The Rising Popularity of Unicorn Coins

Among the many series of modern Chinese coins issued by the People's Bank of China since 1979, the popularity and renown of the Unicorn series is second perhaps only to the internationally famous Panda series.  Unicorn coins are immensely popular, especially with collectors, and come in a variety of metals: gold, silver, platinum, and bi-metallic (gold and silver).  They were issued over a period of four years between 1994 and 1997 and tend to have very low mintages - some even as low as 18 pieces.  Aside from the 1994 1 kg gold Unicorn and the two bi-metallic Unicorns, every piece in the series features both a traditional Chinese unicorn - or Qilin - and a traditional western-style unicorn.  In this way this attractive series appeals to the cultural sensibilities of both western and Chinese collectors.  Both these mythical, magical creatures hold a special place in both cultures.  The western unicorn is a sign of purity and grace, and is often associated with virginity; while the Qilin is a sign of good luck and a bringer of prosperity and fortune, and a Qilin sighting is often associated with the coming or passing of a great ruler or sage.  The Qilin is depicted as a cloven-hoofed beast with the head of a dragon and the antlers of a deer, covered in the scales of a fish.  The western unicorn is more like a horse with a single spiralled horn emerging from its forehead.

Despite the beauty of these creatures, giving this series great aesthetic value, demand was very low at the time of issue.  Although it was initially planned that the series would run on an annual basis, like the Pandas, it was discontinued in 1997 because of this woefully low demand.  The series was doomed from the start.  In 1994, the People's Bank of China decided to raise its price on all of its collectable coins and the actual number of coins issued was often much lower than originally planned.  The series was popular, but collectors simply couldn't afford the prices, and the resulting low sales figures convinced the Bank that it was not an economically viable series, so it was stopped in 1997.  However, in recent years the Unicorn series has enjoyed a surge in popularity.

Collectors often choose to acquire sets based on dates or denominations, but enthusiasts seldom chose to try to collect all the coins of the series - a costly and extremely challenging pursuit.  Despite the limited years of production, there are many avenues and options for collectors to explore.

Among the Unicorn series, of particular note are the 5 oz gold Unicorns issued between 1994 and 1996.  They have very low planned mintages of 99, 99, and 108 respectively, but it is widely held that the actual mintages are much lower.  What makes them even rarer is that many people melted them down for their gold value, failing to recognise their numismatic value.  Other noteworthy coins include the 1996 1 oz and 1/4 oz platinum pieces; all the 20 oz silver pieces; and the 1997 1 oz platinum piece, all of which have planned mintages of 500 pieces each.

The coins were originally issued in a variety of sets, the rarest and most sought after is the so-called colossal sets.  These contained all the coins issued in that given year with the exception of the 1kg gold Unicorn.  Only 15 of these complete sets were issued each year, distributed in a purpose built set box.  They are so scarce that they are rarely seen.  Other smaller sets were also distributed, including two, three, four, and five-coin box sets.  Today these sets are in high demand and are becoming less and less common.