Currency, Coins, and Octopus

I opened my draw a while ago to find some (not much) American money. It was just lying there, having not been touched in quite a while. I picked and thought that they were just funny—funny shaped, funny colored, funny everything. They seemed awfully long in comparison to their width and way too green for their own good. It made me realize that though I’ve been here only for three months, it’s been enough to make me reevaluate my norms and see that I’ve not really talked about money here in Hong Kong.

By money, I don’t mean business. There’s enough of that here. I mean the nuts and bolts. I mean the greenbacks and the buckaroonies. I remember my first week here, I found myself with a wallet full of coins. I thought it was ridiculous how many coins I was carrying and when I emptied it out on my desk, I found about $60 HKD worth.

The funny thing is that they only divide the dollar into tenths here, so in theory I should be getting less change here than back in the States, being that back there we divide the dollar into cents. Yeah, here they divide it into cents as well, but the smallest coin is worth ten cents. Prices quoted in cents get rounded to tenths and in Cantonese, they would actually count ten cents as one unit (一毫), or one ten-cent unit.

I actually went running around my early days here calling ten-cent pieces dimes, because that’s what you’d call it back in the States. Pennies, nickels, dimes, and quarters are what’s in common circulation, right? Here, in coins there are ten-cent, twenty-cent, fifty-cent, dollar, two-dollar, five-dollar, and ten-dollar pieces. On a quick side note, I learned that talking about coins in American terms is not understood properly by other English speakers. They would say ten-piece instead of a dime, for example, and though words such as nickel can be figured out if you sit down for long enough, I’ve more than once gotten blank stares at my coin calling. But back onto everything else.

So there’s a funny collaboration of reasons for why I end up with more change here than back home. For instance, one USD is equal to almost eight HKD (fixed) here, so in some funny way, maybe the fact that I have to pay more in raw numbers combined with the fact that coins have higher raw face value here gives me that increase. I think though that the main reason is that back home, I hardly deal with notes and coins.

I deal with credit cards. Swiping for things is the easiest way back home. Most places have it integrated into the system, and for many purchases under like ten dollars or something, they’ve stopped asking you to sign the receipt. Here, I’ve seen people use credit cards. It takes forever. There are very few if any registers here that have integrated credit card capabilities. Clerks have to do it through the separate machine and enter the dollar amount separately, and the receipts print out funny. They look like sheets off the pads waiters write on at restaurants. In short, it’s not worth it here to use a credit card.

However, the Octopus card is in vogue instead—and it’s here to stay. It’s really quite a good system. It’s in essence a debit card without a signed contract. You can store up to $1000 HKD on the card and deposit money at a plethora of locales. You’re also allowed to go negative up to $35 HKD in one transaction, so if you’ve forgotten, chances are it’s not a big deal. It’s taken everywhere as well. Except for the taxicabs, I’ve hardly seen a place that takes money but not Octopus Cards.

The name is a different issue though. In Cantonese, the name is 八達通, which means something along the lines of “eight arrivals card.” The name was chosen during a competition, and has good vibes with eight being an auspicious number and all in Chinese. However, the only connection between the Cantonese name and the English name is that the first word in the Cantonese name is eight, and octopi have eight legs (or tentacles or whatever).

I guess I’ve got money on my mind though because I’m on a mission to collect coins for my brother’s currency collection. So a lot of non-Europeans don’t know this, but the Euro, while legal tender in the Eurozone, is minted by the individual countries. I’m not sure about the bills, but the coins at least (one-cent, two-cent, five-cent, ten-cent, twenty-cent, fifty-cent, euro, two-euro) are all produced by the individual countries and as such have state symbols that allow the currency to maintain national identity in the face of universality. These coins float all around the Eurozone, so while we were in France and Italy this past summer, he tried to collect as many as he could (a daunting task).

So I’m collecting for him. So far, I’ve got a full set of Thai Baht and some Chinese Yuan (though I think he might already have a set of that). I’m also trying to get a set of the modern Hong Kong Dollar coins (with the bauhinia flower) as well as a set of the pre-handover coins (with Queen Elisabeth II). My roommate who goes to Macau a lot has retrieved me most of the Macau Pataca. In addition, I’m trying to squeeze other currencies out of my fellow exchange students. In short, my little brother should be happy.

Back on to term paper writing!

Copyright © 2009 James Philip Jee
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