History Of South African Money

The rand is south africa s official currency. 1 rand is equal to 100 cents. South africa s first indigenous currency was created about 50 years later.

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The iso 4217 code is zar from zuid afrikaanse rand south african rand.

History of south african money. In the 1830s roughly 12 000 boers people of dutch descent departed from the cape colony to escape british control. History of south african banknotes 1782 to 1920 page content in 1782 the dutch governor van plettenberg was obliged to introduce for the first time in the history of the cape paper money owing to his inability to procure from the netherlands a sufficient quantity of coinage for the requirements of the settlement. They established south africa and several decades later in 1874 the fourth president of sa thomas francois burger decided to create the first south african coin.

300 ounces of gold were sent to london and. In the year 1961 when the rand was introduced it was worth us 1 40. Zar is the official currency of south africa the rand is subdivided into 100 cents sign.

The history of south african money continued in 1830 when over 12 000 boers people of dutch descent escaped from the british colony. This was three days before the country was declared as a republic. The rand was established as the official south african currency on 14 february 1961 and has since developed into a liquid emerging market currency most commonly traded against the us dollar.

It was introduced on the 14th of february 1961 in the union of south africa. The za is a historical relic from dutch and is not used in any current context except the country abbreviation where it is used because sa is allocated to saudi arabia and sar to the saudi arabian.

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