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Today, June 30, a commemorative 5 rand (0.29 euro) coin, of the bimetallic type, has been put into circulation in South Africa to celebrate the "Centenary of the Reserve Bank of South Africa". Founded on June 30, 1921, it is one of the oldest outside Europe. Unlike many central banks, this one is not directly controlled by the government. Its initial function was to be the sole institution responsible for issuing banknotes and storing gold.
Before this, commercial banks could issue banknotes, but they had to exchange them for gold on demand. This caused problems when speculators realized that they could exchange banknotes for gold in South Africa, and then sell the gold abroad, where the price of gold was higher. As banks were required to hold gold to back their banknotes, banks had to buy gold abroad, losing money on transactions.
Today, the Reserve Bank of South Africa serves multiple functions beyond issuing cash. It provides some banking services to the central government. It also oversees the movement of government money between different banks. Another function of the bank is to collect, interpret and publish economic data.
The South African Reserve Bank (SARB) opened its doors on June 30, 1921 and is the oldest central bank in Africa. The Republic of South Africa was created in May 1961, the same year that South Africa left the Commonwealth and changed its currency from pounds, shillings and pence to a decimal system of 100 cents, one rand. Since then, the coin has undergone major design and technological changes. These design changes reflect the most important historical moments of South Africa, and we can see them in the coins represented on this new currency.
The design of the coin takes us on a journey back in time through some of the most iconic coins issued in South Africa. From one of the first pieces to tour the country to a 5 rand piece that pays tribute to Nelson Mandela himself. These are the six pieces shown:
The 1923 three pence represent
the currency issued during
the Union of South Africa period, prior to
decimalization, which consisted of
pounds, shillings, and pence. Under this
system, there were 12 pence in a shilling
and 20 shillings in a pound.
1 gold rand
The 1 rand gold coin from 1961 features the gazelle. This currency represents the introduction of the rand as an official currency issued after South Africa became a Republic on May 31, 1961. The currency was part of the first series of decimal coins. The gazelle has appeared on numerous coins and is especially recognized as the design on the reverse of the world famous bullion-type coin, the Krugerrand. The gazelle (springbok) is the national animal of South Africa.
20 cents 1965
The 1965 20 cent coin represents the royal protea, the national flower of South Africa. The coin was part of the second series of coins of the decimal type.
1 cent from 1990
The 1990 1 cent coin with two sparrows represents the third set of decimal coins. The two sparrows first appeared on the quarter penny in 1923 and, until 2002, on the smallest coin in the South African series.
2008 rand 5 for Nelson Mandela's 90th birthday
The 5 rand coin minted in 2008 was minted in honor of former President Nelson Mandela for his 90th birthday. It is included in the design of the new coin as a unifying piece and to highlight the immense contribution that Mandela made to the history of South Africa.
Current 10 cent coin
The last coin depicted in the commemorative rand 5 coin is a 10 cent piece from the forthcoming fourth decimal series. This coin represents the Cape bee, or South African bee, and represents the future of the coin and of the South African Reserve Bank (SARB) itself.
Safety features
Coin obverse
The obverse represents the national coat of arms, the year of issue, "2021" and "South Africa" written in two of the eleven official languages. Since 1996, all South African currencies carry the different official languages of the country on a rotating basis.
Characteristics of the coin
Face value: Rand 5
Composition: copper-nickel exterior; nickel-brass interior
Diameter: 26 mm
Weight: 9.5 g
Emission volume: unknown
Official video of the coin
Sursa: Youtube Utilizator: South African Mint
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