Author Topic: South African Reserve Bank considers to change coin series  (Read 332 times)

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Offline eurocoin

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South African Reserve Bank considers to change coin series
« on: August 14, 2019, 04:07:45 PM »
The South African Reserve Bank has ordered a feasibility study to be carried out to determine whether it is possible to make changes to the mix of denominations the current coin series consists of. More specifically amongst other things the withdrawal of the 5 cents coin and the introduction of a 25 cents coin and 10 Rand coin are being considered
« Last Edit: August 14, 2019, 04:20:56 PM by eurocoin »

Offline <k>

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Re: South African Reserve Bank considers to change coin series
« Reply #1 on: August 14, 2019, 04:57:02 PM »


South Africa already has a 20 cents coin. Would it be withdrawn if a 25 cents coin is introduced? What is the point of withdrawing the 5 cents if something costs 1 rand and 20 cents, but you can't get change from a 25 cents coin?

And what has happened to the 1 cent coin and the 2 cents coins? Do they still circulate?

Offline Figleaf

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Re: South African Reserve Bank considers to change coin series
« Reply #2 on: August 14, 2019, 06:04:18 PM »
What is the point of withdrawing the 5 cents if something costs 1 rand and 20 cents, but you can't get change from a 25 cents coin?

That's what you have the study for. Either someone important wants a 25 cent piece or whoever ordered up the study doesn't have a brain (that happens among politicians.) The study will solemnly conclude that a 25 cent coin is a good idea, provided that the 10 cent coin is replaced by a 12½ cent coin but with a 10 cent coin, a 20 cent is a better choice (insert the usual tables and graphs). I could do the study in a week after contract (contract signed the day the file is complete and sent to me) @ €750 a day (I'll throw in free committee meetings if they pay travel, meals and lodging :)) and that will be cheap and very, very fast. ;D

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline andyg

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Re: South African Reserve Bank considers to change coin series
« Reply #3 on: August 14, 2019, 06:44:01 PM »
1 and 2 cents have not been made since 2001,  5 cents were last made in 2012.  Perhaps they are just catching up with the legislation.
always willing to trade modern UK coins for modern coins from elsewhere....

Offline <k>

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Re: South African Reserve Bank considers to change coin series
« Reply #4 on: August 14, 2019, 07:08:03 PM »
Thanks for the info. On this basis, introducing a 25c coin doesn't seem sensible.

Offline Figleaf

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Re: South African Reserve Bank considers to change coin series
« Reply #5 on: August 14, 2019, 07:20:09 PM »
You just saved the South African government 5 x €750 = €3750. Congratulations. They should give you a free of charge return ticket to Cape Town gratis without any payment.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline eurocoin

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Re: South African Reserve Bank considers to change coin series
« Reply #6 on: August 14, 2019, 09:08:37 PM »
The 1 and 2 cents coins are already no longer legal tender but can still be exchanged.The 5 cents coin is still legal tender and in circulation, even although as mentioned above no new coins have been produced for a long time.

The introduction of a 10 Rand coin (equals 50p) to me sounds like a good idea. It is currently a note and notes don't last very long. Because of the fairly low denomination there is no real need for it to be a note.

Offline FosseWay

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Re: South African Reserve Bank considers to change coin series
« Reply #7 on: August 15, 2019, 08:44:48 AM »
A 25c coin makes sense if you are going to withdraw the 10c (and therefore also the 20c). You then have 25c, 50c and R1 as the smallest denominations.

Sometimes it works the other way round: countries that traditionally have had a 25-subunit coin rather than a 20 find they need to change when the 5-subunit coin is withdrawn. This happened in Sweden - the 5 and 25 öre coins were withdrawn in the mid-1980s, leaving the 10 öre as the lowest value. For whatever reason it was decided not to issue a 20 öre coin instead, leaving a gap between 10 and 50, though this was not particularly internationally notable then. Germany had such a system and the UK had only recently issued the 20p.

In Norway and Denmark they chose to keep the 25 and 50 but bin everything smaller than that.