South African Reserve Bank considers to change coin series

[Manfred1]

Congrats for getting them.

I would say that there are more available at BoN.
Normally when i walk into the bank and order for instance 15 Silver coins, and they have a low number coins in stock left, they inform me that i can only order up to 5.

The only commemorative coins still available are:

1995 N$1 (5th Independence) Cupro-nickel
1995 N$1 (Miss Universe) Cupro-nickel
2000 5c FAO

[eurocoin]

The results of the research have now been published:

There is a case to introduce a R10 coin in South Africa but it won't happen for the foreseeable future: Reserve Bank

Research commissioned by the South African Reserve Bank (SARB) shows that there is an economic case for introducing a R10 coin in South Africa – however, there are concerns about uptake from the public, says Pradeep Maharaj, the central bank's chief operating officer. Maharaj told CapeTalk that the ultimate decision to introduce a new coin lies with the Reserve Bank, with one of the key considerations being the face value of the note versus the cost of producing it – known as its 'seigniorage'.

Other factors the SARB considers include:

- The buying power of the rand;
- The general trend of inflation of the rand;
- The public's perception around the use of coins and notes;
- The general appetite for the introduction of a new note or coin.

Maharaj said that research conducted by the Reserve Bank over the course of 2020 surveyed both the formal sector and the informal sector on the appetite for a R10 coin. This included discussions with everyone from taxi drivers, to retailers and the country's major banks, he said.

"What the research has shown is that, whilst there is an economic case to introduce a new coin, there is no appetite from the users of notes and coins for a R10 coin in South Africa.

"Therefore for the foreseeable future, we do not believe it is appropriate to introduce a R10 coin. Interestingly, the same study has shown that apart from the formal retail sector, no one else supports the idea of a 10 cent or 20 cent coin."

Maharaj said that the Reserve Bank slowly started phasing out 5 cent coins in 2012, however, these are still legal tender. He added that a similar gradual phasing out would have to be made with the 10 cent and 20 cent coins, but that no formal decision had yet been made.