Hong Kong banknotes
in everyday circulation are $10, $20, $50, $100, $500 and $1,000. In 2002, the HKSAR Government issued a new ten dollar note in recognition of a continuing demand among the public for a note in addition to the coin.
The existing $10 notes issued by two note-issuing banks remain legal tender, but they are no longer printed. The one-cent note issued by the Government was demonetised and ceased to be legal tender on 1 October 1995.The total value of banknotes in circulation in Hong Kong can be found in Monthly Statistical Bulletin and the Annual Report.
Note-issuing banks
The Government, through the Hong Kong Monetary Authority, has given authorization to three commercial banks to issue currency notes in Hong Kong:
* The Hongkong and Shanghai Banking Corporation Limited;
* the Standard Chartered Bank; and
* the Bank of China (Hong Kong) Limited.
Proportion by value of banknotes issued in 2003
HSBC and Government series.
Authorisation is accompanied by a set of terms and conditions agreed between the Government and the three note-issuing banks. Banknotes are issued by the three banks, or redeemed, against payment to, or from, the Government Exchange Fund in US dollars, at a specified rate of US$1 to HK$7.80 under the Linked Exchange Rate system. Banknotes issued by the three commercial banks are printed in Hong Kong by Hong Kong Note Printing Limited.
Note printing
In April 1996, the HKMA acquired the note printing plant at Tai Po from the De La Rue Group of the UK on behalf of the Government. The plant has been operating under the name of HKNPL since then. The acquisition of the plant enables the Government, through the HKMA, to be directly involved in the production of Hong Kong currency notes, which is in line with the responsibilities conferred upon the Government under the Legal Tender Notes Issue Ordinance and the Basic Law. In March 1997, the Government sold 15 per cent of its shareholding in HKNPL to the China Banknote Printing and Minting Corporation, a PRC state-owned enterprise. In October 1997, the Government sold 10 per cent of HKNPL issued shares to each of the three note-issuing banks. The Government continues to exercise management control and maintains a majority stake in HKNPL, with the Chief Executive of the HKMA as the Chairman of the company.
Recently the bank has acquired the polymer technology to print the Ten dollar banknote for a trial period of two years. To be issued in mid 2007.
Banknotes currently in circulation
The HKMA issues the $10 note and the other three banks issue denominations of 20, 50, 100, 500 and 1000 dollars.
Hongkong and Shanghai Banking Corporation Series
Value Landmark for design Mascot for design
$10 - Junk and Container ship
$20 Victoria Peak; Peak Tram Bauhinia blakeana
$50 Po Lin Temple Lion
$100 Lantau Link:Tsing Ma Bridge Lion
$500 Hong Kong International Airport Lion
$1000 HKCEC (New wing); Victoria Harbour Black Kite
Bank of China (Hong Kong) Series
$20 The Peak Tower
$50 Tsim Sha Tsui Waterfront: Hong Kong Cultural Center & Space Museum -
$100 Lantau Link:Tsing Ma Bridge -
$500 Hong Kong International Airport -
$1000 Wan Chai Waterfront: HKCEC and Central Plaza -
Standard Chartered Bank Series
$10 - Chinese dragon headed Carp
$20 Hong Kong 1850"s picture Chinese dragon headed Carp
$50 Hong Kong 1890"s picture Chinese dragon headed Turtle
$100 Hong Kong 1930"s picture Qilin
$500 Hong Kong 1970"s picture Fenghuang
$1000 Hong Kong 2000"s picture Chinese dragon
Government of Hong Kong Series
$10 - Horse
Historical denominations and issuers of Hong Kong banknotes no longer circulated by the HKMA
Previous issuers of banknotes were The Merchantile Bank Limited 1853-1984, The National Bank of China 1891-1911, The Oriental Bank Corporation 1845-1884, the AGRA & Masterman"s Bank Limited 1862-1866, The Asiatic Banking Corporation 1862-1866 and The Bank of Hindustan, China & Japan 1862-1966. All issued some or all of the denoninations above. Those no longer issued include the 1, 5 and 10 cent with 1 , 5 and 25 dollars.
Security features
The following security features are incorporated in genuine Hong Kong banknotes:
* Paper: The banknote paper is made of 100% cotton fibre, which does not fluoresce under ultra-violet light.
* Watermarks:The watermarks are incorporated during the paper manufacturing process. They can be viewed equally well from either side of the note. The images are multi-toned and sharp, and do not show up when placed under ultra-violet light.
* Security thread: A straight metal thread is embedded in the note. It can be viewed equally clearly from either side of the note.
* See-through feature: When the note is held up to the light, the specially designed colour patterns printed on the front and back will be seen to be exactly aligned with each other.
* Intaglio printing: The main images of the notes are printed by an intaglio printing process which deposits a large quantity of ink on the paper thus giving the note an embossed feel. The fine lines of these images are clear and sharp.
In pursuance to section 103 of the Crimes Ordinance (Cap 200 of Laws of Hong Kong), anyone who wants to reproduce the whole or any part of any Hong Kong currency note for any purpose in any form must apply in writing to the Monetary Authority for approval. No reproduced images should be submitted with the application because such an action would already amount to a breach of section 103 of the Crimes Ordinance. It is a criminal offence under the Crimes Ordinance to manufacture or knowingly pass, tender or possess a counterfeit banknote. The offence carries a maximum penalty of 14 years imprisonment.
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