Decimal coinage is to be introduced throughout the Union of South Africa and High Commission territories from Feb 14, 1961.
Decimal coinage is to be introduced throughout the Union of South Africa and High Commission territories from Feb 14, 1961. At a ceremony in the Union Mint, Pretoria, Sept 20, Director of the South African Mint, Mr. J.P. Roux, addressed members of the decimalization board and reporters, before Dr Arndt - chairman of the board - switched on the press to produce the first of the new one-cent bronze coins.
From that day, the Mint were to produce 30 million cent and 1/2-cent coins at a rate of five million a week. When the new decimal system is introduced in 1961 there will be a 20-month gradual change-over from the use of pounds, shillings and pence.
The old silver coinage will be retained - with the exception of the half-crown - but the old 5 shilling piece becomes 50 cents; the 2 shilling piece becomes 20 cents; 1 shillings is 10 cents, and sixpence is 5 cents. The threepenny piece is therefore 2 1/2 cents. The bronze 1 cent coin is the equivalent of six fifths of a penny and there is also a 1/2-cent coin. There will be no more units of one farthing.
Paper currency will be as follows: A unit of one Rand replaces the old ten shilling note. Therefore the pound becomes two Rands - or a Double-Rand - the five-pound note is 10 Rands; the ten-pound note is 20 Rands; the 20-pound note is 40 Rands and the highest value note of GBP100 becomes 200 Rands.