Note And Coin News

China Celebrates Year of the Dragon

The People’s Bank of China (PBC) has issued a 20 yuan commemorative legal tender banknote to celebrate 2024’s Lunar Year of the Long (Chinese Dragon), which begins on 10 February. 100 million notes have been printed, with purchasers limited to 20 notes each.

The 70 x 145mm note is printed on polymer in gold ink with a reddish tinge, denoting jubilation and auspiciousness. Both sides are printed in a vertical orientation. A large gold, green, and red rampant dragon dominates the front of the note. The numerical denomination is in colour-shifting green ink. The back features a trio of children doing a dragon lantern dance holding traditional lanterns, one of which is dragon shaped.

A holographic stripe appears on the front of the note. When viewed at an angle, multicoloured dynamic images of the Ruyi cloud pattern (Ruyi means ‘wish comes true’), twining branches of a peony and the Chinese character for good fortune (福) can be seen.

The note also includes a transparent window, in which can be seen the above Chinese character for good fortune and the Ruyi flower in gold.

The Chinese zodiac cycle accommodates 12 animals, each of which is said to reflect specific human attributes. The animals are the rat, ox, tiger, rabbit, dragon, snake, horse, sheep, monkey, rooster, dog, and pig.

In addition, the PBC has issued a set of commemorative coins in gold, silver and copper alloy.

The bimetallic alloy coin has a face value of 10 yuan ($1.4) and is legal tender. 120 million have been produced. The reverse side features an image of a Chinese long that combines traditional Chinese paper-cutting art with decorative New Year elements, complemented by flower lanterns and lingzhi – a mushroom symbolising good fortune in China.

The front, in common with the precious metal coins, features a combination of auspicious traditional Chinese designs.

According to local reports, demand for both the banknotes and coins has been exceptional, with pre-orders hitting record levels and some immediately selling for higher prices on second- hand trading platforms.