Taiwan's Central Bank releases the third series of zodiac commemorative coins, the tenth set "Bing Wu Year of the Horse Zodiac Commemorative Coin," on January 6. Each set is priced at NT$2,450, a significant increase of NT$550 from last year's Snake Year set at NT$1,900, representing a 29% jump, setting a new record. Central Bank Director of Issuance, Deng Yanda, stated that the silver price has surged from US$20 per troy ounce in 2019 to US$76.3, a 140% increase, which must be reflected in the cost to prevent arbitrage opportunities.
Taiwan Commemorative Coins Break Records at NT$2,450, Driven Mainly by Silver Price Surge
This year's Central Bank Year of the Horse zodiac commemorative set is priced NT$550 higher than last year's Snake Year set of NT$1,900, a rise of about 29%. Not only does this mark a new high for the third series of zodiac sets, but it is also a rare significant single-year price adjustment in recent years. Historically, official prices for zodiac sets have ranged between NT$1,600 and NT$1,900, with the second-highest being NT$2,000 during the Year of the Dragon in 2013.
From 2017 (Year of the Rooster) to 2023 (Year of the Rabbit), the pricing remained steady at NT$1,800. In 2024, the Year of the Dragon, the price was first increased to NT$1,900, and this year, for the Year of the Horse, it has been significantly raised again, reflecting rising precious metal prices and manufacturing costs. Such consecutive increases are extremely rare in the history of the Central Bank's zodiac coin issuance, indicating that silver prices have risen beyond the Central Bank’s capacity to absorb costs.
Deng Yanda explained that the price increase for this Year of the Horse set was unavoidable. Since 2019, silver prices have risen from about US$20 per ounce to US$76.3, a 140% increase, which he describes as "a very fierce surge." This increase far exceeds inflation rates and indicates structural supply and demand imbalances in the global silver market.
He emphasized that last year's set was priced at NT$1,900, and this time it is NT$2,450, because "we have no choice; silver prices have surged too high." He added that the purpose of making zodiac coins is to serve the public, not to profit from them. "Why set such a high price? Because the market value of silver material exceeds the set price, creating arbitrage opportunities, which the Central Bank does not want. These coins are meant as gifts or collectibles for the New Year, not for arbitrage. But with silver prices soaring, the Central Bank has to reflect the market prices appropriately. Please understand, the price is kept close to cost."
Historical Price Comparison of Zodiac Sets
2017-2023 (Rooster to Rabbit): NT$1,800, unchanged
2024 Year of the Dragon: NT$1,900, first increase
2026 Year of the Horse: NT$2,450, record high, up 29%
Second highest: Year 2013 Year of the Dragon at NT$2,000
This pricing strategy reveals the Central Bank’s dilemma. If prices are set too low, the silver value of the Year of the Horse coin exceeds its selling price, attracting speculators to buy in bulk and melt for arbitrage. If prices are set too high, it may discourage collectors. The NT$2,450 price aims to balance these concerns, and market reactions suggest it remains highly attractive.
Dual Sales Channels: Online Pre-Order and In-Person Purchase
This issuance employs two methods: online pre-order and in-person sales. Starting from January 6 at 10:00 AM until January 12, the public can pre-order online, or from January 29, visit Taiwan Bank branches (excluding simplified branches) to purchase in person. The total issuance is 90,000 sets, with 50,000 allocated for online pre-order and 40,000 for in-branch sales, each set costing NT$2,450.
Online pre-order limits each person to a maximum of 5 sets, with a lottery system for excess applications. In-person buyers are limited to 2 sets per person per transaction. These restrictions aim to prevent scalpers and speculators, allowing more genuine collectors to purchase. Historically, demand for Central Bank zodiac coins exceeds supply, especially after price increases, as market expectations for their collectible value grow.
Complete Purchase Guide
Online Pre-Order: January 6–12 via Taiwan Bank system, limit 1 order per person, up to 5 sets; excess applications entered into a computer lottery.
Lottery Announcement: January 13 at 2:00 PM
Payment Deadline: January 13–19 until 3:30 PM; late payments are considered forfeited.
Collection Period: From January 29, within one month, at the branch designated during pre-order.
In-Person Purchase: Starting January 29 at Taiwan Bank branches (excluding simplified branches), limit 2 sets per person per transaction.
Pre-order via the "Bing Wu Year of the Horse Zodiac Commemorative Coin Online Application System" on Taiwan Bank’s website, limited to one application per person. If applications exceed the quota, a computer lottery will be held, with results announced at 2:00 PM on January 13. Successful applicants must pay by 3:30 PM on January 19; unpaid applications are forfeited. Paid sets can be collected within one month from January 29 at the designated branches.
From a purchasing strategy perspective, online pre-order offers the chance to buy up to 5 sets via lottery, which benefits investors or gift-givers. In-person sales, limited to 2 sets but without lottery risk, are suitable for collectors wanting certainty. Historically, the lottery win rate for online pre-orders tends to be around 20–30%, especially in popular years.
Design Highlights of the Equestrian and 101 Fireworks Themes
This set includes one silver coin (NT$100 face value) and one copper alloy coin (NT$10 face value), crafted with advanced techniques to showcase diverse minting craftsmanship. The silver coin contains one troy ounce of silver, with the obverse featuring a partially gold-plated "horse" motif symbolizing speed and courage, set against a silhouette of Taiwan’s highest peak, Yushan, representing resilience. The design combines zodiac elements with Taiwan landmarks, blending traditional culture with local特色. The partial gold plating enhances the three-dimensionality and texture of the horse image.
The reverse depicts the "Taipei 101 New Year Fireworks" scene, viewed from below, capturing the moment fireworks burst as people countdown and celebrate, symbolizing a bright future for Taiwan. This design reflects a familiar New Year scene, embedding a moment in Taiwan’s contemporary memory.
The copper alloy coin’s obverse features a geometric composition forming a galloping horse, symbolizing readiness and success, with decorative patterns suggesting wealth and prosperity. The reverse showcases a colorful embroidered ball flower, a summer motif symbolizing happiness and reunion, with vibrant, clustered blossoms.
The Central Bank states that the packaging is elegant, with the base and display stand integrated for double-sided display, enhancing the viewing experience. The coin is housed in a pearl luster, diagonally woven paper box, making it a refined collectible and a suitable Spring Festival gift.
From a collectible perspective, the Year of the Horse coin’s record-high price may lead to good appreciation potential in the secondary market. Historically, Central Bank zodiac coins tend to appreciate several times their face value after a few years. Limited editions or well-designed years have greater growth potential. The NT$2,450 price, though higher, may reduce speculative buying, making it easier for genuine collectors to acquire.
