Paper Money Guaranty® (PMG®) has certified a rare, high-denomination banknote from the early years of the People’s Republic of China. The 1951 10,000 Yüan note is attributed as Pick 858Aa (Pick refers to the catalog numbers originally developed by Albert Pick and used by the Standard Catalog of World Paper Money) and graded PMG AU 50.

Pick 858Aa is considered to be the rarest type of all 1951 First Series Renminbi (RMB). Only 100 examples of this note are believed to still exist, according to the census in the 2013 edition of People’s Republic of China Paper Money Collection Catalog by Kang Yongjie.

Furthermore, this type isn’t even listed in the seminal work Chinese Banknotes by Smith and Matravers, published in 1970.

Due to its scarcity, Pick 858Aa was not widely known even to specialists prior to this spectacular example being certified by PMG. The note recently graded PMG AU 50 is tied with one other as the finest PMG-certified example of this variety.

China 10,000 Yuan Banknote

China 10,000 Yuan Banknote

Known as “Running horses”, the 10,000 Yüan note was issued on May 17, 1951, and was withdrawn on April 1, 1955. The primary area of circulation was the Inner Mongolia Autonomous Region. Located in the northern region bordering Mongolia, it is China’s third largest region, representing 12% of its total land area (457,000 square miles). The total population of the Inner Mongolia Autonomous Region in 1955 was a little over six million people.

At the time, China had a population of almost 600 million people. The reasons for the scarcity of the 1951 10,000 Yüan notes are threefold.

First, the paper and printing are relatively poor quality.

Second, the high denomination is not one that would be saved by the average person, particularly after the notes were withdrawn. 10,000 Yüan would be 65,000 Yüan in today’s currency, or approximately $10,000 (USD).

Third, the original print run was likely very limited because Inner Mongolia represented only 1% of the country’s population. The combination of these three factors resulted in a very low population available to collectors today.

Not surprisingly, the 1951 10,000 Yüan is highly coveted by collectors today. Examples are seldom sold and usually achieve extraordinary prices when they are sold. The value for this PMG AU 50 piece, which is tied for finest certified by PMG, is anyone’s guess. This note will surely be the cornerstone of any Chinese banknote collection.

“We chose PMG to grade this precious note because PMG is recognized and respected around the world for its expertise,” says Kelvin Cheung of Spink. “We are very pleased with the outcome.”

Courtesy: Coinweek


There should be no repeat of the new-look $5 note’s vending machine issues when revamped $10 notes start appearing in circulation this week, the Reserve Bank says, but betting company Tabcorp has already flagged delays before its automated terminals can cope with the new currency

From Wednesday, you may notice a new type of $10 note, the latest change in a push to make Australian cash harder to counterfeit.

Much like the $5 notes introduced last year, the new note will include beefed-up security features and a design to help the vision-impaired, though it won’t change in size or colour, and the people on it remain the same.

However, retailers and the RBA will be keen to avoid the problems encountered soon after the release of the latest $5 note, which was last year rejected by some snack and drink vending machines, and gambling terminals.

The RBA’s assistant governor for business services, Lindsay Boulton, said businesses with cash-handling machines had been given six months to prepare for the new notes and upgrade their equipment if needed.

“For the $5 note, we made production quality banknotes available to the manufacturers and operators some six months in advance. We’ve done the same for the new $10 bank note,” Mr Boulton said.

“So manufacturers and operators have had the opportunity for the past six months to use those production quality bank notes to make changes to their machines, should they need to do so.”

The RBA’s assistant governor for business services, Lindsay Boulton, said businesses with cash-handling machines had been given six months to prepare for the new notes and upgrade their equipment if needed.

“For the $5 note, we made production quality banknotes available to the manufacturers and operators some six months in advance. We’ve done the same for the new $10 bank note,” Mr Boulton said.

“So manufacturers and operators have had the opportunity for the past six months to use those production quality bank notes to make changes to their machines, should they need to do so.”

The $10 note will continue to depict writers, Banjo Paterson and Dame Mary Gilmore, but it will now include  a clear strip down the middle of the bill, and two small bumps so it can be easily identified by people who are vision-impaired.

The RBA has printed more than 200 million of the new $10 notes, to be released through banks over the coming weeks. Existing $10 notes will still remain legal tender, but they will gradually be taken out of circulation.

The nation’s banknotes are all being changed to upgrade their security features, and the biggest change will occur next year when the new $50 note is introduced. The $50 note is the most widely circulated, but also the most counterfeited note in the country.

“We’ve viewed the $5 and the $10 as a limbering up exercise, if you like, to get ourselves ready to release the major circulating note which is the $50,” Mr Boulton said.

Mr Boulton said it was too early to say if counterfeiting rates had changed since the upgraded $5 note was launched last year.

 

source : www.smh.com