---
title: "The Rise, Fall and Rebirth of the Krugerrand Gold Coin"
site: "Monex Precious Metals"
domain: "https://www.monex.com/"
type: "Knowledge Base Post"
description: "Explore the Krugerrand’s rise to prominence, challenges during apartheid, and its rebirth as a top gold investment. Learn more."
featured_image: "https://www.monex.com/wp-content/uploads/gold-south-african-krugerrand-on-table.webp"
last_updated: "July 14, 2025"
canonical_url: "https://www.monex.com/knowledge/krugerrand-gold-coin-rise-fall-rebirth/"
markdown_url: "https://www.monex.com/knowledge/krugerrand-gold-coin-rise-fall-rebirth.md"
---

# The Rise, Fall and Rebirth of the Krugerrand – A Historical Timeline, Part 2

### 1970 – Rise to the Top

By 1970, South Africa’s share of global mining production peaked, making up over one-third of world output. South Africa had risen to become the gold capital of the world. While the [gold Krugerrand](https://www.monex.com/gold-south-african-krugerrands-for-sale/) was technically prohibited in the United States due to 1933 bullion restrictions, the rapid devaluation of the dollar in the 1970s turned bullion coin investment into a desirable option. This pent-up demand would soon be released on a grand scale. In 1974, bullion restrictions were lifted, and the Krugerrand gold bullion coin was made legal for U.S. private citizens to own for the first time.

### 1975 – Krugerrands Were THE Gold Coin Market

By the end of the 1970s, the Krugerrand accounted for more than 90% of the global gold coin market and was the number one choice for investors buying gold. Between 1975 and 1979, the mint produced about 4 million [one ounce Krugerrands](https://www.monex.com/gold-south-african-krugerrands-for-sale/) per year, with a peak in 1978 of 6,022,293 coins produced.

### 1976 – Fall of the Krugerrand Is Triggered By The Iconic Anti-Apartheid Photo

The Krugerrand’s success came to a halt in 1976 following the iconic photo taken by Sam Nzima of Hector Pieterson, a student fatally shot by police during the Soweto Uprising. The image, showing Pieterson being carried by fellow student Mbuyisa Makhubo and his sister Antoinette following behind, caused Western nations to impose strict anti-apartheid policies, directly affecting Krugerrand’s popularity.

### 1985 – Krugerrands Are Banned And Sales Plummet

In August 1985, the United Kingdom announced a ban on the Krugerrand, followed by Japan’s import restrictions that same month. In September 1985, France and the European Community implemented similar restrictions. These actions caused Krugerrand sales to plummet worldwide.

> ***When was the Krugerrand illegal in America?***

“In a message to Congress explaining the ban, Reagan stressed that all of the sanctions he had ordered over the last month were “directed at apartheid and the South African government” and not designed to undermine its people or its economy. But of all the sanctions, the Krugerrand ban was designed to have the most economic bite: South Africa derives half of its foreign exchange earnings from Krugerrand sales, and the United States historically has been the biggest market. Last year more than $600 million worth of Krugerrands were marketed in the United States, but sales have plummeted both here and abroad in recent months in reaction to growing racial strife in South Africa and a mounting worldwide protest against apartheid. But in explaining his decision to ban the gold coins, Reagan declared: “The Krugerrand is perceived in the Congress as an important symbol of apartheid. This view is widely shared by the U.S. public. I am directing this prohibition in recognition of these public and congressional sentiments.” – **From the Los Angeles Times, October 2, 1985**

### 1986 – US Mint Joins Prestigious Mints And Enters the Bullion Coin Marketplace

In 1986, the U.S. Mint entered the bullion coin market, following in the footsteps of other countries. The Royal Canadian Mint introduced the Gold Maple Leaf in 1979, the People’s Bank of China began minting the Gold Panda in 1982, and the U.S. Mint launched the American Gold Eagle four years later. The Australian Perth Mint introduced the Gold Nugget in 1986 as well, while the British Royal Mint released the Gold Britannia in 1987. In 1989, the Austrians joined in the production frenzy by introducing the Gold Philharmonic. These new coins provided investors with [alternatives to the Krugerrand](https://www.monex.com/knowledge/price-value-trends-gold-krugerrand-coins/), diminishing its monopoly in the gold coin market.

### 1994 – Rebirth of Krugerrand as It Becomes Politically Correct

In 1990, black political activist Nelson Mandela was released from prison, and in the 1994 multiracial elections won a decisive victory as Mandela became the country’s first black president. This election marked the official end of the apartheid era, the beginning of a new democratic government representing all South Africans, and the end to Krugerrands being politically incorrect. The United States and most of the rest of the free world lifted the bans this year, allowing the Krugerrand to be freely traded again on the global market. However, Krugerrand production did not fully recover until the gold renaissance of the early 21st century, following the Dot-Com bubble of the late 1990s. In the years following, annual Krugerrand production averaged just 6,766 coins, reflecting the slow return of investor confidence.

### 2009 – Krugerrand’s Compete Rebirth

In 2009, the Krugerrand had a complete resurgence in both brand recognition and market demand. Production reached 1,276,226 coins between the beginning of 2009 and the end of 2010, approximately 188 times the production numbers in the late 90s.

### Wrap-Up

The [Gold South African Krugerrand Coin’s](https://www.monex.com/gold-south-african-krugerrands-for-sale/) rise to global prominence, challenges, and eventual resurgence exemplify its lasting value as a trusted gold investment. Today, it remains a key asset in the gold market.

Ready to add the Krugerrand to your investment portfolio? Contact a Monex account representative today and take advantage of our expertise and secure buy-sell market to make this iconic coin part of your strategy.