1 Pond Sterling

The Zuid Afrikaansche Republiek's earliest paper currency was a deeply reluctant experiment. The Boer population of the Transvaal had little trust in paper money and a strong preference for gold and silver coin; these notes circulated poorly and were frequently refused by traders. C. Moll printed them locally in Pretoria — an unusual arrangement at the time, when most colonial and republican administrations contracted European firms for security printing.

Local production meant limited anti-counterfeiting sophistication. The ZAR government's chronic shortage of hard currency forced the issue regardless, and notes from this 1868–1870 series are among the earliest paper money produced on South African soil.