If you've got some of those antiquated 1RMB notes knocking around amongst your small change, you might want to hang on to one or two. On March 14 it was announced that the note is being phased out of circulation, leaving only the coin to represent the single Yuan.
The bank of China said the note is being phased out due to the longevity of the coin exceeding that of the note, convenience of payment with things like vending machines, and for health and environemntal reasons. There is speculation that the move was made to cut costs on the bank's part too.
In fact, banks stopped printing and issuing the note last year. However, this is the start of a long process, with many sources pointing out that the 2RMB note took almost 10 years to fully stop its circulation.
The back of the note features Hangzhou's tranquil-looking West Lake, a scene that is somewhat removed from the tourist-packed modern day reality.
Retailers have apparently been coming up with special 1RMB sets to 'commemorate' the note going out of currency, something which authorities have said is illegal.
Some netizens have joked that they will have to start carrying sturdier, bigger purses to hold the heavy coins even when they are just going to the convenience stores to buy snacks.