Thursday, June 25, 2015


By A.Pierre

The Central Bank of Seychelles (CBS) has launched a partly coloured commemorative coin with a face value of R50. The commemorative coin weighs 28.28g. Mike Tirant, head of banking services division, said the coin is limited to a maximum production of 2,500 pieces worldwide.  However, initially only 500 pieces will be produced and made available for sale at the CBS. The selling price of the coin is R1, 000 per coin. The unveiling of the coin took place at the CBS headquarters with the Vice-President.

No mention of the type of metal is indicated in the Seychelles Nation newspaper report and it only mentions “a partly coloured commemorative coin”. One would assume it would be silver!

With the assumption it is a silver coin, silver coins globally are normally quoted in ounces. 1 ounce is equal to 28.35 grams. Therefore if it is silver, the new commemorative coin seems slightly underweight.  Currently a 1 ounce Silver American eagle coin cost $19.36 retail and converted to rupees at $13 would give a price of SR252. Naturally one would expect a small mark up; but not in Seychelles. The 1 ounce Seychelles commemorative coin cost SR1000 and the equivalent on the world market cost SR252. This is almost 300% more.  Please “inn tro tar pou fer Seselwa dormi boner!”