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The South African rand, formally denoted as ZAR, was established in 1961 as the official currency of the country when it officially became the Republic of South Africa. The country formerly used the South African pound, which was directly related to the British pound. The name "rand" is a derivative of Witwatersrand, which a ridge where Johannesburg is built. This area is where most of the country's gold deposits are found, and thus a fitting reference for a name. One rand is comprised of 100 cents, which was originally represented by coins valued at ½, 1, 2½, 5, 10, 20, and 50 cents. The ½ and 2½ coins have been removed from circulation and replaced with a 2 cent coin. There was a big issue with counterfeiting in the country in the late 1990s, so the country introduced new banknotes in 2005 as an attempt to combat that.

The South African rand has historically seen some fluctuation in terms of its conversion rates. Most notably, the rand was pegged with the US dollar for a large span of time, using it as a reference point for its value. Numbers began to fall after the country decided to break away from the dollar and become a floating currency holder. This pattern continued until 2001, when they fell so low that the government decided to step in and make a change. From 1982 to 1994, the South African rand dropped almost 400% in value, which was the main motivation for the change. After the government stepped in though, the country did see better conversion rates overall.

Over the last ten years, the South African rand has noticed a signification fluctuation in value, which is reflected in its currency exchange rates. In 1999, the South African rand was at a high point of .106 GBP to ZAR in July of that year. The height quickly faded though with rates dropping to .051 GBP to ZAR a mere two years later in 2001. After that, the currency attempted to rise again, hitting a level of .095 GBP to ZAR in early 2006. Numbers have continued to decline one again, never quite reaching the highs from a decade ago. Levels are expected to remain around .075 GBP to ZAR in the coming years, but since the currency experiences a lot of variance, it may be hard to tell what will happen. The country is searching for improvement.