History of Paper Money in South Africa: Do you want to know where the paper money that you use today comes from? Well, the paper money as you know it, went through thick and thin, while witnessing several key bloodshed moments that shaped the history of South Africa.
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History Timeline of Paper Money in South Africa
- 1652: The first European settlers arrived on South Africa’s shores and brought along their countries’ coins.
- 1782: the first paper (Rix Dollar) money was brought to Cape Town.
- 1806: After South Africa was declared a British Colony in 1806, the British introduced their currency, which lasted until 1826
- 1874: the “Burgers Pond” was issued with the portrait of Thomas Francois Burger, South Africa’s first president
- 1921: The South African Reserve (SARB) was formed to create, distribute and destro paper and coin money
- 1922: The first paper money was formed and issued to the public
- 1961: The Rand became the legal tender that replaced Pound. The “Rand” name originated from the Witwatersrand – the ridge on which Johannesburg is built and where most of South Africa’s gold deposits were found.
- 1989: The SARB Act 90 of 1989 was formed. It’s main aim was consolidate the laws relating to the South African Reserve Bank and the monetary system of the Republic
- 1996: The mandate of the SARB was expanded to include price stability maintenance, and ensuring a sufficient supply of trusted banknotes and coins in South Africa.