Johannesburg, Feb 10: Counterfeiters have forced the South African Reserve Bank to design a new five rand coin, officials from the Central bank confirmed. At least one crime syndicate has been linked to the production and circulation in recent years of large numbers of forgeries of the highest denomination coin. ''We can't say when the new coin will be ready,'' Reserve Bank spokesman Cathy Powers yesterday told DPA after confirming the case. Police have meanwhile indicated that eight people - foreigners and locals - believed to have played a part in producing the fake coins have been arrested. ''They are all linked to the same syndicate. At this stage we have no information about other syndicates copying the five rand coin,'' said police captain Ronnie Naidoo. Last week a Belgian national was sentenced to 10 years in prison for his part in operating a ''money-making'' factory in Krugersdorp west of Johannesburg. The facility reportedly had the capacity to press around 7,000 of the fake versions a day. Because there were only minor differences between the real 26 millimetre diameter coin which features a black wildebeest and the fake, they were very difficult to tell apart. Five rands - around 570 million rands (about USD 82 million) worth of this denomination are currently in circulation - buys a loaf of bread, a cup of coffee at a restaurant or eight bananas in an urban centre like Johannesburg. Many South Africans began declining the coins as change at pay points when reports first emerged of fakes being in circulation several months ago. Some even carried magnets in their handbags although the South African mint said authentic coins and fakes alike would have the same reaction. Even the special edition five rand minted to commemorate Nelson Mandela's inauguration as the country's first democratically elected president in 1994 came under suspicion. Police have had no complaints about other coins currently in circulation, Naidoo told DPA. Bureau Report