Only 500 commemorative R10 coins have been produced before – but one SARB official believes ‘it makes financial sense’ to bring more into circulation.
Well, this would be exciting: The SA Reserve Bank (SARB) has revealed that it has been weighing up the case for a R10 coin, with the proposal that this particular currency could replace the current ‘note form’ of the monetary value.
WILL SOUTH AFRICA GET A R10 COIN?
According to one expert from the Reserve Bank, it DOES make economic sense to swap the R10 note with a coin. Quite simply, the value of producing it as a flat, metallic disc would not outweigh the value of the coin itself. Therefore, we have a viable avenue towards introducing a new unit of cash into circulation for the first time in 26 years.
The R5 coin is the newest kid on the block, following its 1995 introduction. The closest we’ve come to an R10 coin in that time was back in 2015, when the SA Mint introduced a commemorative edition. However, they were coated in gold, and cannot be used as legal tender in Mzansi – as their item is worth more than its monetary value.
NO APPETITE TO REPLACE ‘TEN-RAND NOTES’
Pradeep Maharaj is one of the Chief Operating Officers at the SA Reserve Bank. Although SARB would be happy to start minting a R10 coin, he has also revealed that there isn’t enough public clamour to go ahead with it.
But, should those attitudes change, we may have a new item of loose change swilling around 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.“
