Central Bank Launches Year of the Horse Commemorative Coins

The Central Bank of Taiwan has introduced a new set of commemorative coins to celebrate the Year of the Horse. These coins are available for online preorder until January 29, 2024, and can also be purchased at Bank of Taiwan branches starting from that date.

This year, the central bank plans to sell a total of 90,000 sets of the coins, which includes 50,000 units for online orders and 40,000 units for in-person sales. Each set is priced at NT$2,450 and comprises one silver coin weighing 1 ounce (28.3g) with a face value of NT$100, along with a copper-alloy coin valued at NT$10.

The silver coin features a partially gold-plated design depicting a pair of galloping horses on its obverse side, while the reverse showcases colorful fireworks over Taipei 101. The copper-alloy coin presents a geometric silhouette of a horse on one side and a vibrant image of hydrangea flowers on the other.

The price of this year’s coin sets marks a significant increase, being the highest ever recorded. It is 28.95 percent higher than last year’s price of NT$1,900, attributed to the rising costs of silver. Over the past decade, prices for these sets have typically ranged between NT$1,600 and NT$1,900.

According to the central bank, silver prices surged by more than 140 percent last year, while gold and copper also saw substantial increases of 64 percent and 42 percent, respectively. At a news conference in Taipei, the Director-General of the Department of Issuance, Teng Yen-ta, explained, “This price hike was unavoidable, because silver prices have surged dramatically, and gold prices have repeatedly hit new highs.”

Teng continued, stating that setting the prices too low could create arbitrage opportunities, which the central bank aims to avoid. He noted, “If silver prices fall in the future, the central bank would adjust the coin sets’ price accordingly.”

The central bank’s data indicates that sales of the coin sets have historically performed well during years associated with the Horse, Dragon, and Tiger in the Chinese zodiac. This year, the total number of sets available is 10,000 more than last year’s offering of 80,000 sets.

The launch of these commemorative coins not only highlights the cultural significance of the Year of the Horse but also reflects the current economic conditions affecting precious metal prices. As coin collectors and enthusiasts prepare for the launch, the central bank remains optimistic about strong sales in the upcoming year.