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The pound (Afrikaans: pond; symbol £, £SA [1] for distinction) was the currency of the Union of South Africa from the formation of the country as a British Dominion in 1910. It was replaced by the rand in 1961 when South Africa decimalised. In 1825, an imperial order-in-council made sterling coinage legal tender in all the British colonies.
In sterling terms, it fell from around 9.5% to just over 7%, losing some 25% of its international trade-weighted value in six months. In late 2007, the rand rallied modestly to just over 8%, only to experience a precipitous slide during the first quarter of 2008.
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.
Many African countries change their currency's appearance when a new government takes power (often the new head of state will appear on bank notes), though the notional value remains the same. Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar ).
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. Both the pound and the rand gold coins matched the specifications of the British half-sovereign and sovereign (minted, among others, at the Pretoria branch mint until 1932), including the gold ...
The nickel-brass L1 coin dated 1986 and brass coins dated 1995-2009 had the same dimensions and composition as the British £1 coins introduced in 1983, and thus have sometimes been used fraudulently in British vending machines with the value of L1 decreasing from £0.36 in 1986 to £0.05 in 2015, when those L1 coins were demonetised.
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In terms of the gold amounts recorded, this is where accounts differ and the legend of the Kruger Millions begins. Jan Smuts suggests after weighing and recording this data, the gold sent to Middelburg consisted of gold bars, unprocessed gold and approximately 100,000 ponds to the value of 750,000 pond or around 170,000 ounces.