A 1 oz Krugerrand contains exactly 1.000 troy ounce of fine gold (31.103 grams). Its gross weight is 33.930 grams because the coin is struck in 22-karat gold — 91.67% gold and 8.33% copper. At spot gold of $4,134.80 per troy ounce on October 7, 2026 (gold-api.com, 2026-10-07 07:29 UTC), the melt value of a 1 oz Krugerrand is $4,134.80. In the secondary market, a bullion-grade 1 oz Krugerrand typically sells for $20–$80 above spot.
Use the gold value calculator for today’s live melt value.
Specifications for All Krugerrand Sizes
South Africa introduced fractional Krugerrands in 1980. All sizes use the same 22K (91.67% gold) alloy and guarantee the gold content listed — the gross weight is always higher because of the copper alloy.
Specifications confirmed by South African Mint and Rand Refinery.
| Coin | Gold content (ozt) | Gold content (g) | Gross weight (g) | Diameter | Melt value (Oct 7, 2026) |
|---|---|---|---|---|---|
| 1 oz | 1.0000 | 31.103 | 33.930 | 32.77 mm | $4,134.80 |
| 1/2 oz | 0.5000 | 15.552 | 16.965 | 27.07 mm | $2,067.40 |
| 1/4 oz | 0.2500 | 7.776 | 8.482 | 22.06 mm | $1,033.70 |
| 1/10 oz | 0.1000 | 3.110 | 3.393 | 16.55 mm | $413.48 |
The “specified weight” on each coin refers to the gold content only, not total weight. This is why “1 troy oz Krugerrand” actually weighs 1.09 troy oz total — the extra weight is the copper alloy.
Worked Melt Value Calculation
For a 1 oz Krugerrand at October 7, 2026 spot prices:
- Gold content: 1.0000 troy ounce exactly
- Spot gold: $4,134.80/ozt
- Melt value: 1.0000 × $4,134.80 = $4,134.80
For a 1/4 oz Krugerrand:
- Gold content: 0.2500 troy ounces
- Melt value: 0.2500 × $4,134.80 = $1,033.70
The copper component (8.33% of gross weight) has negligible additional value relative to the gold.
Why 22K Instead of 24K?
The Krugerrand was introduced in 1967 partly as an alternative to 24K pure gold bars, which are easily scratched and dented. The South African Mint chose 22K (the same alloy used in historic British sovereigns and pre-1933 US gold coins) because:
- Copper hardens the coin, making it more durable for circulation and handling.
- The copper gives the Krugerrand its characteristic warm, slightly reddish gold color — distinguishable from the bright yellow of 24K coins like the Canadian Gold Maple Leaf.
- The 22K alloy was already a trusted standard in gold coinage worldwide.
The trade-off is that the coin is slightly larger than a 1 oz 24K coin of the same gold content, because copper is less dense than gold.
History and Market Significance
The Krugerrand was the world’s first modern gold bullion coin when it launched in July 1967. It was designed to make gold ownership accessible to private investors in a standardized, easily traded form. By 1980, Krugerrands accounted for more than 90% of the global gold coin market.
The coin shows President Paul Kruger (president of the old South African Republic) on the obverse, and a pronking springbok antelope on the reverse. The design on the reverse was created by sculptor Coert Steynberg in 1947 and previously appeared on South African five-shilling coins.
From 1985 to 1991, the United States banned Krugerrand imports due to South Africa’s apartheid policies. Many Western countries imposed similar restrictions. After apartheid ended, sanctions were lifted and the Krugerrand resumed its position as a major global bullion coin.
By 2017, over 53 million troy ounces of gold Krugerrands had been sold since launch — more than 60 million individual coins counting fractional sizes.
Krugerrand vs. Other 1 oz Gold Coins
| Coin | Fineness | Gold content | Distinguishing feature |
|---|---|---|---|
| South African Krugerrand | 22K (0.9167) | 1.000 ozt | Oldest modern bullion coin; copper alloy |
| American Gold Eagle | 22K (0.9167) | 1.000 ozt | $50 face value; US Mint |
| Canadian Gold Maple Leaf | 24K (0.9999) | 1.000 ozt | Highest-purity mainstream bullion coin |
| Austrian Gold Philharmonic | 24K (0.9999) | 1.000 ozt | Most popular European gold coin |
| British Gold Britannia | 24K (0.9999) | 1.000 ozt | Legal tender in UK; tax exempt in UK |
All contain 1.000 ozt of gold and have the same base melt value. Premiums above spot vary by coin, condition, and current market demand. The Krugerrand tends to trade at lower premiums than equivalent US Mint products because it carries no numismatic face value and has very high global liquidity.
Buying vs. Selling: What to Expect
Buying: Typical buy premiums for 1 oz Krugerrands are in the 3–6% over spot range from established coin dealers — check current dealer listings for live prices, as premiums shift with availability and demand.
Selling: Most dealers pay above spot for bullion-grade Krugerrands because of their high global liquidity. The exact percentage depends on current market conditions and quantity — consult the Dealer Payout Calculator and compare at least two live buyback quotes before selling. Proof Krugerrands (identified by 220 edge serrations rather than 180 on bullion strikes) carry additional premiums for limited mintage and collector demand.
Check the dealer payout calculator to evaluate any offer against spot price. No offer for a bullion-grade Krugerrand should fall below the melt value in the table above.
Proof and Special Edition Krugerrands
The South African Mint produces annual proof Krugerrands in limited quantities at significant premiums above bullion value. The 50th anniversary issues from 2017 included platinum and silver versions alongside gold. These are priced as collectibles, not as pure bullion, and should be evaluated separately from the standard bullion coins.
For comparison with pre-1933 US gold coins at similar price points, see pre-1933 gold coins melt value.