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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 rand replaced the pound with a decimal currency: 100 cents (100c) = 1 rand (R1), 1 rand being valued at 10 shillings and 1 cent at 1.2 pence.
Randlords (Afrikaans: randhere) were the capitalists who controlled the diamond and gold mining industries in South Africa from the 1870s up to World War I. A small number of European financiers, largely of the same generation, gained control of the diamond mining industry at Kimberley, Northern Cape .
Joseph Benjamin Robinson, (3 August 1840 – 30 October 1929) was a South African gold and diamond mining magnate and Randlord. Mayor of Kimberley, Northern Cape in 1880, which he represented in the Cape parliament for four years, chairman of the Robinson South African Banking Corporation Co , Ltd and of numeral gold mines in the Transvaal Colony, he was convicted in 1921 of fraud and fined ...
Randfontein is a gold mining town in the West Rand, Gauteng, South Africa, 40 km (25 mi) west of Johannesburg.With the Witwatersrand gold rush in full swing, mining financier JB Robinson bought the farm Randfontein and, in 1889, floated the Randfontein Estates Gold Mining Company.
The Robinson Baronetcy, of Hawthornden, Wynberg, in the Cape Province of South Africa, and Dudley House in the City of Westminster, was created in the Baronetage of the United Kingdom on 27 July 1908 for the South African mining magnate Joseph Robinson. He was nominated for a peerage in 1922 but declined the honour.
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. [21]
[12] In 2014, South Africa experienced its worst year against the US dollar since 2009, [13] and in March 2015, the rand traded at its worst since 2002. [13] At the time, Trading Economics released data that the rand "averaged R4.97 to the dollar between 1972–2015, reaching an all time high of R12.45 in December 2001 and a record low of R0.67 ...
Rand Refinery (Pty) Limited is the world's largest integrated single-site precious metals refining and smelting complex. It was established in 1920 to refine gold within South Africa , which had previously been refined in London .