Year of the Dragon: China’s commemorative coins, notes are multiplying in value on Taobao, JD.com auction platforms
- China issued 3.2 billion yuan (US$450 million) worth of commemorative coins, banknotes to usher in the Year of the Dragon
- Some collectors are seeking at least two times the face value of the special- edition currency on Taobao, JD.com auction platforms
On Alibaba Group’s Taobao site, a reseller known as Ji Le Professional Coin Collector is asking 748 yuan for a batch of 10 pieces of banknotes denominated in 20 yuan each. A batch of 10 notes bearing consecutive serial numbers is listed at 800 yuan. In a February 7 listing, a rare batch of 100 notes bearing consecutive serial numbers, excluding 4 and 7 digits deemed unlucky in Chinese culture, is priced at 12,300 yuan.
“The prices are determined by market forces and there is quite a big demand for these coins and notes,” said a customer service representative at Ji Le, who declined to be named because she is not authorised to speak to the press. “They are not cheap, and our store is buying the dragon notes from others at 60 yuan each.”
The People’s Bank of China unveiled in December a set of dragon legal tender – comprising 10-yuan gold coin, 3-yuan silver coin, 10-yuan copper-alloy coin and a 20-yuan note – in conjunction with the Chinese Lunar New Year that begins on February 10. The total amounted to 3.2 billion yuan (US$450 million). Only the latter two types were available for online reservation.
The currency, decorated with the mythological creature that symbolises prosperity and good luck, were snapped up within 24 hours after they were released online on January 3. Such collectibles often increase in value over time, while others see them as a chance to make a profit.
