South Africa replaced the ‘Pond’ in 1961 with the ‘Rand’. One hundred cents equals 1 rand. South Africa is known worldwide with their gold bullion coins, the Krugerrand. It is named for the former South African president Paul Kruger, and the unit of currency, the rand. His portrait on the obverse of the Krugerrand was designed by Otto Schultz. Today the Krugerrand Because of the association of the apartheid regime during the 70s and 80s, importing of the Krugerrand was forbidden by some western countries. Today the Krugerrand is quite popular among collectors and investors.