Commemorative banknotes

Commemorative coins and banknotes for the Year of the Horse sold out within minutes of their launch at 10 pm on Tuesday night, triggering a social media frenzy and sending prices on doubling on secondary markets as collectors scrambled for the limited-edition items.

The legal tender issued by the People's Bank of China includes 100 million 10-yuan ($1.38) bimetallic coins and 100 million 20-yuan banknotes, with a per-person purchase limit of 20 units each, reported the state-run Guangming Net. 

The coin features a paper-cut style horse on the obverse, paired with lanterns and daylily patterns, and bears the 60-year cyclical inscription "Bingwu." The banknote depicts a horse on the front and children celebrating with gongs and drums on the reverse, integrated with multi-ethnic writing and traditional motifs.

By Wednesday morning, reservation portals on major bank apps showed zero availability across most provinces. 

Related topics have topped trending lists on social media platforms, such as China's X-like Sina Weibo and Xiaohongshu, or RedNote, on Wednesday. 

Social media platforms were flooded with booking guides, simulated practice pages, and livestreams teaching users how to secure the items, reflecting intense public enthusiasm.

For one collector surnamed Liu, the rush ended in disappointment. "I've been collecting zodiac banknotes for years and only needed this one to complete the 12-year set," he told the Global Times after having failed to reserve the banknote despite repeatedly refreshing the Postal Savings Bank of China system. "I'll buy it on the secondary market even if it costs more, completing the collection is worth it." 

On some secondary markets, prices of the commemorative items have already doubled, with coins fetching a premium of dozens of yuan and banknotes selling for 300-400 yuan above face value on e-commerce platforms, though prices vary widely among sellers.

Yu Jinlong, a Beijing-based cultural expert, told the Global Times that the phenomenon has transcended mere collecting. "The popularity of the Year of the Horse commemorative currency has become about something more than collection and preservation. It reflects the public's deep identification and emotional resonance with traditional cultural symbols," Yu said. 

The designs, which include paper-cut art, an intangible cultural heritage, and the horse, which symbolizes perseverance, loyalty and success in Chinese culture, create a layered cultural narrative rather than being a simple collage.

"The 'dragon-horse spirit' embodied by the horse conveys self-improvement and positive values, echoing the traditional pursuit of virtue and talent," Yu noted, adding that as official legal tender, the commemorative currency lends authenticity to China's "Guochao," a national trend movement, by authoritatively interpreting cultural heritage.

"They serve as 'mobile cultural textbooks.' Through collecting, gifting and talking about these items, the public, especially young people, can actively explore the historical and folk meanings behind the symbols, achieving subtle cultural education."

Yu noted that the craze highlights the creative transformation of traditional culture in modern society. "By converting abstract values into tangible, communicable symbols, the commemorative items bridge individual memories with national heritage while meeting the desire to collect them all," he said.