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The previous South African farthing coin (1 ⁄ 4 d) and half-a-crown (2 + 1 ⁄ 2 s) were not continued in decimal currency. In addition, two bullion coins with denominations of 1 rand and 2 rand were issued, replacing the gold half-pound and pound coins introduced in 1952.
The South African Reserve Bank restricts the exportation of Krugerrands by a South African resident to a non-resident to a maximum of R30,000 (about US$2,100 or €1,870 as of June 2018). Visitors to South Africa can export up to 15 coins by declaring the items to the South African Revenue Service. [21]
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). On 14 February 1961, the Union of South Africa adopted a decimal currency, replacing the pound with the Rand.
Printing errors on bills and coins could make the currency more valuable. For example, a 1942 Mercury dime sold for $1,277 in 2022 just because it was cast using a 1941 die.
Maximize Market Research estimates that the global coin collection market was worth about $9.72 billion in 2023 and is expected to reach around $19.5 billion by 2030.
The West African Monetary Zone (WAMZ) has proposed to create a common currency for all West Africa states, the Eco. In May 2020, an agreement between the French government and 8 West African countries was reached, meaning to change the CFA franc to the Eco; though no plan had been established as of January 2021. [ 4 ]
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 the first time on 15 March 1982. [9]
The most valuable blank coin listed on the U.S. Coins Guide site is a 90% silver dollar without a raised rim valued at $1,600 or more. The same type of silver dollar with a raised rim is valued at ...