THERE is a growing appreciation among collectors and investors of old South African coins, underscored by the demand for and escalating value of rare Zuid-Afrikaansche Republiek (ZAR) coins in the global numismatic market.

The trend and historical significance of such pieces was illustrated by the recent sale of the Single ‘9' Kruger Pond for $2.15 million (R40 million) at a Heritage Auctions event.

Heritage Auctions said the Single ‘9' Kruger Pond was "a singular treasure within the realm of ZAR coins and the most prestigious piece in South African numismatics".

Numismatic experts, who appreciate the coin's unique place in history and its impact on the market, agree. The Numismatic Guaranty Company, the world's largest and most trusted third-party grading service for coins, tokens and medals, called the Single '9' Pond “The greatest coin of all.”

"The sale of the Single ‘9’ Kruger Pond illustrates the enduring appeal of South Africa’s numismatic heritage," said Rael Demby, CEO of The South African Gold Coin Exchange & The Scoin Shop. "Such landmark sales elevate the entire rare coin market, drawing attention to the stories these coins carry and encouraging collectors to look at ZAR coins as pivotal historical artefacts."

The January 13 sale was preceded by strong sales of South African coins at previous major numismatic events. David MacMillan, Principal Numismatics Advisor at The Scoin Shop, said the sale of three rare South African coins at the 2023 New York International Numismatic Convention demonstrated the strong demand and interest in rare ZAR coins.

“I would say that this event catalysed a shift in global interest in rare collectables from South Africa," he said.

Here, a Fine Beard Burgerspond fetched $72 000 (approximately R1.2 million), a Sammy Marks Tickey, known for its rich orange-gold patination and sharp details, sold for $31 200 and a magnificent gem example Veldpond went for $45 600.

"These sales marked a turning point in interest in South African coinage and we saw this trend accelerate at the January 2025 auction.

“These developments indicate a vibrant and strengthening market for rare ZAR coins, driven by their historical significance, rarity, and the growing recognition of their value among collectors and investors worldwide,” adds Demby.

According to the Rare Coin Investments website, the Single ‘9' Kruger Pond was minted during the second Anglo-Boer War. While fighting to maintain their independence, President Paul Kruger of the South African Republic ordered that new gold coins be minted for 1899.

The Boers, having no means to create the dies needed to strike new coins, placed an order in Germany. However, the British intercepted and confiscated the shipment of dies on its way from Germany, forcing the Boer government to use the old dies from 1898 and punch a 9 on the obverse of the coin for the year 1899.

When the first coin was struck, it was found that the 9 was too large and protruded onto the bust of Kruger, and no further coins were minted using that punch. The coin was set aside and came to be known as the “Single 9”.

The remaining 130 coins in the batch were stamped using two smaller 9s, and are known as the Double 99.