The issue of siege coins has been recorded on more than 130 occasions. These makeshift coins include silver and even gold pieces crudely cut from confiscated plate and stamped with an impression of value, usually bearing the civic arms. "Siege"is derived from the Latin word "obsidium" and is used to describe coins produced by the defenders of besieged towns. The first record of this practise comes from the Siege of Tyre during the first crusade in 1122 when stamped pieces of leather were used as money. At Faenza (1240) and Leiden (1573-74) leather coins were also issued when the bindings of hymn books were circulated. The first metal pieces were uniface lead coins produced in Saint-Omen in 1477. This custom was not confined to Europe. Paper notes were produced during the siege of Khartoum in 1885 and also during the Boer War at Mafiking in 1900.
Towards the end of 1901,the British forces were spread over the Boer republics. The Boers, now on the losing side fought a hopeless battle. The Z.A.R. government was already in the field with its forces and cut off from all supplies. There was a critical shortage of coinage. Money was urgently needed by the Boer forces to buy provisions such as maize and wheat from the black tribes. Paper money was unacceptable to the blacks. To make matters worse, almost the entire supply of paper money had been lost in an earlier skirmish with the British.
Due to the acute shortage of coinage and the urgent need to purchase provisions, a mint was established in the field at Pilgrim`s Rest, situated in the centre of the then known alluvial goldfields. It had been out of operation for some time and gold panning was re-established. There were several deserted mining workshops with machinery from which the required minting equipment could be contrived. A Mint Commission was appointed with P.J. Kloppers, an ex teacher as head of the state mint in the field. Permission was obtained from the government of the republic to proceed with its operations.a Hand press was improvised and discs of almost 24 carat gold manufactured. To give the coins a professional appearance flat discs with a milled edge were used. The coins were struck from hand-made dies. Two steel cylinders were heated and then cooled slowly to soften the steel. "Z.A.R. 1902" was engraved on the obverse and "EEN POND" on the reverse with a small chisel. The dies had to be reheated and cooled rapidly to harden them so that the wording could be impressed onto the gold blanks. The dies cracked on several occasions while being cooled. The seventh attempt at hardening was so successful that the dies could be used repeatedly without showing any signs of wear. The milled edge was created by filing neat grooves on the inside of a small ring. This was then also heated and rapidly cooled to harden and then attached to one of the cylinders.
For this homemade mint, flat discs were punched out of gold sheeting, then laid on the bottom die inside the ring. The gold blank was then pressed between the top and bottom dies by the hand press. The pressure on the blank was enough to force it into the grooves of the ring and the depressions of the chiseled letters of the coinage dies.
With the aid of a smelting furnace obtained from an old mine the gold was refined to almost 100 per cent purity. The gold value of the veldpond was hence slightly higher than that of the British sovereign.
Counterfeits of the field pounds exist. Forgeries were made as early as 1903. Coin weights are known to vary from 7,544 to 8,508 grams. The weight and the number of flutes around the coin`s edge are not always conclusive evidence, for the mass varied and the number of grooves in the milling also varied between 72 and 79. The shape and breadth of the letters and figures as well as the spacing give some clue. It takes an expert eye to spot fakes.
Only 986 coins were struck. They are extremely rare.
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