15 Interesting Facts About South African Money

Introduction:

South African money is an important part of the nation’s history and culture. From the old Rand to the more recent modern banknotes, South African money has evolved and changed over the years. Here are 15 fascinating facts about South African money that everyone should know.

Fact 1: The First Rand was Established in 1961

The first Rand was introduced by the South African Reserve Bank in 1961, replacing the South African pound. Two types of Rand were printed – one for circulation and one for reserve. Its value was fixed to the Pound Sterling and the US Dollar, in a ratio of 1:1.

Fact 2: The Design of the South African Currency Has Evolved Over the Years

Following the end of Apartheid, South African banknotes were redesigned, with the portrait of Nelson Mandela appearing on them. These banknotes also feature images of some of South Africa’s indigenous animals, such as the springbok, leopard and zebra. Since 2012, South African money has featured the image of its first democratically elected president Nelson Mandela.

Fact 3: The Rand is Represented by the Initial ‘ZAR’

The currency is represented by the initial ‘ZAR’; this stands for South African Rand. The South African Rand is the official currency of South Africa and is accepted by all foreign monetary systems as legal tender.

Fact 4: The South African government Can Issue Coins and Banknotes

The South African government is allowed to issue coins and banknotes. These are created by the South African Mint and are printed by the South African Reserve Bank.

Fact 5: There are 5 Denomination Notes of the Rand Currency

There are five denominations of the current Rand currency; these are R10, R20, R50, R100 and R200. These Bank Notes are known as ‘rand’ notes, and they’re coloured either yellow, blue, green or red, depending on its value.

Fact 6: The Rand Comes in Coin Denominations

The Rand comes in coin denominations of 5c, 10c, 20c, 50c, R1, and R2. These coins are known as ‘cents’ or ‘South African cents’. They are all struck from nickel-plated steel and are round in shape.

Fact 7: There Are Five South African Mints

The South African Mint is currently responsible for the production of South African coins. The Mint operates five branch offices located in Cape Town, Durban, Johannesburg, Port Elizabeth and East London.

Fact 8: South Africa Has Experienced Currency Revaluations

In 1968, the Rand and the Pound Sterling revaluated from 1:1 to 8:11. This revaluation remained until 1971, when the revaluation was reversed. This was followed by a series of currency realignments between 1972 and 1982.

Fact 9: The Rand was Re-Introduced in Foreign Exchange in 1995

In 1995, the Rand was re-introduced in foreign exchange. This saw the currency become a free-floating currency once more, although it still remained pegged to the US dollar for a period of time before eventually being allowed to float freely.

Fact 10: The Reserve Bank is Responsibility for Controlling the Supply of Money

The Reserve Bank is responsible for controlling the supply of money within South Africa. It regulates the money supply, monetary policy, and the rate of bank lending.

Fact Eleven: South Africa Has a National Bank

South Africa also has a national bank called the South African Reserve Bank (SARB). The Reserve Bank is responsible for issuing banknotes, regulating the banks, providing banking services and managing the government’s reserves.

Fact Twelve: The Reserve Bank is Regulated by the South African Reserve Bank Act

The Reserve Bank is regulated by the South African Reserve Bank Act of 1989 which provides the framework for its operations. The Act establishes the Reserve Bank’s ability to pursue monetary policy and sets limits to the bank’s lending.

Fact Thirteen: The Rand is Divided Into 100 Cent

The South African Rand is divided into 100 cent (c). The smallest denomination of the Rand is the 5 cent coin. It is made of Nickel-plated steel coins and is the equivalent of one-twentieth of a Rand.

Fact Fourteen: The Rand is Accepted As Legal Tender in Namibia and Swaziland

The South African Rand is a legal tender in Namibia and Swaziland. This means that the South African Rand can be used in those countries for purchasing goods and services.

Fact Fifteen: The South African Money System is Advanced

The South African money system is technologically advanced. There are ATMs, debit cards and credit cards in many places around the country, and the central bank, The Reserve Bank of South Africa, has implemented the use of contactless payment methods, such as PayWave and Masterpass.

Conclusion

South African money is a fascinating subject, with many interesting facts about it that everyone should know. From learning about the introduction of the Rand Currency to understanding the South African Money System, there is much to learn about South African money. Whether you’re traveling there or just learning about the history and culture, these 15 facts cover the most important and interesting aspects of South African money.