The official currency of South Africa is the South African Rand (ZAR or R), which has been the currency of legal tender since 1961 when it replaced the South African pound. The rand is subdivided into 100 cents. The South African Reserve Bank issues the currency. The banknotes come in denominations of R10, R20, R50, R100, and R200, while the minted coins come in 1-, 2-, and 5-rand denominations, and 2, 5, 10, 20, and 50 cents. In the major cities, there are plenty of places to exchange foreign currency into South African Rand.