|Mar1.31 - After over five decades, China will stop circulating paper money worth 1, 2 and 5-cents starting Sunday, April 1, the Chengdu Daily reports.
When the 1, 2 and 5-cent bills stop circulation2, coins will take over their place.
The newspaper reported on Saturday that 1, 2 and 5-cent bills can be changed into coins of the same value at commercial banks before April 1. Afterwards, those still holding paper money worth 1, 2 or 5-cents will be able to continue to change them for coins at appointed financial institutions.
With cent bills being withdrawn3 from circulation, collectors have become inspired. The paper said that 1, 2 and 5-cent bills printed with Arabic numerals are now worth 400 yuan per note. However, those with Roman letters are less valuable, and so collectors are advised to collect them in sets, rather than single notes.
1, 2 and 5-cent notes were printed during the second version of China's renminbi, issued in 1953.
In addition, the People's Bank of China has announced it will stop printing 20 cent bills, or 2 jiao notes, for their vulnerability4 to the coin. However, no date for stopping their circulation has been set, the Xiangxiang Morning Post reported.
The newspaper said more 10-cent coins are expected to be issued to gradually replace the 20-cent bills.
Five versions of China's currency have been issued since 1949, and, as of April 1, the first three versions will have all stopped circulation.