Photo: SA Mint
So far only 500 R10 commemorative coins have been produced before but a SARB official thinks putting more into circulation is "financially justified."
Well, that will be interesting: SA Reserve Bank (SARB) revealed that it is considering the case of an R10 coin, with the suggestion that this particular currency could replace the 'form of note' ' current of monetary value. Chapter
WILL SOUTH AFRICA RECEIVE R10 COINS?
According to an expert from the Reserve Bank, it makes economic sense to exchange the R10 note for a coin. Quite simply, its output value as a flat metal disc will not be greater than the value of the coin itself. We therefore have a viable path towards introducing a new silver circulation unit for the first time in 26 years.
The R5 coin is the newest coin in the block, introduced in 1995. The closest coin to the R10 at this point dates back to 2015, when SA Mint launched a commemorative edition. However, they are covered in gold and cannot be used as a legal tender in Mzansi, as their item is worth more than its monetary value.
Mr Pradeep Maharaj is one of the Executive Directors of Reserve Bank SA. While SARB was happy to start minting R10, he also revealed that there was not enough public outcry to move forward.
But, if those attitudes change, we could have a new change in our pockets
“The Reserve Bank has done the research. We spoke to the informal sector, and the formal sector, and the banking sector… Research shows that there is an economic case to be made for the R10 coin. More than 60% of the population rely mainly on cash to transact, but there is no appetite from users to introduce a R10 coin yet.“
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