Summer is nearing its end, and the Hong Kong auctions season begins. August is usually an interesting time for Chinese coins collectors, when rare coins are made available on the market and new prices are set.

I was browsing the catalogue of Rarehouse, when I was intrigued by one of the highlight of the auction. The denticles of the lot 1355, a rare Yuan Shih Kai pattern coin, bothered me. These teeth reminded me a lot of two other coins I have seen before.

The first coin was introduced to me by a good friend, who was already in the midst of negociation with the owner and wanted my opinion about the deal. It was a beautiful specimen of an extremely rare Yuan Shih Kai dollar, with the signature of the famous Italian engraver L. Giorgi.

Fake KM Pn33 - L&M 73 L. Giorgi pattern Yuan Shih Kai dollar

KM Pn33 – L&M 73 L. Giorgi pattern Yuan Shih Kai dollar (reverse)

Fake KM Pn33 - L&M 73 L. Giorgi pattern Yuan Shih Kai dollar (obverse)

KM Pn33 – L&M 73 L. Giorgi pattern Yuan Shih Kai dollar (obverse)



The price tag was not too high for this type – ¥200,000 CNY, or about $32,000 USD. This looked like a good deal, but I usually collect Imperial dragon dollars, so I decided to learn more about this type online.

That’s how I stumbled upon the sister of that coin. It was sold in 2005 on Coinsky, one of the largest numismatic forums in China, by the same collector from the Jiangsu province that now proposed to my friend the coin that sparked my curiosity.

Fake YSK pattern dollar (2005)

Fake YSK pattern dollar (2005)

Fake YSK pattern dollar (2005)

Fake YSK pattern dollar (2005)



The identical scratches could not lie; as in previous articles, this was an indubitable proof that both coins were fake (click on the picture on the right for higher resolution).

Identical scratches (2005 YSK dollar)

Identical scratches (2005 YSK dollar)

KM Pn33 LM73 L Giorgi with identical scratches

KM Pn33 LM73 L Giorgi with identical scratches



Both replica coins also shared a strange defect, especially for pattern coins: the denticles on their obverse were really badly struck. Here is for comparison a picture of a genuine, graded pattern, lot 41099 at the upcoming Stack’s Bowers auction:

Genuine Yuan Shih Kai dollar (L. Giorgi signature)

Genuine Yuan Shih Kai dollar (L. Giorgi signature)

Small details matter: as you can see, the denticles are sharp and well struck.

My advice to fellow collectors looking forward to acquire rare and expensive Chinese coins this season would be to favour coins graded by PCGS. Raw coins can be cheaper, but if they end up being fake, you are on your own. For this kind of high level items, this can mean a $32,000 USD setback…

A good friend from Hangzhou recently contacted me regarding a Chinese coin he was interested in purchasing. It was a beautiful but rather expensive Szechuan coin (¥100,000 RMB or about $16,400 USD at the time of writing), and he was unsure about the deal.

Szechuan dollar Y-238 L&M-345 Doubled Die (obverse)

Szechuan dollar Y-238 L&M-345 Doubled Die (obverse)

The Szechuan dollar my friend was considering to buy was a high grade sample of the rare “库 not connected” variety (四川光绪剑毛龙无头车). It had sharp details and was graded AU50 by NGC, however the coin had clearly been cleaned and my friend hoped for a discount.

Szechuen dollar - obverse

Szechuen dollar – obverse

Szechuen dollar - reverse

Szechuen dollar – reverse



I browsed past sales results when I was struck by the similitude between the coin my friend coveted and a Szechuen dollar sold at the Jiuzhou 2012 Summer Auction (九州2012夏季机制币、纸币拍卖专场). At first, I thought that the coin graded XF details by PCGS had been re-submitted to NGC in a bid for a more favorable grade, but I quickly verified that the coins’ obverse were distinct.

Jiuzhou 2012 Summer Auction - Szechuan dollar

Jiuzhou 2012 Summer Auction – Szechuan dollar

While carefully examining the reverse, I was troubled to find an identical scratch below the right side rosette. Despite the low resolution of the pictures sent by my friend, it was obvious this ought to be a circulation mark. Two coins of the same type often exhibit wear or weak strike in the same place, but identical circulation marks should never be observed: it would indeed imply both coins were randomly damaged in the exact same fashion while being handled by countless men and women through a century!

Circulation marks comparison (reverse)

Circulation marks comparison (reverse)

The scratches I highlighted on the picture above were damning evidences that both coins were very high level forgeries. The counterfeiters went to the trouble of striking different obverses, but were surprisingly lazy etching the same marks on the reverse. The replica is still stunning, and actually fooled two world-class grading agencies and the highly experienced Chinese coins collectors who bought them. It is especially troubling that without the inexplicable laziness of the counterfeiters, and a stroke of luck comparing pictures on the Internet, both fake coins would have most likely stayed undetected.

Once again, I will urge my dear readers to listen to their instinct when buying: if you are somehow hesitant about a deal, like my friend was, the best decision is often to walk away. It is also best to avoid buying cleaned or polished coins altogether, especially in high grade, as it is too convenient a camouflage for artificial aging.

Chihli 1903 dollar, period after G, 小折金 variety

Chihli 1903 dollar, period after G, 小折金 variety

The 1903 Chihli dollar (Y73.1) is much scarcer than its sister Chinese silver dollar, the famous Y73.2 made in 1908 (see related articles), but it is also somewhat less studied. Currently, only the variety with a full-stop after PEIYANG is acknowledged by grading agencies. There exists actually much more interesting and rare varieties, which are actively sought after in China. Similarly to the 1908 Chihli dollar, this 1903 dragon coin has been minted in several version with different typography for the date. The most dramatic is the 艺术字 (artistic font):

Chihli 1903 dollar, 29th year of Kuang Hsu

Chihli 1903 dollar 艺术字 variety, artistic font

Besides the roman numerals, another device to examine carefully is the 錢 character on the reverse of the coin. On the full-stop after PEI YANG coins, the 金 part (radical) on the left of the 錢 character has been calligraphied in four different ways:

Four main varieties of the Chihli 1903 dollar with dot

Four varieties of the Chihli 1903 dollar with dot

Peiyang 29th year of Kuang Hsu: 双折金 variety (details)

Peiyang 29th year of Kuang Hsu: 双折金 variety



The picture 1 is representative of what you see on 90% of Y73.1 dragon dollars: this is the most common variety. The calligraphy shown on picture 3 is called 中折金 and is much scarcer: both side strokes of the 金 radical are curved in a very noticeable way. Even more rare, the 挑金 variety (picture 2) is easily identified by its incurved left stroke. The rarest of all the varieties is the 双折金, with characteristic vigorous tapered strokes on the side and bottom (see picture 4 and details).

Chihli 1903 Y73.1 dollar w/ period after G 中折金 variety

Chihli 1903 Y73.1 dollar, full-stop after PEI YANG, 中折金 variety

If like me you collect Pei Yang 29th year Chinese silver dollars, be on the lookout for these rare varieties: while they enjoy some popularity in China, most collectors abroad are still unaware of them, so there is good opportunities around.