Costly mistake with defective R100 notes

2012-05-20 17:34
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Bank notes to bear Mandela's image

President Jacob Zuma announced that new bank notes will bear the image of former president Nelson Mandela. His image will replace the current design featuring the Big Five animals.

Johannesburg - The Reserve Bank has to shred more than 3.6 million R100 notes after a botch-up with serial numbers, the Sunday Times reports.

The bills, printed in Sweden, have the same serial numbers as a batch printed locally, the report said. 

In addition to that, the notes printed in Sweden are neither the right colour nor size - coming up short by about a millimetre - which poses problems for automated counting machines.

South Africa is redesigning all of its bank notes this year to bear a portrait of first post-apartheid president Nelson Mandela.

The backs of the new bills will retain pictures of the Big Five.

The R100 note has a buffalo on the back.

Read more on:    nelson mandela  |  government spending

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