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V13 2010 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 13, Number 29, July 18, 2010, Article 25

CONFUSION REIGNS AS SOUTH AFRICA OUTLAWS OLD BANKNOTES

Some currency switchovers work better than others. Put South Africa's latest move in the "not so much" category. -Editor

SOUTH AFRICAN RAND NOTES To combat fake money, South Africa made all bills older than 2005 illegal. Problem is, South African money does not show the year of issue.

Since 2005, a number of new security measures, such as raised lettering and an iridescent band, have been used for paper currency, including the 200 rand note. Older bills, naturally, were easier to fake.

When the South Africa Reserve Bank announced a deadline for exchanging old bills at the end of May, it was supposed to alleviate concerns about fraudulent currency. Instead, it created confusion and panic about what was still legal tender.

“Old” refers to bills that predate 2005, but herein lies the problem: South African money does not show the year of issue. Some shops would no longer accept bills from the old series; others wouldn’t take 200 rand notes at all.

To read the complete article, see: Getting stuck with fake money in South Africa (www.csmonitor.com/World/Global-News/2010/0715
/Getting-stuck-with-fake-money-in-South-Africa)

Wayne Homren, Editor

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To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com

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