South Africa central bank: Please don’t hoard commemorative coins

Listen to this article


South Africa’s Reserve Bank has a simple request: if you get a commemorative five-rand coin, “please do not hold on to it”.

The central bank said on Monday that it has received “numerous enquiries” regarding the value of coinage, like the Griqua Town coin that is shown above. The confusion appears to stem from the fact that the South African Mint also produces other coinage that is meant specifically for the domestic and international collectors’ market, which typically assigns those coins a higher price than its face value.

This is not one of those situations, the South African Reserve Bank emphasised: “If you receive one of these coins as change, please do not hold on to it. Use it to make a purchase so that the next person can also experience the beauty of the coin”.

The central bank added:

The SARB issues commemorative circulation coins as part of its currency production function. These coins are issued to commemorate a person or an event that has had a significant impact on society. Such coins are always produced in large quantities and are made available and accessible to the public at face value.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from and redistribute by email or post to the web.