The SARB Act 90 of 1989 provides for the legal tender status of the banknotes and coin issued by the SARB. The Currency Management Department works with the South African Mint Company (RF) Proprietary Limited (SA Mint), which mints coins, and the South African Bank Note Company (RF) Proprietary Limited (SABN), which prints banknotes. In 1996 the mandate of the SARB was expanded to include price stability maintenance, one of its main functions remains ensuring a sufficient supply of trusted banknotes and coin.
The rand is legal tender in the Common Monetary Area, which includes, eSwatini, Lesotho and Namibia. It takes its name from the Witwatersrand – the ridge on which Johannesburg is built and where most of South Africa’s gold deposits were found. The rand has been legal tender in South Africa since 1961, when it replaced the pound. The first banknotes were issued by the SARB on 19 April 1922. The SARB was established on 30 June 1921 to issue, distribute and destroy banknotes and coin. The coin was then sold to the shoe designer Stuart Weitzman in 2002 for $7.6 million, which set a record at the time, before Weitzman put it up for sale again in 2021.The SARB has the sole authority to produce, issue and destroy South African currency, and is entrusted to ensure the availability and integrity of the South African rand. This coin was only able to be sold by a private collector after a legal battle between the United States Treasury and a former owner of the coin, who was granted possession. However, it's believed that 13 coins did make it into circulation, and in 1944 the Secret Service declared that if any collectors possessed any of the coins, they would be considered stolen. Its value is due to the fact that the 1933 edition never actually entered circulation, with most examples returned to and melted down by the US government. The coin now holds the record for the most expensive ever sold, more than doubling the previous record. Remarkably, the coin's face value is just $20. An extremely rare Double Eagle coin sold for a record price of $18.9 million at a Sotheby's auction on 8 June last year.
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