South African Rand - History

History

The rand was introduced on 14 February 1961. A Decimal Coinage Commission had been set up in 1956 to consider a move away from the denominations of pounds, shillings and pence, submitting its recommendation on 8 August 1958. It replaced the South African pound as legal tender, at the rate of 2 rand = 1 pound or 10 shillings to the rand. The government introduced a mascot, Decimal Dan, "the rand-cent man" to familiarise the populace with the new currency. This took place in the same year that the Republic of South Africa was established.

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