The official currency of South Africa is the South African Rand, abbreviated as ZAR. The rand was introduced in 1961, replacing the South African pound, and is subdivided into 100 cents. The currency's name is derived from the Witwatersrand ridge, where a significant amount of South Africa's gold deposits were discovered, contributing to the country's economy. The rand is used not only in South Africa but also in some neighboring countries, and it is notable for its volatility and influence on regional trade. Over time, the rand has undergone various design changes to reflect South Africa's diverse culture.