In a country with such a rich numismatic history like South Africa, many citizens and collectors find themselves in possession of old coins—ranging from pre-1994 coins to rare collectables such as the Kruger Pond or ZAR shillings. One common question asked by South Africans is: Does Absa exchange old coins for cash? This article explores Absa’s current policy, alternatives for exchanging or selling old coins, and important tips for coin holders and collectors in South Africa.
Understanding the Role of Banks in Old Coin Exchange
Before addressing Absa directly, it's important to understand the general role that commercial banks play in the handling of old currency.
In most cases, South African banks, including Absa, do not buy or appraise coins based on collector or antique value. Their operations are focused on circulating currency and regulated transactions. The only time banks exchange old coins is when:
- The coins are no longer in circulation but still recognized by the South African Reserve Bank (SARB).
- The coins are damaged, defaced, or withdrawn legal tender, but are being redeemed by SARB.
- The customer has a bulk amount of coins for business or deposit purposes.
Does Absa Accept or Exchange Old Coins?
As of now, Absa does not exchange or purchase old coins based on rarity, collectible value, or numismatic interest. Their policy aligns closely with the South African Reserve Bank guidelines. Here are the key details:
1. Old Coins That Are Still Legal Tender
If you have coins that are still considered legal tender (e.g., pre-2000 South African cents or old R1/R2 coins), you might be able to deposit them at Absa—but this depends on the branch’s discretion and their coin-counting facilities.
For example:
- If you have 10c, 20c, 50c, R1 or R2 coins minted after 1965, Absa may accept them as deposits or exchange—only if they are still accepted by SARB.
2. Commemorative and Rare Coins
Absa does not appraise, evaluate, or exchange old commemorative or rare coins (such as:
- Krugerrands (gold or silver),
- Mandela coins,
- Old ZAR or Union coins,
- Coins from before the 1961 decimalization.
These are considered collectibles and fall outside of regular banking services.
Why Doesn’t Absa Exchange Old Coins?
There are several reasons why Absa and most major banks in South Africa do not handle old coins:
➤ 1. Not a Numismatic Institution
Banks are not licensed to provide collector services or numismatic evaluations. Determining the value of old coins requires specialist knowledge that falls under coin dealers or auction houses.
➤ 2. Risk of Counterfeits and Frauds
Rare coins can be counterfeited. Absa, like other banks, avoids the legal and operational risks involved in accepting items that are difficult to verify or value accurately.
➤ 3. SARB is the Central Authority
Only the South African Reserve Bank (SARB) is legally mandated to redeem discontinued or demonetized currency. If you want to redeem old coins that are no longer in circulation, SARB is your best bet—not Absa.
What Types of Coins Might Still Be Accepted by Absa?
Absa may accept coins that are still in circulation or recently phased out, especially if they’re:
- In reasonable physical condition
- In small, manageable quantities
- Not commemorative or collectible items
Here are examples: | Coin Type | Accepted at Absa? | Notes | |-----------|------------------|-------| | Current 10c–R5 coins | ✅ Yes | Accepted for deposits and exchange | | Pre-1990 cents | ⚠️ Maybe | Only if still legal tender | | Mandela R5 coins | ✅ Face value only | Treated like regular R5s, not for collector value | | Old Krugerrands | ❌ No | Must be sold to coin dealers or bullion traders | | Coins before 1961 | ❌ No | Not accepted; collector’s market only |
Where to Exchange or Sell Old Coins in South Africa
If Absa doesn’t exchange old coins, what can you do? Fortunately, there are several alternatives:
1. South African Reserve Bank (SARB)
SARB is the only official institution that can redeem demonetized coins and notes. They offer a service where:
- You can exchange old South African coins that are no longer in circulation.
- You need to bring identification and complete a form.
- They will pay only the face value (not collector’s value).
Visit their site: www.resbank.co.za
2. Coin Dealers
Licensed dealers or numismatists can buy rare coins based on their collector value. These include:
- SA Coin
- City Coins
- The Scoin Shop
- Zarcoinshop
When choosing a dealer:
- Look for experience and good reviews.
- Make sure they are members of the South African Association of Numismatic Dealers (SAAND).
3. Online Marketplaces
You can list your old coins for sale on:
- Bidorbuy
- Gumtree
- Facebook Marketplace
- eBay (international buyers)
Just make sure to:
- Take clear, high-quality photos.
- Describe your coin accurately (year, mint, metal, condition).
- Watch out for scammers.
4. Auctions
Specialist auctions—such as Stephan Welz & Co or Strauss & Co—sometimes host coin and banknote auctions where rare coins fetch excellent prices.
What Should You Do With Old Coins?
Here are options depending on what type of coins you own:
| Coin Type | What to Do |
|---|---|
| Modern coins | Deposit or exchange at bank (Absa or others) |
| Discontinued coins | Redeem at SARB |
| Rare/collectible coins | Appraise and sell via dealer or auction |
| Damaged/defaced coins | SARB may still accept at face value |
If you’re not sure what you have, consult an expert. You might be holding a coin worth hundreds—or thousands—of rands.
Final Thoughts: What Absa Can and Cannot Do
To summarize:
✅ Absa Can
- Accept current legal tender coins for deposits.
- Accept small amounts of old coins if still legal tender.
❌ Absa Cannot
- Exchange rare or commemorative coins.
- Buy or value coins based on age or rarity.
- Redeem demonetized currency (only SARB can).
If you're a collector or inherited a box of old coins, don't rely on your bank to exchange them. Instead, use services like Zarcoinshop, SARB, or trusted dealers to understand their true value.