Coins of the South African rand Coins of the South African rand The coins of the South African rand are part of the physical form of South Africa's currency, the South African rand. In 1961, South Africa replaced the pound with a decimal currency: 100 cents (100c) = 1 rand (R1), 1 rand being valued at 10 shillings and 1 cent at 1.2 pence. The rand was introduced in the then Union of South Africa on 14 February 1961, shortly before the establishment of the Republic on 31 May 1961. The coins bore the forward-facing portrait of Jan van Riebeeck on the obverse. The initial circulation
Circulation (currency) Circulation (currency) In monetary economics, circulation is the continuing use of individual units of a currency for transactions. Thus currency in circulation is the total value of currency (coins and paper currency) that has ever been issued minus the amount that has been removed from the economy by the central bank. More broadly, money in circulation is the total money supply of a country, which can be defined in various ways always including currency and also including some types of bank deposits. Standard money is the basic currency circulating within a monetary system. It has legal recognition for prices and