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 nickel coin was made much smaller due to its value being much lower than before owing to inflation. The silver commemorative Rand was discontinued in this format; in 1991, the Protea One Rand (non-circulating legal tender) was introduced instead, with different composition.
This silver commemorative one Rand was issued to mark the 75th anniversary of the Parliament of South Africa.
The Parliament building in Cape Town appears on the reverse (designed by Arthur Sutherland), while the obverse (designed by Timothy Bell) displays symbols of Parliament.
There is also a one-ounce gold coin with the same design and the specifications of a Krugerrand. |