| HISTORICAL EVENTS AT THE TIME THE FIRST DECIMAL COINAGE OF SOUTH AFRICAN WAS IN USE
Extract From: The Republic of South African Explanatory Memorandum on the Various Clauses in the Finance Bill of 1962. In revision of that year.
Clause 23
In terms of section three of the Finance Act, 1961, the Minister of Finance was empowered to withdraw from circulation such quantities of sterling bronze coins as might become surplus due to requirements as a result of decimalization.
At the time this power was confined to sterling bronze coins as it was known that they would in the nature of things have to disappear altogether sooner or later, and also because it was then expected that any silver coins would become surplus.
Experience has since shown, however, that the half-crown (which incidentally has no counterpart in the decimal system) and also the 3d coin and its counterpart, the 2½c coin, have for unknown reasons lost their popularity to some extent, so that considerable quantities are accumulating in the hands of the commercial banks, where they create storage problems.
It would be unfair to expect these banks to cope with these storage problems should the unpopularity of these coins persist, and the object of this clause is to empower the Minister of Finance to authorize the Director of the Mint to take over surplus coins as the need arises.
While it is not expected that any problem is likely to arise in respect of other coins, it is never the less deemed advisable that the Minister's powers should extend to all coins.
The South African First Decimal Coin System 1961 - 1964
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 coins of the Republic were the following:
- 1⁄2 cent (approximately replaced 1⁄2d)
- 1 cent (approximately replaced 1d)
- 21⁄2 cents (replaced 3d)
- 5 cents (replaced 6d)
- 10 cents (replaced 1s)
- 20 cents (replaced 2s)
- 50 cents (replaced 5s)
The coins initially had the same size as the former South African coins. All except the 1⁄2 and 1 cent coins were in silver. The previous South African farthing coin (¼d) and half-a-crown (2 1⁄2s) were not continued in decimal currency.
In addition, two bullion coins with denominations of 1 rand and 2 rand were issued, replacing the gold half-pound and pound coins introduced in 1952. Both the pound and the rand gold coins matched the specifications of the British half-sovereign and sovereign (minted, among others, at the Pretoria branch mint until 1932), including the gold alloy (crown gold) with a fineness of 22 carat (91.67%). The reverse of the gold rand coins features the well-known pronking springbok illustration designed by Coert Steynberg for the 5-shilling coin introduced in 1948.
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THIS 7 COIN SET AT THESE GRADES
ARE HIGHLY VALUED BY COLLECTORS
THIS SET IS NOT OFTEN FOUND IN THE MARKETPLACE
OUR CHOICE NUMISMATIC OFFER IS
R 5 000 INCLUSIVE
A LIMITED OFFER
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