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1 ⁄ 2 c, 1 c and 5 c coins issued between 1961 and 1964 1 R and 2 R coin issued from 1961 to 1983. The rand was introduced in the then Union of South Africa on 14 February 1961, shortly before the establishment of the Republic on 31 May 1961.
The South African Reserve Bank restricts the exportation of Krugerrands by a South African resident to a non-resident to a maximum of R30,000 (about US$2,100 or €1,870 as of June 2018). Visitors to South Africa can export up to 15 coins by declaring the items to the South African Revenue Service. [22]
After the Union but before 1923, coins in circulation were mostly British, but the coins of Paul Kruger's South African Republic remained in circulation. In 1923, South Africa began to issue its own coins, adopting coins that were identical in size and value to those used in Great Britain: 12 pence (12d) = 1 shilling (1s), and 20s = 1 pound (£1).
The South African Mint is responsible for minting all coins of the South African rand on behalf of its owner, the South African Reserve Bank. Located in Centurion, Gauteng near South Africa's administrative capital Pretoria , the mint manufactures coins and planchets for both domestic and international markets.
This collection of coins labelled the "Lost Hoard" was made up of 910 coins consisting of 677 ponds and 233 half ponds of different dates ranging from 1893 to 1900 and quality. Due to the significance of the find the hoard was acquired in its entirety by the SA Mint a wholly-owned subsidiary of the South African Reserve Bank (SARB). [17]
The following year, the South African Reserve Bank was established as the sole note issuing authority. Coins were issued from 1923. The South African pound remained equal to sterling throughout its existence, except for a short period following the abandonment of the gold standard in the United Kingdom in 1931.