20 Rand

P#121 spans an unusually long production run — over a decade — during which three successive Governors signed the notes: de Jongh, de Kock, and Stals. Signature combinations therefore serve as the primary dating tool within the series, and de Jongh-signed examples from the earliest issues are noticeably harder to source than the later de Kock or Stals pieces.

Printed domestically by the South African Bank Note Company in Pretoria, the series predates the security upgrades introduced in the 1990 redesign. The watermark remains the sole machine-verifiable security element — a notable vulnerability that the Reserve Bank acknowledged when authorizing the replacement issue.