On August 8, 2023, the Reserve Bank of Fiji (RBF) will release a new, non-circulating, "legal-tender" commemorative "banknote" in the denomination of 100 cents to commemorate the upcoming Chinese Lunar Year of the Dragon.
The design of this new "Year of the Dragon" banknote was essentially created for the Chinese collecting market and will not circulate in Fiji. It is a simply one of many money-making projects of the Fijian government and its issuance follows the success of the 88-cent "God of Fortune" note that was issued on August 8, 2022. The number 8 is a lucky number for the Chinese, so that explains the issue date of August 8th, also selected for last year's issue.
The obverse of the note includes a complex, beautifully designed, holographic foil strip on the left that features wave patterns, the number 100, leaves, the Fiji Banded Iguana (on the left), the Red-throated Lorikeet (on the right), fish, corals, starfish, the RBF logo, shells and pearls. A red hibiscus flower in full bloom is prominently displayed at the right with a smaller Spark® color-shifting (optically variable ink) security device in the shape of a blooming hibiscus flower at lower center. The hibiscus flower represents auspiciousness, prosperity and love in Fijian culture. The Fijian coat-of-arms is included in the upper right corner. This text is included on the front of the note: "This Numismatic Note is Legal Tender in Fiji for ONE HUNDRED CENTS." The note is signed by Faizul Ariff Ali, Governor of the Reserve Bank of Fiji.
The reverse of the note features a stylized, decorative Chinese dragon with white and yellow clouds around it. The Chinese dragon is the most distinctive mythical creature in Chinese culture, symbolizing good fortune and nobility. A red lantern hangs in the clouds, believed in China to ward off evil spirits and bring good fortune. It symbolizes family reunion, good health and joyous occasions. The Chinese symbol for "dragon" is included at lower center right. "Good luck in the year of the dragon" appears in English in the clouds under the dragon.
This polymer issue was produced by De La Rue on its Safeguard® polymer substrate. The note measures 145x70 mm. The announced quantity is 950,000 notes.
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Private companies and individuals have been teaming up with central banks of small countries for years to issue such items. An early example of this is the 1970s "Banknotes From Around The World" subscription service from The Franklin Mint, described here:
Recent examples include the 3-dollar Cook Islands issue, announced here:
(which did/does circulate on the islands)
and the 88-cent issue from Fiji mentioned above and announced here:
and here:
and discussed here:
The 88-cent note from Fiji last year was marketed by "China Coin Industrial Co., Ltd.," a company located in Shenzhen, China. They are still selling the "God of Fortune" note online: https://fiji88.com/pc/fortune-banknotes.html , now reduced to CNY 98 (ca. USD 13.56 or €12.12 for a single note), about 34 times face value (the face value of the note is ca. USD 0.40 or €0.36). At the RBF site:
the "local selling price" is listed as FJD 28, about 32 times face value.
This note can be purchased either in Fiji or from their marketing partner in China, or from an individual or dealer who acquired notes from either of these two sources.
The RBF announced on August 9, 2022:
that "NO NEW $0.88 numismatic banknotes will be entering into circulation. As is common practice among central banks, the RBF produces limited quantities of numismatic currency in partnership with reputable companies and entities for purchase by collectors and enthusiasts. The newly-announced $0.88 numismatic banknote is among the hundreds of non-circulation numismatic currency that the RBF has produced since 1974. The practice is similar to that of stamp production, whereby hobbyists can purchase the banknotes and coins for their collections. In this instance, the numismatic banknote with a face value $0.88 has been created for sale targeted at the Chinese and wider Asian market. Past numismatics banknotes and coins issued by RBF, which have covered themes such as Christmas, landmarks, celebrities such as musicians and fauna like birds of Fiji have been an important income stream for the RBF. In the past three years alone, the RBF has generated over $8 million in income through the sale of numismatic banknotes and coins which complements the Bank’s income."
The local selling price of this new 100-cent note is FJD 30, 30 times face value. In additional to individual notes, uncut blocks of 2, 3, 8 and 16 banknotes will also be sold, at higher prices, of course. "China Coin Industrial Co., Ltd." is the marketing agent once again. Details about how to purchase the new note will appear at both the company's website and the RBF site.
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