The Rand is the currency of South Africa, with an ISO currency code of ZAR.
The Rand has the symbol 'R' and is divided into 100 cents, symbol 'c,' and is available in denominations of five notes (R10, R20, R50, R100, R200) and seven coins (5c, 10c, 20c, 50c, R1, R2 and R5).
The Rand is the currency of the Common Monetary Area between South Africa, Namibia, Swaziland and Lesotho.
The currency was named after the Witwatersrand ('White-waters-ridge' in Afrikaans), the ridge upon which Johannesburg is built and where most of the country's gold deposits were found.
Its inception coincided with the establishment of the Republic of South Africa in 1961.
From the time of its inception until 1982, a rand was worth more than a US dollar. However, mounting political pressure combined with sanctions placed against the country eroded its value. A sudden depreciation in 2001 led to a formal investigation, which in turn led to a dramatic recovery. At present, the currency sits at about R7 to the dollar.
Like the United States dollar, the rand is colloquially called a buck and R1000 is called a grand. One million rand, for those lucky enough to possess it, is known as a 'bar'.
The five note denominations each feature a member of Africa's big five.