Found at: Dinar Recaps 10/9 6pm Newsletter
Traders make a killing on banknotes before withdrawal TUOITRENEWS A+ A-
Updated : Tue, October 9, 2012,5:08 PM (GMT+0700)
The bills will be withdrawn from circulation as of January 1, 2013, the State Bank of Vietnam said late last month.
VND10,000 and VND20,000 paper banknotes are now offered for sale at prices up to four times higher than their face value following a recent announcement from the State Bank of Vietnam that the bills will be withdrawn from circulation from next year.
The paper notes will cease to be legal tender from January 1, 2013, the central bank said late last month.
They can be exchanged for the currently circulated polymer versions after this milestone, the bank added.
Online traders, who have collected paper notes since the introduction of polymer banknotes in 2003, immediately seize this opportunity to reap profits from those who are willing to open their wallet to buy the notes in order to gift them to friends as a good luck wish, or just to keep them as good memories of the currencies.
The serial number on each note will determine its price, they said, explaining the more “unique” the number is the higher the price gets.
A trading forum member recently posted an ad that listed a VND10,000 paper note at VND20,000 while another demanded VND40,000 for each of his five brand new bills, and VND25,000 for older ones.
The latter member claimed that it is hardly impossible to find VND10,000 paper bills now so he would definitely not lower the prices.
Others said that they will sell their VND20,000 paper notes only if buyers bid VND40,000 to VND50,000 for each one.
Paper notes like this will be given as souvenirs to friends on special occasions like Tet (Vietnamese Lunar New Year) or New Year’s Day (January 1), Lan Anh, a college student in Hanoi, said.
The VND10,000 paper note symbolizes luck thanks to its bright shade of red, according to a member of an online trading forum.
Easy to be torn
Locals apparently prefer the polymer notes as many sellers complained that it is easy for the paper ones to absorb water and thus be torn apart.
“It is a good decision because polymer notes are waterproof and difficult to break off,” Nguyen Thi Ngoc, a florist in Hanoi, said.
Ha, a greengrocer at Trieu Khuc market in the capital city, added that VND10,000 and VND20,000 paper notes tend to get moldy and even decayed if left unused for a long time.
“Their polymer equivalents are more convenient,” she said.
Flip sides of polymer notes
VND10,000 and VND20,000 paper bills also have fans even though their polymer counterparts prevail now.
The polymer currencies lose their color easily and the printing on some notes would blur quickly after several times being changed hands, Nguyen Thi Lien, another Trieu Khuc seller, said.
“I still prefer the paper notes,” she said.
A number of sellers said the color of the paper bills is far brighter than that of the polymer issues.
Others moaned that a lot of the polymer banknotes have turned creased and less shiny, with the figures and images on them already starting to fade.
Many customers have rejected such notes when dealing with vendors at the market, they said.