South Sudan, introduces its first coins on fourth year anniversary

South Sudan, introduces its first coins on fourth year anniversaryJuba, July, 13, 2015(GMN) - To commemorate its fourth year anniversary as a nation, the Republic of South Sudan released its first ever set of coins on Thursday, July 09, 2015.

The design of the five coins in 10, 20, and 50 piasters as well 1- and 2-pound denominations all feature South Sudan’s coat of arms on one side and motifs representing the geographic regions of South Sudan on the other.

“They are created for those who will buy needles, those who will buy shirt buttons, those who will buy tobacco and so many other small things,” explained central bank governor Kornelio Koriom Mayiik. The 3-piaster coins will be introduced this week and the 1- and 2-pound coins at a later date.

Until the introduction of the coins, the South Sudanese were limited to the six denominations of the South Sudanese pound (SSP) introduced a week after its Independence Day declaration in 2011. This meant that sellers would have to round up prices or had to sell commodities in bulk because there was no monetary instrument to give change. For example, if the cost of a loaf of bread in Juba, its capital city, is SS £5.67 (US $0.95, €0.87) it’s typically rounded up to £6.