South African Coins and Notes Selling and Buying Policy

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Scope

This policy is applicable to all South African Coins and Notes, whether currently in circulation or not. The policy is in line with the basic rules and regulations as set out in the South African Reserve Bank Act, No 90 of 1989 (the “Act”). In order for bidorbuy to adhere to the relevant legislation we have included a detailed listing policy to ensure buyers and sellers comply.

Prohibited items

Sellers are specifically not allowed to list any of the following:

  • Counterfeited notes or coins;
  • Any defaced coins;
  • Gilded coins; and
  • Images of South African currency – unless they meet the requirements set out below.

Image requirements

In order to list images of South African currency on bidorbuy, they need to comply with the following:

  • They should not be one of the prohibited items listed above;
  • The image has to have the words “Image - Not legal tender” printed diagonally across the image as indicated below, this must be written in clear and visible text across the face of the note.
  • Sellers should apply the words “Image - Not legal tender” to their images before listing them.

View a tutorial on how to watermark your South African notes for use on bidorbuy.

Example of what an image needs to look like in order to comply:

R100 Note with watermark

Non-compliance

bidorbuy reserves the right to take action on sellers that list South African coins and notes that are not compliant with this policy. Actions may include, but are not limited to:

  • Removing the listed item from the website;
  • Disabling the users account; and
  • Reporting such user to the South African Reserve Bank.

Contravention of the Act may lead to prosecution by the South African Reserve Bank and could potentially lead to imprisonment.

Any users, who are found listing South African coins and notes in contravention to this policy, will forfeit their right to claim back any bidorbuy fees.

Please make sure you familiarise yourself with the bidorbuy listing policy and the extract of the South African Reserve Bank Act below. View the complete South African Reserve Bank Act.

Offences and penalties in terms of the Act

  1. Subject to the provisions of section 2 of the Prevention of Counterfeiting of Currency Act, 1965 (Act 16 of 1965), any person who-
    1. forges, alters or unlawfully issues a note of the Bank or something purporting to be a note of the Bank, or any coin;
    2. utters, tenders or accepts any such note or a coin which has been forged, altered or unlawfully issued, knowing it to be forged, altered or unlawfully issued;
    3. without the authority of the Bank, engraves or makes upon any material whatsoever any words, figures, letters, marks, lines or devices the print whereof resembles in whole or in part any words, figures, letters, marks, lines or devices peculiar to and used in or upon any note of the Bank or any coin which is legal tender;
    4. without the authority of the Bank, uses or knowingly has in his possession any material whatsoever upon which has been engraved or made any such words, figures, letters, marks, lines or devices;
    5. contravenes the provisions of section 33;
    6. willfully defaces, soils or damages any note of the Bank, or writes or places any drawing thereon or attaches thereto anything in the nature of an advertisement, or willfully defaces or damages any coin which is legal tender;
    7. removes from the premises where coins are manufactured under this Act, without lawful authority or excuse, any matrix, master punch, die, collar, piercing and cutting tool, pattern or mould, or any other tool, machine, engine, instrument or thing used or employed in or in connection with the coining of coins, or any useful part of the several objects aforesaid, or any coin or bullion;
    8. is found in possession of any blank or defective coin of the size, shape and metal composition of any coin of which the coining is authorized by this Act, and is unable to account satisfactorily for such possession;
    9. fraudulently inserts or uses in a machine that vends merchandise or services or collects fares or tolls, anything that is intended to pass for the coin or the token of value that the machine is designed to receive in exchange for the merchandise, service, fare or toll, as the case may be;
    10. sells, exchanges or otherwise disposes of any metal reproduction of any gold coin contemplated in Schedule 2, or uses the word 'Krugerrand', 'Natura' or 'Protea', or any derivative thereof or any combination thereof with any other word in the furtherance of the sale, exchange or disposal in any other manner of such a reproduction or of any metal article of commerce; [Para. (j) substituted by s. 10 of Act 2 of 1996.]
    11. without the written approval of the Department of Finance, intentionally destroys, melts down, dissolves in any dissolvent, breaks up or damages a coin that has been issued under section 11 of the South African Mint and Coinage Act, 1964 (Act 78 of 1964), or under section 14 of this Act, or removes any such coin out of the Republic, or causes or permits it to be so removed, with the purpose of so dealing with it or causing it to be so dealt with outside the Republic; or
    12. sells or disposes of any coin issued as contemplated in paragraph (k), knowing or suspecting that such coin is to be dealt with in a manner constituting an offence under paragraph (k),

      shall be guilty of an offence and liable on conviction-
      1.  in the case of an offence referred to in paragraph (a) or (b), to imprisonment for a period not exceeding fifteen years;
      2. in the case of an offence referred to in paragraph (c) or (d), to imprisonment for a period not exceeding five years;
      3. in the case of an offence referred to in paragraph (e), to a fine not exceeding R4 000 or to imprisonment for a period not exceeding one year, or to both such fine and such imprisonment;
      4. in the case of an offence referred to in paragraph (f), to a fine not exceeding R250;
      5. in the case of an offence referred to in paragraph (g), (h) or (j), to a fine not exceeding R8 000 or to imprisonment for a period not exceeding two years, or to both such fine and such imprisonment;
      6. in the case of an offence referred to in paragraph (i), to a penalty which may in law be imposed for the crime of fraud;
      7. in the case of an offence referred to in paragraph (k), to a fine not exceeding R50 000 or to imprisonment for a period not exceeding five years, or to both such fine and such imprisonment; and
      8. in the case of an offence referred to in paragraph (l), to a fine not exceeding R10 000 or to imprisonment for a period not exceeding two years, or to both such fine and such imprisonment.
         
  2. For the purposes of subsection (1)-
    1. 'bullion' means any gold, platinum, silver, nickel, gold alloys, platinum alloys, silver alloys, nickel alloys or bronze or other minting alloys in the form of ingots, bars, strips, sheets, scissel, cuttings, granules, rejected coins, blanks, filings, sweepings, dross, scrap or wire; and
    2. a coin shall be regarded as defective if it has been wrongly manufactured, and would accordingly be unfit for issue as a proper coin in accordance with the standards of manufacture applied by the institution entrusted with the manufacture of coins for the purposes of this Act.

Tutorial Video