Ezulwini- The Central Bank of Eswatini (CBE) is preparing to introduce an E10 commemorative coin that will circulate alongside the existing E10 banknote, in a move that could give the country a glimpse into the future of higher-denomination coins.
The coin, which is being developed as part of preparations for Eswatini’s 60th Independence Anniversary in 2028, will also allow the Central Bank to assess public acceptance of coins at higher denominations. CBE Governor Dr Phil Mnisi said the project was not intended to replace the existing E10 banknote, which will remain legal tender once the coin is introduced.
“The Central Bank of Eswatini will not demonetize the current E10 banknote. The banknote will continue to be accepted as legal tender,” Mnisi said.The announcement comes as the financial regulator launches a national competition for the design of the commemorative coin, with the winning concept set to form the basis of the special E10 limited-edition circulating coin.
While the coin will carry a commemorative purpose, the Governor said there is also a practical consideration behind its introduction.Mnisi said the E10 banknote remained one of the most widely used denominations in circulation, making it susceptible to significant wear and tear.
The frequent replacement of worn banknotes comes at a cost to the currency issuer, while coins generally have a considerably longer lifespan.
According to the Governor, coins can typically remain in circulation for between 20 and 50 years, compared with banknotes, which generally last between one and five years.“The introduction of the E10 coin therefore provides an opportunity to improve efficiency while maintaining the quality and reliability of currency available to the public,” he said.
The development therefore raises the possibility of a longer-term shift in how some denominations are issued and maintained, although Mnisi said the immediate project is a commemorative coin and an opportunity to gauge public acceptance.The competition will run from August 27 to October 26, 2026, and is open to emaSwati both within the Kingdom and abroad.
The winner will receive a Government Investment Instrument valued at E100 000, while the second- and third-placed entrants will receive investments valued at E30 000 and E20 000, respectively.
The Bank said the decision to award investment instruments rather than cash was deliberate.Mnisi said the prizes were intended to promote saving, investment and entrepreneurship while introducing participants to a practical investment platform.
He said the initiative was aligned with the Bank’s broader objectives of promoting financial literacy and financial inclusion.
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