Author Topic: Modern Chinese Coins  (Read 2790 times)

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Offline Coinsforever

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Modern Chinese Coins
« on: February 04, 2011, 02:17:31 PM »
In recent years, modern Chinese coins have become rare in circulation, but they began to heat up in the collector's market.

A one-cent coin produced in 1955, 1957 and 1992 would be worth 30 yuan ($4) and a two-cent coin produced in 1992 would be worth 70 yuan ($11) in today's collector's market in China.


Source :Chinadaily
« Last Edit: November 22, 2013, 09:18:59 PM by <k> »
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Offline Figleaf

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Re: Modern Chinese Coins
« Reply #1 on: February 04, 2011, 02:50:32 PM »
My first visit to China was in the late 70's. At the time, foreign visitors got neither coins, nor banknotes. The got foreign exchange certificates. The Chinese loved them. If you could stay a few days, you'd get the "normal" banknotes in change. While the foreign exchange certificates were generally crisp, the notes in circulation were rags.

Only when you got to the point where you could shake the "guide" and get into shops would you receive coins. The only coins in circulation were 1, 2 and 5 fen and most of them were unc, even those with a date in the fifties, but some had seen heavy circulation. Few were in between. At the time, I suspected frozen dates, but now, I think it was just a question of money being worth little and many goods and services being traded, rather than bought and sold. I suspect coins were used mainly for government services, such as bus tickets.

I kept a few nice coins for trading. There was absolutely no demand for them. Similar coins could be found in the lowest price rummage tray, regardless of grade.

If my experience is any guide, rising prices for these coins is due to internal demand. That's a good sign for the Chinese economy. It would mean that people have more leisure time and are willing to spend money on fun. I suspect that the next step will be cash coins increasing in price, as (I hope) they may be less politically incorrect to collect now. That would lead to a confrontation between Chinese collectors and Chinese forgers. It will be interesting to see that play out. The Chinese government has always shrugged off complaints about forgery, but their own population was not concerned. Will they react when Chinese collectors start complaining?

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Coinsforever

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Re: Modern Chinese Coins
« Reply #2 on: February 04, 2011, 03:00:47 PM »
shrugged off complaints about forgery, but their own population was not concerned. Will they react when Chinese collectors start complaining?

Peter

Well piracy is the  one  biggest problem in China , some time govt. act swiftly & become  hard for those involved in such practices and some time lenient.


In the name of antiques & coins lot of forgery has been taking place which is of less priority for govt , they have lot of other pirated products to dealt with.

Situation is grim for coin collectors in China.

Cheers ;D

« Last Edit: February 04, 2011, 03:40:17 PM by aan09 »
Every experience, good or bad, is a priceless collector's item.



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Offline gxseries

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Re: Modern Chinese Coins
« Reply #3 on: February 07, 2011, 04:37:10 AM »
I managed to find a counterfeit 1 yuan coin, which at that time was worth a mere 12 US cents! I was quite stunned to be honest - if 1 yuan can be counterfeited, anything else is worth counterfeiting I guess.