A new R5 coin with added security features was launched in Pretoria on Tuesday in a bid to outsmart counterfeiters.
”The bi-metal R5 coin has distinct security features, which will make it easier for the public to distinguish between good coins and counterfeit coins,” South African Reserve Bank (SARB) Governor Tito Mboweni said at the South African Mint Company in Centurion.
The new coin, seven million of which will come into circulation next Monday, sports a silver-coloured border with a bronze-coloured centre. The SARB has given an assurance that the two parts should not separate with normal handling.
The new R5 is thicker and heavier than the existing one, but retains the black wildebeest logo on one side and coat of arms on the other.
Micro-lettering now appears on the border of the coin and on its rim. The rim also features a ”security groove” enclosed by serrations.
Before minting the first official new coin, Mboweni stressed that the existing R5 will remain legal tender. The two coins will exist side by side until the old one gradually ”fades away”.
The governor said the problem of counterfeiting of the R5 has not been ”that big”, but the fact that it has occurred required something to be done.
Authorities are trying to stay one step ahead of the ”gangsters”, he said.
He warned members of the public to stay clear of people offering to exchange their old R5 coins for new ones and urged them to get to know the new security features.
The governor also unveiled a special R2 coin to commemorate South Africa’s 10 years of democracy celebrations.
Instead of the usual image of a kudu, the R2 sports a 10 years of freedom logo. It will also be legal tender.
A total of R18-million of commemorative R2 coins will be available from next Monday. Mboweni quipped that he hoped people will not keep these at home, but allow them to circulate through the economy.
He said no decision has been taken on the minting of a R10 coin, but the possibility was not excluded.
”The challenge we face right now is to make sure that we continue to produce clean, acceptable R10 notes.” — Sapa