Silver Price in South African Rand

The rand (ZAR) is the national currency of South Africa. It’s name is derived from the geological ridge which contains most of South Africa’s gold deposits. The rend was introduced in 1961.

In colonial times South Africa used the pound sterling denominated in South African pounds. The South African pound was pegged at 1:1 with the pound sterling. In 1931 Britain devalued the pound sterling. England’s gold reserves were decimated due to an outflow of gold to the United States. South Africa decided to hold steady with the value of the South African pound, the idea being that the loss of gold in London would boost South African gold exports. However, the high value of the South African pound turned out to cripple the gold export industry, and South Africa also left the gold standard in 1933. The South African pound was promptly devalued and returned to parity with the pound sterling.

The rand was adopted in 1961 at a rate of R$2=£1. It gradually lost value against the US dollar due to sanctions coupled with political and social unrest rocked the country for decades. The rand managed a comeback in 2002 as South Africa implemented social and economic reforms. Since 2008 it has lost ground vs. the dollar

Silver prices in South African rands hover near R$270 per ounce

South Africa’s official mint is the South African Mint Company Limited. It produces a variety of commemorative and bullion coins, the most popular being the South African Gold Krugerrand, a gold and copper alloy coin featuring exceptional durability.

Silver Price in South African Rands

Silver in ozs

Silver in kg