Hong Kong dollar Wikipedia

The above Rolex Datejust Reference Circa 1985 sold for 698,500 HKD in April 2023. The Rolex Datejust Rainbow Reference is part of the Rolex Lady Datejust collection designed specifically for discerning female collectors. This Rolex Datejust featured a 26 mm white gold case, a highly coveted multi colored rainbow sapphire set bezel, and a matching white gold bracelet.

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The Rolex Datejust stands as one of the most iconic and enduring models in the world of luxury watches. Renowned for its timeless elegance, innovative design, and impeccable craftsmanship, the Rolex Datejust has captivated collectors and enthusiasts alike since its introduction in 1945. Sotheby’s auctions have showcased some of the https://www.1investing.in/ most remarkable and historically significant Rolex Datejust watches, each with its own unique story and provenance. This article delves into the top five most expensive Rolex Datejust watches sold at Sotheby’s, highlighting their exceptional features, historical backgrounds, and the reasons behind their extraordinary value.

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In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider. As of 18 May 2005, in addition to the lower guaranteed limit, a new upper guaranteed limit was set for the Hong Kong dollar at HK$7.75 to the US dollar. A further aim of allowing the Hong Kong dollar to trade in a range is to avoid the HK dollar being used as a proxy for speculative bets on a renminbi revaluation. Create a chart for any currency pair in the world to see their currency history. These currency charts use live mid-market rates, are easy to use, and are very reliable.

1. The 5-cent coin was last issued in 1979, but last struck in 1988.
2. The Reference 5100 retains the traditional look of a Rolex Datejust, enhanced by its innovative quartz movement.
3. The Hong Kong Dollar refers to Hong Kong’s national currency and is represented by the ISO code HKD and symbol HK$.
4. Hong Kong is now in sole control of the printing and administration of its currency, which is controlled by the Hong Kong Monetary Authority (HKMA).
5. It was accurate to 5 seconds per month and significantly impacted watchmaking history by paving a contemporary preference for quartz watches.

In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government. The arrangements in Hong Kong are unusual but not unique; a comparable system is used in the United Kingdom, where seven banks issue banknotes. In 1863, London’s Royal Mint began issuing Hong Kong Dollar coins. By 1935, Hong Kong was the only country left on the silver standard. During Japanese occupation the Dollar was temporarily suspended, replaced by the Japanese Military Yen. In 1945, the Hong Kong was re-issued, pegged to the British Pound at a rate of 16 HKD to 1 GBP.

Established in 1993, the Hong Kong Monetary Authority is the central bank of the island and acts to control inflation and maintain the stability of the Hong Kong dollar (HKD) and of the banking sector through its monetary policy. The HKD is the ninth most traded currency, and because it is pegged to the U.S. dollar, with upper and lower limits, it does not exhibit any strong unique correlations with other currencies. The Hong Kong dollar was first seen as a distinct currency in 1863. Before then, various foreign currencies had been used and continued to be used even after the HKD’s inception. The Hong Kong dollar was outlawed by the Japanese puppet government in 1943 and reinstated in 1945 after World War II. Hong Kong is now in sole control of the printing and administration of its currency, which is controlled by the Hong Kong Monetary Authority (HKMA).

All older HK$10 banknotes, although rare and being phased out, remain legal tender. In 1975, the HK$5 notes were replaced by coins, whilst HK$1,000 notes were introduced in 1977. The Mercantile Bank was absorbed by the HSBC in 1978 and ceased issuing notes. In 1985, HK$20 notes were introduced, whilst, in 1993, HK$10 coins were introduced and the banks stopped issuing HK$10 notes. In 1994 the HKMA gave authority to the Bank of China to issue notes. In 1934, the last 1-cent coins were issued, but the last minting was 1941.

These were not issued because the Japanese sank a ship carrying 1-cent coins bound for Hong Kong in the Second World War. The following year (1935), cupro-nickel 5 and 10 cents were introduced, replaced by nickel in 1937 and nickel-brass between 1948 and 1949. Copper-nickel 50 cents were issued in 1951 and first bore the name “fifty cents” in both Chinese and English, but these were changed to nickel-brass in 1977. The above Rolex Datejust Reference 5100 sold for 1,197,000 HKD in October 2020. The Rolex Datejust Reference 5100 marked a historical invention in 1969.

Limited to two years of production, this Rolex Datejust is extremely sought after due to the few white gold examples available on the market. During the 19th century, Hong Kong used a variety of foreign currencies such as Indian Rupees, Spanish Dollars, Mexican Pesos, and Chinese coins for daily transactions. As a British colony, an attempt to standardize the currency system was made in 1825 by introducing Sterling coins.

The issue of Hong Kong dollar notes is governed today by the Hong Kong Monetary Authority (HKMA), the governmental currency board of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. They are Hongkong and Shanghai Banking Corporation Limited; the Bank of China (Hong Kong) Limited; and the Standard Chartered Bank (Hong Kong) Limited.

Under capital control laws, a bank can only use HK dollars if it has the equivalent value of U.S. dollars on deposit. They add hidden markups to their exchange rates – charging you more without your knowledge. HKD is governed by the currency board of Hong Kong called the Hong Kong Monetary Authority (HKMA), which is also the country’s de facto central bank. Under the HKMA license, three commercial banks are authorized to print their notes for circulation. The banks are Standard Chartered, the Bank of China, and the HSBC (Hong Kong and Shanghai Banking Corporation).

Currently, denominations of 10 HKD, 20 HKD, 50 HKD, 100 HKD, 500 HKD, and 1,000 HKD notes are in circulation. Hong Kong also uses coins of 10, 20, and 50 cents and 1 HKD, 2 HKD, 5 HKD, and 10 HKD. The three banks issue banknotes with their designs in the denominations equal and above 20 HKD. The types of royalty account Hong Kong government governs the issuance of all the coins and 10 HKD notes. While only the HK$10 banknote is issued solely by Hong Kong Monetary Authority on behalf of the Government of Hong Kong, which in total makes up the banknote circulation arrangement to four different note issuers.

In 1873, the international silver crisis resulted in a devaluation of silver against gold-based currencies. Check live rates, send money securely, set rate alerts, receive notifications and more. As of today, coins in denominations of HK$10, HK$5, HK$2, HK$1, 50 cents, 20 cents and 10 cents are issued by the Hong Kong Monetary Authority on behalf of the Government of Hong Kong.