10 Rand

P#148 sits within the current Mandela series, which the Reserve Bank has incrementally updated since the centenary notes of 2018 — the 2023 revision introduced subtle security upgrades rather than a full redesign, keeping production costs manageable while addressing counterfeiting vulnerabilities identified in the field. SABN has printed South African notes domestically since 1984, an arrangement the Reserve Bank has defended against periodic privatisation pressure.

Cotton substrate was retained over polymer, a decision that continues to draw debate given the Reserve Bank's own trials with polymer alternatives.