The History of the South African Pound Symbol (£)

Origins of the £ Symbol

The pound symbol £ derives from the letter L, standing for libra – the Roman unit of weight (approx. 327 grams). In British currency, it originally denoted one pound weight of sterling silver, from which 240 silver pennies could be struck. The £ sign is essentially a capital L with one or two crossbars, a scribal abbreviation used since medieval times [citation:1].

🇿🇦 The Pound in South Africa (1825–1961)

In 1825, an imperial order‑in‑council made sterling coinage legal tender in all British colonies. The pound sterling became the official currency of the Cape Colony, replacing the Dutch rijksdaalder. As British influence expanded, sterling became the currency of all British territories in Southern Africa [citation:1][citation:5].

• Transvaal Republic (ZAR): Issued its own coins and notes from 1892, denominated in pond (Afrikaans for pound). Gold coins bear the inscription "Een Pond" – a distinctive feature for collectors [citation:1][citation:5].
• Union of South Africa (1910–1961): After Union, the pound remained the currency. The South African Reserve Bank was established in 1921 and issued its first banknotes on 19 April 1922. From 1923, the Union struck its own coins (¼d to 2½ shillings, plus gold sovereigns) [citation:1][citation:8].
• Distinctive symbol £SA: To distinguish it from sterling, the symbol £SA was sometimes used, particularly in international financial contexts [citation:1].

Parity and the 1931–1933 Crisis

Throughout most of its existence, the South African pound remained at par with the pound sterling. The only significant exception followed the UK's departure from the gold standard in September 1931. Prime Minister Hertzog's government insisted on remaining on gold – a decision driven by nationalist sentiment and the importance of gold exports. The consequence was dramatic: the South African pound appreciated sharply against sterling, crippling the gold export industry. By 1933, Hertzog was forced to abandon the gold standard, and the pound returned to parity with sterling [citation:1][citation:5].

Collecting Significance

The presence of the £ symbol instantly identifies pre‑decimal items (before 14 February 1961). Collectors will encounter it on:

• ZAR gold and silver (1892–1902): Look for "Pond" on gold, "Shillings" on silver. Key varieties include the 1892 double shaft and the rare 1898 Sammy Marks Tickey [citation:1][citation:5].
• Pre‑Union private banknotes: Issued by banks such as the National Bank of the ZAR, denominations in pounds [citation:5].
• First SARB notes (1922 onwards): 10/–, £1, £5, £20 and £100, bilingual in English and Afrikaans. From 1948, two variants exist – English first or Afrikaans first [citation:1][citation:5].
• Siege currency (1899–1902): Notes issued during the Boer War, including Mafeking, Kimberley, and the famous Krugersdorp notes [citation:5].
• Union coinage (1923–1960): From farthings to half crowns, all carry the £sd denominations. Gold sovereigns and half sovereigns were struck until 1932 [citation:1].

Transition to the Rand (1961)

On 14 February 1961, South Africa decimalised. The new currency was named the Rand – derived from "Witwatersrand", the ridge where most of the country's gold deposits were found [citation:3][citation:8]. The exchange rate was set at R2 = £1 [citation:1][citation:3]. The symbol became the capital R, placed before the numeral. The £ symbol rapidly disappeared from circulation, but remains a key identifier for the entire pre‑decimal era.

Sources

• South African pound – Wikipedia [citation:1]
• Britannica – Rand currency [citation:3]
• Sunday Times – History of the common monetary area [citation:6]
• African News Agency – SARB 100 years of banknotes [citation:8]
• South African pound – TheFreeDictionary [citation:5]
• Hern, Brian. Standard Catalogue of South African Coins, Medals and Tokens (annual)

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