SA Reserve Bank issues upgraded banknotes and coin
South Africa’s new currency will start co-circulating with the old currency in the economy today.
SEDIBENG .- The South African Reserve Bank (SARB) unveiled the country’s upgraded banknotes and coin into the South African market.
[WATCH] The South African Reserve Bank unveiled the country’s upgraded banknotes and coin and they will be in the market from today. The currency with new designs and enhanced security features can be used alongside the current money in circulation. The security upgrade is in… pic.twitter.com/SA5jsMngYA
— SA Reserve Bank (@SAReserveBank) May 4, 2023
The upgraded series of banknotes and coin will be available from Thursday, May 4.
According to SARB the denominations will be introduced incrementally.
“The upgraded banknotes and coin have enhanced security features and new designs; however, the broad themes for the upgraded banknotes remain the same as the current banknotes, while the theme for the coin is deep ecology.”
In a statement the bank said the updated banknotes continue to pay tribute to South Africa’s first democratically elected president, Nelson Mandela, with his portrait retained on the front of the banknotes while the Big 5 animals are now illustrated as a family on the back.
“We also celebrate our constitutional democracy with the preamble to the South African Constitution printed in microtext around Madiba’s portrait and the country’s flag featured on the front and the back of the banknotes.
The theme of the coin series is deep ecology, which acknowledges the interconnectedness of living organisms as an integral part of the environment. These themes are depicted by our fauna and flora on the coin.”
SARB noted that banknotes and coins are regularly upgraded in line with international best practice to combat counterfeiting and to stay abreast with technological advancements.
“In general, banknotes are refreshed in intervals of 6 to 8 years and coin in intervals of 20 to 30 years. In South Africa, the current Mandela banknote series was issued in 2012 and a commemorative series of banknotes was issued in 2018. The current coin series was issued in 1989.”
The SARB does not demonetise its currency. All previously issued circulation banknotes and coin can be used as a means of trade together with the upgraded banknotes and coin.”
All circulation currency maintains its face value.
