Banking on his legacy
COMMEMORATIVE NOTES, COINS
More than 400 million bank notes and coins bearing the face of South Africa’s first democratically elected president, Nelson Mandela, are being released to commemorate the centenary of his birth.
The South African Reserve Bank (Sarb) said yesterday the first batch of notes and coins had been put into circulation and more would be released over the next three months.
Speaking at the launch of the commemorative bank notes and coins at Freedom Park, near Pretoria, Sarb governor Lesetja Kganyago said: “Nelson Mandela’s light has touched all of us. South Africans from all walks of life, rural and urban. What could be more fitting than to commemorate his life through an instrument that we all use every day?
“‘Utata’ represents the best version of ourselves as South Africans and there is no more appropriate an occasion than his birthday centenary to honour all that he represents with these commemorative bank notes and the R50 commemoration coin.
“The bank notes highlight Mandela’s historical journey, from the rolling hills of the Eastern Cape to Soweto, to Howick, to Robben Island and to the Union Buildings.”
Mandela, who was born in the Eastern Cape, moved to Johannesburg where his involvement in politics meant he had to live as a fugitive.
He was arrested in Howick in KwaZulu-Natal and after the treason trial, which began in 1956, he spent 27 years in jail before becoming state president.
The Sarb governor said use of cash in South Africa remained high despite the advent of digital transactions, mobile money and cryptocurrencies. “The value of cash in circulation amounts to just over R140 billion,” he said.
Kganyago added that the security features on South Africa’s bank notes had become more advanced, resulting in a decline in counterfeits.
Finance Minister Nhlanhla Nene said: “Just as Madiba was, bank notes are a country’s ambassadors, showcasing its culture to the world.”
The SARB also released an app with information on Mandela’s life and the security features on the currency to coincide with the launch of the commemorative bank notes and coins. – ANA