An Old Memory Resurfaces: Mr Chan and His Family Keepsake
Last Tuesday afternoon, Mr Chan, who lives in Kowloon, arrived at the Gu Jin Jian Bao shop carrying a worn old leather case. A recently retired secondary-school history teacher, he spoke with the quiet, measured manner of someone used to the classroom.
‘My father left these to me. During the 1970s and 1980s, he often travelled to mainland China for small-scale business. The notes stayed tucked inside some old books until I found them a few days ago while sorting our belongings for a move.’ Mr Chan carefully opened the case. Inside was a neatly arranged set of old Renminbi notes.
He was equally candid about why he wanted to sell them. ‘My children now live overseas and do not feel much attachment to these old things. Rather than leave them gathering dust in my drawer, or risk damage from damp, I would rather pass them on through people who understand them, so a collector who genuinely appreciates them can take care of them. I plan to use the money to travel around Europe with my wife. In a way, it will be one more gift from my father.’
Mr Chan’s outlook stayed with us. For many sellers, realising the value of an old collection is not only about money. It can also mean finding a better home for the objects while putting the proceeds towards life today.
Assessment: A Well-preserved Record of Its Era
As soon as our appraiser examined the notes, their condition stood out. The photographs supplied by Mr Chan show a representative small complete set of Third Series Renminbi.
- Details on the front: From the 10 Yuan ‘Great Unity’ note and the 5 Yuan ‘Steelworker’ to the sought-after 2 Yuan ‘Lathe Worker’, often shortened to ‘Che Gong’ among collectors, each note is notably clean. The engraved figures remain sharply defined, while the colours are still vivid after several decades. The 2 Yuan Lathe Worker, in particular, has no obvious creases or stains and is a difficult example to find in this condition.
- Reverse, security features and condition: On the reverse, the national emblem, decorative motifs and scripts used by several ethnic groups remain clear. The paper retains its original crisp feel—what collectors describe as original paper with its natural lustre—and the corners are sharp. Taken as a whole, the set was assessed in the About Uncirculated (AU) to Uncirculated (UNC) range.
The appraiser explained to Mr Chan why the 2 Yuan Lathe Worker and 5 Yuan Steelworker are relatively scarce and command a premium in today’s collectors’ market. The sale was completed at a fair price that was considerably higher than he had expected.
Collector Market Context: Comparing Renminbi Series
For a clearer view of where the Third Series sits in the wider Renminbi market, here is a simple comparison of three series:
| Series | First issued | Collecting difficulty | Market interest and characteristics | Notable examples |
| Second Series Renminbi | 1955 | Very high | Surviving quantities are scarce and prices are high, placing the series largely within the specialist, high-end market. | Big Black Ten, Soviet Three Yuan, Jinggangshan |
| Third Series Renminbi | 1962 | Medium to high | A mainstay of general collecting, with a mature market and a very broad collector base. | Green-Back Watermarked 1 Jiao, Jujube-Red 1 Jiao, 2 Yuan Lathe Worker |
| Fourth Series Renminbi | 1987 | Relatively low | Withdrawn more recently and available in many varieties; the series is currently in a period of steady appreciation. | 1980 50 Yuan, 1980 100 Yuan |
Note: The buyback price of any banknote is closely affected by its variety—including features such as the Roman-numeral serial prefix and watermark type—as well as its condition.
Frequently Asked Questions About Banknote Buybacks
During day-to-day buybacks, customers often ask us about old banknotes and antiques. Here are four of the most common questions:
1. My old banknotes have obvious creases and stains. Do you still buy them?
Yes. Although condition is one of the main factors determining a banknote’s value, and an uncirculated note without creases will usually be worth more, notes with folds or signs of circulation can still have a market value. We assess the degree of wear and the completeness of the note before explaining the current market estimate.
2. Do you only buy complete sets, or can I sell a single item?
We handle both individual items and complete sets. Some scarce single pieces—for example, a Yuan Shikai silver dollar or an individual 2 Yuan Lathe Worker note—may even be worth more than an ordinary complete collection.
3. Is there a charge for assessment and appraisal?
Gu Jin Jian Bao provides appraisal and valuation at no charge. Whether or not you decide to sell, no appraisal fee is charged.
4. Is the transaction secure, and what payment methods are available?
We have a physical shop in Hong Kong. The transaction is conducted openly while respecting the seller’s privacy. Once the price is agreed, payment can be settled face to face in cash or by instant bank transfer.
Letting an Idle Collection Find New Value
Every silver dollar, old banknote and antique carries part of a history. Rather than leave these objects forgotten in a corner, you can bring them to Gu Jin Jian Bao for a closer look and a practical explanation of their current market context. If you have similar items at home, contact us for a free valuation.
💬 Contact us for a preliminary assessment from photographs:
- WhatsApp: 98342057
- WeChat: john19998
- Tel: 852-98342057
Gu Jin Jian Bao — your local specialist in buying silver coins, antiques and gold.
