The Bank of Namibia (BoN) says it has printed commemorative banknotes valued at N$270 million in honour of the country’s past presidents, including former president Hage Geingob.
This includes five million N$30 notes introduced in 2020 to celebrate 30 years of independence and Namibia’s presidential leadership since 1990, as well as two million N$60 notes released this year to celebrate Geingob’s life and legacy.
BoN spokesperson Kazembire Zemburuka says 677 000 of the N$60 banknotes, representing 33.9% of the total number printed, have been in circulation since March.
“A total of 6 853 pieces have been procured globally as collectors’ items, which equates to 0.3%. It is worth noting that the N$60 has only been in circulation for a month,” he says.
In comparison, 32 735 of the N$30 note, or 0.7% of the total issued, have been acquired globally by collectors.
Zemburuka attributes the limited domestic uptake of the commemorative notes to Namibia’s small financial market.
“Namibia does not have a large collector footprint, with most collectors being from South Africa and the international market.
Namibians obtain the banknote at commercial banking halls, hence making it challenging to track local collectors,” he says.
The central bank says very few of the N$30 notes have been returned due to damage, attributing this to the durability of the material used.
“The N$30 banknote is made of polymer, which has a longer lifespan compared to cotton banknotes and is more resistant to wear and tear.
This is evident in the statistics, since to date only 1.2% (60 000 pieces) have been received back by the bank as damaged banknotes,” Zemburuka says.
No reprints are planned for either of the commemorative denominations.
“Commemorative banknotes are usually issued in limited quantities to celebrate a significant event, person or milestone and are therefore mostly printed as a once-off print,” Zemburuka says.
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