Beijing, January 4 — As the Chinese New Year of the Loong approaches, a surge in pre-orders for China’s 2024 New Year commemorative coins and banknotes overwhelmed several banking websites, causing significant technical issues. The pre-order window opened on January 3 at 10 p.m. Beijing Time, and eager collectors flooded online platforms to secure their pieces of the limited-edition currency.
According to reports from netizens, the websites of multiple banks became inaccessible due to the high traffic volume. Users experienced lag, delayed verification codes, and server errors, hindering the pre-order process. Screenshots shared on social media platforms showcased the widespread technical difficulties faced by potential buyers.
The 2024 New Year commemorative coins have a face value of 10 yuan (approximately $1.40 USD) and a limited issuance of 120 million pieces. Crafted from bimetallic copper alloy, the reverse side of the coin features an intricate design of a loong—a symbol synonymous with power and good fortune in Chinese culture. The design artfully combines traditional paper-cutting techniques with festive New Year elements, adorned with flower lanterns and lingzhi, a mushroom emblematic of auspiciousness.
The commemorative banknotes, with a face value of 20 yuan (approximately $2.80 USD), are equally sought after, with a total issuance of 100 million notes. Printed on durable polymer material, the front side showcases a prominent loong pattern, while the reverse depicts a child dancing with a loong lantern amidst traditional Beijing quadrangle courtyards, capturing the essence of cultural heritage and celebration.
Both the coins and banknotes hold the same legal tender status as current currency in circulation and can be redeemed at participating banks from January 9 to January 15. Collectors and residents alike are eager to obtain these commemoratives, which not only serve as festive keepsakes but also as potential investment pieces. Notably, this release marks the seventh commemorative banknote issued by the People’s Bank of China and the second dedicated to the Year of the Loong.
The high demand has also impacted secondary markets, with prices for sets of the Year of the Loong commemorative coins and banknotes already on the rise on resale platforms. The fervor reflects a blend of cultural enthusiasm and speculative interest, as collectors anticipate the future value of these limited-edition releases.
The overwhelming response underscores the significance of the loong in Chinese tradition, symbolizing prosperity and good fortune for the upcoming year. As the New Year festivities draw near, the excitement surrounding these commemorative releases adds to the celebratory spirit across the nation.
Reference(s):
cgtn.com
