The History of South African Rand

THE HISTORY OF SOUTH AFRICAN RAND A Brief History Prior to it's establishment as legal tender, South Africa (as a British Colony) operated under the British tender of pence, pounds and shillings. It takes its name from the Witwatersrand, the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found. The rand was established as the official South African currency on 14 February 1961 - and has since developed into a liquid emerging market currency. Introduction of coins The 2-cent coin was last struck for circulation. The 5-rand coins were introduced. 1961 1973 1989 1994 2002 Coins were introduced in denominations of ½, 1, 2½, 5, 10, 20, and 50 cents. The 2-rand coin was introduced. Production of the 1- and 2-cent coins were discontinued, but they still remain legal tender. Official Currency Users Namibia Swaziland Lesotho Banknotes History series began with denominations of 2, 5 and 10 rand Notes were redesigned with images of the Big Five wildlife species 1961 1978 1984 1990's 1994 The first series of rand banknotes was introduced in denominations of 1, 2, 10 and 20 rand, with similar designs and colours to the preceding pound notes 20 and 50 rand denominations were introduced 100 and 200 rand notes were introduced President Jacob Zuma announced that the country would be issuing banknotes bearing Nelson Mandela's image. Banks withdrew the 1990 series R 200 banknotes due to high volumes of counterfeit notes the 5 rand coin changed to a bi- metal coin after 9 years. - 2012 2011 2010 2005 2003 the South African Reserve Bank issued 100-rand banknotes which were defective because they lacked fluorescent printing visible under UV light Additional security features are added such as colour shifting ink on the 50 rand Finance 27 www.finance27.co.za Sources: https://en.wikipedia.org/wiki/South_African_rand | http://businesstech.co.za/news/general/21665/a-history-of-south-africas-currency/