Circulation of precious metals as money in South Africa

[GROOVIE MOVIES 0]

Good day, 

I was wondering when gold and to a lesser extent silver departed from circulation as money in South Africa?

It has often been suggested that the silver rand series between 1965 and 1976 never really circulated and was mostly held as savings in the form of bullion. This topic caught my attention again when somebody mentioned they hadn't often seen silver rands in heavily circulated condition, and I suppose the same could be said about Crowns as well.

I'm not well read on the subject so I thought I'd look at the mintages as an indicator on how coins circulated, as logic dictates higher mintages would mean wider spread circulation and low mintages the opposite. I didn't take proofs into consideration as this would have most certainly been for the collector markets, so all the numbers below are that of business strikes. 

If you look at the low mintages of the first decimal series (particularly 2.5cents and 50cents), it is evident that the intention to remove silver from coinage might already been in place in the late 1950's as was the trend globally after many countries withdrew from the gold standard. The rand as a currency had been introduced in 1961 pegged two to one to the pound, yet as soon as its introduction it was already set for depreciation with the nickel second decimal series on the horizon. The nickel series saw a sharp increase in minting, as was seen with the introduction of the debased 50% silver coinage of the 1950's leading undoubtedly to inflation. I think this might have been the intention of the South African government at the time, in that a weaker currency would be more competitive internationally as well as meet State spending by means of inflation. 

The gold rands and two rands when first released were inline with the SA pounds in the early 1950's at about 4000 on average annually before spiking to an average of 10 000 with the introduction of nickel coinage in 65 to 66. We see another spike in their average mintages again in mid to late 70's to that of around 20 000 annually. I don't know if it's accurate to say, but it looks like each time silver was removed from our coinage, first in 65, then again in 77, the mintage of gold rands increased.

Now I can safely assume that this must have been gold coinage earmarked for savings in the form of bullion, as these numbers are far too low for general business circulation, and one need only look at the gold sovereign mintages of the 1920's to 30's which numbered in the tens of millions to see what I mean. So what this tells me is gold coins were not used for general circulation in the 1960's nor in the 50's, which saw annual mintages of around 500. Another indicator of this is 10 shillings (two crowns) were equivalent to half gold pound (same size 22 carat gold coin as the rand) and 1965 saw the introduction of the silver rands (slightly larger than a half crown) which had the same face value as the gold rand, hence silver and gold rands could not have circulated together at face value as these coins where not inline with the silver to gold price ratio at the time. I hope my logic is holding water thus far...

Thus I conclude gold rands of the 60's and 70's must have traded above face value. Can this be confirmed by anybody of knowledge on the topic? Around what period did gold leave general circulation and paper take its place? With the mintages of the 50's it is safe to assume it must have been prior.

Any thoughts?

regards Robert

 

[jwither 11]

I was young at the time (1972-1974) but never saw any gold in circulation when I lived in South Africa and don't recall ever seeing a silver Rand either.  

Take a look at this link.  The exchange rate for the ZAR to the USD was $1.40 and .50 to the GBP, which is consistent with my recollection of GBP = $2.80.

The gold content in these coins is about 1/8 and 1/4 of an ounce, slightly less but not much.  At the "official" gold price of about $35 to $42.22 USD from the 1930's to the 1960's (based upon Bretton Woods from 1944 onward), the melt value would have been about R3 and R6 or three times the face value of these coins.  The SA Mint wouldn't have sold coins worth this much for face value and no one would spend it either.

http://fxtop.com/en/currency-converter-past.php?A=100&C1=ZAR&C2=USD&DD=01&MM=01&YYYY=1953&B=1&P=&I=1&btnOK=Go!

As for silver, I presume that the silver Rand were also struck for collectors and bullion buyers.  I haven't done the math but anyone can do so since historical silver spot prices are easy to find.  What I can tell you is that by 1972 when I moved to South Africa, no other country was striking silver coinage for commercial purposes.  Switzerland discontinued it in 1967, the US in 1964 (except half dollars at 40% until 1970) and I believe the rest of Europe did so prior to 1950.

[Pierre_Henri 23]

2 hours ago, jwither said:

As for silver, I presume that the silver Rand were also struck for collectors and bullion buyers.  I haven't done the math but anyone can do so since historical silver spot prices are easy to find.  What I can tell you is that by 1972 when I moved to South Africa, no other country was striking silver coinage for commercial purposes.  Switzerland discontinued it in 1967, the US in 1964 (except half dollars at 40% until 1970) and I believe the rest of Europe did so prior to 1950.

Not correct - West Germany issued silver 5 mark coins for circulating purposes (.625 fine) up to 1974. Austria circulating Schilling denominations ended the year before in 1973.

[Pierre_Henri 23]

This is from my own private records  

Country	Denomination	Date	Silver pureness
Angola	10 Escudos 20 Escudos	1952 + 1955	.720
Australia	3d   6d   1/-   2/-    5/- 50c	1910 - 1944 1947 – 1964 1910 – 1945 1946 – 1963 1910 – 1944 1946 – 1963 1910 – 1945 1946 – 1963 1937 & 1938 1966	.925 .500 .925 .500 .925 .500 .925 .500 .925 .800
Austria	1 Corona  2 Corona 5 Corona Half Schilling Schilling   2 Schilling 5 Schilling   10 Schilling 25 Schilling 50 Schilling   100 Schilling	1892 - 1916 1912 -1913 1900 – 1909 1925 – 1926 1924 1925 –1932 1928 – 1937 1934 – 1936 1960 – 1968 1957 – 1973 1955 – 1973 1959 – 1973 1974 – 1978 1975 – 1979 1991 onwards	.835 .835 .900 .640 .800 .640 .640 .835 .640 .640 .800 .900 .640 .640 .900
Belgium	½ Franc (50c) 1 and 2 Franc 5 Francs 20 Francs 20 Francs 50 Francs 50 Francs 100 Francs	1863 – 1914 1832 – 1868 1933 – 1935 1949 – 1955 1935 1939 – 1960 1948 - 1951	.835 .900 .680 .835 .680 .835 .835
Brazil	1000 Reis 2000 Reis	1906 – 1913 1906 – 1913 1924 – 1935	.900 .900 .500
British West Africa	3d & 6d   1/-   2/-	1913 – 1919 1920 1913 – 1920 (1920 also nickel-brass) 1913 – 1920 (1920 also nickel-brass) 1920H	.925 .500   .925   .925 .500
Canada	5c   10c, 25c, 50c   Dollar	1858 – 1919 1920 & 1921 1858 – 1919 1920 – 1966 1936 – 1966	.925 .800 .925 .800 .800
Ceylon	10c, 25c, 50c	1892 – 1917 1919 – 1929 1941 (10c) 1942 (50c)	.800 .550 .800 .800
Cyprus	3, 4 ½, 9, 18 and 45 Piastres	1901 - 1940	.925
Denmark	1 & 2 Kroner 2 Kroner	1875 – 1916 1923, -30, -37, 45	.800 .800
East  Africa (British)	25c, 50c, Shilling and Florin	1906 – 1919 1920	.800 .500
Egypt	1, 2, 5, 10, 20 Qirish,   2,5,10 and 20 Piastres (British Occupation)   2,5,10 and 20 Piastres (Kings Head)	1909 - 1914         1916 – 1920     1923 - 1942	.833         .833     .833
Ethiopia	Gersh (3p size) 1/8 Birr ¼ Birr ½ Birr Birr (Crown size)	1880s/90s 1880s/90s 1880s/90s 1880s/90s 1880s/90s/1900s	.835 .835 .835 .835 .835
Fiji	6d, 1/- and 2/-   2/-	1934 -1941 1942 – 1943 1945	.500 .900 .500

 

 

Country	Denomination	Date	Silver pureness
France	20c 50c 1 Franc & 2 Franc 5 Franc   10 Franc   20 Franc 50 Franc	1864 – 1889 1864 – 1920 1866 – 1920 1861 – 1878 1960 – 1969 1929 – 1939 1965 – 1973 1929 – 1939 1974 – 1980	.835 .835 .835 .900 .835 .680 .900 .680 .900
Germany	½ Mark 1 Mark   2 Mark     3  Mark   5 Mark	1905 – 1919 1873 – 1916 1924 – 1927 1876 - 1913 1925 - 1931 1933 - 1939 1908 - 1915 1924 - 1932 1874 – 1914 1925 - 1932 1933 - 1939 1951- 1974	.900 .900 .500 .900 .500 .625 .900 .500 .900 .500 .900 .625
German East Africa	1/4 Rupee to 2 Rupee	1890 - 1914	.917
Great Britain	3d, 6d, 1/-, 2/-, 5/-	1817 -1919 (some 1920) 1920 - 1946	.925 .500
Greece	1 & 2 Drachmai 20 Drachmai   30 Drachmai 50 Drachmai 100 Drachmai	1910/11 1930 1960 1963/4 1967 1967	.835 .500 .835 .835 .835 .835
Hong Kong	5c 10c 20c 50c / Half Dollar One Dollar	1866 – 1933 1863 - 1905 1866 - 1905 1866 – 1905 1866 - 1868	.800 .800 .800 .800 .900
Hungary	1 Korona 2 Korona 5 Korona 1, 2 & 5 Pengo	1892 – 1916 1912 - 1914 1900 – 1907 1926 - 1939	.835 .835 .900 .640
India (British colonial)	2 Annas ¼ Rupee   ½ Rupee   1 Rupee	1862 – 1917 1862 – 1939 1940 – 1945 1862 – 1939 1940 – 1945 1862 – 1939 1940 - 1945	.917 .917 .500 .917 .500 .917 .500

 

 

Ireland	Shilling, Florin and Half Crown		1928 - 1943	.750
Italy	20 Centesimi 50 Centesimi   1 & 2 Lira 5 Lira   10 Lire 20 Lira 500 Lire 1000 Lire		1863 - 1867 1861 - 1862 1863 - 1892 1863 – 1917 1861 - 1914 1926 – 1941 1926 - 1941 1927 – 1941 1958 – 1982 1970	.835 .900 .835 .835 .900 .835 .835 .800 .835 .835
Lesotho	5 to 50 Licente		1966	.900
Malaysia (Straits Settlements)	5c, 10c & 20c       50c     Dollar		1871 – 1903 1909 – 1917 1918 – 1920 1926 – 1935 1886 – 1905 1907 – 1908 1920 – 1921 1903 – 1909 1919 - 1926	.800 .600 .400 .600 .800 .900 .500 .900 .500
Malaya	5c, 10c & 20c		1939 – 1941 1943 - 1945	.750 .500
Mauritius	10c & 20c ¼ & ½ Rupee		1877 – 1899 1934 – 1938 1946	.800 .916 .500
Mexico	10 Centavos     20 Centavos     25 Centavos 50 Centavos     Peso		1868 - 1905 1905 – 1919 1925 – 1935 (small coin) 1898 - 1905 1905 – 1919 1920 - 1943 1874 - 1890 1875 - 1895 1905 – 1919 1919 – 1945 (not 1935) 1872 - 1905 1910 – 1914 1918 – 1919 1920 – 1945 1947/48	.917 .800 .720 .903 .800 .720 .903 .903 .800 .720 .903 .903 .800 .720 .500
Mozambique	2 ½ Escudos 5 Escudos   10 Escudos     20 Escudos		1935 – 1951 1935 – 1949  1960 1936 – 1938 1952 – 1960 1966 1952 – 1960 1966	.650   .650 .835 .720 .680 .720 .680
Country	Denomination	Date		Silver pureness
Netherlands	5c 10c & 25c ½ Gulden   Gulden   2½ Gulden   10 Gulden	1848 – 1887 1848 – 1945 1848 – 1919 1921 – 1930 1840 – 1917 1922 – 1966 1840 – 1898 1929 – 1966 1970 - 1973		.640 .640 .945 .720 .945 .720 .945 .720 .720
Netherlands Antilles	1/10 Gulden ¼ Gulden, Gulden 2½ Gulden	1954 – 1970 1952 – 1970 1964		.640 .720 .720
Newfoundland	5c   10c   20c 25c 50 c	1865 – 1943 1944 – 1947 1865 – 1944 1945 – 1947 1865 – 1912 1917 – 1919 1870 - 1919		.925 .800 .925 .800 .925 .925 .925
New Zealand	3d, 6d, 1/-, 2/-, 2.6/-, 5/-	1933 – 1946 1935 & 1949		.500 .500
Panama	1/10, ¼, ½ Balboa 1 Balboa	1930 – 1962 1931 – 1974		.900 .900
Philippines	10, 20, 50 Centavos   ½ Peso Peso	1903 – 1906 1907 – 1947 1961 1903 – 1906 1907 – 1912 1947 – 1967		.900 .750 .900 .900 .800 .900
Poland	1 & 2 Zloty 5 Zlotych   10 Zlotych	1924 – 1936 1925 1928 – 1936 1932 - 1939		.750 .900 .750 .750

 

 

Country	Denomination	Date	Silver pureness
Portugal	50 Reis 100 Reis   200 Reis   500 Reis 10 Centavos 20 Centavos 50 Centavos 1 Escudo 2½ Escudos 5 Escudos 10 Escudos   20 Escudos	1855 - 1893 1838 – 1898 1909 – 1910 1838 – 1903 1909 1837 – 1910 1915 1913 – 1916 1912 – 1916    1910 -1916 1932-1951 1932-1960 1928-1948 1954-1960 1953 -1960	.917 .917 .835 .917 .835 .917 .835 .835 .835 .835 .650 .650 .835 .680 .800
Romania	50 Bani 1 Leu 2  Lei 5 Lei 100 Lei 200 Lei 250 Lei   500 Lei   25 000 & 100 000 Lei	1873 – 1914 1870 - 1914 1872 - 1914 1880 -1906 1932 1942 1935 1939  - 1941 1941 1944   1946	.835 .835 .835 .900 .500 .835 .750 .835 .835 .700   .700
Russia	IMPERIAL 5 ,10, 15 & 20 Kopeks 25 Kopeks   50 Kopeks Rouble USSR 10, 15 & 20 Kopeks 50 Kopeks Rouble	1867 – 1917 1859 – 1885 1886 – 1901 1886 - 1914 1886 - 1915     1921 -1930 1921/22 1921/22/24	.500 .868 .900 .900 .900     .500 .900 .900
Seychelles	25 cent ½ Rupee Rupee	1939 – 1944 1939 1939	.500 .500 .500
South Africa a)    ZAR b)    Union c)    Union d)    Republic	3d to 5/- 3d to 5/- 3d to 5/- 2 ½ c to 50c R1	1892 – 1897 1923 – 1950 1951 – 1960 1961 –1964 1965 –1969	.925 .800 .500 .500 .800

 

 

Country	Denomination	Date	Silver pureness
Southern Rhodesia	3d to Half Crown (2/6-)   Crown (Rhodesia)	1932 – 1942 1943 -1946 1953	.925 .500 .500
Spain	50 Centimos 1 Peseta 2 Pesetas 5 Pesetas 100 Pesetas	1869 – 1926 1869 – 1933 1869 - 1905 1869 – 1899 1966	.835 .835 .835 .900 .800
Sweden	25 & 50 Ore (also nickel  50 Ore) 1 & 2 Kronor 5 Kronor	1874 – 1941   (1920 – 1947) 1875 – 1941 1935	.600     .800 .900
Switzerland (Helvetia)	½ Franc, 1 & 2 Franc 5 Franc 5 Franc	1874 – 1967 1850 – 1928 1931 - 1967	.835 .900 .835
USA	Dime (10c), Quarter (25c), Half Dollar, Dollar	1840 - 1964	.900

 

 

 

[GROOVIE MOVIES 0]

21 hours ago, jwither said:

I was young at the time (1972-1974) but never saw any gold in circulation when I lived in South Africa and don't recall ever seeing a silver Rand either.  

Take a look at this link.  The exchange rate for the ZAR to the USD was $1.40 and .50 to the GBP, which is consistent with my recollection of GBP = $2.80.

The gold content in these coins is about 1/8 and 1/4 of an ounce, slightly less but not much.  At the "official" gold price of about $35 to $42.22 USD from the 1930's to the 1960's (based upon Bretton Woods from 1944 onward), the melt value would have been about R3 and R6 or three times the face value of these coins.  The SA Mint wouldn't have sold coins worth this much for face value and no one would spend it either.

http://fxtop.com/en/currency-converter-past.php?A=100&C1=ZAR&C2=USD&DD=01&MM=01&YYYY=1953&B=1&P=&I=1&btnOK=Go!

As for silver, I presume that the silver Rand were also struck for collectors and bullion buyers.  I haven't done the math but anyone can do so since historical silver spot prices are easy to find.  What I can tell you is that by 1972 when I moved to South Africa, no other country was striking silver coinage for commercial purposes.  Switzerland discontinued it in 1967, the US in 1964 (except half dollars at 40% until 1970) and I believe the rest of Europe did so prior to 1950.

It's then apparent that the gold cions struck in the early 60's were for the collector market, if their gold content was three times their face value. It's also interesting to see the annual mintages of gold SA pounds at around 500, and how the number jumped up to 4000 with the introduction of the rand and then really take off with the removal of silver from coinage. I suspect that the silver rands might also have been sold above face value, especially after 1969 when their annual mintage dropped down to 15 - 20 000 and were limited to mint packs.                  

[GROOVIE MOVIES 0]

I wonder if the silver coinage struck by Austria and the 50 francs by France struck through out the 1970's also served the same purpose as the silver rands did in SA or where they actually circulated.  I see only two silver 50 francs listed and both of them are seeled in mint packs...

Edited March 25 by GROOVIE MOVIES

[jwither 11]

12 hours ago, GROOVIE MOVIES said:

It's then apparent that the gold cions struck in the early 60's were for the collector market, if their gold content was three times their face value. It's also interesting to see the annual mintages of gold SA pounds at around 500, and how the number jumped up to 4000 with the introduction of the rand and then really take off with the removal of silver from coinage. I suspect that the silver rands might also have been sold above face value, especially after 1969 when their annual mintage dropped down to 15 - 20 000 and were limited to mint packs.                  

I wasn't aware of West Germany and Austria but then, both countries managed their currencies better than practically all others measured versus the USD.

The price of gold didn't change much between 1933 and 1971, at least the "official" price.  It's my understanding that where a free market for gold existed (outside of the United States), the price was substantially higher than $42.22, as in the $60+ USD range or higher but I haven't looked it up and don't remember the source.

For silver, the US government sold it's stocks leading up to the conversion to base metals in 1965 (and maybe after as well) to suppress the price but the price was never fixed.  In 1972 when I arrived in South Africa, my recollection is that spot price was between $2 and $3 USD.  The Rand was worth $1.27 during 1972 (my recollection was $1.50) and $1.49 during 1974 (my recollection was $1.15).

So depending upon the silver spot price and FX rate versus the USD, the silver content in the Rand presumably was less than face value during most of the period prior to 1974.  The US 90% silver half dollar (1964 and prior) has .3618oz and it's about the same size as a silver Rand at 33mm.  At $3 oz, the US half dollar is worth $1.08, rounded down.  The silver Rand a little more or less.

[republikein 10]

On 3/24/2018 at 6:23 PM, Pierre_Henri said:

This is from my own private records  

Country	Denomination	Date	Silver pureness
Angola	10 Escudos 20 Escudos	1952 + 1955	.720
Australia	3d   6d   1/-   2/-    5/- 50c	1910 - 1944 1947 – 1964 1910 – 1945 1946 – 1963 1910 – 1944 1946 – 1963 1910 – 1945 1946 – 1963 1937 & 1938 1966	.925 .500 .925 .500 .925 .500 .925 .500 .925 .800
Austria	1 Corona  2 Corona 5 Corona Half Schilling Schilling   2 Schilling 5 Schilling   10 Schilling 25 Schilling 50 Schilling   100 Schilling	1892 - 1916 1912 -1913 1900 – 1909 1925 – 1926 1924 1925 –1932 1928 – 1937 1934 – 1936 1960 – 1968 1957 – 1973 1955 – 1973 1959 – 1973 1974 – 1978 1975 – 1979 1991 onwards	.835 .835 .900 .640 .800 .640 .640 .835 .640 .640 .800 .900 .640 .640 .900
Belgium	½ Franc (50c) 1 and 2 Franc 5 Francs 20 Francs 20 Francs 50 Francs 50 Francs 100 Francs	1863 – 1914 1832 – 1868 1933 – 1935 1949 – 1955 1935 1939 – 1960 1948 - 1951	.835 .900 .680 .835 .680 .835 .835
Brazil	1000 Reis 2000 Reis	1906 – 1913 1906 – 1913 1924 – 1935	.900 .900 .500
British West Africa	3d & 6d   1/-   2/-	1913 – 1919 1920 1913 – 1920 (1920 also nickel-brass) 1913 – 1920 (1920 also nickel-brass) 1920H	.925 .500   .925   .925 .500
Canada	5c   10c, 25c, 50c   Dollar	1858 – 1919 1920 & 1921 1858 – 1919 1920 – 1966 1936 – 1966	.925 .800 .925 .800 .800
Ceylon	10c, 25c, 50c	1892 – 1917 1919 – 1929 1941 (10c) 1942 (50c)	.800 .550 .800 .800
Cyprus	3, 4 ½, 9, 18 and 45 Piastres	1901 - 1940	.925
Denmark	1 & 2 Kroner 2 Kroner	1875 – 1916 1923, -30, -37, 45	.800 .800
East  Africa (British)	25c, 50c, Shilling and Florin	1906 – 1919 1920	.800 .500
Egypt	1, 2, 5, 10, 20 Qirish,   2,5,10 and 20 Piastres (British Occupation)   2,5,10 and 20 Piastres (Kings Head)	1909 - 1914         1916 – 1920     1923 - 1942	.833         .833     .833
Ethiopia	Gersh (3p size) 1/8 Birr ¼ Birr ½ Birr Birr (Crown size)	1880s/90s 1880s/90s 1880s/90s 1880s/90s 1880s/90s/1900s	.835 .835 .835 .835 .835
Fiji	6d, 1/- and 2/-   2/-	1934 -1941 1942 – 1943 1945	.500 .900 .500

 

 

Country	Denomination	Date	Silver pureness
France	20c 50c 1 Franc & 2 Franc 5 Franc   10 Franc   20 Franc 50 Franc	1864 – 1889 1864 – 1920 1866 – 1920 1861 – 1878 1960 – 1969 1929 – 1939 1965 – 1973 1929 – 1939 1974 – 1980	.835 .835 .835 .900 .835 .680 .900 .680 .900
Germany	½ Mark 1 Mark   2 Mark     3  Mark   5 Mark	1905 – 1919 1873 – 1916 1924 – 1927 1876 - 1913 1925 - 1931 1933 - 1939 1908 - 1915 1924 - 1932 1874 – 1914 1925 - 1932 1933 - 1939 1951- 1974	.900 .900 .500 .900 .500 .625 .900 .500 .900 .500 .900 .625
German East Africa	1/4 Rupee to 2 Rupee	1890 - 1914	.917
Great Britain	3d, 6d, 1/-, 2/-, 5/-	1817 -1919 (some 1920) 1920 - 1946	.925 .500
Greece	1 & 2 Drachmai 20 Drachmai   30 Drachmai 50 Drachmai 100 Drachmai	1910/11 1930 1960 1963/4 1967 1967	.835 .500 .835 .835 .835 .835
Hong Kong	5c 10c 20c 50c / Half Dollar One Dollar	1866 – 1933 1863 - 1905 1866 - 1905 1866 – 1905 1866 - 1868	.800 .800 .800 .800 .900
Hungary	1 Korona 2 Korona 5 Korona 1, 2 & 5 Pengo	1892 – 1916 1912 - 1914 1900 – 1907 1926 - 1939	.835 .835 .900 .640
India (British colonial)	2 Annas ¼ Rupee   ½ Rupee   1 Rupee	1862 – 1917 1862 – 1939 1940 – 1945 1862 – 1939 1940 – 1945 1862 – 1939 1940 - 1945	.917 .917 .500 .917 .500 .917 .500

 

 

Ireland	Shilling, Florin and Half Crown		1928 - 1943	.750
Italy	20 Centesimi 50 Centesimi   1 & 2 Lira 5 Lira   10 Lire 20 Lira 500 Lire 1000 Lire		1863 - 1867 1861 - 1862 1863 - 1892 1863 – 1917 1861 - 1914 1926 – 1941 1926 - 1941 1927 – 1941 1958 – 1982 1970	.835 .900 .835 .835 .900 .835 .835 .800 .835 .835
Lesotho	5 to 50 Licente		1966	.900
Malaysia (Straits Settlements)	5c, 10c & 20c       50c     Dollar		1871 – 1903 1909 – 1917 1918 – 1920 1926 – 1935 1886 – 1905 1907 – 1908 1920 – 1921 1903 – 1909 1919 - 1926	.800 .600 .400 .600 .800 .900 .500 .900 .500
Malaya	5c, 10c & 20c		1939 – 1941 1943 - 1945	.750 .500
Mauritius	10c & 20c ¼ & ½ Rupee		1877 – 1899 1934 – 1938 1946	.800 .916 .500
Mexico	10 Centavos     20 Centavos     25 Centavos 50 Centavos     Peso		1868 - 1905 1905 – 1919 1925 – 1935 (small coin) 1898 - 1905 1905 – 1919 1920 - 1943 1874 - 1890 1875 - 1895 1905 – 1919 1919 – 1945 (not 1935) 1872 - 1905 1910 – 1914 1918 – 1919 1920 – 1945 1947/48	.917 .800 .720 .903 .800 .720 .903 .903 .800 .720 .903 .903 .800 .720 .500
Mozambique	2 ½ Escudos 5 Escudos   10 Escudos     20 Escudos		1935 – 1951 1935 – 1949  1960 1936 – 1938 1952 – 1960 1966 1952 – 1960 1966	.650   .650 .835 .720 .680 .720 .680
Country	Denomination	Date		Silver pureness
Netherlands	5c 10c & 25c ½ Gulden   Gulden   2½ Gulden   10 Gulden	1848 – 1887 1848 – 1945 1848 – 1919 1921 – 1930 1840 – 1917 1922 – 1966 1840 – 1898 1929 – 1966 1970 - 1973		.640 .640 .945 .720 .945 .720 .945 .720 .720
Netherlands Antilles	1/10 Gulden ¼ Gulden, Gulden 2½ Gulden	1954 – 1970 1952 – 1970 1964		.640 .720 .720
Newfoundland	5c   10c   20c 25c 50 c	1865 – 1943 1944 – 1947 1865 – 1944 1945 – 1947 1865 – 1912 1917 – 1919 1870 - 1919		.925 .800 .925 .800 .925 .925 .925
New Zealand	3d, 6d, 1/-, 2/-, 2.6/-, 5/-	1933 – 1946 1935 & 1949		.500 .500
Panama	1/10, ¼, ½ Balboa 1 Balboa	1930 – 1962 1931 – 1974		.900 .900
Philippines	10, 20, 50 Centavos   ½ Peso Peso	1903 – 1906 1907 – 1947 1961 1903 – 1906 1907 – 1912 1947 – 1967		.900 .750 .900 .900 .800 .900
Poland	1 & 2 Zloty 5 Zlotych   10 Zlotych	1924 – 1936 1925 1928 – 1936 1932 - 1939		.750 .900 .750 .750

 

 

Country	Denomination	Date	Silver pureness
Portugal	50 Reis 100 Reis   200 Reis   500 Reis 10 Centavos 20 Centavos 50 Centavos 1 Escudo 2½ Escudos 5 Escudos 10 Escudos   20 Escudos	1855 - 1893 1838 – 1898 1909 – 1910 1838 – 1903 1909 1837 – 1910 1915 1913 – 1916 1912 – 1916    1910 -1916 1932-1951 1932-1960 1928-1948 1954-1960 1953 -1960	.917 .917 .835 .917 .835 .917 .835 .835 .835 .835 .650 .650 .835 .680 .800
Romania	50 Bani 1 Leu 2  Lei 5 Lei 100 Lei 200 Lei 250 Lei   500 Lei   25 000 & 100 000 Lei	1873 – 1914 1870 - 1914 1872 - 1914 1880 -1906 1932 1942 1935 1939  - 1941 1941 1944   1946	.835 .835 .835 .900 .500 .835 .750 .835 .835 .700   .700
Russia	IMPERIAL 5 ,10, 15 & 20 Kopeks 25 Kopeks   50 Kopeks Rouble USSR 10, 15 & 20 Kopeks 50 Kopeks Rouble	1867 – 1917 1859 – 1885 1886 – 1901 1886 - 1914 1886 - 1915     1921 -1930 1921/22 1921/22/24	.500 .868 .900 .900 .900     .500 .900 .900
Seychelles	25 cent ½ Rupee Rupee	1939 – 1944 1939 1939	.500 .500 .500
South Africa a)    ZAR b)    Union c)    Union d)    Republic	3d to 5/- 3d to 5/- 3d to 5/- 2 ½ c to 50c R1	1892 – 1897 1923 – 1950 1951 – 1960 1961 –1964 1965 –1969	.925 .800 .500 .500 .800

 

 

Country	Denomination	Date	Silver pureness
Southern Rhodesia	3d to Half Crown (2/6-)   Crown (Rhodesia)	1932 – 1942 1943 -1946 1953	.925 .500 .500
Spain	50 Centimos 1 Peseta 2 Pesetas 5 Pesetas 100 Pesetas	1869 – 1926 1869 – 1933 1869 - 1905 1869 – 1899 1966	.835 .835 .835 .900 .800
Sweden	25 & 50 Ore (also nickel  50 Ore) 1 & 2 Kronor 5 Kronor	1874 – 1941   (1920 – 1947) 1875 – 1941 1935	.600     .800 .900
Switzerland (Helvetia)	½ Franc, 1 & 2 Franc 5 Franc 5 Franc	1874 – 1967 1850 – 1928 1931 - 1967	.835 .900 .835
USA	Dime (10c), Quarter (25c), Half Dollar, Dollar	1840 - 1964	.900

 

 

 

Pierre - to add to your list of silver world coins, British East Africa also had a 1 shilling silver coin of only .250 silver content that circulated from the 1920's to the 1940's, if I am not mistaken. Because of the low silver content of this coin, it looks more copper than silver. I found quite a few of these coins when buying silver in my region. This must me one of the lowest silver content coins ever to have circulated! 

Edited March 26 by republikein
typo error

[GROOVIE MOVIES 0]

46 minutes ago, republikein said:

Pierre - to add to your list of silver world coins, British East Africa also had a 1 shilling silver coin of only .250 silver content that circulated from the 1920's to the 1940's, if I am not mistaken. Because of the low silver content of this coin, it looks more copper than silver. I found quite a few of these coins when buying silver in my region. This must me one of the lowest silver content coins ever to have circulated! 

Believe it or not, there's a coin that had an even lower silver content... The mexico peso minted between 1957 and 1967 had a 10% fineness. 

The peso similar weight and size to the silver rand, only had a silver content of .051 troy ounce similar to that of a 6d or 5cent at the time.

[GROOVIE MOVIES 0]

This seller lists the coin as a 1983 peso, but the picture is that of a 1963 peso. I can't think that you would bother adding silver to the coin at all. They might as well left it a copper.

These coins were minted in their tens of millions, so I don't know if mexico was experiencing inflation as a result of the debasement

https://www.bidorbuy.co.za/item/333600921/Mexico_1983_1_peso.html

[Pierre_Henri 23]

In my list above, I only included coins with a silver content of 50% and upwards.

Someone once told me that it is not economically viable to smelt coins to extract their silver, if their silver fineness are below 50%

Regarding gold, the Americans usually produce their gold jewelry in fineness' of 12 and 14 carat, while the English, Canadians and Australians  (as we do) go for 9ct and 18ct. 

In mainland Europe (France especially) I think that only 18ct and upwards are allowed.

Gold coins are rarely struck in a fineness of less than 18ct in any country that I am aware of, but some gold coins struck for the jewelry trade (e.g. the small Mexican Maximilian Pesos) are known to have been produced with a lower gold content than that. Some probably as low as 8ct.

[GROOVIE MOVIES 0]

To add regarding the circulation of gold. I've been doing some reading and it appears the UK was first to abandon the gold standard in 1931, no doubt in efforts to jump start their constrained economy from the great depression. South Africa was in a better position and more inclined to keep to the gold standard, but an appreciation in the SA pound over the UK pound crippled exports and resulted in the standard immediately being dropped in 1932, afterwhich the currencies were brought inline again.

SA thus stopped minting gold sovereigns and I can imagine it's at this point when gold coins withdrew from circulation. From 1952 onward we would see gold coins struck in the form of the pound but only for collector and bullion markets. 

regards Robert

[jwither 11]

2 hours ago, GROOVIE MOVIES said:

SA thus stopped minting gold sovereigns and I can imagine it's at this point when gold coins withdrew from circulation. From 1952 onward we would see gold coins struck in the form of the pound but only for collector and bullion markets. 

regards Robert

Considering that the US raised the fixed price of gold from $20.67 to $35, would have been the best policy option.

I don't know how much foreign gold made it into the US (a lot of US circulating gold went to Europe) but seems to me that the continuing mintage of gold coinage elsewhere for circulation based upon the prior price would have resulted in immediate melting and export.  Though it was illegal for American's to own gold from President FDR's executive order in 1933 until December 31, 1974, I suspect some and maybe many did so anyway, including owning it elsewhere.  (My recollection was an exemption for collectible coins, jewelry and five ounces of bullion.)

[GROOVIE MOVIES 0]

16 hours ago, jwither said:

Considering that the US raised the fixed price of gold from $20.67 to $35, would have been the best policy option.

I don't know how much foreign gold made it into the US (a lot of US circulating gold went to Europe) but seems to me that the continuing mintage of gold coinage elsewhere for circulation based upon the prior price would have resulted in immediate melting and export.  Though it was illegal for American's to own gold from President FDR's executive order in 1933 until December 31, 1974, I suspect some and maybe many did so anyway, including owning it elsewhere.  (My recollection was an exemption for collectible coins, jewelry and five ounces of bullion.)

I've also read somewhere that even though it was illegal to own gold in the US, the law was never really enforced to the point where anybody was prosecuted, and many people opted for hiding their gold. Not sure if it's accurate, but it would have been interesting to see how much gold suddenly came to light after 74 when the ban was lifted.

[jwither 11]

22 hours ago, GROOVIE MOVIES said:

I've also read somewhere that even though it was illegal to own gold in the US, the law was never really enforced to the point where anybody was prosecuted, and many people opted for hiding their gold. Not sure if it's accurate, but it would have been interesting to see how much gold suddenly came to light after 74 when the ban was lifted.

Never heard of anything either, other than the US Justice Department's pursuit of the supposedly illegal to own 1933 double eagles.  I say supposed because while I am not an attorney and don't care about the case specifics, I consider the whole episode absurd.  You can read about the Langbord (?) case on the PCGS Message Boards where the family forfeited the 10 coins they owned.

[Pierre_Henri 23]

When our last silver R1 coins were issued in 1969 for circulating purposes, the R1 paper note was already circulating for nearly a decade, being introduced in 1961.

Why carry ten of these heavy R1 coins, weighing 15 grams each, in your pocket if you can fold a R10 note nicely into your pocket or purse weighing almost nothing?

I guess that, that was the reason why the R1 coins did not circulated much– as were the case with the 5-shilling crown-coins that weighed over 28 grams each. They were just too heavy & cumbersome when compared to the paper notes that were much more easily transportable.

One seldom encounters a silver rand (or a crown) in less than XF condition.

It is interesting to note that in the late 1960s, Gold Half Sovereigns (theoretically a gold R1) were still being offered by old-time South African coin dealers for as low as R4 each (See Day’s Postal Auction No 6 of 23 March 1968)

So theoretically, for 4 silver R1 coins you could buy a gold R1.

Currently, the silver R1 coins of the 1960s sell for below R100 each, whilst the gold R1 JvR bullion coin sells for around R2000 each if I am not mistaken.

So the silver vs. gold ratio value of 1:4 (late 1960s) went up to 1:20

That was just a boere-som, but I have always maintained that for precious-metal hoarders, I would rather go for gold than silver.

[Cold Sea 1]

More boere-sums for you. In 1968 the price of bread was about 9c per loaf, so you could buy 11 loaves of bread for a silver R1, or 44 loaves for a gold R1. Price per loaf today is about R13, which means you can buy 153 loaves with your gold R1 and only 7 loaves with your silver rand. The R1 gold went up 500x, bread 144x and the silver R1 less than 100x. Now you know why gold hoarders eat cake instead of bread.

 

[Pierre_Henri 23]

On 3/29/2018 at 8:30 PM, Cold Sea said:

More boere-sums for you. In 1968 the price of bread was about 9c per loaf, so you could buy 11 loaves of bread for a silver R1, or 44 loaves for a gold R1. Price per loaf today is about R13, which means you can buy 153 loaves with your gold R1 and only 7 loaves with your silver rand. The R1 gold went up 500x, bread 144x and the silver R1 less than 100x. Now you know why gold hoarders eat cake instead of bread.

 

That made me laugh - good one Derick!

But even if the ratio between gold and silver stayed the same, why hoard the one if the other one took so much less space?

Image escaping a troubled country with R10 million of silver hidden away - where would you hide it?! 

Edited April 2 by Pierre_Henri
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