Reserve Bank makes ‘cents’ of new currency
A team from the South African Reserve Bank hosted an informative talk about money, fraud and counterfeiting.
A South African Reserve Bank (SARB) team hosted an information session about currency at Lakeside Mall on October 23.
This follows a recent article in the Benoni City Times that highlighted residents claiming some local retailers were refusing to accept version five R200 notes depicting the face of Nelson Mandela.
The SARB invited members from the community, local businesses and representatives from major retailers to attend the event.
Focusing on the serious business of money, SARB currency integrity enablement officer, Phenyo Marumo circulated various denominations of the newly upgraded version six notes among those in attendance.
“We all work too hard for our money to have someone force us to part with it,” he said.
“We should be as familiar with our rands as we are with the faces of our loved ones. Therefore, when receiving money, it is important to do a quick feel, look and tilt test to verify its authenticity.”
Launched in May, the new note and coin collection boasts a plethora of security upgrades.
Marumo briefly described the most easily recognisable features.
Separating real from counterfeit
• Look: hold up a SARB-issued banknote to the light. On the left, a watermark of the featured animal must be visible.
When holding the note at eye level, a watermark of the number of the denomination is present behind Tata Madiba’s hair on the right.
• Feel: SARB notes are made from a substrate of cotton and linen to ensure their durability as they change hands.
Running your fingers across the note, the South African coat of arms and the words South African Reserve Bank are raised.
We can find tactile marks for the visually impaired in the shape of arrows on the left and right sides of R10 and R20, while at the top and bottom of the R50, R100 and R200.
The printing of these marks is also raised.
• Tilt: The silver security thread changes colour from green to gold when tilting the note at eye level.
On the thread, SARB and the number of the denomination are visible.
They fit the image of an adult animal and its young with a spark live true spin feature.
When tilted, a circle will appear, which changes from green to gold, giving the impression of a spinning orb.
Referring to version five notes and previously issued notes, Marumo reiterated those still in circulation are valid forms of legal tender.
Gerald Marienuthoo, currency integrity investigator for the bank, further stated the onus of protecting the integrity of the country’s currency lies not only with the SARB and commercial banks but also with retailers and customers.
“When encountering suspected counterfeit money, especially if the user of such notes is still present, it is vital to immediately contact local security companies and the SAPS,” said Marienuthoo.
“When you discover counterfeit notes at a later stage, we implore consumers to hand it in at their commercial bank for destruction.
“Counterfeit money has no value, and they will not reimburse you. Recirculation of these notes to get rid of it without suffering a financial loss is fraud and therefore a criminal offence.”
Touching on the matter of ATM bombings and CIT robberies, Joel Durugiah, currency device management officer, explained they fit currency protective drawers with state-of-the-art mechanisms which dispense green or blue dye on the notes.
“We have done extensive research and have tested a variety of chemicals on these dyes and to date, nothing has worked to remove the dye without affecting the integrity and appearance of the notes,” he cautioned.
“Once stained, these notes have no value and possession thereof is considered theft.”
The SARB representatives confirmed that, upon inspecting bank notes presented as payment and suspecting that it may be counterfeit or from the proceeds of crime, you may refuse it as payment.
“It is important to remember that notes currently in circulation are SARB issued, have not been recalled and may be used as payment.”
For more information, download the SARB currency app or visit wwww.southafricanreservebank.co.za.
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