The South African Reserve Bank has issued a statement after it was inundated with calls as to the value of the recently released R5 commemorative circulation coins.
“The SARB would like to reiterate that commemorative circulation coins, such as the R5 Griqua Town coin, are ‘normal’ circulation coins that form part of all the other coins already in circulation,” the bank said.
“These circulation coins, whether ‘normal’ or commemorative, are all worth their face value – which is R5 in the case of the R5 Griqua Town circulation coin.”
The SARB further urged members of the public to not hold onto the commemorative currency but rather to make use of them at your next purchase so that the next person can also experience the beauty of the coin.
Why does the Reserve Bank issue the new coins?
The SARB issues commemorative circulation coins as part of its currency production function.
These coins are issued to commemorate a person or an event that has had a significant impact on society. Such coins are always produced in large quantities and are made available and accessible to the public at face value.
For example, the commemorative R5 Nelson Mandela circulation coin that was issued in 2008 to celebrate the former president’s 90th birthday was and is still worth R5.
There could be a buyer willing to pay a higher price to collect such a commemorative circulation coin, but the SARB does not attach a value higher than face value to such coins.