Central bank to remove China’s ‘penny’
One series of the 1 jiao coin (0.15 cents) was to be removed from circulation starting on Tuesday, making the coin more valuable for collectors, according to a report by Modern Express.
People’s Bank of China, the central bank, has called on banks nationwide to hand over all that series of 1 jiao coins, adding that no new such coins are to be distributed, the newspaper reported.
The coin, minted mainly from 1991 to 1999, is among the fourth series of renminbi coins. It features a chrysanthemum on one side and the National Emblem of the People’s Republic of China, the full title of the state in Chinese and pinyin on the other side.
The report cited a collector as saying that the coin is favored by collectors because of its design. (Photo 4)