Sitting on China’s south coast is the Special Administrative unit of Hong Kong. A truly capitalist city, Hong Kong is a business town and a shopping extravaganza. Within this financial and trading center, the money is the Hong Kong dollar. One Hong dollar equals 100 cents or 1,000 mils. It trades on the international markets under the letters HKD.
History
The first money in Hong Kong arrived during the Han Dynasty period from 206 B.C. to A.D. 206. Hong Kong became part of the Chinese Empire until British control took over in 1841. By 1863, it was distinct from the Chinese in currency. British colonial designs graced the bronze and silver coins. The only unusual fact – on the obverse was both Chinese and English inscriptions.
In 1866, there was a royal Mint in Hong Kong. Silver coins became part of the tender in the colony. These included 5, 10 and 20 cents as well as ½ and 1-dollar pieces. Banknotes also emerged in 1, 5, 25, 100 and 500-dollars. The New Hong Kong Dollar competed with the Mexican dollar in China and failed, as did the mint in 1868.
In 1872, Hong
Kong money came from the English mint in the previous currency except
for the now abandoned ½ and 1-British dollar coins. A 50-cent piece
joined the currency in 1890 followed by a new silver dollar in 1895.
This British dollar came from the Bombay mint. This coinage remained
until 1935.
In 1935, coins replaced the 5 and 10-cent paper notes.
This change was of short duration due to the Japanese-Sino War. Paper
money came back into vogue in 1941 as more coins were melted down to
help the war effort. In 1945, banknotes came from the government and
the banks, a system that still runs concurrently in Hong Kong. Coins,
however, made a partial comeback in 1949. Paper money still dominated
the monetary scene until the 1960s, although in 1960, the 1-dollar note
became a dollar coin. In 1975, the 5-dollar note also became a coin.
During the 20th century, some interesting coins appeared in Hong Kong. In 1975, a 2-dollar coin arrived in scallop-design, and in 1976, the 5-dollar coin was 10-sided. Meanwhile, the banknotes added a 20-dollar bill in 1985 but a 20-dollar coin replaced the 10-dollar note.
Today, the Hong Kong and Shanghai Bank and Standard Chartered Bank, both private institutions, produce notes of $10, $20, $50, $100, $500, and $1000. The Bank of China also produces the same notes, except for the 10-dollar bill. They also supply 5, 10, 20 and 50-cent coins as well as 1, 2, 5 and 10-dollar coins.
Obtaining Hong Kong Dollars
It is easy to obtain Hong Kong dollars. You can exchange them at banks, moneychangers or hotels.There are also many ATMs in Hong Kong. You can also make withdrawals from HSBC “Electronic Money Machines.” Some even offer 24-hour service. Always check the rates offered to ensure you get the most for your money.
Protecting Your Currency
Crime in Hong Kong is fairly low. There are the usual problems of petty crime such as pickpocketing and purse snatching. These usually happen in prominent tourist shopping areas, at the airport or on public transportation systems. Hotel lobbies and crowded streets are also other venues for these forms of crime.To safeguard your money, never leave wallets, backpacks, purses or other valuables unattended. Follow the usual precautions and safety procedures. Hang purses around the neck and keep money in inside pockets. Keep your money and other valuables secure at all times.
Using Your Hong Kong Dollars
You can use the currency everywhere in Hong Kong. Try shopping in Causeway Bay at Bowrington Road Market. Opt for fabrics, porcelain and clothes at the Chinese Arts and Crafts. Consider purchasing jewelry, particularly of jade. In the Western district, you can also buy antiques and visit the curio shops for gifts or souvenirs.
Travel Tips and Warnings
- You need to have your ID on you at all times.
- Weather can be a factor affecting your visit.
- Visit the traditional Chinese Luk Yu Tea house.
- Go to the Hong Kong Zoological and Botanical Gardens or Honk Kong Park.
- Admire the modern architecture of the Hong Kong Convention and Exhibition Center (CEO) or the traditional lines of Wong Tai Sin Temple in Outer Kowloon or Po Lin Monastery on Western Lantau Island.
- Stop and enjoy the panoramic view from Victoria Peak (The Peak).
- Go to Stanley Beach or the theme and adventure park of Ocean Park.
- Go shopping
Overview
Hong Kong is a thriving financial and business center on the South Coast of mainland China.
For travel information, see www.discoverhongkong.com.
Currency Summary
Current currency: dollar
100 cents equals 1 dollar
Coins: 5, 10, 20 and 50 cents; 1, 2, 5 and 10-dollars Banknotes: 10, 20, 50, 100, 500 and 1,000-dollars