Krugerrand

The first Krugerrand was minted in the South African Mint in 1967. In this post war period the gold standardization was glistening at its fullest. Minted with the intention of exportation, the South African government saw the coin as a tool of political investment in their apartheid rule. Those consuming the gold bullion abroad however, mostly ignored the political significance and used the coin as a means of financial security. The Krugerrand gained popularity in the United States after WWII. Since the possession of gold in the United States was illegal until 1971, Americans used a legislative loophole to possess foreign tender gold bullions by purchasing Krugerrands. American’s investment in the apartheid rule was a point of political contention in the 70’s and 80’s. Since gold production was a tour de force for South Africa’s economy, protests erupted across America in hopes of banning the purchasing of krugerrand. This push for divestment was in hopes of changing that country’s practices specifically towards Black Africans.