The Silver Krugerrand: South Africa’s Modern Bullion Classic - Part I

A new iconic bullion issue

The original Gold Krugerrand, first struck in 1967, was created to promote South African gold internationally. It was the world’s first modern bullion coin struck specifically for private ownership, valued by its gold content rather than a face value. Named after Paul Kruger, former President of the South African Republic, and featuring the iconic Springbok antelope, the coin became a global standard.

For decades, collectors and investors called for a silver counterpart. However, due to market conditions, production priorities, and South Africa’s historical focus on gold, a silver Krugerrand did not materialise until 2017, coinciding with the 50th anniversary of the Gold Krugerrand.

The Silver Krugerrand was initially released as a limited premium bullion issue, but its success ensured its continuation as a regular bullion product in subsequent years.

Design and striking

Obverse

The obverse of the Silver Krugerrand faithfully retains the classic design by Otto Schultz:

• A left-facing portrait of Paul Kruger

• The bilingual inscription “SUID-AFRIKA · SOUTH AFRICA”

This continuity firmly anchors the silver issue within the broader Krugerrand lineage.

Reverse

The reverse features Coert Steynberg’s iconic Springbok, depicted mid-leap across the South African veld:

• Inscription: “KRUGERRAND”

• Year of minting split on either side of the Springbok

• Metal designation and weight: “FYNSILWER 1 OZ FINE SILVER”

Unlike many bullion coins, the Krugerrand does not display a face value. Its legal tender status is derived from the South African Reserve Bank, with its value tied solely to precious metal content.

Minting

Silver Krugerrands are struck by the South African Mint, primarily using brilliant uncirculated (BU) minting techniques. Proof versions are also struck for collectors, using polished dies and planchets.

Metal Content and Specifications

• Metal: Silver (Ag)

• Purity: .999 fine silver

• Weight: 1 troy ounce (31.1035 g)

• Diameter: ~38.7 mm

• Thickness: ~3.0 mm

Unlike the gold Krugerrand, which uses a durable 22-carat gold alloy, the Silver Krugerrand is struck in pure silver, aligning it with international bullion standards such as the Silver Maple Leaf and American Silver Eagle.

Numismatic and Investment Significance

The Silver Krugerrand occupies a unique position:

• Historically significant as an extension of the world’s first modern bullion coin

• Accessible to new collectors due to its lower entry price compared to gold

• Globally recognised, benefiting from the Krugerrand brand

• South African heritage, making it especially appealing to local numismatists

While most bullion issues trade close to silver spot price, early releases, proofs, and special variants have already shown notable numismatic appreciation.

The Silver Krugerrand successfully bridges South Africa’s numismatic past with the realities of the modern precious metals market. By retaining the iconic designs of Kruger and the Springbok while adopting contemporary silver standards, it has earned its place among the world’s premier bullion coins.

For South African collectors, it represents national heritage in tangible form. For international investors, it offers trusted silver exposure backed by one of the strongest names in bullion history. In both respects, the Silver Krugerrand is more than just an ounce of silver — it is a continuation of a legacy that began in 1967 and continues to evolve.

Keep a look out for Part II of this article focusing on the different privy marks in the coming weeks...