Upgraded South African rand notes and coins
The South African Reserve Bank has announced an upgrade to South Africa’s currency, issuing newly designed banknotes and coins, with enhanced vibrancy and safety features.
The issuance of the upgraded banknotes and coins commemorates ten years since the passing of former President Nelson Mandela, and 11 years since he first appeared on the country’s banknotes.
SARB governor Lesetja Kganyago highlights that the improved banknotes and coins incorporate international best practice design and safety features, ensuring continued quality and trust in the currency.
In keeping with international standards, the SARB endeavours to upgrade South Africa’s banknotes and coins every six to eight years.
He adds that the new notes and coins mark a culmination of engagement with various government departments and organisations such as the Pan African Language Board, the South African National Biodiversity Institute and banks.
“These engagements have ensured our money reflects our culture and heritage, while offering high quality safety features,” he stated during the launch of the upgraded bank notes and coins, at the Nelson Mandela Foundation, in Johannesburg.
New features of the banknotes include the Big Five animals on the backside being depicted with their young, to celebrate diversity in age, a security thread and water mark, besides others.
The coins now depict a Cape honeybee on the 10c, an aloe plant on the 20c, a Knysna loerie on the 50c, a King Protea on the R1, two Springboks on the R2 and Galjoen fish and Southern Right Wales on the R5.
Notably, the textile marks have been improved to better support the visually impaired members of society.
The upgraded bank notes and coins will be available in the market from May 4.
Deputy Finance Minister David Masondo comments that the upgrading of security features on banknotes and coins helps to prohibit counterfeiting, which has a severely negative impact on the South African economy and society.
“Counterfeiting necessitates central banks to spend considerable resources in upgrading and improving the security of bank notes. Law enforcement agencies also allocate substantial resources to detect and prosecute counterfeiting operations.”
Masondo explains further that counterfeit money generates an increase in the supply of money, and thereby erodes the purchasing power of the South African rand currency, which pushes up inflation.
In turn, inflation increases the cost of living and cost of doing business in the country.
“Indeed, these upgrades are important to reduce the potential costs of counterfeiting and preserving the integrity of the rand.
“There is a need to continuously ensure that we are vigilant and improve the bank notes’ technology, especially as a high number of people still rely on cash in both our formal and informal sectors of the economy,” he concludes.