SA introduces new R5 and R2 coins

A NEW bi-metal R5 coin will be in circulation in the South African market from today, and as a result of that, the new coin could be introduced onto the Namibian market through tourists or business travellers, the Bank of Namibia has said.

Since the South African currency, both notes and coins, is still legal tender in Namibia, the new coin will also be a legal tender in Namibia as from the day of its introduction. The bi-metal R5 coin has clear security features that distinguish it.It has a bronze-coloured centre and silver coloured border.The circumference of the new coin is the same as that of the present (old) R5 coin, but the new coin is slightly heavier and thicker.The new coin carries some of the same designs as the old one.A coat of arms appears on one side and an image of the wildebeest on the reverse.But the new coin has extra features, such as a security groove on the rim; serrations on both sides of the security groove.”SARB R5″ words are also engraved in the security groove and micro-lettering depicting “SARB” on the reverse side of the coin.BoN manager for corporate communications, Jerome Mutumba, in a press release issued last week, said: “The business community and the general public are advised that new coin does not replace the old R5 coins, but instead they are both acceptable legal tender.”The introduction of the new coin should help to address the problem of counterfeiting that was experienced on the current R5 coin last year.A fairly limited number of new commemorative R2 coins will also be put in circulation in the South African market today.Instead of the usual image of a kudu, the commemorative coin sports the “ten years of freedom” logo.Mutumba said, once it finds its way in the Namibian market, the introduced commemorative coin will also be legal tender in Namibia.The bi-metal R5 coin has clear security features that distinguish it.It has a bronze-coloured centre and silver coloured border.The circumference of the new coin is the same as that of the present (old) R5 coin, but the new coin is slightly heavier and thicker.The new coin carries some of the same designs as the old one.A coat of arms appears on one side and an image of the wildebeest on the reverse.But the new coin has extra features, such as a security groove on the rim; serrations on both sides of the security groove.”SARB R5″ words are also engraved in the security groove and micro-lettering depicting “SARB” on the reverse side of the coin.BoN manager for corporate communications, Jerome Mutumba, in a press release issued last week, said: “The business community and the general public are advised that new coin does not replace the old R5 coins, but instead they are both acceptable legal tender.”The introduction of the new coin should help to address the problem of counterfeiting that was experienced on the current R5 coin last year.A fairly limited number of new commemorative R2 coins will also be put in circulation in the South African market today.Instead of the usual image of a kudu, the commemorative coin sports the “ten years of freedom” logo.Mutumba said, once it finds its way in the Namibian market, the introduced commemorative coin will also be legal tender in Namibia.