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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.
The discovery of gold in the Witwatersrand in 1885 turned the South African Republic from an impoverished state dominated by farmers to one where fortunes could be made from mining. In 1892 President Kruger , facing an election campaign, ordered the building of a mint and the striking of the republic's first full coinage series.
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 .
In 1920, Treasury gold certificate notes were issued in denominations of £1, £5, £100, £1,000 and £10,000, in Afrikaans and English script. 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.
Paul Kruger, President of the South African Republic from 1883 to 1900. The Kruger Millions is a legendary hoard of gold reputed to have been hidden in South Africa or sent overseas by or on behalf of President Paul Kruger to avoid it being captured by the British during the Second Boer War.
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