THE SHORT ANSWER
22 carat describes the alloy; one ounce describes the contained fine gold
A one-ounce Krugerrand is not 24K, yet it contains one full fine troy ounce of gold. The official 916.67 fineness applies to its 33.930-gram gross mass. Multiplying those fields produces about 31.10 grams of gold, or one troy ounce after allowing for published rounding.
RECONCILIATION
Run the units in the correct order
| Step | Calculation | Result |
|---|---|---|
| Gold fraction | 916.67 / 1,000 | 0.91667 |
| Fine-gold grams | 33.930 g x 0.91667 | about 31.103 g |
| Fine troy ounces | 31.103 g / 31.1034768 | about 1.000 oz |
| Non-gold alloy | 33.930 g - 31.103 g | about 2.827 g |
Do not start with one advertised fine ounce and multiply it by 91.667% again. That double-discounts the gold. Fineness converts gross alloy mass into fine-gold mass; it does not reduce an already stated fine-gold amount.
FAIR COMPARISON
Compare coins per fine ounce, not per gross gram
A 24K one-ounce bullion coin is close to 31.103 grams gross because nearly all of its mass is gold. A 22K one-ounce Krugerrand is 33.930 grams gross because it adds copper while preserving the same fine-gold content. At the same gold observation, both begin with one ounce of melt value.
The investment decision changes only after adding the actual all-in purchase cost, expected resale bid, storage, insurance, tax and product-specific demand. Purity alone does not reveal the cheaper round trip.
PHYSICAL CONSEQUENCES
The alloy changes colour, hardness and dimensions, not the gold claim
Copper contributes the Krugerrand's warmer colour and greater hardness. It also makes the coin heavier than a fine troy ounce. These differences are useful identification inputs, but colour and weight cannot establish authenticity on their own. Counterfeiters can imitate one characteristic, and handling can change surface appearance.
Use the official specification for the correct size, calibrated weight and diameter, careful visual inspection and a reputable non-destructive test. A web calculation cannot authenticate a physical coin.
SOURCE DISCIPLINE
Why rounded specifications do not reconcile to infinite precision
The South African Mint publishes displayed masses to three decimal places and composition as Au 916.67 and Cu 83.33. Those public fields are sufficient to explain the coin, but they are not laboratory results for a particular specimen. Small differences in the last calculated digits reflect rounding; they should not be converted into an invented mint tolerance.
PRIMARY SOURCES
Official composition evidence
- South African Mint 2023 range explicitly reports Au 916.67 and Cu 83.33.
- South African Mint 2026 range provides current size and mass fields.
- SARB Krugerrand series note describes the coin and its legal-tender link to gold value.
FAQ
Krugerrand purity questions
Is a Krugerrand 22K or 24K?
A gold Krugerrand is 22 carat, or 916.67 fine. The one-ounce coin nevertheless contains one full fine troy ounce of gold because its gross alloy weight is approximately 33.930 grams.
How much copper is in a one-ounce Krugerrand?
Using the published gross mass and fineness gives roughly 2.83 grams of non-gold alloy by calculation. Published specifications are rounded, so this is a reconciliation, not an assay certificate.
Is a 22K Krugerrand worth less than a 24K one-ounce coin?
Not on melt value merely because of fineness. If both contain one fine troy ounce, their gold melt starting point is equal at the same observation. Premium, spread, condition and costs can still differ.
Why add copper to a bullion coin?
The alloy makes the coin harder and gives the Krugerrand its characteristic colour. Durability does not make it immune to damage or eliminate the need for proper storage.