The South African Mint has quietly released the much anticipated 2008 proof-like Nelson Mandela 90th Birthday 5 Rand coin in a type set

The South African Mint has quietly released the much anticipated 2008 proof-like Nelson Mandela 90th Birthday 5 Rand coin in a type set.

The type set contains two 5 Rand coins – the proof-like 2000 Mandela cupro-nickel 5 Rand as well as the “laser frosted” 2008 90th Birthday bi-metallic 5 Rand.
It’s not too clear why the 2000 Mandela 5 Rand was chosen to be included in this set, but it does seem as if the Mint has excess stock of this coin that they would like to get rid of.

“Laser frosted”

There appears to be no explanation for the use of this “laser frosted” terminology, but one can assume that the SA Mint is referring to the manufacturing process of the proof coin die whereby the details that are traditionally “frosted” by means of a sandblasting technique, are frosted with a laser. This technique is purported to achieve a higher quality finish. Another mint that utilises this laser process to manufacture their proof dies is the Australian Mint.

“Poor quality proof-like coins”

Although the coins in this type set have a proof-like finish, they have not been manufactured individually like most proof coins. Their minting process is similar to that of a circulation coins – and although they look nice at first sight, they have come into contact with other coins resulting in many scratches. I’m sure this will result in few high-grade versions as well as many disappointing “impaired proof” grades from NGC and the like.

Sources reveal that this coin type set is currently being offered to SA Mint Loyalty Club members where after it will be offered for sale to the general public. The price for the type set is R390 (USD39)

The SA Mint also claims to have limited the sale to one per customer, but their oantiquated rdering process has once again been called into question – as a quick search on local auction websites reveals that some sellers are offering up to 50 sets for sale as bulk lots.

Dissapointingly, most of these sets will land up in the hands of speculators.

This 2-coin set has a very low issue limit of 14,000.

“Second set will feature Silver and Gold Medallion”

It is also alleged that the SA Mint will also release an additional 90th Birthday 5 Rand set towards March. There is also no official press release on this set.
It is alleged that this set will contain a “laser frosted” 90th Birthday 5 Rand coin as well as a gold and silver bi-metal medallion featuring Mandela.

The pricing of this set is R5000 (USD500) and once again with an even lower issue limit of only 5,000.
It’s also alleged that the 90th Birthday 5 Rand in this set will be manufactured individually with a quality control check and as such will have a higher finish that the proof-like coin that is contained in the cheaper 2-coin type set.

It does seem as if this will be the only official offerings from the SA Mint regarding the 90th Birthday 5 Rand. From an investment point of view, these low issue numbers are a dream.

Once again the dates and pricing mentioned here are unconfirmed, calls to the SA Mint are unanswered and no information is available on their website.

[Thanks Rashid]

UPDATE 15 FEBRUARY 2009: Closer inspection of numerous type sets containing the proof-like Nelson Mandela 90th Birthday 5 Rand coin reveals their disappointing quality. Almost all that were examined were covered in fine, almost hair-like scratches as well as small nicks. There are also various rim nicks to be found. It does seem as if the coin was minted with a proof quality die, but this proof state is greatly reduced by the SA Mints’ minting process.

Will ex-president Thabo Mbeki be depicted on a South African coin?

As is numismatic tradition in South Africa, the outgoing president is depicted on the highest value circulation coin in the year following their departure. This is currently the 5 Rand coin ($0.50).

The previous president that featured on a South African circulation coin was of course none other than Nelson Mandela. Following Nelson Mandela’s departure from the Presidency in 1999, the South African mint issued a 5 Rand ($0.50) coin featuring Mandela the following year.

The phenomenal growth in value of this 2000 Mandela 5 Rand coin has amazed many dealers and collectors. Proof versions change hands for as much as R5000 ($500)
According to a local coin dealer, a proof version of this coin was sold for R200 000 ($20 000) in 2005. This amazing growth in value makes this coin the fastest appreciating rare coin in the world!

A coin featuring Thabo Mbeki: Precious?

Although Mbeki’s early departure from the Presidency should technically have no effect on the planning schedule of the South African Mint, it remains to be seen if he will be indeed featured on a coin.

A quick glance at the South African Mint’s website for any information reveals the embarrassing state of its affairs. The website has not been updated since 2004 – hardly becoming of a Mint that “prides itself on a reputation of quality, reliability and innovation”.

Anticipated release of the Nelson Mandela 90th Birthday bimetallic 5 Rand coin builds: Sources reveal limited quantities will be available

Word on the street is that everyone wants a new 5 Rand coin.
The South African Reserve Bank Governor has said that he wants everyone to “use the coin and not to hoard it”. Given Mandela’s popularity and the history of previous South African circulation coins featuring the man – any non-hoarding activity is going to be highly unlikely!

Sources reveal that the new coin will be distributed to banks nationally in limited amounts of approximately 100 coins per bank in time for the official release on 18 July 2008. For those of you looking to collect a few from your local branch, please note: bank tellers are under strict instruction to limit the coin to one per customer.