COUNTERFEIT R5 COINS

With reference to the press statement released recently by the South African Mint, whereby it was stated that public concern about counterfeit R5 coins circulating in certain parts of the country, has been noted.

The R5 coins circulating in the economy has a face value of over 570 million rand. A number of counterfeit coins have been discovered in Gauteng but the extent of counterfeit is nominal in relation to the total quantity of R5 coins circulating in the market. The SA Mint is addressing the issue in support of the South African Reserve Bank and the South African Police Services.

IDENTIFICATION OF COUNTERFEIT COINS

The use of a magnet to determine if a coin is genuine or counterfeit is not reliable and should not be used as both genuine and counterfeit coins could be attracted to or repelled by the magnet.

The only accurate method of determining the authenticity of a coin is to conduct a chemical analysis of the coin. However, the public may detect such coins by scrutinising the visual details of the coin. A magnifying glass could assist with this process.

The finer detail on counterfeit coins is far less prominent than on genuine coins and counterfeit coins are dull in colour. The surface of the counterfeit coin is not flat but slightly rounded when compared with genuine coins. The waved line running horizontally in the centre of the Coat of Arms (on the obverse of a coin) is very indistinct on a counterfeit coin.

On the reverse of the R5 coin the platform on which the black wildebeest stands, as well as the finer detail of the animal, are far less prominent than on a genuine coin.

ACTION BY THE PUBLIC

Any person who is not certain if a coin is genuine can take such a coin to a branch of the South African Reserve Bank. Full details of where the coin was obtained should be disclosed for further investigation. Any person handing coins to an official of the South African Reserve Bank or the South African Police Services must obtain a receipt. Should coins be found to be counterfeit, such coins will be confiscated and genuine coins will be returned. No refund will be given by the South African Reserve Bank for any counterfeit coins.

Any counterfeit coin brought into the system is not legal tender and is worthless.

Attached are examples of a counterfeit coin (A) and a genuine coin (B).

Kindly contact Mr C J van Zyl at (012) 313-3831 or e-mail ChrisvanZyl@resbank.co.za should you require an electronic version of the examples.

See attachment / link box for more detail.