Punters fail to cash in as BOC notes flop
Top News | Sum Lok-kei 21 Dec 2017
The centenary commemorative note of Bank of China (Hong Kong) has been a major flop for speculators after buyers offered less than the original price on the first day of its release.
In a move marking its largest release of new notes, BOC sold five million special-edition HK$100 bills to celebrate its 100th anniversary.
A total of 3.24 million sets were sold in three combinations: a single HK$100 note that went for HK$288, three-in-one uncut notes with linking serial numbers that sold for HK$988 and the 30-in-1 uncut set that was priced at HK$13,888.
People were allowed to collect their notes from yesterday and they will be able to do so at until New Year's Eve.
At Central Plaza yesterday afternoon, more than 100 people gathered to haggle.
However, many sellers were disappointed as buyers only wanted bills containing "lucky numbers" - mainly the 8s - and offered lower-than-expected prices.
For a single banknote, some buyers were willing to settle for HK$220, almost a quarter less than the original price.
Those who bought the 30-in-1 set fared even worse as buyers only forked out HK$7,000 to HK$9,000 for the set. The three-in-one set went for about HK$900.
A buyer called Ivan put up a sign that read: "Singles only. Good serial numbers - without 4, 5 and 7 - and ending with 8."
He explained that only about 10 percent of the bills would fit the criteria and collectors usually skip bills with "unlucky numbers" like 4 and 7.
"The mainland money is not here," he said of the poor sales, adding that the notes are not popular among mainland collectors.
A man surnamed Leung said he was looking to flip a 30-in-1 set, but was disappointed to find that buyers offered him only HK$7,000. "I've spent over HK$16,000 in total," he said.
The bank said all earnings from the notes will be used to fund local community projects and charitable causes.
lok.sum@singtaonewscorp.com
