For people who make business of every commemorative issue of stamp, toys, ticket, paper bill or anything that qualifies as collectible, the recent experience with the overhyped first 150 dollar bill in the world from Standard Chartered Bank should teach a valuable lesson: not everything collectible always translates to profits.These folks are characterized as those who try to be the first in line to grab that limited edition giveaways that aren't free by the way. They camp outside paying booths, stadiums, banks, ticketing offices or just about any place you can name. They defy the weather, and even taunts from other people. This is business they insist as they fire back at antagonists.
Beijing Olympics offered one last year and for those who grabbed them, it was a money making bonanza. This time, as Standard Chartered Bank celebrated 150 years of operation locally, it has released 150 dollar bills to the public. Although this is a legal tender, many are involved in trading them for prices higher than their face value. Single HK$150 bills were obtained by the bank for HK$280 so that's already an investment in itself. I know it's not just about the face value but traders still want to make more money out of this.
Chan Wing-fai, who runs two coin and stamp shops in Mong Kok and Lam Tin, said the small rise in value was unexpected. "The increase is very small, and I am disappointed," Chan said.
He said the market value of "four-in-one uncut" notes only climbed 38 percent from HK$1,888 to HK$2,600, while the "35-in- one uncut" notes saw only a 16 percent rise from HK$18,888 to HK$22,000.
I was not expecting that profits from this commemorative bill will grow higher than what the market wants. Apart from the obviously declared face value, I think this trading of HK$150 bills is only significant in Hong Kong, whereas the Olympic event last year had a wider scope and therefore more people were interested in having those commemorative notes.
Photo credit: cki719
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