South African rand
The rand (sign: R; code: ZAR) is the currency of South Africa. The rand has the symbol "R" and is subdivided into 100 cents, symbol "c". Unlike the dollar, the decimal separator between a rand and cent is expressed by a comma. The ISO 4217 code is ZAR, from Dutch Zuid-Afrikaanse Rand (South African rand). The rand is the currency of the Common Monetary Area between South Africa, Swaziland and Lesotho. Although Namibia withdrew from this union, the rand is still legal tender there.
Historical users of the South African rand included South-West Africa and the nominally independent bantustans under the apartheid system: Bophuthatswana, Ciskei, Transkei and Venda.
Etymology
It takes its name from the Witwatersrand (literally "white waters' ridge" in English), the ridge upon which Johannesburg is built and where most of South Africa's gold deposits were found.
History
The cent was introduced in the then Union of South Africa on 14 February 1961, three months before the Republic of South Africa was established. 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 to 1 pound, or 10 shillings to the rand. The government introduced a mascot, Decimal Dan, "the rand-cent man" (known in Afrikaans as Dan Desimaal). This was accompanied by a radio jingle, to inform the public about the new currency.