Core Viewpoint - The issuance of the "Horse Year" commemorative coins and banknotes has generated significant public interest, leading to high demand and rapid sellouts in both primary and secondary markets [1][6]. Group 1: Commemorative Currency Details - The "Horse Year" commemorative banknote, known as "Ma Chao," has a face value of 20 yuan, measures 145mm by 70mm, is made of plastic, and has a total issuance of 100 million pieces, including 20,000 for historical archives [2]. - The commemorative coin, typically a bimetallic copper alloy coin, has a face value of 10 yuan, a diameter of 27mm, and a total issuance of 100 million pieces, including 10,000 for historical archives [4]. Group 2: Market Dynamics - The reservation for the commemorative currency opened on January 13, leading to immediate sellouts and causing significant online traffic issues, with many users expressing frustration over the rapid depletion of available stock [6]. - The total issuance for both the commemorative coin and banknote is 100 million, distributed through a regional quota system, resulting in varying availability across different locations, such as 6.3 million for Beijing and 7.5 million for Liaoning [6]. Group 3: Secondary Market Trends - In the secondary market, the price for a complete set of commemorative banknotes has surged to around 2,000 yuan, reflecting a premium of 100% to 150% over the original price of 400 yuan [8]. - The current buyback prices for the commemorative coin are approximately 14 yuan each, while the ordinary banknote buyback price is around 35 yuan, with special serial numbers fetching up to 60 yuan each [8]. Group 4: Risks and Speculation - The secondary market is characterized by speculative trading, with many buyers facing risks due to the lack of physical inventory at the time of reservation and potential fraud in transactions [9]. - Analysts warn that the high premiums in the secondary market may not reflect the long-term value of the commemorative currency, suggesting that buyers should be cautious and assess the rationality of prices to avoid speculative traps [9].