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Mandela to feature on new banknotes

13 February 2012

Former president Nelson Mandela will feature on new banknotes to be produced by the South African Reserve Bank for circulation before the end of the year, President Jacob Zuma announced in Pretoria on Saturday - the 22nd anniversary of Mandela's release from prison in 1990.

"On behalf of [the] government and the people of South Africa, it is my honour and pleasure to announce that the new South African bank notes will bear the image of President Mandela, the President of a free, democratic South Africa," Zuma said.

Zuma described Mandela as an "outstanding leader and patriot" that represented a group of exceptional men and women who demonstrated their love for South Africa in a time of repression.

"It is a befitting tribute to a man who became a symbol of this country's struggle for freedom, human rights and democracy," he said. "With this humble gesture, we are expressing our deep gratitude as the South African people, to a life spent in service of the people of this country and in the cause of humanity worldwide.

"The banknotes will make us remember and appreciate our achievements in order to continue the journey towards a more prosperous society."

Same denominations, sizes

The South African Reserve Bank is in the process of producing the new bank notes.

The new note series will have the same R10; R20; R50; R100 and R200 denominations and same sizes, with the engraving of Mandela's face appearing on the different coloured currency. The reverse sides of the notes will carry an image of one of the country's big five animals.

The change will not extend to the country's coin series and the bank also has no plan of producing a R500 note.

Reserve Bank Governor Gill Marcus hopes to have the new currency in circulation before the end of the year. "We will advise South Africans of the changes when the notes come into circulation," she said.

A public outreach programme will be held to inform people of the changes.

Current notes remain legal tender

After the introduction of the new notes, the current bank notes will still be deemed legal tender until they are phased out. This is especially important since the rand is also used in some neighbouring countries.

Marcus said the decision to change the country's bank note series was taken following consultation with various stakeholders, including the President and Finance Minister Pravin Gordhan.

The former President was consulted in person and he "was delighted" about the news, said Marcus.

Winnie Mandela, Graca Machel as well as the rest of the Mandela family were also consulted. Other stakeholders included the Department of Arts and Culture and the National Council for the blind, among others.

Printing equipment modernised

The redesign of the notes, at a cost of R2.5-million, is being accompanied by the recapitalisation of the South African Note Company (SABN), which is being modernised with state-of-the-art printing equipment and the up-skilling of staff.

"We have confidence in the capacity [of the SABN] although there were challenges," said Marcus, adding that the cost of the design has been incorporated into the upgrade of the note company which is a wholly-owned subsidiary of the Reserve Bank and is responsible for printing the currency of the country.

Gordhan said the introduction of the note, which the Bank is now in the process of producing - is the beginning of a generation-wide remembrance of Mandela.

The first new R50 note was handed over to Zuma at the announcement.

Source: BuaNews