GoldInvestingWhat a Krugerrand Is Worth, and What's Inside One
A one-ounce Krugerrand holds exactly 1 troy ounce of gold in a 22-karat coin weighing 33.930 g. What it's worth, its specs, its history and its IRA status.
A one-ounce Krugerrand is worth its troy ounce of pure gold, today’s spot price at today's spot price, plus a premium when you buy. It's a 22-karat coin weighing 33.930 grams. Rand Refinery and the South African Mint first struck it on 3 July 1967, and it now comes in four bullion sizes: 1, 1/2, 1/4 and 1/10 ounce.
What's inside a Krugerrand
These figures come from the official Krugerrand website run for Rand Refinery and the South African Mint. Every size uses the same 22-karat alloy and contains its stated weight of pure gold.
| Spec | 1 oz | 1/2 oz | 1/4 oz | 1/10 oz |
|---|---|---|---|---|
| Gross weight | 33.930 g | 16.965 g | 8.482 g | 3.393 g |
| Gold content | 1 troy oz | 1/2 troy oz | 1/4 troy oz | 1/10 troy oz |
| Fineness | Au 916.67, Cu 83.33 (22 karat) | |||
| Diameter | 32.69 mm | 27 mm | 22 mm | 16.5 mm |
| Thickness | Not listed by the issuers | |||
| Face value | None in currency. Legal tender in South Africa, denominated in ounces of fine gold | |||
| Makers | Rand Refinery and the South African Mint (bullion). The South African Mint makes proof Krugerrands | |||
| First year | 1967 (one ounce). Fractional sizes from 1980 | |||
| Designs | Obverse: Paul Kruger, president from 1883 to 1900 according to the official Krugerrand site. Reverse: springbok, modelled by Coert Steynberg | |||
So why 33.930 grams for a one-ounce coin? Copper. Rand Refinery describes the Krugerrand as "made from 22 carat gold, 9167 of pure gold and 833 parts copper," and says the copper keeps the coins from being easily scratched or defaced. The full troy ounce of gold (31.103 grams) is still in there; the other 2.827 grams are copper.
What is a Krugerrand worth?
Its gold at the current spot price, give or take a dealer's margin. The official Krugerrand history says the coin "is valued solely according to the current price of gold." That makes the one-ounce coin worth today’s spot price in gold today, with the half-ounce, quarter-ounce and tenth-ounce coins scaling down from there.
Buying, you pay that gold value plus a premium for minting, distribution and the dealer's costs. Selling, you get a price tied to spot. Premiums differ between dealers, so say you've got two quotes on ten Krugerrands: we'd compare them on the total price per ounce of gold. The premium calculator does that math, and the gold value calculator works out melt value for any weight and purity.
Gold value calculatorAny weight, any karat, at today's spot price. First struck in 1967
The South African Mint and Rand Refinery struck the first one on 3 July 1967. Rand Refinery says the coin was "a brainchild of the Chamber of Mines" of South Africa, and the official Krugerrand site says it was introduced "as a vehicle for private ownership of gold." It calls it the world's first ounce-denominated gold coin.
For its first years it came in one size. The 1/2, 1/4 and 1/10 ounce bullion coins arrived in 1980, according to the South African Mint, along with a proof range.
The design hasn't moved. The Mint says the one-ounce coin looks the same as the day the first was struck: Paul Kruger on the front, and on the back a springbok, South Africa's national animal, modelled by sculptor Coert Steynberg.
The South African Mint describes the coin's growth as running "through apartheid and sanctions." On its Golden Jubilee page it says more than 53 million ounces of gold (over 60 million coins) had been sold since 1967. A silver bullion Krugerrand joined the family in 2018.
Can a Krugerrand go in a gold IRA?
No. Internal Revenue Code section 408(m) treats an IRA's purchase of a collectible, coins included, as a distribution. Section 408(m)(3) carves out only two exceptions, and the Krugerrand misses both:
- Coins named in the statute. These are specific U.S. coins (the American Gold Eagle sizes in 31 U.S.C. 5112(a)(7) to (10), American Silver Eagles, American Platinum Eagles) and coins issued under the laws of a U.S. state. The Krugerrand isn't one of them.
- Bullion at futures-exchange fineness: gold "of a fineness equal to or exceeding the minimum fineness" required for delivery on a regulated futures contract, held by the IRA trustee. CME Group's COMEX gold contract requires "a minimum of 995 fineness." The Krugerrand is 916.67 fine.
The American Gold Eagle is 22 karat too. It qualifies only because the statute names it. If an IRA is what you're after, the American Gold Eagle, American Gold Buffalo and Canadian Gold Maple Leaf all qualify. The gold IRA coin checker tests any coin, and the gold IRA guide explains the accounts.
IRA coin checkerDoes a coin or bar meet the IRS rules for an IRA? Next to the Gold Eagle and Maple Leaf
| Coin | Fineness | Gross weight | Diameter | IRA exception |
|---|---|---|---|---|
| Krugerrand | 91.67% (22k) | 33.930 g | 32.69 mm | No |
| American Gold Eagle | 91.67% (22k) | 33.931 g | 32.70 mm | Yes, named in statute |
| Canadian Gold Maple Leaf | 99.99% (24k) | 31.11 g | 30 mm | Yes, meets 995 fineness |
Each holds one troy ounce of gold. The Krugerrand and Eagle are nearly twins on size and weight because both are 22-karat alloys; the Krugerrand uses copper alone, while the Eagle adds 3% silver. The gold coins guide lines up all the major coins.
Buying and checking a Krugerrand
Rand Refinery and the South African Mint sell through authorized dealers, and in the U.S. you'll find Krugerrands at coin and bullion dealers (see how to buy gold and gold dealers). For authenticity testing, the South African Mint points buyers to Rand Refinery. A good first check is to weigh and measure the coin against the specs above; how to spot fake gold goes further.
Other things Krugerrand buyers ask
How much gold is in a Krugerrand?
Exactly one troy ounce (31.103 grams) in the one-ounce coin. It weighs 33.930 grams because the gold is alloyed with copper.
How much is a 1 oz Krugerrand worth?
Its gold is worth today’s spot price at today's spot price. Dealers sell it for that plus a premium and buy it back at a price tied to spot. The gold price page has the live figure.
Is the Krugerrand pure gold?
No. It's 22 karat: 916.67 parts gold and 83.33 parts copper per thousand.
Why does the Krugerrand have no face value?
It's denominated in ounces of fine gold instead of rand. It's still legal tender in South Africa.
Who makes the South African Krugerrand?
Rand Refinery and the South African Mint make the bullion coin together. The South African Mint makes the proofs.
Can I put Krugerrands in my IRA?
No. The Krugerrand isn't named in Internal Revenue Code section 408(m)(3), and its 916.67 fineness is below the 995 minimum used for the bullion exception.
Sources and fact-check12 primary sources, checked October 17, 2026
- Krugerrand (Rand Refinery and South African Mint): The Real Krugerrand
- Krugerrand: Gold bullion coin specifications
- Krugerrand: The Coin
- Krugerrand: 3 July 1967, Krugerrand, birth of a gold icon
- Rand Refinery: Products, Krugerrands
- South African Mint: Bullion
- South African Mint: Krugerrand Golden Jubilee
- 26 U.S. Code 408(m), Investment in collectibles (Cornell LII)
- 31 U.S. Code 5112, Denominations, specifications, and design of coins (Cornell LII)
- CME Group: Gold Futures Contract Specs
- Royal Canadian Mint: 2026 Gold Maple Leaf 1 oz bullion coin
- United States Mint: Bullion Coin Programs
We check every figure against the original source: the mint, the regulator, the exchange or the company itself. Spotted something out of date? Tell us.
