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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 1978 series began with denominations of 2, 5, 10, and 20 rand, with a 50 rand introduced in 1984. This series had only one language variant for each denomination of note. Afrikaans was the first language on the 2, 10, and 50 rand, while English was the first on the 5 and 20 rand. A coin replaced the 1 rand note.
By 1980, the Krugerrand accounted for more than 90% of the global gold coin market and was the number one choice for investors buying gold. However, during the 1980s and 1990s, Krugerrands fell out of favor as some Western countries forbade import of the Krugerrand because of its association with the apartheid government of South Africa.
These included shells, [1] ingots, gold (gold dust and gold coins (the Asante)), arrowheads, iron, salt, cattle, goats, blankets, axes, beads, and many others. In the early 19th century a slave could be bought in West Africa with manilla currency ; multiples of X-shaped rings of bronze or other metal that could be strung on a staff.
(The £ 1 ⁄ 2 and £1 were gold coins known as the half sovereign and sovereign respectively.) The coins were the same weights as the corresponding sterling coins but the silver coins (3d up to 2/6) were struck in .800 fineness silver. Gold coins were struck until 1932. In 1947, 5/– coins were introduced, with occasional commemorative variants.
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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Prior to February 1961, the South African pound, which was then equal in value to sterling, was also accepted on the island, but that ceased with the introduction of the new decimal South African rand, with one rand being worth only 10 shillings sterling.