Wikipedia

South African rand

TheSouth African rand,or simply therand,(sign:R;code:ZAR[a]) is the officialcurrencyofSouth Africa.It is subdivided into 100cents(sign: "c" ), and a comma separates the rand and cents.[1]

South African rand
List
  • 10 other official names:
  • Suid-Afrikaanse rand(Afrikaans)
  • iRanti yeSewula Afrika(Southern Ndebele)
  • iRanti yoMzantsi Afrika(Xhosa)
  • iRandi laseNingizimu Afrika(Zulu)
  • liRandi laseNingizimu Afrika(Swazi)
  • Ranta ya Afrika Borwa(Northern Sotho)
  • Ranta ya Afrika Borwa(Sotho)
  • Ranta ya Aforika Borwa(Tswana)
  • Rhandi ya Afrika-Dzonga(Tsonga)
  • Rannda ya Afurika Tshipembe(Venda)
ISO 4217
CodeZAR (numeric:710)
Subunit0.01
Unit
Pluralrand
SymbolR‎
Denominations
Subunit
 1⁄100Cent
Symbol
 Centc
BanknotesR10, R20, R50, R100, R200
Coins10c, 20c, 50c, R1, R2, R5
 Rarely used1 cent, 2 cents (discontinued 2002) and 5 cents (discontinued 2012)
Demographics
Official user(s)South Africa[a]
Namibia[b]
Lesotho[c]
Eswatini[d]
Unofficial user(s)Angola
Malawi
Zambia
Zimbabwe[e]
Issuance
Central bankSouth African Reserve Bank
 Websitewww.resbank.co.za
PrinterSouth African Bank Note Company
MintSouth African Mint
 Websitewww.samint.co.za
Valuation
Inflation7.5% (South Africa only)
 SourceSouth African Reserve Bank,Sept 2022
 MethodCPI
Pegged byNamibian dollar
Lesotho loti
Swazi lilangeni
(at par)
  1. ^ACommon Monetary Areamember.
  2. ^ACommon Monetary Areamember, used alongsideNamibian dollar
  3. ^ACommon Monetary Areamember, used alongsideLesotho loti
  4. ^ACommon Monetary Areamember, used alongsideSwazi lilangeni
  5. ^AlongsideZimbabwean dollar(suspended from 12 April 2009 till 2019 now also known asReal Time Gross Settlement dollar).

The South African rand is legal tender in theCommon Monetary Areamember states ofNamibia,Lesotho,andEswatini,with these three countries also having national currencies: (thedollar,thelotiand thelilangenirespectively) pegged with the rand at parity and still widely accepted as substitutes. The rand was also legal tender inBotswanauntil 1976 when thepulareplaced the rand at par.

Etymology

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Look uprandin Wiktionary, the free dictionary.

The rand takes its name from theWitwatersrand( "white waters' ridge" in English,randbeing theAfrikaans(andDutch) word for 'ridge'), the ridge upon whichJohannesburgis built and where most of South Africa's gold deposits were found. In English and Afrikaans (and Dutch), the singular and plural forms of the unit ( "rand" ) are the same: one rand, ten rand, and two million rand.

History

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See also:South African pound

The rand was introduced in theUnion of South Africain 1961, three months before the countrydeclared itself a republic.[2]A Decimal Coinage Commission had been set up in 1956 to consider a move away from the denominations of pounds, shillings, and pence; it submitted its recommendations on 8 August 1958.[3]It replaced theSouth African poundas legal tender, at the rate of 2 rand to 1 pound, or 10shillingsto the rand. The government introduced a mascot, Decimal Dan, "the rand-cent man" (known inAfrikaansas Daan Desimaal).[4]This was accompanied by a radio jingle to inform the public about the new currency.[5]Although pronounced in the Afrikaans style as/rʌnt/in the jingles when introduced,[6]the contemporary pronunciation inSouth African Englishis/rænd/.[7]

Brief exchange rate history

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1961–2000

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Value of the South African rand to the United States dollar from 1975 to 2015 by the blue columns: The percentage rate of change year-on-year is shown by the black line.[8]

One rand was worthUS$1.40 (R0.72 per dollar) from the time of its inception in 1961 until late 1971, and the U.S. dollar became stronger than South African currency for the first time on 15 March 1982.[9]Its value thereafter fluctuated as various exchange rate dispensations[clarification needed]were implemented by the South African authorities. By the early 1980s, high inflation and mounting political pressure combined with sanctions placed against the country due to international opposition to theapartheidsystem had started to erode its value. The currency broke above parity with the dollar for the first time in March 1982. It continued to trade between R1 and R1.30 to the dollar until June 1984, when the currency's depreciation gained momentum. By February 1985, it was trading at over R2 per dollar, and in July of that year, allforeign exchangetrading was suspended for three days to try to stop the depreciation.

By the time thatState PresidentP. W. Bothamade hisRubicon speechon 15 August 1985, it had weakened to R2.40 per dollar. The currency recovered somewhat between 1986 and 1988, trading near the R2 level most of the time and breaking beneath it sporadically. The recovery was short-lived; by the end of 1989, the rand was trading at more than R2.50 per dollar.

As it became clear in the early 1990s that the country was destined for Black majority rule and one reform after the other was announced, uncertainty about the country's future hastened the depreciation until the level of R3 to the dollar was breached in November 1992. A host of local and international events influenced the currency after that, most notably the1994 general election,which had it weaken to over R3.60 to the dollar, the election ofTito Mbowenias the governor of theSouth African Reserve Bank,and the inauguration of PresidentThabo Mbekiin 1999, which had it quickly slide to over R6 to the dollar. The controversial land reform programme that was initiated inZimbabwe,followed by theSeptember 11, 2001 attacks,propelled it to its weakest historical level of R13.84 to the dollar in December 2001.

2001–2011

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Two generations of older notes and coins, later replaced with the "Big Five"notes, which were in turn replaced to show the face ofNelson Mandelain 2012[10].

This sudden depreciation in 2001 led to a formal investigation and a dramatic recovery. By the end of 2002, the currency was trading under R9 to the dollar again, and by the end of 2004, it was trading under R5.70. The currency softened somewhat in 2005, trading around R6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally and, as of 19 January 2006, was trading under R6 to the dollar again. However, the rand weakened significantly during the second and third quarters of 2006 (i.e., April through September).

In sterling terms, it fell from around 9.5% to just over 7%, losing some 25% of its international trade-weighted value in six months. In late 2007, the rand rallied modestly to just over 8%, only to experience a precipitous slide during the first quarter of 2008.

This downward slide could be attributed to a range of factors: South Africa's worsening current account deficit, which widened to a 36‑year high of 7.3% of gross domestic product (GDP) in 2007; inflation at a five-year high of just under 9%; escalating global risk aversion as investors' concerns over the spreading impact of the sub-prime crisis grew; and a general flight to "safe havens", away from the perceived risks of emerging markets. The rand depreciation was exacerbated by the Eskom electricity crisis, which arose from the utility's inability to meet the country's rapidly growing energy demands.

2012–present

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A stalled mining industry in late 2012 led to new lows in early 2013.[11]In late January 2014, the rand slid to R11.25 to the dollar, with analysts attributing the shift to "word from theUS Federal Reservethat it would trim back stimulus spending, which led to a massive sell-off in emerging economies. "[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 in June of 1973."[13]By the end of 2014, the rand had weakened to R15.05 per dollar, partly due to South Africa's consistent trade account deficit with the rest of the world.

From 9–13 December 2015, over four days, the rand dropped over 10% due to what some suspected was President Jacob Zuma'ssurprise announcementthat he would be replacing the Finance MinisterNhlanhla Nenewith the little-knownDavid van Rooyen.The rapid drop in value stemmed when Zuma backtracked and announced that the better-known previous Minister of Finance,Pravin Gordhan,would instead be appointed to the post. Zuma's surprise sacking of Nene damaged international confidence in the rand, and the exchange rate was volatile throughout much of January 2016 and reached an all-time low of R17.9169 to the US dollar on 9 January 2016 before rebounding to R16.57 later the same day.[14]

The January drop in value was also partly caused by Japanese retail investors cutting their losses in the currency to look for higher-yield investments elsewhere and due to concerns over the impact of theeconomic slowdown in China,South Africa's largest export market.[15]By mid-January, economists were speculating that the rand could expect to see further volatility for the rest of 2016.[16][17]By 29 April, it reached its highest performance over the previous five months, exchanging at a rate of R14.16 to the United States dollar.[18]

Following the United Kingdomvoting to leavethe European Union, the rand dropped in value over 8% against the US$ on 24 June 2016, the currency's largest single-day decline since the 2008 economic crash.[19]This was partly due to a general global financial retreat from currencies seen as risky to the US dollar[20]and partly due to concerns over how British withdrawal from the EU would impact the South African economy and trade relations.[19][21]

In April 2017, aReuterspoll estimated that the rand would remain relatively stable for the rest of the year, as two polls found that analysts had already factored in a possible downgrade to "junk" status. At the time,Moody'srated South Africa two notches above junk status.[22]When PresidentJacob Zumanarrowly won a motion of no confidence in South Africa in August 2017, the rand continued to slide, dropping 1.7% that day.[23]In September 2017,Goldman Sachssaid that the debt and corruption ofEskom Holdingswas the biggest risk to South Africa's economy and the exchange rate of the rand. At the time, it had no permanent CEO, andColin Colemanof Goldman Sachs in Africa said the company was "having discussions on solutions" on finding credible management.[24]In October 2017, the rand firmed against the US dollar as it recovered from a six-month low. Reuters noted, "South Africa is highly susceptible to global investor sentiment as the country relies on foreign money to cover its large budget and current account deficits."[25]On 13 November 2017, the rand fell by over 1% when the budget chief, Michael Sachs, stood down from his position in Zuma's administration.[26]

In October 2022, the rand sank to its lowest point in two years, reaching R18.46 to the US dollar on 25 October 2022.[27]

Coins

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Main article:Coins of the South African rand
A 5 rand bimetallic coin issued in 2004.

Coins were introduced in 1961 in denominations of1⁄2,1,2+1⁄2,5, 10, 20, and 50 cents. In 1965, 2-cent coins replaced the2+1⁄2cent coins. The1⁄2cent coin was last struck for circulation in 1973. The 1 rand coin for circulation was introduced in 1967, followed by 2 rand coins in 1989 and 5 rand coins in 1994. Production of the 1 and 2-cent coins was discontinued in 2002, followed by 5-cent coins in 2012, primarily due to inflation having devalued them, but they remain legal tender.[28][29][30][31]Shops normally round the total purchase price of goods to the nearest 10 cents.

To curb counterfeiting, a new 5-rand coin was released in August 2004. Security features introduced on the coin include abimetaldesign (similar to the€1and€2 coins,theThai ฿10 coin,the pre-2018Philippine ₱10 coin,theBritish £2 coin,and theCanadian $2 coin), a specially serrated security groove along the rim and microlettering.[32]

On 3 May 2023, the South African Reserve Bank announced that a new series of coins would be released. These will have the same denominations as the previous series. The 10c will feature an image of the Cape Honey Bee, the 20c the Bitter Aloe, the 50c theKnysna Turaco,the R1 theSpringbok,the R2 theKing Protea,and the R5 theSouthern Right Whale.[33][34]

Banknotes

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The first series of rand banknotes was introduced in 1961 in denominations of 1, 2, 10, and 20 rand, with similar designs and colours to the preceding pound notes to ease the transition. They bore the image of what was believed at the time to beJan van Riebeeck,the firstVOCadministrator ofCape Town.It was later discovered that the original portrait was not, in fact, Van Riebeeck at all, but a portrait ofBartholomew Vermuydenhad been mistaken for Van Riebeeck.[35][36]

In 1966, a second series with designs that moved away from the previous pound notes was released. Notes with 1, 5, and 10 rand denominations were produced with predominantly one colour per note. A smaller 1 rand note with the same design was introduced in 1973, and a 2 rand note was introduced in 1974. The 20 rand denomination from the first series was dropped. The practice of having an English and an Afrikaans version of each note was continued in this series.[citation needed]

The 1978 series began with denominations of 2, 5, 10, and 20 rand, with a 50 rand introduced in 1984. This series had only one language variant for each denomination of note. Afrikaans was the first language on the 2, 10, and 50 rand, while English was the first on the 5 and 20 rand. A coin replaced the 1 rand note.

Rand banknotes and coins.
South African ATM showing R50 and R100 banknotes.

In the 1990s, the notes were redesigned with images of theBig Fivewildlife species. 10, 20, and 50 rand notes were introduced in 1992 & 1993, retaining the colour scheme of the previous issue. Coins were introduced for the 2 and 5 rand, replacing the notes of the previous series, mainly because of the severe wear and tear experienced with low-denomination notes in circulation. In 1994, 100 and 200 rand notes were introduced.[citation needed]

The 2005 series has the same principal design but with additional security features, such as colour-shifting ink on the 50 rand and higher and theEURion constellation.The obverses of all denominations were printed in English, while two other official languages were printed on the reverse, thus using all 11 officiallanguages of South Africa.

In 2010, theSouth African Reserve Bankand commercial banks withdrew all 1994 series 200-rand banknotes due to relatively high-quality counterfeit notes in circulation.[37]

In 2011, the South African Reserve Bank issued defective 100 rand banknotes which lackedfluorescentprinting visible underUV light.In June, the printing of this denomination was moved from theSouth African Bank Note CompanytoCrane Currency'sSwedish division (Tumba Bruk), which reportedly produced 80 million 100 rand notes.[38]The South African Reserve Bank shredded 3.6 million 100-rand banknotes printed by Crane Currency because they had the same serial numbers as a batch printed by the South African Bank Note Company. In addition, the notes printed in Sweden were not the correct colour and were 1mm short.[39]

On 11 February 2012, PresidentJacob Zumaannounced that the country would be issuing a new set of banknotes bearingNelson Mandela's image.[40][41]They were entered into circulation on 6 November 2012.[42]These contained the same denominations of 10, 20, 50, 100, and 200 rand.

In 2013, the 2012 series was updated with the addition of theEURion constellationto all five denominations.[43]They were entered into circulation on 6 November 2013.

On 18 July 2018, a special commemorative series of banknotes was released in commemoration of the 100th anniversary of Nelson Mandela's birth. This series includes notes of all denominations, 10, 20, 50, 100, and 200 rand. These notes will circulate alongside the existing notes.[44]The notes depict the standard face of Nelson Mandela on the obverse. Still, instead of the Big Five animals on the reverse, they show a younger Mandela with different iconic scenes relating to his legacy. These scenes comprise the rolling hills of theEastern Cape,featuring Mandela's humble birthplace ofMvezo(10 rand); the home of Mandela inSoweto,where he defined his political life alongside other struggle icons (20 rand); the site where Mandela was captured nearHowick,following 17 months in hiding, where a monument to him has been erected (50 rand); the place of Mandela's 27-year imprisonment atRobben Island,showing a pile of quarried limestone (100 rand); the statue of Mandela at theUnion Buildingsin remembrance of when he was inaugurated there in 1994 (200 rand).[45][46][47]

On 3 May 2023, the South African Reserve Bank announced that a new series of banknotes would retain the image of Nelson Mandela on the obverse while showing the Big 5 in a family depiction on the reverse.[33]This series contains the same denominations of 10, 20, 50, 100, and 200 rand.

First series

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Banknotes of the South African rand (1961 First Issue)[48]
Image Value Obverse Reverse Colour Language Size (mm)
[49] 1 rand Jan van Riebeeck Lion from coat of arms Brown Afrikaans/English, English/Afrikaans 136×78
[50] 2 rand Lion from coat of arms Blue Afrikaans/English, English/Afrikaans 149×84
[51] 10 rand Jan van Riebeeck's sailing ship Green Afrikaans/English, English/Afrikaans 170×96
[52] 20 rand Gold mine Purple Afrikaans/English, English/Afrikaans 176×103

Second series

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Banknotes of the South African rand (1966 Second Issue)[48]
Image Value Obverse Reverse Colour Language Size (mm)
[53] 1 rand Jan van Riebeeckand protea Farming and agriculture Brown Afrikaans/English, English/Afrikaans 128×64
1 rand Jan van Riebeeckand protea Farming and agriculture Brown Afrikaans/English, English/Afrikaans 120×57
2 rand Jan van Riebeeck,Cape Dutch architecture and vines Gariep Dam, pylon and maize cob Blue Afrikaans/English, English/Afrikaans 127×63
[54] 5 rand Jan van Riebeeck,Voortrekker MonumentandGreat Trek Mining Purple Afrikaans/English, English/Afrikaans 134×70
[55] 10 rand Jan van Riebeeck,Union Buildingsand springbok Jan van Riebeeck's three ships Green Afrikaans/English, English/Afrikaans 140×76

Third series

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Banknotes of the South African rand (1978 Third Issue)[48]
Image Value Obverse Reverse Colour Language Size (mm)
[56] 2 rand Jan van Riebeeckand pylon Sasolcoal to oil refinery Blue Afrikaans and English 120×57
[57] 5 rand Jan van Riebeeckand diamonds Mining andJohannesburgcity centre Purple English and Afrikaans 127×63
[58] 10 rand Jan van Riebeeckand protea Agriculture Green Afrikaans and English 133×70
[59] 20 rand Jan van Riebeeck,Cape Dutch architecture and vines Jan van Riebeeck's three ships and Coat of Arms of South Africa Brown English and Afrikaans 140×77
[60] 50 rand Jan van Riebeeckand lion Fauna and flora Red Afrikaans and English 147×83

Fourth series

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Banknotes of the South African rand (1992 Fourth Issue "Big Five" )[48][61]
Image Value Obverse Reverse Colour Language Size (mm)
[62] 10 rand Rhinoceros Agriculture Green Afrikaans and English 128×70
[63] 20 rand Elephants Mining Brown English and Afrikaans 134×70
[64] 50 rand Lions Manufacturing Red Afrikaans and English 140×70
[65] 100 rand Cape buffaloes Tourism Blue English and Afrikaans 146×70
[66] 200 rand Leopards Transport and communication Orange Afrikaans and English 152×70

Fifth series

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Banknotes of the South African rand (2005 Fifth Issue "English & Other Official Languages" )[48]
Image Value Obverse Reverse Colour Language Size (mm)
[67] 10 rand Rhinoceros Agriculture Green English, Afrikaans, Swati 128×70
[68] 20 rand Elephants Mining Brown English, Southern Ndebele, Tswana 134×70
[69] 50 rand Lions Manufacturing Red English, Venda, Xhosa 140×70
[70] 100 rand Cape buffaloes Tourism Blue English, Northern Sotho, Tsonga 146×70
[71] 200 rand Leopards Transport and communication Orange English, Sotho, Zulu 152×70

Sixth series

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Banknotes of the South African rand (2012 Sixth Issue "Nelson Mandela" )[48]
Image Value Obverse Reverse Colour Language Size (mm)
[72] 10 rand Nelson Mandela Rhinoceros Green English, Afrikaans, Swati 128×70
[73] 20 rand Elephant Brown English, Southern Ndebele, Tswana 134×70
[74] 50 rand Lion Red English, Venda, Xhosa 140×70
[75] 100 rand Cape buffalo Blue English, Northern Sotho, Tsonga 146×70
[76] 200 rand Leopard Orange English, Sotho, Zulu 152×70

Seventh series

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Banknotes of the South African rand (2018 Seventh Issue "Mandela Centenary" )
Image Value Obverse Reverse Colour Language Size (mm)
[77] 10 rand Nelson Mandela Young Mandela and his birthplace ofMvezo Green English, Afrikaans, Swati 128×70
[78] 20 rand Young Mandela and his home inSoweto Brown English, Southern Ndebele, Tswana 134×70
[79] 50 rand Young Mandela and the site of his capture nearHowick Red English, Venda, Xhosa 140×70
[80] 100 rand Young Mandela and his place of imprisonment atRobben Island Blue English, Northern Sotho, Tsonga 146×70
[81] 200 rand Young Mandela and hisstatue at the Union Buildings Orange English, Sotho, Zulu 152×70

Eighth series

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Banknotes of the South African rand (2023 Eighth Issue "Big 5 Families" )[82]
Image Value Obverse Reverse Colour Language Size (mm)
10 rand Nelson Mandela Rhinoceros Green English, Afrikaans, Swati 128×70
20 rand Elephant Brown English, Tswana, Ndebele 134×70
50 rand Lion Purple English, Xhosa, Venda 140×70
100 rand Cape buffalo Blue English, Sepedi, Tsonga 146×70
200 rand Leopard Orange English, Zulu, Sotho 152×70

Exchange rate

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Current ZAR exchange rates
FromGoogle Finance: AUDCADCHFCNYEURGBPHKDJPYUSDINRNGNJPY
FromYahoo! Finance: AUDCADCHFCNYEURGBPHKDJPYUSDINRNGNJPY
FromXE.com: AUDCADCHFCNYEURGBPHKDJPYUSDINRNGNJPY
From OANDA: AUDCADCHFCNYEURGBPHKDJPYUSDINRNGNJPY

See also

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Note

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  1. ^FromZuid-Afrikaanse rand( "South African rand" ); theZAis a historical relic fromDutch,used because "SA" is allocated to Saudi Arabia.

References

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  64. ^"My Currency Collection: South Africa Currency 50 Rand banknote 1992 Transvaal Lion".
  65. ^"My Currency Collection: South African Currency 100 Rand banknote 1999 Cape Buffalo".
  66. ^"My Currency Collection: South Africa Currency 200 Rand banknote 1994 African leopard".
  67. ^"My Currency Collection: South African Currency 10 Rand banknote 2005 White Rhino".
  68. ^"My Currency Collection: South Africa Currency 20 Rand banknote 2005 African Bush Elephant".
  69. ^"My Currency Collection: South African Currency 50 Rand banknote 2005 Transvaal Lion".
  70. ^"My Currency Collection: South Africa Currency 100 Rand banknote 2005 African Buffalo".
  71. ^"My Currency Collection: South African Currency 200 Rand banknote 2005 African Leopard".
  72. ^"My Currency Collection: South Africa Currency 10 Rand banknote 2012 President Nelson Mandela".
  73. ^"My Currency Collection: South African Currency 20 Rand banknote 2012 President Nelson Mandela".
  74. ^"My Currency Collection: South Africa Currency 50 Rand banknote 2012 President Nelson Mandela".
  75. ^"My Currency Collection: South African Currency 100 Rand banknote 2012 President Nelson Mandela".
  76. ^"My Currency Collection: South Africa Currency 200 Rand banknote 2013 President Nelson Mandela".
  77. ^"My Currency Collection: South African Currency 10 Rand Commemorative banknote 2018 Nelson Mandela Centenary".
  78. ^"My Currency Collection: South Africa Currency 20 Rand Commemorative banknote 2018 Nelson Mandela Centenary".
  79. ^"My Currency Collection: South African Currency 50 Rand Commemorative banknote 2018 Nelson Mandela Centenary".
  80. ^"My Currency Collection: South Africa Currency 100 Rand Commemorative banknote 2018 Nelson Mandela Centenary".
  81. ^"My Currency Collection: South African Currency 200 Rand Commemorative banknote 2018 Nelson Mandela Centenary".
  82. ^"Banknotes"– via www.resbank.co.za.{{cite journal}}:Cite journal requires|journal=(help)

Further reading

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Preceded by:
South African pound
Reason:decimalisation
Ratio:2 rand = 1 South African pound = 1 British pound 		Currency ofSouth Africa
1961 – 		Succeeded by:
Current
Currency ofSouth West Africa
1961 – 1990
Note:administered by/occupied bySouth Africasince 1915 		Currency ofNamibia
1990 – 1993 		Legal tender inNamibia
1993 – 		Succeeded by:
Namibian dollar
Reason:withdrawal fromCommon Monetary Area
Ratio:at par
Note:dollar introduced in 1993, with South African rand remaining legal tender
Currency ofBasutoland
1961 – 1966 		Currency ofLesotho
1966 – 1980 		Legal tender inLesotho
1980 – 		Succeeded by:
Lesotho loti
Note:loti introduced in 1980, with South African rand remaining legal tender
Currency ofEswatini
1961 – 1974 		Legal tender inEswatini
1974 – 1986 		Circulates inEswatini
1986 – 		Succeeded by:
Swazi lilangeni
Note:lilangeni introduced in 1974. South African rand continues to circulate unofficially
Currency ofBechuanaland Protectorate
1961 – 1966 		Currency ofBotswana
1966 – 1976 		Succeeded by:
Botswana pula
Reason:creation of independent currency
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