full original premium back.
Why Krugerrands became the most common gold coin
For years the Krugerrand was the only easy way for private buyers to own a one ounce gold coin, and tens of millions were sold around the world. Sanctions against apartheid stopped imports into the US and several other countries from the mid-1980s to the early 1990s, which is why many US holders bought theirs before 1985. The result is a deep, liquid market: any coin dealer will buy a Krugerrand at a price close to spot.
Krugerrands compared with other gold bullion coins
Krugerrands are often found alongside other one ounce gold coins, and the comparison helps when sorting an estate. Every coin in this table holds one troy ounce of pure gold, so the gold value is the same. What differs is the weight of the whole coin, the color and the premium buyers pay.
| Coin | Fineness | Total weight | Diameter | Typical retail premium |
|---|---|---|---|---|
| Krugerrand, South Africa | 22 carat, 91.67% | 33.93 g | 32.77 mm | 2-5% |
| American Gold Eagle | 22 carat, 91.67% | 33.93 g | 32.7 mm | 4-7% |
| Britannia, UK, from 2013 | 24 carat, 99.99% | 31.10 g | 38.6 mm | 3-6% |
| Maple Leaf, Canada | 24 carat, 99.99% | 31.10 g | 30 mm | 3-6% |
| American Gold Buffalo | 24 carat, 99.99% | 31.10 g | 32.7 mm | 4-7% |
The Krugerrand usually carries one of the lowest premiums among one ounce coins, because it is the most widely held. That cuts both ways: it costs less to buy, and a seller should expect a price close to spot rather than above it. A dealer quoting noticeably less for a Krugerrand than for a Gold Eagle on the same day is worth questioning.
Counterfeits
Because a Krugerrand is worth thousands, it is a target for fakes. The cheap ones are gold-plated brass or copper and fail on weight at once. The dangerous ones use a tungsten core plated or wrapped in gold, and they can be very close in weight. Tungsten is almost as dense as gold, which is why it is used, but a fake has to be built from layers and fillers to land on 33.93 grams, and the result is often a fraction of a millimeter off in thickness or diameter. Calipers catch that. A ping test, a tap against another coin, gives genuine gold a long clear ring, while tungsten fakes sound dull, though this takes practice. Dealers also use electronic testers that read through the surface and X-ray fluorescence for alloy checks.
The how to tell if gold is real guide covers the general methods. Avoid acid tests and file cuts, which damage a genuine coin and do not detect a gold-plated tungsten core.
Common mistakes
- Expecting a Krugerrand to weigh one ounce. It holds one ounce of gold but weighs 33.93 grams because of the copper alloy.
- Believing an old date is a rarity. A 1974 or 1982 Krugerrand is gold, not a collector coin. The premium for early dates is modest.
- Taking the first offer. Gold buyers' prices vary. Quotes from two or three dealers on the same day take little time and often differ by a hundred dollars or more on a 1 oz coin.
- Testing with acid or a file. It damages the coin and misses tungsten cores. Weight, size and an electronic tester are the right tools.
- Throwing away the proof packaging. A proof without its box and certificate sells for less.
- Paying too much for fractions. The tenth ounce carries the highest premium per ounce, and that premium is not fully recovered on resale.
What to photograph
Use daylight, no flash, and keep the phone flat above the coin.
- The reverse straight on, with the springbok, the date and the gold content readable.
- The obverse straight on, with Kruger's portrait.
- The edge, in a close-up showing the reeding.
- The coin on a scale with the reading visible, to 0.01 gram if possible.
- The coin in calipers or against a ruler, to show diameter and thickness.
- Any box, certificate or capsule for proofs and special issues.
When to get it looked at in person
Gold Krugerrands are straightforward to value, but authenticity is worth settling before selling.
- A local coin or bullion dealer can test a Krugerrand in minutes, often with an electronic or XRF tester, and will quote a price based on spot. This is the usual route for bullion coins.
- PCGS or NGC grading costs tens of dollars per coin and up, plus shipping and fees. It makes sense for proofs, low mintage years and high grade early dates, not for common bullion coins where a holder adds little.
- An auction house suits complete proof sets and rare special issues where collectors compete.
For other gold in the same estate, the US gold coins guide and the inherited coins guide cover the next steps.