The Depression as it affected agriculturein South Africa, is taken to extend from 1929 to 1934. Although the prices of certain primary products began to decline in the latter half of 1928, the effects only began to be experienced in 1929. Prices did increase in 1933 in response to the abandonment of the gold standard, but remained low during 1934. Mostly, they only began to reach the 1928 levels in the late 1930s and early 1940s. One of the reasons for this was the magnitude of the price decline during the years 1928–1933 (in some cases to less than 25 per cent of the 1928 price level). Recovery in the South African economy became noticeable only in 1934, although the value of gold had increased at the beginning of 1933. It took some time for the benefits of this increase to filter through to the rest of the economy. However, for the agricultural sector it took even longer because, besides the effects of the Depression, it also experienced one of the severest droughts ever recorded, followed by a locust epidemic and many animal diseases. Furthermore, agriculture was dependent upon an increase in worldwide demand for its export products which was difficult to achieve in a decade conspicuous for its over-production of primary products. The farmers undoubtedly suffered one of the heaviest burdens of all sectors and certainly for the longest period. Because of the intensity of their privations, which they felt were unnecessarily exacerbated by the government's unwillingness to go off the gold standard, the agricultural sector was particularly vociferous in its criticisms of the government about the gold standard issue. Source: South African Journal of Economic History by Anthony Minnaar

Up to 1960, South Africa used the British system of 12 pennies to a shilling and 20 shillings to a pound (240 pennies to the pound). This coinage system dominated South Africa for more than a century as Lord Charles Somerset issued an ordinance as far back as 6 June 1825 declaring British Sterling as legal tender at the Cape (Arndt, 1928). This was part of a process to introduce a uniform monetary system for the British Colonies at the time. A shortage of coins nevertheless delayed this process for several years, but after 1848, only coins of the Sterling series were accepted. These coins became firmly entrenched throughout the whole of South Africa and even the Kruger coins, minted in the Transvaal Republic during 1892 to 1900, conformed to the British system (Engelbrecht, 1987).Source: Francois Malan

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