“HSBC has immediately proceeded to redesign and reprint the faulty banknotes, with a view to putting them into circulation early next year as scheduled,” the bank said in a joint statement with the Hong Kong Monetary Authority (HKMA) and the government’s administration wing.
HSBC was responsible for the design of the notes, while the HKMA reviewed the design before revealing it to the public. The administration wing also reviewed the banknotes for approval. “The three parties had not detected the issue,” the statement said. “We sincerely apologize for the incident.”
HSBC will bear all relevant costs for revising the design, remaking the plates and printing the new notes. The cost of producing each new note is about 60 HK cents (US$0.08).
It will be interesting to see if any of the error notes make in onto the collector market.