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.
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.