The Rand currency 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 One Rand coin was initially a gold bullion coin equal to the earlier gold half pound, which was itself equal to a British half sovereign (minted, among others, at the Pretoria branch of the Royal Mint - now the South African Mint, until 1932).
Silver One Rand coins started to be issued for regular circulation in 1965. This was then changed to nickel in 1977, with silver only used for commemorative and collector issues. In 1990 the coin was made much smaller and changed to nickel-plated copper (and later - steel) due to its value being much lower than before owing to inflation. |
