Important News! CoinLink has merged..... Visit our NEW Site www.CoinWeek.com

BREAKING NEWS:....... Vist Our NEW Site at CoinWeek.com

All Posts Tagged With: "Tibet Coins"

Champion Hong Kong Auction to Feature Tibet’s First Gold Coin

Tibet’s first gold coin has a very unique trait: it weighs 6.53g. While this legendary gold coin shares the same weight as the Chinese Kuping 1 Mace, it is not a common weight for Tibet. An absolute rarity, only six silver examples from the same dies have been found and, as of today, there are no known Tibetan gold coins struck to the same standard. For this reason, many believe it was struck for presentation purposes.

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. (more…)