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Many African countries change their currency's appearance when a new government takes power (often the new head of state will appear on bank notes), though the notional value remains the same. Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar).
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. The coins bore the forward-facing portrait of Jan van ...
South African Republic: King Farouk of Egypt: South Cape Coins (private transaction) [18] May 2010 $3,960,000 1885 Trade Dollar: PF-66 United States Eliasberg Heritage Auctions [19] January 2019 $3,877,500 1804 Bust Dollar - Class I PR-62 United States Mickley, Hawn, Queller Heritage Auctions [20] August 2013 $3,360,000 1804 Bust Dollar - Class ...
The Krugerrand ( / ˈkruːɡərænd /; [1] Afrikaans: [ˈkry.ərˌrant]) is a South African coin, first minted on 3 July 1967 to help market South African gold and produced by Rand Refinery and the South African Mint. [2] [3] The name is a compound of Paul Kruger, the former President of the South African Republic (depicted on the obverse ...
They are kept as a store of value or an investment rather than used in day-to-day commerce. [1] Under United Kingdom law, a bullion coin may be marketed as a coin if it is minted after 1800, is at least 900 thousandths fine, and are (or have been) legal tender in their country of origin. [2]
Value of the South African rand to the United States dollar from 1975 to 2015 by the blue columns: The percentage rate of change year-on-year is shown by the black line. [ 8 ] One rand was worth US$ 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 ...
Austrian crown – Austria. Austro-Hungarian crown – Austria-Hungary. Bohemian and Moravian crown – Bohemia and Moravia. British crown – United Kingdom. Czech crown – Czech Republic. Czechoslovak crown – Czechoslovakia. Danish crown – Denmark. English crown – Kingdom of England. Estonian crown – Estonia.
After the Union but before 1923, coins in circulation were mostly British, but the coins of Paul Kruger's South African Republic remained in circulation. In 1923, South Africa began to issue its own coins, adopting coins that were identical in size and value to those used in Great Britain: 12 pence (12d) = 1 shilling (1s), and 20s = 1 pound (£1).
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