Treasury Has Gazetted ZiG Coins Features
Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube, has gazetted the features of the Zimbabwe Gold (ZiG) coins, whose circulation is expected to start on 30 April 2024.
The ZiG currency was introduced by Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu, when he presented his first Monetary Policy Statement on April 5 2024.
The features are contained in Statutory Instrument 75 of 2024 cited as the Reserve Bank of Zimbabwe (Issue of ZiG Coins) Notice, 2024.
The ZiG coins will be issued in denominations of one ZiG, two ZiG and five ZiG. Reads the notice:
It is hereby notified that the Minister of Finance, Economic Development and Investment Promotion has, in terms of section 44 D (2) of the Reserve Bank of Zimbabwe Act made the following notice specifying the matters determined by the President.
The design of the ZiG coins shall be— (a) on the observe side of all the ZiG coins, an impression of the Zimbabwe Bird looking to the left, and around shall be the inscription “ZIMBABWE” with the year of manufacture; (b) on the reverse side— (i) in the case of the one ZiG coin, an impression of the Flame Lily and the inscription “1ZiG” to the bottom right of the impression of the Flame Lily; (ii) in the case of the two ZiG coin, an impression of the Great Zimbabwe Monument and the inscription “2ZiG” to the top right of the impression of the Great Zimbabwe Monument; (iii) in the case of the five ZiG coin an impression of the Victoria Falls and the inscription “5ZiG” to the top right of the impression of the Victoria Falls; (c) a diameter of— (i) in the case of the one ZiG coin, 20 millimetres with a plain edge; (ii) in the case of the two ZiG coin, 20,09 millimetres with a fully serrated edge; (iii) in the case of the five ZiG coin, 24,09 millimetres with an interrupted milling edge.
The notice further states that the one ZiG shall consist of 92,94 per cent steel and 7,06 per cent nickel (Nickel plate on a steel core) and weigh 3,75g while the two ZiG will be made up of nickel plate (25 microns on steel core, that is, 94 per cent steel and 6 per cent nickel) with a standard mass of 5,3g.
The five ZiG shall consist of a nickel plate (25 microns on steel core, that is, 94 per cent steel and 6 per cent nickel) with a standard mass of 7,5g.
Meanwhile, the ZiG banknotes, which are also expected to be released next Tuesday, are denominated in 10ZiG, 20ZiG, 50ZiG, 100 ZiG and 200 ZiG.
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