Starck Reality: A Tale of Two Cities in Asia
In Hong Kong, coins still clink. In Mainland China, they’ve all but vanished. A trip through two cities shows the changing face of money in modern Asia.
Circulation coins are, by their nature, intended to circulate. However, my colleague Sophia Mattimiro and I experienced the opposite sides of that coin, pun intended, while visiting Hong Kong before going by car to Shenzhen, and then taking a flight to the Beijing International Coin Exposition.
During our stay in Hong Kong’s central downtown district, we were able to coerce our driver to take us to one of the Hong Kong Monetary Authority’s coin carts. The program operates two coin carts to collect surplus coins from the public across the 18 districts of Hong Kong on a rotational basis, free of charge. This environmental nod also serves another green purpose, saving the agency money, as recirculated coins minimize the need for striking more coinage.
It was a simple process to dump the coins into the basket and wait for the machine attendant to run the coins through the counter. The cart even accepted older-style coinage, like a 10-sided 5 HKD coin issued from 1976 to 1979 (cataloged as KM-39 in NumisMaster). When the process was complete (rather quickly, too, since we only brought 809 Hong Kong dollars with us), the attendant handed us the equivalent in bank notes and the spare coins. One coin was rejected due to minor damage, indicating potential use in jewelry.
Throughout our stay in Hong Kong, it was possible to use coins and paper money for petty cash expenses, but electronic payments were certainly more prevalent
This acceptance of circulating coinage in Hong Kong is in stark contrast to the reality in Mainland China, where the rise of Alipay and WeChat has rendered coins and even bank notes almost useless.
On numerous occasions, paying with paper money for purchases (mostly for snacks, souvenirs, or meals) was viewed with more than mere skepticism—it was outright not accepted. This reality plagued perhaps nine out of 10 potential transactions. Circulating money was only accepted in tourist settings, like at the Great Wall of China, for tips and the like.
We learned that as demand for Chinese coinage production has decreased, the national mints hope to secure international contracts, although circulating coinage is certainly under duress across the globe. Cash may be king, but the court jester is giving it a run for its money. Pun intended.
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Jeff Starck is the Market Analyst for Numismaster.com and is a lifelong collector and writer. His appreciation for and interest in world coins and writing allows him to share the hobby with others.
