The South African Reserve Bank (SARB), which is the oldest central bank in Africa after opening its doors on June 30 1921, commemorated its centenary on a virtual platform with the launch of a new R5 coin.
According to IOL, South Africa changed its currency from the pound to a decimal system by introducing the rand on February 14 1961, not long before the country became a republic.
The reason why this coin is so special is because it showcases the 100 year timeline through the depiction of currency.
BusinessTech outlines some of the previously issued coins that features in the new R5:
- The 1923 three pence (tickey), which represents the currency issued during the period of the Union of South Africa.
- A 1961 R1 gold coin, which features the springbok, South Africa’s national animal.
- The 1965 20c coin, which depicts the king protea, South Africa’s national flower.
- The 1990 1c coin, which features two sparrows and represents the third decimal coin series.
- The R5 coin minted in 2008, in honour of former President Nelson Mandela’s 90th birthday.
- A 10c coin from the fourth decimal series, which depicts the Cape honey bee and represents the future of the currency and the SARB.
This commemorative circulation R5 coin will form part of the existing coins that are already in circulation, with the value remaining the same as well.
In light of this historical event, Governor Lesetja Kganyago, the 10th governor who joined the bank in 2014 and was reappointed in 2019 described the SARB as “a solid institution of our democracy, and one all South Africans can be proud of”.
Picture/s: Supplied / BusinessTech