South Africa’s central bank, the South African Reserve Bank, has announced the introduction of new currency notes and coins in an effort to combat counterfeiting and “stay abreast with technological advancements.”
The new banknotes depict former President Nelson Mandela on one side and the Big Five animals on the other. The new coins feature the country’s coat of arms on one side and an image of an endangered rhino on the other.
The SARB stated that the new banknotes and coins, which went into circulation on Thursday, have improved security features and new designs.
“Banknotes and coins are regularly upgraded in accordance with international best practices to combat counterfeiting and keep up with technological advancements,” the central bank stated.
The coin series’ theme is deep ecology, which recognizes the interconnectedness of living organisms as an integral part of South Africa’s environment.
“These themes are depicted by our fauna and flora on the coin,” the bank said.
The coins now feature 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.
Noting that it does not demonetize its currency, the bank stated that all existing banknotes and coins would be used for trade.
Features of the new currency notes and coins
The new South African banknotes are made of polymer material, which makes them more durable than the previous paper notes. The new banknotes also have improved security features, such as a see-through window and a tactile feature to assist visually impaired people in identifying the notes. The new coins are smaller and lighter than the previous coins, and they have a different shape, making them more easily distinguishable from one another.
Projected economic and societal impacts
According to analysts, the introduction of the new currency will benefit the economy by increasing financial inclusion and decreasing the risk of counterfeiting. They also claim that the new banknotes will last longer than previous paper notes, lowering printing and replacement costs. The South African Reserve Bank stated that the new coins are expected to lower the costs of coin production and distribution while also making it easier for people to carry small amounts of money.