China’s government recently announced plans to withdraw from circulation all the 0.1 yuan (0.015 US dollars) coins that were minted and issued over the period from 1991 to 2000. The coins that will soon disappear from people’s wallets are set to be a hit with coin collectors, with prices predicted to reach potentially as much as 10,000 times their face value.
The plan, issued by the People’s Bank of China (PBOC), came into effect from Tuesday, and stated that all Chinese state lenders would only accept the coins, without putting them back out into circulation.
In the
shape of a nonagon and made of a magnesium and aluminum alloy, the coins
in question are also known as “chrysanthemum coins,” because of the
imprinted flower on one side.
The PBOC had issued nine editions of the coins annually over nine years, which vary only by year number. The tenth edition, up for grabs in 2000, was only for commemorative purposes, and is therefore much harder to find, and of more value to collectors.
Sixteen years after the authorities stopped minting the coins, replacing them with a completely new design, their circulation in the market has continued to dwindle, which in turn has seen their collection value surge.
The 2000 edition has become the most expensive of them all in the collectors’ market due to its scarcity, an unnamed senior collector told Yangcheng Evening newspaper.
Some year 2000 editions have been priced at nearly a thousand yuan (around 147 US dollars) each, the collector said.
But the other nine editions fetch far lower prices, with the 1994 edition the second-highest priced for collectors, fetching 30 yuan each but only on the condition that the coin for sale is still in good shape.
“Normally a collector would only consider buying brand new coins, for the used ones are more or less damaged in some way,” the collector said.
“Only when your goods come in a set of nine coins would potential investors be interested in.”
Source: CCTVNews Facebook
The PBOC had issued nine editions of the coins annually over nine years, which vary only by year number. The tenth edition, up for grabs in 2000, was only for commemorative purposes, and is therefore much harder to find, and of more value to collectors.
Sixteen years after the authorities stopped minting the coins, replacing them with a completely new design, their circulation in the market has continued to dwindle, which in turn has seen their collection value surge.
The 2000 edition has become the most expensive of them all in the collectors’ market due to its scarcity, an unnamed senior collector told Yangcheng Evening newspaper.
Some year 2000 editions have been priced at nearly a thousand yuan (around 147 US dollars) each, the collector said.
But the other nine editions fetch far lower prices, with the 1994 edition the second-highest priced for collectors, fetching 30 yuan each but only on the condition that the coin for sale is still in good shape.
“Normally a collector would only consider buying brand new coins, for the used ones are more or less damaged in some way,” the collector said.
“Only when your goods come in a set of nine coins would potential investors be interested in.”
Source: CCTVNews Facebook
