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The Mercantile Bank was absorbed by HSBC in 1978 and ceased issuing notes. In 1975, the 5-dollar notes were replaced by a coin, whilst 1,000-dollar notes were introduced in 1977. 1-dollar notes were replaced by coins in 1960, with only the 1-cent note issued by the government after 1965. In 1945, paper money production resumed essentially unaltered from before the war, with the government issuing notes of 1, 5 and 10 cents and 1 dollar, and the three banks issuing notes of 5, 10, 50, 100 and 500 dollars.
Just before the Japanese occupation, an emergency issue of 1-dollar notes was made consisting of overprinted Bank of China 5- yuan notes. In 1941, the government introduced notes for 1, 5 and 10 cents due to the difficulty of transporting coins to Hong Kong caused by the Second World War (a shipment of 1941 1-cent coins was sunk, making this unissued coin very rare). The government took over production of 1-dollar notes. Under the Currency Ordinance of 1935, banknotes in denominations of 5 dollars and above issued by the three authorised local banks (the Mercantile Bank of India, London and China, Chartered Bank of India, Australia and China and the Hongkong and Shanghai Banking Corporation) were all declared legal tender. 25-dollar notes did not survive beyond the end of the 19th century, whilst the 1-dollar notes (issued only by the HSBC) were issued until 1935. These notes were not accepted by the Treasury for payment of government dues and taxes, although they were accepted for use by merchants. Denominations issued in the 1860s and 1870s included 1, 5, 10, 25, 50, 100 and 500 dollars. In the 1860s the Oriental Bank Corporation, the Chartered Bank of India, Australia and China and the Hong Kong and Shanghai Banking Corporation (HSBC) began issuing notes. The total value of banknotes in circulation in Hong Kong can be found in the HKMA Monthly Statistical Bulletin and the HKMA Annual Report.Ī Hong Kong Government $1 note from 1935 Origins till 1900 Hong Kong banknotes in everyday circulation are issued in denominations of $10, $20, $50, $100, $500 and $1,000. The arrangements in Hong Kong are unusual but not unique, as a comparable system is used in the United Kingdom where seven commercial banks issue banknotes (three in Scotland and four in Northern Ireland) and Macau where two banks issue banknotes. In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government. Notes are also issued by the HKMA itself. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. The issue of banknotes of the Hong Kong dollar is governed in the Special Administrative Region of Hong Kong by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Note printer: Hong Kong Note Printing Limited: Issuing banks and authority: Government of Hong Kong ($10) The Hong Kong Shanghai Banking Corporation (Hong Kong) Standard Chartered Bank (Hong Kong) Bank of China (Hong Kong)