The SARB is charged with ensuring the availability and reliability of the South African rand and has sole jurisdiction to create, issue, and destroy South African currency.
The SARB was created on June 30, 1921, with the purpose of creating, dispersing, and destroying coins and banknotes. The SARB released its initial batch of banknotes on April 19, 1922.
South Africa adopted the rand as its official currency in 1961, replacing the pound. The Witwatersrand, the ridge on which Johannesburg is situated and the location of the majority of South Africa’s gold reserves, is where it gets its name.
In the Common Monetary Area, which also includes eSwatini, Lesotho, and Namibia, the rand is accepted as payment.
The South African Mint Company (RF) Proprietary Limited (SA Mint), which produces coins, and the South African Bank Note Company (RF) Proprietary Limited (SABN), which prints banknotes, are both partners with the Currency Management Department. They are both SARB subsidiary.
The SARB Act 90 of 1989 establishes the legal tender status of the SARB’s issued banknotes and coins. It also includes clauses that deal with tampering with, copying, and counterfeiting coins and banknotes from South Africa.
What exactly is a fake bill?
A fake note is one that was printed without the government’s approval and imitates a banknote. False currency production and use are against the law and constitute fraud.
What should the general population do if they discover fake currency like coins or banknotes?
Any such currency should be reported to the local police station.
Can I swap fake currency for real currency?
No, fake currency cannot be exchanged for real currency and has no intrinsic value.
What should I do if I learn of frauds or notes that are fake?
Any information on the production of counterfeit currency should be reported to the local police station.
An altered banknote is what?
A banknote is said to be mutilated if its state necessitates a close investigation to determine the value, if any, to be paid. Such currency may be tainted, burned, discolored, decomposed, broken, or have parts missing.
Where can I swap my damaged (mutilated) currency?
Banknotes that have been tampered with or destroyed may be exchanged at a commercial bank location where a member of the public has an account. They can also be swapped during business hours at the SARB Head Office.
Do I need the SARB’s permission to copy or use photographs of South African currency?
Yes. Before being used, all copies of South African money need to have SARB approval.
Will authorization to use and reproduce photographs always be valid?
No. Limited reproduction is permitted.
