The coinage of People's Republic of China since its beginning was in aluminium only, represented by KM#1-3. From one side it was a challenge to use aluminium, soft metal, in country with multi-hundred million population. From another - the usage of banknotes of so small denomination just 10 fens was one more challenge - their life in circulation had to be very short. It is these days the middle denominations are substituted into coins.
But that what is not clear, is the neediness to issue the middle denominations 1, 2, 5 jiao (=10, 20 and 50 fens) in coins:
They were issued in early 1980s. Could they be an experiment? By any mean it was official issue, the items are coins, so they are legal tender, but due to their rarity it seems that they did play essential role in the circulation. Why they were issued, if from the beginning it was obvious, they can not solve the task to prolong the life time of middle denominations?
That, what make is more intriguing is the mintage of 1983 and 1984. It almost 10 million of each middle denomination. At the same time the coins were not seen in circulation, as far I I was informed.
One of possible solution is that the coins were put in mint sets. The mintage is top secret, as it should be in communist realm, surrounded by others, so that fact may be not so obvious. But this approach could be in contradiction with the previous post: not many countries issue mint sets in millions, in case of 1983 and 1984 the mintage was disclosed.
The coinage of People's Republic of China since its beginning was in aluminium only, represented by KM#1-3. From one side it was a challenge to use aluminium, soft metal, in country with multi-hundred million population. From another - the usage of banknotes of so small denomination just 10 fens was one more challenge - their life in circulation had to be very short. It is these days the middle denominations are substituted into coins.
But that what is not clear, is the neediness to issue the middle denominations 1, 2, 5 jiao (=10, 20 and 50 fens) in coins:
They were issued in early 1980s. Could they be an experiment? By any mean it was official issue, the items are coins, so they are legal tender, but due to their rarity it seems that they did play essential role in the circulation. Why they were issued, if from the beginning it was obvious, they can not solve the task to prolong the life time of middle denominations?
That's not true. Some of the coins were minted in 95% aluminium, but not all or even most of them. It's rare to even find an aluminium coin in China nowadays - of course, they've all been demonetised now, anyway.
They're rare outside of China (for a recent circulation coin that was made in such a large amount) because they were all withdrawn from circulation and melted down, and no one really wanted to hold onto them. I've got a good selection of them - they're not the nicest coins.
The first through fourth series of the renminbi banknotes were very nice, however.
You should see the aluminium coins from Myanmar, the ones commemorating Aung San that were made in the 1960s (I think it was). Those were 100% aluminium, and soft as a drink can. It's incredibly hard to find any now that aren't scratched to hell or warped or deformed or …
That's not true. Some of the coins were minted in 95% aluminium, but not all or even most of them. It's rare to even find an aluminium coin in China nowadays - of course, they've all been demonetised now, anyway.
They're rare outside of China (for a recent circulation coin that was made in such a large amount) because they were all withdrawn from circulation and melted down, and no one really wanted to hold onto them. I've got a good selection of them - they're not the nicest coins.
Interesting! Is it still possible to redeem the old aluminium coins at a bank or are they completely worthless now?
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That's not true. Some of the coins were minted in 95% aluminium, but not all or even most of them. It's rare to even find an aluminium coin in China nowadays - of course, they've all been demonetised now, anyway.
They're rare outside of China (for a recent circulation coin that was made in such a large amount) because they were all withdrawn from circulation and melted down, and no one really wanted to hold onto them. I've got a good selection of them - they're not the nicest coins.
Interesting! Is it still possible to redeem the old aluminium coins at a bank or are they completely worthless now?
They're not exactly worthless - they have a certain nostalgia/historical value for some, and that can be parlayed into some people selling them, and some other people buying them. I got mine in other ways, though.
I mean probably? I've never tried - I'd prefer to keep mine. I can go ask tomorrow, and then get back to you on that, if you like.
Been few times to the bank with like 5kg of 1yuan 5 mao to put on the kids bank account. You should see their faces. Can’t imagine doing it with lower denomination. i also keep the aluminium one.
now let’s face it. most of the population are not using cash any more In China.
money jar would be full within a year. since I‘m using PayPal/wechat payment just got a bit of change for emergency in the bag if the phone’s battery dies.
1-2&5 Jiao in brass from the80’s the wife doesn’t remember seeing them.
bank notes were available (nice btw) probably cheaper to print. And done in huge qty.
I mean probably? I've never tried - I'd prefer to keep mine. I can go ask tomorrow, and then get back to you on that, if you like.
Been few times to the bank with like 5kg of 1yuan 5 mao to put on the kids bank account. You should see their faces. Can’t imagine doing it with lower denomination. i also keep the aluminium one.
now let’s face it. most of the population are not using cash any more In China.
money jar would be full within a year. since I‘m using PayPal/wechat payment just got a bit of change for emergency in the bag if the phone’s battery dies.
1-2&5 Jiao in brass from the80’s the wife doesn’t remember seeing them.
bank notes were available (nice btw) probably cheaper to print. And done in huge qty.
I exclusively use cash (unless it's a shop I can use EFTPOS or a pre-paid card at), but:
- I live in a rural area - I have people to help me with stuff I can't use cash for - It's becoming more and more difficult to not use Wepay or some other payment option
So you're right about that - I'm really more of an exception.
I mean probably? I've never tried - I'd prefer to keep mine. I can go ask tomorrow, and then get back to you on that, if you like.
Been few times to the bank with like 5kg of 1yuan 5 mao to put on the kids bank account. You should see their faces. Can’t imagine doing it with lower denomination. i also keep the aluminium one.
now let’s face it. most of the population are not using cash any more In China.
money jar would be full within a year. since I‘m using PayPal/wechat payment just got a bit of change for emergency in the bag if the phone’s battery dies.
1-2&5 Jiao in brass from the80’s the wife doesn’t remember seeing them.
bank notes were available (nice btw) probably cheaper to print. And done in huge qty.
Oh my goodness, yes. The first through fourth series of the renminbi were absolutely beautiful, although the first series are a bit … crude. Some of the second series were even printed in the USSR, like the 3 yuan note!
Check the last character on the Rev.: it is not “fen,” it is another one. And thank you for confirmation that despite of the possible large mintage the jiao series was not seen in circulation practically.
