Tomorrow, 1st January, 2023, is the 30th anniversary of the coin replacement programme for the Crown Colony of Hong Kong. This period marked a transition of the political climate from British to Chinese, at least in the appearances of the money everyone used to buy their goods.
Part 1: History
On 1st January 1993, the Government released a new batch of coins, designed specifically to fit the Special Administrative Region from 1997 and the years beyond. The highlights of the design was the complete removal of the Queen’s effigy, and its replacement by the bauhinia flower. The core objective, of course, was to rid Hong Kong of its old image as it would no longer be acceptable under the jurisdiction of China; as a consequence, there was more “empty space” that hadn’t been filled compared to the outgoing coins due to the removal of the Queen’s name. Despite this, the size and shape of all coins had stayed constant.
The ten-cent, twenty-cent and fifty-cent coins before and after 1993.
The $1, $2 and $5 coins before and after 1993.
At the same time, new banknotes were issued by the two banks. The colonial imagery that had been prevalent in the previous series (last issue 1992) simply had to go.
In the case of Standard Chartered Bank, their largest changes were on the back of their banknotes. The bauhinia flower had taken the place of the colonial coat of arms that had previously been there.
A selection of Standard Chartered banknotes before and after 1993.
The Hongkong & Shanghai Banking Corporation (HSBC) completely redesigned their series, but the motif still stood: any colonial references were completely phased out. Their distinctive lion “Stitt” takes the place of the old Hong Kong coat of arms.
In the years since the Handover, the Government has introduced a few measures to encourage the recycling of the Colonial-era coinage. Such policies include the withdrawal of old coins and banknotes from circulation if and when handled by banks, and the coin carts which travelled the territory on a rotating basis collecting everyone’s spare change. Queen Elizabeth coins obtained from these coin carts would also be promptly withdrawn.
A coin cart. Image sourced from the HKMA website.
Part 2: Where are the Colonial Coins and Banknotes Now?
Simply put, they are still legal tender. No, the government could not possibly get rid of them so soon. But they have tried hard. As of now, 880 million coins have been recycled.
The coins are getting rarer and rarer, due to the ever-changing climate of the Hong Kong SAR and people’s heightened feelings of nostalgia. The passing of the Queen certainly contributed to a renewed interest in these pieces of living history, and a lot of Hongkongers have now entered the hobby. There’s a lot more healthy and intense competition compared to just a few years ago, and I remember that everyone was actually scrambling to get their hands on a Queen Elizabeth coin!
Of course, you can still get one or two of them in your change if you are super lucky.
The two sets circulate alongside one another, but I assure you that you’ll never get such a generous pre-Handover to post-Handover ratio!
May the new year bring you joy, prosperity, strength, riches and new additions!
KS5331.
