South West African Pound: A History of Currency in South West Africa
The monetary landscape of South West Africa underwent several significant transitions during the early to mid-20th century. Central to this evolution was the South West African pound, a paper currency that served as a primary medium of exchange before the region transitioned to the rand.
The Transition from the Mark
Before the adoption of the pound, the region utilized the South West African mark. This changed in 1918 when the South West African mark was replaced by the South African pound, setting the stage for the subsequent issuance of local paper notes.
Issuance and Circulation
Between the 1930s and 1959, the South West African pound was issued as paper currency. Unlike currencies managed solely by a central bank, these notes were issued by three specific financial institutions:
- Standard Bank of South Africa Limited
- Barclays Bank (Dominion, Colonial and Overseas)
- Volkskas Limited
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These local notes did not circulate in isolation. They operated alongside the South African pound notes issued by the South African Reserve Bank (the central bank of South Africa). To maintain economic stability, the South West African pound was pegged at par—meaning it held an equal value—with the South African pound.
The Shift to the Rand
The era of the pound came to an end in the early 1960s. By 1961, the South West African pound notes were officially withdrawn from circulation. They were replaced entirely by rand notes, aligning the region with the new currency system of South Africa.
Key Facts
- Period of Use: The South West African pound was issued from the 1930s until 1959.
- Issuing Banks: Standard Bank of South Africa, Barclays Bank, and Volkskas Limited.
- Preceding Currency: The South West African mark (replaced in 1918).
- Exchange Rate: Pegged at par with the South African pound.
- Replacement: Withdrawn in 1961 and replaced by the rand.
| Period | Currency | Status/Relation |
|---|---|---|
| Pre-1918 | South West African mark | Original currency |
| 1918 – 1961 | South West African pound | Pegged at par with South African pound |
| 1961 onwards | Rand | Replacement currency |
Frequently Asked Questions
Which banks issued the South West African pound?
The notes were issued by the Standard Bank of South Africa Limited, Barclays Bank (Dominion, Colonial and Overseas), and Volkskas Limited.
What currency was used before the South West African pound?
The South West African mark was used until it was replaced by the South African pound in 1918.
Was the South West African pound different in value from the South African pound?
No, the South West African pound was pegged at par with the South African pound, meaning they had equal value.
When was the South West African pound officially replaced?
The notes were withdrawn in 1961 and replaced by rand notes.
Did the South African Reserve Bank issue the South West African pound?
While the South African Reserve Bank issued South African pound notes that circulated in the region, the specific South West African pound notes were issued by Standard Bank, Barclays Bank, and Volkskas Limited.