Core Viewpoint - The 2026 Year of the Horse commemorative coins and banknotes have seen overwhelming demand, leading to a rapid sell-out during the reservation period and significant price increases in the secondary market [1][2][3]. Group 1: Reservation and Exchange Process - Major banks in various regions have extended the exchange period for the 2026 commemorative coins and banknotes to accommodate those who successfully reserved but did not complete the exchange [1]. - The reservation process began on January 13, 2026, with significant congestion reported as the online channels opened, leading to many users being unable to secure their reservations despite efforts [2]. Group 2: Secondary Market Activity - The secondary market has seen dramatic price increases, with sellers listing 20 commemorative banknotes for prices ranging from 1,000 to 3,000 yuan, representing a premium of up to 6.5 times the face value [3]. - The market for the commemorative coins has also seen a price increase, with listings showing premiums of 40% to 50% over the face value [3]. Group 3: Cultural Significance and Collectibility - The popularity of the commemorative coins and banknotes is attributed to their unique status as the final piece in the zodiac coin series, as well as their cultural significance and artistic design [3]. - The coins are made of bimetallic materials and feature traditional Chinese art elements, while the banknotes are made of plastic and depict culturally relevant imagery, enhancing their appeal to collectors [3]. Group 4: Exchange Progress - As of January 26, 2026, the exchange rates for the commemorative coins and banknotes varied by region, with Beijing achieving a 95.34% exchange rate for coins and 98.02% for banknotes [4]. - Other regions, such as Shenzhen and Hainan, reported lower exchange rates, indicating varying levels of demand and success in the exchange process [4].