South African Silver Krugerrand Coins

silver coin icon South Africa flag icon Silver Krugerrands - available as BU coins since 2018

A silver version of the popular Gold Krugerrands had been requested and anticipated for a long time. The South African Mint used the 50th anniversary of the popular gold coins in 2017 as an opportunity to test a silver version. The premium uncirculated and proof Silver Krugerrands that were issued in 2017 were however mainly aimed at collectors. Investors that prefer to buy silver in the form of brilliant uncirculated coins however had to wait until 2018 for the first such issue of the Silver Krugerrand coins.

The South African Krugerrand silver coins are minted out of 99.9% pure silver just like most other silver bullion coins. Brilliant uncirculated coins are only offered in the 1 oz denomination for now (proof coins in 1 oz and 2 oz). The coins can be purchased individually, in tubes of 25 coins and in boxes of 500 coins. The design of the coins is identical to that of the gold version and shows a portrait of the 5th South African president Paul Kruger on the obverse and an image of a springbok antelope on the reverse. The Silver Krugerrands that were issued in 2017 also displayed a special anniversary privy mark on their reverse side.

Whereas the annual mintage of proof coins is capped, brilliant uncirculated coins are produced according to the current market demand. With their official face value of 1 Rand, Silver Krugerrand coins have legal tender status in South Africa and their weight, metal content and purity is guaranteed by the South African government. American buyers that are investing in silver for their retirements can include the coins in their Individual Retirement Accounts (IRA's).

obverse side of the 2017 issue of the premium uncirculated 1 oz South African Silver Krugerrands
reverse side of the 2017 issue of the premium uncirculated 1 oz South African Silver Krugerrand coins
1 oz premium Silver Krugerrand 2017

Coin Specifications

Weight Face Value Purity Diameter x Thickness
2 oz* 2 Rand 99.9% 50 x ?? mm
1 oz 1 Rand 99.9% 38.7 x 2.84 mm

* only with a proof finish since 2020

Silver Krugerrand Coin Design

The design of the gold and silver version of the South African Krugerrands is identical. Otto Schultz designed the obverse side which bears the portrait of Paul Kruger. He was South Africa's 5th president from 1883 until 1900 and is still remembered today for his heroic leadership in the fight of the Boers against the British during the Second Boer War. Around the image of Kruger's head appear the words "South Africa" and its native equivalent "Suid Afrika".

On the reverse side of the Silver Krugerrand coin appears the iconic image of South Africa’s springbok antelope that was designed by the internationally acclaimed South African sculptor Coert Steynberg. The image had initially been used on the South African five shilling coin before it appeared on the Gold Rand and later the Gold Krugerrand. The coin's name Krugerrand appears above the animal's image along the coin's upper edge and the information about the coin's actual silver content and face value appear along the lower edge. The first two digits of the year of mintage appear near the left edge and the last two digits near the right edge. Silver Krugerrand coins don't have a mint mark. The initial 2017 edition displays a privy mark on the reverse side though that is dedicated to the 50th anniversary of the Krugerrand. The circular privy mark shows the number 50 surrounded by a circular inscription made up of the years "1967" and "2017" and the words "YEAR ANNIVERSARY".

History of the Silver Krugerrand

The Silver Krugerrand had long been requested and anticipated by collectors and investors worldwide. Whereas the first Gold Krugerrands were already minted in 1967, it took until 2017 for the South African Mint to issue a 1 oz silver version. The 2017 coins were only available as proof and premium uncirculated coins but not yet as regular brilliant uncirculated coins. The premium uncirculated version out of the highest quality silver with laser-etched designs was mainly aimed at collectors. Furthermore, the 2017 coins were meant as a one-year-only release to celebrate the 50th anniversary of the Krugerrand. That anniversary was commemorated with a special privy mark on the reverse side of the coins. Mintage of both the premium uncirculated version and proof version was capped at 1,000,000 pieces and 15,000 pieces respectively.

To the delight of investors, a bullion version of the 1 oz silver coins was launched in June 2018. These regular brilliant uncirculated coins sell close to the spot price of the metal and are scheduled to be released annually henceforth. Their mintage is not capped and according to the current market demand. In 2020, a 2 oz proof version of the Silver Krugerrand coins was introduced to the market so it seems possible that a 2 oz BU version may follow at some point.

The South African Mint produces all proof Krugerrands on its own. However, the bullion version of the South African Silver Krugerrand coins is manufactured jointly with the Rand Refinery.

Mintage Numbers

Mintage of the brilliant uncirculated Silver Krugerrands that are issued since 2018 is not capped and depends on the current market demand. The mintage limit for the premium uncirculated 1 oz coins that were issued in 2017 was set at 1,000,000 pieces. Annual mintage of the 1 oz proof Silver Krugerrand coins is also capped but the cap was raised from 15,000 to 20,000 coins in 2019. Mintage of the 2 oz proof Silver Krugerrand that was first issued in 2020 was set at 10,000 pieces.

obverse side of the 2014 issue of the brilliant uncirculated 1 oz South African Gold Krugerrands
reverse side of the 2014 issue of the brilliant uncirculated 1 oz South African Gold Krugerrand coins

South African Gold Krugerrands

The South African Gold Krugerrand coins dominated the world's gold coin market for a long time and are still the most traded gold bullion coins in the world. The coins are so named because a portrait of Paul Kruger, the 5th president of the South African Republic from 1883 until 1900, appears on their obverse side. They are minted by the South African Mint out of 91.67% pure gold since 1967. Gold Krugerrands are legal tender in South Africa even though there is no face value imprinted on them. The coins are offered with brilliant uncirculated and proof finishes in the four denominations of 1 oz, 1/2 oz, 1/4 oz and 1/10 oz.

The South African Gold Krugerrand page gives more information about the coins and allows you to compare current prices.

reverse side of the 2017 issue of the proof 1 oz South African Platinum Krugerrands

South African Platinum Krugerrands

The South African Mint started producing Krugerrand coins out of platinum in 2017. The coins are 99.99% pure whereas most other platinum bullion coins are 'only' 99.95% pure. Only 1 oz proof coins are issued for now that are comparable in their dimensions to the 1 oz Gold Krugerrands. Mintage is capped at 1,967 pieces in order to commemorate the 50th anniversary of the Krugerrand coins that were first issued in 1967. Just like the silver version of the coins, Platinum Krugerrands have an official face value (10 Rand) which the gold coins do not have. The design of both sides is identical to the gold and silver coins and shows Paul Kruger's portrait on the obverse and a springbok on the reverse. The 50th anniversary privy mark appears on the reverse as well.

South African Krugerrand Silver Coin Sets

2018 6-coin Gold & Silver Krugerrand Proof Set

Gold & Silver Krugerrand Proof Set

total gold weight: 0.92 oz

total silver weight: 1 oz

The Gold & Silver Krugerrand Proof Set was first issued in 2018. It includes the fractional Gold Krugerrand coins (1/2 oz, 1/4 oz, 1/10 oz, 1/20 oz and 1/50 oz) and a 1 oz Silver Krugerrand coin. Only 500 such sets were issued in 2018 and 2019. The coins are packaged in a wooden box along with a numbered certificate of authenticity.