Cen­tral bank to re­move China’s ‘penny’

China Daily (USA) - - NEWS CAPSULE -

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)

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