79) Coins and Currency of Hong Kong :A Special Administrative Region (SAR) of the People's Republic of China

79) Coinage/Currency of Hong Kong: A Special Administrative Region (SAR) of the People's Republic of China:

Hong Kong became a British Crown Colony in 1841, when the Treaty of Nanking was signed.    

Until 1863, the coinage used was the Spanish/American Eight Reales (or Carolous dollar), the Mexican Republic Trade dollar, Chinese silver bars and “sycee” ( a type of silver or gold ingot currency used in China until the 20th century meaning "fine silk" in Cantonese).

In 1863, it was decided to issue a separate colonial coinage for Hong Kong bearing the legend “Hong Kong” for the first time.  Accordingly, a branch of the Royal Mint, U.K. was established in Causeway Bay but closed down in a couple of years, as the Chinese preferred the Mexican dollar to the new currency. Thus, the Royal Mint, U.K. shipped out silver dollars to Hong Kong, to shore up the new currency.

Later, the Sino-British Joint Declaration signed on 19.12.1984, stipulated that the British Dependency of Hong Kong be returned to Chinese rule in 1997 as a Special Administrative Region (SAR). 

The Joint Declaration provided that although Hong Kong comes directly under the Central People’s Government, it would operate with a high degree of  autonomy for 50 years commencing 1997.

 Presently, there are only two SARs viz: Hong Kong (formerly a British territory/colony) and Macau (formerly a Portuguese territory/Colony).

Both Hong Kong and Macau are responsible for all internal matters including in executive, legislative and independent judicial powers and have their own codified constitutions (called the “Basic Law"), except for diplomatic relations and National Defence which is a prerogative of the People’s Republic of China. 

Both SARs also have the right to continue issuing its own currency/coinage.

The Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) was set up on 01.04.1993 by merging the “Office of the Exchange Fund” and the “Office of the Commissioner of Banking”.

The HKMA is mainly responsible for maintaining Monetary and Banking stability. The HKMA thus performs the functions of a Central Bank in Hong Kong and is responsible for the Regulations governing the issue of Bank Notes of the Hong Kong Dollar. 

The currency in Hong Kong is called the “Hong Kong dollar”, sometimes being referred to as the “Hongkie”.

Coinage:

From 1863 to 1992, coins issued in the denominations of 10 cents, 20 cents, 50, cents, $1, $2, $5, $10 were issued at various points of time, with the effigy/portrait of the reigning British monarch.

In 1975, on the recommendations of the “Coinage Review Committee”, 20 cents, $2 and $5 coins were introduced.

Also, in 1975, a gold coin of $1000 was issued in small mintages in both uncirculated and proof varieties to commemorate Queen Elizabeth’s visit to Hong Kong. This was the first time that a Commemorative gold coin was issued as legal tender under the Regal Coinage of Hong Kong.

It is a point of interest to Collectors, that from 1976 upto 1987, The Royal Mint, U.K. issued lunar Zodiac gold coins in Hong Kong, that featured Queen Elizabeth II on the obverse and the year of the : Dragon (1976), Snake (1977), Horse (1978), Goat (1979), Monkey (1980), Rooster (1981), Dog (1982), Pig (1983), Rat (1984), Ox (1985), Tiger (1986) and Rabbit (1987). These were the only gold coins to be issued on behalf of Hong Kong, apart from the Commemorative coin struck for the visit of Queen Elizabeth II to Hong Kong in 1975.

Some Recent issues:

I)           The Queen Elizabeth II Series:

The 10 cents coin under this series was first issued in 1948 and, then again, in 1982.On the obverse was shown an effigy of Queen Elizabeth II, with her name mentioned as   “QUEEN ELIZABETH THE SECOND”. The shape of the coin was circular.

On the reverse, the 10 cents coin showed the value of the coin “ten cents”,  Name of the country “HONG KONG” and the year of minting (1983 in the above specimen).

The 20 cents coin was first issued in 1975, and on the obverse showed a portrait of Queen Elizabeth II with her name mentioned as “QUEEN ELIZABETH THE SECOND”. The shape of the coin was scalloped with 12 scallops.

 The reverse of the 20 cents coin showed the value of the coin “twenty cents”, name of the country “HONG KONG” and the year of issue (1977 and 1980 in the above specimens).

 The 50 cents coin was first issued in 1951 and then again in 1977, and on the obverse showed the portrait of “Queen Elizabeth II” with her name mentioned as “QUEEN ELIZABETH THE SECOND”.

 The reverse of the 50 cents coin showed the value of the coin “fifty cents”, name of the country “HONG KONG” and the year of issue (1977 in the above specimen)

The $1 coin was first issued in 1960 and on the obverse showed a portrait of Queen Elizabeth and her name as “QUEEN ELIZABETH THE SECOND”. The shape of the coin was circular.

On the reverse the $1 coin showed the crest in the Coat of Arms of Hong Kong, value of the coin “ONE DOLLAR”, “HONG KONG”  and the year of issue (1978,1979, 1980 in the above specimens).

(The one-dollar coin started as a silver coin in 1866 and had a diameter of 38.00 mm and weight of 26.96 gms, thickness 2.80 mm but was a short-lived mintage. It was again introduced in 1960 as a cupro-nickel coin of 30 mm in diameter, 2.25 thickness and weight of 11.66 gms. The circulation of this coin ended in 1978, with the issuance of a smaller coin of 25.50 mm diameter, 1.95 mm thickness and weight of 7.10 gms. The one dollar coins shown in the above  images are all issued with the smaller dimensions).

The $2 coin was first issued in 1975, and on the obverse showed a portrait of Queen Elizabeth and her name as “QUEEN ELIZABETH THE SECOND”. The shape of the coin was scalloped with 12 scallops.

On the reverse the $2 coin showed the crest in the Coat of Arms of Hong Kong, value of the coin “ONE DOLLAR”, “HONG KONG”  and the year of issue (1975 in the above specimen, which is one of the first few issues in this denomination).

The $5 coin was first issued in 1976 and later in 1980. On the obverse, the coin showed a portrait of Queen Elizabeth and her name was mentioned as “QUEEN ELIZABETH THE SECOND”.

On the reverse the $5 coin showed the crest in the Coat of Arms of Hong Kong, value of the coin “ONE DOLLAR”, “HONG KONG” and the year of issue.

II The Bauhinia Series:

From 1993 to November 1994, coins of Hong Kong were issued in the denominations of 10 cents, 20 cents, 50, cents, $1, $2, $5, $10 by the Hong Kong Monetary authority on behalf of the Government of Hong Kong and the image of Queen Elizabeth II was replaced by the “Bauhinia flower”. Present day issues are still being minted in this design.

Bauhinia is the flower emblem of Hong Kong - a stylised orchid tree flower appears on the Hong Kong flag and Hong Kong Airlines uses "Bauhinia" as its radio call-sign in Air Traffic communications.

The Coin Replacement Programme commenced in 1993 and over 600 million coins having Queen Elizabeth’s portrait were gradually withdrawn from circulation. Nevertheless, these coins were not demonetized; hence, technically, these coins issued during the British period continue to be legal tender.

(The following coins have been brought for me by Jayant Biswas from his trip to Hong Kong recently).

 

The 10 cents coin under this series was first issued in May 1994. On the obverse each of these  coins bears the standard “Bauhinia” design with “Hong Kong” mentioned in both Chinese (on the top periphery of the coin) and in English (on the lower periphery of the coin). The shape of this coin is circular.

 On the reverse, the 10 cents coin shows the value of the coin in numerals “10” and words “TEN CENTS” both in Chinese and in English and the year of minting (1997 in the above specimen).

The 20 cents coin under this series was first issued in October 1993. On the obverse each of these  coins bears the standard “Bauhinia” design with “Hong Kong” mentioned in both Chinese (on the top periphery of the coin) and in English (on the lower periphery of the coin). The shape of this coin is scalloped with 12 scallops.

On the reverse, the 20 cents coin shows the value of the coin in numerals “20” and words “TWENTY CENTS” both in Chinese and in English and the year of minting (1997 in this specimen).

The 50 cents coin under this series was first issued in October 1993. On the obverse  each of these  coins bears the standard “Bauhinia” design with “Hong Kong” mentioned in both Chinese (on the top periphery of the coin) and in English (on the lower periphery of the coin). The shape of this coin is circular.

On the reverse, the 50 cents coin shows the value of the coin in numerals “50” and words “FIFTY CENTS” both in Chinese and in English and the year of minting (1997 in this specimen).

The $1coin under this series was first issued in October 1993. On the obverse  each of these  coins bears the standard “Bauhinia” design with “Hong Kong” mentioned in both Chinese (on the top periphery of the coin) and in English (on the lower periphery of the coin). The shape of this coin is circular.

On the reverse, the $1 coin shows the value of the coin in numeral “1” and words “ONE DOLLAR” both in Chinese and in English and the year of minting (1994 in this specimen).

The $2 coin under this series was first issued in January 1993. On the obverse  each of these  coins bears the standard “Bauhinia” design with “Hong Kong” mentioned in both Chinese (on the top periphery of the coin) and in English (on the lower periphery of the coin). The shape of this coin is scalloped with 12 scallops.

On the reverse, the $2 coin shows the value of the coin in numeral “2” and words “TWO DOLLARS” both in Chinese and in English and the year of minting (1998 in this specimen).

The $5 coin under this series was first issued in January 1993. On the obverse  each of these  coins bears the standard “Bauhinia” design with “Hong Kong” mentioned in both Chinese (on the top periphery of the coin) and in English (on the lower periphery of the coin). The shape of this coin is circular.

On the reverse, the $5coin shows the value of the coin in numeral “5” and words “FIVE DOLLARS” both in Chinese and in English and the year of minting (1993 in this specimen, indicating that this is one of the first few issues to be minted in this denomination).

The $10 coin under this series was first issued in November 1994. On the obverse  each of these  coins bears the standard “Bauhinia” design with “Hong Kong” mentioned in both Chinese (on the top periphery of the coin) and in English (on the lower periphery of the coin). The shape of this coin is circular, with an inner ring and an outer ring (bi-metallic).

 On the reverse, the $10 coin shows the value of the coin in numeral “10” and words “TEN DOLLARS” both in Chinese and in English and the year of minting (1994 in this specimen, indicating that this is one of the first few issues in this denomination).

Commemorative Coin set issued in 1997 on the occasion of Hong Kong being designated as a Special Administrative Region of the People's Republic of China:

(The following  coin and currency note scans are from the collection of Jayant Biswas).

In 1997, the Royal Mint U.K. which mints coins for the Hong Kong Monetary Authority  has issued a set of seven "Brilliant Uncirculated Coins" of various denominations to commemorate the occasion of Hong Kong being designated as a Special Administrative Region” of the People’s Republic of China wef 01.07.1997 created under the Sino-British Joint Declaration.

These coins are in the denominations of $10, $5, $2, $1, 50 cents, 20 cents and 10 cents which are the same denominations as circulating coins at that time.

On the  Obverse, each of these  coins bears the standard “Bauhinia” design with “Hong Kong” mentioned in both Chinese (on the top periphery of the coin) and in English (on the lower periphery of the coin).

   Obverse of the $10 coin issued as part of the commemorative set in 1997 showing the "Bauhinia" flower.

On the reverse of this $10 coin is shown a "bridge", which represents a symbol of "transition" (or the symbol of Sovereignty).

The specifications of this coin are:

Denomination of coin: 10 Hong Kong Dollars

Weight: 11.00 gms

Diameter: 24.00 mm (outer ring), 15.60 mm (inner ring).

Composition: Bi –metallic (Outer Ring: Cupro-Nickel; Inner Ring: Nickel-Brass)

Shape: Round

Obverse of the $5 coin issued as part of the commemorative set in 1997 showing the "Bauhinia" flower.

On the reverse of this $5 coin is a rounded version of the character “Shou” meaning “longetivity”, which is surrounded by the five bats who are the harbingers of the “Five Blessings” or “Five Happinesses, viz.: long life, wealth, health, love of virtue and death which comes only after achieving one’s destiny.

The specifications of this coin are:

Denomination of coin: 5 Hong Kong Dollars

Weight: 13.50 gms

Diameter: 27.00 mm

Composition: Cupro-Nickel

Shape: Round

Obverse of the $2 coin issued as part of the commemorative set in 1997 showing the "Bauhinia" flower.

On the reverse of the $2 coin are the “He He brothers”, who are a harmonious pair born of different fathers after much discord lasting seven generations who have now decided that co-operation with each other was more profitable and conducive to happiness and prosperity for them. They , thus, symbolize Agreement and Harmony.

The specifications of this coin are:

Denomination of coin:  2 Hong Kong Dollars

Weight: 8.41 gms

Diameter: 28.00 mm (outer ring), 26.31 mm (inner ring)

Composition: Cupro-Nickel

Shape: 12 Scallops

Obverse of the $1 coin issued as part of the commemorative set in 1997 showing the "Bauhinia" flower.

On the reverse of the $1 coin is seen a “Unicorn”, (the “Qi Lin”) which is a fabulous mythical creature of good omen and the symbol of the illustrious off-spring of virtuous rulers and wise administrators. 

The specifications of this coin are:

Denomination: 1 Hong Kong Dollar

Weight: 7.10 gms

Diameter: 25.50 mm

Alloy: Cupro-Nickel

Shape: Round

Obverse of the 50 cents coin issued as part of the commemorative set in 1997 showing the "Bauhinia" flower.

On the reverse of the 50 cents coin is seen an “Ox” (as 1997 was declared the “Year of the Ox”). The Ox is a sacred and powerful animal symbolizing the coming of Spring and the dawn of a new beginning.

The specifications of this coin are:

Denomination: 50 cents

Weight: 4.92 gms

Diameter: 22.50 mm

Alloy: Brass Plated Steel

Shape: Round

Obverse of the 20 cents coin issued as part of the commemorative set in 1997 showing the "Bauhinia" flower.

On the reverse of the 20 cents coin are seen two “butterfly kites”, with their tails knotted together, symbolizing joy and conjugal felicity.

The specifications of this coin are:

Denomination: 20 cents

Weight: 2.59 gms

Diameter: 19.00 (outer ring), 18.01 (inner ring)

Alloy: Nickel Brass

Shape: Round

Obverse of the 50 cents coin issued as part of the commemorative set in 1997 showing the "Bauhinia" flower.

On the reverse of the  ten cents coin is seen a traditional three-masted Chinese sailing “Junk”, having a high poop, overhanging stern and sailing on a calm sea with the wind .

The specifications of this coin are:

Denomination: 10 cents

Weight: 1.85 gms

Diameter: 17.50 mm

Alloy: Brass Plated Steel.

Some other Commemorative coins and coin sets:

1)   Opening of the Lantau Link  (issued in May 1997)

2)   Establishment of the Hong Kong Special Administrative Region (issued in July 1997)

3)   Opening of the Hong Kong International Airport (issued in July 1998)

4)   The Five Blessings Commemorative Coin Set (issued in February 2002).

Mints which have minted coins for Hong Kong:

  

  In addition to the Royal Mint, U.K. , two other mints have struck coins for Hong Kong at various points of time in the past – The “R.Heaton & Sons” , presently called the Birmingham Mint (Mint Mark “H”) and the “King’s Norton Metal Co. Ltd.” (Mint Mark “KN”). The Birmingham mint under the Mint Mark “H” has also struck coins for India in the eighties.

Currency Notes:

In the 1860s the “Oriental Bank Corporation”, the “Chartered Bank of India, Australia and China” and the “Hong Kong and Shanghai Banking Corporation” issued notes in the denominations of $1, $5, $10, $25, $ 50, $ 100 and $500 which were widely used by merchants, but not accepted by the Government as legal tender.

In 1941, under the Currency Ordinance of 1935, the Government of Hong Kong began issuing one, five, ten cents and one dollar notes which were legal tender owing to the difficulty of transporting coins to Hong Kong due to World War II, as one large consignment of one-cent coins by ship was sunk in 1941 itself, rendering this unused consignment of coins very rare.

During this time three authorized Banks – “The Mercantile Bank of India, London and China”, the “Chartered Bank of India, Australia and China” and the “Hong Kong and Shanghai Banking Corporation”, were issuing larger Currency Bank Notes viz., $5, $10, $50, $ 100 and $ 500 dollars.

The $1 notes were phased out and replaced by one dollar coins in 1960 and of the smaller denomination notes, only the one-cent Note was issued after 1965.

In 1975, the $5 Notes were phased out and $5 coins were introduced instead.

In 1977, the $1000 Note was introduced and the Mercantile Bank was merged with the Hong Kong and Shanghai Banking Corporation and ceased to issue Bank Notes in its individual capacity since 1978.

In 1985, $ 20 notes were issued.

  The Front of a $10 Banknote issued by "The Hongkong and Shanghai Banking Corporation" showing the Royal Coat of Arms/Emblem of the British monarch. This Banknote was issued on 01.01.1986.

  The Back of the $10 Banknote, showing the two lion statues outside the outside the HSBA Main building in Hongkong - the lion on the left is called "Stephen" and the lion on the right is called "Stitt. They are seen as the key symbols of HSBC, which is sometimes called by the nickname "the Lion Bank". Also seen on this face of the Banknote is an two-masted wooden sailboat called "Junk" and a modern day ship.

  The above is an image of the lion on the Left - "Stephen".

The above is an image of the lion on the Right - "Stitt".

In 1993, a $ 10 coin was introduced and the two Banks stopped issuing currency notes of this denomination.

On special occasions, this denomination notes were since issued by the Government in both paper and polymer pieces, for example in July 2007, a commemorative polymer note of $10 was issued by the Government to commemorate the tenth anniversary of Hong Kong’s establishment as a Special Administrative Region of China. This turned out to be a highly prized issue for Currency Note Collectors.

The $10 Note has been reissued several times since then.

 

The above is an image of a $10 Polymer Note front and back issued on 1^st October 2007 under the Authority of the Government of the Hong Kong Administrative Region.

In 1994, the HKMA authorized the “Bank of China” to issue Currency Notes.

In 1995 the 1 cent note was demonetized and ceased to be legal tender wef 1^st October 1995.

In September 2009, Standard Chartered Bank issued the World’s first 150 dollar denomination Bank Note.

Bank notes of the Hong Kong dollar are currently issued in the denominations of $10, $20, $50, $100, $500 and $1000.

Three local Commercial Banks are, presently, authorized under licence from the HKMA to issue Hong Kong dollars viz: 

-      the Bank of China( this is not the Central Bank of China, which is called “The People’s Bank of China”),

-      HSBC (formerly the Hong Kong and Shanghai Banking Corporation) and

-      The Standard Chartered Bank. 

-      This type of multi-Bank authorization for issue of currency is unique to only a few countries, with the majority of the countries sticking to a single Note issuing Bank. The United Kingdom too has a similar position, with eight Banks being authorized to issue Bank Notes.

Hong Kong Note Printing Limited (HKNPL) :

Bank Notes issued by these three Banks are printed by Hong Kong Note Printing Limited (HKNPL).

The HKMA in 1996 acquired the currency note printing plant at Tai Po from the De La Rue Group on the United Kingdom on behalf of the Government of Hong Kong. This facility now operates under the name of HKNPL .

I)           Bank of China Note issues:

    The above are images of the front and back of a $20 Note issued by the Bank of China dated 1st January 2000 (i.e. before the 2003 Series explained below): 

 

   

The above is the front and back of a $20 Bank Note issued by the Bank of China (Hong Kong) Limited on 1^st January 2009 (under the 2003 Series). This Note shows the Peak Tower.  The mascot for the design is the “Bank of China Tower”.

This Note is one of the last few Notes to be issued under the 2003 series which was replaced by the 2010 Series where the Landmark for the design on the Note issued by the Bank of China (Hong Kong) Limited has been replaced by the “Repulse Bay”.

Other denominations issued under the 2003 Series issued by the Bank of China exhibit the following landmarks on the Notes:

$50 showing the “Tsim Sha Tsui Waterfront”, “Hong Kong Cultural Centre” and Space Museum” (replaced by “Tung Ping Chau” in the 2010 Series),

$100 showing the “Lantau Link: Tsing Ma Bridge” (replaced by the “Lion Rock” in the 2010 Series),

$500 showing the “Hong Kong International Airport” (replaced by the “High Island Reservoir” in the 2010 Series),

$1000 showing the “Wan Chai Waterfront: Hong Kong Convention and exhibition Centre and Central Plaza” (replaced by “Victoria Harbour” in the 2010 series),

In the 2010 Series, the “Bank of China Tower” mascot design has been retained in all the denominations.

II)        Standard Chartered Bank (Hong Kong) issues:

           
          

           

The $20 note shown above issued on 1^st July 2003 (under the 2003 Series) shows a “Hong Kong 1850s picture” on the Back and a “Chinese dragon headed carp” on the Front. This is one of the first few Notes to be issued under the 2003 Series by Standard Chartered Bank. 

   In the 2010 Series the Hong Kong 1850s picture has been replaced by the theme of “Heritage and Technology: Abacus and binary code” while the Chinese dragon head carp has been retained on the other face.

Other themes exhibited on Standard Chartered Bank (Hong Kong) (2003 Series) are:

$50 showing the “Hong Kong 1890s picture” (replaced by “Heritage and Technology: Chinese combination lock and vault”) while the other face shows a “Chinese dragon headed turtle” (retained in the 2010 Series).

$100 showing the “Hong Kong 1930s picture” (replaced by “Heritage and Technology: Sung script seal and printed circuit”) while the other face shows the “Qilin”, (which is a mythical hooved Chinese chimerical creature said to appear with the imminent arrival of a wise sage or an illustrious ruler). This theme has been retained in the 2010 Series)

$ 500 showing the “Hong Kong 1970s picture” (replaced by “Heritage and Technology: Traditional face chart and biometrics”) while the other face shows the “Fenghuang” (which is a mythological bird that rules over all other birds. The males are called “Feng” and the females are called “Huang”). This theme has been retained in the 2010 Series.

$ 1000 showing the “Hong Kong 2000s picture” (replaced by “Heritage and Technology: Tang Dynasty coin and Smart chip”), while the other face shows a “Chinese dragon” (retained in the 2010 Series).

III)       The Hongkong and Shanghai Banking Corporation issues:

       

        

This Note issued on   shows the Victoria Peak which is a mountain in Hong Kong also called Mount Austin and locally known as “The Peak”. The image shows the view of Central, Kowloon and Victoria Harbour from the Victoria Peak. Also, shown is the Peak Tram, a funicular railway in Hong Kong which connects to the upper levels of Hong Kong Island.

Other themes exhibited on HSBC 2003 series are:

$50 exhibits the “Po Lin Monastery” while the mascot for the design is the “Lion” (replaced by the “mid-autumn festival” in the 2010 Series while the mascot has changed to a “Lion” and the “HSBC Building”).

$100 exhibits the “Lantau Link: Tsing Ma Bridge” with the Lion as the mascot for the design (replaced by the “Spring Lantern Festival” in the 2010 Series and having the mascot of a “Lion” and the “HSBC Building”.

$ 500 exhibits the “Hong Kong International Airport with the Lion Mascot for the design (replaced by the “HKSAR Establishment Day” and the “Lion” and the “HSBC Building” as the mascot for the Design in the 2010 Series).

$ 1000 exhibits the “Hong Kong Convention and Exhibition Centre (New Wing); Victoria Harbour” with the “Lion” as the mascot for the design (replaced by the Dragon Boat Festival” and the “Lion” and the “HSBC Building” as the mascot for the Design in the 2010 Series).

The Hong Kong dollar is also accepted as circulating currency in southern parts of mainland China and the Macau Special Administrative Region of the People’s Republic of China.

Links:

1) Shanghai-Museum- A Treasure trove of Ancient Chinese, Indian and Islamic coins

2) Currency-and-Coins-of-Macau: A Special Administrative Region of the People's Republic of China

3) Currency of the People's Republic of China: Renminbi : yuans and fen

4) Yuan Shih-Kai or "Fatman" or "Big Head" silver dollar