Previous solutions of the stray loss problem in transformer windings have been made on the assumption that the winding turns contain only one conductor. In a stranded winding this solution represents only the eddy-current loss component of the total stray losses. A second loss component is caused by circulating currents flowing back and forth between the strands. This circulating-current loss depends upon the relative physical location of the strands throughout the winding. Considering various types of stranding, this paper gives equations and charts for the circulatingcurrent loss in a number of different coil constructions as well as for the eddy-current loss.