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‘New Madiba notes & coins not collectors’ items’

The South African Reserve Bank on Friday launched banknotes and R5 circulation coins in honour of Madiba’s centenary year.

The new five rand coin launched in celebration of Nelson Mandela's centenary year. Picture: Kayleen Morgan/EWN

PRETORIA- The South African Reserve Bank (Sarb) says no additional money was spent on the production of the Nelson Mandela commemorative banknotes.

The bank on Friday launched banknotes and R5 circulation coins in honour of Madiba’s centenary year.

About 400 million banknotes have been put into circulation.

The Reserve Bank says its produced the 400 million centenary banknotes as it would normally do with other banknotes currently in circulation.

Governor Lesetja Kganyago said: “We didn’t incur any additional cost, we simply printed the same number of notes that we would’ve printed in the year.”

He also says the notes and coins are not collectors’ items and will not appreciate in value if kept safely.

“If you look at the notes and say ‘how beautiful are they, I don’t want to spend them… I want to keep them’, just remember when you keep these notes they don’t add interest. For you to earn interest on those notes you’d have to put them into a bank.”

The Reserve Bank says while the banknotes have been distributed to ATMs across the country they will only start to spread widely as distribution continues over some months.

WATCH: New Madiba notes, coin officially launched

(Edited by Zamangwane Shange)

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