Q One thing everyone likes to collect in Hong Kong is money. But I'm interested in cash of a different kind: antique bank-notes. Are they worth collecting?
WHAT THE EXPERT SAYS:
They certainly are, according to Terence Ng, assistant curator at the Hong Kong Heritage Museum, which is holding an exhibition on bank notes. He says China was the first to use paper money, although 'we can't call them banknotes because China didn't have modern banks'.
The first western reports of the production and use of paper money were Marco Polo's accounts of his experiences in China in the 13th century. China's traditional banks had paper note-clearing systems as early as the 10th century. But the oldest evidence is rare notes from the Ming dynasty in the 14th century.
'Through trade and war, paper notes were introduced around the world,' says Ng. In 1661, the first banknote was issued by the Stockholms Banco in Sweden. The Kreditivsedlar, as it was known, was issued in response to the devaluation of copper plate money introduced in 1644. Through the 17th and 18th centuries, other European banks issued their own notes as commercial and financial transactions increased.
Banknotes were introduced to Hong Kong in 1845. The first issues were by the Oriental Bank Corporation. 'Those notes are very rare,' says Ng. In 1865, HSBC became the first Hong Kong based-bank to issue its own banknote.
