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Krugerrand silver coins
Number of products: 3The silver Krugerrand carries a face value of R1 — one rand. That single detail separates it from the gold Krugerrand, which has no denomination at all and is valued purely by its metal content.
It is a 1 oz coin of 999 fine silver, 38.725 mm across, struck by the South African Mint. The bullion version has only been in production since August 2018; the silver coins dated 2017 were proof and premium uncirculated pieces issued for the Krugerrand's fiftieth anniversary. Check the live silver price before you order.
A younger coin than the name suggests
The Krugerrand name dates to 1967, but the silver bullion coin is recent. South Africa marked the fiftieth anniversary in 2017 with a silver proof and a premium uncirculated piece, and only in August 2018 did a bullion silver Krugerrand go on sale — the first genuinely new Krugerrand product since the fractional gold coins of 1980. Anyone comparing it with a Silver Maple Leaf or a silver Britannia is comparing a coin with a few years of history against series that have run since the 1980s and 1990s.
Production sits with the South African Mint, and distribution of bullion Krugerrands runs through Prestige Bullion, a joint venture between the Mint and Rand Refinery.
Specification
| Parameter | Value |
|---|---|
| Fine silver content | 31.1035 g — one troy ounce |
| Gross weight | 31.107 g |
| Fineness | 999/1000 |
| Diameter | 38.725 mm |
| Edge | Reeded, 200 serrations |
| Face value | R1 |
| Obverse | Paul Kruger, after Otto Schultz's 1892 portrait |
| Reverse | Springbok, after Coert Laurens Steynberg |
| Mintage | Unlimited — struck to demand |
| VAT | Standard rate — silver is not exempt |
The South African Mint does not publish a thickness figure for this coin, so we do not quote one.
Fineness across the silver series
At 999 the silver Krugerrand sits with the silver Britannia and the American Silver Eagle. The Silver Maple Leaf is finer at 9999. In practice the difference is priced in and both are sold by fine silver weight — a one-ounce coin contains one ounce of silver either way. Fineness matters for how the surface behaves over time rather than for what the metal is worth.
What you actually pay
Silver carries a much higher percentage premium over spot than gold does. Fabrication, packaging and shipping cost roughly the same per coin whether the metal inside is worth tens or thousands, so on a one-ounce silver coin those fixed costs are a visible share of the price rather than a rounding error. That is why the gap between the silver price on a chart and the price of a coin looks wide compared with gold.
The mintage is unlimited and the coin is struck to demand, so there is no scarcity premium to wait for. What you are buying is the metal and the recognition of the design.
What to check before you order
Bullion Krugerrands ship loose, not in capsules — the mint packs them in tubes of 25 and monster boxes of 500. Loose coins pick up marks in handling, and light surface toning is normal on 999 silver; neither affects the silver content or the resale price, which follows weight and fineness.
The South African Mint publishes no dedicated anti-counterfeit feature for this coin — no laser mark, no digital verification of the kind some other mints apply. The practical checks are dimensional: 38.725 mm across, 31.107 g on the scale, and a reeded edge with 200 serrations.
Tax position
Silver is not investment gold. The VAT exemption in Article 344 of Directive 2006/112/EC covers gold bars and gold coins only, and there is no equivalent list for silver — so silver coins are sold at the standard VAT rate. In Poland that is 23%.
For UK buyers: the Capital Gains Tax exemption that applies to Britannias and Sovereigns comes from those coins being sterling currency, per HMRC's Capital Gains Manual at CG76881. The Krugerrand is a South African coin denominated in rand, so it does not qualify on that basis. This is general information, not tax advice.
Questions buyers ask
How much silver is in a Krugerrand silver coin?
31.1035 g of fine silver — one troy ounce. The coin itself weighs 31.107 g, the small difference being the alloy that makes up the remaining 0.1%.
Does the silver Krugerrand have a face value?
Yes, R1. This is a real difference from the gold Krugerrand, which carries no denomination and is valued only by its gold content.
Why is the design the same as the gold coin?
Both use Otto Schultz's 1892 portrait of Paul Kruger on the obverse and Coert Steynberg's springbok on the reverse. When the silver coin was prepared, the Mint went back to the original wax models and drawings rather than redrawing the design.
Are 2017 and 2018 silver Krugerrands the same coin?
No. The 2017 silver coins were proof and premium uncirculated pieces struck for the fiftieth anniversary, in limited numbers. The bullion coin sold by weight started in August 2018.
Will you buy a silver Krugerrand back?
Yes, against the current market price. See the buyback page for how the valuation works.
Other silver coin series
Britannia · Maple Leaf · Vienna Philharmonic · Australian Kangaroo · Chinese Panda · American Eagle · Somali Elephant
All series are listed together on the silver coins page. For bar formats in the same metal, see silver bars, and for the live rate the precious metals prices page.
