To get an accurate value appraisal of a 1978 South African gold Krugerrand, as of 2015, a person needs only to look up the current spot price of gold and multiply this by the size of the coin. Websites such as NGCCoin.com also have pricing information for these coins.
It is also possible to hire a professional coin dealer to appraise this coin, but this is usually not necessary since the price of these coins is tied directly to the current spot gold price.
The price of all South African gold Krugerrands is generally determined only by the spot price of gold, as the coins have no face value and are made from 22 karat fine gold. South African gold Krugerrands were produced in four different sizes: 1/10 of an ounce, 1/4 of an ounce, 1/2 of an ounce or one troy ounce. The value of a one-ounce Krugerrand is generally exactly the same as the current spot price of gold, while the value of a half-ounce coin is equal to half of the spot price of gold. The only exception is for proof coins, which are worth more than a standard uncirculated Krugerrand.
In order to tell if a South African Krugerrand is a proof coin or not, it is necessary to count the number of edge serrations. A standard uncirculated coin has 180 serrations, while a proof coin has 220 edge serrations.