Issuu

No.39 2026.7 / Issue 58

THE JOURNAL OF EAST ASIAN NUMISMATICS 中英雙語 - 電子季刊 Bilingual (English - Chinese) Digital Quarterly

1901 年吉林省造光緒通寶制錢十箇銅元，孤品，張南琛收藏 The 1901 Kirin 10-Cash Copper Coin, Unique NC Collection

“孔祥熙贈”廠條模型 The Central Mint Bar Model with the label "Presented by H.H. Kung"

『本期精選 | HIGHLIGHTS』

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念章

地緣政治下的鑄幣權：論1901年吉林光緒元寶中的沙俄風格與大清帝國博弈 The Right to Coin Money Under Geopolitics: The Rivalry Between the Qing Empire and Russian Influence on the 1901 Kirin Coin Series

紀

1937年國民政府金融外交中的中央造幣廠“廠條模型”——兼論“孔祥熙贈”銀錠之歷史意義與致贈動機 The Central Mint Bar in the 1937 Financial Diplomacy of the Nationalist Government: On the Historical Significance and Motivations of the Silver Ingot "Presented by H.H. Kung"

0 t h ( 1 9 9 6-

耿愛德目錄中的“孫像正面帆船試樣”終見其源，奧地利造幣廠發現孫中山正面像帆船幣原始鐵模 The Origin of the Sun Yat-sen Facing Portrait Junk Pattern in the Kann Catalog Revealed - The Iron Model Discovered at the Austrian Mint 紋銀流光：美國早期銀器的歷史與收藏 Coin Silver: History and Collecting of Early US Silverware

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“溥儀像配大正四年龍圖”試鑄樣幣的歷史來源與造幣工程機制研究 The Taisho Year 4 Puyi Portrait Dragon Pattern Coin: A Study of Its Historical Origin and Mint Engineering Process

JEAN

《東亞泉志》為冠軍拍賣公司總裁周邁可先生和著名錢幣學

專家史博祿先生于1994年創辦，是一本學術性錢幣研究專業

雜誌。旨在讓廣大錢幣收藏家、研究學者更深入地瞭解錢幣

《東亞泉志》

知識，讓世界各地的讀者更好地瞭解中國深厚的錢幣文化。

2026 免費訂閱

《東亞泉志》于1994年7月份問世，1999年停刊，發行了18

中英雙語 - 電子季刊

泉志》，聘請著名錢幣研究學者袁水清先生擔任主編。

期。2015年5月，周邁可先生決定于2016年1月復刊《東亞

Bilingual (English - Chinese) Digital Quarterly

No. 39

以披露最新錢幣收藏研究成果、推介泉界成功人士的事蹟為主。主要欄目有學術研究、人物專訪、鑒賞爭鳴、拍賣回顧、重要信息等。

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2026.07 / Issue 58

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FOREWORD

On the occasion of the ANA World's Fair of Money in

Kong Uplift Educational Charity Foundation. In addition,

Pittsburgh, we are delighted to present this ANA Special

this issue presents highlights from the upcoming Champion

Edition.

Macau Auction on November 29.

The first half of 2026 has been a particularly active period

Our book review section features reviews of two recent

for the global numismatic community. This issue reviews

publications: Zhou Yanling's Seeking Coins , Tracing

a number of these events, including the Winter FUN

Origins: Collected Studies on Numismatics and Wang

Show and the World Money Fair, Berlin in January, the

Yung-Ching's Taiwan Pattern Coins, 1949–1987 .

Singapore International Coin Fair in March, the Hong Kong International Coin & Watch Convention (HICC)

In our news section, we are excited to announce that the

and the Central States Coin Show in April, and the Tokyo

survey for the fifth edition of Top Chinese Coins has

International Coin Convention in May. Among these, two

officially commenced, with a planned publication date of

of the reports on the U.S. shows — covering the FUN Show

2027. We also report on the recent visit to the Shanghai

and the Central States Coin Show — were contributed by

Mint by distinguished German scholars Prof. Dr. Lars-

our U.S. correspondent, Matthew Brotherton, whose on-

Christian Koch, Director of the Saxon Ethnographic

the-ground perspectives have been invaluable.

Collections at the Staatliche Kunstsammlungen Dresden, and Dr. Sylvia Karges, Director of the Dresden Coin

A key theme over the past year has been the strong market

Cabinet.

performance of the 2025 Chinese Dragon Silver Coin and its City Cards. Senior modern coin collector King Chan of

This issue is enriched with three exclusive interviews:

Hong Kong reflects on this phenomenon in his article, 2025:

Champion Auction's conversations with Austrian Mint

A Bumper Year for Bullion Coin Collectors Worldwide . We

Chief Engraver Helmut Andexlinger and Künker Auction's

are also proud to report on the charitable auction of these

Ulrich Künker,alongside an in-depth interview with

City Cards, jointly held by Champion Auction and HICC

Professor Kuroda Akinobu, conducted by our English

in April, the proceeds of which were donated to the Hong

Editor, Colin Gullberg.

FOREWORD

The vintage coinage section features two articles based on

We also note with sadness the passing of Steve Feller, who

materials recently uncovered by Champion Auction at the

died on November 19, 2025, at the age of 74. In this issue,

Austrian Mint and the Kunsthistorisches Museum in Vienna,

we look back on his life and contributions to numismatics.

with the generous assistance of Helmut Andexlinger and

His passion for numismatics, his scholarly rigor, and his

Professor Hubert Emmerig of the University of Vienna. The

warm presence at conventions will be deeply missed.

first article, The 'Pioneer Era' of Chinese Machine-Struck

Coinage – Unveiling the 1885 Dies for the Chihli Mint's

Finally, the story section offers fascinating insights into the

Square-Holed Cash Coins at Vienna's Kunsthistorisches

art of collecting. Chinan Fan and William Ho present Coin

Museum is based on original documents and dies kept at the

Silver: History and Collecting of Early US Silverware ,

museum. The second, A Precious Document— Historical

while Dr. Tseng Che-lu delves into a critical moment of

Materials on Republic of China Coinage from the Original

financial diplomacy in The Central Mint Bar in the 1937

Archives of the Vienna Mint , is contributed by our editor

Financial Diplomacy of the Nationalist Government: On the

Zhou Bian.

Historical Significance and Motivations of the Silver Ingot "Presented by H.H. Kung" .

Further enriching our academic content, Ben Wengel, Senior Vice President and Finalizer of World Coins at

We hope our readers find articles of interest in this issue.

NGC, presents his new findings in L&M-945 Hat Touches

We invite you to visit Champion Auction at table 1034 &

Rim Flying Dragon Dollar: Pattern, or Miscataloged

1224 during the ANA World's Fair of Money, and we look

Fantasy Issue . Long-time contributor Dr. Tseng Che-lu also

forward to seeing you in Pittsburgh.

graces these pages with multiple articles, including The

Taisho Year 4 Puyi Portrait Dragon Pattern Coin: A Study of Its Historical Origin and Mint Engineering Process and

Michael Chou

The Right to Coin Money Under Geopolitics: The Rivalry

Publisher & Editor-in-Chief

Between the Qing Empire and Russian Influence on the 1901 Kirin Coin Series .

CONTENTS

01 News · Events 08 10

Taiwan Pattern Coins, 1949—1987

Record-Setting 2026 Winter FUN Show a Huge Success as Gold and Silver Break All-Time Highs

12 18 28 30 32

33 38 41 43 48

Zhou Bian〔Shanghai〕

A Review of Zhou Yanling's Seeking Coins, Tracing Origins: Collected Studies on Numismatics 2025: A Bumper Year for Bullion Coin Collectors Worldwide

Wayne Homren〔USA〕 King Chan〔HK〕

J. Matthew Brotherton〔USA〕

Connecting East and West with a Global Vision: Champion Auction's Participation in the 2026 World Money Fair Berlin

Champion〔Shanghai〕 Oliver Strahl〔Germany〕

Review—World Money Fair 2026

Champion〔Shanghai〕

Singapore International Coin Fair 2026 Recap: The Singapore City Card Steals the Show

2026 Hong Kong International Coin & Watch Convention Review: Hong Kong City Card Takes the Spotlight, Champion Champion〔Shanghai〕 Auction's Charity Auction Preview Draws a Crowd

Champion April Hong Kong Charity Sale Raises $47,900 USD; November Macau 30th Anniversary Auction to Feature 0% Buyer's Commission Champion〔Shanghai〕 2026 Tokyo International Coin Convention Review 2026 Central States Coin Show Report

Champion〔Shanghai〕

J. Matthew Brotherton〔USA〕

Tracing the History of Chinese Vintage Coins- The Fifth Edition of the Top Chinese Coins Launches Its Survey

Building a Bridge for Sino-German Numismatic Exchange – German Scholars Visited the Shanghai Mint Museum

Champion〔Shanghai〕

CONTENTS

02 Interviews 51 58 63

A Century of Craftsmanship, A Legacy in Relief – An Interview with Helmut Andexlinger, Chief Designer of the Austrian Mint

Champion〔Shanghai〕

Interview with Professor Kuroda Akinobu Auction Innovation and the Imperial Collection: Ulrich Künker on the Changing Numismatic Market and the Hohenzollern Coins

Colin Gullberg〔Taipei〕 Champion〔Shanghai〕

03 Vintage Coins 68 73 77 93 96

The 'Pioneer Era' of Chinese Machine-Struck Coinage—Unveiling the 1885 Dies for the Chihli Mint's Square-Holed Cash Coins at Vienna's Kunsthistorisches Museum Champion〔Shanghai〕 A Precious Document— Historical Materials on Republic of China Coinage from the Original Archives of the Vienna Mint, Austria

Zhou Bian〔Shanghai〕

The Taisho Year 4 Puyi Portrait Dragon Pattern Coin: A Study of Its Historical Origin and Mint Engineering Process L&M-945 Hat Touches Rim Flying Dragon Dollar: Pattern, or Miscataloged Fantasy Issue? The Right to Coin Money Under Geopolitics: The Rivalry Between the Qing Empire and Russian Influence on the 1901 Kirin Coin Series

Tseng Che-lu〔USA〕 Ben Wengel〔USA〕 Tseng Che-lu〔USA〕

04 Stories 109 118 137 149

The Origin of the Sun Yat-sen Facing Portrait Junk Pattern in the Kann Catalog Revealed – The Iron Model Discovered at the Austrian Mint Champion〔Shanghai〕 Coin Silver: History and Collecting of Early US Silverware

Chinan Fan, William Ho〔USA〕

The Central Mint Bar in the 1937 Financial Diplomacy of the Nationalist Government: On the Historical Significance and Motivations of the Silver Ingot "Presented by H.H. Kung" Champion〔Shanghai〕 Remembering Steve Feller

Ray Feller〔USA〕

A Review of Zhou Yanling's Seeking Coins, Tracing Origins: Collected Studies on Numismatics ◎ Zhou Bian〔Shanghai〕

Seeking Coins, Tracing Origins: Collected Studies on Numismatics is published and distributed by Shanghai University of Finance and Economics Press. Dimensions: 710 x 1000mm, 1/16 format. 345,000 characters. ISBN: 978-7-5642-4798-0. CIP Data No. 2025SS9140, National Library of China. For purchase inquiries, please contact the editorial office of the Journal of East Asian

Numismatics (JEAN ).

Seeking Coins, Tracing Origins: Collected Studies on

Numismatics (《尋泉探源 - 錢幣研究文集》) by Zhou Yanling

committee member of the Shaanxi Numismatic Society; and a long-time editor for influential numismatic journals in

was published by Shanghai University of Finance and Economics

China, including the Coin Supplement of Shaanxi Finance , the

Press in January 2026. Mr. Zhou was a member of the Gansu

Coin Supplement of Xi'an Finance , and Numismatic Studies

Numismatic Society; an executive director and academic

(published by the Shaanxi Numismatic Society). He served as an

academic committee member of the China Numismatic Society

and decline of the Szechuan–Sikang Civilian Commercial Bank's

(6th term); executive director and academic committee member

Xi'an branch.

of the Shanghai Numismatic Society; member of the Precious Metal Currency Committee of the China Numismatic Society;

The Revolutionary Base Areas section features detailed

expert in the authentication of privately collected artifacts at

descriptions and studies of the Southern Liang Oil-Cloth Note

the Shanghai Cultural Relics Protection Research Center; and

and the coinage of the Northwest Branch of the State Bank of

vice president of the Hainan Collectors Association. He co-

the Chinese Soviet Republic.

authored Iron Coins of the Two Song Dynasties , contributed to the compilation of the Encyclopedia of Chinese Coins: Northern

In the Silk Road section, he offers numerous new interpretations

Song Volume and Northern Song Bronze Coins , and published

and insights into the coinage of ancient Central Asian kingdoms

over 130 articles in various journals.

and dynasties, including Bactria, the Kushan Empire, the Sasanian Empire, Khwarazm, Sogdiana, Turgesh, Karluk,

Seeking Coins, Tracing Origins: Collected Studies on

Uyghur, Karakhanid, Chagatai, and Dzungar.

Numismatics includes seventy of Mr. Zhou's numismatic research articles spanning forty years, totaling 345,000

With the exception of three articles, all seventy pieces were

characters. The book is divided into six sections: Qin and Han;

previously published in various journals, many of which

Tang and Song; Republic of China; Revolutionary Base Areas;

received first, second, or third prizes or honorable mentions from

Silk Road; and Comprehensive Studies.

the China Numismatic Society, the Shaanxi Numismatic Society, the Shanghai Numismatic Society, and the Xinjiang Numismatic

In the Qin and Han section, he presents new perspectives on

Society.

the earliest minting dates of Qin coins from the Warring States period, the interpretation of inscriptions on dragon-patterned lead

The articles in this book are clearly structured, logically

tokens, and the identification of Wuzhu coins of the Southern Qi

coherent, and original in perspective. They demonstrate the

period.

author's profound numismatic expertise, solid professional knowledge, and strong academic and writing skills, covering

In the Tang and Song section, he offers fresh insights into the

both ancient and modern topics. The volume integrates

periodization of Kaiyuan Tongbao coins from the Tang dynasty,

collecting, research, forward-looking analysis, and aesthetic

the meaning of moon-and-star patterns, and the textual research

appreciation. It provides numismatic scholars and researchers

of iron coin mints and tin-alloyed iron coin mints from the Song

with valuable insights into historical and social development,

dynasty, as well as the classification and naming of Zhidao and

offering significant academic value for numismatic research,

Tianxi Tongbao standard coins.

collecting, and practical application.

In the Republic of China section, he provides new accounts of Shanxi remittance banks and Shanghai money shops in late Qing and early Republican Shanghai, as well as the rise, development,

The End... 9

Taiwan Pattern Coins, 1949–1987 ◎ Wayne Homren〔USA〕

Wang Yung-Ching 王永慶

Taiwan Pattern Coins, 1949–1987 台灣樣幣：一九四九 — 一九八七 Taipei City: Author Publishing, 2025 Hardcover, 18.5cm x 26cm, 272 pages, full color throughout: photos, facsimiles. ISBN: 978-626-01-3899-8 Largely bilingual (Chinese and English) Contact: tigercoins@gmail.com

The Taiwan coin-collecting community was surprised and

Wang's book from those of his predecessors: 1) he provides

delighted in March of 2025 by the publication of Wang Yung-

more and original source data; and 2) through the benefits of

Ching's work: Taiwan Patterns, 1949-1987 .

X-ray Fluorescence (XRF), he was able to ascertain a more accurate alloy composition analysis of his specimens.

In 1995, the author's father, Wang Ming-Zong, at the age of 49, bought his first Taiwan pattern. In his new book, Wang

The book is composed of three chapters and five appendices.

Yung-Ching publishes the prototypes, largely from his father's collection, but augmented with examples and data contributed by

The first three headings of Chapter 1 deal with the formation

fellow-collectors. He distills his research findings, ferreted out

of the Bank of Taiwan; the multiple and severe, inflationary

from earlier publications, from documents and correspondence

crises it faced from June, 1948 to June, 1950; and its attempts

of the Central Mint of China, the National Archives, and the

at currency reform, including the issuance of the New Taiwan

US Treasury Department, and uses these to reconstruct the

dollar. In 1950, with the outbreak of the Korean War, the US,

developmental history of Taiwan's coinage.

recognizing Taiwan's strategic value, shifted its foreign relations policy and resumed aid to Taiwan. Since Taiwan's military

There are two hugely important differences, distinguishing

expenditures were gobbling up nearly three-quarters of the

nation's budget, this injection of US financial aid assisted in the

the Central Mint's year 57 (1968) and year 58 (1969) design

eventual arresting of inflation, and the propelling of Taiwan to a

drafts for F.A.O. (the United Nations Food and Agriculture

near-miraculous economic recovery.

Organization) coinage, none of which designs was ever adopted.

The last section of Chapter 1 briefly reviews, as the heading

The index informs that ensuing appendices include: "The

states, the "Inaugural Design" for the first New Taiwan dollar-

Manuscript of Mr. He Lien-Sheng"; "Die Trials"; "How Dies

coin.

Are Made"; and "Evacuation of the Sichuan Branch."

Chapter 2, the "Catalog," comprised of 170 pages, represents

The only notable quibble with this book is that the "Preface"

the bulk of the book. However, before immersing oneself in Wang's photo gallery and detailed analyses, there is a six-page

( 前言 ) and "Introduction" ( 序 ) are completely monolingual

(Chinese), while the "Appendix" offers less than a handful

prelude. In a subsection, entitled "The Definition of PATTERN

of words bilingually. This, however, only amounts to an

Coins," Wang clearly defines his terms and explains his use of

inconvenience, since it is readily rectifiable with Google

"PATTERN" in the upper case as encompassing—much to any

translator (as the author of this review has done). The few

numismatist's delight—the full array of pre-circulation-strike

untranslated preliminary pages detail how the collection was

numismatic products: patterns, off-metal strikes, trial pieces, die

formed, over what time-period, and the names a half-dozen

trials, and specimens.

influential pattern collectors from whom purchases were made. Further, it mentions earlier Taiwanese pattern-research

Further, he offers a rarity scale, ranging from R1 (rarest) to R5 (most common), "estimated to be not more than 40 pieces," and UTD (unique-to-date) items.

publications, with the 1984 work, Taiwan Pattern Coins (1949-

1976) ( 台灣試鑄幣 ) by Chen Hong-pin ( 陳宏賓 ), previously

considered the most comprehensive reference in this specialized discipline.

It is worth noting that the latest (47th) edition of the Standard

Catalog of World Coins, 1901-2000 , published in 2019, lists

Wang Yung-Ching's book is at once a masterful piece of

74 Taiwan patterns. Wang, using his expanded definition

numismatic sleuthing and a labor of love. The scope, meticulous

of PATTERN, more than doubles that figure, archiving and

research and analysis, and high-resolution color photos have

picturing 161 examples, including 20 UTDs.

already earned his work shelf-space in the libraries of such esteemed institutions as the American Numismatic Association,

In Chapter 3, "Provenance," Wang discusses the 1949 hubs and

the National Museum of American History, National Palace

dies; the varying colors of PATTERN coins; and pre-casting

Museum in Taipei, and The Royal Mint Museum; and belongs

proposals. This is followed by some intriguing data analysis—all

in the library of anyone with an interest in the evolution of

substantiated by translations of telegrams and mint directives—

Taiwan's coinage—whether neophyte or advanced specialist. It

of the 1949 weight-based gold ingots.

is already an invaluable research tool, and it is sure to remain unsurpassable for years, if not decades, to come.

Finally, the appendices. The first offers a 4-page layout of

News · Events Originally published in the Hong Kong International Coin & Watch Convention Show Booklet, April 2026

2025

A Bumper Year for Bullion Coin Collectors Worldwide ◎ King Chan〔HK〕 Last year, 2025, was a bumper year for bullion coin collectors

Bank of China creatively conceived and designed a derivative

worldwide, thanks largely to the arrival of the Chinese Dragon

product that both promotes international exchange and enhances

Silver Bullion Coin (hereinafter referred to as the Dragon Coin).

collecting interestthe Chinese Dragon Coin City Card (hereinafter

With its elegant design and exquisite minting craftsmanship,

referred to as the City Card). This product features a Dragon

the Dragon Coin has captured the hearts of Chinese collectors

Coin embedded in a credit card-sized card, printed with

across the globe. In addition to bullion coin collectors, it also

exquisite artwork and issuance details. Chinese authorities have

drew enthusiastic purchases from those who traditionally collect

issued these commemorative city cards for major international

vintage and ancient coins, while attracting strong interest from

coin shows worldwide, making them available in limited

foreign collectors, investors, and dealers. The level of excitement

quantities during the shows - a strategy that has proven highly

was truly unparalleled. It is therefore clear that the issuance of

effective in promoting the Dragon Coin. To date, City Cards

the Dragon Coin will be recorded as one of the most significant

have been issued for Singapore, Hong Kong (China), Tokyo

chapters in China's monetary history.

(Japan), Oklahoma City (USA), Kuala Lumpur (Malaysia), Macau (China), Beijing (China), and Berlin (Germany). The

The Dragon Coin is a standard investment coin issued by

design and printing of these City Cards are exceptionally fine;

the People's Bank of China. Its weight, fineness, minting

they are issued in strictly limited quantities and sold only at

technology, and packaging are in line with major investment

their respective local coin shows. The difficulty of collecting a

coins worldwide, complementing and competing healthily with

complete set of City Cards from various cities and having them

renowned bullion coins such as the American Silver Eagle,

graded and encapsulated by NGC is therefore evident. Below are

Canadian Maple Leaf, Australian Kangaroo, and Austrian

brief introductions to the various City Cards issued:

Philharmonic. Singapore is a city-state island nation in Southeast Asia, The inaugural year of the Dragon Coin, 2025, coincided with

renowned worldwide as the "Garden City." It is a leading global

a long-unseen substantial appreciation in silver prices - an

center for international finance, trade, and logistics, with one

auspicious omen that fully embodies the Chinese understanding of the dragon as a symbol of good fortune. Collectors - or investors - who managed to acquire the Dragon Coin at or near its issue price were able to achieve considerable returns in a short period. This wealth appreciation effect, coupled with its strong Chinese auspicious symbolism, also drew intense attention from many outsiders to the field. Furthermore, the issuance of the Dragon Coin greatly boosted the overall sales and market performance of China's precious metal coins. Alongside the launch of the investment coin, the People's

2025 Singapore City Card

News · Events

of the highest per capita GDP figures in the world. Singapore was the first location for the global launch of the 2025 Dragon Coin. During the Singapore International Coin Fair, organizers required buyers to queue for numbers to purchase one Dragon Coin and one City Card each. Only the Dragon Coin was available as spot stock at the fair; the City Cards were to be collected several weeks later. The appreciation effect of the Dragon Coin was already evident during the Singapore show, with some dealers offering on-the-spot premium purchases, while NGC-graded City Cards were hyped and resold for over HKD20,000. The Singapore City Card was issued at SGD 75,

2025 Tokyo City Card

with a mintage of 2,000, and features city landmarks such as Merlion Park and Marina Bay Sands.

to over HKD20,000. The card features Hong Kong landmarks such as the Golden Bauhinia Square, Bank of China Tower, and

The second is the Hong Kong City Card. Hong Kong, located

Convention and Exhibition Centre, complemented by the Hong

on the northern shore of the South China Sea east of the

Kong city flower, the Bauhinia.

Pearl River Estuary, is an internationally renowned center for finance, shipping, and trade. It has long been rated the world's

The third card in the series is the Tokyo City Card, issued at the

freest economy. It boasts a world-class business environment,

Tokyo International Coin Convention. Tokyo is Japan's capital

serves as the world's largest offshore RMB business hub, and

and largest city, located on the shore of Tokyo Bay on the Kanto

ranks first globally in air cargo throughput. Learning from

Plain of Honshu, it has a population of approximately 14 million

the experience in Singapore where queuing affected dealer

(over 38 million in the metropolitan area, making it the world's

business, the Hong Kong organizers moved the queue for tickets

largest). Tokyo blends modern skyscrapers (such as those in

to the main street outside the show's hotel to avoid disrupting

Nishishinjuku and the Tokyo Skytree) with traditional temples

the interior. Due to overwhelming demand, many queued

(like Senso-ji), making it a top-tier international hub for fashion,

overnight. Exhibitors at the fair were also able to purchase one

gourmet food, and shopping (Ginza, Shibuya). The Tokyo

Dragon Coin and one City Card at the issue price. During the

show adopted a pre-registration lottery system, with no on-site

fair, some offered to buy the Dragon Coin and City Card at over

queuing for the City Cards; winners could not receive their cards

2.5 times the issue price. This appreciation effect began to draw

immediately. Some who had traveled specifically from China

significant attention from many foreign attendees. The Hong

to attend and purchase were quite disappointed. However, this

Kong City Card was issued at HKD400, with a mintage of 3,000.

arrangement prevented long queues and maintained order on the

NGC-graded City Cards in good condition were also hyped

floor. The Tokyo City Card had a mintage of 3,000 and an issue price of JPY8,800. Its design features elements such as Tokyo Tower, Senso-ji's Kaminarimon Gate, and cherry blossoms. NGC-graded City Cards were resold for over HKD15,000. The fourth card was issued at the ANA World's Fair of Money in Oklahoma City. As the capital and largest city of Oklahoma, Oklahoma City is located in the south-central United States. It is known for its deep cowboy culture, modern urban development, and as the home of the NBA's Oklahoma City Thunder. The release of the Dragon Coin City Card in the U.S.

2025 Hong Kong City Card

provided an excellent promotional opportunity. The original

News · Events

2025 Oklahoma City Card

2025 Kuala Lumpur City Card

intention behind the Dragon Coin was to offer global investors a trusted investment product from a major nation. However, due to various barriers such as tariffs, it has yet to enter the U.S. market in large quantities. The Oklahoma City Card was priced at USD 95 plus a 10.5% state sales tax, with a mintage of 3,000. NGC-graded City Cards were later resold for over HKD15,000. The card design features local landmarks such as the Oklahoma City Council and St. John's Church, along with roses and Route 66 signs. 2025 Beijing City Card

The fifth card was issued at the Kuala Lumpur International Numismatic Fair. Kuala Lumpur (KL), the capital and largest

international in scope. Major mints and international coin dealers

city of Malaysia, is a modern metropolis of international finance,

from around the world participate, making it an ideal venue

culture, and economy. This tropical city is famous for its iconic

for exchange and networking. Beijing, the capital of China, is

Petronas Twin Towers, dazzling night views, multicultural

a direct-administered municipality and the country's political,

heritage (Malay, Chinese, Indian), and rich street food culture.

cultural, technological, and international exchange center. It

The coin fair saw an unprecedented buying frenzy, with crowds

served as the capital during the Ming and Qing dynasties, is an

gathering at the entrance and forming spectacular lines. The

ancient city with over 3,000 years of history, and is currently

dragon is a totem of the Chinese nation, widely recognized and

the world's third most populous city. A special feature of the

cherished by Chinese people worldwide. As a result, once local

Beijing City Card is that none of the card numbers contain the

media reported on the card, countless non-collectors also rushed

digits 4 or 7, meaning they are generally considered lucky—a

to buy. The organizers thoughtfully provided a plastic holder for

distinctly Chinese characteristic and a pleasing arrangement for

each City Card to prevent damage and wear. The Kuala Lumpur

all. The card was sold through an online reservation and lottery

City Card was issued at MYR 270, with a mintage of 3,000.

system at an issue price of RMB 528, presented in a red paper

NGC-graded cards later resold for over HKD10,000. The card

box. Winners could collect their cards at the expo. The mintage

features landmarks such as the Petronas Twin Towers, Kuala

was 10,000, and the card design includes the Temple of Heaven,

Lumpur Tower, the Sultan Abdul Samad Building, and the

Qianmen Gate Tower, the Water Cube, Beijing Tower, and the

hibiscus (Bunga Raya).

Summer Palace. Due to the larger mintage, NGC-graded City Cards resold for over HKD7,000.

The sixth card was issued at the Beijing International Coin Expo, known as one of the world's top three coin shows and highly

The seventh card was issued at the Macau International Coin

News · Events

Convention. This year's Macau show was the largest ever,

large and small print varieties.

inviting numerous coin dealers from the U.S. and Europe and attracting many international collectors for exchange,

Due to the immense popularity of the 2025 City Cards, China

sightseeing, and holidays. Notable figures in the international

chose one of the world's largest coin show, the World Money

numismatic community, such as the head of the World Money

Fair in Berlin, for the first issuance of the 2026 Dragon Coin, and

Fair Berlin and Austria Mint's renowned chief coin designer,

held a press conference there. At the show, various innovative

also attended. Macau is a tourist destination blending Chinese

European mints enthusiastically launched new products, and

and Portuguese cultures, comprising the Macau Peninsula,

mints from across Europe demonstrated coin production

Taipa, Coloane, and the reclaimed Cotai Strip. The city boasts

processes on-site, offering limited-edition packaging available

multiple World Heritage sites, world-class hotels and tourism

exclusively at the fair. China's show-exclusive, limited-issuance

facilities, and top-tier Michelin dining. Due to overwhelming

coin was the Chinese Dragon Coin City Card. Berlin, the capital

crowds, the sale of the City Card could not proceed smoothly at

and largest city of Germany, is the political center, home to

the show. The Macau City Card's design features the green of

the Office of the Federal President, the Chancellery, and the

the Macau regional flag, complemented by the city flower (lotus),

Parliament. The city is famous for its profound historical heritage

the Ruins of St. Paul's, the Grand Lisboa Hotel, Macau Tower,

(e.g., the Berlin Wall), world-class artistic atmosphere, avant-

the Bank of China building, and The Venetian Macau - forming

garde nightlife, and multiculturalism. The iconic Brandenburg Gate is a world-renowned landmark and was even a source of inspiration for the symphonies of Johann Sebastian Bach. These landmarks are fully reflected in the Berlin City Card's design. Breaking from previous formats, the Berlin Card adopts a vertical orientation and features a laser effect in its printing, giving it a modern, avant-garde feel. The card was distributed by MDM, Germany's most famous coin company, through a pre-registration lottery system. The mintage was 5,000. The issue price on the first day was EUR149, while pickup on the second day cost EUR160. It is reported that some offered over EUR700 for the card on the spot. NGC-graded Berlin City Cards later resold for

2025 Macau City Card

nearly RMB15,000. a harmonious and elegant composition. The mintage was 2,000 cards, with an issue price of HKD500. The market price for

The prices mentioned above for the City Cards are for reference

NGC-graded cards reached over HKD10,000. The Macau City

only. Depending on condition, serial number, or the presence of

Card also has a unique feature: the card numbers come in both

a "First Day of Issue" label, prices may vary considerably.

2026 Berlin City Card

News · Events

Record-Setting 2026 Winter FUN Show a Huge Success as Gold and Silver Break All-Time Highs ◎ J. Matthew Brotherton〔USA〕

years of the FUN show. With gold and silver continuing to reach all-time highs while platinum and other precious metals continue to rise, 2026 is set up to be the most memorable numismatic year we have ever seen. I am seeing the trend continue where many collectors are taking profits from the gold and silver they are selling and putting it into other collectible items such as rarer type coins, rarer currency, and other collectibles. In addition, the on-line selling platforms such as Whatnot continue to add thousands of new collectors to our numismatic industry resulting in higher demand for numismatic items. The 2026 Winter FUN Show was held in sunny Orlando, Florida on January 8-11 at the Orange County Convention Center. As the annual bellwether numismatic show in the United States, the 2026 Winter Fun Show was another sellout and continues to grow with over 732 dealer booths from all over the world. The theme for this year's show was "Paper Money-Portraits of History" and was centered around two unique paper money displays in the exhibit area. The first exhibit featured the largest

Orange County Convention Center

Kentucky National Bank Note Collection ever assembled with a total of 650 notes. The second exhibit contained over 100 New

Greetings and Happy New Year to all as we enter another year

York National Bank Notes, all being serial #1's ! If you liked

in a sizzling numismatic market where it seems that every other

U.S. National Bank Notes, these two collections were must

day gold and silver hit a new all-time high. I am happy to report

see displays. For this year's show, I set up with Michael Chou

that the 2026 Winter Florida United Numismatists ("FUN")

(President of Champion Auctions) and Philip Kapaan (Owner

show was reflective of this record-breaking market with record-

of Kapaan & Mades GbR in Bochum, Germany). The trend that

setting huge crowds of the public anxiously waiting in line to

myself and other dealers continued to see at the FUN show is

enter this year's show to buy and sell numismatic items. Talking

that the public and collectors continued to bring in their gold and

to several dealers who have been associated with the FUN show

silver coins and bullion to sell while these precious metals are

for decades, they all agreed that the public crowd for this year's

at all-time highs, then take their profits and buy better date U.S.

71st Annual FUN Coin Convention was the largest ever. In fact,

type and world coins, better currency, or other collectibles. In

overall public attendance for this year's show was around 12,000

addition, there continues to be a large spike of new customers

people breaking all attendance records going back more than 70

coming into the numismatic hobby due in large part of

2026 Winter FUN Show

People attending the Winter FUN Show

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2026 Winter FUN Show

Group Photo

entertaining on-line venues such as Whatnot which continue to

Harper's "Top 10 Numismatic Predictions for 2026." Mr. Harper

expand the hobby we all love. For currency collectors, better

is a former editor for Numismatic News and his insights this year

grade large size federal paper money and large denomination

focused on the future course and his predictions on the amazing

currency continue to be in high demand and sought after as it

gold and silver bullion market we are now seeing. This year's

continues to get harder and harder to find. For our international

Platinum and Signature Heritage Auctions held at the FUN

collectors, vintage Chinese gold, silver and copper coins, as

show featured many numismatic treasures including numerous

well as silver eight reales and gold escudos from Latin and

coins from The Harvey B. Jacobson Jr. Collection of Early U.S.

South America (especially those attributed to specific famous

Gold Half Eagles and the Colonel Steven Ellsworth Collection

shipwrecks) continue to remain very popular.

of U.S. Large Cents Part II (1793-1796). The highlight of the auction was an 1804 Class III Draped Bust Silver Dollar

The 2026 Winter FUN Show offered a wide variety of activities

(PCGS Proof 58). There are only 16 known of this ultra rare

for collectors of all ages such as grading service appraisals,

version of the 1804 Silver Dollar and it realized an astounding

educational seminars, auctions, collectors meetings, events for

$3,538,000 dollars! The auction also contained complete set of

young numismatists such as the always popular panning for

Stellas, the rare U.S. $4 gold pieces from 1879-1880. The Costa

gold sponsored by the Piedmont Gold Panners, the Mini-Mint

Family Collection of Stellas contained some of the finest known

by Landis Studio demonstrating the entire minting process

examples of these extremely rare U.S. gold coins.

from molten metal to finished coins, a Spider Press operated by Mike Bean creating coins with unique designs on his plate

In summary, this year's Winter FUN Show was record-setting

press, an elongated coin-making machine, medallion creating

one in attendance and about every dealer I talked to said it was

demonstrations, scout merit badge programs, and other events

the best show they ever had! The Winter FUN Show has always

were featured at this year's show. As usual, this year's FUN

been considered the bellwether numismatic event of the year for

Show had its share of exceptional numismatic exhibits and

our industry, and if that holds true, 2026 is going to be a very

educational seminars. A very informative seminar was "An

special year we will all remember for a long time. The precious

Introduction to Numismatic Conservation" given by Tom

metals continue to set new all-time highs, and I don't see any

Walker who discussed various measures a collector can take to

current signs of them slowing down. For my next major coin

protect their collection from the elements. Another informative

show, I will be set up along with Michael Chou at the ANA

seminar was William T. Jones' "An Overview of the U.S. $5

National Money Show in Savannah, Georgia on February 26-28.

Gold Piece." In this presentation, Mr. Jones focused on grading,

We will be set up at table #724, so if attending the show please

pricing, counterfeit detecting, and the overall future of the of

stop by and say hello. Until next time, I wish you all the best in

the U.S. gold coin market with an emphasis on $5 gold pieces.

your numismatic pursuits and have a prosperous 2026!

Again this year, there was a good crowd to hear Mr. David

News · Events

Connecting East and West with a Global Vision： Champion Auction's Participation in the 2026 World Money Fair Berlin ◎ Champion〔Shanghai〕

The three-day World Money Fair Berlin concluded successfully on January 31, 2026. This year marks the 20th anniversary of the fair's founding. During this milestone year, Champion Auction witnessed the collecting frenzy sparked by two notable releases: the 2026 Chinese Dragon Silver Coin Berlin City Card, sold by China Great Wall Coins Investment Ltd. and distributed by Germany's MDM, and the 2026 Berlin World Money Fair Panda Medal, sold by Künker. We also conducted a series of intensive and productive talks on international cooperation both before and after the fair. These discussions involved global industry and institutional leaders, including the former President of the World Money Fair Berlin, the former President of the American Numismatic Association (ANA), the Coordinator of the Coin of the Year (COTY) Award, the President of the World Platinum Investment Council (WPIC), the President of Whitman Publishing (USA), Hong Kong's LPM, and Korea's Poongsan Hwadong Corporation.

2026 World Money Fair Berlin

This trip allowed Champion Auction to strengthen academic ties,

future events—underscoring its commitment to bridging Eastern

assess market trends, explore new sales channels, and plan for

and Western numismatic markets.

From Left: Hans-Henning Göhrum (former President of the World Money Fair Berlin), Philip Kappan (German coin dealer) Jeff Garrett (former ANA President), Michael Chou Rado (American coin dealer), Michael Chou Michael Chou, Hans-Henning Göhrum, Uwe (German coin dealer), Jeff Starck (COTY Coordinator)

News · Events

The Medieval Coin Conference

The Medici Dynasty Special Exhibition

Champion Auction Booth

I Deepening Cultural and Academic Cooperation

international industry cooperation. The publisher maintains long-term collaborations with museums, mints, auction houses, and academic institutions. It has published classic coin catalogs,

Champion Auction recognizes that a coin's value is rooted

historical research works, and professional collecting guides,

in history and culture. As a professional auction house that

including A Guide Book of United States Coins (the "Red

publishes its own academic journal, the Journal of East Asian

Book") and 100 Greatest U.S. Coins , co-authored by Ron

Numismatics (JEAN ), Champion has long been committed to

Guth and Jeff Garrett. Whitman's publications are known for

fostering dialogue between Eastern and Western numismatic

their authority, systematic approach, and practicality, serving

scholars.

as indispensable professional resources for coin collectors, scholars, and dealers worldwide.

During this trip to Berlin, Champion brought the latest issue of its publication: the Berlin Special Edition of JEAN . This was the

On January 23, Michael Chou, President of Champion Auction

first issue specifically planned for European readers, featuring

and Publisher of the JEAN , held in-depth discussions on

research articles on the history of Chinese-European numismatic

publishing with John Feigenbaum, President of Whitman

cultural exchange.

Publishing. Drawing on their respective experience in Eastern and Western numismatic academic publishing, the two parties

The in-depth engagement with leading academic publishing and

focused on current trends in numismatic publishing, market

research institutions not only opened up new avenues for JEAN 's

dynamics, and shifts in reader demand. The exchange allowed

academic reach in Europe but also represented a key step for

them to share insights and learn from each other's expertise

Champion Auction to strengthen its cultural foundation and

in content planning, academic standards, and marketing,

broaden its academic horizons.

contributing to the advancement of global numismatic publishing.

1. Connecting with a Publishing Giant: Dialogue with Whitman Publishing

2. Strengthening Academic Ties: Academic Conference at the Kulturhistorisches Museum Magdeburg

Whitman Publishing is a global leader in authoritative numismatic reference books, collecting supplies, and related

On January 24, 2026, Michael Chou attended an academic

products. It plays a significant role in advancing numismatic

conference on medieval coins at the Kulturhistorisches Museum

research, popularizing collecting culture, and fostering

Magdeburg. The museum is a key cultural and historical

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institution in Saxony-Anhalt, with international academic

Auctions played a crucial bridging role. The Otto Beh coin

prestige thanks to its extensive collection of medieval coins.

dies originally appeared as a lot in a Künker auction. Through consensus among all parties, and with Künker's active assistance,

The following day (January 25), Michael Chou, together with

they were successfully donated to the museum. The subsequent

Thomas Uhlmann, a JEAN contributor and senior German

donation of the Bowker Collection was made possible with the

numismatic scholar, visited Berlin's renowned Bode Museum.

help and support of the Bowker Family. This philanthropic act

The museum is famous worldwide for its outstanding collections

not only protected important historical artifacts but also helped

of Byzantine art, sculpture, and coins; its numismatic cabinet is

establish a solid foundation for Sino-European numismatic

one of the most important coin collections in Europe. The visit

cultural exchange.

deepened Champion Auction's connections with leading German museums and provided valuable resources and material for future

3. Continuing Partnership: Ongoing Cooperation with

academic research and international cooperation for JEAN.

Künker Auctions

At the January 24 conference, Michael Chou also met Ulf

Building on this deep-rooted collaboration, Champion Auction

Dräger. Dräger has been curator of the numismatic cabinet at

continued its cooperation with Künker in cultural heritage

the Kunstmuseum Moritzburg Halle (Saale) since 1998 and has

preservation during the show.

served as President of the Museums Association of SaxonyAnhalt since 2018. Michael has a longstanding working

On January 31, Ulrich Künker, Managing Director of Künker

relationship with Ulf and his institution. Most notably, Champion Auction facilitated and coordinated two important donations— the Otto Beh coin dies for China and the Bowker Collection— both of which are now housed at the museum. This makes the museum one of the most systematic collections and research institutions for Chinese numismatics outside of China. The two donations were jointly exhibited in September 2016 in the museum's special exhibition "Monetary History of China." Highlights included rare pieces such as the 1906 "Chung" dragon silver tael pattern and the Austrian-made 1910 dragon copper

Ulrich Künker Participating in eBay Livestream

patterns from the Bowker Collection. Together with the Otto Beh coin dies, these formed the core attractions of the exhibition and helped establish the museum as a key European center for Chinese numismatic research. The opening ceremony was attended by Mr. Chen Ping ( 陳平 ), Cultural Counselor of the

Chinese Embassy in Germany, and other distinguished guests— a reflection of the importance both China and Germany placed on numismatic cultural exchange. The museum is reportedly planning a new special exhibition for autumn 2027, featuring the Otto Beh dies and the Bowker Collection, which will include the original striking of the 1906 "Chung" silver tael pattern graded NGC MS66. It is worth noting that behind these donations, Germany's Künker

From left: Michael Chou, Ulrich Künker, Hans-Henning Göhrum

News · Events

Auctions, visited the Champion Auction booth after his livestream at the eBay booth. As one of the shareholders of the World Money Fair Berlin, Künker Auctions stands alongside

II Anticipating Trends – Industry Exchange and Market Outlook

Heritage Auctions and Stack's Bowers & Ponterio as one of

Building on its cultural foundation, Champion Auction engaged

the three giants in the global numismatic auction field. Its

in dialogue with industry leaders to assess market trends and

professional standing and influence are highly respected in the

plan for future development.

industry. 1. Assessing the Precious Metals Market: Breakfast Meeting With the significant rise in the market value of Chinese coins in

with the World Platinum Investment Council

recent years, the overall value of the donated Otto Beh dies and the Bowker Collection has increased substantially. Given this

Against a backdrop of increased volatility in global precious

appreciation, the museum will correspondingly strengthen its

metal prices and growing market uncertainty, Michael Chou held

security measures to ensure the absolute safety of these artifacts.

a breakfast meeting on January 28 with Trevor Raymond, CEO

Against this backdrop, Ulrich Künker and Michael Chou held

of the World Platinum Investment Council (WPIC), to discuss

in-depth discussions on how to further improve the preservation,

the state and future direction of the precious metals market.

research, and display arrangements for the donations. Both parties reached a consensus to jointly develop a cooperation plan

Raymond shared WPIC's latest global platinum investment

with the Kunstmuseum Moritzburg, ensuring that the original

report with Michael Chou. Drawing on Champion Auction's

intent of the donations is honored while allowing the artifacts to

experience in the precious metal commemorative coin sector,

better serve academic research and public education.

Michael Chou discussed platinum's unique position in the collecting and investment field with Raymond.

This meeting not only continued the cooperation in cultural heritage protection between the two parties but also laid a

The meeting provided Champion with first-hand insights into

foundation for future collaboration in broader areas. As key

the precious metals market and laid the groundwork for future

players in the industry, Champion Auction and Künker Auctions

cooperation on platinum products. Through engagement with

will continue to work together to promote the exchange and

international institutions, Champion strengthened its expertise in

preservation of Eastern and Western numismatic culture.

the precious metal collecting and investment field, allowing it to offer collectors and investors more informed market analysis and

4. Planning the Future: JEAN European Authors' Meeting

product choices.

On January 29, Oliver Strahl and Thomas Uhlmann, European

2. Gaining Insights into Asian Market Trends: In-depth

correspondents for the JEAN , visited the booth. As the journal's

Exchange with Hong Kong LPM

publisher, Michael Chou discussed future article directions and the integration of European academic resources with them.

During lunch on January 28, Michael Chou met with Charlie

They also talked in detail about a trip planned for June to

Chang, head of LPM Group, a leading institution in the Hong

conduct an academic study of mints and museums in Germany

Kong precious metals and numismatic trading sector.

and Austria, continuing to strengthen the content foundation and international network of this flagship journal for East-West

As a key player in the Asian market, LPM was recently acquired

numismatic exchange.

outright by A-Mark Precious Metals, Inc., one of the world's largest precious metals distributors. This acquisition has further

Notably, Oliver Strahl is also an experienced collector of show

strengthened LPM's business network and capital base, making

panda medals and founded Europe's largest Facebook group for

it an increasingly important player in global precious metals

panda medal collecting and NGC grading.

circulation. LPM has been a long-standing partner of Champion

News · Events

Auction, serving as the international distributor for the Macau

are expected to debut on a leading German TV shopping channel

Show Panda Medals and the Berlin World Money Fair Panda

in March 2026. This collaboration marks the first time Chinese

Medals for over a decade, playing a significant role in channel

culture-themed coins will be promoted through mainstream

development across Asian and global markets.

German TV shopping platforms, allowing Chinese coin culture to reach German and European collectors more directly.

During the lunch meeting, the two parties exchanged views

According to the plan, the 2025 10 oz. Niue $10 Chu Liuxiang

on recent volatility in the global precious metals market and

commemorative silver coin and several of Champion's previous

changes in collecting and investment preferences in Asia,

innovative commemorative panda coins will be introduced to the

particularly in mainland China and Hong Kong.

German and European TV shopping market. These include the 2019 Tanzania Polymer Ring Panda, the 2019 Tanzania Polymer

This exchange deepened Champion's understanding of primary

Ball Panda, and the 2019 Tanzania Nano Panda.

Asian markets and laid a foundation for future cooperation in information sharing, marketing, and potential product

Champion products have a successful track record in the

distribution. It represents an important step in Champion's efforts

European TV shopping market. In August 2024, the 2019 Cook

to build a global market network and partnership system.

Islands Space Panda commemorative coin performed well on German TV shopping channels, becoming the top-performing

3. Expanding New Distribution Channels: Meetings with

commemorative coin for that company on TV shopping that

Korean and German Partners

year. This success provides a solid foundation for the market launch of the new series.

On January 30, Michael Chou met with two representatives from Korea's Poongsan Hwadong Corporation. They confirmed

These collaborations will help promote Chinese martial arts

that the Chu Liuxiang commemorative silver coins had sold

culture and panda culture across Europe. They offer European

out completely in the Korean market. This sales result reflects

collectors diverse collecting options and foster Sino-European

the strong appeal of the series in the Asian market and confirms

cultural exchange through media platforms.

market acceptance of modern coin designs that incorporate Eastern cultural elements. A cooperation agreement between Champion and a German marketing company has also been finalized. Related products

III Innovation and Technology – Technical Exchange and Industry Honors During this trip to Berlin, Champion Auction took part in discussions on cutting-edge technology and engaged in dialogue aimed at building a global industry awards system. 1.Exploring Cutting-Edge Technology: Technical Forum and Dialogues with Innovation Partners On the afternoon of January 28, Michael Chou attended one of the fair's core events—the Technical Forum. He was joined by David Camire, Senior Vice President of Numismatic Guaranty Company (NGC), for an exchange on the latest minting techniques, anti-counterfeiting technologies, and digital applications.

Korean Sales Promotion

Later, Michael Chou's friend Mark Sutton, former Director of

News · Events

Mark Sutton Introducing the "Precious Sound" Project

the New Zealand Mint and now representing the German mint

The exchange at the Technical Forum helped consolidate past

B.H. Mayer, presented his latest numismatic project, "Precious

collaborations and friendships while opening the door to future

Sound," to the global industry at 3:55 PM. The reunion was a

cooperation in areas such as smart minting, new material

chance to catch up and also brought back memories of their past

applications, and interactive coin design. Through ongoing

collaboration in the field of innovation.

dialogue and collaboration with top technological innovators, Champion remains at the forefront of coinage craftsmanship.

Around 2019, Michael Chou, Mark Sutton, and Alex Wegner, Director of B.H. Mayer, jointly invested in Magnico, a

2. Shaping Industry Benchmarks: Communication with the

company focused on cutting-edge numismatic technology. This

Coin of the Year (COTY) Committee

collaboration produced a series of innovative coin projects, including the 2019 Tanzania Polymer Ring Panda, Polymer Ball

Recognizing technological innovation and artistic merit is

Panda, Nano Panda, and the 2019 Cook Islands Space Panda.

important for industry progress.

All of these projects were nominated for category awards at the Coin of the Year (COTY) awards, reflecting their artistic

On January 30, Jeff Starck, Coordinator of the Coin of the Year

and technical merit. Notably, the technical prototype for the

(COTY) Awards, and Thomas Uram, former President of the

"Precious Sound" project on display also originated from that

American Numismatic Association (ANA), visited the Champion

period of collaboration.

Auction booth. The group discussed the judging process for the

Representatives from the Vatican Mint (Left) and the Mint of Ukraine (Right)

News · Events

Tower Mint London Event

2026 COTY Awards, the award categories, and preparations

Striking Ceremony for the 2025 Berlin World Money Fair Panda Coin Attendees at the striking ceremony included Goetz-Ulf Jungmichel (President of World Money Fair Berlin), Ms. Luisa Kruger (IT Director), Oliver Strahl and his wife, Michael Chou, Jacqueline Fuebrich (NGC), Alex Wegner (Director of B.H. Mayer), and an NGC representative.

witnessing this historic moment.

for the awards ceremony to be held during the World's Fair of Money in the United States.

On the evening of January 29, a main guest costume dinner took the exchange to another level. Michael Chou attended

During the fair, Starck and Uram also presented two important

with Hann Boom, President of the Kuala Lumpur International

COTY 2025 award trophies to representatives of the Vatican Mint

Numismatic Fair (KLINF). The dinner featured an immersive

and the Mint of Ukraine. The Vatican Mint won the "Best Gold

historical experience, with attendees dressed as British historical

Coin" for its "War and Peace" commemorative coin, while the

figures. In a creative and enjoyable atmosphere, friendships

Mint of Ukraine received the "Most Inspirational Coin" award

were strengthened, and participants gained a deeper appreciation

for its "Tribute to Healthcare Workers" commemorative coin.

of the history and culture embedded in coins. These two events—one formal industry reception and one relaxed creative

As a bridge between Eastern and Western numismatic markets,

gathering—showed that the modern numismatic industry, while

Champion remains committed to bringing more outstanding

respecting tradition, is embracing the future with an open,

Chinese and Asian minting works to this global stage.

diverse, and dynamic attitude.

3. Participation in the Tower Mint London Guest of Honor

4. Professional Development: Attending the NGC Grading

Events

Class

For the first time in the history of the World Money Fair Berlin,

During the Berlin show, the NGC grading class stood out as a

a private mint—the Tower Mint London—served as the guest of

notable professional education event. Ben Wengel, Senior Vice

honor, hosting a series of events.

President and World Coin Finalizer at NGC, led the course, covering coin authentication and grading standards.

On the evening of January 26, Michael Chou attended the Tower Mint London's welcome dinner together with Denny Huhn,

The course offered only twenty seats per day but received over

News · Events

one hundred applications. Thanks to the friendly relationship Michael Chou had built with Ben Wengel earlier in Sarasota, and with the help of Ms. Jacqueline Fuebrich, NGC's German Operations Director, who also attended the striking ceremony for the 2025 Berlin World Money Fair Panda Coin at B.H. Mayer, the Champion Auction team secured two seats. Attendees at the striking ceremony included Goetz-Ulf Jungmichel (President of World Money Fair), Ms. Luisa Kruger (IT Director), Oliver Strahl and his wife, Michael Chou, Jacqueline Fuebrich (NGC), Alex Wegner (Director of B.H. Mayer), and an NGC representative. Ms. Esther Zhao, Editor of Champion Auction's academic journal, the Journal of East Asian Numismatics , and Ms. Yvan Gao, Manager of the Macau International Coin Convention (MICC), attended the NGC grading class on January 30 and 31, respectively. Through this systematic training, both improved their expertise in coin authentication and gained a deeper understanding of international grading standards and market value assessment. This provides a stronger professional

Buyers at the Künker Auction Booth (above) and Children Receiving Gold-Gilt Copper Panda Medals (below)

foundation for their future work in numismatic research, market trend analysis, and international event planning. and promoter of industry platforms, working to connect global The course used a "theory plus practice" teaching model. Wengel

resources and create shared value.

not only explained the core points of authentication but also provided thirty-three coins for participants to examine hands-

1. Consolidating European Ties: Discussing MICC Plans

on. This immersive approach allowed attendees to see the subtle

with the Former WMF President

differences between coins of various grades, offering a rare practical experience.

On January 28, Michael Chou met with Hans-Henning Göhrum, former President of the World Money Fair Berlin and current

The interactive Q&A session was particularly lively. Coin

advisor to Champion Auction. The meeting continued their

dealers and collectors from around the world asked Wengel

long-standing cooperation and provided momentum for the

about authentication challenges they had encountered in their

international development of the 2026 Macau International Coin

work, creating a dynamic discussion. This kind of professional

Convention (MICC).

exchange reflects the value of the World Money Fair Berlin as a global industry platform.

IV Building Platforms, Celebrating Events – Expanding Fair and Auction Business Champion Auction is not only a participant but also a builder

As a prominent figure in the European numismatic community, Göhrum was invited twice (in 2015 and 2018) to participate in the Annual Show of the Macau Numismatic Society, the predecessor of MICC. He has deep knowledge of the Asian numismatic market. During his tenure as WMF President, Göhrum and Michael Chou jointly promoted a landmark collaborative project: the WMF Panda Medal series. This project

News · Events

has run for twelve years, making it the longest-running panda-

influential numismatic event.

themed show medal series to date. This collaboration reflects Champion's ability to integrate The project established a successful cooperation model:

resources across the global numismatic industry and underscores

Champion Auction handles the medal's design and production,

the deepening integration of Eastern and Western numismatic

while Künker Auctions, a WMF shareholder and a leading global

cultural exchange.

numismatic auction house, manages the issuance. At this year's fair, the 2026 silver panda medal sold by Künker at its booth

2.Planning a Charity Auction: Coordination with Asian

continued the series' success, with very strong sales. Meanwhile,

Show Partners

at the Champion Auction booth, Michael Chou demonstrated corporate social responsibility by presenting special gold-gilt

On January 29, Michael Chou had lunch with Sam Hung, partner

copper panda medals and first-strike commemorative cards

of the Hong Kong International Coin and Watch Convention,

to children visiting the booth. This gesture helped introduce

and Hann Boom, President of the Kuala Lumpur International

younger generations to collecting culture and to Sino-Western

Numismatic Fair (KLINF), to plan the Champion-HICC Joint

cultural exchange.

Charity Auction scheduled for April 8.

After stepping down as WMF President, Hans-Henning Göhrum,

The charity auction features two notable sets. First, twelve sets

drawing on his industry experience and international perspective,

of matching lucky serial numbers combining the 2025 Chinese

began serving as an advisor to Champion Auction, continuing to

Dragon Silver Coin Kuala Lumpur City Card and Macau City

contribute to East-West numismatic cultural exchange.

Card, featuring culturally significant numbers: #8, #88, #111, #222, #333, #444, #555, #666, #777, #888, #999, and #1111.

During this meeting, leveraging Göhrum's connections in the

Second, eight sets of 2025 Chinese Dragon Silver Coin City

European and American numismatic communities, Champion

Cards with matching numbers across editions from Singapore,

generated interest from exhibitors in Germany, Greece, Portugal,

Hong Kong, Tokyo, Oklahoma, Kuala Lumpur, and Macau.

Poland, the Netherlands, and the United Arab Emirates to

In addition, some 2025 Macau City Cards obtained through a

participate in the 2026 MICC. This progress will enhance

lottery draw but not picked up—particularly those allocated for

MICC's international reach and help establish it as a globally

Hong Kong collection but unclaimed—have also been included

Jiao Jinpu, Chairman of the Board of China Gold Coin Group Co., Ltd., introducing the 2026 Chinese Dragon Silver Coin Berlin City Card at the Media Forum

News · Events

development. Champion Auction will continue to update the exhibitor lineup for MICC and promote the event internationally through its participation in more than a dozen major global coin fairs. These exchanges generated widespread interest in exhibiting, bringing more European professional expertise and resources to MICC and further strengthening its position as a global numismatic event.

V Academic Exploration After the Show– Study Tour in Austria

Promotion for the 2026 Chinese Dragon Silver Coin Berlin City Card at the MDM booth

After the World Money Fair Berlin concluded, the Champion in the auction.

Auction team traveled to Austria for a numismatic history study tour.

The overseas city card series of the 2025 Chinese Dragon Silver Coin has become one of the most popular collecting categories

At the Austrian Mint, with the help of Chief Designer Helmut

in the global numismatic market since its launch. Its city-themed

Andexlinger, the team was able to view a number of historical

design and limited issuance have generated sustained collecting

artifacts related to coins manufactured for China by the

interest. The 2026 Berlin City Card, the first release of the series

Vienna Mint during the Republican period. These included the

for the new year, launched at the MDM booth during this year's

extremely rare iron obverse model of the Sun Yat-sen Facing

fair and achieved strong results. It quickly became a focal point

Portrait Junk dollar pattern, one of the rarest Republican coins.

of the fair, further confirming the series' market appeal.

The two parties also discussed the heritage and innovation of minting techniques.

All proceeds from these lots will go to charitable causes. This reflects the social responsibility of the numismatic community

Michael Chou also visited Professor Hubert Emmerig of

and offers collectors a way to turn their collecting passion into

the History Department at the University of Vienna. They

charitable support. The auction will also include other selected

discussed the possibility of consulting relevant archives at the

Kuala Lumpur and Macau City Card collectibles.

Wien Museum during a return visit to Austria in June, with an introduction from the professor. The aim is to uncover historical

3.Attracting New European Attendees: Meetings with

clues from original European archives.

European Exhibitors Interested in MICC From the industry engagement in Berlin to the historical On the final day of the fair, Michael Chou and advisor Hans-

research in Austria, Champion Auction's trip formed a complete

Henning Göhrum met with several European industry

arc—from market trends to cultural roots, and from current

representatives, including Denny Huhn, founder of House of

cooperation to future exploration. This reflects Champion

Coins. As a supporter of the 2026 MICC, Huhn joined Göhrum

Auction's role as an industry bridge: not only tracking market

in discussing how to promote MICC through major European

trends and promoting commercial cooperation, but also engaging

coin fairs and increase its international participation.

with history and culture to foster academic exchange. Looking ahead, Champion Auction will continue to connect East and

The discussions revealed strong interest from various parties

West, support the industry, and work with colleagues around the

in exhibiting, marking progress in MICC's international

world to advance the collecting and preservation of coin culture.

News · Events

Opening Ceremony

MDM Booth

previous years many had already packed up their booths by

Review

Sunday. However, the new schedule presents a greater challenge

World Money Fair 2026

outside of school holidays.

for parents with school-age children, as the event takes place

Once again, the Estrel Hotel and Congress Center, which hosts the fair, impressed visitors with its outstanding hospitality.

◎ Oliver Strahl〔Germany〕

Room rates remained unchanged, and after a long day at the exhibition, guests could choose from three in-house restaurants. For the 2027 World Money Fair, the Estrel Tower is expected to be open for overnight guests. The Estrel Tower will be the tallest

This year's World Money Fair is already several months behind

building in Berlin.

us, and preparations for the 2027 event are now underway. This year's Guest of Honor was the Tower Mint, a historic The 2026 edition of the fair underwent significant changes.

British mint with a long-standing tradition. For collectors,

It became more modern, customer-focused, and interactive.

the Tower Mint released an exclusive one-ounce silver coin

The exhibition space was considerably expanded, resulting in

featuring various portraits of Queen Elizabeth II. The Guest of

a record number of exhibitors. Precious metal prices, which

Honor for the 2027 fair has already been announced as CIT.

reached all-time highs in January, attracted huge crowds of visitors. Security measures were also noticeably enhanced. Even

One particularly welcome improvement was the revised

the underground parking garage was permanently monitored to

distribution system for exclusive fair issues. Sales were

provide a safe environment for attendees.

staggered over multiple release times, with a daily purchase limit in place. This ensured that every collector had a fair opportunity

Admission prices for trade visitors increased slightly, while day

to obtain the coveted releases.

tickets were available online at a discounted rate for existing club members.

The World Money Fair also stood out for its interactive approach. Visitors could participate in a treasure hunt by visiting

The World Money Fair no longer runs from Friday to Sunday

different exhibitors. Those who collected every stamp and sticker

but instead takes place from Thursday to Saturday. This change

received free admission to the Minting Experience Center, where

is intended to make it easier for dealers to travel home, as in

they were able to strike the second issue in the World Money

News · Events

Fair medal series themselves. The popular passport for collecting circulating coins from participating issuing countries was once again available. Club members also received a complimentary beverage. The coin dealer MDM brought one of the biggest highlights of the show: the Berlin City Edition featuring the 2026 Chinese 10 Yuan Dragon coin. This one-ounce silver coin is housed

MDM Booth

in an official aluminum holder issued by China, which can be submitted directly to NGC for grading without removing the coin. Anyone wishing to purchase one for EUR149 had to

Champion Auction also maintained its own exhibition

stand, which was both informative and visually appealing.

the registration website temporarily crashed. The queue seemed

Younger visitors received a gilded 2026 Berlin Panda medal

endless, and despite purchase limits, some people repeatedly

and a certificate personally signed by designer Yu Min as a

joined the line. Unfortunately, there were reports of registration

complimentary giveaway.

details being manipulated. Just beyond the sales counter, buyers were already offering at least EUR500 for the coin. Premiums

The corresponding silver versions, available in one-ounce and

often depended on desirable serial numbers, especially those

eight-gram weights, were sold by Künker. The current Berlin

containing multiple eights, as the number eight is considered

Show Panda sold out completely within just a few minutes. Due

lucky in Chinese culture. Since then, prices have cooled

to the high precious metal prices, only the eight-gram version is

somewhat. MDM acknowledged the concerns and announced

expected to be produced in 2027.

that it intends to develop a new sales concept for next year's follow-up issue. Overall, MDM presented itself in a highly

ValAurum once again offered visitors a complimentary gold

professional and customer-oriented manner.

banknote, this time containing five milligrams of fine gold— half the weight of previous editions. Meanwhile, visitors to the

Numerous prize draws were held throughout the exhibition. In

technical exhibition hall could obtain a genuine piece of rolled

addition to the Tower Mint, Japan, the Netherlands, Australia,

gold after attending a presentation showcasing the latest rolling

and Belgium all released exclusive fair editions. Hundreds of

gold production machinery.

collectors formed long queues for these sought-after issues. Several dealers reflected on their experiences at this year's fair. The grading company NGC showcased a large exhibition stand

Times continue to change, and the hobby evolves with them.

and introduced several new developments. It also offered an

Despite record-high precious metal prices and market corrections

educational workshop during the event. Due to the tremendous

during the exhibition, a large number of coins changed hands.

increase in submissions, grading turnaround times have become somewhat longer than usual.

Precious metals are once again more popular with younger generations than they have been for many years. Ongoing global

Modern sales platforms such as eBay Live and Whatnot were

crises have encouraged increasing numbers of investors to

also represented at the fair. Both services allow sellers to auction

purchase physical gold as a store of value and financial security.

items live through their mobile apps. Whatnot streamed live

Chinese Panda coins continue to play a significant role in the

directly from the exhibition and organized a major giveaway,

collector market. Their exclusivity and rarity make them highly

where lucky visitors had the chance to win a one-ounce

sought-after collectibles, and many collectors are willing to pay

"Whatnot" commemorative medal.

substantial premiums to acquire them.

News · Events

Singapore International Coin Fair 2026 Recap: The Singapore City Card Steals the Show ◎ Champion〔Shanghai〕

Singapore International Coin Fair Poster

From March 20 to 22, 2026, the much-anticipated Singapore International Coin Fair (SICF) was held at the Marina Bay Sands Convention Centre. As one of Asia's most influential coin shows, this year's event brought together over 150 exhibitors from 35 countries and drew large crowds throughout the venue. It served not only as a bustling hub for coin trading but also as a launchpad for some of the year's most notable collectible releases. Champion Auction was also in attendance, with its booth at A20, joining the industry's premier gathering.

2026 Chinese Dragon Silver Bullion Coin Singapore City Card Sales Ceremony

The undisputed highlight of this year's fair was the on-site release of the 2026 Chinese Dragon Silver Bullion Coin – Singapore City Card. Sold exclusively by Panda SG, the card generated tremendous excitement. At 11 a.m. on opening day, the organizers held an official launch ceremony for the Singapore City Card, bringing the first day to an exciting climax and making the card the center of attention. The Singapore City Card was limited to a mintage of just 3,000 pieces. To protect collectors' interests and prevent cross-border

Singapore Lion Bullion

News · Events

scalping, eligibility for the purchase lottery was strictly restricted

design incorporates Singapore's iconic skyline — a touch that

to Singapore citizens.

gives the set strong local appeal.

Another notable highlight was a special limited-edition set from

As the fair drew to a successful close, the buzz surrounding the

the Singapore Mint. The Mint released a bundled set combining

"Dragon" and the "Lion City" showed no signs of fading. For the

the Lion Bullion 1g gold bar with the 1 oz. 2026 Chinese Dragon

2026 Chinese Dragon Silver Coin City Card, this may be just the

silver bullion coin. Only 2,000 sets were produced, and the

beginning.

2026 Singapore International Coin Fair

Michael Chou with Denny Huhn of House of Coins, Germany

Michael Chou with Japan Taisei Coins President Nobu Sasaki, Michael Nagagaki, and Kenta Kutsumi

Michael Chou with Sam Hung of HICC, Hong Kong

Michael Chou with Hann Boom of Trigometric, Malaysia

News · Events 2026 Hong Kong International Coin & Watch Convention Review:

Hong Kong City Card Takes the Spotlight, Champion Auction's Charity Auction Preview Draws a Crowd ◎ Champion〔Shanghai〕 From April 7 to 9, 2026, the Hong Kong International Coin &

Unlike the Singapore City Card, which was restricted to citizens

Watch Convention (HICC) was held at the B P International

only, eligibility for the Hong Kong Card was extended to

Hotel. In contrast to the atmosphere of the Singapore show in

residents of Hong Kong and Macau (with valid identification

March, the Hong Kong event felt more transaction-driven.

documents), who were required to purchase in person. Each day of the convention, 500 quotas were made available via a lottery

Champion Auction: Charity Auction and Preview

draw, with two designated pickup time slots offered daily.

Champion Auction's charity auction preview, held at tables

The Hong Kong City Card features a vertical design measuring

W33–34, became a major point of interest for collectors.

80×130 mm. Its surface incorporates iconic elements such as

Throughout the preview period, many attendees stopped by to

the Tian Tan Buddha on Lantau Island, the M+ Museum, the

inquire about bidding. On the day of the auction itself, bidding

Tsim Sha Tsui Clock Tower, the Hong Kong Convention and

was highly enthusiastic.

Exhibition Centre, the Golden Bauhinia sculpture, and the Victoria Harbour skyline. While the Singapore City Card takes

Hong Kong City Card: 1,500 Copies Available On-Site,

the "modern Lion City" as its visual theme, the Hong Kong Card

Exclusive to Residents of Hong Kong and Macau

places greater emphasis on the meeting of East and West and the diversity of its cultural landmarks.

Following the Berlin Card and the Singapore Card, the Chinese Dragon Silver Bullion Coin – Hong Kong City Card became the

With the successful conclusion of the Hong Kong stop, the City

third smart overseas city card of 2026. With a total mintage of

Card series has now been launched in Berlin, Singapore, and

3,000 pieces, 1,500 were allocated through an online lottery.

Hong Kong. All eyes are now on where the next city card will be unveiled.

Champion-HICC Hong Kong Charity Auction

Collectors Queuing up for the 2026 Chinese Dragon Silver Bullion Coin Hong Kong City Cards

2026 Hong Kong International Coin and Watch Convention

2026 Chinese Dragon Silver Bullion Coin Hong Kong City Card

News · Events

Champion April Hong Kong Charity Sale Raises $47,900 USD; November Macau 30th Anniversary Auction to Feature 0% Buyer's Commission ◎ Champion〔Shanghai〕

Champion-HICC Hong Kong Charity Auction

（The first on the left in the first row) June Leung, founder of the Uplift Educational Charity Foundation

Lot 001

In collaboration with the Hong Kong International Coin & Watch Convention (HICC), Champion Auction successfully

Charity Auction: Competitive Bidding for Lucky Numbers

concluded its joint charity auction on April 8, 2026, at the B P International Hotel in Hong Kong. A special "City Card Charity

The charity auction was divided into two segments:

Auction" session was held, raising a total of $47,900 USD. All proceeds were donated to the Uplift Educational Charity

Segment 1 (Lots 1–12) featured Kuala Lumpur and Macau

Foundation, whose founder, Ms. June Leung, attended the

City Cards with matching lucky serial numbers. Bidding was

auction in person.

primarily contested between U.S. buyers and several local Hong

News · Events

Lot 010

Lot 012

Lot 051

News · Events

Kong collectors. Highlights include: Lot 1 (Serial #0008, 2 cards): Sold for $7,200 USD to a U.S. buyer. Lot 10 (Serial #888, 2 cards): Sold for $7,800 USD to a Hong Kong buyer.

graded PCGS MS65+, also from the Turpin Hsi / NC Collection. An 1897 Old Kiangnan one-dollar silver coin (herringbone edge), graded PCGS MS62+, from the NC Collection. In addition, the auction will feature multiple Szechuan Horse tokens from the NC Collection, which also deserve close attention from collectors. Among them are several exceptionally

Lot 12 (Serial #1111, 2 cards): Sold for $11,400 USD to the

rare varieties, including the Crane design, the Chrysanthemum

same U.S. buyer as Lot 1, achieving the highest price of the

design, and a thick-planchet uniface variety featuring a horse

charity session.

with its head proudly raised.

Segment 2 (Lots 13–22) consisted of unclaimed Macau City

Nelson Chang came from the prestigious Zhang family of

Cards from the Hong Kong draw. All lots were successfully sold.

Regular Auction: #0002 City Card Set Attracts Intense Bidding

Nanxun, Zhejiang Province. His father, Zhang Shuxun ( 張叔

馴 ), also known as Nai-Chi Chang, was a legendary figure in

Chinese numismatics and was known as the "King of Ancient Coins" during the Republican era. Beginning in the mid1970s, Nelson Chang spent more than three decades building

In the regular auction, LOT 051 – the #0002 Macau + Kuala

the renowned NC Collection, focusing on the finest and rarest

Lumpur City Card Set (First Day Label) – was the centerpiece

Chinese vintage coins.

of attention. As all #0001 City Cards have been donated to the China Gold Coin Exhibition Hall in Beijing, the #0002 set

In 2021, the book A Legacy of Collection – The NC Collection

represents the lowest serial number available in the series. This

of Chinese Coins was published and received the 2021 Best

lot attracted intense bidding and ultimately sold for $6,000 USD

World Coin Book Award from the Numismatic Literary Guild.

to a buyer from Guangdong. In May of the same year, Champion Auction held the NC

Macau Auction Highlights – November 2026

Collection Auction in Macau, where 123 lots achieved a total of over $30 million USD, setting a new record for Chinese vintage

The Champion Auction 30th Anniversary Special Auction will

coin auctions at the time. More than 60 lots established new

be held on Sunday, November 29, 2026, at the Sofitel Macau at

record prices for their respective coin types.

Ponte 16. As a special thank you to collectors, this auction will feature 0% buyer's commission. Highlights include:

Turpin Hsi / NC Collection – Rare Chinese Vintage Coins This auction will feature several rare Chinese vintage coins from the Turpin Hsi and NC Collections. Notable lots include: An 1898 Anhwei one-dollar silver coin (A.S.T.C.), graded

Other Highlights Sun Yat-sen "Three Birds over Junk" Copper Pattern (PCGS SP55). Szechuan Malan Horse Tokens from the Nelson Chang Collection. Taiwan Silver Cakes from the TCL Collection.

PCGS MS64+, from the Turpin Hsi / NC Collection. Kweichow 7 Mace and 5 Mace Silver Coins from the 1991 An 1898 Anhwei one-dollar silver coin (small rosettes),

Goodman Collection Auction

News · Events

1898 ANHWEI PROVINCE One Dollar Silver with A.S.T.C,PCGS MS65+, Hsi/NC Collection

1898 ANHWEI PROVINCE One Dollar Silver, with Small Rosette, NGC MS64+ , Hsi/NC Collection

1897 KIANGNAN PROVINCE 7 Mace and 2 Candareens Silver, Ornamental Edge, NGCMS62+, NC Collection

1932 CHINA-REPUBLIC Sun Yat Sen One Dollar Silver, PCGS SP55

Taiwan Old Man Dollar Silver with Er Kwei [ 二癸 ] Chopmark UNC, TCL Collection

Taiwan Bi Bao Dollar Silver with Ku [ 庫 ] chopmark AU-UNC, TCL Collection

Kweichow 7 Mace Silver UNC, 1991 Goodman Collection Auction Lot 1514, TCL Collection, Extremely Rare

Kweichow 5 Mace Silver UNC, 1991 Goodman Collection Auction Lot 1513, TCL Collection, Extremely Rare

News · Events

Szechuan Horse Tokens and Envelops

Auction & Contact Information Date: November 29, 2026

For consignment or bidding inquiries, please contact:

Venue: Sofitel Macau at Ponte 16

Tel: +86 19514623548

Buyer's Commission: 0%

Email: jeanzg1994@163.com

Consignment Deadline: September 15, 2026

News · Events

2026 Tokyo International Coin Convention Review ◎ Champion〔Shanghai〕

The 37th Tokyo International Coin Convention (TICC) took

Ulrich Künker – President of Künker Auction;

place at the Royal Park Hotel in Nihonbashi during Japan's

Dr. Ursula Kampmann – Editor-in-Chief of Coin Weekly ;

Golden Week holiday period. As one of Asia's most influential

and Japan Mint Director Yasuo Hira.

numismatic events, this year's fair attracted coin dealers, collectors, and mint representatives from around the world.

The dinner was warm and welcoming, with guests mingling easily with old and new colleagues. Notably, some lots from

The Journal of East Asian Numismatics (JEAN ) and Champion

Künker's June Imperial Collection were previewed at the event,

Auction team arrived in Tokyo on April 29th, eagerly awaiting

to the great delight of those present.

the numismatic community's annual highlight. This royal collection of the House of Hohenzollern of the

Pre-Show Visit:

former German Empire (Deutsches Kaiserreich) comprises

Revisiting the Currency Museum of the Bank of Japan On April 30th, the day before the fair's official opening, the team visited the Currency Museum of the Bank of Japan – a must-see destination for coin enthusiasts. Revisiting this site, built upon the Edo-period "Kinza" (Gold Mint), we once again took in the deep historical atmosphere of the place.

Reception Dinner at the Residence of the German Deputy Ambassador to Japan

Fig. 1 Michael Chou arriving at the reception dinner

On the evening of April 29th, we were invited to a high-level reception dinner hosted by Künker Auction in cooperation with

Coin Weekly at the residence of Dr. Martin Huth, the German Deputy Ambassador to Japan. Speakers included: Dr. Martin Huth – beyond his diplomatic career, he is also a seasoned coin collector. In his address, he shared his passion for numismatics and welcomed colleagues from the international numismatic community;

Fig. 2 Martin Huth, Ulrich Künker and Ursula Kampmann delivering their speech

News · Events

Fig. 3 Guests at the reception dinner

Fig. 4 Imperial Collection

approximately 350 selected coins and medals, accumulated over several generations of Prussian kings and German emperors. Many pieces entered the collection immediately after minting and have never circulated, resulting in exceptional preservation. This is undoubtedly a highlight of the global numismatic auction calendar in 2026. Ulrich Künker, President of Künker Auction, also gave an exclusive interview to the JEAN, detailing the background, highlights, and auction arrangements for this royal collection. The full interview appears in page 63 in this issue.

Fig. 6 The ribbon-cutting ceremony From Left: Yuji Takeuchi, President of the Japan Coin Dealers Association, Naoki Kawamura, President of the Japan Banknote Printing Corporation; Yasuo Hirai, President of the Japan Mint; and Maria lsabel Valdecabres Ortiz, Director of the Spanish Mint

opening ribbon-cutting ceremony. The fair floor was bustling with visitors. Representatives from official supporting organizations – such as the Japan Mint and the National Printing Bureau – as well as representatives from international grading companies like NGC, PMG, and ASG, had Fig. 5 Michael Chou and Ulrich Künker after the interview

booths set up, offering consultation and services to collectors. Champion Auction set up at booth G7, displaying the latest

Fair Opening and Ribbon-Cutting Ceremony

Tokyo Special Edition of the JEAN (Issue No. 38). The team also gave out gifts to young visitors at the fair.

At 10:00 AM on May 1st, the 37th Tokyo International Coin Convention officially opened. Representatives from the

Reception Party

organizing body – the Japan Numismatic Dealers Association (JNDA) – along with several distinguished guests, attended the

On the evening of May 1st, the fair's official reception party was

News · Events

held in the Harumi Room on the second floor of the Royal Park

Harumi Room; from the stunning debut of the Hohenzollern

Hotel.

royal collection to the in-depth exploration of the Currency Museum of the Bank of Japan – every moment was one to

Exhibitors, collectors, and auction house representatives from

remember.

various countries gathered to celebrate the successful opening of the fair over drinks, reconnecting with old colleagues and meeting new ones. The JEAN team also engaged in in-depth discussions with many international colleagues at the party.

Conclusion The 2026 Tokyo International Coin Convention was not only a grand numismatic event but also a celebration of cross-cultural exchange. From the high-level dinner at the residence of the German Deputy Ambassador to the lively reception in the

Fig. 7 Attendees at the fair floor

Fig. 8 Champion Auction's table and a young visitor receiving gifts

Fig. 9 Guests at the reception party

Fig. 10 Michael Chou with Ichiro Watabe of Ginza Stella (middle) and Herb Cook of Arrow International (right)

News · Events

2026 Central States Coin Show

2026 Central States Coin Show Report ◎ J. Matthew Brotherton〔USA〕

The 87th Anniversary of the Central States Numismatic Society

a different Midwestern state as the focus of the show. This year

("Central States") Coin Convention was held at the Schaumburg

the state of Missouri was featured and exhibits highlighting the

Convention Center in Schaumburg, Illinois from April 22-25.

fascinating history of the numismatic history of Missouri were

Schaumburg is a bustling suburb just northwest of Chicago

on display. Staying with the Missouri theme, the public were

with numerous hotels and restaurants to accommodate one's

given tote bags and a free 2017 Missouri Ozark Riverways

visit. For those readers unfamiliar with the Central States Coin

quarter for being in attendance. Joe Paonessa of the Root River

show, it is traditionally the largest coin show in the Midwest

Mint was also at the show striking pewter and silver medals

of the United States and is consistently one of the top 5 annual

celebrating Missouri drawing their design from the 1776 U.S.

shows in the United States. This year's Central States Coin

Continental Dollar. The obverse of the medals had the famous

show was extremely active for dealers as the numismatic market

St. Louis Arch of Missouri on it while the reverse had the

remains very strong as demonstrated by a large public crowd in

linking rings of the 1776 Continental Dollar with the names of

attendance. In fact, this Central States show was the most active

the 13 states comprising the Central States Numismatic Society

that I have personally ever been to and several long-time dealers

on each chain link (instead of the original 13 colonies as was on

made the same comment to me. With recent all-time highs in the

the reverse of the original 1776 Continental Dollar)…a very cool

precious metals, this is great news for the numismatic industry

design with perfect timing to celebrate the 250th Anniversary of

which has seen a continued boom of interest especially with new

the United States this year.

customers coming into our hobby from the on-line marketplace. In addition to all of the buying and selling of numismatic Over the past three years the Central States show has highlighted

items, the Central States show offered numerous numismatic

News · Events

education events. The Central States Numismatic Society partners with the Newman Numismatic Portal and offered daily educational presentations featuring respected researchers and leading voices in the numismatic industry. Educational Seminars included a presentation entitled "The U.S. Mint's Celebration of the Semiquincentennial" by the U.S. Mint Director, Paul Hollis. This presentation highlighted the numerous numismatic offerings celebrating the 250th anniversary of the birth of the United States. Director Hollis also received the 2026 Q. David Bowers Award which is given annually by the Central States Numismatic Society. This award "recognizes individuals whose unselfish dedication, scholarly contributions and lasting

1879 Coiled Hair Stella

impact have advanced the field of numismatics." Director Hollis stated that he became interested in coins as a child when his grandmother gave him a silver U.S. Peace dollar

The top coin of the auctions, the 1879 Coiled Hair Stella (NGC

because it was struck to celebrate peace following World War

PR67 Cameo) realized $2.13 million dollars. The 1879 Coiled

I which his grandfather had served in. Another particularly

Hair Stella four dollar gold piece is among the rarest American

interesting seminar titled "Models, Markets, and Mania: How

numismatic issues with just 14 examples documented. Also

AI is Destroying the Hobby and How it Can Save Us" by Justin

of note was a 1933 Indian ten dollar gold piece (PCGS MS65

Hinh who did an excellent job in outlining various impacts that

CAC) that realized $1.586 million dollars. The top piece of

artificial intelligence is having on our hobby. I am also glad to

currency in the auction was an 1882 U.S. Gold Certificate which

report that at the Professional Numismatic Guild ("PNG") dinner

realized $378,200 dollars.

during the show, our friend and renowned numismatist, Jeff Garrett, received the PNG Lifetime Achievement Award. This

The 2026 Central States Coin Convention proved to be a huge

is a well deserved award for Jeff for his career and dedication to

success. With precious metal prices remaining strong, it was

advancing the numismatic industry. In addition, our friend and

great to see a huge interest and demand from the public for

fellow numismatist, Andy Reiber, was appointed as a director of

numismatic items. One can still see the influx of new customers

PNG, a well deserved honor.

at conventions into our industry as a result of record-breaking sales of numismatic items and additional interest in the hobby being created through on-line platforms. I always enjoy visiting the Chicago area and it was great to see my numismatic friends. I will be set up, along with my good friend Michael Chou (Owner of Champion Macau Auctions) at the Summer Fun Show in Orlando, Florida and the ANA World's Fair of Money Show in Pittsburg, Pennsylvania later this Summer. So, if attending those

Missouri themed medal

shows please stop by and say hello. Also I am really looking forward to attending the Macau International Coin Convention later in November of this year and seeing all of my friends there.

The Central States show was host to the Heritage Auctions

The 2026 Macau show will be held from November 27-28, and

CSNS Signature Sale which took place April 29-May 3 in

the auction will take place on November 29.

conjunction with the show. This auction featured premium

U.S. coins from the Presidio Collection that included the ultra-

Until next time, I wish you all the best in your numismatic

rare Coiled and Flowing Hair Stella four dollar gold pieces.

pursuits!

News · Events

Tracing the History of Chinese Vintage Coins

—The Fifth Edition of the Top Chinese Coins Launches Its Survey

◎ Champion〔Shanghai〕

When we speak of the crown jewels among Chinese vintage

The fifth edition will continue its collaboration with the following

coins, what comes to mind? Is it the Fengtien Tael, often hailed

international experts:

as the king of Chinese vintage coins, or the legendary Sun Yatsen Dollar with Junk reverse, more famed in lore than ever seen

Ron Guth – former President of PCGS, founder of PCGS Coin

in hand? Behind every great rarity lies a remarkable story — and

Facts, and co-author, with Jeff Garrett, of the classic 100 Greatest

each story deepens the allure of the hunt.

U.S. Coins ;

Since its debut in 2010, The Top Chinese Coins series has

Colin Gullberg – English editor of the Journal of East Asian

earned a firm place on the bookshelves of Chinese vintage coin

Numismatics , responsible for maintaining the text's international

collectors worldwide. More than just a market-price reference—

academic standards and accuracy.

it has become a touchstone for collectors in search of the finest examples of Chinese vintage coins.

Given the significant body of new German-language material sourced from the Austrian Mint and the Vienna's Kunsthistorisches

Michael Chou, founder of Champion Auction and publisher of the

Museum, we are pleased to welcome German numismatist

Journal of East Asian Numismatics , is leading his research team

Thomas Uhlmann to the editorial team. Uhlmann has published

in systematically expanding the historical record of China's rarest

numerous German-language academic articles on Chinese

vintage coins, drawing on multiple primary sources:

vintage coins. In this edition, he will work closely with Professor Hubert Emmerig of the University of Vienna—also a German

Mint archives – original records from overseas institutions such

numismatist—to systematically organize the German archival

as the Austrian Mint and the Birmingham Mint (originally known

materials on Chinese vintage coins that Professor Emmerig has

as Heaton's Mint);

collected over many years, providing authoritative documentary support for the fifth edition.

Museum collections – previously unpublished documents from the Vienna's Kunsthistorisches Museum, the British Museum, and

This time, we are doing more than compiling a book—we are

elsewhere;

uncovering lost history in European archives, mint vaults, and museum collections.

Designer manuscripts and dies – plaster models and iron models provided by Helmut Andexlinger, Chief Engraver of the Austrian

Top Chinese Coins , Fifth Edition, is on its way.

Mint;

How It All Began Historical documents – letters, periodicals, rare books, and other written materials.

The series was inspired by a book that had long been a favorite

News · Events

what constituted a "best of" selection for Chinese vintage coins from an international perspective. Second Edition (October 2011 – Silver Coin Edition) A significant step forward—this was the first bilingual ChineseEnglish edition (the first edition was Chinese only), greatly expanding its accessibility to international readers. Ron Guth and Bruce Smith also joined the editorial team, further strengthening From left: Vicken Yegparian, Vice President of Numismatics at Stack's Bowers Galleries; Michael Chou, President of Champion Auction; Ron Guth; and Ellen Feingold, Curator of the National Numismatic Collection at the Smithsonian National Museum of American History, photographed at the 2018 American Numismatic Association World's Fair of Money in Chicago.

the book's standing in the global numismatic community. This edition is now scarce and difficult to find on the market. Third Edition (November 2021) A decade had passed, and the Chinese vintage coin market had changed dramatically—new discoveries, new collectors, and a

among American collectors: Ron Guth's 100 Greatest U.S. Coins ,

new pricing landscape had emerged.

a volume that selects the 100 rarest coins in American numismatic In May 2021, the Nelson Chang collection auction saw more

history.

than 60 of its 100 lots break record prices for their respective The idea was simple: China needed a book like this too. And so

types, with total sales exceeding US$30 million—a record

began a project that would span more than a decade.

for any Chinese coin auction at the time. This landmark event underscored the growing demand for rare Chinese vintage coins,

The First Four Editions: An Evolving Reference

and the third edition was launched to reflect these developments. In addition, the third edition began to incorporate the latest

First Edition (June 2010)

overseas research, including research results on Otto Beh's dies for Chinese patterns, offering readers a broader international

The first edition was a landmark effort: it was the first to define

perspective.

中國近代機製幣精品鑒賞第三版 Third Edition

Edited by

周邁可 Michael Chou with

古富 Ron Guth 史博祿 Bruce Smith 編著

ISBN 978-0-9905200-7-8

90000>

9 780990 520078

First Edition Cover

Second Edition Cover

Third Edition Cover

Fourth Edition Cover

News · Events

Beijing and Macau Launch Events

Fourth Edition (2024 – Silver Coin Edition) Returning its focus to silver coins, this edition incorporated new overseas findings, including information about plaster models for

Michael Chou and Thomas Uhlmann

Highlights of the Fifth Edition Highlight 1: A Renowned International Scholar Joins the Team.

the Sun Yat-sen Junk silver coins and Mausoleum silver coins discovered at the Austrian Mint.

German numismatist Thomas Uhlmann has officially joined the fifth edition editorial team.

Why a Fifth Edition? — The Time Is Right Why him? By 2026, five years will have passed since the last edition that covered gold, silver, and copper coins (the third edition). Since

With a significant body of new German-language source material

that time, the field has seen a wealth of changes.

coming from the Austrian Mint, the Vienna's Kunsthistorisches Museum, and various German museums and collections, we

As Michael Chou's collaborations with overseas institutions—

needed someone who could accurately interpret these documents.

including the Austrian Mint and the British Museum—have

Thomas Uhlmann—who has published extensively on Chinese

deepened, long-sealed mint archives have gradually been opened,

vintage coins in German—was the ideal choice. He will work

and more primary materials on patterns and trial strikes have

closely with Professor Hubert Emmerig of the University of

come to light. At the same time, the collector community has

Vienna to systematically organize the German archival materials

changed considerably.

that Professor Emmerig has collected over the years.

It is time for an update.

Highlight 2: New Archival Discoveries at Overseas Mints.

The first and third editions covered gold, silver, and copper

Many Chinese vintage patterns were actually struck by overseas

coins. Building on that foundation, this new edition will undergo

mints.

comprehensive editorial and content upgrades—incorporating newly discovered overseas archival documents to create a more

1. Otto Beh Dies for Chinese Patterns. In the third edition, we first

complete and authoritative Top Chinese Coins .

published materials on Otto Beh's dies for Chinese patterns.

News · Events

Plaster model for the obverse side of the 1929 (Year 18) Sun Yat-sen Junk Dollar

Michael Chou and Professor Hubert Emmerig

Michael Chou and Joe Cribb

Michael Chou and Helmut Andexlinger discussing the plasters and iron models

Year 3 (1911) Empire Dollar with L. Giorgi Signature from the British Museum and its Collection Label

2. Patterns from the Austrian Mint. This includes Sun Yat-sen

and confirmed its existence—adding a new data point to our

Junk patterns and Mausoleum patterns, with relevant content

understanding of the earliest Chinese vintage coins.

updated in the fourth edition. Highlight 3: A New Collaboration with the British Museum. Through continued exchanges with the Austrian Mint, Chief Engraver Helmut Andexlinger helped us locate the plaster models

During his European trip in June, Michael Chou initiated formal

and iron models for the Sun Yat-sen Junk dollar pattern—physical

discussions with the British Museum. With the assistance of Joe

evidence that offers a rare glimpse into the minting techniques of

Cribb, former Keeper of the Department of Coins and Medals at

the period.

the British Museum, we will search the museum's collections for additional materials on patterns struck for China at the Heaton

According to Professor Emmerig's records in the Austrian Mint

Mint, as well as uncover other previously unpublished Chinese

archives, the museum holds a square-holed pattern coin struck at

coin records in the museum's holdings.

the Vienna Mint in 1885. The British Museum will bring the endorsement and support of Michael Chou followed up on this during his June visit to Austria

one of the world's leading academic institutions to this edition.

News · Events

Chinese-language surveys have also been distributed at shows in Hong Kong, Shanghai, Shaanxi, and elsewhere.

Selection and Publication Timeline Phase 1: Public Voting From June through November, surveys will be distributed through domestic and overseas coin shows and partner institutions. On November 28, a luncheon at the Macau International Coin Convention will see the unveiling of the top 20 finalists from the first round of voting. English survey cover

Phase 2: Final Review by Experts A panel of leading Chinese and international numismatists will conduct a second round of voting on the top 20 to determine the

Global Survey Underway Michael Chou traveled to Europe in June, visiting Austria,

final rankings. Softcover Edition for Preview

Germany, and the United Kingdom to distribute surveys to In April 2027, a softcover edition will be released during the

overseas numismatists.

Hong Kong International Coin & Watch Fair, giving core Austria – Revisited the Austrian Mint to gather additional

collectors an early look.

materials; visited the Vienna's Kunsthistorisches Museum. Final Publication Germany – Met with Thomas Uhlmann to discuss how the German-language materials would be handled.

In August 2027, at the ANA World's Fair of Money—the world's largest numismatic event—the fifth edition will be officially

United Kingdom – Initiated discussions with the British Museum.

launched globally.

A Dialogue with History, an Appointment with the Future From the inception of Top Chinese Coins to the official launch of the fifth edition, this has been a sixteen-year journey. From the plaster models held at the Vienna Mint to the archives of the British Museum, we are slowly putting together a fuller picture of China's early vintage coins. We look forward to sharing it with you in August 2027.

News · Events

di l i u B

dg e for i r B a ng

Si n o - G er m a n N u m is m a ti c

German Scholars Visited the Shanghai Mint Museum

Excha

ng e

◎ Champion〔Shanghai〕

As a bilingual numismatic journal first launched in 1994, the

vividly traced the Mint's journey—from the initial introduction

Journal of East Asian Numismatics has long been dedicated

of equipment and technical exploration in its early years, through

to fostering academic exchange and mutual learning between

independent innovation and technological breakthroughs after

Chinese and foreign coin cultures. On Thursday, June 25,

the founding of the People's Republic of China, to its current

through its liaison and coordination efforts, the journal facilitated

modernized minting production system. Her narrative powerfully

a successful visit by a delegation of German numismatic scholars

illustrated the Shanghai Mint's pivotal role in China's modern

to the Shanghai Mint Museum, representing a cross-cultural

and contemporary minting industry.

numismatic journey that transcended national borders. The scholars showed great interest in the Shanghai Mint's The delegation comprised Prof. Dr. Lars-Christian Koch,

profound historical heritage and exquisite minting techniques.

former Director of the Staatliche Museen zu Berlin and current

They frequently paused to study the exhibits and exchanged

Director of the Saxon State Ethnographic Collections at the

thoughts on historical details.

Staatliche Kunstsammlungen Dresden; Dr. Sylvia Karges, Director of the Dresden Coin Cabinet; and Dr. Ye Ruirui,

At the Bowker Collection Gallery, Ms. Wang briefed the

Visiting Researcher at the Staatliche Museen zu Berlin. Prof.

scholars on the gallery's origins and background. Howard

Dr. Koch is an internationally renowned ethnomusicologist. He

Franklin Bowker was a renowned American numismatist who,

has been director of the Staatliche Museen zu Berlin collections

while stationed in Hankou, China, with the U.S. Navy in the

in the Humboldt Forum since early 2018. In 2025, he assumed

1920s, developed a keen interest in Chinese coins and began a

his current role in Dresden. Dr. Karges previously worked with

systematic collection and research endeavor that spanned several

the World Money Fair in Berlin and has been responsible for

decades. His collection of Chinese vintage coins, paper money,

the academic and operational management of the Dresden Coin

and dies is well-regarded in the numismatic community for its

Cabinet since 2023.

richness and variety. The Bowker Collection on display at the museum was made possible through the donation of select rare

The Dresden Coin Cabinet houses over 600,000 coins, making it

coins by the Bowker family to the Shanghai Mint Museum,

the second-largest numismatic collection in Germany, after the

facilitated by Champion Auction. Champion Auction has long

Bode Museum in Berlin.

assisted the Bowker family in managing their collection and

Ms. Wang Zhehan ( 汪哲涵 ), Deputy Director of the Shanghai

has also helped arrange for certain pieces to be graded by NGC before they were acquired by the Shanghai Mint Museum,

Mint Museum, first extended a warm welcome to the visiting

contributing significantly to the proper preservation and public

scholars and accompanied them throughout the tour.

presentation of this valuable academic legacy. Furthermore, through Champion Auction's ongoing efforts, selected rarities

Ms. Wang provided a detailed account of the Shanghai Mint's

from the Bowker Collection have also found their way into

centenary development since its establishment in 1920. She

international institutions such as the Moritzburg Museum in

News · Events

From left: Prof. Dr. Lars-Christian Koch, Director of the Saxon State Ethnographic Collections at the Staatliche Kunstsammlungen Dresden; Dr. Sylvia Karges, Director of the Dresden Coin Cabinet; and Dr. Ye Ruirui, Visiting Researcher at the Staatliche Museen zu Berlin.

Exhibits at the Dresden Coin Cabinet

Ms. Wang introduces the history of the Shanghai Mint

Visiting the Bowker Collection Gallery

Visiting the Modern Minting Craft Hall

News · Events

Germany and the Smithsonian National Museum of American History, bringing the Bowker Collection to a global audience and generating widespread recognition in the international numismatic community. In the Contemporary Treasures Hall, the two sides engaged in extensive and in-depth exchanges covering current developments and differences between Chinese and German mints in terms of production equipment, products, technical standards, and minting techniques. Ms. Wang shared the Shanghai Mint's practical experience and innovative achievements in modern minting technology, while the German scholars introduced the relevant operations of various mints across Germany. By the

Dr. Karges examines the anti-counterfeiting features on the 1-yuan RMB coin

end, both sides had gained a much clearer picture of each other's minting technologies and processes—laying useful groundwork for possible future collaboration. visit and, at the conclusion of the tour, presented them with the As the visit drew to a close, the scholars were invited to strike

latest issue of the journal.

their own commemorative medals as a souvenir of the visit. This visit not only deepened the mutual understanding between That day, the staff from the editorial team of the Journal of East

the numismatic communities of China and Germany but also

Asian Numismatics accompanied the delegation throughout the

built a bridge for future academic cooperation.

From left: Ms. Wang, Dr. Karges, Prof. Dr. Koch, and Dr. Ye

Interviews

A Century of Craftsmanship, A Legacy in Relief An Interview with Helmut Andexlinger, Chief Designer of the Austrian Mint ◎ Champion〔Shanghai〕 On February 2nd, Michael Chou, President of Champion

participation in the five-nation competition in the early 20th

Auction, concluded his attendance at the World Money Fair in

century, its historical connection with Chinese coinage, and the

Berlin and traveled to the Austrian Mint to meet with its Chief

contrast between traditional handcraftsmanship and the digital

Designer, Helmut Andexlinger. During the visit, he had the

age. Andexlinger emphasized that the handmade plaster model

opportunity to view a collection of century-old plaster and iron

is the core of achieving premium coin quality, and that this craft

models from the mint's archives, including the "Sun Yat-sen

should not be completely replaced by computers. The following

Facing Front with Junk reverse" pattern coin.

is the complete record of this interview. Michael Chou—— MC

This interview revolves around the century-old traditional

Helmut Andexlinger ——HA

craftsmanship of the Austrian Mint. Andexlinger personally showcased the original plaster and iron models left by Richard Placht, providing a detailed explanation of the complete process—from clay modeling and plaster casting to iron casting. The interview also touched upon the Austrian Mint's

Note: See clay, plaster and iron model images mentioned in this interview in The Origin of the Sun Yat-sen Facing Portrait Junk Pattern in the Kann Catalog Revealed - The Iron Model Discovered at the Austrian Mint on page 109.

The Origin of Craftsmanship: From Plaster to Iron Model MC

and a piece of steel. With that kind of tool, we take a piece of plasticine and put it on a plate.

You are the head designer of the Austrian Mint and you also have a special job—maintainer of the archives. HA Yes, let me tell you about the process. First, we begin with sketches and ideas. Everything is original, nothing fake. This clay piece by Mr. Placht is very rare, because normally, when you finish modeling, you destroy it afterwards when you start a new project. We have two pieces here, both original modeling works from

Piece by piece, you bring this onto the stone. You apply the plasticine onto the stone, and you see a relief start to grow. It's the same process you see here. Later, we will see the plaster model—it was the same process. MC But clay is much easier to make changes and adjustments. HA

Mr. Placht. At the beginning, you can see he started the same

Yes. If it's too high, you can remove it. It's much easier. After

way we do now. We start with a piece of plasticine (clay)

we finish the clay modeling, we pour plaster over it to get a

Interviews

negative. Then you can engrave the lettering or other details, like the sun you see here. Then you pour another layer of plaster,

split it, and get a positive.

That's probably the summit.

The amazing thing about this piece is the quality of the plaster.

It's a little bit different from the plaster we use today. I don't know why—maybe it's more natural—but this is the highest

Yes. The plaster models we see here are premium quality—the

quality I have ever seen.

summit, the top of the past.

You see all the details. The eyes are so sharp. You can't do

that with plaster today. When you look at the surface, it looks polished. For me, this is one of the best qualities I have ever

Let's talk about these others. This is something new, very

seen. It's amazing.

interesting.

The reverse is even more amazing.

Yes, I found it in the archive. We have a plaster model, and

now we need to transfer this design onto a piece of steel. The question is: how did they do this in the past?

Yes, this is also amazing. You see all the details are fine. You

I think they pressed the plaster into sand and have a negative of

see everything, and you feel it. It feels like it's 3D, but it's so flat.

the motif in a piece of sand. Then they poured liquid iron into

MC It looks like the one on the computer, but in 3D. HA It's all by hand. Such a pecise modeling is really shocking. MC Design has evolved. You have RCAM and all these other software. But this traditional process still looks the best. HA Of course. You see it, and experts see it—it's completely different from how we work today. This is the premium product.

the sand, and this is the cast—the iron cast. MC But the quality is so good. HA Because the surface is as amazing as the plaster model. MC It's almost like a bronze work. It seals everything. I think the quality of the plaster helped make this possible. HA Of course. Everything has to fit together to achieve the best quality. Until the 1900s and a little bit later, they used reduction machines before doing this kind of thing directly in steel. This

Interviews

was the next step.

That's why the original plaster model is about five times larger

Now all the dies are done by laser reduction.

than the original model. If there are any mistakes, you can see them.

Today you can make changes on the computer. It's much quicker

How long does the process take from this to reduction, and then

Mint, it's very important to have these pieces here. We learn a

to a die?

lot from our former chief engravers.

For me, the coin must be of premium quality. You only get

I would say 24 hours.

to know how the process works. If you're an expert, you can tell

and faster, and you can simulate the strike. For us at the Austrian

premium quality when you work with plaster models. You need whether a coin came from a digital file or from a plaster model. This is a huge difference.

Behind the Five-Nation Competition MC

Working with the Austrian Mint and with Professor Hubert

Good to know. I didn't know this.

Emmerig's help, we have discovered different processes. This is almost like today. The mints are competing because circulating coins are fewer now. So you have numismatic coins. The junk

boat pattern was part of a competition involving five nations:

We saw your books (business documents). On our last visit,

the United States, Italy, Austria, Japan, and England. They were

another great discovery was that you have the first coin made in

all trying to win the contract. In the end, the United States won

Europe for China. This one looks like Hindenburg. We had to

because of a distinct advantage: they supplied the dies and built

identify that portrait—this one here. That is the most valuable

the mint.

Chinese Republican coin. Another one is in the Shanghai Museum. That coin is probably worth five to ten million dollars.

But Austria won its share as well. Later, the circulating coins were made by Austria in 1924 and 1935. We saw the archives.

[The coin referred to in this conversation was initially mistaken

In terms of issue numbers, the Austrian Mint's contract was

for the Sun Yat-sen Facing Portrait Grain Coin. Subsequent

the largest, because it was for small-size nickel coins (See A

comparison revealed that it is actually the Sun Yat-sen Facing

Precious Document— Historical Materials on Republic of

Portrait Junk silver pattern coin. The Sun Yat-sen Facing Portrait

China Coinage from the Original Archives of the Vienna Mint,

Junk pattern is even rarer. All publicly available images online

Austria by Zhou Bian on page 73). I think the Austrian Mint was

do not match the description in Eduard Kann's catalog. The

competitive against the other four large mints. You didn't win

only known authentic example is held by a collector in Taiwan.

them all, but you won some.

According to information from Placht about the Austrian Mint's

Interviews

practices, such pattern coins were typically struck in sets of five.

nation competition likely moved ahead, and this design was

The whereabouts of the other four remain unknown.]

set aside. If you look at the years, they are the same—Year 18. These are historical situations. You have to understand the

But it was made by Austria. This one is proof quality—

history. Then you need someone who knows what these things

incredible quality. It looks better than coins made today. This

are. And you need researchers like Professor Emmerig to do

was a sample they probably intended to use to try to win a

research. Then you get the whole story. This is incredible.

contract. But when the junk boat patterns appeared, the five-

The Challenge of Engraving a Facing Portrait HA

This is very difficult to do, because it's not a profile, but in front.

The difficulty also prolongs the process. A front portrait probably

It's so hard to do this because you have to push the nose back

takes three to five times the effort. In terms of production, it's

and bring the ears forward.

also hard to make it look good.

That's why it's great to learn from you. You and other designers

Yes. It is even easier to bring the character on the coin from the

know things that we don't know. Most coins you see are three-

side than from the front.

quarter views or profiles. HA There is a reason for that. Since the Middle Ages, emperors were always shown in profile, because you recognize them by their nose—they have a special nose. That is why profile portraits became so common. MC

MC Why is that? Can you explain? HA When you have a silhouette of someone, it's very easy. Just a silhouette makes the character portrait. But you don't have that silhouette with a front-facing portrait.

That's what we see on Holy Roman Emperor coins.

So you have to balance more.

They are always profiles. It’s not very common to do a facing

portrait (on the coin).

Of course. It is very easy to get the character of a person from the side instead of the front.

Interviews

This is something I did not know before today. I have noticed

The hardest thing is the front view.

that most coins heading right or left—like British coins, each king's effigy is always a side view.

The Details on the Reverse of the Plaster Models MC

coins are the rarest Chinese coins. This is amazing for us. It

What is shown on the back of the plasters? There are many

could include this history in your brochure—showing that you

details on the back that we did not know before.

have a history of working for Asia.

Here we have the original lettering: "China number one." That

It was international, not just Austria.

would also be excellent for future marketing campaigns. You

refers to the Central Mint. This is the artist's name (R. Placht). Here is the year 1929. These are archive numbers just for us.

That will be very competitive and fabulous work. I don't

There are many details on the sides of the plaster. Some of these

wonderful.

think many people know about this, even within the mint. It's

The Heritage of Craftsmanship and Quality MC

Your combination of skills allows you to give people a better

Hopefully, people will see them in the future. There is a

storytelling. It's like when we made the Legend of Chu silver

tendency for people to want something special and handcrafted.

coin video—different points of view helped people understand

Personally, I think this is the best way to preserve this kind of

about 80% of the story after watching it. That's why we are

quality.

filming today. Articles are good, but many people don't read as much as they used to.

With video, you can convey emotion. People see it and think,

And when people see the quality, your name (is associated with

"Wow, this is amazing." This means something. We are very

it).

happy that you were able to find these new things, and we hope to see more in the future.

Interviews

big, and most people don't understand. Someone might have a

Of course. That is very important. Look at stamps. They are just

onto clay? How do I make a good coin and achieve a good

the print today. It's interesting for me to collect stamps, but in

strike?

the 60s and 70s, it was an amazing job. It is very important to protect this.

It's even better to have more time at the beginning. You should

That is true. I can be inspired by a university professor, but I

be focused, and then you finish your product.

can also be inspired by my mom, or by you, or by anyone. In

the end, everything is in your head. It depends on the artist. As we discussed yesterday, you have to work hard. You have to be interested in art. You have to think about coins and designs every

You also try to hand-draw everything. You lay out not only on

day. You have to be open-minded when you go to a museum.

paper, but in your mind before you go to the computer. Many

You see something, and you ask yourself: Can I transfer this into

people use the computer for everything. But then the result is

my design? That is the process. For me, truly good designers

very generic. A lot of people's work looks very similar, and

work that way. You shouldn't be too influenced by others, but

that's not good. They see something cool and try to imitate it.

you should be inspired by them.

But there isn't enough creativity. They don't understand why

you put things there. They just see that it looks cool. This is something I learned over the past ten years of working on coin

I have noticed that the top people are the most modest. It's an

products. I've known a few tricks. As for the best designers,

amazing trend. Those who are two or three levels above are

everything is there for a reason.

always the most modest. They listen to you and let you do the

talking. They have the ability to know what you need. They gather information from you and make suggestions. That kind of exchange is very useful, because they have done all these

As a designer, you sometimes need to discuss your designs

different things. When you're younger, you always think you're

with others. I think that's very important, because you can get

right. You resist advice. Then you look back and realize that

inspired. You might think, "That's an interesting view. Maybe

what they told you was exactly what happened.

I can incorporate this aspect into my design, and it gets even better." This is sometimes very interesting. It gives the design a push. But in the end, you are responsible for it. MC

HA Some people think they are at the top—at twenty, twenty-five, thirty—and they are successful. But they believe they are at the top, and then they stop growing. For me, truly good designers

The conversation is more sophisticated when you visit the

always ask questions. At sixty, they still ask questions. This is

Shanghai Mint and meet their top designers. When you talk to

what I mean: don't stop growing. Always push yourself to get

people in the trade, it's different from talking to university art

better. You can always improve. This is the way to your own

professors or design companies that don't fully understand the

success.

process. Their thinking is very different from what you get when you talk to a senior designer. When you talk to a senior designer, he knows what you're talking about. The learning curve is very

great drawing, but they don't consider: how do I translate that

Interviews

I see two things. First, consistency. They continue creating. They

I can say that this makes much more fun if you go this way

don't stop with what they have already achieved. But very few

(continuous creation). It's a hard way, but once you get past a

people are like that. You see it, and you think, "This is the way

certain point, it becomes much more fun. You can see yourself

to success." But most people only reach the first stage—rich and

growing, and that's a good feeling. The extra twenty percent—

famous.

that is excellence. It depends on you if you want to be at the top or remain average.

Future Trend and AI Design MC

and we have craftsmanship. Everything is done by hand. That is unique. It is very important to maintain this.

This has been very interesting. Do you have any thoughts on the future of coin design and numismatic trends? We talked about

If you offer this kind of quality, there will always be customers

AI last night. I think that is the future. What is your take on the

who want to buy these coins.

future challenges? HA

MC It might be a good idea for you to create a historical series—

At present, the handmade plaster model represents premium

from 1929 to 2029—featuring coins that the Austrian Mint

quality. We should not make the mistake of switching to

has produced for other countries. You already have the

computers completely. Many people do everything on the

craftsmanship to turn that into a 100-year anniversary. This kind

computer, and I think there is a difference. That difference is

of project would attract global attention. Not only for Austria,

what makes you outstanding. When you do this kind of work,

but your biggest customers are probably in Asia. You could

you are producing premium quality. I often say this is like Louis

consider starting from 1927—that's next year—then 1929, then

Vuitton, because we produce here in Vienna. We have history,

1935. This gives some good ideas.

Conclusion: This interview not only uncovers the

assisted us in making the initial contact, and ultimately Helmut

craftsmanship secrets behind the Austrian Mint's century-old

Andexlinger successfully connected us with the Vienna's

plaster and iron models, but also opens new perspectives on the

Kunsthistorisches Museum. We hope to have the opportunity to

history of Sino-Austrian numismatic exchange.

examine this coin. If it still exists, given its year of minting, it would rank among the earliest machine-struck coins in China,

In the official documents discovered by Professor Hubert

pushing back the history of Sino-Austrian coinage collaboration

Emmerig, which record Richard Placht's work before 1938, there

by several decades. This makes us all the more hopeful that more

is a clear reference to a machine-struck square-holed copper coin

historical rarities, long asleep in archives, will come to light in

made by Austria for China in 1885. Professor Hubert Emmerig

future research.

Interviews Originally published in Chopmark Collectors Club Newsletter

Interview with Professor Kuroda Akinobu ◎ Colin Gullberg〔Taipei〕

In this issue I interview Professor Kuroda Akinobu. Professor Kuroda is associated with the Institute for Advanced Studies on Asia at the University of Tokyo. His extensive research focuses on Chinese monetary history. He is currently visiting Professor of history at National Taiwan Normal University, better known as 'Shi Da' ( 師範大學 ), in Taipei. The interview was carried out in Professor Kuroda's office at Shi Da University.

Professor Kuroda Akinobu: KA

Colin Gullberg: CG

CG: Thank you so much for meeting with me today.

This was very small. So the economy was based on this small

KA: You're quite welcome.

further, but when larger amounts were needed, like 100 or 1,000,

CG: I'd like to go over your papers today and ask you a few

denomination, equivalent to a cent, which couldn't be divided the system used an ‘abstract' in the form of a short string system, such as considering 77 coins as 100 wen. In places like Europe

questions. First, from your chapter in the Cambridge Economic

and India which used precious metals as currency the opposite

History of China you ask the question ‘why didn't China mint

was true. The low denominations like the penny were an

silver coins'? Was this because peasants and farmers used cash

‘abstract'. In other words, in China the denomination system was

coins and didn't need silver coins and merchants needed large

made in the direction of bottom-up, while in Europe and India

amounts of silver so sycee was better suited?

it was in the direction of top-down. It was difficult to introduce

KA: We have to look at the long history of currency in China.

a new precious metal into the system of denominations along the direction of top-down in China. After the 10th century when

Already in the first century copper coins were used alongside

silver first started to be used as currency China had no idea how

silk in commerce. Gradually after the 10th or 11th century

to introduce it in the form of a denomination. So they continued

silver ingots [sycee] replaced silk. The government didn't issue

to use silver in the same way as they used silk. So the two

silk ‘currency', it just sprang up and was used as such. The

systems, China and Europe, were completely different.

same for silver. No government decreed it as a currency. Also, in the Chinese mind the copper coin was a small item – one cash. There were two systems of denominations; one was the

CG: Even the rate between silver dollars and silver sycee would

fluctuate daily, even though they were both silver.

copper coins [like shell money in Bengal and West Africa].

1 A Kuroda, The Cambridge Economic History of China, vol. 1, Ch. 15 The Monetary System, Cambridge University Press, 2022, p. 593-94.

Interviews KA: Yes. The silver content didn't matter. It was acceptability.

color. Japan copied Song coins but they didn't have tin,

For example, after the harvest of silk cocoons silver dollars were

necessary in the production of brass. This copying didn't violate

sent from Shanghai. Silver dollars were sent for the silk which

the currency regulations. It was just imitating older coins. It was

then appreciated against the silver sycee, even though they were

legal.

in fact the same. This was because the payment was demanded in silver dollars, pushing up the demand.

CG: You mention2 'shroffing', which you define dividing the

CG: In your 2005 paper4, you mention forged coins in 1456 from Jiangnan were flowing into Beijing that looked like Yongle (r. 1402-24) coins but contained lots of tin [i.e. bronze]. This

good from the bad coins.

pushed the real Yongle coins out of circulation.

KA: Shroffing always existed, especially in the 15th century.

KA: This refers to the ‘blue' older coins and the ‘yellow' newer

It was widely done across Asia. I mention this in my Harvard

coins. There was also lots of counterfeiting of coins as the

paper about medieval Japanese coins. In the production of

Chinese government didn't mint any coins 1435-1502. There

copper there were two techniques, one was refined sulfide copper

was a local need.

ore, which the Chinese mastered in the 11th century. So huge amounts of copper ore could be refined from this period. That's why we see a huge number of copper coins starting from this period [Song dynasty]. Something like 200,000,000,000 coins were minted in this period. But the sulfide copper ore started to run out in the early 12th century and copper became expensive. In Japan in the 15th century the refinement of sulfide copper ore started and as copper coins became scarce in China a large supply of copper coins from Japan started to appear. These were imitations of Song coins. The genuine Song copper coins had a blue patina, so merchants faced two copper coins, one highquality planchet, and the other low, so shroffing started. So in effect, the Japanese were counterfeiting [imitating] old Chinese Song cash coins. So two Song coins coexisted, the real, high

CG: If Japan and Spain hadn't exported a lot of silver do you think China would have adopted some sort of silver standard (since most Chinese silver was from outside of China)?

KA: The Ming inherited the Yuan system. The Yuan had issued paper money which was calculated in terms of silver ingots, long before the inflow of Spanish silver.

CG: In the Qianlong period (r. 1735-96) the demand for silver

fell and copper coins dominated economic transactions. Why?

KA: In the 17th to the early 18th century silver ingots

dominated, but they were very inconvenient. They were too

quality, ‘blue' copper coins and the newer Japanese imitations.

expensive for ordinary people but also silver tended to move out

So the market started to select. They didn't want to mix the old

from local markets to big merchants or the government unlike

and new coins otherwise the asset value would have fallen. The

heavy copper coins. This caused the prices of rice and other

difference in color meant it was easy to separate the old from the

basic commodities to become unstable. Rice sales could move

new coins. It is important that old good coins and new bad coins

from small villages to larger towns [due to higher prices] causing

were concurrent in a complementary way, unlike Gresham's law

instability in the countryside. This meant the government needed

which presuming a substitutive relationship between a good coin

to stabilize the local markets, which they did in two stages. First,

and bad one.

the government issued the second largest quantity of copper coins in Chinese history since the 11th century. Qianlong, in the

The Japanese didn't import brass coins as they were a different

18th century, provided high quality copper coins by developing

2 Ibid, p. 576-77. 3 A. Kuroda, Old Chinese Coins in Medieval Japan, Harvard Journal of Asiatic Studies 84. 1-2, Harvard-Yenching Institute, 2024. 4 A. Kuroda, Copper Coins Chosen and Silver Differentiated: Another Aspect of the "Silver Century" in East Asia , Acta Asiatica 88, The Tokyo Gakkai 2005, p. 67.

Interviews

copper mines in Yunnan. Second, starting from the Ming (and

chopped neither, in general, where the ones after Wanli. Only

Qing) they used brass instead of bronze. [Privately minted Song

silver was chopped as it was a higher value metal.

coins dominated.]

KA: First, only after Wanli did the mint seriously put out large

Brass includes zinc and is a different color. Zinc wasn't cheap

numbers of coins. There were very few in the Jiajing period and

at first, but later zinc mines drove the prices down. By the mid-

no coins minted 1435-1487.

18th century the government could issue large quantities of brass coins at the lower price due to the discovery of zinc deposits.

In fact, there are two Wanli ‘periods', the first decade or so they

This is why Qianlong became the second largest period of

issued very nice, high-quality coins. Later, especially in the

minting copper [brass] coins, the fall in the price of zinc allowed

17th century, the quality went down. Perhaps that explains the

the Qing to do this.

chopmarks. I'd guess only the early, high-quality coins were

CG: I looked it up and in the early Ming it was mostly bronze

chopped. The earlier, better coins would appreciate in value in some cities. This happened even one hundred years later.

[copper + tin], until about 1435. Then there were no coins minted for 70 years, minting resumed in 1487, mostly brass

Only the nice Wanli coins flowed to the rest of Asia. With the

[copper + zinc] at this point.

nice coins they tried to drive out the imitative coins but they

KA: Brass coinage started in the Jiajing (r. 1507-67) period. CG: The founding of Manila was in 1571, the same time Wanli

they wanted to enjoy seigniorage. In the 1670-80s, in Fujian, they used Qing and Song coins. The Song were considered better and were accumulated. For daily transactions they used

(r. 1572-1620) become emperor. You also write copper coins

Qing coins. The exchange rate was 3 Qing coins to 1 Song coin.

declined rapidly between 1573-76, which is the Wanli period (r.

After the Song coins disappeared from circulation they turned to

1572-1620). Wanli is the start of chopping cash coins. This was

Wanli coins.

also the period when the Spanish arrived. So it seems strange that the Chinese starting chopping cash coins at this point in time. The cash coins of the emperors prior to Wanli were not

couldn't. The Chinese minted the inferior Wanli coins because

CG: Was that because there was a long period of about 70 years

when the Ming didn't mint coins and Wanli ruled for about 40

Interviews

years, the longest Ming emperor? The next emperor didn't even

weight in Japan. When Japan was opened in 1853 silver started

last one year.

to flow out of Japan. My guess is the chops were done by foreign

KA: Some of the other emperors before Wanli had very few

coins minted. The last emperor of the Ming, Chongzhen, issued a large quantity of debased coins due to China's fiscal deficit. Only

merchants or outside of Japan.

CG: You mention that Spanish Carolus dollars [8 reales] were used in the rice trade between Anhui and Guangdong

Wanli could issue such a large quantity of high quality coins.

and Japanese one yen were used in the cotton trade in Fujian

This is why they appreciated against Qing coins. So maybe the

and Jiangxi. So certain coins were used in the trade of certain

good Wanli coins were the ones that were chopped.

commodities?

CG: A similar situation exists with the large 50- and 100-cash

KA: The internal trade in these commodities, for example rice

coins of Fujian in the 19th century [late Qing]. The government

shipments from Jiangnan to Guangdong, used only the Spanish

of the late Qing faced growing economy and political problems

dollar as there was a stable supply. The situation continued, even

with the Opium Wars and the Taiping Rebellion, as well as a

after the Carolus dollar was discontinued. These sub-markets

worsening trade situation so the cash of this period may have

developed using a particular coin for whatever reason and just

been debased.

stuck with it out of habit or familiarity. The situation might have

KA: Yes, this led to a copper shortage. This may have caused a

shortfall in cash coin production as copper prices went up vis-àvis the price of silver. Another reason is in the late 19th century, electricity started to be installed throughout the West causing the world price of copper to rise.

CG: What about in Japan? Japan started to use the rectangular

appeared strange for outsiders, various foreign coins circulating in certain areas of China, but this made sense in the local markets.

CG: You wrote5 by the 20th century, in 1924, there was about 960,000,000 silver coins in circulation in China, 750,000,000

were Yuan Shikai [Fatman] Chinese dollars, 30,000,000 foreign dollars, probably mostly Mexican. So by 1924, Mexican dollars

coins in the late 18th century. Some of these are chopped,

were mostly gone whereas in 1900 Mexican coinage would have

usually with one or two small chops.

been the main silver coin. This happened very fast, especially

KA: These were the first silver money used by count, not

since China underwent the Chinese Revolution in 1911 when China was in a total mess politically and economically.

5 A. Kuroda, The Collapse of the Chinese Imperial Monetary System, in Japan, China, and the Growth of the Asian International Economy, 1850-1949, Oxford University Press, 2005.

Interviews KA: Yes, the foreign coins disappeared very quickly due to World War I and the political situations in Mexico and China.

dominated. The MTT did circulate in the areas you mentioned as well as West Africa, the Black Sea, but the area of circulation gradually shrank. Also Austria had no trade with China.

In 1924, the Yuan Shikai dollar was the most used coin, except for Dalian where the Japanese yen and Korean banknotes dominated. Prior to WWI, Mexican dollars circulated at a premium, The Japanese yen was used in Amoy and Fuzhou.

CG: The Spanish also had little trade in China. Silver to them was an export commodity.

KA: The currency always has as many supply difficulties as

CG: So was China lots of different currency areas?

demand. So if a particular coin couldn't be supplied regularly

KA: Yes, that is also why in various regions particular coins

the Mexican dollar. The elasticity of currency supply is very

into China it won't be as easily accepted as coins that could, like

dominated, but sometimes they had to switch currencies for

low. For example, a harvest might have been very large and

inter-regional trade.

more rice, for example, could have been exported, except for the

CG: This silver would go through money changers [shroffs]

lack of currency. So it's always better to keep some currency in reserve. There was usually an ample supply of Spanish dollars

who would take a fee. In World War I, silver prices rose and

and Japanese silver ingots, chogin. And once they started using a

silver flowed out of China. Mexico was also undergoing political

particular currency nobody would change.

change with the Mexican Revolution (1910-20). The Cap & Rays design ended in 1909 and the following designs were either disliked by the Chinese or weren't sent over in large numbers as few are chopped.

KA: I see. That's interesting.

CG: But by 1914 the Mexican dollar was dominant. KA: After that silver demand was closely related to European

exports. So foreign silver suddenly disappeared after WWI started in 1914.

CG: I'd also like your opinion on why there are almost no

CG: Also the Mexican Revolution was going on.

Russian coins with chopmarks? There must have been trade as

KA: Yes, by accident the Chinese silver dollar had a big

Russian chops with chopmarks. Why do you think we find few there is a long shared border.

KA: Maybe Manchuria? I didn't study Manchuria very deeply,

chance.

CG: So if WWI hadn't happened maybe the foreign silver

but China exported bricks of tea to Russia.

would still have been used.

CG: You wrote a paper on the Maria Theresa Thaler [MTT]6.

KA: Yes, maybe.

were dominate in Ethiopia, Yemen, Saudi Arabia, Mozambique,

CG: Well, I don't want to take up any more of your time. Thank

Why didn't it come to China (except in small numbers)? They mostly around the Red Sea area.

you so much for meeting with me today.

KA: The MTT didn't circulate in areas where the Spanish dollar

KA: You're quite welcome.

6 See: A. Kuroda, The Maria Theresa dollar in the early twentieth-century Red Sea region: a complementary interface between multiple markets, Financial History Review 14.1, 2007.

Interviews

Auction Innovation and the Imperial Collection:

Ulrich Künker on the Changing Numismatic Market and the Hohenzollern Coins ◎ Champion〔Shanghai〕 Over the past fifteen years, the numismatic auction world has

coins formed by Germany's first emperor, Wilhelm I, and his

undergone a dramatic transformation. The auction room—once

family—which Künker has brought to the international market.

filled with bidding paddles and competing voices—has given way to a globally live-streamed marketplace where buyers

What follows is a conversation about adaptation and legacy—

all over the world can compete in real time. Ulrich Künker,

how a traditional auction house evolves with the times, and how

Managing Director of Künker Auctions, one of Europe's leading

a royal collection, hidden for decades, finally finds its way to a

numismatic houses, has navigated this shift steadily. He has

new generation of collectors.

not only witnessed but also helped drive many of the changes reshaping the industry.

MC — Michael Chou

In May 2026, during the Tokyo International Coin Convention,

UK — Ulrich Künker

Michael Chou, publisher of the Journal of East Asian

Numismatics , sat down with Künker to discuss the forces transforming the field—from the rise of online bidding and eBay

MC: Today we welcome our friend Ulrich Künker, Managing

Live to the growing importance of third-party grading. But their

Director of Künker Auctions, to our journal interview.

conversation soon turned to something of even greater historical weight: the Imperial Collection—a remarkable assemblage of

UK: Thank you very much for having me.

From Acquaintance to Collaboration MC: To start, could you talk a bit about the past experiences

when the (Otto Beh) dies came up, it was very helpful to meet

we've had since we first met? I met you for the first time in

you and your father. Someone had told you those were all single

2009 through our friend Philip Kapaan, at the ANA show in Los

dies – do you remember that?

Angeles. UK: Yes, I remember. We had a serious discussion on the UK: Yes, I remember that quite well. You gave me a book about

evening before the sale – right before the sale. It was in June

Chinese coins – a book of highlights – as a present, and that was

2012, and you actually convinced first me, then my partners, my

very nice. I think the next time we met was in January 2011,

father, and Dr. Andreas Kaiser. We decided not to put them into

when we sold a silver pattern of a Tientsin Dollar with the L.

the auction; you bought them from us directly, and afterwards,

Giorgi signature. You actually explained that we had missed a

we looked for a proper place to donate them.

zero in the estimate. MC: That was a pretty good venture. I don't think it would have MC: It was pretty funny, because we had only just met a little

happened if we hadn't had that earlier transaction with the L.

earlier through Philip, and we had already become friends. Later,

Giorgi signature silver pattern – so there was already a lot of

Interviews

trust built up. Your father said, "You know what? I'm going to

UK: So it works out in the end, but sometimes it takes time.

trust you," and he hand-wrote the contract on the spot. Your father is very efficient, and we signed it right there.

MC: Yes, all the banks want to verify the sources now.

Since then, we've worked on various interesting projects. When

The die project was a very good experience for me in learning

we went to your office opening, that was also very impressive.

about German processes. We visited three different museums:

I remember the first time we were in that house, looking at the

the Bode Museum, the Deutsche Bundesbank Museum, and the

office and the dies. Afterwards, we went to the Steigenberger

Moritzberg Museum. Each had a different situation, but it was

Hotel, and there were hundreds of people there.

good to see all three before making a decision. Then we had the turnover ceremony, which was a big event at the World Money

UK: That was in 2014.

Fair and one of the highlights of that year. After that, we held the China exhibition with the support of the Chinese embassy, which

MC: Yes. After that, I visited you several more times, and we

your father also attended. And then we did the panda project,

continued working on other projects. Sometimes we were able

another very exciting project connected to the 45th anniversary

to do deals directly, because you often let us have a first look

of Sino-German friendship.

at interesting items. That is very important, because my clients respect you and trust you.

We were really busy with you guys for about five years. Then the pandemic came, and I didn't see you for quite a few years

One thing about my clients is that they pay very fast, and funds

– because you used to come to Japan, and then you stopped

are generally not a problem. I think one of the changes we now

coming when your daughter was born. So it's great to see you

see is that you face challenges with payments – if funds come

here again. We had a nice talk.

from sources that cannot be easily verified, problems can arise. UK: Yes, I am happy to be back.

It's definitely more difficult now.

Growth and Change MC: I've heard that since 2014, your operation has roughly

one of the better places for you to find potential talent interested

tripled in size, so you have a lot of new staff now. How did you

in numismatics.

find these new employees? Did you recruit them from other companies, or hire new graduates?

UK: We are also in the fortunate position that many people

want to work with us. We don't have to be aggressive or send UK: We sought various ways. Sometimes we already knew

headhunters to competitors – usually, people come to us and ask.

them because they had done internships with us; others are students in Vienna, or summer interns. You probably know that

MC: Also, at the recent World Money Fair, I noticed you were

we fund some educational programs there, so we are always in

doing eBay Live. This is something pretty new for you.

contact to this. UK: That was the only time we've done it so far. The idea MC: That summer program is very exciting, especially since

came up in April. It is very time-intensive, but I must say the

this time it was in English, which is unusual. We had also been

experience was very good.

working with Professor Hubert Emmerig. He told me their

university is one of the few that has a numismatics specialist

MC: This format is now huge in the U.S. The trend is interesting

within the archaeology faculty – very unusual. So it's probably

and has happened very fast. U.S. coin shows are now very busy

Interviews

because many online sellers – like "Whatnot" – come to the

fees, like at the New York International Numismatic Convention.

shows. Even items that were once hard to sell are moving well. Things that you don't have the energy to sell – the very cheap

UK: We still hold a signature sale in Berlin, usually completed

items – now everything moves well. I think this will happen in

in one day. I think it's very good for the show too, because

Germany too.

many people come to participate in our sale, and then they go to the show the next day. I think the direction is shifting from the

UK: I think eBay has been a very good marketplace for us

World Money Fair toward the auction.

– we've been on it for 15 years – but eBay Live changes the method of selling. The educational aspect is live: you can

MC: I think the Berlin auctions attract a different crowd

respond to customer questions and explain right away. Before

than your regular auctions. One day is manageable, although

the internet and before we introduced live bidding, we sold about

sometimes it goes very late – but you get fabulous results, which

150 lots an hour. Now we're down to about half – roughly 50

is very important. I also think collectors sometimes still want

to 70 lots an hour. That means we have to change the structure

to see who is bidding. When people bid on the floor, they can

of the auction. We used to want about a hundred people on the

see who is bidding; online, you have no idea. That matters to

floor during the auction – in fact, over the course of a week, we

some bidders, especially when they want to know if a friend or a

had four to five hundred people coming in. That was very, very

competitor is bidding on the same coin – and whether that coin

different. It was the best opportunity for us to talk to clients and

might not come back to market for a long time. In that case, they

meet them every few months. But then the pandemic came. We

tend to bid a bit more.

had the wonderful Jewish Collection – ancient Jewish coins. We arranged a viewing in New York so that people could see

Since I have known you, your company has gone through so

the entire collection. Everyone wanted to attend in person, but

many changes, and it's very nice to see you move to the next

because of security restrictions, all flights were canceled. It

level. In my opinion, there are only three or four truly large

wasn't even possible to have twenty agents on the floor in one

auction houses now, with many medium-sized ones. We also

room. So internet bidding was the only option. Within one week,

run auctions, but we've become a boutique – we mostly handle

we were able to introduce it into our auction system. And since

business for our existing clients. That also puts pressure on you,

then, we've had to continue with it, because it was the best way

because there is a lot of competition now.

to keep going. UK: We actually have about one hundred employees now, with

two separate offices in Munich, while our main office remains in Osnabrück. MC: When I first met, you had about 25 people. But it's very

happy to see you doing so well. In my numismatic experience, you are one of the nicest and most honest people I've met in this business. There are often big egos in our trade, but you don't have one – and everyone likes you. That's why I think you're now the president of the European numismatic association, and you work closely with governments to protect our industry. Ulrich Künker Participating in eBay Livestream UK: As we all know, numismatics is not high on the political MC: I think that is the trend. If you look at the big auction

agenda. Most politicians don't know what we do. So we need

houses in the U.S. now, they still attend shows, but they don't

someone to explain to them what numismatics is and what coin

hold auctions there anymore. They used to pay huge licensing

collecting is all about – and that's my work.

Interviews The Imperial Collection: History and Acquisition MC: Let's talk about the Imperial Collection – the items we

is how I met the House of Hohenzollern. In 2025, they regained

saw last night at the German embassy event. It was fabulous.

possession of the coins and decided to consign them to me.

There were many people there I hadn't seen in a long time. The diplomat who collects coins was very friendly and clearly

MC: So these coins were taken to Russia and then later

knowledgeable. It was a wonderful experience. Could you tell us

returned?

more about the Imperial Collection? UK: Yes. Until 1945, they were on permanent display at the UK: The Imperial Collection is exactly what the name suggests.

Hohenzollern Museum in Berlin's Monbijou Castle. After the

It was formed by the first German Emperor, Wilhelm I, and his

bombardment and the war, Soviet forces entered Berlin and took

family. His father, Friedrich Wilhelm III, and his older brother,

many collections. These coins were returned in 1958 to East

Friedrich Wilhelm IV, were also Kings of Prussia, but Wilhelm

Berlin and have been housed in the Bode Museum ever since.

was the most serious collector among them. The interesting part

Now there was an agreement between the Hohenzollern family

is that both brothers grew up with the same teachers and in the

and the German government: a good part of the coins would

same environment, but the older brother was prepared to become

remain in the Bode Museum as part of its permanent foundation

king, while Wilhelm was prepared for a military career. When

collection, and the rest would be returned to the family. The

Friedrich Wilhelm IV died without an heir, Wilhelm had to take

family decided only to take the items necessary to document

over. He later fought against France and unified Germany. This

their history and to sell the rest.

was also very important for Japan – seeing Prussia and Germany unify, they realized they needed to take a different approach,

MC: I noticed at the exhibit that these coins were holdered by

which is why they sent missions to Berlin to learn and adopted

NGC. Did you speak to Scott Schechter and Ben Wengel before

many administrative systems and institutions. That was an

they were sent to NGC?

interesting part I learned through this collection. UK: Actually, when I assessed the collection, I saw that many

As for how it came to me: we have a cooperation with a former

pieces had been struck and then put away immediately – for

European CEO of Sotheby's, Dr. Philipp Württemberg, Duke

occasions like princely births, royal deaths, or as diplomatic

of Württemberg. After he left Sotheby's, he connected me with

gifts. They were all kept in perfect condition. I said that some of

many other noble families. When a family wanted to sell coins,

these coins should go for grading, because they are perfect for

orders, or decorations, he would advise them to talk to me. That

the international market. The family agreed.

The Role of Grading MC: Maybe we can talk about grading. Ten or fifteen years

can come to an agreement much faster. That's one of the powers

ago, when we talked about grading, many European collectors

of grading.

and dealers were resistant. But buyers in Japan and other Asian countries wanted graded coins. For example, we had an Austrian

UK: Yes, it's easier to access a market when you're not so well

50-cent coin that was graded, and it made the price much easier

known. As a major auction house, everyone in Germany knows

to assess. Grading made that coin more international. I think

us, but in Hong Kong, for instance, we are known but not that

that's one of the factors changing the marketplace: with a raw

well known. I understand that buyers there want a third-party

coin, you have to look at it before negotiating; but once it's in a

opinion, a guarantee, and objectivity.

holder, you have a pretty good idea of what you have, and we

Interviews

MC: To be honest, your in-house grading has always been very

very strict. I think the problem is that graders haven't seen as

conservative. So when a coin comes back from an external

many coins as you have, so they may not always recognize

service with a slightly lower grade than expected, it can be

which ones are really nice.

disappointing – because German grading standards are often

Japan Show MC: Coming back to Japan – do you notice any major

also invited, and we worked together on it anyway. That's why

differences this time around compared to the last time you were

we produced this little brochure – 250 copies in English and 250

here for the show?

in Japanese – as sponsors of the event. I asked Mr. Huth if he would mind my bringing some coins to display, and he said yes,

UK: Today, the Japan show was much more crowded than it

of course.

used to be. I was last here in 2016. My first visit was in 2014, and then I came again in 2015 and 2016. After my daughter was

MC: I remember when we were working on the China-Germany

born, I decided to stay home for a while.

project, we made several trips to the Chinese embassy. Back around 2017, Sino-German relations were wonderful. Things

MC: The event yesterday at the German embassy was also very

have changed a bit now, but deep down I think Germans are

nice – it turned out well.

still very friendly to the Chinese. I definitely have a very good friendship with you. The world has changed, but our friendship

UK: I know Vice Consul Martin Huth at the German Embassy

is still here– Germans are very supportive.

in Tokyo; he is also a coin collector and a numismatist, and he speaks openly about it. He asked me, "Why don't we do a

UK: At least, that's the way we see it. We are always long-term

reception as part of TICC?" I said, "Yes, I'm in. If you need a

oriented – we never take a short-sighted view.

sponsor, I'll do it." Ursula Kampmann from Coins Weekly was

The handover ceremony of the Otto Beh Chinese dies between the Macau Special Exhibit and the Berlin World Money Fair

Vintage Coins

The 'Pioneer Era' of Chinese Machine-Struck Coinage – Unveiling the 1885 Dies for the Chihli Mint's Square-Holed Cash Coins at Vienna's Kunsthistorisches Museum ◎ Champion〔Shanghai〕

In the established narrative of machine-struck Chinese coinage,

Emmerig of the University of Vienna's Department of History,

the intersection of Vienna and China has long been synonymous

we gained access to the university library's vast archival

with a single glittering moment: 1929. That year, the Vienna

collections. Among the dusty files and folios, a remarkable detail

Mint, alongside mints in the United States, Britain, Italy, and

emerged: records indicate that as early as 1885, this historic mint

Japan, competed to produce pattern coins for China's proposed

had received a commission from China to produce a set of dies

new national currency. The Austrian trial dollar featuring Sun

for striking square-holed cash coins.

Yat-sen, sculpted by Chief Engraver Richard Placht, has since become an iconic masterpiece in modern Chinese numismatics,

The entry appears in Catalogue of the Die Collection of the

renowned for its distinctly European relief style.

Imperial and Royal Chief Mint in Vienna, Volume III (Katalog der Münzen- und Medaillen-Stempel-Sammlung des K. K.

On previous research trips to Europe, we personally examined

Hauptmünzamtes in Wien, Band III) , published in 1904 by the

the plasters and iron models for this 1929 Sun Yat-sen trial piece

Imperial and Royal Government Press.

in the vaults of the Austrian Mint. Those heavy iron models stood as silent witnesses to the grandeur of that cross-border

The catalogue entry states that the dies were manufactured in

competition nearly a century ago.

1885 for the striking of Chinese cash coins (denominations including one cash, li , and chien ). The dies are recorded as still

Yet history, as it often proves, runs deeper than we know.

being in the mint's possession at the time of cataloguing. The obverse design features four Chinese characters – Guangxu

The German Archive: A 1904 Document

Tongbao ( 光緒通寶 ) – arranged around a central square hole and read in the traditional top-bottom-right-left order, with a

In 2025, with invaluable assistance from Professor Hubert

Catalogue of the Die Collection of the Imperial and Royal Chief Mint in Vienna, Volume III

broad rim and an outer border. The reverse depicts two Manchu

The record about the dies for the Chihli Mint's cash coins

Vintage Coins

characters arranged around the square hole, indicating the Chihli

the Tientsin Mint, that these dies may have been reactivated or

Mint, also with a broad rim.

replicated, giving rise to the "first struck at the Tientsin Mint" record found among Republican-era collectors. Such gaps

This official catalogue, produced with the precision typical of

between trial and mass production are not uncommon in late

German archives, precisely documents the Chinese character

Qing machine-struck coinage.

layout for Guangxu Tongbao and the Manchu inscription for the Chihli Mint, explicitly dating the dies to 1885.

Without physical examination of the dies, however, this remained conjecture.

However, within China's own numismatic record, this coin has been assigned a different chronological marker. Republican-era

The significance of this discovery is clear. If the records are

numismatic journals contain references to this machine-struck

accurate, they suggest that as early as 1885, the Chihli Mint had

Chihli cash pattern. One issue featured an article on a piece of

already commissioned dies from Vienna. This places Chihli

machine-struck cupronickel Chihli cash coin owned by I Chin-

alongside Kirin (1884) as the earliest known practitioners of

ts'en ( 伊近岑 ), which noted:

machine-struck minting in China, though Kirin's experiments never entered full production.

"The Chihli cash coin comes in both copper and iron versions

when cast by traditional sand-mould methods; the copper pieces

This challenges the conventional narrative that China's first

sometimes bear a moon or star above the hole on the reverse.

circulating machine-struck coins were Kwangtung's 7-Mace-

The machine-struck version was first struck in the 27th year of

and-3-Candareen Reverse silver patterns (the 7.3 Reverse

Guangxu (1901) at the Tientsin Mint. Mr. I acquired several

series), which did not appear until 1889. The Chihli commission

brass pieces and one cupronickel piece at a low price in a quiet

predates that milestone by four years. It is also worth noting

market. The cupronickel example, silvery in appearance and

the divergence in technological sourcing: while Kwangtung

gleaming as if freshly minted, is a pattern piece of considerable

would later turn to Britain's Heaton Mint, Chihli looked directly

rarity. Mr. I generously shared the brass pieces with fellow

to Austria, revealing that China's engagement with Western

collectors. I, the annotator, also received one, passed on to me

minting technology was not a single linear story, but a more

by Mu Yuan. "

complex and regionally diverse one.

This passage offers two critical insights: first, that collectors of

It is believed that these dies, embodying this early East-West

the era already drew a clear distinction between the sand-cast

encounter in minting technology, now rest safely in the climate-

and machine-struck versions of Chihli cash coins; and second,

controlled vaults of the Kunsthistorisches Museum in Vienna.

that the machine-struck pieces were attributed to the first striking of the Tientsin Mint in 1901 (the 27th year of the Guangxu

The "Pioneer Era": Kirin in 1884 and Chihli in 1885

reign). To understand why these dies were commissioned from the Thus emerges a curious chronological discrepancy: the Viennese

Vienna Mint, we must first examine the circumstances of the

archive records 1885, while Chinese collectors of the Republican

Chihli Mint around 1885 – and place them within a broader

period cite 1901 – a gap of sixteen years.

historical context: by the mid-1880s, at least two regions in China were simultaneously conducting quiet experiments in

A plausible hypothesis suggests that in 1885 the Chihli Mint

machine-struck coinage.

commissioned the dies from Vienna and conducted trial strikings, but that the high cost – records show a loss of 491 wen

Kirin: The 1884 Arsenal Series

for every 1,000 wen of cash coins produced – prevented largescale adoption. It was not until 1901, with the establishment of

In the year before the Chihli Mint placed its Vienna order –

Vintage Coins

the 10th year of Guangxu (1884) – the Kirin Arsenal in the far

applying Western machine-striking methods to Chinese square-

northeast had already produced a complete set of machine-struck

holed coins posed a technical contradiction: the square hole

silver patterns using equipment already in its possession, issued

required a punch rod that moved in constant friction against the

in five denominations: 1 mace, 3 mace, 5 mace, 7 mace, and 1

dies, causing rapid wear and frequent breakdowns – requiring

tael. These patterns hold a unique distinction: they represent

repairs "ten or more times per machine per day" – which made

China's first independently designed and machine-struck silver

mass production both costly and unreliable.

coinage, predating Kwangtung's 7.3 Reverse series of 1889 by a full five years.

The fiscal toll was equally daunting: Viceroy Li Hung Chang ( 李

In 1900, Russian forces invaded Manchuria and plundered

coins using Western machinery. The figures in the ledgers were

鴻章 ) of Chihli personally oversaw experiments in striking cash

the Kirin Arsenal. In 1901, the Russians replaced its German-

striking: "For every 1,000 wen of cash coins struck, the loss

made equipment with new minting machinery and converted

amounted to 491 wen ." Nearly half the cost was lost on every

the facility into a silver dollar mint under their control. The

string of cash coins produced. In an era of strained imperial

silver coins subsequently produced by the Kirin Mint show a

finances, such experiments inevitably had to be suspended.

pronounced Russian influence in their design, serving as tangible artifacts of Tsarist Russia's financial penetration into the Far

In this anxious interval – when traditional methods had failed

East. Dr. Tseng Che-lu has written on this period, and his article

and Western techniques had yet to succeed– in 1885, the Chihli

is also published The Right to Coin Money Under Geopolitics:

Mint took the bold decision to bypass intermediary foreign

The Rivalry Between the Qing Empire and Russian Influence on

trading houses and commission the dies directly from the Vienna

the1901 Kirin Coin Series on page 96 in this issue.

Mint, hoping that Europe's finest die-engraving craftsmanship could solve the technical challenge of machine-striking square-

Chihli: The 1885 Vienna Order

holed cash at its source.

Meanwhile, Chihli Province was grappling with its own set of

Kirin in 1884 and Chihli in 1885 together constitute what we

anxieties. The Chihli Mint, based in Baoding Prefecture, Chihli

might call the "Pioneer Era" of Chinese machine-struck coinage.

(present-day Hebei), was one of the most important mints in

While posterity has focused on Kwangtung's 7.3 Reverse series

northern China. But by the Guangxu reign, traditional sand-

of 1889, it should not be forgotten that two regions had been

casting had reached the end of its road.

quietly exploring the path before: Kirin produced China's first machine-struck silver patterns, while Chihli sought to transform

Technical difficulties: the traditional process involved multiple

traditional cash production using the finest European die-

cumbersome steps – copper smelting, sand-moulding, filing, and

engraving technology.

polishing – and suffered from low productivity. More critically,

1889 Kwangtung machine-struck square-holed 1-mace brass pattern coin bearing the Manchu-Chinese character "Kwang" (for Kwangtung) on the reverse

Vintage Coins

Redefining "Year Zero":

trip to Austria earlier this year we visited Helmut Andexlinger,

Four Years Before Kwangtung

Chief Designer of the Austrian Mint. As a master who has designed countless exquisite coins, he showed great enthusiasm

Within the established narrative of Chinese machine-struck

and respect for our research and readily agreed to facilitate

coins, a widely accepted "Year Zero" marker exists for China's

contact with the Kunsthistorisches Museum in Vienna.

machine-struck square-holed coinage: the 1889 Kwangtung machine-struck square-holed 1-mace brass pattern coin bearing

After months of waiting, we finally received a response. Just

the Manchu-Chinese character "Kwang" (for Kwangtung) on the

days ago, when Champion Auction president Michael Chou

reverse, trial-struck by the Birmingham Mint in England. In the

visited Vienna again, he obtained high-resolution images of the

traditional telling, this is where the story begins.

legendary dies.

Yet the dies preserved in the collections of Vienna's

When the images appeared on screen, the answer was

Kunsthistorisches Museum are rewriting that history.

unmistakable. The crisp central hole, the sharp lettering – this was the die for the Chihli machine-struck Guangxu Tongbao

That year – 1885 – fell a full four years before the birth of the Kwangtung Heaton pattern. While Chang Chih-tung ( 張

之

洞 ) was still planning his modernisation blueprint as Governor-

General of Kwangtung and Kwangsi, the authorities in Chihli

square-holed cash coin – an exceedingly rare piece in late Qing numismatics.

Matching the Die to a Known Specimen

had already quietly placed a die order in the hands of European craftsmen. The dies at the Kunsthistorisches Museum stand as

To verify our findings, we turned to recent market records. At a

material testimony to this history.

Beijing auction on May 25, 2025, a fine example of the Chihli machine-struck Guangxu Tongbao square-holed cash coin drew

This was a silent experiment – one that tells us that the origins

fierce bidding.

of Chinese machine-struck coinage should not be traced solely to the steam engines of the Pearl River Delta, but must also look

The coin, graded NGC MS61, ultimately sold for RMB 184,000

northward to the bronze-die pioneers of the Chihli Mint in 1885.

(approximately US$25,000 at the time).

Confirmed: The Dies Are in Vienna

Today, when we carefully compare the Beijing auction piece with the dies preserved at the Kunsthistorisches Museum, we can

To transform this scholarly hypothesis into certainty, during our

conclude beyond any doubt: this auction specimen was struck

The dies for the Chihli machine-struck cash coins in the collection of the Kunsthistorisches Museum in Vienna

Chihli machine-struck Guangxu Tongbao square-holed cash coin

Vintage Coins

from the very dies that have lain silent for decades in a foreign

the circulating crown coinage of the Austro-Hungarian Empire.

museum!

In 1906, Anton-Scharff-Gasse in Vienna-Meidling was named after him.

Looking back at the coin's transmission history, records appear as early as Republican-era numismatic journals. I Chin-ts'en's

This set of square-holed cash coin dies, engraved for the Chihli

purchase "at a low price in a quiet market" – several brass pieces

Mint in 1885, represents an early work from Scharff's tenure

and one cupronickel example – shows that these rarities were

as head of the Vienna Engraving School. It embodies not only

once acquired for next to nothing. The journey from a depressed-

the exploration of machine-struck currency reform by the

market bargain in the Republican years to the RMB 184,000

Qing government but also the consummate skill of a European

realized price at the 2025 Beijing spring auction charts not only

engraving master. A century later, when the images of these dies

the century-long growth trajectory of China's coin-collecting

finally crossed Eurasia to return to China, the name of Anton

market but also confirms the enduring law of numismatics: rarity

Scharff entered the horizon of Chinese numismatic scholarship.

commands value.

Discoveries Yet to Unfold The Die Engraver – Anton Scharff These dies are more than just a piece of historical reconstruction Our quest for origins did not stop at the dies themselves. Who

– they are a profound testament to global trade and technological

was the hand behind these Chihli Mint dies?

flows in the late 19th century. They tell us that the story of Chinese machine-struck coinage did not begin solely

With assistance from Andexlinger and Professor Emmerig, we

in Kwangtung in 1889, but had already started earlier, in

also obtained information on the designer of the coin dies.

1884–1885 – when, at the same time that the Kirin Arsenal was making China's first machine-struck silver patterns in the

According to the historical archives of the Vienna Mint, the

northeast, the Chihli Mint was placing orders with Vienna for

chief engraver presiding over the mint's work around 1885 was

square-holed cash coin dies.

the renowned Austrian medalist Anton Karl Rudolf Scharff (1845–1903).

Kirin in 1884, Chihli in 1885, Kwangtung in 1889 – this is a longer and richer trajectory for the origins of machine-

Scharff was born into a family of engravers. In 1866, he was

struck coinage than traditionally understood. The dies at the

named Imperial and Royal (K.K.) mint engraver. From 1881,

Kunsthistorisches Museum are a long-forgotten milestone along

he served as head of the Vienna Engraving Academy, and in

this path.

1896, he was promoted to director. In this capacity, he rendered

outstanding service to Viennese medallic art, which experienced

But this is only the beginning. Beyond the Chihli dies, we have

a period of flourishing and renewal under his influence. In 1887

obtained from the Kunsthistorisches Museum materials on other

he received a commission from the City of London to create the

dies commissioned for China. Which provinces did they serve?

official commemorative medal marking the 50th anniversary of

What designs did they take? These puzzles will be unveiled one

Queen Victoria's reign. In 1888 he became an honorary member

by one in future issues of our journal. We invite our readers to

of the Academy of Fine Arts in Vienna. In 1892, he designed

stay tuned.

Vintage Coins

A Precious Document

Historical Materials on Republic of China Coinage from the Original Archives of the Vienna Mint, Austria ◎ Zhou Bian〔Shanghai〕 Michael Chou, Editor-in-Chief and Publisher of the Journal of

dollar with a three-sail junk design. Breaking from the tradition

East Asian Numismatics , sent me an email containing business

of local minting, the government commissioned five foreign

minutes and photographs of original documents from the Vienna

mints—in the United States, Great Britain, Italy, Japan, and

Mint, Austria, dating from the early 20th century. Among them

Austria—to design and engrave dies and produce pattern coins.

are records related to the engraving of master dies for Chinese

These were:

coins, silver patterns, and orders for minting tools—particularly concerning the 1929 (18th Year of the Republic of China) Sun

• The Philadelphia Mint (U.S.), known for high-relief work and

Yat-sen silver dollar, which greatly caught my interest. After

experience in designing national currencies;

translating the German texts, cross-referencing the records, and

• The British Royal Mint (U.K.), one of the world's oldest mints,

consulting historical sources, I have compiled excerpts from the

famous for mirror surfaces and fine detail;

documents along with some observations below.

• The Rome Mint (Italy), celebrated for realistic portrait engraving;

After the victory of the Northern Expedition in 1927, when

• The Osaka Mint (Japan); and

the Government of the Republic of China achieved nominal

• The Vienna Mint (Austria).

unification, China's currency market was in a state of considerable chaos. First, there was a wide variety of coin types.

The best design among the five was to be selected for mass

In addition to the Yuan Shikai and Sun Yat-sen silver dollars

production, sparking an international coinage competition.

commemorating the birth of the Republic of China, minted by the central mint, various provinces still circulated their own

Some earlier Vienna Mint documents (pre-1928) also contain

silver coins, and silver dollars from the Qing dynasty remained

references to Chinese coinage, but as they are not directly

in use, resulting in over 20 major types of silver coins. Second,

relevant to the topic of this article, they will not be detailed

weight standards differed across the country: the Kuping tael

here. The focus of this article lies in the mint's business minutes

(Treasury standard) was used in the north, the Caoping tael

for 1928–1938, which include the following seven entries

(Tribute standard) in the south, and accounts in Shanghai were

concerning the 1929 Sun Yat-sen silver dollar:

kept in Guiyuan (the Shanghai Tael). This inconsistency raised transaction costs. Moreover, foreign banks such as the Hongkong

1. 25 April 1928 – Franz Winkler, Austro-Hungarian Consul in

and Shanghai Banking Corporation Limited and the National

Hong Kong and Shanghai, requests a cost estimate for Chinese

City Bank of New York (currently Citibank) issued "silver dollar

one-dollar silver coins bearing the portrait of Dr. Sun Yat-

notes" that accounted for half of the currency in circulation. To

sen. Remark: quotation provided (handwritten amount details

regain monetary sovereignty, the government urgently needed

expenses).

to unify the currency. Thus, the policy of "Abolish the Tael, Adopt the Dollar" was proposed in order to end the silver tael

2. 3 May 1928 – Franz Winkler, Austrian Consul in Hong Kong

system and make the silver dollar the sole legal tender. This was

and Shanghai (via Gebr. Böhler & Co., Vienna), orders minting

the background that led to the creation of the 1929 Sun Yat-sen

tools for the same coins. Advance payment (Ref. 1111/28); 13

Vintage Coins

pages of documents sent (including cost details).

square collar, and an emphasized neck. The upper rim is

3. 1 October 1928 – Austrian Consul Franz Winkler (Shanghai):

of China). The reverse depicts a three-sail junk. The hull has

(1) orders one Schubert commemorative medal; (2) orders

a raised circular porthole at the bow and stern; the sea waves

punches and master dies for Chinese one-dollar silver coins; ; and (3) notifies that the coin dies will be remade. Advance

inscribed with " 中華民國十八年 " (18th Year of the Republic

are relatively gentle. The denomination " 壹元 " (One Dollar) appears on either side of the junk. The dies were carefully

payment (Ref. 1111/28); quotation (Ref. 1176/28); 2 pages sent

engraved by the mint's chief engraver, Richard Placht. Today,

(including cost details).

the silver and copper pattern coins from all five countries are extremely rare. Variations in the wave pattern below the junk

4. 16 August 1929 – Gebr. Böhler & Co. (Vienna) confirms that

are a key feature for telling the different national versions apart.

management has received the Chinese coin dies and that the

Austria was the only mint among the five that produced both the

three ordered original hubs have been delivered. Ref. 1111/28,

standard (dollar) coin and subsidiary denominations for the Year

etc.; includes cost details.

18 issue, with 10-cent, 20-cent, and half-dollar patterns known. Thanks to its fine portrait detail, the Austrian design is often

5. 27 August 1929 – Gebrüder Böhler & Co. (Vienna), 13

regarded as the most beautiful of the five. After the dies reached

August 1929, regarding continuation of work on original dies for

China, the Hangzhou Mint struck a small number of trial pieces.

the Chinese Sun Yat-sen silver dollar (handwritten note: "Letter

In the end, for various reasons, none of the pattern coins from

to the hotel").

the five countries were put into production for official issuance.

6. 3 October 1929 (dated 7 October) – The Chinese Legation in

The Vienna Mint also designed and trial-struck a Sun Yat-sen

Vienna, through Commercial Attaché Dekien Toung, requests

frontal-portrait silver dollar. The obverse shows a facing portrait

two additional patterns of the Sun Yat-sen dollar. (On 7 October 1929, the Legation, via the Chargéhd'Affaires ad interim, asked for one additional pattern coin of each of two Sun Yat-sen dollar types.)

of Dr. Sun; the reverse has a three-sail junk on waves, with " 壹

元 " on each side. Another view holds that this frontal-portrait dollar is a composite: the obverse uses dies designed or engraved by the Vienna Mint, while the reverse uses dies from the Philadelphia Mint. The portrait is finely engraved, with smooth

7. 3 December 1929 – Order for China: one pair of dies for the

lines and careful detail in the hair, beard and clothing patterns,

Central Bank; two pairs of coinage dies; two pairs of punches for

demonstrating excellent craftsmanship. Records state that the

each of 10-cent, 20-cent and 50-cent copper coins (illustrations

Nanjing Mint later conducted trial strikes, producing only 480

attached); and a request for quotation. VZ.2733/29.

pieces. Some also believe that the Sun Yat-sen portrait on the 1927 (Year 16) Sun Yat-sen Mausoleum commemorative coin,

The discovered Vienna Mint archives consist of two kinds of

struck by the Nanjing Mint, was likewise struck from master

records: printed business minutes and handwritten purchase,

dies supplied by Vienna.

processing, and handling notes. The handwritten documents also contain records of the Republic of China buying minting

From the documents, it appears that the Nationalist Government's

equipment and commissioning work, but those are not excerpted

business with the Vienna Mint—designing and producing dies

here.

and patterns, and purchasing minting equipment—was handled in 1928 through the Austrian Consul in Shanghai, and in 1929

The Vienna Mint was noted for its thick planchets and intricate

through Gebr. Böhler & Co. in Vienna. That firm was founded

edge designs, which offered advanced anti-counterfeiting

in Vienna in 1870 and opened offices in Tokyo, Shanghai, and

protection. Its 1929 Sun Yat-sen dollar shows a side portrait of

the United States between 1886 and 1890. In 1870, it negotiated

Dr. Sun on the obverse. The portrait features hair combed back,

the exclusive agency for the Royal privileged steelworks in

fairly distinct lips, a vertical inner-ear contour, a prominent

Kapfenberg; the name Böhler has since been synonymous

Vintage Coins

Foreign Currency Coinage Records 1926-1938

1928 Business Minutes

1930 Business Minutes

A page from the archive

worldwide with high-quality specialty steel. Arranging contacts

B ö h l e r & C o . ( Vi e n n a )

between the Vienna Mint and foreign mints appear to have been

confirms receipt of the coin

part of the company's business.

dies made for Shanghai. VZ.2733/29.

The mint's 1930 business minutes contain the following Chinarelated entries:

4. 18 March 1930 – Gebr. B ö h l e r & C o . ( Vi e n n a )

1. 17 January 1930 (Ref. V.A.I.0a.10408/79) – Gebr. Böhler

notifies that 4650 Schillings

& Co. (Vienna) forwards a copy of an official letter from the

have been transferred for the

Currency Department of the Chinese Ministry of Finance to

delivered Chinese coin dies.

a Vice-Director of the Central Bank, concerning original dies

Letter reply (1 enclosure),

supplied for a new Sun Yat-sen silver dollar (references include

VZ.2733/29.

VZ.1900/27). Regarding the new Sun Yat-sen silver dollar mentioned in the (The letter states that the Ministry and the Central Bank were

January 1930 minutes, no images are shown. The dies for the

preparing to issue a new Sun Yat-sen silver dollar.)

1932 (Year 21) Sun Yat-sen gold-standard dollar (with junk, sun, and three birds) were engraved by the Philadelphia Mint, and the

2. 4 February 1930 (Ref. Msy.10a 10408/79) – Gebr. Böhler &

1933 Sun Yat-sen junk dollar was a modification of that design.

Co. (Vienna) places a supplementary order for dies for Chinese

Neither has any connection with the Vienna Mint. Therefore, the

silver and nickel subsidiary coins. Letter reply. VZ.2733/29.

1930 reference most likely still pertains to the earlier three-sail junk dollar. The other entries relate to minting materials.

(Same entry notes dispatch of specialty steel blanks and a credit note for 4091.20 Austrian Schillings for returned steel.)

Austria's coinage history stretches back eight centuries. Though the mint has moved locations several times, the Vienna Mint

3. 8 March 1930 (dated 17 March, Ref. 21.10.408/79) – Gebr.

stands as one of Europe's oldest minting institutions and still

Vintage Coins

possesses world-class engraving skill. The Qing government

The discovery of the original records concerning this coin in the

once invited the Vienna Mint to assist in designing and making

Austrian Mint archives adds a vivid and invaluable brushstroke

dies for the 1910 Empire Dollar. For the 1910 Empire Half

to this chapter of numismatic history.

Dollar, there are both patterns struck by the Austria Mint and versions from the Tientsin Mint of the Ministry of Revenue. After its involvement with the Sun Yat-sen dollar, records show that in 1938 the Vienna Mint produced 5-cent, 10-cent, and 20cent nickel coins for the Republic of China. The Year 18 Sun Yat-sen three-sail junk silver dollar was born of the Nationalist Government's drive to end monetary fragmentation and chaos, and to unify the currency. It served as

A Vienna Mint commemorative medal. The obverse shows the mint’s main building, which remains the headquarters of Münze Österreich (Austria Mint) today

a test case for the "Abolish the Tael, Adopt the Dollar" policy. In 1929, the government invited five mints—American, British, Italian, Japanese, and Austrian—to design and trial strike the coin. For various reasons, none of the patterns were adopted. Yet, each version carriesits own distinct appeal and historical significance. Coupled with their innovative designs and superb workmanship, they are exceptionally precious today and are among the top ten rarities of Chinese machine-struck coinage.

Austrian 1000-Schilling bi-metallic coin commemorating the 800th anniversary of the Vienna Mint

Year 18 Sun Yat-sen Three-Sail Junk Dollar Silver

Year 18 Sun Yat-sen Three-Sail Junk Half Dollar Silver

Year 18 Sun Yat-sen Three-Sail Junk 20 Cent Silver

Year 18 Sun Yat-sen Three-Sail Junk 10 Cent Silver

Vintage Coins

The Taisho Year 4 Puyi Portrait Dragon Pattern Coin:

A Study of Its Historical Origin and Mint Engineering Process ◎ Tseng Che-lu〔USA〕

Viewed over the long span of modern East Asian coinage

Company Auction.

history and the evolution of monetary systems, the many special coins that emerged during regime changes, wars, and

The earliest auction record of this coin is at the 1954 King

economic crises serve as key physical clues to how history

Farouk Collection auction by Sotheby's.In that auction, the coin

unfolded. When examined more closely through the dual

was sold for 950 pounds (about USD 2660) which was a huge

lenses of geopolitical convergence and the industrial minting

amount for an Asian coin. In 1960, Hans Schulmann Company

process, the Taisho Year 4 Puyi Portrait Dragon trial pattern

auctioned the coin again with a pedigree to the King Farouk

coin — the "Puyi-Taisho Mule" — stands out as a particularly

Collection.

representative and multi‑layered example. What is packed into this small coin goes beyond politics and economics, reaching deep into the heart of minting technology and the very way monetary systems took shape. This silver coin, less than four centimeters across, might look like just another rarity in a collector's cabinet, but it is more like a sealed historical specimen. On its small metal surface are condensed the dramatic geopolitical shifts of early 20th‑century Northeast Asia, the extreme challenges of mint engineering, and the repeated experiments of monetary systems during turbulent

The 1960 Hans Schulmann Company Auction Catalog

times. This article begins with its striking appearance at auction and then traces the history behind it — from the monetary

2. Key Appearance at the 1971 Kann Collection Auction.

difficulties of the newly established Manchukuo to the rise and fall of Japan's trade silver dollars in the Taisho era. Finally,

However, the key appearance of this coin that caught the

it reconstructs how this coin was made and offers a concrete

attention of the international numismatic community is at

explanation for its mismatched date.

an important auction held in 1971 at the Hilton Hotel in Los Angels.

Chapter 1 From June 18-20, 1971, Hans Schulman Auction Company

Key Appearance of the Mismatched-Date Coin: A Mystery That Shook the Numismatic World

held a special sale featuring coins from the collection of Eduard Kann, a well-known numismatist. The auction focused primarily on modern Chinese and Japanese machine-struck

To understand the academic significance of this Taisho Year 4

coins, including trial pieces, pattern coins, and related minting

Puyi Portrait Dragon trial pattern coin, we need to go back to it

materials — all of great scholarly value.

key appeared in public. Eduard Kann was no ordinary collector. This Austrian-born 1. The First Appearance at the 1960 Hans Schulmann

banker and financial expert lived and worked in China (including

Vintage Coins

Figure 1 The Taisho Year 4 Puyi Portrait Dragon Trial Pattern Coin

Manchuria) for 45 years. He not only had considerable wealth,

Taisho rarely appeared in public due to health and political

but because of his important position in China's financial world,

reasons, and very few official photographs of him exist. Western

he was given the rare privilege of freely visiting mints across

numismatists who first saw this coin were not familiar with

China and even going into the vault of the Japan Mint. This

East Asian political figures, so they initially mistook it for an

unique access allowed him to collect large numbers of trial coins

extremely rare silver coin commemorating the enthronement of

and working patterns that had never been publicly issued, as

Japan's Emperor Taisho. However, this seemingly reasonable

well as extremely rare dies and plates — many of them hidden

theory quickly fell apart when checked against historical

away in mint storerooms. His later work, the Illustrated Catalog

knowledge and common sense.

of Chinese Coins , remains a classic that scholars of modern Chinese machine-struck coins still rely on today.

First, scholars familiar with Japanese culture immediately pointed out the absurdity. Since the Meiji Restoration, Japanese

The 1971 auction was very large

society had established the emperor as a "sacred and inviolable"

in scale. The catalog was 175

figure. Out of profound reverence, Japanese minting practice

pages thick and listed 2,458 lots,

strictly forbade placing the emperor's actual portrait on any coin

including more than 1,200 top-

— whether for circulation or for commemorative purposes.

tier Chinese coins from Kann's

At the time, common people were not even supposed to look

lifelong collection. At the time,

directly at the emperor's face. The very idea of coins bearing the

both scholars and the press called

emperor's image being handled by ordinary people or carried

it "the most important and finest

around in their pockets would have been unthinkable.

known auction of modern Chinese The cufflinks made in commemorative of Puyi's visit to Japan

coins." In this prestigious sale,

Second, careful comparison of images confirmed that the facial

one coin caused a major stir. The

features, the studious look behind the glasses, and the distinctive

catalog gave it special attention, describing it as: "This is the first

hairstyle on this coin are not those of Emperor Taisho at all.

appearance of the Taisho Year 4 Portrait Coin." This description

Instead, the portrait exactly matches the official photographs of

suggests that this type of coin had never appeared in any existing

Aisin Gioro Puyi (the last emperor of the Qing dynasty) released

reference before — its public emergence was a first record. That

in 1932, when he became the head of the newly established

coin is the very subject of this article: the Taisho Year 4 Puyi

Manchukuo.

Portrait Dragon trial pattern coin (see Figures 1A and 1B). 3. The Mule in Numismatics: Definition and Controversy 2. A Confusing Mismatch: Emperor Taisho or the Manchukuo Head of State?

At this point, a puzzling mystery had emerged. The obverse of this coin shows Puyi, the head of Manchukuo, in 1932. But

This coin caused a great deal of confusion because the date on

the reverse — as if time had gone backwards 17 years — bears

the reverse clearly reads "Taisho Year 4" (1915) — the very

the official Japanese reign title Taisho Year 4 (1915) and the

year of Emperor Taisho's enthronement ceremony. Emperor

classic double-dragon design. This phenomenon of putting

Vintage Coins

together two completely unrelated sides from different times is

reverse (Japan) represent two completely different political and

called a numismatic mule. It is the Frankenstein's monster of the

economic histories that converged at a unique moment in time.

coin world — like sewing someone else's head onto a different person's body.

1. The "Warring States" Era of Currency in Northeast China

This strange mismatch threw the numismatic community into

In September 1931, the Mukden Incident (also known as the

heated debate. In the early discussions, some more conservative

"September 18th Incident") shocked China and the world. The

numismatists even suspected that this coin was nothing more

Japanese Kwantung Army quickly occupied large areas of

than a fantasy piece that someone had secretly struck using old

Northeast China by force. In March 1932, with careful planning

dies, just to make a huge profit at auction. After all, what official

and support from the Japanese military, the state of Manchukuo

mint would make the ridiculous mistake of putting a 1932 head

was formally established. Puyi, the last emperor of the Qing

of state together with a 1915 foreign date?

dynasty, was pushed onto the political stage as its head of state. In the early days, he was called Regent, with the reign name

However, at first glance, such a combination does make you

Datong; he only became emperor in 1934, when his reign name

suspect it is a later fake. But if you place it within the historical

was changed to Kangde.

context of Manchukuo's early currency system and Japan's technical involvement, you cannot simply dismiss it as a

When Manchukuo was first established, the economy and

fantasy. Historical sources tell us at least two things. First, when

currency market of the entire Northeast region was in a state

Manchukuo was established in 1932, Puyi first served as Regent

of extreme fragmentation and chaos — like a "Warring States"

(later becoming Emperor in 1934). Second, after the Fengtien

period for money. At any given time, more than 15 different

Mint was set up in 1933, the Japan Mint did send personnel and

types of currency, all with different denominations and silver

provide equipment and technical support. Therefore, a more

content, were circulating at the same time. At the market, people

reasonable explanation for this unusual pairing is that it was

might encounter several different situations: some people held

related to trial strikes, test pressings, or unconventional mint

Fengtian notes (paper money previously issued by the regime

production — not a later forgery.

of Chang Hsüeh-liang — known as the Zhang Xueliang, (the Young Marshal); some used Harbin Dollar notes, a currency

In my view, this is by no means a fake or a fantasy piece. It is

unique to that area; Japanese merchants were accustomed to

a working prototype with genuine official origins. In 1932, the

using Bank of Korea notes (which, at that time, were the only

Osaka Mint was helping to plan a new silver standard system for

legal tender in the South Manchuria Railway zone); and near the

Manchukuo. As part of that effort, they went into storage, pulled

northern border, Russian rubles also circulated. On top of all this

out an old unused die, and deliberately struck this coin as an

paper money, the market was also filled with various Chinese

industrial test piece — to test metal flow and die pressure on the

and foreign silver dollars, all with different silver contents —

minting press. To fully understand why this coin was made, we

such as the Yuan Shih-kai Dollar, the Sun Yat-sen Dollar, and

must first step back and look at the turbulent era of the 1930s.

the Mexican Eagle dollar. Finally, there were official banknotes issued by provincial banks, copper coin exchange notes, and

Chapter 2

even silver notes issued by local private silver shops and banks.

Currency Chaos and the Need for Unity in the Early Days of Manchukuo

This fragmented currency chaos was fatal to the newly established regime. Ordinary people had to figure out complicated exchange rates just to buy everyday goods — a

The story behind this mismatched-date coin is deeply embedded

situation that seriously disrupted the flow of goods. Even worse,

in the geopolitical turmoil and currency wars of Northeast Asia

without a unified currency, the state could not establish a tax

in the early 1930s. The obverse of this coin (Manchukuo) and the

base or control its own economic lifeline.

Vintage Coins

2. The Currency Law and the Birth of the Manchukuo Dollar

align seamlessly with China's silver standard system, quietly reducing public resistance and achieving a smooth economic

To solve this serious problem and strengthen its control,

transition. To completely end the currency chaos, the Central

Manchukuo — under strong guidance from the Kwantung

Bank of Manchukuo mandated that all 15 types of old currency

Army — took decisive action. After liquidating the bad assets

in circulation be fully withdrawn within two years.

of old banks, they borrowed 15 million Japanese yen from major Japanese zaibatsu (business conglomerates) like Mitsui

3. The Symbolic Meaning of a Head of State Portrait and the

and Mitsubishi through the Bank of Korea to use as reserves

Osaka Mint as Contractor

for issuing a new currency. With this money behind them, Manchukuo formally issued its Currency Law on June 11, 1932.

With the silver standard now legally in place, minting a standard

On July 1 of the same year, a grand opening ceremony was held

one-dollar coin to represent national sovereignty became the top

to establish the Central Bank of Manchukuo (with the status of a

priority for Manchukuo's Ministry of Finance and the Central

central bank), headquartered in the "national capital" of Hsinking

Bank of Manchukuo.

(present-day Changchun). In 1930s coin design, putting the portrait of the head of state Under the new Currency Law, Manchukuo needed to create a

on the obverse was common practice. It wasn't just about

completely new, unified currency. According to records, fierce

appearances — it was a powerful political tool for declaring

debates broke out at the policy-making meetings. The Japanese

national sovereignty, promoting the new leader to the public,

military and the Bank of Korea strongly argued that Manchukuo

and building a sense of national identity.

should adopt the gold standard. They believed this would tie the Northeast's economy directly to Japan's financial system, making

But the reality was harsh. As a newly established puppet state

it easier for Japan to integrate resources and conduct trade in the

under the effective control of Japanese imperialism, Manchukuo

future. However, financial experts and members of the Central

was a fledgling state where everything was yet to be done. It

Bank preparatory committee disagreed. They knew very well

lacked the industrial equipment and technical know-how to mint

that the people of China — including both the mainland and

modern, high-quality silver dollars. Unable to produce them

the Northeast — had been using silver as a way to store wealth

itself, Manchukuo had to outsource this politically significant

and conduct transactions for centuries. Switching suddenly to

minting work. Looking around Asia at the time, the mint with

gold would not only cause public panic and resistance, but the

the most advanced technology — and the one that had long been

international price of gold was also high compared to silver

responsible for minting coins for Japan's imperial expansion —

at that time — which would have dealt a heavy blow to local

was undoubtedly the Osaka Mint.

businesses that relied on silver-based pricing. And so this secret task was handed to the Osaka Mint. The In the end, a compromise was reached. Manchukuo chose to

mint's chief engraver, taking on the assignment, carefully carved

follow public habits and keep the silver standard. The Currency

Law clearly stated: "The unit of value, called the Yuan (Dollar), is set at 23.91 grams of pure silver." Why did they choose this odd-looking standard of 23.91 grams? This decision was full of political and economic calculation. That 23.91 grams of silver matched exactly the silver content of the mainstream Chinese silver dollar at the time (such as the Yuan Shih-kai Dollar). This clearly reveals Manchukuo's early currency strategy: policymakers hoped the new currency would

Figure 2 Manchukuo Postage Stamp Featuring the Portrait of Puyi

Vintage Coins

a highly detailed, three-dimensional high-relief obverse die

issuance was backed by gold reserves. At the same time, the

of Puyi — based on official photographs that the Manchukuo

government announced that silver dollars would no longer be

government had provided and that Puyi himself had released.

legal tender within Japan. The large number of one-yen silver coins circulating in the country were officially recalled. After

The legitimacy of this portrait design is beyond question. Around the same time (July 1932), the first regular postage

being stamped with a round "Silver" ( 銀 ) character, they could

no longer be used to buy things inside Japan. These marked

stamps issued by Manchukuo — ranging from half-fen to one-

silver coins could only be used as silver bullion, for industrial

yuan denominations — also featured the very same portrait of

purposes, or for foreign trade and overseas circulation.

Puyi (Figure 2). The fact that both the stamps and the trial coin die used the same officially approved portrait image proves

As Japan's influence in East Asia expanded, new monetary

beyond any doubt that the obverse die used for striking this

problems emerged. After the First Sino-Japanese War, Japan

coin had absolute official legitimacy. As the symbol of the state

took control of Taiwan, and its financial and trade activities

of Manchukuo, putting Puyi's portrait on a trial silver dollar

extended to China's coastal areas and Southeast Asia. In this

that was being prepared for potential issuance was, within

process, Japan faced an institutional dilemma: although it had

the political context and minting procedures of the time, a

adopted the gold standard at home, silver was still the main

completely reasonable and legitimate step.

store of value and medium of exchange in mainland China and Southeast Asian markets. This preference for silver meant that

Chapter 3

Japan's gold-based currency faced practical difficulties when used for trade settlements in those regions.

The Forgotten Story of the Taisho Year 4 Dies and the Rise and Fall of Japan's Silver Dollars

To solve this structural problem, the Japanese government and the Bank of Taiwan adjusted their monetary strategy. In 1901

At this point, the origin of Puyi's portrait on the obverse is clear

(Meiji Year 34), they began minting silver dollars specifically

enough. So why didn't the mint design a custom reverse for Puyi

for overseas trade settlement and exchange. The official name

— something like Manchukuo's national flower (the orchid)

was the "Bank of Taiwan Silver Dollars for Exchange Note

or simply the word "Manchukuo" — instead of pulling out an

Redemption." These silver dollars had a clear functional

old Japanese die from 17 years earlier (1915) bearing the date

purpose: they were used to support the Bank of Taiwan's

"Taisho Year 4"?

exchange business in mainland China and Southeast Asia, serving as reserves and credit backing for paper money (exchange

This was absolutely not a careless error by some mint employee

notes). They were not legal tender for circulation within Japan

using the wrong die. Rather, it reflects a deeper story about the

itself. As a result, these silver dollars never entered the Japanese

troubled evolution of Japan's modern monetary system — and in

domestic market; their circulation was highly restricted by

particular, the nearly forgotten history of the "Bank of Taiwan

region and purpose.

Silver Dollars for Exchange Note Redemption" around World War I.

From an institutional perspective, this arrangement essentially created a dual-track monetary system: maintaining the gold

1. The Establishment of the Gold Standard in Japan and the

standard at home while using silver as a trade medium in

Rebirth of Trade Silver Dollars

overseas markets to ensure smooth commerce. This institutional compromise also provided important background for the design

Let's go back to 1897 (Meiji Year 30). At that time, the

and circulation of later silver dollars.

Japanese government wanted to align itself with the Western powers. It passed a Currency Law and officially established

2. The Bank Runs During World War I and the Massive

the gold standard — meaning that the country's currency

Minting of Taisho Year 3 Silver Dollars

Vintage Coins

The minting of these overseas trade silver dollars continued

be needed in 1915. They went ahead and completed the design

smoothly into the early Taisho era. But then World War I

and engraving of the reverse dies for Taisho Year 4 (1915) and

broke out in 1914 (Taisho Year 3) — and like a bombshell, it

stored them in the vault, ready for the coming year's production.

completely disrupted the global silver market. However, as World War I expanded, global silver prices rose The war threw international financial markets into extreme

rapidly. A structural problem began to emerge. When the price

turmoil. The price of silver began to skyrocket. Driven by war-

of silver climbs high enough, the intrinsic value of a silver

induced panic and a desire for safety, people in overseas regions

coin starts to approach — or even exceed — its face value. At

— especially in Taiwan and mainland China, where Bank of

that point, a one-yen silver coin might be worth more as silver

Taiwan notes were widely used — lost confidence in paper

bullion than as a coin. People would be tempted to melt them

money. A severe run on banknotes followed. Crowds rushed to

down and sell the silver for a profit. This would cause the coins

the banks, demanding to exchange their paper notes for silver

to disappear from circulation.

dollars. They believed that holding silver was the only way to preserve value.

Economists call this Gresham's Law: when two types of money have the same face value but different intrinsic values, the

To solve this urgent liquidity crisis and prevent the bank from

"good money" (the one with higher intrinsic value) gets hoarded

collapsing, the Japanese government ordered the Osaka Mint

or melted down, while the "bad money" stays in circulation.

to do everything it could to meet the huge demand for silver

For a government, continuing to mint such silver coins would

withdrawals. So in 1914 (Taisho Year 3), the Osaka Mint ran

mean buying expensive silver and selling it cheap — a serious

all its production lines at full capacity, day and night, minting

financial loss. Faced with this pressure, the Japanese government

an astonishing number of Taisho Year 3 one-yen silver dollars.

decided to stop minting trade silver dollars altogether around

According to official records, the mintage that year reached

the end of the Taisho era (late 1914 to 1915). This policy shift

11,500,000 pieces — the highest annual production since trade

marked the end of the silver-based overseas trade system. The

silver dollars were first minted in 1901 (Meiji Year 34).

global silver price had become too volatile to sustain it. So the government hit the brakes — indefinitely suspending the minting

3. The Silver Crisis and the Unused Taisho Year 4 Dies

of trade silver dollars.

At a well-run modern mint, it was standard practice to prepare

And so, those newly engraved Taisho Year 4 reverse dies —

next year's coin dies several months in advance — to keep

prepared for mass production — were never used. They sat

production lines running smoothly when the new year began.

sealed away in a dark vault at the Osaka Mint, never entering official production. The Taisho Year 4 silver dollar thus became

So at the end of 1914, facing ongoing bank runs, the Osaka Mint

a "ghost coin" — a date that was inscribed on dies but never

naturally assumed that huge numbers of silver coins would still

struck on coins in Japan's modern monetary history.

Table 1 Comparison of Macroeconomic and Minting Backgrounds: 1914 (Taisho Year 3) vs. 1932 (Datong Year 1 of Manchukuo)

Aspect

1914 (Taisho Year 3) — Japanese Trade Silver Dollar

1932 (Datong Year 1 of Manchukuo) — Puyi Portrait Trial Pattern Coin

Major Geopolitical Event

World War I broke out, causing global panic.

After the Mukden Incident, Manchukuo was established with Japanese support.

International Silver Market Trends

Silver prices skyrocketed, and the metal value exceeds the face value, leading to severe bank runs.

The world was in the Great Depression, silver prices fluctuated wildly, and Northeast China's currency system was extremely fragmented and chaotic.

Vintage Coins

Mint's Core Task

The mint ramped up production of Taisho Year 3 silver dollars to meet banknote runs at the Bank of Taiwan.

The mint designed and trial-struck a standard silver dollar for the new regime (preparing for the silver standard).

Status of the Dies

Reverse dies for Taisho Year 4 engraved in advance, but became idle waste in storage due to the emergency halt of production.

A high-relief obverse die of Puyi's portrait was engraved and ready for trial strikes on the press.

Final Outcome

The silver dollar plan was indefinitely shelved, 11.5 million Taisho Year 3 silver dollars were issued; and Manchukuo adopted a "virtual silver standard" Taisho Year 4 coin was never issued with paper currency as legal tender.

Chapter 4 The Mint Engineering Logic Behind the Mismatched-Date Coin and the Recycling of Idle Dies

2. The Most Cost-Effective Solution: Recycling Idle Dies In 1932, the most straightforward way to solve this problem would have been to design and engrave a custom reverse die for Manchukuo — something like the later Manchukuo national emblem or the traditional double-dragon design. But engraving

As the gears of history turned, we now arrive in 1932. After the

a fine, large coin die required not only a long political approval

engravers at the Osaka Mint had finished engraving the high-

process for the design, but also a significant investment of the

relief obverse die of Manchukuo's head of state, Puyi, they were

engraver's time and the mint's money.

ready to conduct the first round of die trials — to test the die's strength and how the silver planchet would flow under high

Remember, this coin was only a working prototype at the very

pressure. But at this point, the mint's engineers faced a very

early stage — a piece for testing the portrait design's physical

practical and difficult problem.

properties. In other words, it was just a tool for testing the press and gathering data. From an engineering management

1. Why Not Just Test the Obverse Die Alone?

perspective, engraving a custom reverse die for a test piece like this would have been wasteful and economically unjustifiable.

In the operation of a modern coin press, coins are not printed

So the pragmatic mint engineers took a very common industrial

like paper money or stamps. Instead, they are struck under

approach: they recycled idle dies. They went into the deep

enormous pressure. To properly test how well the silver would

storage vaults and looked for large coin dies that matched the

flow into the details of the high-relief Puyi portrait (such as his

required diameter and specifications. There, in the corner of

glasses frame and hair), and to determine how much pressure the

the vault, they found a set of unused dies that had never been

press needed, the engineers had to install dies above and below

formally issued — perfectly matching the size and specifications.

the planchet.

They were the Taisho Year 4 reverse dies, which had been lying dormant for 17 years.

In other words, they needed a reverse die of the same size (about 38.1 mm in diameter) and with similar relief depth to create a

3. A Strict Legal and Administrative Consideration

complete, enclosed die chamber together with the obverse die. It's like making waffles — you need both top and bottom plates

Some might ask: if they were going to recycle idle dies from

to squeeze the batter. If you put the Puyi portrait die on top but

storage, why not use the widely available Taisho Year 3 dies —

only a flat, featureless steel plate on the bottom, the silver would

of which over 11 million were minted — or even earlier Meiji-

not flow properly under pressure. It would simply rush toward

era dies? Why pick the Taisho Year 4 dies that had never been

the flat side. The engineers would be unable to get any accurate

issued? The answer shows a very strict legal and administrative

physical test data.

consideration on the part of the Osaka Mint.

Vintage Coins

Think about it: Taisho Year 3 and Meiji-era silver dollars had

no silver coins in their hands. As for the small-denomination

circulated widely in the market. Ordinary people recognized

coins (like 5 fen and 10 fen) that still needed to be made, the

them. If a few trial pieces using those reverse dies accidentally

government decided to use cheaper metals like nickel or copper.

got taken out of the mint and leaked into the public, they could

Their production was delayed until 1933 (Datong Year 2), and

easily be confused with real circulating coins. This would

they were all limited to low-value subsidiary coins.

not only cause public panic about distinguishing real money from fakes, but could also lead to legal disputes and a crisis of

With the plan to issue a large one-dollar silver dollar indefinitely

confidence in the mint itself.

shelved, the engravers at the Osaka Mint naturally stopped working on a custom reverse design for Manchukuo's silver

In contrast, the Taisho Year 4 silver dollar had never been issued.

dollar. And so, this trial piece — the Taisho Year 4 Puyi Portrait

Using this "ghost die" as a reverse for trial strikes was essentially

dragon trial pattern coin — which had been temporarily put

foolproof. Even if this strange-looking pattern coin somehow

together for testing the press, became the only physical remains

made its way out of the mint, anyone with basic coin knowledge

of Manchukuo's silver dollar plan. It stands as a witness to this

— a bank teller or a merchant — would see the Taisho Year 4

abandoned chapter of monetary history.

date on the reverse and immediately recognize it for what it was:

Chapter 5

not a real coin that could be spent in the market, but something unusual. It would be easily distinguished from regular currency. This, in short, is the most logical explanation — from both an engineering and historical perspective — for the creation of this

Letting the Coin Speak: Physical Marks and Engineering Clues

mismatched-date Taisho Year 4 Puyi Portrait coin. Without an understanding of the engineering principles behind 4. The Abandonment of the Manchukuo Silver Dollar

it, many collectors who first see this coin up close might be a little disappointed by its condition. This coin is not a shiny,

While the Osaka Mint was busy testing its dies, dramatic

flawless, perfectly made presentation pattern — the kind

changes were taking place in the global economy and with

specially made for officials or collectors. On the contrary, it is a

Manchukuo's monetary policy between late 1932 and early 1933.

working prototype with a raw, industrial character — a coin that went through tough physical testing. Three key physical features

The world was deep in the Great Depression, and international

on its surface provide undeniable evidence that helps us trace the

silver prices were extremely unstable. (Later, the U.S. would

minting process.

pass the aggressive Silver Purchase Act, which caused massive silver outflows from China and Manchukuo.) Manchukuo's

1. First Piece of Evidence: The "Mihon" Stamp — A Mark

financial authorities soon realized a frightening consequence: if

of Official Archival Status

they forced silver dollars into circulation, ordinary people and foreign speculators would quickly drain the country's already limited silver reserves. This would risk leaving the national treasury completely empty.

On the obverse of this pattern coin, on both sides of Puyi's

portrait, two Chinese characters — " 見本 " (Mihon) — are clearly and deeply stamped. Mihon means exactly the same as

what numismatists call a "specimen" in English. This stamp was Faced with this harsh economic reality, Manchukuo abandoned

not some idle act by a bored mint employee. It was part of a

its grand plan to issue actual silver coins. Instead, it adopted a

strict system of archival management and quality control that the

virtual silver standard, with paper currency issued by the Central

Japanese mint and postal system had inherited from the British

Bank of Manchukuo (called "Datong notes") as the absolute

Royal Mint.

legal tender. In other words, the currency was nominally still tied to silver, but in practice, people only got paper money, with

In a standard modern minting process, after a new coin design

Vintage Coins

was approved or a trial die had passed basic physical testing, the

In early coin authentication and auction catalogs, older

mint would typically strike two or three standard pieces using

generation experts who were not familiar with industrial minting

the finalized dies. Then, either by hand or by machine, they

processes often mistook these indentations — located on the

would stamp characters like "Mihon" (specimen) or "Shiken" ( 試驗 , test) prominently on the coin.

highest points of the coin's relief — for accidental damage. They thought the coin had been dropped and dinged, or that the die had been rusty or defective. But in recent years, with the help

These coins with their destructive stamps never entered the

of modern mint engineering and metallurgical analysis, these

market. They served three main purposes: first, as standard

marks have been conclusively proven to be industrial marks —

pieces for the mint's archives, kept locked in the mint's vaults;

intentionally left by mint engineers testing the metal's hardness.

second, as samples to show officials (such as Japan's Ministry of Finance or Manchukuo's Ministry of Finance) and bankers what

In metal materials science and the minting process, precise

the new coin design would look like; and third, as reference

physical tests (including hardness tests, metal ductility analysis,

standards placed next to the production line for quality control

die pressure calibration, etc.) on a freshly struck working

inspectors to compare against during mass production.

prototype are absolutely essential. When a flat silver planchet is placed in a coin press and struck into shape under hundreds of

Therefore, this Puyi portrait coin bearing the Mihon stamp

tons of pressure, a physical phenomenon called work hardening

clearly shows historians that it had already moved beyond

occurs — simply put, the metal becomes extremely hard and

the design phase of paper drawings and plaster models. It had

brittle on the surface after being compressed.

officially entered the administrative process. It was a semifinished product prepared in advance by the Osaka Mint in

At this point, the engineers had to immediately take the freshly

the early days of Manchukuo — just in case a large order for

struck coin to the lab to check whether the metal density was

minting Manchukuo silver dollars ever came. This gives the coin

evenly distributed and whether the surface hardness — after

exceptionally high official archival value.

work hardening — met the national standards. If they skipped these tests, problems could arise once mass production began:

2. Second Piece of Evidence: Decoding the Hardness Test

the metal might not flow well enough to fill the details of the

Indentations

design, the coin edges might crack because they were too brittle, or the extremely expensive dies might crack or break

The most eye-catching feature of this coin — and the one that

prematurely because the press pressure was too high.

caused the biggest misunderstanding in its early days — is the tiny but very regular indentations on the tip of Puyi's nose

When performing such hardness tests, engineers typically used a

(obverse) and in the central area of the dragon design (reverse).

precision testing instrument with a carbide or diamond tip (similar to what is now called a Rockwell or Vickers hardness tester). They would apply vertical pressure to the highest points of the coin's relief, then measure the depth of the resulting indentation with a microscope to calculate the metal's hardness value. So why did the engineers choose Puyi's nose and the dragon design on the reverse — of all places — to deliberately damage? The answer follows basic fluid dynamics logic. The tip of Puyi's nose is the highest point on the coin's obverse, corresponding to the deepest cavity in the die — the hardest place for the silver to

Figure 3. Indentations on the nose and on the dragon

fully fill under pressure. Similarly, the central area of the dragon design on the reverse is also a deep cavity. The engineers' logic

Vintage Coins

was simple: if the metal at these hardest-to-fill points met the

flat areas of the coin (a phenomenon called "ghosting"). To solve

hardness and density standards, then the rest of the coin — the

this serious conflict and get both sides to strike properly, the

flatter areas — would certainly be fine.

mint engineers had no choice but to keep increasing the press pressure — applying forces well beyond normal limits.

These artificial indentations have very clear physical characteristics that distinguish them from accidental damage.

According to research by senior numismatists, the number of

Under magnification:

known surviving examples of this Puyi-Taisho mule is extremely

Not circulation wear: The indentations are isolated to a single

there were only two, but a coin dealer in Nagoya once advertised

small. The late Japanese numismatist Tamiya ( 田宫健三 ) said

spot (the tip of the nose), while the surrounding high points

another example with a visible horizontal scratch on Puyi's

(cheeks, brow) show no signs of wear.

side — so the estimated total is two or three. Among these few surviving pieces, the clarity of the dragon design on the reverse

Not accidental drops: If a coin is dropped, the impact marks are

varies from coin to coin. This strongly suggests that the mint

usually on the edge. These indentations are highly concentrated,

was still fine-tuning the striking pressure during the trial strikes

regular, and clearly made by a tool applying vertical pressure —

— a clear sign of an experimental phase.

not caused by random collision. The specimen that appeared at the 1971 Schulman Company Not die defects: These marks are pressed into the metal surface.

auction shows clear details on Puyi's face (even his glasses

If the die had a hole in it, the coin would have a raised bump, not

frame) and relatively sharp dragon scales on the reverse.

an indentation.

This allows us to speculate that this coin received the highest striking pressure of all the trial strikes — the metal flowed

3. Third Piece of Evidence: High-Relief Conflict and the

most completely into the details. It was, in effect, a "limit test"

Limits of Press Pressure

piece. This also perfectly explains why the mint had to perform hardness tests on the tip of the nose and the dragon design:

Beyond the artificial test indentations, the depth of the designs

this coin had endured the extreme stress of the press, and the

on both sides of this coin also reveals important information

engineers urgently needed real data to understand whether the

about how minting works.

internal grain structure of the silver had become brittle under such extreme pressure.

As explained earlier, this coin was a temporary mismatch —

Chapter 6

not a unified design planned by an artist. This created a serious physical problem. Both the obverse (Puyi's portrait) and the — meaning they required a lot of metal to fill the deep cavities.

Cross-Cultural Minting Logic — A Parallel with the U.S. Eisenhower Dollar Prototype

In the minting process, when the high relief areas on both sides

If you still think that interpreting a tiny indentation as a mint

of a coin overlap on the same central axis (a phenomenon

hardness test mark sounds like overly academic speculation, the

numismatists call "die clash"), it can be a disaster. Under normal

following cross-cultural comparison should put your doubts to

striking pressure, the silver planchet sandwiched in between

rest.

reverse (Taisho dragon) were originally designed as high relief

simply cannot flow in two opposite directions — both upward

and downward — into the deepest cavities at the same time.

In modern numismatics, this theory — viewing indentations as

Because the metal was being pulled in two directions at once,

a core feature of working prototypes — has been clearly and

inevitably one side would come out weaker in details, or a

definitively confirmed by another national-level pattern coin: the

strange ghostly outline of the opposite design would appear on

U.S. 1971-S Eisenhower Dollar prototype.

Vintage Coins

In 2008, an experienced American coin collector accidentally

auction house Heritage for an astonishing USD 264,000.

discovered an extremely rare U.S. coin. It was a 1971 Eisenhower Dollar trial strike from the San Francisco Mint

The coin was then sent to PCGS, the world's most authoritative

(composition: 40% silver over copper). This prototype, engraved

third-party coin authentication service, for examination. PCGS

by the U.S. Mint's chief engraver, had a strong prooflike surface

gave it a high grade of SP67. Most strikingly, this coin bore

and other early trial characteristics — including unfinished die

an unusual physical mark. Both PCGS's official report and the

polish.

Heritage auction catalog specifically addressed it:

In January 2022, at the Florida United Numismatists (FUN)

"A small depression near the eagle's tail may be the result of

convention, this national-level pattern coin — hailed as "the

mint personnel testing the planchet hardness. Significantly,

birth certificate of America's last large silver dollar" — was

a similar mark shows in nearly the same spot on another

sold at a Platinum Night auction hosted by the world-renowned

prototype."

Table 2 Comparison of Minting Marks: Manchukuo Puyi-Taisho Mule vs. U.S. 1971-S Eisenhower Dollar Prototype Aspect

Manchukuo Puyi-Taisho Mule (1932)

U.S. 1971-S Eisenhower Dollar Prototype (1970)

Cross-Cultural Minting Significance

Planchet Composition

Both required testing how a new die design High-purity silver (presumably 40% silver over copper (copper- would perform with a specific metal alloy— 90% — the standard purity for its flow characteristics and response to extreme silver clad) Chinese silver dollars) pressure.

Location of Indentations

Obverse: tip of Puyi's nose Reverse: center of the dragon design

In both cases, the marks are precisely located on extremely high-relief, highly detailed Reverse: near the tail of the eagle "critical diagnostic areas" — the hardest places on the moon landing design for metal to fully fill.

Appearance of Small, regular dots; no irregular Small, regular dots; no irregular Indentations scratches or marks around them scratches or marks around them

Purpose of the Coin Academic & Grading Service Recognition

Working Prototype

This strongly suggests that both were deliberately made using specialized metal hardness testing tools applied vertically. Neither was meant for presentation, display, or public release. Both served purely engineering and testing purposes

Early traditional numismatists, This establishes such indentations as the PCGS, the world's leading grading unfamiliar with the minting strongest physical evidence that a coin service, officially recognized and process, often mistook them for labeled them as "hardness test" genuinely participated in the minting process— accidental damage or post-mint and thus elevates their academic status. marks. scratches.

This conclusion from one of America's most authoritative

completely different political contexts, and made from entirely

institutions provides a groundbreaking and decisive perspective

different metals (high-purity silver vs. silver-clad copper) —

for our study of this Manchukuo Puyi portrait pattern coin.

show exactly the same kind of indentations on their surfaces. They appear in the same critical locations — the highest points

The Osaka Mint's Puyi portrait coin and the San Francisco Mint's

of the design — and they served the exact same testing purpose.

Eisenhower dollar — separated by nearly 40 years, born in

Vintage Coins

There is every reason to believe that this is no coincidence. It

4,400. Later numismatists have speculated that the buyer —

proves a cross-cultural industrial truth: whether Japanese or

who paid such a high price for this coin — was most likely

American engineers, different minting systems, facing the same

a top Japanese collector, someone deeply familiar with the

minting problem (striking high-relief portrait coins and testing

coin's background and the secret history of the Osaka Mint.

press pressure), independently arrived at the same solution. This

In the 1991 Spink-Taisei Hong Kong auction catalog, another

is a parallel expression of minting culture.

extremely rare mule pattern appeared, selling for USD 13,200. According to Michael Chou, this may have come from the estate

This cross-cultural comparison provides strong, undeniable

of Hans Schulman — and may have even once belonged to King

support for interpreting the tiny indentation on Puyi's nose as a

Farouk (based on a 1971 article by Coin World about the Kann

minting test mark. It not only clears the coin of mistaken labels

Collection auction).

like damaged piece or fantasy coin — it turns that seemingly flawed indentation into the strongest evidence that this coin

To help modern readers truly understand how remarkable

genuinely participated in the Osaka Mint's most rigorous

USD 4,400 was in 1971, we need to compare it with another

engineering trials.

legendary coin from the same Schulman auction. Also on offer was what Eduard Kann himself considered the rarest and most

If we understand this artificial indentation as a mint engineering

important coin in his entire collection — a piece later hailed by

test mark, then this Manchukuo pattern coin should no longer

all Chinese collectors as the "King of Chinese Silver Dollars" :

be categorized simply as a presentation pattern. It deserves to be

the 1903 Fengtien Tael. This unique example — born from the

elevated to a higher numismatic category: the working prototype.

late Qing currency reform — went to famous U.S. coin collector

This means it was a working coin with an actual experimental

Irving Goodman for USD 3,000.

function — a piece that personally witnessed the formation of a national monetary system — not merely a pretty display piece

Let's do the simple math. At this 1971 auction — the most

stuck at the design stage.

prestigious, with the sharpest buyers in the room — the PuyiTaisho mule sold for USD 4,400, which was 46.7% higher than

Chapter 7

the so-called "King of Chinese Silver Dollars" (the Fengtien One Tael, which sold for USD 3,000). This shows that at the time,

Auction Records and the Appreciation of a Numismatic Legend

the market valued such trial mule patterns even higher than longestablished legends.

A pattern coin that combines deep geopolitical history, an unusual minting background, and solid engineering evidence — its historical value, beyond measure, eventually gets reflected in the market. Let's return to the landmark Schulman Company auction of 1971. This auction not only solidified this Puyi-Taisho mule as a numismatic king — it also revealed the keen eye of early collectors who truly understood historical significance. In that prestigious 1971 auction — with more than two thousand lots on offer — this Taisho Year 4 Puyi Portrait Dragon trial pattern coin sold under intense bidding for an astonishing USD

Coin World coverage of the 1971 Eduard Kann Collection auction

Vintage Coins

Table 3 Comparison of Top Chinese Coin Auction Records at the 1971 Schulman Auction and Subsequent Appreciation 1971 Schulman Company Auction Price

Subsequent Appreciation

Osaka Mint working prototype Taisho Year 4 Puyi Portrait (approximately 3 known surviving Dragon Trial Pattern Coin examples)

USD 4,400

Established its top-tier status above traditional patterns in 1971— market value exceeded that of the Fengtien Tael at the time

Hailed as the "King of Chinese Silver Dollars" (unique / extremely rare)

USD 3,000

Sold for USD 187,000 at the 1991 Goodman auction; realized over USD 6.9 million at a Beijing auction in 2022.

Coin

Historical Status / Rarity

1903 Fengtien Tael

Chapter 8 A Mismatched-Date Numismatic Classic — Historical Parallels with the U.S. 1804 Silver Dollar

1804, no silver dollar actually dated 1804 was ever struck. Then, nearly 30 years passed. In 1834, the U.S. Federal government wanted to expand trade in Asia and advance its diplomatic goals. It decided to prepare several luxurious presentation sets of coins to give as gifts to important Asian

In the long history of world coinage, examples of mismatched

leaders — including the King of Siam (present-day Thailand)

dates, mules (obverse/reverse mismatches), or restrikes (coins

and the Sultan of Muscat (part of present-day Oman). The gift

struck decades later using old dies) — all born from special

was to be a complete set of all denominations then in circulation

government policies, diplomatic needs, or engineering testing

in the United States. But the diplomats preparing the gifts faced

requirements — are very rare. But whenever they appear, each

an embarrassing problem: by 1834, the U.S. Mint had long

one becomes a national-level rarity that shakes the numismatic

stopped producing standard silver dollars. To complete the sets

world and is highly sought after.

for these foreign leaders and project American prestige, the U.S. Mint received a secret order from high up in the government:

In Western numismatics, the most famous example — the

engravers were instructed to create new dies bearing the old date

undoubted "king of American coins" — is the 1804 Silver

of 1804, and then strike a very small number of these restrikes

Dollar. This coin is the classic case for explaining this kind

with the highest proof-like finish. These coins were made purely

of date mismatch phenomenon. The early U.S. Draped Bust

for presentation — never publicly released. To this day, only

silver dollars had effectively stopped mass production by

about 15 examples of this legendary 1804 Silver Dollar are

1803. Although U.S. Treasury records show that the mint was

known to exist. It is widely considered the most valuable and

operating in 1804, the mint took a shortcut: they kept using old

legendary coin in American numismatic history.

dies (dated 1803 or earlier) on their presses. In other words, in

Table 4. Comparison of Classic Mismatched-Date Pattern Coins: China-U.S. Aspect

Manchukuo Puyi-Taisho Mule (1932)

Time Span of Date Reverse bears date 1915, but actually struck in 1932 (old dies reused / date mismatch of 17 years) Mismatch

U.S. 1804 Silver Dollar (1834 Restrike) Obverse bears date 1804, but actually struck in 1834 (new dies engraved with old date / restrike of 30 years)

Vintage Coins

Primary Minting Purpose

Internal mint engineering testing (testing pressure Highest-level diplomatic presentation (Presentation Set)— to demonstrate American power to Asian limits, collecting hardness data) and official archival nations documentation

Die Design Process

Non-unified design: obverse and reverse themes are completely different and unrelated, resulting in severe high-relief conflict and incomplete metal flow

Unified design: obverse and reverse styles are harmonious, perfectly presenting the aesthetic of standard U.S. legal coinage

Engineering Characteristics

Industrial character: deliberately made hardness test indentations, deformation marks from extreme pressure limits, and deeply stamped "Mihon" (Specimen) marks

Extremely artistic character: highest-quality proof mirror finish, no test marks or damage

Witnesses 19th-century U.S. diplomatic ambitions Reveals both the monetary struggles of early Academic & Historical Manchukuo and the engineering logic of the Osaka for Asian expansion — and the mint's administrative Significance flexibility in achieving them Mint

These two legendary coins from different parts of the world both

Chapter 9

share the same mismatched date feature — the year on the coin does not match when it was actually struck. But when you put them side by side, the differences are profound.

Conclusion — A Historical Tragedy and Industrial Witness Cast in Metal

The U.S. 1804 Silver Dollar was a top-level showpiece —

The Taisho Year 4 Puyi Portrait trial pattern coin is a key

carefully made at great expense for diplomatic purposes. Its

piece of physical evidence — pushed to the margins of history

obverse and reverse were designed as a unified whole, in pursuit

during a time of dramatic geopolitical change in modern East

of perfection without a single flaw — to project national prestige.

Asia, yet unexpectedly preserved. Its creation was not a single

The Taisho Year 4 Puyi Portrait coin we are discussing, on the

minting event, but the result of multiple converging forces:

other hand, was a working test piece — something engineers

Puyi's lifelong attempt to build a puppet state through coinage,

temporarily threw together by rummaging through storage for

the cross-border technical system, and the Osaka Mint's internal

idle dies, under immense time pressure, to solve real problems on

testing procedures. Though it is less than 4 cm in diameter and

the minting press. Its two sides were never meant to go together,

contains just 23.91 grams of silver, the information packed into

which created the high-relief conflict, incomplete metal flow, and

it far exceeds the value of its metal. As a highly compressed

the need for destructive hardness testing discussed earlier.

historical document, it records not just the final result, but the very process of an unfinished system taking shape.

Yet these very imperfections — the conflicts and scars — are

precisely what make this Puyi pattern coin so genuine and so

The value of this trial pattern coin lies in the many layers of

historically valuable. They transform a coin that, on the surface,

history it contains. On one level, it connects the fall of the Qing

could easily be dismissed as a private fantasy piece or an

Empire with the restructuring of Northeast China's political

amateurish error into a key piece of evidence for understanding

landscape, making Aisin Gioro Puyi's personal fate a concrete

a critical juncture in modern East Asian minting history. This

symbol of modern power shifts. On another level, it reflects

is the true fascination of modern numismatics: it teaches us

Manchukuo's brief attempt to build a silver standard in its early

to connect tiny details on a coin with the larger currents of

monetary system — and its quick retreat under the impact of the

geopolitics and history. It lets cold metal speak — and tell a

Great Depression and the U.S. Silver Purchase Act. At the same

truth buried by time.

time, the Taisho Year 4 dies it relies on extend the story back to

Vintage Coins

Japan's own silver standard and regional trade system during the

to fully fill — showing that they were made intentionally.

Taisho era. And its final form directly preserves the Osaka Mint's

Comparing this with the authoritative authentication of the 1971-

technical test marks under extreme high-relief conditions. Thus,

S Eisenhower Dollar prototype shows that different minting

this pattern coin is not only about political and economic history,

systems, facing the same problems of high-relief striking and

but also sits at the core of industrial and technological history —

metal flow, often test the same critical stress points. Based on

making it a highly compressed carrier of historical information.

this, these indentations can reasonably be understood as technical marks from the mint's testing process — not later damage. This

Through a detailed analysis of early Manchukuo's Currency

interpretation not only undermines the possibility that the coin

Law and monetary development, a scientific decoding of

is a fake, but also supports classifying it as a working prototype

mint engineering operations, and a comparative analysis of

with industrial testing functions.

physical traces (including the "Mihon" stamp and hardness test indentations), this report reaches several important conclusions:

2. The use of the old Taisho Year 4 reverse die — which seems so temporally mismatched — was not an administrative error

1. The tiny indentations on the tip of Puyi's nose (obverse) and

by the mint. Rather, it was a highly rational choice made by

on the key areas of the dragon design (reverse) are significantly

engineers based on saving time and cost and — most critically

different in shape and placement from ordinary circulation wear

— careful legal and administrative considerations. This

or accidental damage. They are concentrated on the highest

abandoned die, which had sat unused for 17 years because of the

points of the relief — the areas most difficult for the metal

WWI silver crisis, unexpectedly became a test piece for Puyi's

Japanese trial coins with "Nihon"

Unusual World Coins

Emperor Taisho

The Taisho Year 4 Puyi Portrait trial pattern coin

The description of the Taisho Year 4 Puyi Portrait Coin in Unusual World Coins

Vintage Coins

The description of the coin in the 1971 K ann C olle c tion A uc ti on Catalog (Lot 1464): Taisho 4. Silver pattern 1 yen 1915. Obv. portait of Yoshohito facing. Not adopted; highest rarity. The only coin of Japan with Emperor's portrait. The rev. is a gorgeous blue toned mirror proof; the obv. is a weakly struck matte toned unc. striking. Some marks on coin. 28mm, 26.5 grams. Milled edge.

return to power in Manchukuo.

and as key evidence of an unfinished institutional experiment in Manchukuo's monetary history. Its significance goes beyond

This case reveals a striking parallel between the coin and Puyi

a single coin or design type — pointing instead to a critical

himself. In political reality, Aisin Gioro Puyi had long been

historical crossroads where state-building, cross-border technical

under external control. And in the case of the coin, the piece

transfer, and minting decision-making all came together.

bearing his portrait was transformed during the mint's internal testing into a functional tool — subjected to pressure and testing

From a methodological perspective, future historical and

of its performance. This transformation from political symbol

numismatic research may need to move beyond its narrow

to technical specimen makes the coin not only historically

focus on perfect condition and pay more attention to the various

significant, but a concrete piece of evidence where political

physical and industrial traces preserved on coin surfaces. Such

power, industrial technology, and institutional operations all

traces are not just by-products of the manufacturing process;

intersected.

they can be key evidence for understanding institutional history and the history of engineering technology. Only by adopting

3. Looking at market evaluation, the price at the 1971 Schulman

such a shift in perspective can these objects — hidden in the

Company auction in New York provides a key observation: this

gaps of history, perhaps showing wear or defects on the surface,

pattern coin sold for USD 4,400 — significantly higher than

yet full of information — fully reveal their academic value

the Fengtien One Tael, which sold for USD 3,000 in the same

and historical significance, a more solid evidentiary basis for

sale. This gap (about 46.7%) was not an accident. It can be seen

reconstructing the institutional operations and technical practices

as the market confirming the coin as a prototype by the leading

of their time.

collectors and scholars of the time. In other words, its value was not based simply on rarity, but on the monetary system formation and technical testing it represents. In summary, this Taisho Year 4 Puyi Portrait Dragon trial pattern coin can be seen both as a special continuation of Japan's large silver dollar system in modern minting history

Acknowledgments The author would like to thank K. R. Liu and Michael Chou for providing some of the images and historical materials used in this study.

Vintage Coins

L&M-945 Hat Touches Rim Flying Dragon Dollar: Pattern, or Miscataloged Fantasy Issue? ◎ Ben Wengel〔USA〕

The Hat Touches Rim Flying Dragon Dollar has been plated

issues, but at the time of Kann they were considered counterfeits

and described in important Chinese reference works for over

separate from fantasies as they were imitating actual types for

75 years, beginning with Kalgan Shih's indispensable Modern

the purpose of deceiving collectors) in an attempt to educate

Coins of China first published in 1949. In Shih's reference

collectors and dealers that imitative forgeries of Chinese mint

he lists the type as E2-12, plated on page 148 of the Chinese

types existed and required scrutinization. In an explanation

language version and described in the English translation on

of his forgery section (found on page 444), Kann writes that

page 55. His description of the coin is rather concise, and he

the inclusion of a type in the section required not only Kann's

did not definitively state whether he believed it to be a pattern

belief that the coin was a forgery, but also the independent

or circulation issue. Regardless, the inclusion of this type in his

conclusions of at least three "foremost experts in the realm of

book makes it clear that he felt this coin was a genuine Tientsin

Chinese numismatics." What is curious and may never be known

mint product.

is if Kann looked at 664 and 664a with a suspicious view and simply couldn't clear the hurdle he had set for inclusion in the

The next appearance of this type is in the first edition of Eduard

forgery section given Shih's previous acceptance of the type, or

Kann's monumentally important work Illustrated Catalog of

if the inclusion of the type in Shih's book just a few years prior

Chinese Coins published in 1954. Kann not only breaks out this

predisposed Kann to the belief that these pieces were genuine

type into two separate varieties depending on the rendering of

Tientsin mint products and resulted in Kann simply accepting

the decorations and stars on Yuan Shi Kai's clothing but also

them. Regardless, their continued placement in this major

takes the position that these coins are patterns, giving them the

reference work on Chinese coinage certainly helped to solidify

reference numbers K-664 and K-664a. Like Shih, the description

their standing as genuine Chinese coins, and at that point any

of these coins is rather concise and little information is provided

pronouncement to the contrary would've require significant

about them. A major element of Kann's work that was never

evidence to call their authenticity into question. The view that

present in Shih's reference was the addition of a forgery section

the Hat Touches Rim Flying Dragon Dollar was a genuine

(today these forgery types are considered collectible fantasy

Chinese coin would be further compounded by the type not only

Vintage Coins

being included in most major collections of Chinese coinage for

diameter of the coin was measured as 39.5mm (the Liu

decades to come, but also by its subsequent inclusion in other

Collection coin is also cited as over 39mm), 0.5mm larger than a

major Chinese references like Wenchao-1101, L&M-945, etc.

regular Flying Dragon dollar. While this difference in diameter may seem miniscule or inconsequential, it seems unusual

The author has viewed this type skeptically for some time,

that the Hat Touches Rim and a normal Flying Dragon dollar

despite it being historically cataloged as a genuine Tientsin

wouldn't have the same exact diameter, given that these coins

mint product for generations. There are several aspects of this

should've been produced on the same machinery at Tientsin and

type that don't seem in-line with other Flying Dragon dollars,

most Republic dollars from this period are 39mm. The 39mm

or even other Chinese coins of the early Republic and/or late

diameter was even observed on a gold striking of a Flying

Qing Dynasty era that were struck at Tientsin. The die work of

Dragon dollar that was recently submitted to NGC (L&M-1114).

this particular type is subpar for a portrait Republic dollar or

Next, an x-ray metal test was conducted on the Hat Touches

any Chinese dollar struck at Tientsin during the modern Chinese

Rim piece in order to compare the surface composition relative

coinage era, especially so during the tenure of Chief Engraver

to a normal Chinese dollar of the era. The surface composition

L. Giorgi. The die work is much more reminiscent of what one

was measured as 92% silver, 6.64% copper, with trace elements

would expect from a fantasy imitative type (what Kann would

like lead and tin making up the remaining 1.36%. This surface

refer to as a forgery), as if the engraver was attempting to copy

analysis ended up being fairly normal and inconclusive given

the work of a real Flying Dragon dollar to fool contemporary

that it only measures the composition of the coin at a depth of a

collectors during the Republic era. Similarly, the rusty texture

few microns so an alternative method of testing was required.

that is found on the military uniform of Yuan Shi Kai better suits what one would expect from a fantasy/forgery as opposed to a

It was decided that the collar should be examined and compared

pattern coin from Tientsin. Collectors may question if it is even

to the collar of not only other Flying Dragon types but also

possible that the Hat Touches Rim Flying Dragon Dollar could

other dollar sized coins struck at Tientsin during the Late Qing

be a forgery given that they were known to Shih by late 1940s

and Early Republic. These types would then be compared with

at the latest and were supposedly produced in 1916. However,

each other with respect to reed count. Conducting a reed count

an article by Howland Wood in the June 1932 edition of The

is a straightforward yet tedious undertaking. The most reliable

Numismatist is dedicated to exposing the manufacture of several

method involves photographing a coin in a manner that allows

types of forgeries that existed of popular Chinese types, with

for the entire edge to be shown and illuminated, which can

side-by-side plates of genuine and forgery types highlighting the

then be analyzed to allow for one to count the individual reeds

differences between the two. While a Flying Dragon Dollar of

present. One can choose to either count the raised reeds of the

any variety is not found in the article, one can extrapolate from

coin or the recessed areas in between the reeds. In the analysis

the article's publication that the manufacture of fantasy/forgery

that took place, the recessed areas between the raised reeds

types had been going on for at least several years by the time

were counted. Counts were conducted on an example of a Hat

Wood became aware and compiled the materials necessary for

Touches Rim Flying Dragon (L&M-945, count = 170), 1912

publication, so it can be concluded with relative certainty that

Sun Yat Sen Dollar (L&M-42, count = 180), regular Flying

fantasy and forgery coins were being produced in the late 1920s

Dragon Dollar (L&M-942, count = 182), gold Flying Dragon

at the absolute latest.

(L&M-1114, count = 182), 1914 Plumed Hat Dollar (L&M858, count = 182), 1911 Dragon Dollar (L&M-37, count = 182),

All of these preceding observations are curious yet circumstantial

Uniface Yuan Shi Kai Pattern Dollar (Kann-642F, count = 182),

in nature. More concrete evidence would be needed to call into

1914 Yuan Shi Kai Pattern Dollar (L&M-72, count = 182), 1914

question the origin of this enigmatic type, which would require

Yuan Shi Kai "Fat Man" dollar (L&M-63, count = 183), 1908

not only an example of the type for study and testing, but also

Dragon Dollar (L&M-11, count = 183), a 1912 Li Yuan Hung

a plethora of other Chinese types from the era for comparison

Dollar (L&M-45, count = 186), and a 1921 Pavilion Dollar

purposes. When an example came to NGC for grading, the

(L&M-864, count = 187). As the collected data shows, most

Vintage Coins

dollar sized coin types available for testing that were definitively

L. Giorgi signature types were simply unavailable to conduct

struck at Tientsin during the period from 1908-1921 had 182

reed counts during the period of testing. Likewise, the author

reeds, including all types of Flying Dragon dollars and every

attempted in vain to gather several examples of fantasy dollars in

Yuan Shi Kai portrait type except L&M-63 which was struck

the NGC grading room so that they too could go through a reed

over a period of roughly 40 years at a plethora of mints. The

count to see how they compare to not only the Hat Touches Rim

only deviation from this observation was the Hat Touches Rim,

Flying Dragon Dollar but also other Tientsin mint dollars of the

which had a highly unusual reed count relative to all other types

era. Further analysis and research is required to make a definitive

tested at 170, being a full 12 reeds lower than all other observed

statement on the true origin of the Hat Touches Rim Flying

Flying Dragon types struck at Tientsin and 8 reeds lower than

Dragon Dollar, but the evidence put forth in this article should

the next observed smallest reed count of any type examined.

at least call into question where and when it was produced as

This is even more dramatic and raises further suspicion when

well as create a dialogue about how the type has been accepted

one factors in the larger diameter of the Hat Touches Rim – one

in Chinese numismatics for so long seemingly without serious

would expect it to have more reeds than its smaller diameter

scrutiny given its starkly different visual appearance and variable

counterparts given the larger surface area of the edge on the Hat

reed count/diameter from other Tientsin mint products in the late

Touches Rim. In fact, this is seen with respect to the Pavilion

Qing and Early Republic period.

Dollar which also measures 39.5mm in diameter and as such had the highest reed count of any coin tested at 187. The forensic evidence provided via the reed count method may

Note: NGC will continue to encapsulate and describe L&M-945

be not entirely conclusive or even exhaustive in nature; many

in the same manner as prior to the publication of this article.

1916 REPUBLIC YUAN SHI KAI HUNG HSIEN One Dollar Silver, Flying Dragon, with L. GIORGI, L&M943, K663a, NGC MS64, Kann-NC Collection, Finest Known

1916 REPUBLIC Yuan Shi Kai One Dollar Silver with Flying Dragon, Hat Touching Rim, K664, NGC MS64, Kann-NC Collection

Vintage Coins

The Right to Coin Money Under Geopolitics: The Rivalry Between the Qing Empire and Russian Influence on the 1901 Kirin Coin Series ◎ Tseng Che-lu〔USA〕

The clang of foreign powers shakes the Mint.

Sino-Russian Secret Treaty (《中俄密約》) than the vast lands

Dragon designs guard an empty title on the coin.

of Heilungkiang and Kirin were quietly mortgaged. Russian

Borrowed, not leased—sovereignty stands hard to seize.

railway tracks, like icy shackles, slowly tightened their grip on

The split between reality and symbol reveals the dynasty's

the region's throat. Russian influence spread like vines, quietly

decline.

unfolding a silent game for survival, with the very fate of the state at stake.

The gunsmoke of the First Sino-Japanese War had barely cleared

when the Qing court, already skittish as a bird startled by the

It was at this moment that the Qing court's diplomatic balancing

twang of a bow, sought to fend off the wolf to the east—Japan—

act revealed its eerily sharp contradictions. Russia, nominally

by leaning on the bear to the north—Russia. The national policy

an ally against Japan, was in truth another predator coveting

of "allying with Russia to contain Japan" proved a seductive

Chinese territory. While offering lip service to the Qing court,

but dangerous bargain: it offered a way out of an immediate

it relentlessly gnawed away at the foundations of the Manchu

crisis, but in truth, it was like playing with fire—and the empire

regime. This contradiction reached its peak during the Boxer

ended up burning itself. No sooner had the ink dried on the

Rebellion. In 1900, as the Boxer Movement swept through North

Vintage Coins

China, Russia—under the pretext of "protecting its citizens"

the Russian army, any claim to substantive sovereignty was a

and "supporting the Allied forces"—brazenly dispatched troops

losing battle. Yet preserving symbolic sovereignty remained the

and invaded Manchuria in force. In September of that year, the

last line of defense for upholding the state's dignity and national

provincial capital of Kirin fell. The Kirin Arsenal, the largest

honor.

arsenal in Northeast China painstakingly built by key figures of the Self-Strengthening Movement such as Wu Dacheng ( 吳

The core outcome of this silent negotiation was embodied in

Russian army. Upon entering the city, Russian troops went on

small coins became a microcosm of that humiliating history

a rampage of destruction and plunder at the factory, a symbol

and a testament to the political maneuvering of Qing officials.

of China's modernization efforts. Machinery was dismantled,

The obverse of the coins still bore the traditional "Guangxu

factory buildings went up in flames, and the hopes of an era were

Yuanbao " inscription in both Manchu and Chinese, preserving

crushed under the invaders' iron heels.

the reign title and legal authority of the Qing Empire—this was

大澂 ), along with its attached mint, fell into the hands of the

the Kirin Guangxu Yuanbao coins minted that year. These

the insistence on symbolic sovereignty. The reverse, however, However, the story did not end with this destruction. In 1901,

was conspicuously exotic in design. The upper and lower

under the military occupation of the Russian army, the status

parts of the outer ring were encircled by crossed curved flags

and operation of the Kirin Arsenal became an extraordinarily

of the Russian Empire—crossed flags being a typical symbol

complex historical puzzle. The Russians were well aware

of Russian military or imperial authority—together forming a

that while direct military occupation and plunder could yield

visually commanding frame. At the center of the design, where

immediate gains, the right to issue currency was a far more

the Russian double-headed eagle would normally have been, a

insidious—yet ultimately more lethal—weapon for securing

Chinese-style coiled dragon appeared instead. It was a strange

long-term control and influence. Bypassing all normal official

and contradictory fusion, silently narrating the collision of two

procedures, the Russian army took direct control of the Kirin

powers. This was less a fusion than a silent declaration: the

Mint, attempting to turn it into an instrument for implementing

Russian-style twin flags firmly imprisoned the soul of the Qing

Russian monetary policy. Thus, in 1901, at the height of military

dragon; the imperial dragon, a symbol of the nation that should

occupation, the creation of silver pattern coins bearing Russian

have soared through the clouds, had instead become a captive.

characteristics and kopek copper coins rendered in a Russian style marked the moment when this policy transformed from

This seemingly bizarre design was precisely the product of

design into reality.

struggle and compromise between the two sides. For the Russians, imprinting Russian symbols on China's legal tender

It was precisely within this seemingly inescapable structural

was an implicit declaration of substantive control over Northeast

predicament that late Qing officials exercised their rational

China. For Qing officials, this was the greatest concession they

calculations and made forced compromises on the diplomatic

could make under irresistible pressure in order to resume mint

stage. Though these efforts could not reverse the overall decline

operations and stabilize local finances. Through this peculiar

of national power, they were not entirely passive. In the cracks

arrangement of "Chinese substance, Russian form," they secured

between great power oppression and institutional collapse,

the limited resumption of production at the arsenal under

these decisions occasionally revealed flickers of institutional

Russian supervision. The very existence of such coins was a

rationality that had not yet been extinguished, leaving behind

contradictory declaration: it acknowledged Russia's military

historical traces that invite close examination for those seeking

presence and influence, yet stubbornly retained the Guangxu

to understand the complexity of late Qing political operations.

reign title on the coin's surface, as if silently pleading that this

Take local officials such as Kirin General Chang Shun ( 長順 ),

land, de jure, still belonged to the Qing Empire.

for example. Faced with the invaders' guns and the empire's decline, they engaged in a difficult game over sovereignty. They

Therefore, the design of the Kirin Guangxu Yuanbao coins

understood that against the overwhelming military power of

minted in 1901 bearing Russian emblems did not originate

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from artistic fusion or cultural exchange, but from a political

an agreement (to vacate) the silver dollar mint, allowing it to

contest between forces of vastly unequal strength. They stand as

exclusively mint silver dollars, while the other factories are left

evidence of the complete bankruptcy of the Qing court's policy

to be sealed, in order to safeguard the overall situation……"

of "allying with Russia to contain Japan," a symbol of Russia's aggressive ambitions, and the ultimate product of negotiations— filled with humiliation, wisdom, and resignation—undertaken by

Author's Note : In the political context of the Qing dynasty,

the term "slave" (nucai 奴才 ) was not merely a humble self-

late Qing officials in the twilight of the empire. In a predicament

designation; it was a marker of identity. Only officials belonging

where substantive sovereignty was completely lost, they

to the Eight Banners—the Manchu, Mongol, and Han troops,

desperately grasped at the straw of symbolic sovereignty, all to

a hereditary military-administrative system—could address

preserve a glimmer of hope. These coins are silent relics in the

the Emperor as "slave," distinguishing them from Han Chinese

long river of history, themselves a narrative too painful to recall.

officials who used "minister" (chen

They tell the story of how an ancient empire, amidst betrayal

personal, hereditary "master-servant relationship" with the

and erosion, traversed those precarious years, enduring profound

Emperor.

臣 ). This symbolized a

pain and struggle. From the context, the meaning of "vacate" in the memorial Regarding the reasons for the appearance of curved twin flags—

does not imply the transfer of sovereignty or ownership, but is

motifs typically associated with the Russian double-headed

closer to "clearing out" or "handing over (management or usage

eagle—and other elements on the 1901 Kirin Guangxu Yuanbao

rights)." It signifies that, under the military coercion of the

coin , and how the Kirin Mint was influenced that year, the core

Russian army, the Qing side agreed to place the mint's operation

Chinese and foreign records can mainly be classified into the

under Russian supervision and restrictions in exchange for

following categories:

permission to continue operating.

1. Chinese Official and Local Archival Records.

The key lies in the phrase "exclusively minting silver dollars". This phrase implies a new minting model—born from "repeated

1-A. Memorial from Kirin General Changshun (also named

consultations" under military control and treaty restrictions—

Xiangchen) to the Qing court in 1901, reporting on negotiations

a restricted form of minting operation. This signified a special,

with the Russian authorities occupying Kirin. The following

unprecedented type of minting activity. This activity took place

is an in-depth interpretation of the key passages. The relevant

under Russian supervision, potentially requiring the minting of

excerpt from General Changshun's memorial, Memorial on the

silver dollars and copper coins that met certain specifications of

Situation of Cities Occupied by Russian Troops and Preparations

form, weight, or even Russian demands. The decision-making

for Post-War Rehabilitation , reads as follows:

power for minting became a dual-track system involving SinoRussian negotiations. Consequently, two types of silver coins

"……The Kirin Arsenal is the vital lifeline of the entire province, and Russia also coveted it. After repeated consultations

from 1901 existed: one type features the "Xinchou " ( 辛丑 ,

1901) date with designs showing the curved twin flags derived

between me (referred to in the original as 'slave,' nucai) and the

from the Russian double-headed eagle emblem, incorporating

Russian commanding officer, it was stated that the Arsenal's

both Chinese and Russian design elements, becoming a new coin

factories for guns, artillery, ammunition, and explosives should

style acceptable to both Russia and the Qing Empire. The other

be sealed according to the treaty. However, the mint is permitted

variety, the "Xinchou " cyclical date silver coin adorned with

to resume work, exclusively minting silver dollars to facilitate

traditional Chinese Taiji or Yin-Yang patterns, was minted "to

circulation. I (referred to in the original as 'slave') and others

facilitate circulation."

deliberated repeatedly: since the military factories cannot resume

work, if the mint also fails to resume, the market will certainly

The phrase "to safeguard the overall situation" reflects the

become more depressed. Having no alternative, we negotiated

helplessness and trade-offs faced by Qing local officials under

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immense pressure, emphasizing the compromised realpolitik

was decorated with the Russian-style curved twin flags emblem,

that set the stage for what was to come. By the late Qing, the

symbolizing Russian authority. However, this type of coin was

diplomacy of "avoiding war to preserve peace" in the face

clearly different from the Qing copper coins in circulation at

of great power pressure meant that "safeguarding the overall

the time, particularly in its weight and face value. The modern

situation" often became the justification for the appeasement

monetary system introduced by Russia, like a superior system,

faction's compromises. We can see how this mindset affected

directly suppressed and rendered ineffective the inferior

frontline officials' decisions during the Opium Wars and the First

traditional pricing framework of the diao within the political and

Sino-Japanese War.

economic order. In Chinese and English literature, terms like

chuan and diao gained particular prominence in the context of The Kirin Mint originally trial-minted Russian-style silver

Russian control over treaty ports and market order, along with

coins. However, due to the high cost of the silver standard and

restrictions on the circulation of Qing silver and copper coins.

insufficient supply, and because Russia's monetary penetration

This situation gave rise to the rapid expansion of a phenomenon

in Manchuria required lower-denomination coins for daily

known as "strong Russian currency, weakened Qing cash." This

circulation, the mint adapted the silver coin sizes to produce

caused the "marginalization of Qing cash," not only shaking the

Russian-style kopek copper coins of the same design. This

Qing court's control over Northeast China's currency system

lowered costs, facilitated paying wages to railway workers, and

but also forcing local officials like Changshun to accept the

rapidly captured the market. At that time, a "Kopek" (Копейка)

Russian military's proposal to mint new coins, thereby leading to

copper coin was worth one-hundredth of a "Rouble" (Рубль).

a cooperation under semi-colonial conditions between the Kirin Mint and the Russian side.

The Russian "Kopek" was a standardized coin with a clear, fixed face value, based on the modern state-issued monetary system. In contrast, the Qing "string" (chuan / diao 串 / 吊 ) was a chaotic,

In the context of Russian occupation, local officials achieved the limited retention of monetary function after losing military

fluctuating old unit of account based on traditional square-holed

sovereignty through Sino-Russian negotiations. The first-hand

coins. The diao itself was not a stable measure of value. In actual

textual evidence of this turning point is Changshun's Memorial

circulation, the full string of 1,000 coins almost never existed.

on the Situation of Cities Occupied by Russian Troops and

Due to local customs, declining coin quality, and commercial

Preparations for Post-War Rehabilitation .

practices, "short strings" or "provincial strings" appeared. A diao in different regions might actually represent only a few hundred

1-B. In the 27th year of the Guangxu reign (1901), with Kirin

cash—for example, 800, 500, or in some places just over 100.

Province under Russian military occupation, the Kirin Arsenal

Under the intervention of Russian political and military power,

was forced to restructure its operations, leaving only the

the new monetary system delivered a systemic superiority

Kirin Mint still functioning. At that time, Neyinfuca served as

on the old unit. The wide circulation of Russian currency

the Director of the Kirin Mint and was the key intermediary

essentially used its value to redefine and suppress the purchasing

responsible for managing pressure from the Russian military

power of the diao , ultimately marginalizing Qing coins in the

and political authorities. An official report submitted to General

Northeast market and accelerating the region's economic semi-

Changshun states:

colonization. "Since the Russians entered Kirin Province, qiangtie (Russian Therefore, the original silver coin dies were adapted for local copper coins. This also marked the first trial of copper coins by

banknotes 羌帖 ), Russian silver dollars, and copper coins have

flooded the markets… Now the Russian side wishes to borrow

the Kirin Mint—the Russian-style twin flags pattern. Existing

our mint to produce new coins, claiming this will prevent

examples include (Image 3) the 10-cash copper coin, whose size

counterfeiting… The merchants and people of this province

exactly matched that of the silver coins. The obverse inscription

largely use Russian currency, treating Chinese coinage as

imitated the Chinese one-dollar silver coin, while the reverse

secondary."

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This passage reveals three important dimensions:

1-C. Excerpts from Shengjing Times (《盛京時報》, May

to July 1901) offer a third-party perspective from the public First, it documents the influx of Russian paper money (qiangtie ,

sphere. Official history is typically written by the ruling class,

a transliteration of chervonets) and kopek (копейка) copper

while popular perspectives often puncture the official facade of

coins into border provinces such as Kirin. The flood of metallic

"safeguarding the overall situation" or "profound master-servant

currency into the market already constituted a substantive form

loyalty," revealing a more unvarnished social reality.

of monetary penetration. Published in Fengtien (present-day Shenyang) at the time, Second, it notes that rampant counterfeiting had caused

Shengjing Times was a Sino-Japanese joint venture newspaper

confusion among the populace, creating a pretext for reminting

that also functioned as an official gazette. It holds significant

coins to restore order. The Russians sought to use a legitimate

value for local observation.

Qing minting institution—the Kirin Mint—to produce currency of their own design. If successful, this would have meant using a

Key observations from the reports:

Qing official institution to lend legitimacy to Russia's economic encroachment, cloaking aggression in a legal guise—a far more insidious form of control than military occupation.

The May 18, 1901 issue reported: "New coins in Kirin are appearing with increasingly Russian-style designs; their patterns are unusual, sparking public outcry." This indicates

Third, it shows Russian currency gradually displacing Chinese

the prevalence of new Russian-style copper coins within Kirin.

currency, marking a transfer of monetary sovereignty.

Citizens complained about unfavorable exchange rates against old cash, reflecting chaos in the exchange ratio between old and

Through actual manipulation of the currency system, Russia

new currencies, which harmed people's livelihoods and caused

had forged Kirin's economic and financial dependency. The

economic disorder. This accurately captured a widespread

report from Mint Director Neyinfuca did not directly oppose the

sentiment among Kirin's populace: Russian influence had

Russian demand. Instead, it invoked the language of "preventing

penetrated deeply into the official institutions of the Qing

counterfeiting with new coins" and "facilitating market

government. This intervention was no longer a matter of behind-

circulation," suggesting an attempt to preserve a limited space

the-scenes political maneuvering but an open "secret" discussed

for minting operations while having to accept Russian oversight.

in the streets.

This reflects a typical pattern of compromised administrative response by local officials seeking to maintain stability and

A report from early June stated: "Although the coin designs

preserve some measure of local economic activity within a

still bear the twin-dragon motif, their weight and standards are

framework of eroded sovereignty.

all supervised by foreign envoys, no longer controlled by our official bureau." This shows that Russian involvement went

This "cooperation" objectively accelerated the forced integration

beyond mere assistance, extending to deep interference in core

of Kirin's local industry into the imperialist monetary system.

aspects such as setting the weight (in kopeks) and specifications

The Kirin Mint ultimately chose to mint Russian-style copper

of the new currency; the Qing court had lost control.

coins rather than silver coins—a deliberate and economically calculated strategy. The core objective was not simply to

A July 2 editorial implicitly criticized local officials for being

introduce a new currency, but to wage a war without gunpowder.

"soft on the outside while accommodating on the inside," failing

Copper coins, being lower in cost and more convenient for

to "protect the national currency and guard the mint," alluding

everyday circulation, proved a sharper and more practical

to the ambiguous stance of the Kirin Circuit Intendant and the

weapon than high-value silver coins. The Russian-style twin

General.

flags copper coins that circulated locally were the concrete product of this arrangement under the semi-colonial conditions.

100

These three Chinese reports from 1901, like clips from a

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micro-documentary, not only documented the concrete facts

2. Foreign Diplomatic and Consular Archives.

surrounding Kirin's Russian-style copper coins but also reflected a broader reality: the late Qing government, when faced with

2-A. British Foreign Office Records , FO 228/1425, Dispatch

imperialist aggression, was often slow to respond and lacked the

from Henry E. Fulford, Consul at Newchwang, to the Foreign

will to act—shortcomings that ultimately led to the erosion of

Office, June 17, 1901, p. 45. (London Archives FO [Foreign

sovereignty.

Office] 228/1425/45 series. Note 228: Tientsin and Northern Ports (China) Series). The author was Henry E. Fulford, the

1-D. Russian Ministry of Finance and military archives indicate

British Consul at Newchwang. In 1901, he served as the official

that Finance Minister Sergei Witte viewed railways as the

British representative there, responsible for safeguarding British

skeleton of the empire and finance as its lifeblood, seeking

commercial interests—primarily the shipping interests of Jardine

to reshape Northeast China's monetary system around the

Matheson and Butterfield & Swire—within the constraints of

ruble. Nominally, this was framed as an effort to stabilize

Russian military control.

finance, eliminate debased currency, and promote trade, but the underlying goal was to abolish the Qing's right to issue currency

This type of dispatch was the endpoint of the British diplomatic

in the region and establish a unified legal tender pegged to the

intelligence network, written by frontline consuls to report

ruble. Although the Qing government offered some resistance,

local political developments, commercial interests, and military

Russia nonetheless proceeded with efforts to secretly produce

intelligence to the Minister in Beijing, who then summarized and

trial coins, using local using local footholds to chip away at

forwarded them to the Foreign Office in London. Fulford's report

China's monetary sovereignty.

of June 17, 1901, therefore, stands as a firsthand intelligence record of Britain's efforts to counter Russia's expansion in

The Kirin Mint incident stands as a typical case. Rather than

Manchuria.

shutting down the mint, Russia sought to "borrow the shell to lay its own eggs," pressuring General Changshun and Mint Director

In a dispatch [telegram or letter] dated June 17, 1901, page 45, it

Neyinfuca into a "cooperative" minting arrangement. The coin

states:

designs ostensibly retained the Chinese-style coiled dragon as a gesture of respect, but in substance, they fully adopted ruble

"Russian engineers at Kirin have retooled the machinery;

standards for weight, fineness, and size, with Russian-style twin

the resulting coins display twin flags and imperial eagles not

flags and ornamentation forming the outer frame. The result was

traditionally seen in Chinese coinage."

a "ruble dressed in a dragon robe." The Kirin Mint thus became a Russian subcontractor, and monetary sovereignty was hollowed

The telegram mentions "retooled the machinery." The

out under the guise of seemingly amicable cooperation.

"twin flags" in Fulford's telegram precisely refer to a design incorporating Russian flags. (See Image 1)

The 1901 Kirin currency crisis—from General Changshun's reluctant concessions, to local authorities' painful compromises,

In the context of early twentieth-century coinage technology,

and finally to public outcry over the circulation of "Russian-

"retooling the machinery" meant far more than modern

style" new coins—clearly illustrates Russia's strategy of gradual encroachment: cooperation in name, control in substance. This coin, an incongruous fusion of the Chinese dragon with Russia's twin flags from the double-headed eagle emblem, is today a rare collector's item. But more than that, it stands as a stark reminder of the sovereignty lost in Northeast China during the late Qing— a history of humiliation and struggle forever etched into the coin's design.

Image 1 The design incorporating Russian flags

101

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perceptions of equipment maintenance or upgrade. It actually

The value of historical archival evidence: Fulford's diplomatic

signified fundamental changes to the entire core coinage

telegram serves as a key piece of evidence. It directly links

production process, including:

the technical intervention of Russian engineers, the overhaul of machinery, and the appearance of trial coins bearing non-

Replacing core dies: This was not simply a matter of replacing

traditional designs. This official document from a third-party

worn working dies (sub-dies), but involved altering or remaking

neutral country (Britain) provides powerful historical evidence

the hubs or master dies used to produce production dies. The

for the origins of the "Banner Series" coins, confirming that they

hub was the source for all working dies; changing it meant a

are not forgeries but products of geopolitical struggles from a

complete overhaul of the coin's design.

specific historical period.

A declaration of power and sovereignty: At the time, coinage

In summary, Fulford's telegram is not merely a simple technical

was a symbol of national sovereignty. Russian engineers entering

observation report but also a crucial historical document. It

the Kirin Mint and "retooling the machinery" sent a powerful

reveals how Russia, at the time of his posting as Consul in

signal of Russia projecting its influence directly into the local

Newchwang in 1901, attempted to gain de facto control over

economic and financial sphere. Using modified machinery to

currency minting in Kirin through technological means and to

produce trial coins with Russian-style designs carried political

assert its presence by altering coin designs. The importance

implications that went beyond economic necessity. It was a

of this document lies in providing conclusive evidence for a

technological assertion of power, indicating that Russia had the

once-obscure period of history, allowing those uniquely styled

capacity to reshape and dominate the region's monetary system.

"Banner Series" coins to return from the margins of suspicion to their rightful historical place.

The dual role of trial patterns: These newly minted trial coins or patterns served both as technical tests—ensuring that the new

Fulford was later transferred to Tianjin in 1908 as Consul-

dies and machinery functioned properly to produce qualified

General, which explains why his reports are filed in the FO 228,

coins—and as a political announcement. The very designs of

Tientsin and Northern Ports series, as Tianjin was then the most

these coins, bearing foreign-style twin flags from the imperial

important consulate-general in North China, overseeing multiple

eagle emblem, carried complex political messages and stood as

northern ports including Newchwang. He was later posted to

physical evidence of direct Russian penetration.

Hankow and elsewhere. Henry English Fulford retired from the British Consular Service in 1912.

Discussion on the "Banner Series" (Twin Flags) Coins.

2-B. British Parliamentary Papers, also known as Blue Books (see The exotic character of the "Banner Series" coins, which differed

Image 2).

completely from traditional Kirin Dragon Dollars and Empire Silver Dollars, caused considerable confusion and controversy in

The following original text is from the full title: Diplomatic

early numismatic circles. The series boldly incorporated Western

and Consular Reports. China. Report for the Year 1902 on the

elements, primarily showing twin flags of the Russian imperial

Trade of Newchwang . Author Alexander Hosie was then the

emblem—a stark contrast to traditional Chinese dragon motifs.

British Consul-General in Newchwang. He had previously served as Consul there (1894–1897, 1899–1901). In 1901, he was

Due to limited information and recognition at the time, early renowned collectors such as Ping Yulin ( 平

玉

麟 ) and

Ma Dingxiang ( 馬定祥 ) in Shanghai found it difficult to

authored Manchuria: Its People, Resources, and Recent History, published in 1901, 1904 (as shown in image 3), and 1910, with

definitively attribute this style to the official Kirin Mint, and

slightly different content in each edition, establishing him as an

thus, they once identified them as counterfeits or later fantasies

international authority on Manchurian affairs at the time.

of unknown origin.

102

promoted to Consul-General and transferred to Szechuan. He also

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A. Hosie presented this report in May 1903 (Presented to both

The text from the paragraph on page 14 of the British

Houses of Parliament by Command of His Majesty, May 1903),

Parliamentary Paper, under the heading "Currency," is retyped

covering events of 1901–1902.

below: ... (previous paragraph discusses Fengtien Province) .... "In the province of Kirin, again, the standard is the Tiao ( 吊 ),

but there is a silver dollar currency. The Kirin mint, which was erected in 1898, and which I have visited, can turn out 100,000 dollars a day, but it is not always at work. It is at present, I understand, turning out silver coins of the nominal values of 1 dollar, 50, 20, 10, and 5 cents. The dollar is of the same weight and touch as the Mexican dollar. For a time the RussoChinese Bank borrowed for a time the use of the Kirin mint, and issued silver coins of the above values with the Russian eagle stamped on the reverse; but this was discontinued, and the native authorities are now issuing their own coins." [Key Numismatic Historical Material] "For a period, the RussoChinese Bank borrowed the Kirin Mint and issued silver coins Image 2. Stock ID #174797 China. Diplomatic and Consular Reports. Trade of Chefoo, Chinkiang, Chungking, Foochow, Kiukiang, Kiungchow (Hoihow), Nanking, Newchwang, Ningpo, Pakhoi, Swatow, Wenchow, Wuchow for the year 1902. FOREIGN OFFICE Publication Body: Great Britain Foreign Office. Reference Number: [Cd. 1386-72], belonging to the British Parliamentary Papers. This report was written in early 1903, reviewing the situation in 1901–1902

of the aforementioned denominations, with the reverse stamped with the Russian double-headed eagle."

Author's Note : "Double-headed eagle" refers to the curved twin flags above and below the eagle symbol, for example (Image 4): Kirin Russian-style half-dollar silver coin. "But this practice was stopped, and then local government (Qing authorities) issued their own silver coins."

Author's Note : Refers to the 1901–1902 Taiji Yin-Yang motif silver coins. The report described that the Kirin Mint "is at present, I understand, turning out silver coins…" This real-time tone is entirely consistent with the nature of an annual report, rather than a history written retrospectively. These Diplomatic and

Consular Reports were regularly (usually annually) published an official series, submitted to Parliament for review, and released to the public. Their continuity and regularity made them function much like today's government gazettes or professional journals. This concise passage, like a time capsule, offers a microcosm Image 3: Manchuria: Its People, Resources, and Recent History published in 1904

of the history of Northeast China (Manchuria) in the late Qing dynasty. As a firsthand British official archive, it reveals at least

103

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The Mexican eagle dollar became a "hard currency" in late Qing China and throughout Southeast Asia, with far-reaching and profound impact: A benchmark of trust: First minted by Mexico after its independence in 1823, the eagle dollar bore an emblem of an eagle perched on a cactus with a snake in its beak (the Mexican national coat of arms). Its weight (approximately 27.07 grams) Image 4 1901 Kirin Half dollar Silver Coin. Collection of the Taipei History Museum.

and silver content (around 90.2%) remained remarkably stable for decades, earning it unparalleled trust in global trade. Merchants had no doubts about its fineness, making it a universal settlement tool in international commerce.

four layers of meaning: the penetration of Russian influence, the transformation of local monetary systems, technological

Displacement on and integration with Chinese currency:

intervention and symbolic power, and cultural symbolism under

Large quantities of eagle dollars entered China through trade

imperial competition.

imbalances and rapidly captured the market.

2-C. From 1895 to 1901, three issues lie at the heart of this history. Let us explore each in depth.

Displacement: It crowded out China's old silver taels (sycee), which varied in fineness and weight (e.g., fine silver, Caoping tael), gradually dismantling the traditional silver system.

Drastic Transformation of the Monetary System: From Diao to

Dollar. The Old System—Diao (Tiao ): The diao mentioned here refers to the unit of account for copper cash used since the Qing dynasty, also known as chuan ( 串 ) or guan ( 貫 ). In theory,

Integration: It introduced the decimal currency concepts of

yuan ( 元 dollars) and jiao ( 角 cents) to China, profoundly

influencing the country's monetary modernization. The Qing government and provincial mints later issued "dragon dollars" that closely imitated the eagle dollar in weight, fineness, and

one thousand copper coins made up one diao , but in practice,

form. In many ways, the eagle dollar served as the template for

due to inconsistent coin quality and varying local standards,

China's modern machine-struck silver dollars.

a diao often consisted of only a few hundred coins (so-called "short strings"). This old currency was cumbersome, unstable in

A standard of value among the populace: Among ordinary

value, inconvenient for large transactions, and had long been a

people, the eagle dollar was not merely a circulating currency

serious impediment to commercial development.

but also a standard for storing value and measuring worth. It was commonly used for savings, large contracts, and tax payments.

The New System—The Silver Dollar: In contrast, the silver

Even after the issuance of dragon dollars, many regions still

dollar represented modernization. It had high unit value,

trusted only eagle dollars and refused the new coins, forcing

uniform specifications, and was easy to count and transport.

authorities to ensure that dragon dollars matched the eagle

More importantly, it could be integrated into international trade.

dollar's specifications exactly.

This text captures a critical period when the Kirin region was transitioning from the traditional "cash system" to the modern

Local Officials' Responses

"dollar system," with both systems coexisting—a reflection of a society undergoing profound economic change.

Faced with Russia's aggressive posture—especially the sovereignty-violating act of borrowing the mint to produce

Influence of the Mexican Eagle Dollar

104

coins—local officials in Kirin were not entirely passive.

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Key Figure: Kirin General Changshun. Changshun was an

sufficient quantities of high-quality, trust Taiji Yin-Yang motif

important Manchu official in the late Qing period. Having long

silver coins.

guarded the frontier, he had a relatively clear understanding of Russian ambitions. The establishment of the Kirin Arsenal itself

Thus, the moment captured in Hosie's report—the cessation of

was one of his measures to promote local self-strengthening and

Russian minting and the subsequent issuance of Kirin's own

consolidate border defenses.

complete set of silver dollars—marks a historical turning point. It represents a successful defense of sovereignty by Kirin local

From "Cooperation" to "Vigilance": Initially, local officials may

officials in this silent "currency war" against Russia, even if such

have been open or even welcoming toward cooperation with

a victory was brief and fragile under the broader circumstances.

the Russo-Chinese Bank as a means of acquiring technology

sovereignty.

3. The Far Eastern Herald , No. 11, Spring 1901, p. 4, The Russian Monetary Engagement in Manchuria.

Resistance and Negotiation: Although archival records lack

The Far Eastern Herald was an English-Russian bilingual

detailed accounts of the negotiations, the outcome shows that the

biweekly published in Vladivostok, offering observations and

Kirin authorities mounted effective resistance.

commentary on Far Eastern politics and trade developments,

and capital. However, when the Russians proposed putting the Russian eagle emblem on the coins, it crossed the baseline of

mostly contributed by Russian or British foreign correspondents. Delay and restriction: They may have used administrative means to limit and delay the quantity, timing, and specifications

Key commentary from the article (Spring 1901 issue, No. 11),

of Russian minting. This may help explain why Russian-style

The Russian Monetary Engagement in Manchuria , states:

coins from 1901 are rare. "The so-called temporary occupation of the Mint in Kirin Reporting to the central government: Simultaneously, they

appears not temporary in intention. The rouble's weight and

reported the matter to the Qing central government (then handled

the Chinese coin's mold now coincide, which reflects a fiscal

by the Zongli Yamen , or Office of Foreign Affairs), seeking

projection by the Manchurian command."

diplomatic support to pressure the Russian minister. This passage hits the nail on the head. It reveals that after Accelerating self-minting: The most important response was

occupying the Kirin Mint, the Russians issued a currency that

what Hosie's report noted: "the native authorities are now issuing

was appeared Chinese in form but embodied Russian value. The

their own coins." Kirin authorities realized that the best way

text focuses on the format of the kopek copper coins—an attempt

to counter foreign currency aggression was to promptly issue

to control or absorb the local monetary system and incorporate it

Image 5 The Kirin 10-cash copper coin sold in the Champion Nalson Chang Collection Auction, unique, 6.4g

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Vintage Coins

into Russia's economic sphere of influence. This was precisely a

complain they are not equivalent in value to the old standard

case of using silver coin molds to standardize the production of

cash and suspect that 'Russian soldiers are supervising minting

Chinese-style copper coins manufactured according to Russian

within the Mint.'"

kopek weight standards. A report from early June states: "Although the coin designs We can break this passage down into several key points:

still bear the twin-dragon motif, their weight and standards are all supervised by foreign envoys, no longer controlled by our

Not temporary in intention: Although Russia publicly claimed

official bureau." This shows that Russian involvement went

that its occupation was only "temporary," its actions in taking

beyond mere intent.

over the mint and issuing new currency revealed its ambition for long-term control—or even annexation—of Manchuria.

A July 2 editorial implicitly criticizes local officials for being "soft on the outside while accommodating on the inside," failing

3-A. The Rouble's weight, the Chinese coin's mold: This is the

to "protect the national currency and guard the mint," alluding

most crucial point.

to the ambiguous stance of the Kirin Circuit Intendant and the General.

Chinese mold: To make the copper coins easily acceptable to the local populace and reduce resistance in circulation, their

In summary, the perspectives from these English, Russian, and

appearance, size, and even some design elements imitated

Chinese sources confirm that the "Copper Coins Issued by the

Chinese copper coins.

Russo-Chinese Bank in the Three Eastern Provinces" were a meticulously designed tool. Their purpose was to quietly

Rouble's weight: However, their core value standard was

altered. It was no longer tied to the Qing dynasty's wen ( 文 cash)

or zhiqian ( 制錢 standard cash). Instead, it was based directly

on the weight standards of the Russian monetary subunit, the kopek. Hence, I hypothesize that the Chinese character ge ( 箇 ) was used as a homophone for ge ( 戈 ), alluding to "kopek."

replace China's monetary system with Russia's, using forms familiar to the local populace. This marked a significant step in Russia's push for the "Russification" of Northeast China. It also underscores that the Russo-Chinese Bank functioned not merely as a financial institution but became involved in tax collection and military fund allocation, acting as one of Tsarist Russia's "quasi-administrative agents."

3-B. Fiscal projection: This was not a hasty decision but a Russian military command in Manchuria. Their aim was to

Conclusion: Reconstructing the Historical Context of the Kirin Mint from Chinese, British,

bring Northeast China's economic system into the orbit of the

and Russian Sources

carefully considered strategy of economic aggression by the

Russian ruble through currency unification, thereby achieving economic control. In other words, through the trinity of "Kirin

Synthesizing Chinese, British, and Russian sources, it becomes

Mint + Russian currency value + Chinese form," they sought to

clear that the historical evolution of the Kirin Mint vividly

establish a local currency system in Northeast China that was

reflects the complex trajectory of Northeast China in the late

dominated by Russia.

Qing dynasty—one marked by industrialization efforts, great power intervention, and the reconfiguration of sovereignty.

For example, Chinese reports in Shengjing Times provide

The Kirin Arsenal was established in the eighth year of the

supporting evidence:

Guangxu reign (1882) as a significant industrial experiment of the Self-Strengthening Movement in Northeast China. Its

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An excerpt from the May 18, 1901, issue states: "New coins

original purpose centered on weapons manufacturing. That same

in Kirin are appearing with increasingly Russian-style designs;

year, it began mechanized minting of silver coins (the Arsenal

their patterns are unusual, sparking public outcry. Citizens

Tael), marking the substantive implementation of early modern

Vintage Coins

currency reform in the Northeast. By the twenty-third year of

"restoration of local official authority," explicitly stating:

Guangxu (1897), the arsenal had further introduced a dragon

"the native authorities are now issuing their own coins." This

dollar production line, gradually developing into one of the

observation not only reflects his retrospective understanding

North's important mints.

of the broader historical situation but also serves as important evidence that the outcome of the Russo-Japanese War

Between 1900 and 1901, in the context of the Boxer Rebellion

fundamentally altered control over currency minting in the Kirin

and the Eight-Nation Alliance intervention, Tsarist Russian

region, returning minting affairs to local authorities (or the

troops occupied Kirin and intervened substantively in the mint's

centrally authorized system).

operations. British diplomatic archives, particularly Fulford's 1901 dispatch, clearly record that Russian engineers intervened

In conclusion, the history of the Kirin Mint is not a simple

in the minting process, "retooled the machinery," and struck

linear narrative of "being controlled" followed by "autonomous

pattern coins bearing the curved twin flags motif derived from

recovery." Rather, it was a process of continuous contention—

the Russian eagle emblem. This indicates Russia's attempt

a tug-of-war among great power competition, local expediency,

to project its political power and financial influence through

and institutional restructuring. The coins minted there are

monetary symbols and minting technology.

precisely the tangible manifestation of this history: sovereignty under pressure, and struggle etched into metal.

Relevant Western and Chinese accounts also show that the Kirin Mint was briefly used by Russian authorities or Russianaffiliated institutions. For example, the Russo-Chinese Bank borrowed the Kirin Mint's facilities to strike silver and copper

Appendix: An Institutional Interpretation of the 1901 Korean Russian-Eagle Half-Won and the Kirin Mint Russian-Style Half-Dollar

coins bearing the twin flags of the Russian double-headed eagle design. However, this intervention did not evolve into long-term

Do the Korean Russian-eagle silver coin and the 1901 Kirin

institutionalized control. With the end of the Russo-Japanese

half-dollar silver coin share the same background?

War (1904–1905), Russia's influence in South Manchuria rapidly collapsed, and its involvement with the Kirin Mint ceased

The answer is yes. They were twin products of the Tsarist

accordingly. In 1905, the facility was formally renamed the Kirin

Russian Empire's Far Eastern expansion in 1901.

Mint Bureau, and in 1907, it was merged into the Three Eastern Provinces General Silver Dollar Mint, marking the beginning

The two types of "half-dollar" silver coins that appeared in

of a phase of reintegration and institutional restructuring for the

Northeast Asia around 1901—one being the Korean silver

regional currency system.

coin bearing the Tsarist crowned eagle design with half won as its denomination, the other being the Qing-style half-

Notably, when British diplomat Alexander Hosie wrote

dollar minted by the Kirin Mint, highly Russified in format

in 1910, he was already writing with full awareness of the

and workmanship—have long often been regarded as isolated

political outcome of the Russo-Japanese War. Consequently,

phenomena, mere technical imitations, or coins of a temporary

he summarized the cessation of Russian intervention as a

expedient nature. However, when placed within the context of

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Vintage Coins

the Tsarist Russian Empire's "Zheltorossiya" (Yellow Russia)

It is noteworthy that both chose half-dollar as their

concept promoted in the Far East during the late nineteenth and

denomination—a point of considerable structural significance.

early twentieth centuries, and re-examined from the perspectives

As a compromise unit between a full silver dollar and subsidiary

of monetary institutional history and imperial governance

coins, the half-dollar could both correspond to China's traditional

strategies, it becomes clear that these two half-dollar coins

silver tael system and practically form a conversion relationship

were in fact differentiated monetary tools designed for different

with the Mexican dollar and even the Russian ruble fractional

levels of sovereignty and governance conditions within the same

coins. This made it highly suitable for frontier and colonial

system of geopolitical and financial penetration.

zones spanning different systems and sovereignties. Whether for bank loans and wage payments in Korea, or for military payroll

First, regarding the Korean Russian-eagle half-won, its most

and railway settlements in Kirin, the half-dollar demonstrated

striking feature lies in the complete replacement of Korea's

highly flexible circulation, perfectly aligning with Tsarist

existing royal symbols with the Tsarist double-headed eagle

Russia's strategic need for financial penetration as the vanguard

motif (the double-headed eagle as a symbol of imperial

for gradually eroding sovereignty.

sovereign power). Although this silver coin used won as its denomination—seemingly retaining Korea's existing currency

Comparing from the perspective of imperial governance

unit—its weight, fineness, and overall format were clearly

strategies, the Korean Russian-eagle half-won and the Kirin

modeled on the Russian ruble system and closely aligned with

Russian-style half-dollar actually reflect Russia's precise

the financial operations of the Russo-Korean Bank. This design

assessment of the different political realities in the two locations.

reveals that its essence was not that of a normal sovereign

For Korea, the Qing dynasty's suzerainty was already nominal,

national currency, but rather a "quasi-colonial currency"

and Japanese influence had not yet fully taken hold, allowing

orchestrated by Russia and packaged under a Korean name

Russia to project its authority onto currency design through

amid great power rivalry. The Tsarist eagle here was not merely

relatively direct symbolic replacement. For Kirin, however,

a decorative pattern but a stark political symbol, signifying

the Qing administrative structure was still functioning, and

the Tsar's ultimate authority over the region's financial order.

the local bureaucratic system had not completely collapsed.

Through currency—this medium of daily circulation—Russia

Consequently, Russia adopted a strategy of retaining the Qing

could substantially reshape Korea's economic sovereignty

institutional shell while achieving substantive control at the

structure without formal occupation or annexation.

technological and circulation levels. The former represents the proxy-ization of sovereignty, while the latter represents the

In contrast, the Russian-style half-dollar minted by the Kirin

"technical compromise" of sovereignty under external pressure.

Mint in 1901 represents another, more "concealed" yet equally

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profound model of sovereignty transformation. This silver

In summary, the 1901 Korean Russian-eagle half-won and

coin nominally maintained the Qing framework—whether in

the Kirin Mint Russian-style half-dollar were not isolated

its inscriptions, denomination, or administrative affiliation, it

or accidental minting anomalies, but rather the concrete

did not openly negate the Qing court's sovereignty claim over

manifestation at the monetary level of Tsarist Russia's

Kirin. However, at the level of actual craftsmanship—including

Zheltorossiya concept. They served the same imperial goal—

edge pressing methods, teeth structure, and the Russian-style

to establish a highly manipulable financial and economic sphere

curved twin flags—it demonstrated a high degree of dependence

of influence between the region north of the Great Wall and

on Russian minting technology. This technological choice was

the Korean Peninsula, without the need for full colonization—

not a simple imitation or coincidence; rather, it was intended

through different symbolic languages and institutional

to facilitate the smooth circulation of these silver coins along

frameworks. It was within this seemingly minute yet profoundly

Russian-controlled Manchurian railways, in military garrison

consequential field of currency design that the ebb and flow of

areas, and within commercial networks, thereby achieving

sovereignty in modern Northeast Asia was etched into cold and

financial-level "institutional docking."

heavy silver.

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The Origin of the Sun Yat-sen Facing Portrait Junk Pattern in

the Kann Catalog Revealed - The Iron Model Discovered at the Austrian Mint

◎ Champion〔Shanghai〕

The Austrian Mint

The excitement of the World Money Fair, Berlin had barely

treasures had lain silently here for nearly a century, waiting to be

subsided when, on February 1, 2025, the Champion Auction

rediscovered.

team embarked on a journey to Austria. The core objective of this trip was to revisit the renowned Austrian Mint – an

Re-examining Placht's Plaster Legacy

institution that embodies a century of coinage exchange between China and Austria.

During their discussions, they first meticulously re-examined the key artifacts – the original plaster models meticulously crafted

Third Visit to the Mint: New Discoveries

by Austrian Mint engraver Richard Placht in the 1930s. This precious collection, passed down through a clear lineage from

On the morning of February 2nd, the team arrived at the Austrian Mint as scheduled. This marked their third visit. Michael Chou had first visited in June 2024; in 2025, he revisited with Professor Hubert Emmerig from the University of Vienna to gather materials for updating the fourth edition of Top Chinese

Coins . This time, however, even more astonishing discoveries awaited them. They were warmly received by Helmut Andexlinger, the Mint's Chief Engraver. His eyes sparkled with excitement – he had recently unearthed a batch of exceptionally rare items in the mint's archives: large iron samples of coins made for China by the Austrian Mint during the Republican era. These historical

Helmut Andexlinger and Michael Chou at the Austrian Mint

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The Plasters for the 1929 Sun Yat Sen Junk Series

former Chief Engraver Thomas Pesendorfer, had been partially unveiled during previous visits. However, this time, armed with more specific questions, they sought deeper verification. The German pencil inscriptions on the reverses of the plasters remained a focal point. During previous visits, unfamiliar terminology had hindered full comprehension. This time, they specifically sought clarification from Andexlinger. He explained each term, confirming the full text as "China N1. Muenze R. Placht 19XX K.XXXX …", identifying it as a complete archival notation meaning "China No.1 Mint (Central Mint), R. Placht, year…, Vienna Mint archive number K.XXXX". A crucial detail sparked discussion: they noticed that on several plaster models, the pencil-marked completion year was later than the date on the coin itself. They posed this question to

Plaster models for the 1929 and 1936 Sun Yat Sen Dollar Series

Andexlinger. He explained that while the date on a plaster model typically indicates its completion year and reflects work progress

the mint's historical archives.

to some extent, due to complex engraving processes, potential

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modifications, or minor mistakes during later archival notation,

Also, they more carefully examined the front edges of the

this date is not absolutely equivalent to the design date or the

models. The incised text there revealed a flexible recording

date on the coin. Such a "time lag" relative to the actual coin date

habit: sometimes it was the engraver's signature "R. Placht,"

is a normal occurrence possible in archives. This explanation

sometimes the denomination or date, and sometimes a

added a new, more cautious dimension to the interpretation of

combination of these elements. These incisions, cross-referenced

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Plaster model for the reverse of 1927 Sun Yat Sen Mausoleum One Dollar silver coin

with the German notations on the back, collectively formed a unique "identity archive" for each piece. At this point, the inscriptions on both sides were no longer unfamiliar symbols but interpretable historical coordinates linking the designer, commissioner, production time, and institutional archives. They re-evaluated this familiar series: - Two plaster models for 1929 Sun Yat-sen series (different

The book documenting Richard Placht's work up to 1938

sizes, for main and minor coins) - Plaster model of the Junk side for the One Dollar silver coin - Plaster model of the Junk side for the Half Dollar silver coin

international pattern coin design competition, inviting top mints

- Plaster model of the Junk side for the 10 Cent silver coin

from the United States, Britain, Italy, Japan, and Austria to

- Plaster model for 1936 Sun Yat-sen series

create a new Sun Yat-sen silver dollar.

- Plaster model for 1929 Sun Yat-sen series with facing portrait - Plaster model for the reverse of 1927 Sun Yat Sen Mausoleum

However, for a long time, many details of this history, especially

One Dollar silver coin

the specific roles undertaken by each mint, remained largely unknown. The critical breakthrough of this trip to the Austrian

This revisit was not merely a review of known artifacts; through

Mint was rooted in recent research progress. Following a visit

deciphering and clarifying key information, it made the context

by Michael Chou and Professor Emmerig in January 2025,

of this international collaboration unprecedentedly clear and

Professor Emmerig, leveraging his profound academic expertise,

vivid. History revealed itself in the details, paving the way for

unearthed original production records from the vast archives in

them to understand the never-before-seen "iron memories" that

the mint that had never been systematically studied before.

awaited. These archives were not isolated. They perfectly formed a chain

Five-Nation Competition:

of evidence with three other key historical sources:

An International Minting Contest First, there was the physical evidence, namely, the plaster The background of the Sun Yat-sen Junk Series is well-known.

models engraved by Placht right before the eyes.

In 1929, to reform the national currency by abolishing the tael and adopting the yuan, the Nationalist Government initiated an

Second, there were original design records. As mentioned before,

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Professor Emmerig had discovered in June 2024 an internal book documenting Richard Placht's work up to 1938. It clearly listed his Chinese coin projects: numbers 239-246 corresponded to the 1929 Sun Yat-sen Junk coin series, and numbers 318320 were for 5-cent, 10-cent, and 20-cent nickel minor coins – perfectly matching the plasters they were viewing. Third, there was authoritative historical literature. Eduard Kann, in The Illustrated Catalog of Chinese Coins , detailed: "When the Chinese Ministry of Finance, in 1929, ordered new designs for a proposed universal Sun Yat Sen dollar, the Vienna Mint also obtained instructions to submit designs and master-dies for 3 subsidiary silver pieces in denominations ... Trial pieces, according to the design of Regierungsrat Richard Placht were produced and the master-dies were shipped to Nanking." He further noted that the mint retained only two specimen sets per type, one of which was in his own collection. When they shared this archival history with Andexlinger, he appeared both excited and moved. He mentioned that while he had long safeguarded these plaster models, they were "just there";

1928 Business Document of the Austrian Mint The first line records that on April 25, 1928, Franz Winkler, the Austrian Consul in Hong Kong and Shanghai, provided a cost estimate for a Chinese One Dollar silver coin featuring a portrait of Dr. Sun Yat-sen.

their complete historical context and the grand background of international cooperation had remained obscure. It was these

archives and enveloped in grand history, silently narrating the

resurrected archives that breathed life into the silent artifacts.

financial and technical cooperation that spanned Eurasia over ninety years ago.

These archives provided conclusive evidence. Austria's role in this competition extended far beyond submitting design

Beginning with Clay: The Artistic Resonance of

patterns. The original records clearly showed that the mint

Eastern and Western Artists

actually produced a significant quantity of minor coins for the Republic of China Government. This discovery redefines

This in-depth exchange originated from a specific question they

the Austrian Mint's role from "participant" to a key "actual

posed to Andexlinger: Through collaboration with renowned

supplier," providing primary evidence of outsourced cooperation

Chinese coin designer Yu Min, they learned he always starts his

in the process of unifying China's currency. Zhou Bian, editor

creations with clay models. Did the Austrian engravers of the

of the JEAN, has already written a feature article based on

1930s follow the same artistic path?

this, published in the Berlin special issue of the JEAN . (See A

Precious Document— Historical Materials on Republic of China

Their inquiry was immediately answered in the affirmative.

Coinage from the Original Archives of the Vienna Mint, Austria

"Exactly the same. Everything begins with clay," Andexlinger

on page 73).

said. When they promptly asked if Placht's original clay models for the Chinese coins still existed, he shook his head and

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Consequently, the significance of the plasters before them, and

provided a crucial explanation: "No. Due to strict confidentiality

the astonishing iron samples soon to be revealed, was completely

traditions, clay models made for specific projects were destroyed

transformed by these archives. They were no longer isolated

after being cast into plaster to prevent design from being

artworks, but precious evidence corroborated by complete

changed by others."

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Clay models, clay, and original tools of Placht

The stone for the clay model and the relevant information on the reverse

Although unable to see those most desired originals,

Beyond the iron models corresponding to the previously seen

Andexlinger promptly offered them a rare opportunity – to view

plasters, the team encountered an exceptionally rare piece –

some preserved clay models, clay, and original tools of Placht's,

a iron model for the obverse of the 1929 Sun Yat-sen facing

created for other projects and spared from destruction.

portrait silver coin.

Andexlinger explained that each engraver's clay composition

Upon returning to Shanghai, the team immediately compared it

was a secret, never divulged. This unique clay directly

with images in Eduard Kann's The Illustrated Catalog of Chinese

determined the delicacy of the modeling and the final artistic

Coins . The portrait style and facial details of the iron model

expression. Placht's formula is now virtually impossible to fully

closely matched the unfinished undated Sun Yat-sen pattern

replicate.

shown as image No. 619 in Kann's book. Kann specifically noted in the caption: "it is unknown at this stage which country

He then, using Placht's old tools, vividly reconstructed the

produced it," precisely indicating that the origin of this pattern

working process of the time: "The engraver would precisely cut

was historically a mystery.

the clay into thin layers, applying small amounts repeatedly onto a smooth, hard stone base. Using their sense of touch and tools,

This correspondence was extremely critical. It meant that while

they would continuously build up, refine, and adjustl."

Kann couldn't determine the country of origin for this undated pattern, its image was clearly documented. Now, through this

This process prompted by their questioning was exceptionally

original iron model discovered in the Austrian Mint's archives,

precious.

its identity is confirmed for the first time – it is one of the designs created by Austrian engraver Placht during the 1929

Unexpected Iron Samples

five-nation competition, likely an intermediate design draft or an alternative proposal not ultimately adopted.

When Andexlinger led them from the plaster models to another collection of heavier artifacts, a piece of history nearly reduced

Thus, a puzzle was solved: the birthplace of Kann's Image

to hearsay in literature met its most solid material evidence.

No. 619, whose origin was unknown, was Vienna. And this iron model is not the well-known final Austrian submission

These iron models with the same size as the plasters are very

for the competition with the "18th Year" date (its reverse is the

rare. Even Andexlinger admitted he didn't know exactly how

same three-masted junk as the Type 617), but a more primitive

these iron models were made. He suggested they were probably

artifact, likely from an earlier design stage.

not cast, as cast pieces couldn't retain such sharp details. Such iron models are rarely found in the mint's archives.

At this moment, a fracture in history was re-welded. Although

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Iron Models of the 1929 Sun Yat Sen Junk Series

Iron Models of the 1927 Sun Yat Sen Spade 20-Cent Coin

Kann couldn't confirm the origin of this pattern at the time,

This coin has never appeared in major catalogs like the 1970s

we know it was through correspondence with Richard Placht,

Kann Collection auction or the 1991 Goodman Collection

the chief engraver at the Vienna Mint, that he obtained core

auction, nor has it ever been seen on the public auction market.

information about the Austrian patterns. The facing portrait

Images online do not match the authentic model.

photo in his book, very likely provided by Placht himself, was for a long time the only visual evidence of this coin's existence.

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So, where are the pattern coins struck from this model?

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The iron Models for the 1929 Sun Yat Sen facing portrait Junk Dollar

The plaster model for the obverse side of the 1929 Sun Yat Sen Facing Portrait Junk Dollar Silver

Andexlinger also revealed that after their departure, he searched again based on the iron model clue and successfully located the precisely matching plaster model. Therefore, they have constructed a new closed loop of evidence: Original Austrian Mint model (iron/plaster) → Image of Pattern No. 619 with unknown origin in Kann's catalog → Confirmed as unfinished Austrian Mint design. This not only provides a physical attribution for a piece of literature but also offers unique material evidence for understanding the designs that were modified or ultimately not adopted during the five-nation competition. The "unknown" notation in catalog has finally found a definitive answer in the Vienna archives. Image and illustration of the Kann's catalog

In addition to the iron model for the Sun Yat-sen facing portrait Junk Dollar silver coin, they also saw obverse and reverse iron According to the Vienna Mint's practice mentioned earlier, they

models for the 1927 Sun Yat-sen facing portrait Mausoleum

typically struck five specimen pieces. It is known that one trial

One Dollar silver coin. Andexlinger explained, "Engraving

striking of the 1929 Sun Yat-sen facing portrait Junk One Dollar

a facing portrait is more difficult than a profile. A profile can

silver pattern, which precisely corresponds to this iron model, is

show characteristics through the silhouette, but a facing portrait

currently held by a collector in Taiwan, while the whereabouts

requires depicting facial features within a relief just millimeters

of others remain unknown.

high. This is why profiles are more common on coins than facing

Year 18 Sun Yat-sen Facing Portrait Junk Dollar Pattern, from 1972 Jess Peters Sales List (Lot 478), which is in the collection of Taiwan collector

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The obverse and reverse iron models for the 1927 Sun Yat-sen facing portrait Mausoleum One Dollar silver coin

Andexlinger has won the COTY overall award for three times and has received a total of 20 category awards, making him the coin designer with the most COTY winners to date

Michael Chou communicates with Helmut Andexlinger

portraits." These iron models would later be reduced using a

process at the Austrian Mint, from clay to plaster to iron model.

reducing machine to create working dies.

The second part of the interview explored how Andexlinger continually innovates and creates masterpieces. After a moment

The Engraver's Philosophy:

of reflection, he answered:

Continuously Advancing on the Artistic Path "To keep progressing... indeed, many people are very talented.

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At the mint, Andexlinger also gave an interview to Michael

They create some wonderful works relatively young, become

Chou. The first part formally covered the entire production

rich and famous, and then stop there. Continuing to strive is

Stories

a more difficult path, but it is one that brings another kind of

Furthermore, after their departure from Vienna, Professor

happiness. It is by walking this path that one can continuously

Emmerig sent them another precious piece of material: a

create excellent works."

specialized research article written by renowned numismatic collector and scholar Richard Wright. This article meticulously

AI and the Future of Handmade Art

detailed the history and related pattern coins of the Vienna Mint's trial production of the 1910 Empire Silver Dollar for the

The third part of the interview touched upon the impact of

Qing court, further revealing the deeper connections between

AI on artistic design. Andexlinger's perspective was thought-

this European mint and China's modern currency system. They

provoking:

will provide detailed introductions and interpretations of this important content in subsequent articles in this series.

"Current AI can indeed reach about 60 to 80 percent of the design level of an average designer. But a professional designer

Echoes of History

can immediately tell which designs are made by humans and which by AI. Perhaps one day AI design will become

These plaster models and iron samples are not merely cold metal

mainstream for the public, but there will always be people who

and plaster. They are vessels of history, witnesses to cultural

prefer human-made designs. By then, it might even become a

exchange between two nations, and the solidified artistic souls of

kind of luxury."

engravers long passed.

More interview content will be shared in a specific article.

From the design competition among five countries in 1929 to the precious archives resurrected today; from Placht's meticulously

Pursuing an Even Earlier Trace:

formulated clay to Andexlinger's adherence to traditional

The Mysterious 1885 Coin

craftsmanship – this is a path of artistic heritage spanning nearly a century.

That afternoon, the team met again with Professor Hubert Emmerig from the University of Vienna. The conversation

The team knows that this discovery will rewrite certain chapters

quickly focused on a specific and crucial clue: in the official

in the history of modern Chinese machine-struck coins. And

documentation of Richard Placht's work up to 1938, they had

these precious historical artifacts will, through future exhibitions

clearly seen a record of a machine-struck square-holed copper

and research, tell the world the story of that glorious era of

coin made by Austria for China in 1885.

international minting technology exchange and competition.

Based on its date, if this coin's specimen still exists, it would

Every visit brings new discoveries, and every discovery brings

likely rank among China's earliest machine-struck coins, pushing

them closer to historical truth. That is the meaning of their work.

the history of Sino-Austrian coinage cooperation back several decades. More importantly, the documentation noted that this

The Champion Auction team's trip to Austria was not just a

coin might be preserved in the Wien Museum.

simple visit, but a deep dialogue with history. The fruits of this dialogue will soon be shared with numismatic enthusiasts

They immediately suggested to Professor Emmerig that this

and historical researchers worldwide through exhibitions,

square-holed coin was a vital starting point for tracing Austria's

publications, and academic exchanges.

technological output to China. Professor Emmerig took this clue very seriously and gladly agreed to assist them by trying

History has never truly been silent; it merely waits to be heard.

to contact relevant archives to investigate whether the coin is

And this time, within the Vienna Mint, its clear and moving

indeed housed there and whether a viewing could be arranged.

echoes were heard once more.

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COIN SILVER

History and Collecting of Early US Silverware ◎ Chinan Fan, William Ho〔USA〕

Whether in the East or the West, humans have long evolved the

while the reverse was left blank and required the mint's signature

ability to craft objects from metal, including coins, household

and watermark to be valid—a practice not adopted by every

items, artworks, and ornaments. Among the various metals, gold,

country. Spain, for instance, used 11 troy ounces as its standard,

silver, and copper have typically been the preferred choices.

corresponding to a purity of 91.67%.

Today, we refer to these metals as "soft metals." Gold and copper have long been found in their pure forms in nature, making

This is different from the weight measurements used in the

them among the early materials to be used by humans. Silver,

UK and the US today. Generally, there are 2.2 pounds in a

however, Silver mostly occurs as oxides or sulfides, but pure

kilogram, and 16 ounces in a pound (454 grams), so one ounce

silver can be obtained through a simple reduction process. Once

is approximately 28.4 grams. Below we provide a simple table

refined, silver forms a stable oxide layer on its surface, which

to help convert the units used for silverware.

acts as a protective film and helps preserve the metal object over time. Like gold, silver has excellent ductility and softness, and it is also the best conductor of electricity. These properties have made silver more widely used by humans, both in daily life and as a material for storage. In the earliest atomic accelerator built in Switzerland, all the wiring was made of silver. Due to its high cost, however, ordinary households had to settle for copper wiring instead. Because silver is too soft, copper or zinc is often added when making coins or utensils to increase its hardness and workability. In modern times, Sir Isaac Newton, in addition to discovering

Table of Equivalents Troy Weight Silver Standards Conversion 1 troy ounce = 1 Toz = 1 ozt = 31.1 grams 1 troy pound = 12 troy ounces = 373.2 grams = 0.373 kg Avoirdupois Weight 1 pound = 1 lb = 453.592 grams = 0.4536 kg 1 lb = 16 ounces 1 ounce = 1 oz = 28.35 grams 5 pounds = 5 lb = 2268 grams = 2.268 kg Troy Weight Silver Standards Conversion

gravity and calculus, also established the standard for the British pound for the Royal Mint in 1717. At that time, one sterling was equal to one troy pound of silver. One troy pound has 12 troy ounces. One troy ounce weighed 31.1 grams, and one troy pound weighed 373.2 grams. This system of measurement is still used in international futures trading today. At that time, the purity standard for silver was 92.5%. In the West, this is known as pure silver or sterling. This standard was also mandatory for coinage, with the penalty for non-compliance being death. Sir Newton was serious and strict. Large-denomination banknotes of the time had a printed image of King George II on the obverse,

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Fig. 1 Some Old Usages of Weight Units for Silver

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In the British nursery rhyme The Owl and the Pussy-Cat by

After the independence of the United States, especially after

Edward Lear, there is a line describing how they could sail away

defeating the British army again in 1812, the United States

with just a five-pound note. At the time, it was indeed worth

entered an era of comprehensive prosperity. Social stability,

quite a bit of money, but today it is the smallest denomination

economic growth, and the wealth brought by the Industrial

banknote in the United Kingdom.

Revolution made this emerging country far surpass the achievements of its motherland in many aspects, including

After the Great Depression of the 1930s and amid government

craftsmanship, because it was free from old constraints.

controls on gold, many people—even as living standards improved after World War II—still kept their silver coins

After the end of the Civil War in 1865, the standard for sterling

buried or stored at home. "Five pounds" became a preconceived

silverware was set. Since then, the manufacturing and design

notion. By common calculating, five pounds equals exactly

of silverware underwent a remarkable evolution, constantly

2.2 kilograms, leading to the creation of silverware of such

evolving alongside changing artistic trends. By 1920, the

substantial weight.

development had become so complicated that the government had to control and intervene. However, with the stock market crash of 1929 and the subsequent bankruptcy of businesses, the development of silverware naturally came to a halt, and its value as a collectible also declined. American silverware, in addition to its practical and artistic value, also contains a lot of historical information. Most of the early silversmiths were first-generation immigrants from Europe. Naturally, they would express their own local traditional styles in their work, and through communication with other silversmiths,

Fig. 2 The Vegetable Dish by International Silver

they created distinctive regional characteristics. For example, silverware from Boston bore British and Irish influences; New York incorporated Dutch elements; and Chicago displayed

Colonial America

Nordic styles. But more importantly, it is the division between the North and the South — the Mason-Dixon Line.

Most of the early immigrants to America came from Europe, and

This is a line used to divide four states of the United States,

most of them were not wealthy. In addition, the limited cargo

including Pennsylvania, Maryland, Delaware, and West Virginia.

capacity of ships meant that few possessions could be brought

The important thing is that this line is not the boundary line of

along. As a result, most people did not have silver items. If

the four states. The origin of the line dates back to the colonial

they did have a piece or two, they would include them in their

era, when King George II owed money to William Penn, the

wills—a testament to how precious these items were. Famous

founder of Pennsylvania. To repay the debt, he built Philadelphia

silversmiths were also few and far between.

by the river. However, this occupied the land of Maryland, which caused endless disputes. In 1763, the king sent two surveyors,

At the time of American independence, George Washington

Mason and Dixon, to investigate. They drew a line 15 miles

used his own British silver coins to make four cups to reward

south of the latitude of Philadelphia, along with two east-west

his officers. Only after independence did a countable number

lines. At that time, each state had considerable autonomy and

of silversmiths begin to appear. Early American silverware was

did not interact with each other along this line, which invisibly

mostly kept in old universities or churches and was rarely seen

divided the North and the South. Maryland and West Virginia

on the general collectibles market.

were in the South. This division also separated living culture and

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NYC

Phila

Baltimore DC

Fig. 3 Map of the Mason-Dixon Line

art, and there were also great differences in the development of silverware. (Fig. 3）

The Historical Origins and Cultural Significance of the Teapot

These local flavors quickly evolved into distinctive styles of

Among common utensils, tea sets are particularly interesting and

their own. Since the United States had only thirteen states at its

deeply connected to Chinese culture. Tea and coffee arrived in

founding, we will briefly introduce several major cities in the

Europe around the same time. Strictly speaking, it was around

East, moving from north to south: starting with Boston in the

1603, when a Dutch princess married into the British royal family.

north, then heading south to New York and Philadelphia, and

During the celebrations, people were captivated by a red liquid.

then to Baltimore and Washington in the South.

We know that the Dutch had already entered Macau in the 16th

Traditional Silverware

century and had learned some Chinese tea culture. Thus, it is no surprise that the tea was introduced to Britain in the 17th century.

In home decoration and dining culture, Western tradition

How do Chinese people drink tea? "A teapot and a few cups" —

generally categorizes utensils into two types: "holloware" and

Is that really the case?

"flatware." Literally, "hollow" refers to objects that are hollow, while "flat" refers to flat surfaces. Therefore, tableware like knives, forks, and spoons fall into the category of flatware.

According to Lu Yu's The Classic of Tea (Cha Jing, 《茶經》),

the Chinese way of tea evolved through three distinct phases:

Everything else is collectively referred to as "holloware,"

Tang jian (boiling tea in a cauldron during the Tang dynasty),

which includes tea sets, pitchers, basins, plates, bowls, flower

Song dian (whisking powdered tea during the Song dynasty),

arrangements, and table decorations.

and Ming-Qing pao (steeping loose tea leaves during the Ming and Qing dynasties). Strictly speaking, there was no such thing

This classification method has long been widely accepted by

as a teapot in the early days—only kettles for boiling water. It

Westerners, so we will use it as is. After a long process of

was not until the Yuan dynasty conquered the Central Plains

evolution and historical sedimentation, a unique food culture

that the teapot was introduced to China. In the Ming dynasty,

and table manners have also taken shape. We will discuss this in detail later.

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the founder Zhu Yuanzhang ( 朱元璋 ) pioneered the practice of

brewing tea leaves directly, though tea bowls remained the norm.

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Only after the Qing dynasty took over did people gradually

Confucius once said, "When rituals are lost, seek them in the

start brewing tea directly in teapots, although the more refined

wild." The tea ceremony, still very popular in Japan today, is

method still favored covered bowls, known as gaiwan.

virtually identical to the methods used during the Tang and Song dynasties. The key elements are a stove and a kettle for boiling

A few antique pieces from the author's collection offer a glimpse

water. Once the water is boiling, a large wooden or bamboo ladle

into how the Chinese once drank tea. Take, for example, a work

is used to pour it into a tea bowl filled with powdered tea, where

by Zhu Wenyou ( 朱文友 ), a court bamboo carver active during

it is then whisked. After the Meiji era, tea leaves were often

the Yongzheng and Qianlong periods. Titled Meeting Friends

steeped or boiled directly in a cast-iron pot. (Fig. 5）

bamboo. The piece shows how ancients took pleasure in tea

Generally speaking, the vessel with a handle on top is called a

while discussing music, chess, calligraphy, and painting among

"kettle" in English. In Japan, cast-iron kettles for boiling water

friends. At the bottom, a boy is depicted boiling water while a

and brewing tea are the same shape, with a handle on top, though

servant serves tea—a scene that perfectly captures the essence of

the latter may be slightly smaller. This shape was also common

ancient Chinese literati culture. (Fig. 4）

in early Chinese folk culture. The refined purple clay teapot,

( 会

友 ), it is a seven-layered brush pot carved from Hunan

however, was not large enough and was typically used only for tea tasting or personal use. So how did the Western teapot come about? Clearly, it is unlikely to have been introduced from the East. This teapot clearly derives from a Western tradition, most likely evolving from ancient Greek pottery vessels. These vessels were often pointed or rounded at the bottom and were used to hold wine or olive oil. This shape was ideal for separating sediment. Early tea cakes and tea leaves introduced to the West also acted like sediment after brewing, so choosing a similar form was a logical choice.

Fig. 4 Zhu Wenyou's work Meeting Friends

Early tea-brewing utensils in the West were often derived from a water-boiling pitcher or from a "tanker" used for drinking beer. Pitchers did not have a lid, while tankers had one. Both had a handle and a spout for pouring liquid. To prevent the hot pot from damaging the table, a tray known as a coaster was placed underneath.

A Brief Introduction and History of Early American Silver Tea Sets When collecting silverware, we look at its shape and craftsmanship, just as we would with any other art form. The most important thing is to observe, learn, and accumulate experience to make sound judgments. Collecting American Fig. 5 A hot water boiler and teapot made of cast iron from the Meiji era in Japan, from the author's collection

silverware in the United States is not difficult. Silver-plated pieces, however, are generally not worth collecting, so be

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careful. Silver-plated items often have a different specific

The silver coins used at the time came from two main sources:

gravity, which makes them feel different in the hand, and they

Britain and Spain. Silverware made in the United States from

lack the consistent purity of solid silver.

these coins is called coin silver, which is often translated into Chinese as "wenyin" (fine silver). The term "sterling," on

Another way to identify a piece is what is often called "the

the other hand, is often translated as "chunyin" (pure silver).

story on the back," that is, the trademark and signature on the

However, in traditional Chinese usage, chunyin refers to silver

piece. Since colonial times, silversmiths in the United States

with a purity of 99% or higher. Therefore, in future articles, we

have kept detailed records, including the registration year and

will simply use coin silver or sterling to avoid confusion.

their "hallmark," much like Chinese seals, making it difficult to confuse with silver-plated items.

It was not until after the Civil War, around 1865, that the United

Fig. 6 Bowls are the most commonly used utensils. From ancient times to the present, across different cultures, they have not changed much, except in size and whether they have legs. The images, from left to right and top to bottom, illustrate the following: 1. Punch bowl for celebrations - dia. 35 cm, wt. 160 ozt. This was made by the Franklin Mint in 1976 for the bicentennial of the United States. It is gilded inside and features American historical stories on the outside. 2. Tiffany & Co. replica - dia. 23 cm, wt. 25 ozt, 4 pint capacity - original by Joseph Conyers, 1700, Boston. 3. Tiffany & Co. replica - dia. 19 cm, wt. 20.5 ozt - original by Ephraim Brasher, 1788, housed in the Metropolitan Museum of Art, New York. 4. Tiffany & Co. Replica - dia. 17 cm, wt. 17.3 ozt - original by H. Furnam, 1800, Boston. 5. Tiffany & Co. - dia. 12 cm, wt. 5.3 ozt, by J.C. Moore. This can be considered one of the earliest Tiffany & Co. creations in New York. 6. Tiffany & Co. - dia. 10.5 cm, wt..5.3 ozt - imitating an 18th-century Queen Anne bowl, used for holding sugar in a black coffee set. 7 & 8. Kalo hand-hammered, footless bowls from a Chicago silver shop - dia. 13 & 11.5 cm, wt. 5.3 & 4.2 ozt. The rims feature a lobed-rim technique used in Chinese porcelain making, which increases strength and prevents deformation during manufacturing, These two bowls, of similar size, seem suitable for Chinesetea or wine bowls. 9. International Silver replica - dia. 19.5 cm, wt. 10.5 ozt - original by Paul Revere.

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States adopted the British sterling standard of 92.5% (925/1000).

collaborated on a teapot that is now in the Metropolitan Museum

Before that, some pieces had no mark, some were stamped "coin

of Art in New York. The author owns a replica of their work.

silver," and some had a hole drilled in the center of the bottom— deep enough to test the silver's purity. In the North, sterling became common after 1865. In the South, however, resistance to

Jacob Hurd (1702/03–1758) made a silver teapot that is now at Yale University.

the new standard persisted until 1880. Because these pre-standard Southern pieces are scarce, they hold greater collectible value.

Paul Revere (1734–1818) — his 1773 teapot is in the Worcester Art Museum, and his 1799 teapot is in the Museum of

In this article, we will first introduce the tea sets in the

Fine Arts in Boston.

author's collection that date from before the Civil War. After the war, with the rise of American economic power and the

Paul Revere was a legendary hero of the American

growth of major companies such as Tiffany and Gorham, the

Revolutionary War. His bowls have many replicas, ranging from

manufacturing and design of silverware saw unprecedented

large to small. The replicas made by Tiffany and Gorham are

advances. More on this later.

always popular wedding gifts. The Metropolitan Museum of Art in New York has a replica of his gravy boat, and the author also

Speaking of early American silver, from the colonial era to the

has one. His style is very traditional and roughly the same as that

Revolutionary War, most of the famous silversmiths were based

of the British. (Fig. 6).

in Boston. However, few of their pieces survive today. The few known examples are held in museums, churches, or universities.

The period from American independence to the Civil War was

Occasionally, larger museums create replicas to help raise

the golden age of coin silver wares, and the works from this era

funds for their collections. Here are a few of the most important

are the most collectible. Here, we will introduce several works

silversmiths of the time:

from around 1850 that are in the author's collection.

Benjamin Burt (1729–1805) inherited his father John Burt's craft. His teapot is now in the Museum of Fine Arts in Boston.

We will start with Boston, then move on to Philadelphia and Baltimore, and finally New York—focusing on each city and the silversmiths in its vicinity.

John Coney (1655–1722) and William Cowell (1682–1736)

Boston Coin Silver Tea Set Boston is arguably the oldest city in the United States. In

Party, the American Revolution, the Industrial Revolution,

1620, a group of Puritans from England arrived on the

and the Civil Rights Movement—nearly all of them started

shore aboard the Mayflower. They landed and founded

here. The earliest public schools and the first university

the city in 1630. Most of the people on board were from

were established here. Founded in 1636 as "The College

Boston, Lincolnshire, England—a city originally named in

of New Town," it was renamed Harvard College in 1639.

honor of Saint Botolph—hence they gave the same name

After the 18th century, the influx of new immigrants from

to their new settlement. From then on, Boston became the

Ireland and Italy—such as the Kennedy family—brought

political, cultural, and commercial center of New England.

new wealth and momentum. Today, Boston is a leading

American history began here: immigration, the Boston Tea

center for emerging technologies and biochemistry.

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Stories George Welles' Teapot, 1810 h 10.5", w 11.5", 32.5 ozt George Welles was born in Boston in 1784 and first registered as a silversmith in 1805. His elder brother, Alfred, was a general in the War of 1812. The teapot is an urn-shaped vessel, supported by high legs, with an S-shaped handle. The vessel has two bands, and the lid is a raised dome with a pointed finial. The entire

Fig. B-1

vessel is decorated with carved acanthus leaves. of ancient Greek temples, a large stone pillar collapsed, leaving Acanthus is a Mediterranean ornamental plant also known as

the impression of an acanthus leaf on its top. Since then, all

bear's breeches or bear's foot. Its leaves are large, dark green, and

Corinthian columns have featured this ornamentation—a

beautifully shaped. Legend has it that during the construction

traditional pattern that has been used for thousands of years.

Jones, Lows and Ball c. 1840 ThreePiece Boston Coin Silver Tea Set Teapot: h 11", w 7.75", 30 ozt Sugar bowl: h 8.5", w 8", 22.5 ozt Cream jug: h 6.5", w 6", 12 ozt This three-piece tea set, circa 1840, is exquisitely designed and crafted. The entire design, from base to top, is inspired by Greek columns. The body features a leaf-shaped band, while the spout Fig. B-2

and handle are decorated with wheat ears and shells—symbols of peace in Western culture. Both the teapot and sugar bowl have prominent domed lids. The spout is designed to resemble

in Boston holds many of their gifts. This tea set was likely

the long neck and head of a swan. The silverware is smooth and

completed before 1841.

well polished. There is no engraving, but the inscription "Biglow 1841" on the bottom indicates the date of purchase.

Jones, Lows and Ball was founded in 1813 at 10 Newbury Street, Boston. It was not officially registered until 1839—just

Biglow was a prominent family in Massachusetts, with members

seven years before it was renamed Shreve, Crump & Low, which

serving as governor of the state. The Museum of Fine Arts

remains in business today.

Jones, Lows and Ball c. 1840 Boston Sterling Silver "Chinese Man" Hot Water Kettle with Matching Stand h 15.5", w 10.5", 68 ozt

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This kettle, made by the same company and around the same time as the previous set, is arguably the earliest example of sterling teaware in the United States. The silver was likely imported from England. The registered hallmark is "Lows, Ball & Co." Records show that this mark was used for less than a

Stories

year, starting in 1840. This piece was exhibited at the 1853 Crystal Palace Exhibition in New York and is considered one of the most valuable pieces of silver in the United States. The finial on the lid, in particular—a Chinese man wearing a Qing Dynasty official hat—captures the imagination of many people. The carvings on this piece largely follow the fashion of the time, with leaf-shaped ornaments predominating. The body of the kettle is an inverted pear shape, wider at the top and narrower at the bottom. The matching stand features the same leaf-shaped ornaments. The handle has an ivory heat-insulating ring in the middle, which is quite beautiful. Fig. B-3 Queen Victoria of England also had a kettle with a similar design, but after her husband's death in 1861, she abandoned

This directly contributed to the conservatism and lack of

opulent items, wearing only black clothing and black ornaments.

innovation in modern British silverware.

Ely Woodward and Charles Grosjean c. 1841 Four-Piece Coin Silver Tea Service, Retailed by Lincoln and Foss Teapot: h 9.25", total weight 73.3 ozt Woodward and Grosjean were partners in Boston in 1841. Grosjean emigrated from Germany to Connecticut (near New York) in 1836. This silverware set clearly reflects German European influences, with simple, elegant, and practical forms.

Fig. B-4

The spout and feet are decorated with leaf motifs. The entire set is housed in its original oak box.

was later sold exclusively by Tiffany. While in Boston, their work was retailed by Lincoln and Foss—a company that refined

While working together in Boston, they used the W&G mark.

fine silver at the time and later became the largest supplier to the

After 1852, the two men moved to New York, and their work

Gorham Company.

Ely Woodward and Charles Grosjean c. 1848 Five-Piece Pure Coin Silver Service, Retailed by Jones, Ball & Poor Coffeepot: 9.5", total weight 106 ozt This five-piece silverware set typically consists of two pots:

Fig. B-5

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a larger one called the coffeepot, and a smaller one called the

the lid depicts a girl holding flowers, looking like an Indian girl

teapot. The other three pieces are the sugar bowl, creamer,

holding a large gourd. With the lid down, the entire pot is shaped

and waste bowl. Strictly speaking, a coffeepot is not limited

like a large gourd.

to coffee; it can also hold different flavors of tea or simply hot water. Sometimes, the waste bowl is used for pouring out water

This piece was sold by Jones, Ball & Poor on January 30, 1849.

after scalding a cup.

The silversmith's mark is W&G.

This teapot set has a raised, scalloped lid, with handles and a spout decorated with leaves, flowers, and vines. The finial on

Jones, Shreve and Brown Co. c. 185760 All Covered Five-Piece Coin Silver Tea Service Coffeepot: h 10", total weight 126 ozt Fig. B-6

This silverware set is quite unique. It consists of four pots, each shaped like a pear, or perhaps a gourd. The domed lid features a scalloped pattern on the underside, resembling a large gourd.

celebrate this tradition.

The lid depicts an Indian girl. The entire body, handle, and spout are covered with beautifully shaped natural flowers and plants.

All five pieces have lids. The milk pot, which is less common,

The design was likely intended for large gatherings, perhaps for

takes the place of the smaller cream pot. A waste bowl is

the earliest American Thanksgiving celebrations—since gourds

not necessary when serving large groups. The company was

are native to the New World, and Boston was the first city to

registered as Jones, Shreve and Brown between 1857 and 1860.

Philadelphia Coin Silver Tea Sets

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We previously mentioned that Philadelphia was founded

Philadelphia, the capital of Pennsylvania, is a historic city.

by King George II to repay a debt owed to William Penn.

It was here that the Americans signed the Declaration of

During the colonial era, the states were independent and

Independence (1776) and adopted the first Constitution

had little interaction with one another. At the time, there

(1787). Benjamin Franklin (1706–1790), a key figure of

were many German immigrants in Pennsylvania around

the era, had his home here. Born in Boston, he worked as a

Philadelphia. Today, there is still a district in Philadelphia

British postmaster general. While working, he discovered

called Germantown. Germans are hardworking and

electricity and the warm Atlantic current. He traveled

pragmatic—a trait reflected in the silverware crafted by

extensively in France, interacting with King Louis XVI and

silversmiths in the vicinity of Philadelphia. The square

French high society. Had it not been for him, the United

shape of the teapot embodies the meticulous German

States might never have defeated Britain and achieved

character.

independence. His image still appears on the US $100 bill

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today. Although he also owned slaves, before his death he

Gettysburg Address (November 19, 1863) in Philadelphia,

established the first law for Black equality in the United

further emphasizing that all human beings are born equal.

States, making the sale and purchase of Blacks illegal.

The Constitution, rooted in the principle of union, became the foundation of the American nation.

During the Civil War, Lincoln delivered his famous

Samuel Williamson c. 1795 Philadelphia Coin Silver Teapot and Covered Sugar Bowl h 12", w 9.5", 31 ozt Samuel Williamson was arguably one of the most important silversmiths in early Philadelphia. He was registered in Philadelphia from 1794 to 1813. Immediately after registration, he received numerous orders, the most significant of which came from Meriwether Lewis and William Clark for equipment

Fig. P-1

for their 1803 expedition to the American Midwest and West, along with 72 silver rings and 500 brooches as gifts for Native

Both the teapot and sugar bowl are supported by high legs and

Americans during their travels. These items were made during

follow the famous Philadelphia square design, believed to be

the Jefferson administration as part of territorial expansion

inspired by earlier German European styles. The body of the pot

efforts, including the Louisiana Purchase and the expedition to

features several gadroon borders, which were made to strengthen

the West. A silver bowl made by him is also in the collection of

the body of the pot. The spout is swan-shaped, and the handle is

the Philadelphia Museum of Art.

made of black wood.

Josiah Lownes c. 1820 Philadelphia Three-Piece Coin Silver Tea Set

the Winterthur Museum and the Philadelphia Museum of Art.

Teapot: 11.5", 30 ozt Matching stand: 20 ozt Sugar bowl: 20 ozt Creamer: 10 ozt This set features the standard Philadelphia square teapot shape. The teapot and sugar bowl have gilded interiors, and the handles and feet feature leaf motifs. Josiah Lownes's work is housed in

Fig. P-2

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Stories Edward Lownes c. 1820 Philadelphia Coin Silver Teapot h 11.75", w 10.5", 43 ozt Edward Lownes and Josiah Lownes were family. This teapot, often called a federal form, is more formal in style. It features raised feet, a swan-shaped spout, and a dark wood handle. The handle and spout are decorated with acanthus and palm leaf motifs, and the lid also has a similar design. The finial is made in the standard pinecone shape (some also describe it as a pineapple shape). His works are also preserved in many museums in Fig. P-3

Philadelphia.

J. McMullin c. 1795 Philadelphia Coin Silver Teapot h 9", 28.12 ozt The teapot is supported by high feet. The body is shaped with a lobed design, with melon-segment protrusions. The finial on top is shaped like the fruit of the oak tree, called an acorn. The handle is a silver square with an ivory ring in the middle for Fig. P-4

insulation.

Bailey & Kitchen c. 1835 Philadelphia Coin Silver Footed Sugar Bowl with Cover h 10", 50 ozt This sugar bowl is not only beautiful but also large—unlike the typical sugar bowl in a tea set. The entire bowl features a traditional acanthus leaf design, cascading down the lid like a

Fig. P-5

waterfall. This design encourages the viewer to look down from

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above and from the top of the vessel. Therefore, it was likely

Bailey & Kitchen was registered in Philadelphia from 1832 to

a multi-purpose item suitable for placement in the center of a

1846. Later joined by Banks and Biddle, the firm became the

table—what is known as a centerpiece. With the lid removed, it

largest and most famous company in Philadelphia and remains

could also be used for flower arrangements.

in business today.

Stories Harvey Lewis c. 1815 Philadelphia Four-Piece Coin Silver Tea Set Teapot (covered sugar bowl, waste bowl, and creamer): h 8.5", weight: 88.1 ozt This is an early four-piece set. In addition to the teapot, there are

Fig. P-6

a sugar bowl and a creamer, and a waste bowl appears for the first time. However, this waste bowl differs from later examples,

created by Tiffany & Co. (more on this later). It is possible that

as it also has high legs—much like the strawberry set later

two of the pieces in this tea set served multiple purposes.

Brown & Seal c. 1810 Philadelphia Six-Piece Coin Silver Coffee and Tea Service Coffeepot: h 9.75" Two teapots, covered sugar bowl, creamer, and waste bowl This early Philadelphia tea set features a traditional German square shape. It may be the earliest example of the multi-piece format that later became customary. Interestingly, the sugar bowl is very small—a reflection of the scarcity and high cost of sugar at the time. Fig. P-7

Bailey & Co., Chestnut St. c. 1860 Philadelphia, Chinese Man Silver Coffee Pot Coffee pot: h 14.24", 58.2 ozt This coffee pot, crafted by Bailey & Co., is large and heavy, and its intricate design clearly reflects the influence of other cultures—likely that of Southern silversmiths. The body, spout, and handle are richly decorated. The technique of creating decorative patterns by working the metal from both the inside and outside is called repoussé, which originated in Baltimore in the South. The pot's exterior features Chinese landscapes, including pine trees, figures, and pagodas. The top of the pot features a figure wearing a Chinese official hat. This style was very fashionable at the time.

Fig. P-8

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Stories Baltimore, Maryland: A Rich History Baltimore is a seaport city less than an hour's drive from

Jonestown here was the first British colonial settlement.

present-day Washington, D.C. It is often regarded as

When Ellis Island in New York was closed, this was the

D.C.'s backyard, but in fact, the city was prosperous long

only open port. After the Boston Tea Party, the British

before the capital was developed. Nearby Fort McHenry

prohibited the tea trade. Ships employed Chinese workers

was the site where, during the War of 1812, the British

to bring tea ashore in Baltimore, and some Chinese

returned and burned down the newly built White House.

immigrants arrived with them. Most immigrants to

It was the people of Fort McHenry—including women

Baltimore came from Germany. The first interstate railroad

and children—who defeated the British. The first flag

in the United States began here, running from Virginia to

(the Star-Spangled Banner) and today's national anthem

Ohio in 1830. With its warm climate, abundant agricultural

both originated in this city. Mount Vernon, George

products, and convenient transportation, Baltimore quickly

Washington's home, is also located nearby. Much of the

became a major city in the South.

history we know is connected to this city. Our introduction to early silverware is, of course, Because it was south of the Mason-Dixon Line, Baltimore

inseparable from the city's history and the conservative

developed a culture distinctly different from that of

nature of Southerners. Even after the silversmiths grew

northern cities from a very early time. As the largest port

into large companies, they maintained the same style.

in the South, much of the region's tobacco was exported

Because early silverware was scarce, pieces crafted here

from here, and refined sugar was brought back in return.

developed a style very different from that of the North,

The city once housed the world's largest open-air market,

making them among the most collectible items on the

Lexington Street Market, which is said to have had over

auction market today.

500 stalls. Today, a newly built indoor market stands on the site. It is also said that slaves were once traded here.

Andrew E. Warner (1786–1870) and Thomas H. Warner (1780–1828) of Baltimore, Maryland Their collaboration roughly coincided with their registration in Baltimore, from 1805 to 1824. Thomas was the official assayer

by 0.5%. In practice, this was very similar to the British sterling standard of 92.5%. A higher silver content makes the metal easier to work because it is softer, but it also makes the resulting pieces less practical for everyday use, as they are too soft and easily damaged.

per troy pound (12 ozt per troy pound). In other words, the

Andrew E. Warner c. 1824 Baltimore, Maryland Teapot

purity had to be 11/12 = 91.67%. This analytical method was

h 7", 29.2 ozt

for the City of Baltimore. His responsibility was to ensure that items made in Baltimore contained at least 11 ozt of pure silver

used throughout the South. The entire pot features floral patterns on both sides, a technique

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Before 1930, in the United States, it was almost an unwritten

known as repoussé that had a significant influence on later

rule that most gold and silver items exceeded the marked purity

silversmiths in America. His silver pieces are rare and generally

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command high prices. The Baltimore museum also houses a sword he crafted for the War of 1812. This teapot has a traditional shape with a swan-shaped spout. This design is noteworthy because, unlike conventional ceramic pots, it prevents liquid from flowing back when pouring, preserving the aesthetics. Fig. BM-1

Andrew Warner c. 1850 Baltimore, Maryland A Pair of Pitchers h 8.75", total weight 26.6 ozt Crafted in the traditional repoussé technique, this pair of pitchers is covered in flowers and fruit and bears a lion hallmark. Fig. BM-2

Andrew Warner c. 1864 Baltimore, Maryland 4-piece Tea Service Set Teapot: h 12.25", total weight 84 ozt This four-piece tea service is also crafted using his traditional repoussé technique, with a tall, elegant form. The sugar bowl and waste bowl have wavy openings. The handles of the teapot and creamer are square in shape, with a ram's head at each angle. The finial is a flower.

Fig. BM-3

Schofield Co., Inc. c. 1903 Baltimore, Maryland Five-Piece Tea Service Coffeepot: 13.5", teapot, cream jug, covered sugar bowl, and waste bowl; total weight 113.5 ozt The company was founded in 1903 by Frank Schofield. He originally made die-cutters, creating models with the same precision used in jewelry making, which he then sold to silversmiths and other companies. This tea set is exquisite. The

Fig. BM-4a

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silversmith who crafted it is believed to have been Jenkins (active 1894–1915) of Baltimore. The floral and leaf repoussé pattern, crafted both in and out, later became known as the "Baltimore Rose." This pattern was subsequently adopted by several Baltimore companies to produce a variety of utensils, including bowls, plates, and knives. The set features a tall, slender design similar to A.E. Warner's earlier work, but with a more modern expression. At the time, it was referred to as a "Castle Set." The so-called castle is not

Fig. BM-4b

the traditional European castle one might imagine, but rather

surfaces—a technique known in Japanese as "roe ground." The

resembles a stone house in the forest. On areas without floral or

rectangular handles are adorned with the so-called Baltimore

leaf decoration, the surface is covered with raised nail-shaped

Rose pattern and a decorative ram's head.

Samuel Kirk and Son, 1846-1861, Baltimore, Maryland Here we introduce the work of this father-and-son team.

and son marked their work with "S. KIRK & SON" and "11oz." The prosperous Baltimore harbor and stable economy

Samuel Kirk was born in Philadelphia in 1793. His father,

brought them fame and wealth. Many celebrities from both

Joan Kirk, was a registered goldsmith in England. At

the North and the South became their clients, including

the age of 17, he moved to Baltimore. He first worked in

President Monroe, who commissioned large quantities of

partnership, then registered himself after 1821, and later with

silver from them for his daughter's wedding.

his son after 1846. The company continued to operate until 1861, undergoing several reorganizations over the years. It

Their work, rooted in the Baltimore tradition, is based largely

is considered one of the oldest firms in the United States.

on the repoussé technique. They used iron molds: the silver

The most collectible pieces are those from the 1846–1861

was heated from the reverse side, placed on the mold, and

period—two decades before the Civil War, when most of

then hammered from the front. Here, we introduce several

New York's famous firms had not yet been established. Father

pieces by the father and son from the author's collection.

"Bee Hive" Teapot, c. 1850 h 9", 36 ozt One side features a beehive with fluttering butterflies and bees, while the other features a flock of pheasants—all set amidst leaves and flowers, creating a pastoral Southern scene. The spout and handle are decorated with traditional acanthus leaves. A carved image of one of their earliest swords, a symbol and reminder of the era, appears at the center of the teapot.

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Fig. BM-5

Stories Tea Kettle c. 1850 h 8.75", 38 ozt This kettle differs from traditional American teapots. Its handle is on top, yet it is not as large as a typical kettle; instead, it more closely resembles a Japanese iron kettle. Still using the repoussé technique, the body features a scene of houses, a small bridge, flowing water, and a shepherd walking with cattle across the bridge. The peaceful and beautiful scene makes this a rare piece. Fig. BM-6

Square Footed Compote c. 1850 h 5", 8.5" square, 22 ozt This rare square footed compote features a small central square for placing items, while the rest of the surface is entirely covered with flowers, plants, and leaves. The piece was published in numerous books before the author purchased it. This type of compote was typically used to serve small, delicate desserts.

Fig. BM-7

Fruit Compote, c. 1850 h 10.5", dia 10.5", 34 ozt This compote features a round bowl on top and was typically used for serving fruit. Both top and bottom are crafted in the repoussé style, again with a predominant focus on flowers, plants, and leaves. This type of item was usually placed on the dessert table. In the South, after a formal meal, a tea table would be set up for dessert and tea, served with clean cutlery.

Fig. BM-8

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Stories A Short History of New York City Like several other major cities, its history began with a

by the Dutch—and the later Nasdaq, the largest stock

major river—the Hudson River. Immigrants flowed along

exchanges in the world. The Dutch began trading

its banks, gradually developing the area into a major

American furs just outside the wall along the Manhattan

city. The first to enter or discover New York City were

waterfront, and this early commerce gradually evolved

the Dutch. The Dutch West India Company employed a

into the Wall Street stock market we know today.

British captain and several Englishmen on their ships. They named the river Hudson after the captain and began

New York City, with its advantageous geographical

landing at the southern tip of the Manhattan Peninsula in

location at the mouth of the Hudson River, was also an

1608. Early settlers continued up the river, establishing

excellent seaport. The opening of the Erie Canal in 1830

cities such as Albany (now the capital of New York State)

directly connected the city to Chicago and the entire Great

and Nassau. Manhattan was originally a word from the

Lakes region, facilitating trade and transportation. That

Lenape Native American tribe. As more Dutch settled,

same year, the completion of the Baltimore and Ohio

they first called it New Netherland, meaning "Low

Railway linked New York City to the American South.

Country," and later changed the name to New Amsterdam

In addition, many railway networks and subway lines

in 1624. By 1664, the British had conquered the area

radiating from the city center also developed during this

and renamed it New York, because King Charles II had

period, later consolidated into the Penn Central Railroad.

granted the new colony to his brother, the Duke of York,

These developments made New York the single biggest

for management. After the American Revolution, it briefly

beneficiary of the Industrial Revolution. Many famous

served as the national capital (1785–1790). The Dutch

silversmiths and emerging firms came here to develop.

had a profound influence here, and many places are still

After 1850, large silver shops all moved to Broadway,

named after their original Dutch origins, such as Brooklyn

ushering American silver craftsmanship into a new era.

and the Bronx.

The largest firm, Gorham, and the most luxurious, Tiffany, will be introduced later. Here, we will first introduce some

Today, New York City is undeniably the world's largest

early coin silver pieces with local character.

financial center, with Wall Street—originally established

William Forbes for Ball, Black & Co. c. 1850 New York Coin Silver Water Kettle on Stand h 17", 60.5 ozt This standing kettle is very beautiful in shape, similar to Boston kettles from the 1830s, except that it is decorated throughout with oak leaves. This design can be traced back to a creamer made by William Forbes's father, Colin V. G. Forbes, in 1801, which also featured oak leaves in addition to its floral and botanical motifs. This kettle is a highly important New York

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Fig. NY-1

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piece, as the signature on the underside suggests it was likely

a prominent family in New York. The Forbes family we know

made with his son.

today originated from this family. Their work has been part of New York tradition for generations, and examples can be found

In the 1850s, major companies in New York City were being

in museums large and small across the city.

established. They actively sought talent and often contracted father-son teams, offering them equity in the process. The

This important piece changed hands on several occasions over

Forbes family stayed and grew at Ball, Black & Co., becoming

the years, with each transfer engraved on the kettle itself.

John Connor c. 1834 New York 3-Piece Coin Silver Tea Service Teapot: 10.75", total weight 71.74 ozt This is a traditional Federal style teapot with a leaf-shaped band. The teapot handle has an ivory heat-insulating ring. The sugar bowl has no lid.

Fig. NY-2

Peter Chitry c. 1825 New York Coin S i lve r P re s e n t a t i o n 3 - P i e c e Te a Service Teapot: 10.75", total weight 67 ozt Traditional Federal style design with four or five decorative floral and leaf-shaped bands and a tall foot. The entire set is housed in a custom-made oak box. Fig. NY-3

Nicholas J. Bogert c. 1805 New York 3-Piece Coin Silver Tea Service Teapot: 10", total weight 74.22 ozt Urn-shaped design with three floral bands and a tall foot.

Fig. NY-4

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Stories Marquand & Br c. 1825 New York 3-Piece Coin Silver Tea Service Teapot: 9", total weight 55.34 ozt The tea set is in the traditional Federal style, with beaded and floral designs on the band. The sugar bowl has a lid, with a three-dimensional eight-sided finial for easy manual opening.

Fig. NY-5

N.J. Bogert and William Forbes (WF) c. 1850 New York 5-Piece Coin Silver Coffee and Tea Service Coffeepot: 12" teapot: 9", total weight 121 ozt The tea set is in the traditional Federal style, with more decorative handles and spouts. The finials on the lids of the

Fig. NY-6

teapot and sugar bowl are crafted leaves. The hallmarks on the bottom of this silverware set indicate the place of production and

and was later acquired by Bailey, Tompkins and Black, making

its evolution. It originally belonged to the Marquand Brothers

it a distinctly New York City product.

Conclusion： Tracing the development of early

As the 250th anniversary of the founding of the United States is

American Coin Silver tea wares city by city—from Boston to

being celebrated, reflecting on the hard work and dedication of

New York, Philadelphia, and Baltimore—this journey reveals

the early immigrants who created the nation we know today—

more than just a history of craftsmanship. These silver pieces are

it becomes clear that we, China, located on the other side of the

not merely functional objects; they are witnesses to history.

globe in the same temperate zone, has much to learn and draw from. Here, we revisit a collection of industrial products that

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Behind every piece lies the silversmith's ingenuity, the patron's

has already become history, allowing us to better extract their

taste, and the unmistakable mark of its time. Coin Silver—with

essence. In subsequent chapters, the author will introduce more

its distinctive purity standard and regional character—has left an

large corporate collections, primarily in New York, and the

indelible imprint on the history of American silver.

information as well as the culture they embody.

APPRECIATIONS：This article was able to take

magazine. The author is of limited knowledge and only hopes to

shape thanks to the encouragement of Mr. Michael Chou. I

find kindred spirits with whom to share the joy of collecting and

am especially grateful for the opportunity to publish it in this

studying these works of art in the future.

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The Central Mint Bar in the 1937 Financial Diplomacy of the Nationalist Government:

recipients were Henry Morgenthau Jr., the U.S. Secretary of the Treasury, along with the Treasury Department officials he oversaw — including those at its Exchange Stabilization Fund.

On the Historical Significance

By late June 1937, newspapers reported that Kung had met

and Motivations of the Silver

with Cordell Hull, the U.S. Secretary of State, in Washington.

Ingot "Presented by H.H. Kung"

He was also set to dine with Secretary Morgenthau and to be received by President Roosevelt. Furthermore, a news photograph preserved in the U.S. Library of Congress shows

◎ Tseng Che-lu〔USA〕

Kung, Morgenthau, and Chinese Ambassador Chengting Wang

(C.T. Wang, 王正廷 ) meeting at the U.S. Treasury on July 9,

1937. At that meeting, they arranged for the U.S. to exchange

gold for Chinese silver, with the gold to be kept in the U.S. to A tattered label bears Kung's name inside the brocade case; A silver mint bar, white as snow, finds its way to Washington, D.C. In that fateful year of 1937, by faith and honor's grace, This ingot's frigid gleam bears witness to history's day.

stabilize China's exchange rate.

The Commercial and Financial Chronicle reported on July 17, 1937, that the Morgenthau-Kung arrangement had two key components: the U.S. Treasury would not only purchase additional silver from China but also secure dollar exchange for the Central Bank to stabilize its currency. Therefore, if this "CENTRAL MINT CHINA / A BAR / A162 / .999 FINE" silver bar model was indeed a diplomatic gift from Kung, the primary recipient would have been Morgenthau, followed by relevant U.S. Treasury officials or the Treasury's own collection – not a private individual. The word "presented" is not an ordinary gift or a market term. Rather, it belongs to the language of diplomatic presentation. Its core significance lies in compressing China's silver resources, national credit, and willingness for fiscal cooperation with the U.S. into a deliverable, displayable, and memorable political artifact – the physical embodiment of financial diplomacy. This act of "presentation" implied at least three things:

Figure 1 The Central Mint Bar Model with the label "Presented by H.H. Kung"

First, it signified goodwill. When U.S. official archives reviewed the 1937 arrangement in

Chapter I Introduction: A Small Artifact, A Grand Strategy at a Historic Turning Point Considered within the context of Hsiang-hsi Kung's ( 孔祥熙 )

1937 financial diplomacy mission to the U.S., the most likely

1942, they explicitly noted that H.H. Kung had hoped China would hold designated gold reserves in the United States as a symbol of good faith between the Chinese Ministry of Finance and the U.S. Treasury." This is crucial: it shows that in the Kung-Morgenthau relationship, precious metals themselves served as symbols of "goodwill, credit, and cooperation."

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Second, it represented national credit. The silver bar is inscribed with "CENTRAL MINT CHINA," "999 FINE," "A BAR," and serial number A162. It is not a small ingot from a private silver shop, but a high-purity standard model made by the Central Mint. A similar Central Mint silver bar, serial number A210, is recorded in auction catalogs as a "Chinese Government ingot," also bearing the "CENTRAL MINT/CHINA/"A" BAR/serial number/999 FINE" inscription along with the Nationalist government's emblem. This indicates that such bars were official standard models. Their value lay not in the silver's price but in their function as

Figure 2 H.H. Kung as Minister of Finance (1933 – November 1944)

a demonstration: that the Chinese government could provide qualified silver. Kung, then Vice-President of the Executive Yuan and Minister

Third, it expressed a political stance.

of Finance, played the most critical role.

The Sino-Japanese War was on the verge of full-scale outbreak.

In exploring this grand history, a piece of physical evidence

The Marco Polo Bridge Incident erupted on July 7, 1937, and

carrying significant historical information has come into focus: a

the Kung-Morgenthau talks on July 9 took place at this pivotal

silver ingot in a traditional Chinese brocade box. Inside the box

moment. The Commercial and Financial Chronicle even

lid is a yellowed paper label printed with the key red characters

commented that the political significance of this gold-for-silver exchange might outweigh its purely financial meaning, when

" 廠條模型 " (Mint Bar Model) and " 孔祥熙贈 " (Presented

by H.H. Kung). The metal ingot itself is clearly inscribed with

Sino-Japanese relations were on the brink of collapse. Thus,

"CENTRAL MINT," "CHINA," "A BAR," "6.36 OZ.," "999

by gifting this silver bar at this specific moment, Kung sent a

FINE," the Central Mint's emblem (the Kuomintang party

powerful message: the Central Mint's physical silver embodied China's national credit, its urgent wartime financial needs, and

symbol with the character " 中 " at its center), and the sequential serial number "A162."

its desire for cooperation with the United States. This silent artifact is, in fact, a specific witness to the 1930s

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The year 1937 was an absolute watershed that determined the

global silver crisis, the Nationalist government's currency

fate of the Republic of China and the geopolitical landscape of

modernization reforms, and the high-stakes financial diplomacy

East Asia. In July of that year, the gunfire at the Marco Polo

between China and the United States. It is not merely a

Bridge shattered the tranquility of North China, marking the

numismatic collectible but a physical embodiment of national

formal beginning of China's War of Resistance against Japan.

sovereign credit and a tangible manifestation of diplomatic

Yet, simultaneously with this overt military conflict, another

strategy. This article examines the mint bar model from

war – invisible but equally vital to national survival – was being

multiple angles. It interprets its historical position, analyzes

fiercely waged in the financial centers of Europe and America

the motivations behind "Presented by H.H. Kung," deduces its

across the ocean. At the heart of this war was the Nationalist

potential recipients, and seeks evidence from historical literature,

government's extreme financial diplomacy: raising enormous

archives, and newspapers. The analysis is grounded in four key

funds for the war effort, stabilizing the recently implemented fiat

areas: the 1930s international macroeconomic environment, the

currency (fabi ), and securing international strategic supplies. In

Central Mint's standards, H.H. Kung's diplomatic itinerary, and

this diplomatic battle for the nation's economic lifeline, Dr. H.H.

political psychology.

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Chapter II Artifact Analysis: Physical Characteristics of the Central Mint's "A Bar" and "Model"

giving conventions of China at the time. The paper label on the inside of the lid uses the rigorous regular script common in official documents of the period; the red ink has slightly faded with age.

To accurately interpret this artifact's historical significance, a rigorous numismatic and material analysis of its physical

The inscriptions on the ingot itself are the key to deciphering its

features and inscriptions is the primary task. The metal ingot

origin. Its surface bears fully internationalized English markings,

and its packaging in Figure 1 contain rich industrial and period-

supplemented by Chinese official symbols. The specific details

specific information.

are as follows:

1. Features of the Artifact and Decoding Its Inscriptions According to Figure 1, the artifact is meticulously placed in a blue-and-white brocade box featuring traditional Chinese character patterns and floral designs. This packaging style has a

1 CENTRAL MINT / CHINA: Clearly identifies the manufacturer as the "Central Mint of the Republic of China."

strong Eastern character, conforming to the high-standard gift-

2 3

"A" BAR: Specifies its type as "Type A Mint

Weight System: Precisely marked at 6.36 troy ounces.

Bar." In contemporary mint regulations, bars were

This is a crucial detail, as it uses the troy ounce – the

classified by weight, purity, and purpose; Type A

absolute standard of the London and New York precious

typically represented the highest standard.

metals markets – rather than the traditional Chinese "tael" or metric "gram." It indicates that this ingot was cast specifically to conform to the specifications of Western central banks and international settlement systems.

5 Serial Number A162: This is the ingot's sequential casting number, demonstrating strict registration and control during production.

4 Fineness 999 FINE: Indicates a metal purity of 99.9%, the highest tradable standard recognized by international precious metals markets (such as London and New York).

6 Anti-counterfeiting and Official Mark: The lower left corner bears the twelve-ray Kuomintang party emblem (Blue Sky, White Sun), with the character " 中 " (Zhong /China) embedded at its center. This

highly recognizable official mark of the Central Mint symbolizes the endorsement of the national government. Its core significance lies in using the Central Mint's standard silver bar to compress China's silver resources, national credit, and willingness for fiscal cooperation with the U.S. into a deliverable, displayable, and memorable political artifact.

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Source of Bar Specimen

Issuing Authority

Type

Weight

Fineness

Serial No.

Official Mark

Reference

Artifact in this CENTRAL report (Heritage MINT CHINA Auction record)

"A" BAR

6.36 OZ.

999 FINE

A162

KMT party emblem with central character " 中 " (Zhong /China)

Image

SARC Auction CENTRAL record (Lot MINT CHINA 1159)

"A" BAR

6.47 OZ.

999 FINE

A210

KMT party emblem with central character " 中 " (Zhong /China)

British Museum CENTRAL collection MINT CHINA

"A" BAR

6.47 OZ.

999 FINE

A139

KMT party emblem with central character " 中 " (Zhong /China)

2. Comparative Data and the Standardization of "Type A Mint Bar" To verify the authenticity of this artifact, we can compare it with similar items appearing on the international numismatic auction market. Historical auction records from internationally renowned houses (such as Stephen Album Rare Coins and Heritage Auctions) confirm the existence of "A BAR" silver mint bars cast by the Central Mint, similar to the one in this study. Comparing the artifact in Figure 1 (A162) with the item in the

Figure 3

3. Definition and Dual Attributes of the "Model"

auction record (A210) reveals high consistency in inscription layout, content, font style, and official marks. The only

The phrase "Mint Bar Model" on the label is the key to

differences are in weight (6.36 oz. vs. 6.47 oz.) and serial

understanding this artifact. Common perception holds that a

number. This minor weight variation suggests that when the

mint bar refers to a large gold or silver brick weighing dozens

Central Mint cast such small model or commemorative mint

or even hundreds of taels, used for national treasury reserves

bars, it likely used a semi-manual process: casting, followed by

or large-scale international transactions. For instance, Central

hand-striking and inscribing, rather than fully automated die-

Mint gold bars found in archives are often of 5-tael or 10-tael

casting. Consequently, each piece could not achieve absolute

specifications.

weight standardization, and the actual weight had to be precisely measured and marked on the surface. This precisely reflects a

In contrast, this bar weighs only 6.36 troy ounces (approximately

characteristic feature of China's minting industry in the 1930s.

197 grams) – remarkably small. This compact size is the physical basis for its definition as a model. However, given its "999

In the SARC auction record (Lot 1159 in Auction 38), the item

FINE" purity marking and unique serial number, this model is a

is described as: "CHINA: Republic, AE token, ND, zhonghuá

physical sample cast from real pure silver, either proportionally

mínguó in Chinese, crossed Wuchang Uprising and Five-colored

scaled down or made to a specific small weight specification.

flags // Chinese character min at top within star, Latin letters F S R around central raised area, Fine, ex Dr. Axel Wahlstedt

The mint bar model thus had two natures. As a precious metal

Collection."

of high purity, it symbolized national wealth. But its small size made it portable and presentable – a scaled-down display piece.

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The British Museum also holds a similar specimen, A139 (see

This design gave H.H. Kung a convenient and legitimate object

Figure 3).

to use in his international negotiations.

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Chapter III Macroeconomic Background: The Global Silver Crisis and the Nationalist Government's Currency Reform

The sharp contraction of the domestic money supply led directly to severe deflation: prices collapsed, factories closed, the real estate market crashed, and banks and money houses in Shanghai and other economic centers failed, plunging China's economy

Why did H.H. Kung need a mint bar model for his diplomatic

into unprecedented panic and paralysis.

mission? The answer lies in two interwoven crises: the global silver crash that devastated China's economy in the 1930s, and

Facing this disaster caused by U.S. domestic policy, Minister of

the Nationalist government's currency reform to salvage it. This

Finance H.H. Kung repeatedly lodged serious representations

macroeconomic backdrop gives this small artifact its immense

and strong protests through diplomatic channels, directly

historical weight.

addressing President Roosevelt and U.S. Ambassador to China Alfred Sao-ke Sze. At times, he bypassed normal procedures to

1. Vulnerability of the Traditional Silver Standard

urge the U.S. to notify China before silver purchases in order

System and the Impact of the U.S. Silver Purchase Act

to mitigate the devastating blow. However, with U.S. national interests taking priority, these protests had little effect. China

From the Tang and Song dynasties onward, China's monetary

had to save itself.

system had long been based on silver. Until the early Republic, large-scale market transactions still widely used physical silver

2. The 1935 Currency Reform and the Central Mint's

in the form of sycee (silver ingots). These ingots were not

Strategic Role

uniformly cast by a central government but by local private silver foundries or shops, resulting in vast differences in shape (e.g.,

Under pressure from the silver outflow crisis, and after secret

hoof, boat, archway), weight (with varying local standards),

consultations with British expert Sir Frederick Leith-Ross and

and fineness. This highly non-standardized and decentralized

others, the Nationalist government in November 1935 made

monetary system severely hindered domestic market integration

the most revolutionary decision in Chinese monetary history:

and modern commercial development. As a result, the state

abandoning the millennia-old silver standard and implementing

lacked the means to withstand international financial fluctuations

the currency reform.

effectively. Core policies of the reform included: The 1929 Great Depression severely impacted Western

capitalist nations. To rescue the depressed economy and prices, and to appease the powerful U.S. Silver Bloc, the FDR administration passed the famous Silver Purchase Act of 1934. The act authorized the U.S. Treasury to purchase massive amounts of silver without limit on domestic and international markets, aiming to raise silver's share of U.S. monetary reserves

Authorizing the Central Bank, the Bank of China, the Bank of Communications (and later the Farmers Bank of China) to issue national legal tender paper currency (fabi) not redeemable for silver.

to one-quarter.

2 The U.S. government's massive purchases, like a boulder thrown into a calm lake, triggered a surge in international silver prices. For China – one of the few remaining countries on the silver standard – this was an unmitigated financial disaster. The huge arbitrage opportunity created by the gap between high international prices and relatively lower domestic prices caused

Nationalizing silver: mandating that all banks, money houses, silver shops, enterprises, and citizens surrender their silver holdings (coins, ingots, bars, lumps) to the state in exchange for

fabi at a statutory rate.

China's silver reserves to flow out wildly, like a breached dam.

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3 Establishing an exchange standard: The Nationalist government shipped the vast silver reserves collected to international markets (mainly London and New York) for sale, exchanging them for British pounds and U.S. dollars. These served as foreign exchange reserves backing the fabi issue, pegging the currency's exchange rate to the pound and dollar to maintain stability.

During this nationwide reform, the Central Mint, under the

for the impending war and prevent the fabi from collapsing,

Ministry of Finance, was given an unprecedented national

H.H. Kung, leveraging his dual roles as Vice-President of the

strategic role. The silver forcibly collected from the populace

Executive Yuan, Minister of Finance, and Chinese Special

and financial institutions was heterogeneous in form and

Envoy, embarked on a long, arduous, and nationally critical

fineness. To sell it smoothly on international markets for foreign

diplomatic mission to Europe and America.

exchange, this mixed silver had to be strictly refined and cast into standardized form.

1. Seeking Support in Britain, Facing Hesitation in Europe

The Central Mint worked day and night to refine and cast this silver into standardized mint bars that met international financial

In May 1937, Kung first arrived in London, ostensibly to

market delivery standards. Classifications such as "Type A Mint

represent the Nationalist government at the coronation of

Bar" mentioned in documents were national standards set based

King George VI, but his actual mission was secret financial

on weight, purity, and other specifications. These standardized

negotiations with British Treasury officials and Bank of

bars, inscribed with "CENTRAL MINT CHINA" and "999

England leaders. Kung knew the fabi was initially pegged to

FINE," were no longer domestic currency. They became

the pound; securing British financial support and loans was

the bedrock of the Republic of China's fabi credit – the very

crucial for stabilizing China's economy. However, Europe faced

foundation for securing survival resources on the international

the growing threat of Nazi Germany. The British government,

market.

adopting an appeasement and wait-and-see policy toward the Far East, was unwilling to overly provoke Japan and responded

Understanding this history reveals the profound significance of

coldly to China's large loan requests. Negotiations were slow

the small mint bar model in Figure 1. Behind it lie the pain and

and frustrating.

achievement of modernizing China's national financial system – a tangible weapon forged by the Republic of China against the

2. Moving to Washington and the Decisive July

global economic storm.

Negotiations

Chapter IV H.H. Kung's 1937 Diplomatic Mission to Europe and the U.S. and the Sino-U.S. Silver Agreement

After encountering setbacks in Britain, Kung moved to Washington, D.C., in late June 1937 to seek direct assistance from the United States. The U.S. at the time was constrained by strong domestic isolationist sentiment and the Neutrality Acts , which prevented it from providing direct military loans or arms

By 1937, as Japanese imperialist ambitions in China grew

aid to China. Nevertheless, President Franklin D. Roosevelt had

unchecked, the outbreak of all-out war was imminent. For

deep sympathy for China's resistance against Japan and saw it as

the Nationalist government, war was not just about troops

a crucial counterweight to Japan's expansion in the Pacific.

and weapons, but the nation's treasury and foreign exchange

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reserves. The fabi system, established only two years earlier on

Upon arriving in the U.S., Kung received a high-level reception

weak foundations, faced an unprecedented test. To raise funds

from the Roosevelt administration. President Roosevelt

Stories

personally instructed Treasury Secretary Henry Morgenthau Jr.

strength and the most powerful bargaining chip in Kung's hands.

to do everything possible to help China, so as to continue their

China and the United States.

Chapter V Decoding "Presented by H.H. Kung": Motivations, Political Intentions, and Diplomatic Psychology

In July 1937, just as the Marco Polo Bridge Incident erupted

With this tumultuous history of 1937 as the backdrop, consider

and Chinese and Japanese forces engaged in bloody battles on

now the paper label inside the box lid, which reads: "Mint Bar

the outskirts of Beiping (present-day Beijing), the negotiations

Model" and "Presented by H.H. Kung." These words were not

in Washington reached a critical stage. On July 8 and 9, Kung,

casually written. Rather, they embody a deliberate political-

Chinese Ambassador to the U.S., C.T. Wang, and Secretary

psychological strategy and meticulous diplomatic intention.

Morgenthau held intensive closed-door meetings. Facing the

Three dimensions reveal their meaning.

very pleasant and friendly relations. This political directive gave the green light for substantive financial negotiations between

rapid spread of war in his homeland, Kung presented the U.S. side with a massive silver sale plan.

1. The Tangible Projection of National Sovereignty and Financial Modernization

Ultimately, on July 9, the two sides reached a historically significant secret financial agreement: the U.S. Treasury agreed

In the eyes of mainstream Western society and Wall Street

to purchase a substantial amount of silver from China – up to 62

bankers in the 1930s, China remained a semi-colonial state

million ounces – at a fixed price of 45 cents per ounce, paying

long mired in warlord civil wars, economic backwardness, and

with gold and U.S. dollars. Under the agreement, the gold

institutional corruption. The West was deeply skeptical that the

thus obtained would be held in the United States, serving as a

Chinese government had the capacity to establish a modernized

powerful reserve to stabilize the Chinese fabi .

central fiscal system and maintain a stable fiat currency.

This massive influx of foreign exchange was a timely lifeline.

Kung deeply understood that in the brutal arena of international

It successfully stabilized market confidence in the fabi in

relations, empty diplomatic rhetoric could not move realist

the early stages of the War of Resistance and prevented an

Western bureaucrats. He needed a tangible object – a powerful

immediate economic collapse. Just as importantly, it provided

piece of evidence capable of instantly shattering Western

the Nationalist government with critical funding to purchase

stereotypes. When Kung placed the mint bar model on the

urgently needed weapons, aviation gasoline, and other strategic

negotiation table – with its all-English markings "CENTRAL

materials on the international market. The Sino-U.S. Silver

MINT CHINA," "6.36 OZ.," "999 FINE," and a strict sequential

Agreement reached by Kung and Morgenthau stands as one of

serial number – he intended to send a strong, undeniable political

the most important diplomatic victories for China in the early

signal: the Republic of China had completely bid farewell to

period of the War of Resistance.

the chaotic era of silver taels, establishing a modernized state apparatus with industrial minting capabilities, strict control over

In this series of intense negotiations and exchanges, H.H.

precious metal purity, and a powerful centralized fiscal system.

Kung needed to prove two things to the U.S. side: first, that the Chinese government indeed possessed substantial silver reserves;

This model was not merely a piece of metal; it was a physical

and second, that China had the industrial capability to refine

certificate of China's national credit, its modernization process,

and cast this silver into forms meeting the highest international

and the success of the currency reform. By presenting it as a gift,

market standards – and was no longer producing the low-quality,

Kung was in essence showing the West a modernized China:

inconsistent silver of the past. It was precisely in this diplomatic

capable of fulfilling commitments, trustworthy, and worthy of

context that the Central Mint's meticulously crafted Type A

investment (or loans).

mint bar model became the most convincing proof of national

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2. Lubricating Diplomacy: Bridging Cultural Divides and Avoiding Anti-Corruption Scrutiny

In traditional Chinese diplomatic and official culture, renqing (a

Avoiding suspicion of bribery. Even though it

concept of human relationships and mutual obligation) and gift-

was cast from high-purity silver (indicated by

giving helped build personal ties, mutual trust, and negotiating

999 FINE), its explicit marking as a "model"

momentum. Kung, who came from a prominent Shanxi merchant

for display meant that, within the context of

family, was known in the Nationalist government for his social

diplomatic gift-giving, it fell within the legitimate

agility and his ability to navigate high-level social settings.

bounds of exchanging souvenirs between nations. This allowed the recipient – a U.S. official like

However, when facing Western democracies like the United

Morgenthau – to accept this meaningful historical

States, traditional Eastern gift-giving often encountered strict

witness without violating conflict-of-interest

legal and ethical challenges. Civil service regulations in Western

regulations.

countries imposed severe restrictions on receiving gifts from representatives of foreign governments, especially for senior officials responsible for national financial power (such as U.S. Treasury Secretary Morgenthau). If Kung had directly presented

Through the act of "presenting," combined with the clever

a standard mint bar weighing ten or dozens of taels of pure

definition of "model," Kung successfully transformed cold

gold or silver – even if his intention was merely to demonstrate

negotiations over national financial interests into an exchange of

minting quality – it could easily have been interpreted by

personal friendship – and a shared witness to a historic moment.

Western media or political opponents as outright bribery,

It was a perfect lubricant for advancing the negotiation process.

potentially triggering a political scandal and destroying the hardwon trust built during negotiations.

3. The Historical Precedent of Kung Using Mint Resources for Political Public Relations

This is precisely the exquisite political wisdom demonstrated by A look at numismatic history reveals a consistent pattern.

the word "Model" on the label.

Kung consistently used the Central Mint's products as tools for Defining this object as a "model" subtly shifted its legal and

personal political public relations and diplomatic propaganda –

diplomatic status.

it was his established modus operandi. Historical literature and international auction records show that during his tenure as Minister of Finance, Kung repeatedly

instructed the Central Mint to strike commemorative pieces for himself or for specific political events. Examples include:

De-commodification and memorialization. The bar was no longer a precious metal

1.A 1940 copper medal featuring Chiang Kai-shek on the

commodity that could be directly liquidated

obverse with the inscription "Victory is Certain in the War of

on the market, but rather a souvenir or

Resistance," and H.H. Kung's portrait on the reverse. It was

industrial sample representing national

struck to mark the second anniversary of the opening of the

achievement. This greatly reduced its

Central Mint's Kweilin Branch and bears the signature of Wei

sensitivity as property.

Chung Huang ( 黃偉存 ).

2. The more famous 1943 silver medal for the tenth anniversary

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1943 silver medal for the tenth anniversary of the inauguration of Minister H.H. Kung

of the inauguration of Minister H.H. Kung, struck by the Central

he was the absolute leader and final decision-maker on

Mint's Kweilin Branch, featuring a bust of Kung on the obverse.

the U.S. side. Morgenthau was highly vigilant against the fascist expansion of Nazi Germany and Imperial Japan, and

These extremely rare medals and presentation pieces

he was inclined to support China's War of Resistance. His

demonstrate that Kung mastered and frequently mobilized the

Morgenthau Diaries meticulously record numerous meetings and

national resources of the Central Mint, viewing it as a personal

confrontations with Chinese representatives, including Kung and

tool for shaping his political image, winning over supporters, and engaging in high-level social networking. Therefore, at

Chen Kwang Pu ( 陳光甫 ).

the critical moment in 1937 when the nation's fate hung in the

We can reasonably reconstruct such a historical scenario: in a

balance, Kung specifically ordered the Central Mint to produce

secret conference room at the U.S. Treasury in Washington,

a batch of lightweight mint bar models and personally attached

Kung opened the exquisite brocade box and placed the mint bar

the exclusive "Presented by H.H. Kung" labels to bring to

model – inscribed with "999 FINE" – in front of Morgenthau.

Europe and America. This conformed to his consistent political

He needed to persuade the U.S. Treasury secretary that China

tactics and diplomatic public relations practices. It was not an

could reliably supply high-quality silver in exchange for dollars

impromptu act but a mature model of political operation.

and gold. This was not merely a demonstration of industrial standards but a political guarantee carrying the label "Presented

Chapter VI Who Were the Recipients? Historical Deduction and Situational Reconstruction

by H.H. Kung." For Morgenthau, accepting this historically significant model would neither violate U.S. government ethics rules nor symbolize the beginning of a financial alliance between China and the United States. Key U.S. advisors involved in

Although the paper label does not directly state the recipient's

the negotiations, such as senior Treasury official Harry Dexter

name, we can deduce the most likely candidates by cross-

White (later implicated in espionage suspicions), were also

referencing Kung's 1937 European and American itinerary, key

potential secondary recipients of such models. (See Wankun

meeting nodes, and the individuals he negotiated with.

Li, War, Trade and Socialism: Grain Resource Control in Rural

Chongqing, 1937-1953 .)

1. Primary Potential Recipient: U.S. Treasury Secretary Henry Morgenthau Jr. and His Core Advisors

2. Highest-Level Potential Recipient: U.S. President Franklin D. Roosevelt

Morgenthau is undoubtedly the most logical potential recipient of this mint bar model – and the one of greatest historical

As a special envoy of the Chinese government, Kung was

significance. In the July 1937 Sino-U.S. silver negotiations,

received by President Roosevelt upon his arrival in the United

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Stories

States. Roosevelt had personally instructed Morgenthau to find

full-scale outbreak of the War of Resistance, the Nationalist

ways to help China – a clear sign of the importance the highest

government issued a large number of National Salvation Bonds.

levels of the U.S. government attached to Kung's mission.

To incentivize domestic financial magnates and banking tycoons

Roosevelt also had a keen interest in history, international affairs,

(such as the Kiangsu-Chekiang financial clique), as well as

and artifacts from various nations. Moreover, U.S. presidents

patriotic overseas Chinese leaders who actively donated to the

traditionally received official state gifts from foreign envoys.

war effort, Kung may have also presented this type of mint bar model – bearing his exclusive gift label – as a highly prestigious

A mint bar model symbolizing the achievements of China's

award to those who made significant contributions to national

monetary modernization – and intimately connected with the

finances. For these Chinese elites at home and abroad, receiving

U.S. Silver Purchase Act – was undoubtedly a national gift of

a model of the national financial reserve personally presented

significant diplomatic weight and historical depth. Kung would

by the Minister of Finance would have been an unparalleled

have had every motivation to present one as an official gesture

political honor and a symbol of status.

from the Nationalist government to President Roosevelt – either directly or through Morgenthau – to thank him for his sympathy and support for China's cause of resistance against Japan.

Chapter VII Examination of Historical Literature, Newspaper Reports, and Archival Evidence

3. Potential Recipients in European Financial Circles: British Treasury Officials and Bank of England

Can direct textual records of this artifact – with its "Mint Bar

Leaders

Model" and "Presented by H.H. Kung" label – be found in the historical literature or newspaper reports of the time? This is a

Before going to the United States, Kung spent an extended

serious question of historical verification.

period in London in May 1937. Britain was another pillar of the global financial system at the time, and China's fabi was initially

1. The Opacity of Newspaper Reports and Wartime

pegged to the pound. In London, Kung held intensive meetings

Press Censorship

with key British Treasury decision-makers, such as Sir Frederick Leith-Ross, the British chief economic advisor who had

Searching public newspapers from July 1937 (such as China's

personally traveled to China to promote the currency reform, as

Shun Pao , Ta Kung Pao , Central Daily News , or America's New

well as senior bankers like the Governor of the Bank of England.

York Times , Washington Post ) for a specific headline like "Mint Bar Model Presented by H.H. Kung" would almost certainly be

Leith-Ross and his colleagues were well aware of the chaos of

futile. This is not because the event did not occur, but because of

China's traditional silver system. It is highly likely that Kung

the unique historical context of the time:

placed the mint bar model on the table during these meetings, proudly demonstrating the latest achievements of the Central

The High Confidentiality of Financial Diplomacy: In July 1937,

Mint and proving that the Chinese government had fully

Chinese and Japanese forces were already fiercely engaged in

mastered the technology of standardized precious metal refining.

North China. The amount of China's national foreign exchange

He would have used it as leverage to secure British loan support

reserves, the secret routes for shipping silver abroad, and the

in the form of a pound stabilization fund for China's fabi .

specific details of the gold-silver exchange agreement with the U.S. Treasury were all top-level national military and financial

4. Potential Recipients for Domestic Political Purposes:

secrets of the Nationalist government. Any leak of details could

Key Political Figures and Overseas Chinese Leaders

have triggered panic in domestic financial markets or even led to interception by the Japanese military or diplomatic sabotage.

Beyond external diplomacy, as Minister of Finance, Kung also faced enormous pressure to raise funds at home. After the

146

The Non-Public Nature of Closed-Door Diplomacy: Although

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the media widely reported on Kung's diplomatic itinerary in the

that in the critical period surrounding the outbreak of the War

U.S. – for example, the July 9 press conference where Kung, C.T.

of Resistance, Kung himself was deeply concerned with – and

Wang, and Morgenthau announced their agreement at the U.S.

personally involved in – the site selection of branch mints and

Treasury, complete with historic photographs of the three men,

the production scheduling of mint bars.

sending a political signal of Sino-U.S. friendship – the specific details of what was exchanged behind closed doors never

This indicates that in Kung's strategic understanding, the

appeared in official press releases. Which models or technical

production of mint bars was by no means ordinary local minting

specifications? Such details – which could touch sensitive nerves

business, but a top-level strategic matter concerning the success

regarding gift acceptance by Western officials – were strictly off

or failure of the War of Resistance. A Minister of Finance who

the record.

personally drove and supervised the casting of mint bars, who then – for the needs of diplomatic negotiations – ordered the

2. Corroborating Evidence from the Morgenthau

Central Mint to produce a batch of portable mint bar models,

Diaries and Nationalist Government Internal Archives

personally added exclusive gift labels, and took them abroad – such a course of action is not only completely logical but also

Although hard to find in public newspapers, such details find

rests on a strong documentary foundation.

powerful circumstantial support in uncensored internal historical archives.

3. The Chain of Physical Evidence in Numismatic Circles

The Morgenthau Diaries , housed at the Franklin D. Roosevelt Presidential Library in Hyde Park, New York, run to hundreds of

Beyond official archives, the physical survival of artifacts and

volumes and are the most authoritative source for studying U.S.

research in modern numismatic circles constitute the final piece

financial and foreign policy during World War II. Within this vast

of the evidentiary puzzle. Eduard Kann, a giant of modern

diary, Morgenthau not only meticulously recorded the bargaining

Chinese numismatics, meticulously recorded in his authoritative

over silver pricing and delivery quantities with Kung's team but

works the arduous process and specific specifications of the

also occasionally noted gift-giving on diplomatic occasions.

Central Mint's casting of gold and silver mint bars amidst the

For instance, the diary records a private conversation in which

flames of war. In recent years, major international coin auctions

Morgenthau received a solid gold commemorative plaque

(such as Heritage Auctions and Stephen Album Rare Coins)

from the American film industry. This shows that accepting

have frequently offered Central Mint "A BAR" silver bars, gold

commemorative metal objects – even those made of precious

mint bars featuring Sun Yat-sen, and mint medals bearing the

metal – was not impossible in Morgenthau's official interactions;

portrait of H.H. Kung – all from the collections of seasoned

the key lay in the nature and form of the gift.

European and American collectors.

Even more direct evidence comes from the historical and

These physical artifacts appearing on overseas auction markets

political archives of the Republic of China. In the Academia

intertwine to form a solid chain of evidence: the Central Mint

Historica or relevant Ministry of Finance archives, strict

did indeed produce over 200 high-purity, standardized metal

telegraphic communications survive among Nationalist

ingots – the highest recorded serial number being 210 – bearing

government high‑level officials regarding the casting and

the "CENTRAL MINT," "A BAR," and "999 FINE" markings

management of mint bars. The documents record, in four

between the 1930s and 1940s. Moreover, Kung's practice of

dispatches, that "Kung and others telegraphed Chiang Kai‑shek

using mint products as personal political and diplomatic leverage

that the Hangchou Mint, intended exclusively for casting Type

was common among the upper echelons of the Nationalist

B mint bars, would be difficult to transfer to the Chekiang

government. The artifact in Figure 1, with its "Mint Bar Model"

Construction Department for conversion into an automobile

and "Presented by H.H. Kung" label, stands as an extremely rare

factory." This archive is extremely valuable. It irrefutably proves

and critical link in this historical chain of evidence.

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Chapter VIII Conclusion: A Century-Spanning Testament to National Credit

legal scrutiny of Western democracies regarding officials receiving valuable foreign items. It allowed these crucial financial negotiations to proceed smoothly within a legitimate framework.

Based on the detailed investigations above - into macroeconomic history, diplomatic negotiations, Central Mint casting

3. The Artifact's Value as Historical Evidence in Context:

standards, and political psychology - we can draw the following

Although limited by wartime financial secrecy and strict

conclusions with a high degree of certainty regarding the

press censorship, no direct headline reports of a "Mint Bar

profound implications of the 1937 Central Mint bar model and

Model Presented by H.H. Kung" have been found in public

its "Presented by H.H. Kung" label:

newspapers of the time. However, the detailed records of the secret Sino-U.S. silver purchase agreement in the Morgenthau

1. Core Intentions and Motivations: "Presented by H.H. Kung"

Diaries, the instructions regarding mint bar casting personally

was by no means a traditional private gift or official social

issued by Kung found in internal Nationalist government

exchange, but rather a meticulously planned financial diplomatic

archives, and the numerous surviving examples of similar

public relations campaign at a moment of national life and death.

mint bars and H.H. Kung mint medals on today's international

At this historic turning point in 1937, this mint bar model carried

auction market – all provide rock-solid circumstantial evidence

the heavy responsibility of demonstrating to the international

for the authenticity and historical context of this artifact.

financial community (especially the U.S. government, which controlled global silver pricing) the fiscal strength,

The tattered paper label inside the lid of this brocade box,

standardization of metal refining (exemplified by the 999 FINE

and the silver ingot resting quietly within, are by no means

highest purity), and modern national credit of the Republic of

merely a dusty numismatic anecdote. Rather, they constitute a

China. It was a visible and tangible form of collateral that Kung

materialized historical archive: this very small object reflects

used to persuade foreign governments to purchase Chinese

the fiscal and diplomatic scene of the Republic of China on the

silver, provide foreign exchange backing for the fabi , and

brink of national catastrophe in 1937. At that time, the nation's

thereby secure loans essential for China's survival in the War of

highest financial decision-maker, seated at the conference table

Resistance.

in Washington, condensed the purity of silver, the craftsmanship of the Central Mint, and the symbolic meaning of national credit

2. The Clever and Calculated Diplomatic Attributes: Using the

into a single silver ingot. This ingot was no longer just precious

concept of "Model" rather than directly presenting a massive

metal; it became a diplomatic language, a declaration of credit,

solid gold or silver bar with huge market liquidation value

and a micro-epic of a nation's desperate struggle for survival at a

demonstrated H.H. Kung's sophisticated diplomatic skill. This

moment of imminent peril.

perfectly achieved the political goal of visibly demonstrating China's modern minting achievements and its ability to fulfill contracts, while cleverly circumventing the strict anti-corruption

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Remembering Steve Feller ◎ Ray Feller〔USA〕

that would last the rest of his life, and which he shared with his younger daughter, Ray. Steve was constantly curious and always either learning or teaching. Professionally, he was a physics professor at Coe College in Cedar Rapids, Iowa for over 45 years. In numismatics he was an active researcher, author, and presenter, focusing on money from the United States Civil War, World War II camps, and ancient coins. A On November 19th, 2025, the numismatic community

character himself, he also loved learning about some of

lost enthusiastic intellectual Steve Feller. He passed

the more eccentric people behind paper money.

away after an unexpected and aggressive illness. Steve was also a colleague to all and made many friends Steve was a lifelong collector with a passion for history

at shows and coin clubs. He and his daughter were in

that began in his youth in Brooklyn, NY. His father

charge of the educational programming at the MPC Fest

worked at a kiosk in Manhattan and would bring home

in Port Clinton, Ohio, where he had also just won his

unusual coins he had come upon. Over time, Steve's

first Fest Poker Championship.

interests expanded, particularly while he was a PhD student at Brown University and came across the Moses

Steve will be missed for his encouragement of others,

kronen from the Theresienstadt Ghetto in WWII. This

his careful study of history, his eagerness to share

sent him into a series of WWII camp research projects

information, and his camaraderie.

From the Editorial Team We at the Journal of East Asian Numismatics are deeply saddened by the passing of our dear colleague and Senior Editor, Steve Feller. He brought to these pages not only his vast knowledge, but also his boundless curiosity and warmth. His contributions to the journal include:

A Santo Tomas Internment Camp Meal Ticket: A Tragedy in Manila (Issue 4) Physics and Numismatics on Some Trips to China (Issue 5) United States Proof Coins for the Philippines 1903-1908 (Issue 10) The 20th MPC Fest (Issue 15) The Phoenix Rises for MPC Fest 24 (Issue 30) A Visit to the Jerome and Rohwer, Arkansas Japanese-American Relocation Camp Sites (Issue 35)

149

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1. 參展商在提交本參展申請表時，須要一次性支付全部參展費。 2. 參展商如果未能在申請提交后的一周內完成付款，所提交的申請將會被視為無效。 3. 參展展位的價格以港元和美元結算，如您的付款方式以其他貨幣結算，請與我們聯繫。 4. 以上付款及費用涉及銀行匯費部份，將由申請參展商承擔。 5. 大會組委會竭力為大家提供錢幣交流平臺，但對展會中交易的錢幣爭議、糾紛不承擔任何經濟與法律的責任。任何買家對购得錢幣有任何疑问，需自行與賣家協商。 6. 為嚴格規範 MICC 澳門錢幣展品質，大會組委會嚴禁任何參展單位或個人出售偽品錢幣。如有舉報或發現出售偽品錢幣，且經共組人員勸阻無效，大會將取消參展單位或個人的參展資格，并扣除相應參展費。首日發現扣除 50% 參展費用，次日發現扣除 80% 參展費用，最後一日發現扣除全部參展費用。 7. 大會組委會在展會期間實行嚴格的安保措施，但由參展人數眾多，參展商需自行保管好自身錢物。有任何物品遺失，大會將積極協助，但亦不承擔經濟與法律的責任。 1. Exhibitors need to make full payment when submitting the application. 2. The application will be cancelled if table fees are failed to pay by a week after submitting the application. 3. The final payment should be paid in USD or HKD. If exhibitors need to pay in other currency or other payment method, please contact with us. 4. Exhibitors assume any remittance cost of bank caused by the above terms. 5. MICC will not take responsibility or be involved in any commercial and legal disputes arising between sellers and buyers. 6. MICC strictly forbids the selling of counterfeit material in the shows. Confirmed cases of such cases may lead to the exhibitor barred from our shows immediately and permanently. The exhibitors who are selling the fake items will be expelled and recieve part or none of exhibition fee. If it is found on the first day, 50% exhibition fee will be returned to the exhibitor. If it is found on the second day, 20% exhibition fee will be returned. If it is found on the last day, none of exhibition fee will be returned. 7. The organizing committee will implement strict security measures during the exhibition. However, due to the large number of attendees, exhibitors are responsible for safeguarding their own money and belongings. In the event of any loss, the committee will provide active assistance but will not assume financial or legal liability.

公司印章及負責人簽署 Company Stamp & Authorized Signature

日期 Date

* 特此聲明，本人已經詳細閱讀并了解本申請表中的全部條例與政策，組委會擁有本次活動的最終解釋權。 I hereby declare that I have read and understood all the terms and policies on this application form. The organisers will have the final say in any disputes. 請聯繫我們 Please contact us: Yvan Gao

微信 WeChat: GN79991

郵箱 Email: yvan799@outlook.com

2026.11.27-11.28 澳門十六浦索菲特大酒店 6 樓 Sofitel Macau at Ponte 16, 6F

澳門錢幣展 2026 暨第二屆澳門國際錢幣交流會 2026 2nd MACAU INTERNATIONAL COIN CONVENTION 展廳平面佈置圖 Exhibition Floor Plan

請聯繫我們 Please contact us: Yvan Gao

微信 WeChat: GN79991

郵箱 Email: yvan799@outlook.com

A prime location in Wan Chai, with excellent transport links, close to business and shopping districts, making it easier for visitors to reach. 灣仔核心地段，交通方便，接近商業及購物區，參觀人士方便到達。 • 3 mins walk from Wan Chai MTR Station (Exit D) 灣仔站（D出口）- 3 分鐘步程 • 8 mins drive to Airport Express Hong Kong Station 機場快綫香港站 - 8 分鐘車程 • 40 mins drive to Hong Kong International Airport 香港國際機場 - 40 分鐘車程 Expanded . Elevated . Exceptional 空間更大・格調更高・體驗更非凡

• 1000 parking spaces for drivers 1000 個車位供駕車人士使用

Everything You Need 一應俱全滿足需求 SPECIAL DISCOUNT 客房專屬優惠 Limited-time special rate on Hopewell Hotel's 1000 comfortable guest rooms for exhibitors 合和酒店1000間舒適客房，參展商限時專屬折扣 WATER REFILL STATIONS 飲用水補充站 Bring your own bottle, go green and stay hydrated! 歡迎自備水樽，推動環保，隨時補水

Queen’s Rd E - near Porsche Showroom

The escalator on the left, turn right to enter Hopewell shopping mall

皇后大道東 - 保時捷陳列室旁邊

左側扶手梯，轉右進入商場

EXHIBITOR F&B BENEFITS 餐飲專屬優惠 Exclusive discounts at Hopewell Hotel 參展商尊享酒店美食及飲品特別折扣 BETTER EXPERIENCE 更佳體驗 more value for exhibitors 為參展商創優增值 DIVERSE DINING OPTIONS 多元美食選擇 A wide range of restaurants inside Hopewell Hotel and within walking distance around the venue 酒店內及周邊步行範圍內，提供豐富多樣餐飲選擇，隨心享用

At L3, walk till the end of Hopewell Mall for Lifts to access Hopewell

Take the lift to 16/F Grand Ballroom

合和商場3樓直行至盡頭乘坐專用升降機

專用升降機直達16/F 合和大禮堂

將您的硬幣、紙幣和郵票委託給專業人士

硬幣鑒定、評級和封裝 NGCcoin.hk

紙幣鑒定、評級和封裝 PMGnotes.hk

郵票鑒定、評級和封裝 ASGstamps.hk

想了解更多資訊, 請聯絡我們的香港辦公室 +852 2115 3639 | Service@Collectiblesgroup.hk NGC Hong Kong

Innovative Premium Coins 创新臻品钱币

了解更多：www.cit.li

World Money Fair The World‘s Leading Numismatic Trade Show #theplacetobe Exhibitors from > 50 Countries

Auction Dealers Mints Suppliers

Th, 28 – Sa, 30 Jan 2027 Estrel Congress Center, Berlin, Germany

worldmoneyfair.de

2025 Niue Island 10 Dollar 10 Ounce Silver Legend of Chu Liuxiang Commemorative Coin Chu Liuxiang is one of the most famous Chinese Kung fu characters by Gu Long. The 2025 Niue Island 10 Dollar 10 Ounce Silver Legend of Chu Liuxiang Commemorative Coin is a masterpiece jointly designed by renowned Chinese designer Yu Min and acclaimed Western designer Helmut Andexlinger, and minted by China's leading Shanghai New Century Minting Co., Ltd.

The obverse, designed by Yu Min, is based on an original drawing by Hong Kong comic artist Lee Chi Ching. The gold gilt background artfully incorporates a desert scene shaped like a folding fan. The reverse by Helmut Andexlinger employs ultrahigh relief, combined with antique finishes and mirror and sandblasting effects. Together, this coin represents a perfect fusion of Eastern artistic narrative and Western innovation, resulting in a true numismatic treasure. Date：2025（NC）

Weight：10 oz

Mintage：100

Denomination：10 Dollar

Metal：.999 Silver

Diameter：80mm

Helmut Andexlinger：

Yu Min：

Lee Chi Ching：

Winner of 3 Coin of the Year (COTY)

Winner of the 2017 COTY Lifetime

The designated illustrator for works

Chief Designer at the Austrian Mint. Overall Awards. Winner of over 20

COTY Category Awards. His Supernova

Coin Won the 2025 COTY Overall Award

Top Chinese Designer

Achievement Award for Design

His 1983 Panda Silver Coin won the COTY Best Silver Coin

Hong Kong famous comic artist.

by literary giants Louis Cha (Jin Yong)

and Gu Long. Winner of the First Japan International Manga Award in 2007

Macau Launch at Macau International Coin Convention (MICC) on 11/26/2025 South Korea Launch by Poosang Hwadong in 1/2026 https://www.poongsan.co.kr/en/company/partner/domestic

USD 1999 / RMB 13888 (Each Limited To One)

Germany Launch at World Money Fair Berlin on 1/29/2026

Hong Kong Launch at Hong Kong International Coin Convention on 4/7/2026

Videos

2. https://www.facebook.com/share/p/1A7ecLWhph/

Email: championghka@gmail.com

1. https://youtu.be/DuIyNmo5XoY

Tel: 853-68666901/ 852-61650618

澳門辦公室 Macau Office

澳門羅理基博士大馬路 600E 第一國際商業中心 1 樓 P105 室電話：853-68666901 郵箱：jeanzg1994@163.com yvan799@outlook.com

如您想要購買或出售中國頂級機製錢幣，可聯繫冠軍

Champion is your leading source for buying and selling premium Chinese coins! 往年冠軍亮点 Champion Highlights

1898 年喜敦版湖南省造光緒元寶庫平七錢二分銀質樣幣，鏡面， NGC SP67，張南琛收藏，已知品相最好的一枚，第一枚價格超過一萬美元的中國機製幣 1898 HEATON HUNAN PROVINCE 7 Mace and 2 Candareens Silver Proof Pattern. NGC SP67, NC Collection,Finest Known, First Chinese Vintage Coin Sold for over US $10,000 成交記錄 : 2014 年成交價超過 1 000 000 美元 , 私人交易 Auction Results： 2014 More than US $1,000,000,Private Treaty

1898 年喜敦版湖南省造光緒元寶庫平三錢六分銀質樣幣，鏡面， Kann 中無記錄，PCGS SP66+，古德曼 / 華人家族收藏，已知品相最好的一枚 1898 HEATON HUNAN PROVINCE 3 Mace and 6 Candareens Silver Proof Pattern, Kann Unlisted, PCGS SP66+, Goodman-Chinese Family Collection, Finest Known 成交記錄 : 2020 年 11 月冠軍拍賣，成交價 540 000 美元 Auction Results： 11/2020 Champion Auction Realized US $540,000

1898 年喜敦版湖南省造光緒元寶庫平三錢六分銀質樣幣，鏡面， NGC SP66，張南琛收藏 1898 HEATON HUNAN PROVINCE 3 Mace and 6 Candareens Silver Proof Pattern, NGC SP66, NC Collection 成交記錄 : 2013 年冠軍拍賣，私人交易 Auction Results： 2013 Champion Auction Private Treaty

1900 年京局製造庚子光緒元寶庫平七錢二分銀質樣幣一套，再版，K233，NGC MS62，耿愛德 / 史威尼 / 美國華人收藏 1900 PEKING Silver Pattern Set, Restrike, K233, NGC MS62, Kann-Sweeny-Chinese American Collection 成交記錄 : 2014 年冠軍拍賣，成交價 414 000 美元 Auction Results： 2014 Champion Auction,Realized US $414,000

1911 年（宣統三年）大清銀幣壹圓銀質樣幣，L.Giorgi 簽字版， Kann 中無記錄，PCGS SP63，昆克拍賣 / 冠軍拍賣 /WL 收藏，已知品相最好的一枚 1911 TA CHING One Dollar Silver Pattern, L. Giorgi Signature, Kann Unlisted, PCGS SP63, Kunker-Champion-WL Collection, Finest Known 成交記錄 : 2014 年昆克拍賣，成交價 530 000 歐元 Auction Results： 2014 Kunker Auction, Realized EUR 530,000

1911 年（宣統三年）大清銀幣壹圓長鬚龍銀質樣幣，K223， NGC MS64，張南琛 /WL 收藏 1911 TA CHING Long-Whisker Dollar Silver Pattern, K223, NGC MS64, NC-WL Collection, Finest Known 成交記錄 : 2021 年 5 月冠軍拍賣，成交價 1 344 000 美元 Auction Results： 5/2021 Champion Auction,Realized US $1,344,000

1911 年（宣統三年）大清銀幣壹圓大尾龍銀質樣幣，K226， NGC PF62，W&B Capitals/WL 收藏 1911 TA CHING Large-Tail Dragon Dollar Silver Pattern, K226, NGC PF62, W&B Capital-WL Collection 成交記錄 : 2012 年 W&B- 冠軍拍賣，私人交易 Auction Results： 2012 W&B-Champion Auction,Private Treaty

1868 年中外通寶五錢銀質樣幣，K926，PCGS SP65，1991 年古德曼舊藏拍賣 / 華人家族收藏 / 冠軍拍賣 1868 MARITIME CUSTOMS 50 Cent Silver Pattern, K926, PCGS SP65,1991 Goodman Collection Auction/Chinese Family Collection/Champion Auction 成交記錄 : 2023 年華人家族收藏 - 冠軍拍賣，私人交易 Auction Results： 2023 Chinese Family Collection-Champion Auction, Private Treaty

1896 年四川省造楷書（缶寶）光緒元寶庫平三錢六分銀幣， NGC PF66, 冠軍拍賣 /W&B Capital 收藏，已知品相最好的一枚 1896 SZECHUAN PROVINCE 3 Mace and 6 Candareens Silver ( 缶寶 ) K141, NGC PF66, Champion Auction-W&B Capital Collection, Finest Known 成交記錄 : 1996 年 11 月冠軍拍賣，成交價 55 200 美元； 2019 年冠軍拍賣，私人交易 Auction Results： 11/1996 Champion Auction,Realized US $55,200 2019 Champion Auction,Private Treaty

澳門辦公室澳門羅理基博士大馬路 600E 第一國際商業中心 1 樓 P105 室電話：853-68666901 郵箱：yvan799@outlook.com

Champion Macau Office AV. DR. Rodrigo Rodrigues. 600E-P105 First International Com. Center Tel: 853-68666901 Email: yvan799@outlook.com

香港店鋪九龍旺角砵蘭街 169-173 號好旺角商場 219 室電話：852-61650618 郵箱：championghka@gmail.com

Champion Hong Kong Store Rm. 219, 2/F Ho Mongkok Shopping Centre, No.169-173 Portland St. Mongkon Kowloon Tel: 852-61650618 Email: championghka@gmail.com

臺北店鋪臺北市大同區南京西路 163 號 1 樓之 51 電話：02-2555-17611 郵箱：championghka@gmail.com

Taipei Store First Floor Room 51, 163 Nanking West Road,Taipei TEL: 02-2555-17611 Email: championghka@gmail.com

1910 年庚戌春季雲南造宣統元寶庫平七錢二分銀質樣幣，K177, NGC AU55，Ultima 收藏 / 冠軍拍賣，第一枚價格超過一百萬美元的中國機製幣 1910 YUNNAN PROVINCE "SPRING" 7 Mace and 2 Candareens Silver Pattern, K177, NGC AU55, Ultima Collection-Champion Auction,First Chinese Vintage Coin Sold for over US $1 Million 成交記錄 : 2010 年 8 月 Ultima 收藏，成交價 1 035 000 美元 , Auction Results： 8/2010 Ultima Auction,Realized US $1,035,000

1897 年（光緒）二十三年安徽省造七錢二分銅鍍銀樣幣，PCGS MS63+，奧托·拜赫檔案室收藏，已知品相最好的一枚 1897 (Year 23) ANHWEI PROVINCE 7 Mace 2 Candareens Brass Silver Plated Pattern, PCGS MS63+,Otto Beh Archive, Finest Known 成交記錄 : 2016 年 8 月冠軍拍賣，成交價 200 700 美元 Auction Results： 8/2016 Champion Auction,Realized US $200,700

1897 年（光緒）二十三年浙江省造光緒元寶庫平三錢六分銀質樣幣，Kann 中無記錄，NGC MS63，古德曼 / 華人家族收藏，已知品相最好的一枚 1897 (Year 23) CHEKIANG PROVINCE 3 Mace and 6 Candareens Silver Pattern, Kann Unlisted, NGC MS63,Goodman-Chinese Family Collection， Finest Knwon 成交記錄 : 2014 年冠軍拍賣，私人交易 Auction Results： 2014 Champion Auction,Private Treaty

1890 年廣東省造光緒元寶庫平三錢六分五厘反版銀幣，Y197， L&M124，K17，NGC MS64，1972 年 Jess Peters 銷售目錄，張南琛收藏，已知品相最好的一枚 1890 KWANGTUNG PROVINCE 3 Mace and 6.5 Candareens Silver Pattern, 7.3 Reversed Pattern, Y197, L&M124, K17, NGC MS64, 1972 Jess Peters Price list, NC Collection, Finest Known 成交記錄 : 2021 年 5 月冠軍拍賣，成交價 240 000 美元 Auction Results： 5/2021 Champion Auction,Realized US $240,000

1906 年光緒丙午年造大清金幣庫平一兩，光邊大雲版， L&M1023，K1540，NGC MS64，張南琛收藏，已知品相最好的一枚 1906 TA CHING One Tael Gold, Large Cloud, Plain Edge, L&M1023, K1540, NGC MS64, NC Collection, Finest Known 成交記錄 : 2021 年 5 月冠軍拍賣，成交價 462 000 美元 Auction Results： 5/2021 Champion Auction,Realized US $462,000

1867 年上海壹兩銀質樣幣無射線版，鏡面，K911，PCGS SP 65，華人家族收藏 - 冠軍拍賣，已知品相最好的一枚 1867 SHANGHAI One Tael Silver Pattern, without Rays, Proof, K911, PCGS SP 65, Chinese Family CollectionChampion Auction, Finest Known 成交記錄 : 2008 年 6 月冠軍拍賣，成交價 195 000 美元 Auction Results： 6/2008 Champion Auction,Realized US $195,000

1929 年民國十八年孫中山像背地球壹圓銀質樣幣，NGC MS65，張南琛收藏，已知品相最好的一枚 1929 REPUBLIC Sun Yat Sen One Dollar Silver Pattern, Globe with 2 Crossed Flags, NGC MS65, NC Collection, Finest Known 成交記錄 : 2016 年 8 月冠軍拍賣，成交價 472 000 美元 Auction Results： 8/2016 Champion Auction,Realized US $472,000

1907 年北洋造光緒元寶庫平一兩銀質樣幣，L&M438，K938a， NGC MS63，張南琛收藏，已知品相最好的一枚 1907 CHIHLI One Tael Silver Pattern,L&M438, K938a, NGC MS63, NC Collection, Finest Known 成交記錄 : 2021 年 5 月冠軍拍賣，成交價 1 140 000 美元 Auction Results： 5/2021 Champion Auction,Realized US $1,140,000

1916 年中華帝國洪憲紀元袁世凱戎裝像飛龍銀幣，L. GIORGI 簽字版，L&M943，K663a，NGC MS64，耿愛德 / 張南琛收藏，已知品相最好的一枚 1916 REPUBLIC YUAN SHI KAI HUNG HSIEN One Dollar Silver, Flying Dragon, with L. GIORGI, L&M943, K663a, NGC MS64, Kann-NC Collection, Finest Known 成交記錄 : 2021 年 5 月冠軍拍賣，成交價 642 000 美元 Auction Results： 5/2021 Champion Auction,Realized US $642,000

PRODUCT RELEASE (2024)

NEW PRODUCT PREVIEW (2025-2026)

The 2025 First MICC Panda Medal 2025 年首屆澳門國際錢幣交流會熊貓紀念章

Date （年份）： Metal （材質）： Mintage ( 发行量）： Weight （重量）： Diameter（直徑 )：

2025（NC） .999 Silver （銀） 80 1 oz 40mm

The 2026 World Money Fair Berlin Chinese Dragon Coin

2026 柏林世界錢幣展覽會中國龍銀紀念幣 Date （年份）： Metal （材質）： Mintage ( 发行量）： Weight （重量）： Diameter（直徑 )：

2026（NC） .999 Silver （銀） 200/125 1 oz/50g 40mm

The 2026 World Money Fair Berlin Chinese Dragon Coin

2026 柏林世界錢幣展覽會中國龍銀紀念幣

2026（NC） .999 Silver （銀） 30 150g 60mm

2026（NC） Date （年份）： .999 Silver （銀） Metal （材質）： Mintage ( 发行量）： 200/50 Weight （重量）： 8g/16g Diameter（直徑 )： 32mm

Date （年份）： Metal （材質）： Mintage ( 发行量）： Weight （重量）： Diameter（直徑 )：

愛秀集團出版著作 Works Published by iAsure

2014年6月《戳記幣簡史》 6/2014 Chopmarked Coins - A History

2014年10月《霍華德·佛蘭克林·包克-錢幣學研究先驅者》 10/2014 Howard Franklin BowkerNumismatic Pioneer

2019年11月《中國熊貓紀念章目錄（1984-2019）》 11/2019 Chinses Show Panda Catalogue (1984-2019)

2021年5月《收藏傳奇——張南琛中國錢幣收藏》5/2021 A Legacy of Collection-The NC Collection of Chinese Coins

中國近代機製幣精品鑒賞第三版 Third Edition

Edited by

周邁可 Michael Chou with

古富 Ron Guth 史博祿 Bruce Smith 編著

ISBN 978-0-9905200-7-8

90000>

9 780990 520078

2010年6月《中國近代機製幣精品鑒賞》第一版金幣版 6/2010 Top Chinese Coins (1st Edition-Gold Edition )

2011年10月《中國近代機製幣精品鑒賞》第二版銀幣版 10/2011 Top Chinese Coins (2nd Edition-Silver Edition )

2021年10月《中國近代機製幣精品鑒賞》第三版銀幣版 10/2021 Top Chinese Coins ( 3rd Edition-Silver Edition )

2025年4月《中國近代機製幣精品鑒賞》第四版銀幣版 4/2025 Top Chinese Coins (4th Edition-Silver Edition )

USD 120 plus postage

東亞泉志 THE JOURNAL OF EAST ASIAN NUMISMATICS 2023年新加坡國際錢幣展銷會時間：2023/03/24-2023/03/26 地點：新加坡濱海灣金沙會展中心

2023年香港國際錢幣展銷會時間：2023/04/11-2023/04/13 地點：香港九龍彌敦道118號美麗華酒店18樓

香港 & 特别版新加坡

HIGHLIGHTS

精選 2020年10月《發展時代的韓國錢幣》 10/2020 South Korean Coins in the Era of Development

2020年10月《東亞泉誌》臺灣特別刊第三版 10/2020 3rd issue of JEAN Taiwan Special Edition

楚留香紀念幣奇珍軼事：傳世稀罕的 �� 年“上海貳錢”試鑄銀幣香港上海匯豐銀行紙幣分類研究（��-��）大清銀行李鴻章兌換券加蓋中國銀行兌換券珍妮特號極地遠征記⸺華人唐先榮獲美國國會獎章張南琛先生與收藏之家獨一無二的整套擬發行中國幣設計師手稿

2023年3月《東亞泉誌》香港&新加坡 2024年11月《廠條，1945-1950》特別刊 11/2024 The Gold Bars of the 3/2023 JEAN Hong Kong & Singapore Central Mints,1945-1950 Special Edition USD 50 plus postage

如欲訂購，敬請聯繫: jeanzg1994@163.com 174

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The Journal of East Asian Numismatics Bilingual (English-Chinese) Digital Quarterly

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Introduction In 1994, The Journal of East Asian Numismatics (JEAN) was founded by Michael Chou, the CEO of Champion Auction and Bruce Smith, a noted numismatist. It is a professional numismatic academic journal whose mission is to educate collectors and researchers on the subjects of Chinese numismatics, culture and history. Bruce Smith, the chief editor of JEAN, was born in 1951 in St. Louis, MO. He received his BA in history from the University of Missouri St. Louis; and his MA in China studies from Harvard University. In 1974-1977, he worked for Krause Publications as Editorial Assistant on World Coin News and as cataloger for Standard Catalog of World Coins and Standard Catalog of World Paper Money. He was a full time coin dealer 1977-1987. In 1988-1989, he studied in China as a student of China Studies in Chengchow (Zhengzhou) University, Henan province. In 1991-1993, Mr. Smith was a graduate student at Harvard University. In 1994-1998, he was the editor of The Journal of East Asian Numismatics (JEAN) . Bruce Smith has been a collector and researcher of Chinese coins for over 30 years. His published research in JEAN has added immensely to the body of knowledge for Chinese coins. The first issue of JEAN was released in July 1994, and the last issue (18th issue) in 1998. Most articles were written in English, the remainder in Chinese. The journal was distributed in over 20 countries, and remained a mainstay on many important library shelves, including the Smithsonian Institution, the British Museum, the Harvard Yenching Library, Harvard University, Yale University, Columbia University, Stanford University, Cornell University, the ANS (American Numismatic Society), and the ANA (American Numismatic Association). The journal enjoyed great popularity and many important articles were published in JEAN , including "Peking Coins of 1900" by James Sweeny, "More on the Hsu Shih-Chang Pavillion Medals with engraved names" and "The true story of China's 1936 and 1937 Silver Dollars" by Bruce Smith, "The Apparent

Relationship between 1897 Chekiang 5 Cents Pattern and 1899 Anhwei 5-Cents Circulation Strike" by Tom Keener, and "A Forgery of Taiwan's Old Man Dollar" by Dr. Che-lu Tseng. In May 2015, Michael Chou decided to start issuing the journal again starting in January 2016. The famous numismatic researcher Mr. Yuan Shuiqing will be chinese chief editor. He is a member of China Numismatic Society, serving as executive director of the Shenxi Numismatic Society and executive vice president of the Xi'an Collectors Association. As a numismatic researcher, he was chief editor of Collections and China Numismatics. He has published over 100 numismatic research articles and the masterpiece The Elite of Monetary History of China. Other distinguished contributors from home and abroad are numismatists, collectors and coin dealers, including Bruce Smith (author of Howard Franklin BowkerNumismatic Pioneer), Colin Gullberg (Canada, author of Chopmarked Coins-A History), Chinese American senior numismatist Dr. Chelu Tseng, Steve Feller former international banknote societ y editor, senior numismatic scholar of China modern gold and silver commemorative coins King L. Chan (Hong Kong), senior numismatist Chien Fu Chou (Taiwan) and CEO of Beijing Coins website Richard Guo. It will be a quar terly, bilingual e-journal, covering the latest numismatic research, interviews with famous collectors, auction reviews, and general news. The Journal's distribution is now over 1,000, including over 3,000 in Greater China region. Starting in 2017, Journal of East Asian Numismatics is a co-sponsor of Krause's Coin of the Year Award Ceremony in the USA with the ANA World's Fair of Money. You are welcome to subscribe, submit articles for publication, and advertise in the upcoming JEAN . The 2027 subscription is free of charge. Please send your email to jeanzg1994@163.com.

Online Links 1st Issue

issuu.com/jean388/docs/the_first_issue_of_jean

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37th Issue

issuu.com/jeandigitala1/docs/berlin_special_edition_of_the_journal_of_east_asia

38th Issue

issuu.com/jeandigitala1/docs/the_38th_issue_of_the_journal_of_east_asian_numism

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* full page (A4): 210×285mm

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Sofitel Macau at Ponte 16 6F

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11. 29. 2026 Champion Macau 30th Anniversary Auction 0% Buyer's Commission

Consignment Deadline: 9.15

Copper Pattern of Sun Yat-sen Junk Dollar with Three Birds (PCGS SP55) Szechuan Malan Horse Tokens from the Nelson Chang Collection Taiwan Silver Cakes from the TCL Collection Kweichow 7 Mace and 5 Mace Silver Coins from the 1991 Goodman Collection Auction

1898 Anhwei Dollar Silver with A.S.T.C, PCGS MS65+ Hsi / NC Collection

1898 Anhwei Dollar Silver with small rosette, PCGS MS64+, Hsi / NC Collection

1897 Old Kiangnan Silver, herringbone edge PCGS MS62+, NC Collection

Kweichow 7 Mace Silver UNC, 1991 Goodman Collection Auction Lot 1514, TCL Collection, Extremely Rare

Taiwan Old Man Dollar Silver with Er Kwei [ 二癸 ] chopmark, UNC，TCL Collection

Taiwan Bi Bao Dollar Silver with Ku [ 庫 ] chopmark AU-UNC，FM Rose / TCL Collection

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