Krugerrand Denominations
Also: Krugerrand sizes, KR denominations
The South African Krugerrand is minted in four official weight denominations: 1 oz, 1/2 oz, 1/4 oz and 1/10 oz - all with an identical fineness of 916.7/1000 (22 carat).
The Krugerrand is the oldest and best-selling gold bullion coin in the world. Since 1967 it has been minted by the Rand Refinery in Germiston and the South African Mint in Centurion. What surprises many buyers: the Krugerrand is not a pure gold coin but a 22-carat alloy of 91.67 % gold and 8.33 % copper - this gives it its characteristic reddish tint and increases scratch resistance in everyday handling.
The Four Official Weight Denominations
Since 1980 the denomination programme has been complete. Each size contains the same fineness of 916.7 ‰, but differs in total weight, diameter and thickness:
| Denomination | Fine gold | Gross weight | Diameter | Thickness |
|---|---|---|---|---|
| 1 oz | 31.1035 g | 33.930 g | 32.77 mm | 2.84 mm |
| 1/2 oz | 15.5518 g | 16.965 g | 27.07 mm | 2.215 mm |
| 1/4 oz | 7.7759 g | 8.482 g | 22.05 mm | 1.888 mm |
| 1/10 oz | 3.1103 g | 3.393 g | 16.55 mm | 1.35 mm |
The gross weight is higher than the fine weight in each case, because the copper content is added. You can calculate the current metal value of each denomination with the gold calculator or the melt value calculator.
Fineness and Calculation of the Gold Content
Fine weight = gross weight × 0.91667
Example 1 oz: 33.930 g × 0.91667 ≈ 31.1035 g fine gold
The spot price is always quoted per troy ounce (31.1035 g). The material value of the 1 oz Krugerrand therefore corresponds almost exactly to the current daily gold price - plus the premium (agio) that dealers charge for minting, logistics and margin.
Price Premiums by Denomination
Smaller denominations carry proportionally higher premiums, because the production costs per coin are similar while the gold content falls sharply:
- 1 oz: typically 2-4 % over spot
- 1/2 oz: typically 4-6 % over spot
- 1/4 oz: typically 6-9 % over spot
- 1/10 oz: typically 10-15 % over spot
Anyone who wants to buy as close to the spot price as possible does best with the 1 oz coin. Smaller denominations are suitable when flexibility on sale or gifting is a priority. Note: This is not investment advice.
Proof Issues and Special Mintings
In addition to the standard bullion coins (Brilliant Uncirculated), all four denominations are also available as proof coins with a highly polished mirror field and matt relief. This collector's edition is minted in lower numbers and delivered with a certificate and capsule. The surcharge over the bullion variant is considerable; the resale value is then driven more by numismatics than by material value.
VAT and Legal Classification
All four denominations of the Krugerrand qualify as investment gold under Directive 2006/112/EC and are therefore exempt from VAT in Malta. Malta levies no capital gains tax on private disposals of movable assets such as precious metals - Maltese CGT applies only to specific assets such as immovable property, securities and business interests - so a private individual's gain on the resale of a Krugerrand is generally outside its scope. No tax or legal advice; please consult a tax adviser in individual cases.
Authenticity Testing by Dimensions
The dimensional tolerances of the Rand Refinery are tight. With the coin weight checker the weight of each denomination can be checked against the target values. Deviations of more than 0.05 g or conspicuous diameter values indicate counterfeits - typically tungsten cores with a gold coating.
In Brief
The Krugerrand exists in four weight sizes (1 oz to 1/10 oz) with consistently 22-carat gold. Those seeking capital efficiency choose the 1 oz variant; those who want to divide into smaller units pay a higher premium for it. Always check the current gold price and material value before buying.