There is a case to introduce a R10 coin in South Africa: Reserve Bank

[BusinessTech]

There is a case to introduce a R10 coin in South Africa: Reserve Bank

Research commissioned by the South African Reserve Bank (SARB) shows that there is an economic case for introducing a R10 coin in South Africa, however, there are concerns about uptake from the public, says Pradeep Maharaj, the central bank's chief operating officer.

 

[B-1]

Car guards approve this message.

 

[Polymathic]

Just a matter of time before we get a R500 note.

I think they'll introduce the R10 coin with a rhino and slowly replace it with another herbivore like a Nyala and reintroduce the rhino on the R500 note. that way they'll keep the big 5 motif for the notes.

 

[Jola]

Actually, if you look at inflation since the introduction of the R1 coin, it is now about the right time to introduce R10, R20, R50 and R100 coins, and to scrap all coins worth less than R1.

Do the sums yourself, a tin of Coke was 10 cents when cans were introduced, and a 4-bar Kit Kat used to be 5 cents.

For 50 cents you could buy two tins of coke, 2 4-bar Kit Kats, 2 Bar One, and 20 Wilsons Toffees.

Enough to send you in sugar shock !!!

 

[dusi]

We've come a long way, good job ANC.

 

[WaxLyrical]

Actually, if you look at inflation since the introduction of the R1 coin, it is now about the right time to introduce R10, R20, R50 and R100 coins, and to scrap all coins worth less than R1.

Do the sums yourself, a tin of Coke was 10 cents when cans were introduced, and a 4-bar Kit Kat used to be 5 cents.

For 50 cents you could buy two tins of coke, 2 4-bar Kit Kats, 2 Bar One, and 20 Wilsons Toffees.

Enough to send you in sugar shock !!!

What if i want to buy a chappie?

 

[Speedster]

We've come a long way, good job ANC.

View attachment 1156114

Of all things, this is one you can't pin on the ANC. Have a look at inflation pre- and post-1994

 

[Jola]

We've come a long way, good job ANC.

View attachment 1156114

Yeah, you used to be able to buy a Chappie bubble-gum or Wilson's toffee with that. Or two of those black jawbreaker balls. Or a Banana toffee.

 

[Jola]

Of all things, this is one you can't point on the ANC. Have a look at inflation pre- and post-1994

Yes, that is not solely on the ANC.

 

[Jola]

What if i want to buy a chappie?

Yes, Chappies were two to a cent, Wicks were one for a cent.

 

[dusi]

Of all things, this is one you can't pin on the ANC. Have a look at inflation pre- and post-1994

True, but the ANC definitely helped accelerate the devaluing of the rand, it was R4 to the dollar in 1994.

 

[Fulcrum29]

Okay,

Maharaj said that research conducted by the Reserve Bank over the course of 2020 surveyed both the informal sector and the informal sector on the appetite for a R10 coin. This included discussions with everyone from taxi drivers, to retailers and the country’s major banks, he said.

we are digitally migrating, yes? An advantage of digital migrating our trade mediums are for the benefit of traceable, or taxable, income, right?

 

[Fulcrum29]

Actually, if you look at inflation since the introduction of the R1 coin, it is now about the right time to introduce R10, R20, R50 and R100 coins, and to scrap all coins worth less than R1.

Do the sums yourself, a tin of Coke was 10 cents when cans were introduced, and a 4-bar Kit Kat used to be 5 cents.

For 50 cents you could buy two tins of coke, 2 4-bar Kit Kats, 2 Bar One, and 20 Wilsons Toffees.

Enough to send you in sugar shock !!!

Banking those coins will suck, banks are already reducing their tellers and encouraging ATM deposits. We shouldn't over extend ourselves here, but rather investigate alternate transaction mediums within the digital sphere.

Cash shouldn't disappear altogether; it serves a purpose, but cash is king amongst small traders, taxis and other services to avoid taxation.

The problem being is that we not there yet, or even close, to wholly adopt digital (and virtual) trading. It is the state which is slow...

 

[lunch]

It just feels wrong to me, for some reason

 

[*SynergyX*]

i aint tipping the guard R10... no way

 

[Ghost64]

True, but the ANC definitely helped accelerate the devaluing of the rand, it was R4 to the dollar in 1994.

The Rand was tied to gold prices before 94 right?

 

[Ghost64]

Couple R5s are quite heavy in my pockets. How big will a R10 coin be?

 

[Ghost64]

Yeah, you used to be able to buy a Chappie bubble-gum or Wilson's toffee with that. Or two of those black jawbreaker balls. Or a Banana toffee.

Black jawbreaker balls, like you called it that lol!

 

[dusi]

The Rand was tied to gold prices before 94 right?

I don't think it was backed by gold in the past, but it moved with the price of gold until 1994 ish.

 

[Jola]

Black jawbreaker balls, like you called it that lol!

Well, couldn't use the original name, could I ?