The hot coin market in China is producing record prices for rare Chinese coins and paper money. Champion Galleries Hong Kong Auction sale of 22 June 2008 offered a modest 352 lots of Asian coins and paper money, of which 317 lots sold for a total of US $1,894,539. Over 100 bidders filled the packed room at the Holiday Inn Golden Mile that Sunday, generating nearly a dozen world record prices. The strongest bidders in this sale were actually from Singapore, Taiwan, Hong Kong, and Chia.

The star of the sale was Lot 216, the 1867 Hong Kong and Shanghai Tael pattern (K911a), certified PCGS Proof-64, and the finest known example, which sold for US $195,500 – a world record price for a Hong Kong coin (all prices in this review include the buyer’s fee). This coin went to a phone buyer in Singapore. Lot 198, a Peiyang Tael of 1907 (K938a), estimated at $70,000, went for $120,750 (to buyer in Taiwan), topping the $97,500 price obtained for another example in Champion’s April 2008 sale. This too is a world record price for this coin. Lot 201, an undated (1897-1898) Hunan Dragon Half Dollar, which was unknown until 1975 and is not recorded in the Kann catalog, one of about 6 known pieces, brought $92,000. Lot 184 was a 1903 Hupoo Tael (K927), NGC certified Specimen-64, which sold to a Taiwan buyer for $80,500. Lot 205 was a stunning Kiangnan 50 cent dragon coin struck in 1897 (K67), certified NGC Proof-67 Cameo, undoubtedly the finest known example, which went to a buyer in Singapore for a world record price of $78,200. A set of 1936 Small Size Dollar and Half Dollar patterns, with sailing junk on the reverse (K634 & 635), went to a collector in China for $36,800 (a world record price) and $18,400 respectively. Lot 217, a regular issue Sun Yat Sen Dollar of 1912 (Y318; K600), NGC certified MS65 and estimated at $3,000, realized $14,950 – another world record price.

Among the gold coins in the sale, a 1906 Gold Tael Pattern (K1540), Lot 181, sold to a buyer in Hong Kong for $80,500. A pair of 1926 Shantung Gold $20 and $10 coins (K1535 & 1536) were obtained by a Singapore collector for $69,000 and $51,750, respectively, both world record prices. A Peoples Republic of China 1995-dated 5 ounce gold piece, honoring Hsu Pei-hung (Xu Beihong), said to be a 500 yuan coin, but unlisted in the Krause Standard Catalog of World Coins, with mintage of only 100 pieces, sold to a buyer in China for $43,700 on an $18,000 estimate; another world record . (more…)

The June 22, 2008 Champion Galleries sale in Hong Kong will contain many rare and interesting Chinese coins and bank notes, according to Champion Galleries President, Michael Chou. The sale will be held at the Holiday Inn Golden Mile in Kowloon, the site of major numismatic auctions and the Hong Kong Coin Show for more than 25 years. Bilingual catalogs, in both Chinese and English, may be reserved by contacting the company at the addresses at the end of this review.

Leading the list of rarities in this sale is the 1867 Shanghai Tael pattern stuck at the Hong Kong Mint (Kann 911a), from the Wayte Raymond Collection, certified Proof-64 by PCGS and NGC, and estimated to bring US $100,000 or more (all prices in this review are in U.S. dollars). Though inscribed with both Shanghai and Hong Kong, this coin was not intended for circulation in either place, but was to be a national coinage for use throughout China. Hong Kong in this case was simply a mintmark, and Shanghai indicated that it was struck to the standard of the Shanghai tael.

Another major rarity, certified by NGC as Specimen-64, is the 1903 Hupoo Tael (Kann 927). The dies for this coin, which features a unique type of dragon, were engraved in Japan, most likely at the Osaka Mint, but the coin itself was struck in Tientsin. This beautiful coin is expected to sell for $70.000. Estimated at the same level, is a 1907 Peiyang Tael (Kann 938a), which previously appeared in the 1991 sale of the Goodman Collection. Struck at the Tientsin Mint using the same Japanese style dragon as on the Hupoo coin, this piece is rated MS-62 by NGC.

From Kiangnan (the Nanking Mint) there is an undated Dragon Dollar struck in 1897, similar to Kann 66, but with a plain edge and struck in copper. Kann does not list this coin with a plain edge, though such exists in silver, and he does not list any copper strikings of the 1897 dollars. The plain edge 1897 dollars are listed in both silver and copper in H. Chang’s 1981 catalog, “Silver Dollars and Taels of China.” This copper pattern dollar is expected to bring $50,000. (more…)