From 1926 to 1935 HSBC issued its final Hong Kong $1 notes, catalogued as Pick 172. Local collectors call them 士兵頭 (“soldier’s head”), referring to the helmeted warrior watermark (and the martial Britannia portrait tradition on the face). In 1935 the Government assumed $1 issuance, ending the HSBC dollar series.
Design and varieties
- Pick 172 subtypes (a/b/c) cover signature and date combinations through the late 1920s and mid-1930s; 1935 examples are among the last HSBC dollars.
- Size about 131 × 95 mm; often described with a blue face, purple reverse and yellow underprint.
- Hong Kong accounts note that a 1929 HSBC $1 was among the first local notes to use a watermark — a milestone collectors still mention when discussing 士兵頭.
Collecting notes
士兵頭 is the most approachable HSBC $1 nickname type in the market, yet high-grade dated pieces still premium. After this series, collecting moves to Government $1 nicknames such as 鬍鬚佬 and 紫皇 — covered in our Hong Kong Government one-dollar topic.
