Best Exchange Rates UK: A History of the South African Rand.

January 4th, 2012
A Best Exchange Rates UK guide to the currency of South Africa. The main form of foreign currency used in South Africa’s Cape Region was the coin. It was solely used for legal tender; there was no paper money until later on in the country’s currency history. Paper money was only introduced when the Dutch Governor of 1782 didn’t have sufficient coins for the settlement of the Netherlands. This paved the way for the need for a unique foreign currency for South Africa. The first paper money to be issued in South Africa was the rix dollar and stiver denominations which was the Capetonian currency of that time.
The government in South Africa came across one intrinsic problem: they had no printing equipment. Therefore, all notes had to be handwritten. The notes featured a Government fiscal hand-stamp that indicated their value and the date of issue. The Lombard Bank was the first bank to be established in the Cape, which opened in 1793 in Cape Town. The intention behind this bank was to bring additional money into circulation. This was short-lived and the Lombard Bank was forced out of business by private banks in 1883.
There were several private banks that were developed between 1837 and 1882 that produced their own paper money. In 1877, an imperial bank, the Standard Bank of British South Africa Ltd opened and also issued its own paper money. This bank was properly conducted and opened several branches across the Cape, allowing them to take over many of the remaining private banks. By 1892 the Standard Bank had taken over them all except one, the Stellenbosch District Bank which is still in existence today.
Many of the large banks left in South Africa continued to print their banknotes in England. This was the case until 1963 when the South African Bank Note Company was established. South Africa became an independent country in 1961, establishing the Rand as their national currency, which replaced the South African Pound. The South African Reserve Bank was made the body with sole responsibility over the new national currency and had the role of replacing the old currency with the new.
The Rand takes many forms of denominations and is used as either coins or notes. The foreign currency of South Africa has taken on many different designs over the years, each developing with higher security features.
Many people travelling to South Africa or making international transactions use the foreign currency of South Africa and deal with foreign exchange brokers to get the best exchange rate for South African Rand.

A Best Exchange Rates UK guide to the currency of South Africa.

The main form of foreign currency used in South Africa’s Cape Region was the coin. Initially it was the sole legal tender as there was no paper money until later in the country’s currency history.in fact, it was the need for paper money when the Dutch Governor of 1782 didn’t have sufficient coins for the settlement of the Netherlands that paved the way for a unique foreign currency in South Africa. The first paper money to be issued in South Africa was the rix dollar and stiver denominations which was the Capetonian currency of that time.

The government in South Africa came across one intrinsic problem: they had no printing equipment. Therefore, all notes had to be handwritten. The notes featured a Government fiscal hand-stamp that indicated their value and the date of issue. The Lombard Bank was the first bank to be established in the Cape, which opened in 1793 in Cape Town. The intention behind this bank was to bring additional money into circulation. This was short-lived and the Lombard Bank was forced out of business by private banks in 1883.

There were several private banks that were developed between 1837 and 1882 that produced their own paper money. In 1877, an imperial bank, the Standard Bank of British South Africa Ltd, opened and also issued its own paper money. This bank was properly conducted and opened several branches across the Cape, allowing them to take over many of the remaining private banks. By 1892 the Standard Bank had taken over them all except one, the Stellenbosch District Bank (which is still in existence today).

Many of the large banks left in South Africa continued to print their banknotes in England. This was the case until 1963 when the South African Bank Note Company was established. South Africa became an independent country in 1961, and replaced the South African Pound with their new national currency, the Rand. The South African Reserve Bank was made the body with sole responsibility over the new national currency and had the role of replacing the old currency with the new.

The Rand takes many forms of denominations and is represented as either coins or notes. The foreign currency of South Africa has taken on many different designs over the years, each new iteration incorporating greater security features.

Many people travelling to South Africa or making international transactions use the foreign currency of South Africa and deal with foreign exchange brokers to get the best exchange rate for South African Rand.

Leave a Comment