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Do you know why SA’s currency is called the rand?

19 April 2022 - 14:31 By TimesLIVE
Old SA bank notes
Old SA bank notes
Image: Resbank.co.za

The date April 19 2022 marks 100 years since the SA Reserve Bank issued its first banknotes.

The banknotes were issued 10 months after the Bank was established on June 30 1921, the entity said. Prior to that, SA had no monetary authority as commercial banks were responsible for issuing banknotes into circulation.

On this day in 1922, the Bank was granted the sole authority to produce, issue and destroy SA currency, and is entrusted with ensuring its availability and integrity. The central bank has since then invested significantly in the currency’s security features to protect the public from counterfeiting.

The rand replaced the SA pound in 1961, taking its name from the Witwatersrand (white waters’ ridge), the ridge where most of SA’s gold deposits were found in Johannesburg.

The Bank said it was the first central bank to issue commemorative banknotes for all five denominations, which it did in 2018. These commemorative banknotes and coins are placed into circulation for everyday use and maintain their face value.

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