Can I store Krugerrands and bullion in a safe deposit box?
The short answer
Yes. Krugerrands, other bullion coins and small bars are commonly kept in safe deposit boxes. Plan around the box's weight limit, keep coins in protective capsules or tubes, and leave bars in their original packaging with any assay certificate. Because bullion values move with the metal price and the exchange rate, check regularly that your insurance still matches what the holding is worth.
Why bullion holders use boxes
Physical bullion is compact and valuable, and keeping a large quantity at home can make a household a target. A box keeps the metal in a controlled facility while it remains your property, and you can add or remove coins when you visit.
Weight, space and packaging
Gold is dense, so a small box can reach its weight limit before it looks full. Silver takes far more space than gold for the same value. Keep coins in capsules or sealed tubes so they are not scratched or handled, and leave bars in their original packaging, because damage or missing certificates can affect resale. The internal dimensions and maximum weight for each size are in the table below.
Records worth keeping outside the box
- Invoices showing what you paid and when, which may be relevant for capital gains tax when you sell.
- A list of coins and bars by type and quantity.
- Assay certificates or packaging details for bars.
- Photographs of the holding.
Insurance when the price moves
Bullion may be valued at the market price, which changes constantly. If the gold price or the rand moves, the value of your holding can rise above your cover without you adding anything, or fall below the level you are paying for. The box insurance covers items of intrinsic value such as jewellery, coins, bank notes, securities and certificates, but cash is covered only up to the amount in the policy schedule. Insurance for items held in safe custody outside a safe deposit box (such as art, trunks and large items) works differently: it is based on the potential value of each item, so Knox confirms the cover for your items before intake. Review your cover when prices move significantly or when you add to the holding.
Box storage or a bullion custody service
With a box, you place the metal inside yourself and access follows the box agreement. Some providers also offer a separate bullion storage service in which the provider records and holds specific items on your behalf. The two differ in how ownership is recorded, who handles the metal and how insurance applies, so ask which arrangement suits your holding. Tax treatment on a later sale depends on your circumstances; SARS guidance or a tax practitioner can help.
How Knox handles this
Ready for the next step?
Speak to the Knox team about your situation. They will confirm current pricing, availability and requirements before you decide.
