Shoppers in Grahamstown carrying R200 notes that were printed prior to 2005 have been finding that their bills are unwelcome at a wide range of shops.
Shoppers in Grahamstown carrying R200 notes that were printed prior to 2005 have been finding that their bills are unwelcome at a wide range of shops.
From the BP service station to Oatlands Bakery, notices warning the public that they will no longer accept older versions of the large orange bills have been appearing in windows and on checkout counters.
Even larger retailers, such as Pep on High Street, have become skittish when asked to accept them. “There were a lot of false notes a few months ago,” explained Tippie Trompetter of Oatlands Bakery.
Although the bakery had not been caught out yet, a few neighbouring shops have. As a result, Trompetter said that they have decided to join the trend of shops putting up notices about the notes and now “don’t take any at all”.
Nervousness around the old R200 note stems from increasingly accurate forgery by criminal groups, resulting in fake money circulating that is becoming more and more difficult for retailers to detect.
The South African Reserve Bank has upgraded security on its R200 banknotes to include a higher quality of banknote paper which the bank says, “has a distinct crackling sound when handled,” as well as colour changing ink used on the note’s value number.
The older and more easily-forged notes have since been discontinued in favour of the new ones, and will no longer be accepted by banks or shops.
Anyone still in possession of the old notes will still be able to exchange them at Reserve Bank offices in East London and Port Elizabeth.
While those holding them will be limited to exchanging old notes for new ones only at Reserve Bank branches, the Reserve Bank has indicated that there is no time limit on when they may be presented for exchange.
Banks and automatic teller machines will be issuing the new notes exclusively, and the Reserve Bank has said that retailers will be obliged to accept the new bills.
