Jardines Galleries · SARB Governor 02 · 1932 – 1945 · The gold standard crisis · The signed banknotes
Dr. Johannes Postmus.
Second Governor of the South African Reserve Bank · 1932 – 1945A central banker whose tenure spanned the Great Depression, the gold-standard crisis, and World War II. Dutch-born, Nederlandsche Bank-trained, Postmus took office on the eve of South Africa's most consequential monetary decision — and made the wrong call. His signature then appeared on SARB banknotes for over 13 years, making him one of the most-collected signatories in SA paper-money history. For the notes in detail, see First SARB Series.
The gold-standard crisis
Britain leaves the gold standard (Sep 1931) · SA forced off it (Dec 1932)When Britain left the gold standard in September 1931, Postmus supported the National Party's position: South Africa should remain on gold independently of Britain. He took office on 1 January 1932.
The policy devastated the export sector as the SA pound appreciated sharply against the British pound — hitting Afrikaner farmers hardest, the very constituency the policy was intended to protect. South Africa was forced off gold in December 1932, just twelve months into his term.
The signed banknotes
1932 – 1945 · Ten Shillings to £100 · Specimen and issued examplesPostmus's signature appears on SARB banknotes for over 13 years, covering Ten Shillings, One Pound, Five Pounds, and the rare One Hundred Pound issues. Specimens, perforated CANCELLED examples, and issued notes all appear at auction.
The 1933 £100 specimen is the headline collectable — Bonhams estimate £5,000 – 6,000 in 2014. The 1933 Ten Shillings specimen sold at Noonans for £150 in 2017.
Biography
Dutch-born banker · Nederlandsche Bank background · 1877 – 1947Johannes Postmus (1877 – 1947) was a Dutch-born South African banker who served as the second Governor of the South African Reserve Bank. Before his SARB appointment he was associated with the Nederlandsche Bank voor Zuid-Afrika (Netherlands Bank of South Africa) — a connection that significantly shaped his monetary philosophy.
- — Born —
- 1877 · Netherlands
- — Died —
- 1947
- — Governor —
- 1 January 1932 – 30 June 1945 · over 13 years, one of the longest-serving in SARB history
- — Predecessor —
- W.H. Clegg (Governor 1 – 1921 to 1931)
- — Successor —
- Dr. Michiel Hendrik de Kock (Governor 3 – 1945 onward)
- — Previous role —
- Nederlandsche Bank voor Zuid-Afrika
The gold-standard crisis (1931 – 1932)
Postmus's defining moment · The position he took · The ironic outcome1931 and 1932 were among the most eventful years in SARB history. When Britain left the gold standard in September 1931, a fierce debate erupted in South Africa: follow Britain off gold, or stay independently. The decision shaped Postmus's entire term — and ultimately the SA economy of the early 1930s.
Postmus's position
Postmus, drawing on his Netherlands Bank background, supported the National Party position: South Africa should return to, and remain on, a gold standard independent of Britain. The stance was rooted in monetary sovereignty — protect national interests, decouple from the British pound's troubles.
The ironic outcome
Disastrous. By staying on gold while Britain had left, the SA pound appreciated sharply — devastating the export sector and hitting farmers hardest, the very Afrikaner farming community Postmus and the National Party sought to protect.
South Africa was forced to abandon the gold standard in December 1932, shortly after Postmus took office.
Governorship (1932 – 1945)
Great Depression · WWII · Inflation debate · Currency expansionPostmus's tenure extended well beyond the gold-standard crisis — he led SARB through the remainder of the Great Depression and the entirety of World War II. The wartime period brought a new debate: was the rapid expansion of notes in circulation inflationary, or not?
In his annual address to stockholders on 28 July 1944, Postmus addressed growing inflation concerns. He argued that high prices for fixed property were caused by "fear of inflation", and that increased prices for necessities were due to reduced imports and increased incomes.
He controversially ruled out the possibility of inflation on the grounds that the Government had not borrowed from the Reserve Bank — a view that was challenged by contemporary economists.
Data from the period shows notes in circulation increased dramatically during his tenure: from £15.8 million in 1938 to £45.3 million in 1943 — a near tripling in just five years.
Numismatic legacy
Postmus-signed banknotes · Specimens and issued examples · Auction recordsFor collectors, Postmus is best known for his signature on SARB banknotes issued during his lengthy 1932 – 1945 tenure. The signature appears on every major denomination from Ten Shillings to £100, in both specimen and issued forms. The 1933 £100 specimen and the 1933 Ten Shillings specimen are the headline collectable examples.
| Denomination | Date | Pick / Reference | Description & auction result |
|---|---|---|---|
| Ten Shillings | 6 Sep 1933 | Pick 82ds · Hern 17 | Stamped SPECIMEN, perforated CANCELLED, signature of J. Postmus. Sold £150 (Noonans, 2017). |
| £1 (two examples) | 9 Nov 1942 & 12 Apr 1943 | TBB B712es3 · Pick 84s | Archival specimen £1 notes, serial number runs A/127 and A/133, perforated specimen, signature of J. Postmus. Sold £220 (Noonans, 2019). |
| £5 | 24 Apr 1941 | Pick 86b | Issued banknote, olive green on orange underprint, sailing ship at left, agricultural and factory scene, signature of J. Postmus, S/N B/18 506779. PMG Very Fine 25. |
| £100 | 8 Sep 1933 | Hern 226 · Pick 89bs | Rare £100 note, D/3 000000, signature of Dr. J. Postmus, stamped SPECIMEN and perforated CANCELLED. Estimated £5,000 – 6,000 (Bonhams, 2014). |
The rarity of Postmus-signed notes, particularly the high-denomination £100 specimen and the 1933 Ten Shillings, makes them highly desirable for collectors of South African paper money. Specimens with perforated CANCELLED markings command particular interest.
Postmus vs Clegg — a study in contrasts
Academic research · Differing backgrounds · The historical ironyAcademic research has highlighted the differing attitudes of the first two SARB Governors — and the historical irony of their respective outcomes. The British-aligned Clegg inadvertently helped Afrikaner farming interests; the Dutch-connected Postmus harmed them. A fascinating footnote in South African economic history.
W.H. Clegg
Selected from the Bank of England, loyal to Threadneedle Street. Anglo-establishment positioning, conservative central-banking conventions.
Ironically, his policies aided Afrikaner farmers — the constituency he had no particular reason to favour.
Johannes Postmus
Previously at the Nederlandsche Bank voor Zuid-Afrika. Sympathetic to Afrikaner monetary autonomy. Supported an independent gold standard for South Africa.
His policy proved disastrous for the farmers he intended to help.
Death & succession
Retired 30 June 1945 · Succeeded by Dr. M.H. de Kock · Died 1947Johannes Postmus served as Governor until his retirement on 30 June 1945, after more than 13 years at the helm of the SARB. He was succeeded by Dr. Michiel Hendrik de Kock. Postmus died in 1947.
Sources
Academic research · Auction catalogues · Encyclopaedic entries- Bordiss, B., Padayachee, V. & Rossouw, J. (2021). "Two of the most eventful years in the history of the South African Reserve Bank: William Henry Clegg and Johannes Postmus and the 1931 – 1932 crisis." Economic History of Developing Regions, 36(2), 194 – 212.
- vLex South Africa (1944). "INFLATION IN SOUTH AFRICA: SOME COMMENTS ON THE ANNUAL ADDRESS OF THE GOVERNOR OF THE RESERVE BANK".
- Wikipedia. "Johannes Postmus".
- Noonans Mayfair. Auction catalogues (2017, 2019).
- Bonhams. Auction 21707, Lot 128 (2014).
- Barnebys. "South African Reserve Bank, 1941 Issue Banknote."
- iCollector. "South African Reserve Bank, 1941 Issue Banknote."
Library cross-references
Banknote cluster · SARB governors · Printer contextFirst SARB Series
The W.H. Clegg issues (1921 – 1931) that preceded Postmus — four distinct issues documenting language transitions and the unissued C/2 and D/2 series. Postmus's signature appears from 1932 onward.
— Who printed the Postmus notes —South African Banknote Printers
The Postmus-signed notes were printed by Bradbury Wilkinson (Surrey, England) — which took over all SARB printing in 1939. The Bradbury imprint appears on the lower margin throughout the Postmus period.
— Banknotes hub —South African Banknotes
The complete SA paper-currency hub — every series from 1782 to the present polymer issues, with signatories, printers, and the historical context for each era.
— The modern monetary picture —Future of SA Numismatics
The Postmus-era debate about inflation, the gold standard, and monetary sovereignty echoes in present-day SARB concerns — stablecoins, the "oneness of money", cash persistence vs digital alternatives.