Term of Office
1 January 1932 – 30 June 1945 [citation:3]
Predecessor
W.H. Clegg [citation:1]
Successor
Dr. M.H. de Kock [citation:3]
Previous Position
Nederlandsche Bank voor Zuid-Afrika [citation:1]
Dr. Johannes Postmus
Second Governor of the South African Reserve Bank (1932–1945)
A central banker whose tenure spanned the Great Depression, the gold standard crisis, and World War II. His signature appears on SARB banknotes for over 13 years, making him one of the most significant figures in South African numismatics.
Life Summary
- Born: 1877 [citation:3]
- Died: 1947 [citation:3]
- Governor: 1 Jan 1932 – 30 Jun 1945 [citation:3]
- Previous Role: Nederlandsche Bank voor Zuid-Afrika [citation:1]
- Key Event: Gold Standard Crisis (1931–1932) [citation:1][citation:9]
- Signature Period: 1932–1945 notes [citation:2][citation:4][citation:7]
Biography
Johannes Postmus (1877 – 1947) was a Dutch-born South African banker who served as the second Governor of the South African Reserve Bank [citation:3]. Before his appointment as Governor, Postmus was associated with the Nederlandsche Bank voor Zuid-Afrika (Netherlands Bank of South Africa), a position that would significantly influence his monetary philosophy [citation:1].
He took office on 1 January 1932, succeeding the first Governor, W.H. Clegg, at a time of immense economic turmoil [citation:3]. His term would last until 30 June 1945, making him one of the longest-serving governors in the Bank's history [citation:3]. He was succeeded by Dr. Michiel Hendrik de Kock [citation:3].
The Gold Standard Crisis (1931–1932) – Postmus's Defining Moment
The years 1931 and 1932 were among the most eventful in the history of the South African Reserve Bank [citation:1][citation:9]. When Britain left the gold standard in September 1931, a fierce debate erupted in South Africa over whether to follow suit.
Postmus's Position
Postmus, drawing on his background with the Netherlands Bank, strongly supported the National Party's position that South Africa should return to, and remain on, a gold standard independent of Britain [citation:1][citation:9]. This stance was rooted in a desire for monetary sovereignty and was intended to protect national interests.
The Ironic Outcome
Despite his intentions to aid South Africa, particularly the Afrikaner farming community, Postmus's policy proved disastrous [citation:1][citation:9]. By staying on gold while Britain had left, the South African pound appreciated sharply, devastating the export sector and hitting farmers the hardest – the very constituency he and the National Party sought to protect [citation:1].
This crisis defined the beginning of his term. South Africa was forced to abandon the gold standard in December 1932, shortly after Postmus took office, marking a pivotal moment in the nation's economic history [citation:1][citation:9].
Governorship (1932–1945)
Postmus's tenure as Governor extended well beyond the gold standard crisis. He led the SARB through the remainder of the Great Depression and the entirety of World War II.
World War II and Inflation Concerns
In his annual address to stockholders on 28 July 1944, Postmus addressed growing concerns about inflation during the war years. 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 [citation:6]. 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 [citation:6].
Data from the period shows that 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 [citation:6].
Numismatic Legacy – Postmus-signed Banknotes
For collectors, Postmus is best known for his signature, which appears on SARB banknotes issued during his lengthy tenure from 1932 to 1945. His signature is found on several key series and rare varieties.
| Denomination | Date | Pick / Reference | Description / Auction Result | Source |
|---|---|---|---|---|
| Ten Shillings | 6 September 1933 | Pick 82ds; Hern 17 | Stamped SPECIMEN, perforated CANCELLED, signature of J. Postmus. Sold for £150 (2017). | [citation:7] |
| £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 for £220 (2019). | [citation:4] |
| £5 | 24 April 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. | [citation:2][citation:8] |
| £100 | 8 September 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 (2014). | [citation:10] |
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.
Postmus vs. Clegg – A Study in Contrasts
Academic research has highlighted the differing attitudes of the first two Governors [citation:1][citation:9]:
- W.H. Clegg: Selected from the Bank of England, loyal to Threadneedle Street. Ironically, his policies aided Afrikaner farmers [citation:1].
- Johannes Postmus: Previously at the Nederlandsche Bank voor Zuid-Afrika. He supported an independent gold standard for South Africa, but his policy proved disastrous for the farmers he intended to help [citation:1][citation:9].
This irony – that the British-aligned Clegg inadvertently helped Afrikaner interests, while the Dutch-connected Postmus harmed them – remains a fascinating footnote in South African economic history.
Death and Succession
Johannes Postmus served as Governor until his retirement on 30 June 1945, after more than 13 years at the helm of the SARB [citation:3]. He was succeeded by Dr. Michiel Hendrik de Kock [citation:3]. Postmus died in 1947 [citation:3].
Sources
- 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. [citation:1][citation:9]
- Wikipedia. "Johannes Postmus." [citation:3][citation:5]
- Barnebys. "South African Reserve Bank, 1941 Issue Banknote." [citation:2]
- Noonans Mayfair. Auction catalogues (2017, 2019). [citation:4][citation:7]
- vLex South Africa. "INFLATION IN SOUTH AFRICA: SOME COMMENTS ON THE ANNUAL ADDRESS OF THE GOVERNOR OF THE RESERVE BANK." (1944). [citation:6]
- iCollector. "South African Reserve Bank, 1941 Issue Banknote." [citation:8]
- Bonhams. Auction 21707, Lot 128 (2014). [citation:10]