On August 23 this extremely rare gold coin, rated AU with an estimated price range US $30,000 – 60,000, will be one the Champion Auction 11 headliners at the Hyatt Regency Hotel Ballroom I, 18 Hanoi Road, Tsim Sha Tsui, Hong Kong.

It is well known that during the 17-18 centuries, no coins were struck in Tibet, but Nepalese coins circulated widely in the urban areas. On several occasions, the Tibetan authorities, rather than strike silver coins of their own, sent bullion to Nepal and received Nepalese coins in exchange. The exchange was made on a weight for weight basis, but as the Nepalese coins were only between 50% and 67% fine, the Nepalese were able to make significant profit.

In about 1750AD, the situation changed when Prithvi Narayan, the king of Gorkha, started to besiege the Kathmandu Valley. He closed the pages, and stopped any trading between the Newar kingdoms of the Valley and the outside world, including Tibet. As a result, the supply of coins in Tibet stagnated, but the demand did not stop increasing. Seeking to stem a potential economic crisis, the Tibetan authorities, for the first time, started striking their own coins.

Chinese reports from the time claim that the Demo Regent issued the first Tibetan struck coins in 1763 or 1764, and again in 1785 AD when the Dailai Lama issued coins, before a more regular coinage began in 1791 AD. It had been widely held that all Tibetan coins from this period were silver, in varying degrees of fineness. However, we now have tangible proof of a rare gold coin struck from uncommon dies.

The diameter of the gold coin is measured at 28mm with the previously noted weight of 6.53g, A. Lissanevitsch Collection. The obverse legend, “Sri Mangalam”, means auspicious, lucky or fortunate in Sanskrit and may have a similar significance to the Eight Lucky Signs (Asta Mangalam in Sanskrit) which appear on so many later Tibetan coin. The legends were designed four compartments arranged in a cross. The reverse legend, “dGa-ldan phyod-las rnam-par rgyal-ba” is Sanskrit for completely victorious in all directions, designed with eight petals around a wheel. The dGa-ldan palace, located in the Drepung monastery near Lhasa, was the traditional residence of the Dalai Lama. The mention of “dGa-ldan” leads many to believe that this coin was struck by the 8th Dalai Lama around 1785.

This first gold coin was struck with the same dies as one of the rarest Tibetan silver coins of the time, also called silver tankas. There are only six examples of the silver ‘Sri Mangalam’ tankas that struck from two obverse dies and four reverse dies. While these silver tankas are extremely rare today, they were most likely produced in significant numbers at the time. Compared to the Nepalese coins that still circulated in Tibet, the silver tankas had a very high silver content, which resulted in most specimens being melted. Of the six tankas, Coin No. 4 has the word ‘rnam’ on the reverse, written with the nasal diacritical anusvara rather than the letter ‘ma’. It is very unusual to see a Tibetan word rather than the more common Sanskrit. This error in calligraphy may have resulted in the No. 4 die being rejected and destroyed before it could wear out through natural use.

What is particularly interesting about this earliest Tibetan gold coin is that is weighs 6.53g, compared with the silver coins, which all weigh about 5.3g. No other coin of Tibet was struck to this standard, and it is not a well-known weight standard of the region. However, this is the weight referred to by a few authors as a Tibetan Miscal, which is variously stated to be 50% more than the normal Miscal, or one and a sixth ‘Mahendra-malli’. In fact, as can be seen from the weights of the actual coin, the ratio is not exactly 7/6. However, we must consider that in Tibet, since most silver bullion was imported from China in the form of silver ingots, the most common weight standard for silver was the Chinese Treasury Ounce, or Kuping Tael, called a Srang in Tibet, which was theoretically equal to 6 2/3 ‘Mahendra-malli’. Hence, using the theoretical ‘Mahendra-malli’ as the base, and taking the Kuping Tael to be approximately 37.3g,the Tibetan gold Miscal should weigh 6.53g, the exact weight of this gold coin.

While almost all coins struck in Tibet during the next century were silver, a gold  Sino-Tibetan coin struck in the 58th year of the Qian Long Emperor has been found in Lhasa. Reports list the coin as part of the Norbu Lingka Palace collection. Unfortunately,  we are unable to secure a good photograph of this piece or to take its weight.

Champion Auction is delighted to invite intrigued numismatists to Champion Auction 11 to see proof of a one-of-a-kind, extremely rare Tibetan coin struck in gold.

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3. CHAMPION HONG KONG AUCTION SETS STRING OF RECORD PRICES

The lots in this sale can be viewed in the printed catalog and at Champion’s website: www.cghka.com.Both the catalog and the website listing appear in English and Chinese. Champion is the only auction house in the world to publish a fully bilingual catalog. Bidders may bid by phone or email or through a live auction website. http://www.liveauctioneers.com/catalog/18453

Although paper money highlights this Champion sale, there are many rare and interesting coins in the sale. One of the most important coins is the 1884 Kirin Half Tael silver coin (Kann 917; Lin 505), with 1987 ANACS Certificate, in choice uncirculated condition, estimated at $10,000. This coin is from a set of experimental coins which were soon discontinued and melted.

A newly discovered variety of the 1901 Kiangnan Dragon Dollar, which has a dragon with 6 claws instead of 5, appears in the sale, estimated at $8,000. Another recently discovered coin in this sale is a Kwangtung pattern 1 cash, without center hole, probably made in 1890, NGC SP62, estimated at $1,000.

Another key coin in this auction is the 1867 Hong Kong-Shanghai Tael with rays (Kann 912), rated Proof 65 by NGC, expected to bring $70,000 to $100,000. Most of the important coins in this sale have been certified by NGC , including a 1904 Hupeh Tael (Kann 933) NGC MS63, estimate $6,000, and a 1907 Tientsin Mint silver dollar with wave design border (Kann 212), MS63, estimated at $4,000. A seldom seen 1936 silver pattern dollar, with Sun Yat Sen and ancient spade coin design (Kann 635), NGC MS62 is also offered here, NGC MS62, estimated at $6,000.

Among the more unusual items in this sale is a silver, dollar-sized medal, struck in 1930 to commemorate the completion of the Shanghai Mint (Unusual World Coins XM505). Designed by American, Clifford Hewitt, whose initials appear on the obverse, this piece has an experimental lettered edge, is NGC certified MS64, and expected to sell for $5,000 or more. Several Yuan Shih Kai coins are offered, including the Tall Hat Pattern Dollar with L. GIORGI (Kann 642a), MS63, estimate $8,000; and the three-quarter bust dollar (Kann 643; the first produced by Giorgi), MS62, estimate $8,000.

Among gold coins in this auction are the 1912 Sun Yat Sen 20 Cent (Kann 1551), estimate $4,000; the Hung Hsien Flying Dragon $10 (Kann 1515), expected to sell for $9,000 or more; and a Tsao Kun gold medal. A last minute hightlight will be a 1901 British Trade Dollar, proof, struck in gold, and estimated at $70,000.Older coins can also be found in this sale, including a number of Chou (Zhou) dynasty knife and spade coins.

There are three Ch’i (Qi) knife coins, a couple of small, straight knives, a hollow-handle spade, and one of the earliest round coins, this one issued by the city of Yuan in what is now southern Shansi province. Some 20 silver sycee and several lots of beautiful Korean amulets round out the early coins section of the sale.From Annam (Vietnam) there is huge, 64mm, 1 Lang (tael) silver coin of Emperor Tu Duc (1848-1883) (KM 477; Schroeder 348), possibly the largest round silver coin issued in Annam, uncirculated and estimated to sell for $1,500 to $3,000.

Several other Annam silver coins are also offered in this sale. Tibet is represented by a 1909 Srang, one of only two dollar-sized silver coins from Tibet, this one formerly in the Kann and Goodman collections. NGC rated XF45 this coin is estimated at $1,000 to $2,000.

For the paper money collector, this sale offers the Ta Ch’ing Bank, Shensi Branch, 100 Taels note of 1910, an unissued remainder with margin still attached. This note is unlisted in the Pick catalog; In Smith & Matravers, Chinese Banknotes, this would be T10-50 (but higher denomination); PMG certified AU55, estimated at $5,500. This extremely high denomination would have been used in Sian (Xian), capital of Shensi (Shaanxi).

One of the earliest issues of the Commercial Bank of China, after changing its name from Imperial Bank of China, a 1914 $5 (Shanghai) uniface specimen of the face only (Pick A133Bafs), appears in this sale, PMG graded AU55.

The stars of the paper money section, however, are three very rare, high denomination notes of the Russo-Chinese and Russo-Asiatic Bank. First is a Russo-Chinese Bank, Shanghai Branch, 100 Mexican Dollars note, an undated, uniface specimen of the face only, issued about 1909 (Pick S545fs; S & M O5-44). This note is certified Choice Uncirculated 64 by PMG, and expected to bring over $1,000.

The second is a Russo-Asiatic Bank, Harbin Branch, 100 Dollars, overprinted on a 1909 Tientsin 100 Taels note (Pick S466). This extremely rare note, graded PMG Gem Uncirculated 65, is estimated at $8,000.

The third note, and a Major Rarity, is the 500 Dollars note in the same series (Pick S467), overprinted on the Tientsin 500 Taels. Rated PMG AU55, this note is expected to sell for $12,000 to $18,000.

These high denomination overprints, issued in 1910, reflect the growing amount of business conducted by the Russians at Harbin, on the border of the two countries.

Foreign Banks in China account for some of the other highlights in this sale. From the Yokohama Specie Bank, there is a Tientsin Branch, 100 Dollars 1918 (Pick S657), rated PMG Choice Uncirculated 64, estimated at $3,000. The French, Banque Industrielle de Chine, is represented by a Shanghai Branch, 500 Dollars 1914, Specimen (Pick S397Cs; S/M C254-6c), PMG Choice AU58, valued at $4,000. Another high denomination note, this time from the Chartered Bank of India, Australia & China, Hong Kong Branch, a 1927 100 Dollars (Pick 45) is offered. This note is rated PMG EF-40, and is expected to sell in excess of $26,000.

Actual viewing of the lots in this sale will be available in Taipei, Taiwan March 27 and 28, from 10 AM to 5 PM by appointment, and in Hong Kong on March 31 and April 1, from 9 AM to 1 PM, at the Sheraton Hotel where the sale will be held on the afternoon of April 1.

For viewing in Taiwan, contact Fuchin Coins & Stamps at (02) 23121761. The viewing in Hong Kong will be on the 3rd floor of the Sheraton in room Tang II.Bidding in this sale may be done by telephone by prior arrangement or by email at: championghka@gmail.com.

Online bidding is also available through: http://www.liveauctioneers.com/catalog/18453The catalogs and prices realized from all previous Champion auctions since 2007, can be viewed at the website: www.cghka.com.

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1. Upcoming Champion Hong Kong Auction Offers Chinese Numismatic Rarities
2. CHAMPION GALLERIES JUNE HONG KONG AUCTION FULL OF CHINESE RARITIES
3. CHAMPION HONG KONG AUCTION SETS STRING OF RECORD PRICES

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 .

Chinese ancient coins also performed well in the Champion sale. Lot 18 was a 5 character knife coin from the State of Ch’I, inscribed: Chieh Mo Chih Fa Hua (Jiemo Zhifa Hua), similar to Fisher’s Ding 354, but with a different reverse (Hartill 4.2k), brought $6,900 from a buyer in China. Lot 10 was a pre-dynastic Ch’ing Dynasty 10 cash coin, inscribed entirely in Manchu, issued by Abahai Khan during 1627-1636 (Hartill 22.8; Fisher’s Ding 2175), estimated at $200 but finally sold for $1,265 to a Taiwan buyer.

The highlight among the many fine Hong Kong coins in this sale, was the very rare 1941 one cent coin (Lot 58), estimated at $4,000. The coin was purchased by an American collector for $5,520, after spirited bidding over Ebay by a collector in Russia. A series of one cent patterns also brought high prices: Lot 24, KM Pn25 ($6,325); Lot 26, KM Pn285 ($4,600); Lot 28, KM Pn288 ($4,000); and Lot 52, undated, young head Victoria pattern, Pr.254 ($6,325). The regular issue 1905 ten cent coin (Lot 43), PCGS certified MS62, went for $3,680.

There was also spirited bidding on the Chinese paper money, especially for Ch’ing Dynasty notes, between two buyers in China, a business tycoon, and a museum. The highest price realized was Lot 139, a very rare Ta Ch’ing Bank $5 note on the Shanghai branch (Pick A71h), estimated at $300, but sold for $12,650. The Third highest price realized for a bank note in the sale was for an 1898 Imperial Bank of China $1 note on the Canton branch (Pick A36a). This Barclay & Fry specimen note (Lot 110) sold for $10,350 to a buyer in China. The next lot, an 1898 $50 note from the same bank, but on the Shanghai branch (Pick A54a), went to a collector in China for $8,625. Lot 100, a beautiful $50 color trial specimen note on the Chartered Bank of India, Australia & China, from the Hong Kong branch, realized $9,775. Surprisingly, the second highest price paid for a note in this sale was for Lot 180, a Peoples Republic of China 10 Yuan note from 1953 (Pick 870), which sold for $11,500. All of the notes in the 1953 series are scarce to rare, the 10 Yuan highest value, being the rarest of all. These notes were printed in Russia, and after the Sino-Soviet split about 1960, the Chinese were afraid the Russians might attempt to damage the Chinese economy by flooding the country with 1953 notes. The notes were withdrawn from circulation and destroyed.

Chinese medals also sold well in the Champion sale. Lots 276 and 277, the Imperial Order of the Double Dragon, 2nd Class 3rd Grade, and 3rd Class 1st Grade, both decorations sold to the same European buyer for $7,475 and $5,520 respectively. A Ts’ao K’un (Cao Kun) medal with attached ribbon (Lot 280), went to a buyer in China for $2,990. This military decoration is proof that the medal, listed in Unusual World Coins as XM1230, is not a coin. The most interesting medal in the sale, and probably the rarest, was Lot 275, a dollar-sized white metal medal commemorating the visit of “Sir Chihchen Lo Feng Luh” to the Heaton Mint in Birmingham, England in January 1900. This beautiful medal, bearing a portrait of Lo Feng-lu, Chinese Minister to England, sold to a collector in Taiwan for $3,220. This medal, enclosed in what is probably the original red box of issue, is believed to be only the second example to come on the numismatic market. Another extremely rare Chinese medal appeared in Lot 246, estimated at $300. This dollar-sized medal, stuck in copper-nickel, depicting Sun Yat Sen on the obverse and a junk at sunrise on the reverse, was issued to commemorate the completion of the Central Mint in Shanghai in 1930. It was designed by American mint expert, Clifford Hewitt, and has his monogram initials beside Sun Yat Sen‘s neck. Listed in Unusual World Coins as XM505, this medal was also struck in silver, aluminum, copper and gilt copper. One of perhaps a handful produced, this medal sold for $4,830; an astute purchase by PCGS President, Ron Guth.

Well known specialists in East Asian Numismatics, this was Champion Galleries’ sixth auction. Auction Number 4, held on 2 December 2007, contained 328 lots and grossed US $600,000. Auction Number 5, held on 1 April 2008, offered 281 lots and grossed $1,380,000. All of these sales were held at the Holiday Inn Golden Mile in Hong Kong. Champion’s next sale will be held on July 26th, in Taipei, Taiwan in conjunction with the Taipei Numismatic Society’s 30th Anniversary celebration. For more information or a full list of prices realized to this or earlier sales, visit the website at: www.cghka.com. To discuss consigning Asian coins, medals or notes to future Champion Galleries auctions, email Champion Galleries President, Michael Chou at: championghka@gmail.com, or visit the Champion Galleries’ table at the ANA (American Numismatic Association) Convention, July 30 through August 3, 2008, at the Baltimore Convention Center in Baltimore, Maryland. Information will also be available at Champion’s ANA table on the soon to be launched Journal of East Asian Numismatics (JEAN) website. Though still under construction, some features are available at the JEAN website: www.dongya.info.

Related posts:

1. Upcoming Champion Hong Kong Auction Offers Chinese Numismatic Rarities
2. Highlights of the upcoming Champion Hong Kong Auction April 1, 2009
3. CHAMPION GALLERIES JUNE HONG KONG AUCTION FULL OF CHINESE RARITIES

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.

Also in the sale are a Kiangnan 1897 Dollars with ornamented or security edges (Kann 66a ), NGC graded MS63 , and 1897 50, 10 cent and 5 cent coins NGC rated Proof-67 (Kann 69 and 70). From about the same time period, the sale includes an extremely rare, possibly unique, Chekiang Dragon Dollar struck in copper. Kann dates this series to 1902 (Kann 119-I), but the coins were really made in 1898 or 1899. This coin is inscribed CHE-KIANG PROVINCE (instead of Cheh-Kiang) and depicts what has been called a “drunken dragon” – a design only used on this set of patterns, which were never struck for circulation. The copper striking, however, is unlisted in the Kann catalog, and the example offered in this sale is certified by NGC as MS63. This copper striking, which first appeared in a Pacific Coast Auction in Hong Kong in September 1989, and now returns nearly 20 years later, is expected to bring $30,000 to $60,000.

Still another star of this sale is the Hunan Province Dragon Half Dollar in Proof. This coin and the matching Dragon Dollar are not listed in Kann and were unknown until the first dollar appeared in a 1975 Paramount auction. The first half dollar turned up two years later in a NASCA sale. There are now believed to be about six examples of the half dollar in existence. Both dollar and the half dollar were actually struck at the Heaton Mint in Birmingham, England as samples for the Changsha Mint, which Heaton had supplied with some minting equipment, but not apparently with dies. The dollar and half dollar were never struck for circulation. The Proof example offered in the Champion sale is expected to sell for $50,000 to $80,000.

Two spectacular pattern coins from the Tientsin Mint include the 1906 Gold Tael (Kann 1540) NGC graded MS63, expected to bring $70,000 or more, and a 1911 Long Whiskers Dragon Dollar with standard reverse (Kann 223b), NGC certified Proof-63, estimated at $40,000.

Five outstanding coins from Republican China round out that section of the sale. These include two Shantung Province Gold Coins, the 1926 $20 and $10 patterns (Kann 1535 and 1536), which feature on the obverse the dragon and phoenix design used on the 1923 silver dollar. Little is known of these extremely rare pattern coins, which were probably struck at the Tientsin Mint, where other coins with the dragon and phoenix design were produced during the 1920’s. The two coins offered here are rated MS64 and MS65 by NGC and are expected to realize around $100,000. Another pair of rarely seen coins in this sale are the 1936 Small Size Silver Dollar and Half Dollar with Sun Yat Sen portrait on the obverse and a sailing junk on the reverse (Kann 634 and 635). These exceedingly rare and much underrated coins, certified by NGC as MS63 and MS65 (the half dollar was formerly in the Goodman Collection), could bring as much as $20,000 each.

Finally there is a 1919 Yuan Shih-kai Dollar (Kann 665 type), which at first glance looks like the common coin of this date, but this is an extremely rare pattern striking done at the Heaton Mint, probably in 1949. In that year, China switched from its Gold Yuan Currency system to the Silver Yuan Currency, and was in desperate need of silver dollars as a reserve for this paper currency. Apparently the Heaton Mint made this piece as a sample in a bid to obtain a contract from China to produce millions of such coins. The United States won the contract, possibly by agreeing to ship the coins by air instead of by sea. All three U.S. mints struck 1934 dated Sun Yat Sen Junk Dollars for China in 1949, as well as large numbers of 1898 dated Mexican pesos. The Heaton Yuan Shih-Kai Dollar remained only a very rare trial strike. The piece in the Champion Hong Kong Auction is certified as Specimen-65 by NGC and is expected to sell for over $20,000.

A collection of over 100 Chinese notes will also be offered in the sale. Among these are a 1950 Peoples Republic of China 10,000 Yuan Camel note and a 1953 PRC 10 Yuan note. The latter note is the highest denomination issued in the series, and is rare because it was printed in the Soviet Union, and after China and Russia had a falling out around 1960, China feared the Russians might mass produce the notes in an attempt to destroy its economy. Other notes in the sale include many specimens and color trials of various notes.

The coinage of Hong Kong is also represented in this sale by more than 60 lots. Highlights include a 1905 Gem BU 10 Cent coin, expected to bring $5,000 to $10,000, and the extremely rare 1941 One Cent coin.

The lots in the sale may be viewed at the Long Beach coin show, May 29-31; at the Baltimore coin show June 5-7; in Taipei June 11-12; in Shanghai June 14-15; and in Hong Kong June 20-22.

Catalogs for this Champion Galleries Hong Kong Auction are $30 postpaid in the USA or $50 postpaid elsewhere in the world. Lots may also be viewed online at the Champion website, www.cghka.com, or through Ebay Live (beginning about May 22nd). Prices Realized for Champion’s previous sales can also be found on the website. A catalog of the sale may be reserved by writing to: Champion Galleries Hong Kong Auctions, Room 907 Silvercord Tower 2, 30 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong, China. Telephone: (852) 2150-5744; Fax: (852) 3007-4311. For more information or to discuss consigning items to future auctions, contact Champion President, Michael Chou, at mhlchou@yahoo.com or at championghka@gmail.com.

Related posts:

1. Upcoming Champion Hong Kong Auction Offers Chinese Numismatic Rarities
2. Highlights of the upcoming Champion Hong Kong Auction April 1, 2009
3. CHAMPION HONG KONG AUCTION SETS STRING OF RECORD PRICES