All South African paper money is printed by the South African Bank Note Company (SABN), although the company’s managing director, Peter Gloster, points out “in theory what is produced here is stationery. It only becomes valuable when issued by the Reserve Bank.”
Gloster declines to reveal how much it costs to make banknotes. There are a limited number of places worldwide which make the ingredients for secure banknote printing. South Africa imports nearly everything.The paper comes from Europe and is specially made for South Africa. It arrives in the country containing different security fibres, the metallic thread and the watermarks.The paper is made of

cotton pulp rather than wood, which gives increased durability, as well as providing an added security feature.
Cotton-based paper can easily be made dull under ultraviolet light, whereas it would be expensive to do the same with wood-based paper. If the paper were not made dull in this way, it would obscure security features which are only visible under ultraviolet light.
Most of the inks used on banknotes, especially the more exotic fluorescent and invisible ones, are also imported.