Core Viewpoint - The popularity of the 2026 Year of the Horse commemorative coins and notes reflects public interest in zodiac themes and cultural assets, but it also raises concerns about speculative behavior and price volatility [3][4]. Summary by Sections Issuance and Distribution - The People's Bank of China announced that the issuance of the 2026 Year of the Horse commemorative coins and notes is set at 100 million each, with a regional quota system in place [4]. - Different provinces received varying allocations, with Beijing and Shanghai each receiving 6.3 million units, while Zhejiang received 4.76 million [4]. Market Activity - The exchange period from January 20 to 26 saw significant queues at bank branches, indicating high demand for the commemorative items [4]. - Many collectors are participating in the market, with some expressing intentions to hold onto the items for collection rather than short-term profit [4]. Price Trends - The face value of the commemorative coins is 10 yuan each, totaling 200 yuan for a set of 20, while the notes have a face value of 20 yuan each, totaling 400 yuan for a set of 20 [6]. - On secondary markets, prices for a set of 20 notes range from 600 to 800 yuan, with premium prices for special serial numbers [6][15]. Speculative Risks - The current market shows a significant premium, with the buyback price for the notes ranging from 27 to 40 yuan each, indicating a premium of over 80% compared to face value [15]. - Experts warn that the high prices may not be sustainable due to the large issuance volume and potential speculative bubbles in the market [15][16]. Historical Context - Historical trends suggest that newly issued commemorative coins and notes often experience initial price spikes followed by declines, as seen with previous zodiac coins [16]. - The 2024 Year of the Dragon coins and notes, for example, initially faced a "break" in pricing but have since stabilized at lower levels [16]. Recommendations for Collectors - Collectors are advised to approach the market with caution, focusing on the cultural and commemorative value rather than viewing these items as short-term investment opportunities [16]. - It is recommended to avoid purchasing through unverified online platforms to mitigate risks of fraud and to prioritize transactions with reputable dealers [16].

Core Viewpoint - The exchange of the Year of the Horse commemorative coins and notes has begun, attracting long queues at banks despite the cold weather in Hangzhou [1][8]. Group 1: Exchange Process - The exchange in Zhejiang Province is managed by Agricultural Bank of China, China Construction Bank, and Bank of Communications [3][10]. - Special exchange windows were set up at bank branches, where citizens joyfully received their commemorative coins and notes after verification and counting [3][10]. Group 2: Commemorative Currency Details - The commemorative banknote has a face value of 20 yuan, featuring a horse design, the national emblem, and a seal with the character "马" (horse) [6][12]. - The commemorative coin has a face value of 10 yuan, showcasing the People's Bank of China and a horse image combining traditional paper-cut art and decorative elements [6][12]. Group 3: Market Dynamics - The total issuance of the Year of the Horse commemorative notes and coins is 100 million each, with Zhejiang's allocation being 4.76 million for both [7][13]. - Due to high demand, some individuals are reselling the commemorative items on secondary markets, with coin prices increasing by 50% to 100% and banknotes generally seeing a 100% markup, especially for special serial numbers [7][13].