One series of the 1 jiao coin was to be removed from circulation starting on Tuesday, making the coin more valuable for collectors.
People's Bank of China, the central bank, has called on banks nationwide to hand over all that series of 1 jiao coins, adding that no new such coins are to be distributed, the newspaper reported.
The coin, minted mainly from 1991 to 1999, is among the fourth series of renminbi coins. It features a chrysanthemum on one side and the National Emblem of the People's Republic of China, the full title of the state in Chinese and pinyin on the other side.
The fourth series of notes were introduced in denominations of 0.1, 0.2, 0.5, 1, 2, 5, 10, 50 and 100 yuan. Coins were introduced in denominations of 0.1, 0.5 and 1 yuan.
The report cited a collector as saying that the coin is favored by collectors because of its design, which features nonagon inside edges on both sides of the coin.
"A 1994 edition of the coin is worth about 30 yuan, while a set of nine coins from 1991 to 1999 is worth about 200 yuan," the collector said.
One series of the 1 jiao coin was to be removed from circulation starting on Tuesday, making the coin more valuable for collectors.
