The South African Reserve Bank (SARB) was established as the Central Bank of the Union of South Africa. The founding of the SARB was a direct result of the dire monetary and economic situation which existed during and after World War 1. The first Governor of the SARB was appointed with effect from 17 December 1920 and the Bank opened its doors for business for the first time on 30 June 1921. The Bank immediately provided services as ‘banker to the banks’, and started functioning as custodian of the gold and foreign exchange reserves of the country.
To celebrate this milestone the SA Mint pays tribute to the SARB’s 90th Anniversary by depicting a special commemorative design on both the proof bi-colour sterling silver R5 and the proof bi-metal R5 circulation coin.
The coin and banknote design on the R5 coin depicts the history of the Bank, and how South Africa’s currency mirrors changing economic and political developments. The following coins, from left to right, are set out in the design: The motif of St George and the dragon on a British Sovereign, TheR5 coin, minted in 2008 in honour of former President Nelson R Mandela’s 90th birthday, The gold Natura coin reflects the endangered black rhinoceros, the 20c coin reflects one of South Africa’s national symbols, the king protea, the farthing, the smallest denomination depicts two sparrows sitting on a mimosa branch and the banknote which is a circulation note signed by the third Governor of the Bank, Dr M H de Kock, who was in office from 1 July 1945 to 30 June 1962.
A replica of this £100 banknote, minted in 2oz 24 carat gold is included in this special set. Each minted banknote has been individually numbered. As with the original 100 Pound banknotes the languages on the minted banknote switch positions. All the uneven numbered banknotes feature Afrikaans on top and English at the bottom. The languages are reversed on all the even numbered banknotes.
