Gold Britannia vs Gold Krugerrand: Which Should You Buy?

The Gold Britannia and the Gold Krugerrand are titans of the bullion world — one the modern UK flagship, the other the coin that invented the entire category in 1967. For UK investors, purity and tax separate them sharply.

This guide compares the Gold Britannia and the Gold Krugerrand on purity, tax, premiums, security and resale value, so you can decide which belongs in your portfolio.

Quick verdict

• Choose the Gold Britannia if you're a UK investor who wants CGT-free, VAT-free gold at 24-carat purity.
• Choose the Gold Krugerrand if you want the lowest possible premium and the most globally recognised coin ever made.

At a glance: Britannia vs Krugerrand

Feature	Gold Britannia	Gold Krugerrand
Mint	The Royal Mint (UK)	Rand Refinery (South Africa)
First minted	1987	1967
Purity	999.9 fine (24-carat)*	916.7 fine (22-carat)
Pure gold (1 oz coin)	31.10 g	31.10 g
Alloy	None (fine gold)	Gold & copper
Sizes	1 oz, ½, ¼, 1/10 oz	1 oz, ½, ¼, 1/10 oz
Legal tender	£100 (GBP)	Legal tender, no face value
UK VAT	Exempt	Exempt
UK CGT	Exempt (UK legal tender)	Payable on gains
Security	Latent image, micro-text, tincture lines	Serrations, fine detail
Design	Britannia / monarch	Paul Kruger / springbok
Global liquidity	Very high	Very high
Typical premium	Low–medium	Low

*Struck in 22-carat gold from 1987–2012, then 999.9 fine from 2013 onwards.

About the Gold Britannia

The Royal Mint launched the Gold Britannia in 1987, following the path the Krugerrand had blazed two decades earlier. Struck in 22-carat gold until 2012 and 999.9 fine gold from 2013, it features Philip Nathan's standing Britannia on the reverse and the reigning monarch on the obverse.

Its 2021 security upgrade — a latent image, micro-text and tincture lines — made it one of the most secure coins available. Crucially for UK buyers, it is legal tender and therefore exempt from Capital Gains Tax.

About the Gold Krugerrand

The Krugerrand was the world's first modern bullion coin, first minted in 1967 to market South African gold — at the time, the country produced around 70% of the world's gold. Conceived as a 'working man's coin' to make gold ownership accessible, it dominated the global market, accounting for some 90% of gold coin sales by 1980.

Its name combines Paul Kruger, the 19th-century Transvaal president on the obverse, with the rand, South Africa's currency. The reverse shows Coert Steynberg's pronking springbok. Struck in 22-carat gold alloyed with copper, the Krugerrand has a distinctive warm, reddish hue and a hard-wearing surface.

Read more in our guide to the Krugerrand.

Key differences

Purity and gold content

The Britannia is 999.9 fine (24-carat) since 2013; the Krugerrand is 22-carat (916.7), alloyed with copper for durability and its signature reddish tone. Both 1 oz coins contain one full ounce of pure gold, but the Krugerrand weighs around 33.93 g in total to accommodate the copper. The Britannia's surface is purer and brighter; the Krugerrand's is tougher.

Tax treatment in the UK

The Britannia is CGT-free for UK residents as legal tender; the Krugerrand, a foreign coin, is liable for Capital Gains Tax on gains above the annual allowance. Both are VAT-free. For UK investors holding for the long term, this is usually the single most important difference.

Premiums and value

The Krugerrand is famous for its low premiums — its sheer ubiquity keeps costs down — and is one of the cheapest ways to buy a full ounce of gold. The Britannia's premium is low-to-medium, but its CGT exemption often makes it the better net value for UK buyers.

Security and authentication

The Britannia's modern micro-engineered features give it the edge on counterfeit resistance. The Krugerrand relies on precise weight, dimensions and edge serrations; its global familiarity also helps dealers authenticate it quickly.

Design and collectibility

Two icons of very different eras: the Britannia's classical allegory versus the Krugerrand's Kruger-and-springbok pairing. Both designs are essentially fixed.

Liquidity and resale

Both are about as liquid as gold coins get. The Krugerrand is recognised literally everywhere thanks to its history; the Britannia is especially easy to sell across the UK and Europe.

Pros and cons

Gold Britannia

• Pros: CGT-free for UK investors, VAT-free, 24-carat since 2013, Advanced 2021 security features, Strong UK/EU liquidity
• Cons: Softer pure-gold surface, Pre-2013 coins are 22-carat

Gold Krugerrand

• Pros: Very low premiums, The original bullion coin — recognised worldwide, Durable copper alloy
• Cons: Subject to UK Capital Gains Tax, Lower purity (22-carat), Heavier than its gold content

Which should you buy?

• Best for UK tax efficiency: Gold Britannia — CGT-free status wins for UK residents.
• Best for lowest premium: Gold Krugerrand — among the cheapest routes to a full ounce.
• Best for global recognition: Gold Krugerrand — the coin that started it all.
• Best for purity: Gold Britannia — 24-carat versus the Krugerrand's 22.

For more pairings and a full overview of how the leading coins compare, see our gold coins comparison hub.

Britannia vs Krugerrand: FAQs

Is the Britannia or Krugerrand better for UK investors?

The Britannia is usually better for UK investors because it is CGT-free as well as VAT-free. The Krugerrand is VAT-free but subject to Capital Gains Tax.

Why does a 1 oz Krugerrand weigh more than a 1 oz Britannia?

The Krugerrand is 22-carat and alloyed with copper, so it carries extra weight (about 33.93 g) to still contain one full ounce of pure gold. The 24-carat Britannia weighs 31.10 g.

Which has the lower premium?

The Krugerrand typically has one of the lowest premiums of any gold coin, thanks to its ubiquity.

Is the Krugerrand still a good investment?

Yes. Despite its lower purity, it remains one of the most traded and recognised coins in the world, with very low premiums.

Which coin is purer?

The Britannia, at 999.9 fine (24-carat), is purer than the 22-carat Krugerrand.

Buy Gold Britannia and Gold Krugerrand coins

Whichever you choose, StoneX Bullion stocks both coins from multiple years of issue, with live pricing updated every 60 seconds and fully insured, discreet delivery across the UK and Europe.

Browse our Gold Britannia and Gold Krugerrand coins, or explore our full range of gold coins to start building your portfolio today.