Legal Tender
Legal tender refers to banknotes or coin that may be legally offered in payment of an obligation and that a creditor is obliged to accept.
Any amount in banknotes may be offered for payment. In the case of coin, the acceptable amount per individual transactions, is equal to the total amount, not exceeding the following:
fifty rand, where coin of the denomination of one rand or higher are so tendered;
five rand, where coin of denominations of ten cents up to and including fifty cents are so tendered;
fifty cents, where coin of the denomination of five cents or less are so tendered; and
the value of each coin so tendered shall be equal to the amount specified on that coin.
The South African Reserve Bank has assumed liability in terms of section 15(3) (c) of the Currency and Banking Act, for the legal tender of payment of an amount equal to the amount specified on the banknote.
Only an un-defaced and un-mutilated banknote or coin, which is lawfully in circulation in the Republic, shall be legal tender.