South African Rand

About South African Rand

Replaced the South African pound in 1961 when South Africa became a republic. Named after the Witwatersrand, the ridge where Johannesburg sits and where much of the worlds gold was discovered in 1886. The rand was briefly legal tender in the Common Monetary Area including Namibia, Lesotho, and Eswatini. The krugerrand gold coin, first minted in 1967, was the first modern bullion coin and dominated the gold investment market for decades.