Appraisal of the Third Series Renminbi"Steel Worker"1 Yuan: Versions, Rarity, and Estimated 2026 Resale | Gu Jin Jian Bao
The 1 Yuan banknote of the third series of Renminbi – featuring the classic image of steelworkers on the obverse – is one of the most sought-after denominations in this series among collectors. Its distinctiveness lies in the clear differentiation of its varieties: the market price gap between the ancient coin watermark version and the five-pointed star watermark version can be as much as tenfold. Below, we will analyze the characteristics of each variety, its scarcity, and its 2026 buyback market price (Buyback market value).
Banknote Identity Check
- Issued: April 20, 1962 (Third Series of Renminbi by the People's Bank of China)
- Obverse: Image of steelworkers (left) + national emblem watermark (some versions)
- Reverse: Tiananmen + national emblem
- Denomination: 1 Yuan Renminbi
- Dimensions: 145 × 63 mm
- Ceased circulation: July 1, 2000
Four Major Varieties and Their Differences
| Variety | Obverse Color | Watermark | Serial Number Prefix (Guan Hao) | Scarcity |
|---|---|---|---|---|
| Ancient Coin Watermark, Two Roman Numerals | Deep Red | Ancient square-holed coin watermark | Two Roman numerals | ★★★★★ |
| Ancient Coin Watermark, Three Roman Numerals | Deep Red | Ancient square-holed coin watermark | Three Roman numerals | ★★★★ |
| National Emblem Watermark, Two Roman Numerals | Deep Red | National emblem watermark | Two Roman numerals | ★★★ |
| National Emblem Watermark, Three Roman Numerals | Light Red | National emblem watermark | Three Roman numerals | ★★ |
| No Watermark, Three Roman Numerals | Light Red | None | Three Roman numerals | ★ |
May 2026 Hong Kong Island Buyback Prices
| Variety | Condition | Hong Kong Island Buyback Price (Per Banknote) |
|---|---|---|
| Ancient Coin Watermark, Two Roman Numerals | Choice Uncirculated (AU) | HK$3,500 – 6,000 |
| Ancient Coin Watermark, Two Roman Numerals | Fine/Very Fine (VF) | HK$1,200 – 2,200 |
| Ancient Coin Watermark, Three Roman Numerals | Choice Uncirculated | HK$1,800 – 3,000 |
| National Emblem Watermark, Two Roman Numerals | Choice Uncirculated | HK$650 – 1,100 |
| National Emblem Watermark, Three Roman Numerals | Choice Uncirculated | HK$180 – 350 |
| No Watermark, Three Roman Numerals | Choice Uncirculated | HK$45 – 80 |
📸 Do you have a Steelworker 1 Yuan at home?
The price difference between varieties can be tens of times.WhatsApp 98342057Send us a picture of the obverse + a picture of the reverse held up to a strong light, and we'll help you instantly identify the watermark, serial number prefix, and condition. We'll reply with a reasonable estimated price range within 30 minutes.
Three Steps to Quickly Identify Your Banknote's Variety
- Check the watermark: Hold the blank area on the right side of the obverse up to a strong light. Ancient square-holed coin shape = Ancient coin watermark (scarce); National emblem shape = National emblem watermark; No watermark = Common.
- Count the serial number prefix (Guan Hao): The Roman numerals in the lower left corner of the obverse. Two = Two Roman numerals (scarce); Three = Three Roman numerals (common).
- Compare the color: If the overall obverse is dark red = Early version (higher probability of scarcity); If it's light red = Later version.
Frequently Asked Questions
Q1: Why is the ancient coin watermark so scarce?
The ancient coin watermark was an early design used from 1962–1965. Because the"ancient coin"symbolized old society, it was later replaced by the national emblem watermark. The early ancient coin version had a short issuance period and a high buyback Xiao Hui (recall and destruction) rate, leading to very few in circulation.
Q2: How do I distinguish between two Roman numerals and three Roman numerals?
Look at the red Roman numerals in the lower left and upper right corners of the obverse."II IV"(two) means two Roman numerals;"II IV VI"(three) means three Roman numerals. The two Roman numeral version is an early edition with a smaller Fa Xing Liang (issuance quantity), making it 2–5 times more valuable.
Q3: If a banknote has creases, can I iron it flat before selling?
Absolutely not. Ironing will be marked as"repaired"by PMG /PCGS gradingagencies, immediately reducing its value by more than half. It's most valuable in its original state.
Q4: How many banknotes are in a complete set of the third series of Renminbi? How much is a complete set worth?
The third series comprises 7 denominations and 13 varieties (including main and auxiliary notes). A complete set of common notes is worth HK$15,000–25,000; if it includes key varieties in choice uncirculated condition such as thegreen-backed watermark 1 Jiao, the lathe worker 2 Yuan with five-star watermark, or the jujube red 1 Jiao, it can reach HK$60,000–150,000.
Contact Information
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