South African Rand 24 Hour Spot Silver Price
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Silver Price South Africa
The nation of South Africa is located at the bottom of the African continent, and is known officially as the Republic of South Africa. The country shares land borders with Namibia, Zimbabwe, Botswana, Swaziland and Mozambique. It features an extremely vast coastline, with nearly 2000 miles of coastal area along the Atlantic and Indian Oceans. South Africa has a population of approximately 56 million, making it one of the most populous in the world, and it is the largest country in Southern Africa. Numerous languages are spoken in South Africa including English, Venda, Swazi and Northern and Southern Sotho. The country’s largest city is Johannesburg, and it has three capital cities of Pretoria, Bloemfontein and Cape Town.
The South African Rand is the official currency of the Republic of South Africa. Like many other currencies, the rand can be subdivided into 100 smaller units of currency called cents. The rand can be used throughout the common monetary area that includes South Africa, Lesotho, Namibia and Swaziland. Some of these countries do, however, also maintain their own separate currencies.
The decimalized South African Rand replaced the South African Pound in 1961.
The South African Rand is issued and controlled by the central bank of the country known as the South African Reserve Bank. The South African central bank was one of the first major central banks to be established, and was founded in 1921 through and act of parliament.
If you are looking to buy silver in South Africa or simply want to check current prices, you will see quotes in the local currency. Prices may also be available in other global currencies such as U.S. Dollars, Great British Pounds, euros or Japanese Yen. Prices are typically quoted by the ounce, gram or kilo, although sometimes other local units of measure may also be quoted. One ounce coins and rounds tend to be very popular, while bars of varying sizes are also sought after by investors. Larger weight bullion bars may potentially offer a significant per-ounce cost savings compared to other bullion products.
The economy of South Africa accounts for a substantial portion of Africa’s total GDP and it is the most industrialized on the continent. The country’s economy is classified as an upper-middle-income economy, and the nation’s economy is diversified with a growing middle class.
The primary areas of industry that South Africa is involved in include machinery, textiles, iron, steel, ship repair, chemicals and foodstuffs and mining.
The South African Mint has been in the bullion and collectible coin business for over a century. The mint produces a number of products, including the famous South African Gold Krugerrand Coin. To celebrate the 50th anniversary of the gold bullion krugerrand coin, the mint has now produced a silver version of the coin. The 2017 1 ounce South African Silver Krugerrand Coin celebrates the republic’s first president, Paul Kruger, as well as the springbok, a national symbol of the nation. The coin contains one troy ounce of .999 percent fine silver and is of limited mintage.
This coin puts a new spin on a classic, and could potentially become highly collectible.