10 Yuan Year of the Horse

China's lunar silver program has run annually since 1981, but the 2014 Horse issue marked the second full cycle through the twelve-animal calendar — the first complete cycle having closed with the 2012 Horse. The People's Bank has progressively tightened authorized mintage figures on these 1-oz lunar pieces over successive cycles, making later-cycle examples generally less available in quantity than their 1980s predecessors despite stronger collector demand.