New Madiba notes losing security strips

2013-07-09 00:00

THE Reserve Bank has blamed too much fingering for the dog-eared silver security strips on the new Mandela banknotes.

Hlengani Mathebula, head of strategy and communications at the South African ­Reserve Bank, informed sister paper Beeld in an e-mail that the bank was aware of isolated complaints regarding the security strips on the new, lower-denomination ­banknotes.

He said it was because of over-circulation of these notes.

The new notes have been in circulation for only eight months.

Mathebula said South Africa’s banknotes are made to the highest international security standards.

The bank could not say why the lower-

denomination notes had deteriorated so quickly, to the point that the security strips were coming loose.

The notes are printed by the South African Bank Note Company, which is owned by the Reserve Bank, while a German company reportedly makes the security strips.

The bank’s website describes the strips as being woven into the notes.

Thomas Coetzee, chief operating officer at SA Bank Note Company, yesterday referred all questions to the Bank.

The bank yesterday said it would not ­comment on whether the worn notes would be recalled or whether they will remain in circulation as legal tender.

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