Hong Kong Banknotes: History, Notable Notes, and Collecting Guide
The Hong Kong dollar explained, from its colonial origins to the unusual modern system in which three commercial banks, not a central bank, print the city's money.
Last updated: July 2026
Hong Kong's official currency is the Hong Kong dollar (ISO code HKD, symbol HK$), and it works unlike almost any other money in the world. Instead of a single central bank, three commercial banks, HSBC, Standard Chartered, and Bank of China, each print their own banknotes under the authority of the Hong Kong Monetary Authority, while the government issues the HK$10 note and all coins. That multi-issuer system is exactly what makes Hong Kong paper money so collectible, because every denomination exists in three different bank designs, and the notes trace a story that runs from 1860s colonial trade banks to the 1994 arrival of the Bank of China. Collectors can chase an affordable current note, a matched set across all three issuers, or scarce nineteenth-century bank issues that rank among Asia's most prized paper money.
What is the history of Hong Kong paper money?
Hong Kong has issued paper money since it became a British colony, and from the very beginning it was printed by private banks rather than a government mint.
Hong Kong became a British colony in the 1840s, and its money began as a mix of foreign silver dollars and Chinese coin. The government adopted the dollar as the colony's unit of account in the 1860s. Note-issuing banks had appeared two decades earlier, when the Oriental Bank issued Hong Kong's first banknotes in 1846, and in the 1860s the Chartered Bank of India, Australia and China, now Standard Chartered, and the newly founded Hongkong and Shanghai Banking Corporation, or HSBC, began printing notes for local trade. Founded in 1865, HSBC would become the largest issuer, and its notes are woven through the city's history.
For most of the next century, Hong Kong notes were issued only by British and foreign banks. The Japanese occupation from 1941 to 1945 interrupted that story, when military yen replaced the local dollar and older notes were forced out of use. After the war the Hong Kong dollar returned and grew into one of Asia's leading trade currencies. The government stepped in at the small end, issuing its own low-value notes such as the one dollar and one cent when coins were scarce.
In 1983 the currency was placed on a fixed footing. Under the Linked Exchange Rate System the Hong Kong dollar is tied to the US dollar at HK$7.80 to US$1, a peg the Hong Kong Monetary Authority still maintains today. A second landmark came on 1 May 1994, when the Bank of China (Hong Kong) began issuing notes. It was the first time a Chinese bank printed Hong Kong currency, ending more than a century in which only foreign banks had that right. When Hong Kong returned to Chinese sovereignty in 1997 as a Special Administrative Region, it kept its own currency and its three note issuers under the one country, two systems framework.
What are the most collectible Hong Kong banknotes?
The most sought-after Hong Kong notes fall into a few clear groups, from nineteenth-century bank issues to the modern three-bank sets that only Hong Kong can offer.
| Note or era | Issuer | Why collectors want it |
|---|---|---|
| Early bank issues, 1860s onward | HSBC and the Chartered Bank | Foundational nineteenth and early twentieth century notes; scarce survivors that rank among the most valuable Hong Kong paper |
| Wartime and small-change notes | Government of Hong Kong | Emergency low-value notes such as the one dollar and one cent, tied to shortages and the war years |
| Japanese occupation era, 1941 to 1945 | Japanese military authorities | Military yen from the occupation, a somber and historically important chapter |
| Bank of China first issues, 1994 | Bank of China | The first Hong Kong notes ever printed by a Chinese bank, a modern milestone with strong first-year appeal |
| Three-bank denomination sets | HSBC, Standard Chartered, Bank of China | The same value in three different designs; a matched trio is a distinctively Hong Kong goal |
| Commemorative notes | Various issuers | Special issues released to mark events, such as the Bank of China HK$20 note for the 2008 Beijing Olympics |
| Government HK$10 notes | Government (HKMA) | The only denomination the three banks do not print, including a widely collected polymer version |
The classic prizes are the early issues of HSBC and the Chartered Bank, whose nineteenth and early twentieth century notes are scarce and can be very valuable. At the other end, the modern era offers something no other currency can, a single denomination available from three different banks in three different designs. Assembling a matched three-bank set of the HK$20, HK$50, HK$100, HK$500, and HK$1000 is a uniquely Hong Kong pursuit. The Bank of China first issues of 1994 carry the weight of history as the first Chinese-issued Hong Kong notes, while commemorative releases, such as the Bank of China note marking the 2008 Beijing Olympics, add color to any collection. The government HK$10 note, the only denomination the three banks do not print, is an easy and affordable place to begin.
How do you start collecting Hong Kong banknotes?
Choose one focus, favor uncirculated notes, and buy from a source-first dealer that authenticates and documents every note.
A focus gives a collection direction. The most natural one in Hong Kong is the three-bank set, gathering the same denomination from HSBC, Standard Chartered, and the Bank of China to show how each issuer treats the same value. Others collect by bank, follow a single denomination across the decades, or hunt the historic issues of the colonial trade banks. Whatever you choose, condition drives value, so buy fewer and better notes and favor uncirculated examples. Our guide to collecting world banknotes walks through choosing a focus, budgeting, and buying safely.
Above pocket-change value, authenticity is everything. Buy from a dealer that documents where a note came from and includes a Certificate of Authenticity, and for scarcer pieces consider notes certified by PMG or PCGS on the 1 to 70 scale. Our banknote grading guide explains that scale and what UNC and EPQ mean. If a term is unfamiliar, our banknote glossary defines the vocabulary collectors use.
Where can you buy Hong Kong banknotes?
Buy from an established, source-first dealer that authenticates every note, offers independent grading on higher-value pieces, and stands behind each note in writing.
The biggest risk for a collector is a note whose authenticity or condition does not match the listing, and you reduce that risk almost entirely by choosing where you buy. Planet Banknote sources notes directly from mints, central banks, and authorized distributors, inspects each one through the Planet Banknote Verified process, and ships every order with a free Certificate of Authenticity. Browse the current selection of Hong Kong banknotes to start, and add certified pieces from our graded banknotes collection when you want slabbed examples.
Related guides
- How to Start Collecting World Banknotes: choosing a focus, budgeting, and buying safely.
- Banknote Grading Guide: how the PMG and PCGS 1 to 70 scale works, and what UNC and EPQ mean.
- Banknote Glossary: plain definitions of the terms collectors use.
- Hong Kong Banknotes: the current selection at Planet Banknote.
Frequently asked questions
What currency does Hong Kong use?
Hong Kong uses the Hong Kong dollar, with the ISO code HKD and the symbol HK$. One dollar divides into 100 cents. Its most unusual feature is that most banknotes are issued not by a central bank but by three commercial banks, HSBC, Standard Chartered, and Bank of China, under the authority of the Hong Kong Monetary Authority. The HK$10 note and all coins are issued by the government.
Why do three different banks issue Hong Kong banknotes?
The arrangement dates to the colonial era, when private banks such as HSBC and the Chartered Bank began issuing notes in the 1860s. Today the government, through the Hong Kong Monetary Authority, authorizes three banks to print currency, so each denomination exists in three different designs. That multi-issuer system is rare among major currencies and is the heart of Hong Kong collecting.
Is the Hong Kong dollar pegged to the US dollar?
Yes. Under the Linked Exchange Rate System, the Hong Kong dollar is tied to the US dollar, and note-issuing banks put notes into circulation against US dollars at a rate of US$1 to HK$7.80, according to the Hong Kong Monetary Authority. The peg has anchored the currency since 1983.
Which Hong Kong banknote is issued by the government?
The HK$10 note is issued by the government through the Hong Kong Monetary Authority, and it is currently the only denomination the authority issues directly. Every other note, the HK$20, HK$50, HK$100, HK$500, and HK$1000, is printed by one of the three commercial banks. All coins are also government issued.
How do I start collecting Hong Kong banknotes?
Pick one focus, such as a matched set of a single denomination from all three issuing banks, the historic issues of HSBC and the Chartered Bank, or the 1994 first notes of the Bank of China. Buy from a source-first dealer that authenticates every note and includes a Certificate of Authenticity, and consider examples certified by PMG or PCGS on the 1 to 70 scale for scarcer pieces.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.