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The previous South African farthing coin (1 ⁄ 4 d) and half-a-crown (2 + 1 ⁄ 2 s) were not continued in decimal currency. In addition, two bullion coins with denominations of 1 rand and 2 rand were issued, replacing the gold half-pound and pound coins introduced in 1952.
From 1921, the South African Reserve Bank took over the issuance of paper money, introducing notes for 10/–, £1, £5, £20 and £100. £20 notes were last issued in 1933, with £10 notes added in 1943.
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). On 14 February 1961, the Union of South Africa adopted a decimal currency , replacing the pound with the Rand .
South African Reserve Bank Currency Page Archived 13 April 2020 at the Wayback Machine; US Federal Reserve Bank historical exchange rate data; South African Currency Page, with a short description of each note. South African Currency Page (old rand), a short description of pre-1994 (apartheid-era) notes.
The West African Monetary Zone (WAMZ) has proposed to create a common currency for all West Africa states, the Eco. In May 2020, an agreement between the French government and 8 West African countries was reached, meaning to change the CFA franc to the Eco; though no plan had been established as of January 2021. [ 4 ]
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 .
Wealth Gang / Eerik/istockphoto / Nariman Safarov/istockphotoOld money families — with their long-standing traditions and inherited wealth — are known to indulge in lavish, extravagant ...
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.