Money and Exchange in South Africa
The history of money in South Africa over the last two centuries can be described as a tale of paper and gold. Flimsy banknotes first printed in the Cape of Good Hope in the 1820s start the story with the formation of a private banking system linked to the entrenchment of British colonial rule. Delicately engraved gold bars and coins bring us through the second half of the nineteenth century. This era was shaped by the establishment of an imperial mining system, accompanied by destructive wars that paved the way for the brutal apartheid system that dominated South African politics in the second half twentieth century. Colorful post-apartheid banknotes featuring South African President Nelson Mandela and symbols of African culture and identity bring us to the present day.
While the story of money in South Africa includes many other forms of money, particularly indigenous currencies such as beads and livestock that circulated at the same time as coins and notes, the objects in this learning lab provide a picture of how South Africa transformed from a politically divided agricultural economy to the world’s leading gold producer and Africa’s most developed economy.
Following colonization by the Dutch and British, the slow and often violent process of political consolidation was reflected in South Africa’s money, with the adoption first of coins based on British sterling and then, under the apartheid regime adopted in 1948, the rand. As apartheid South Africa distanced itself from Britain and became increasingly isolated, its money depicted figures associated with history of the Afrikaner ruling party, such as Jan van Riebeeck and Paul Kruger. With the fall of apartheid and the shift to democracy in 1994, these divisive figures were eventually replaced by Nelson Mandela.
Covering two centuries, these objects from the National Numismatic Collection tell the story of South Africa’s path from company and colonial rule to apartheid to the rainbow nation.
This learning lab is based on a recent article on the material history of money in South Africa:
Below is a list of additional suggested readings on money and exchange in South Africa. To see all of the South African currency objects in the National Numismatic Collection, click here.
This project was generously funded by the Knowledge Exchange and Impact Fund at the London School of Economics. Please feel free to reach out to Dr. Leigh Gardner or Dr. Ellen Feingold with questions or feedback.
Suggested Reading:
Comaroff, Jean, and John L. Comaroff. 2005. “Beasts, Banknotes and the Colour of Money in Colonial South Africa.” Archaeological Dialogues 12 (2): 107–132.
Feinstein, Charles. 2005. An Economic History of South Africa: Conquest, Discrimination and
Development. Cambridge: Cambridge University Press.
Havemann, Roy. 2014. “The Exchange Control System Under Apartheid.” Economic History of Developing Regions 29 (2): 268–286.
Lukasiewicz, Mariusz. 2017. “From Diamonds to Gold: The Making of Johannesburg Stock Exchange, 1880–1890.” Journal of Southern African Studies 43 (4): 715–732.
Ross, Robert. 2008. A Concise History of South Africa. Cambridge: Cambridge University Press.
Wood, Marilee. 2011. “A Glass Bead Sequence for Southern Africa from the 8th to the 16th Century AD.” Journal of African Archaeology 9 (1): 67–84.
Additional early histories of money in South Africa:
Arndt, E. H. D. 1928. Banking and Currency Development in South Africa (1652–1927). Cape Town: Juta & Co.
Becklake, J. T. 1963. From Real to Rands: The Story of Money, Medals and Mints in South Africa. Johannesburg: Central News Agency.
Bergman, W. 1971. A History of the Regular and Emergency Paper Money Issues of South Africa. Cape Town: Derek Butcher & Co.