<P> The territory was occupied by the British Empire and became a colony in 1874 . The S&Co tokens were issued by a trading store, Strachan and Company, in East Griqualand, after January 1875 . However no evidence can be found that the Griquas recognised the S&Co as their official currency . Other less successful tokens were also in circulation . Interestingly, The Standard Bank of British South Africa in Kokstad must have held money in trust in exchange for tokens, as after annexation by the British in 1878 it could not accept it as legal tender . It thus acted as an agent for S&Co, by whom the tokens would be exchanged for legal tender . The tokens were restricted to the Strachan Company . The tokens could not lawfully be dispensed by Standard Bank as the Bank Act of 1844 restricted the issue of new banknotes and currency only if they were 100% backed by gold . </P> <P> The S&Co were actively used as currency by all the people of the region and were only withdrawn from circulation nearly 60 years later in 1932 . There are four known issues . The first set of S&Co circulated widely around the region . The second set, the rare S&Co MH circulated from 1904 . They were used as the region's currency largely by the indigenous peoples while the two sets issued later (between c1910 and 1920) were marked "Ïn Goods" reflecting a change in purpose from general currency tokens to an exchange of goods at the S&Co stores . As imperial coinage became more readily available from the late 20th century these "Ïn Goods" sets were used to barter with the indigenous and Griqua people although the indigenous people continued to use them as their currency right up to 1932 . The hole at top of later tokens, usefully, facilitating the bearer carrying the coin with his beads around his neck . </P> <P> The South African (ZAR) or Transvaal Republic, the Boer state that in 1902 was to become the Transvaal Colony . The Transvaal issued coins bearing the bust of President Thomas François Burgers in 1874 and from 1892 to 1902 coins denominated as 1, 3 (or a tickey), and 6 pence; 1, 2, 21⁄2, and 5 shillings; and 1⁄2 and 1 pond were issued bearing the likeness of President Paul Kruger . The last of these coins were issued in 1900, except for siege 1 - pond coins issued in 1902 . After Pretoria was occupied by the British several pond coins were minted in Pelgrimsrus using a handmade press that have become known as a veldpond . </P> <Ul> <Li> 1874 Pond (£ 1): 837 coins were minted with gold from the Lydenburg district, of which 142 were minted with a' coarse beard' pattern on the obverse . </Li> </Ul>

Where does the name veld pond come from
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