Double dragons on a Hupeh 1904 silver “One Tael” coin with large characters on reverse

A reader from France recently sent me pictures of this Chinese silver coin with beautiful double dragons on the obverse. I was astonished: usually, this kind of coins is only seen in large auctions and I never had someone contacting me about a genuine one. Not only this coin was obviously genuine, but it was the better, very rare Large Characters variety:

China Hupeh 1904 silver one Tael Large Characters reverse details L&M-181 K-933b KM-Y-128.1

As you can see, on the Large Characters variety the manchu script at the center of the coin is connected to the surrounding Chinese characters in two different places. On the more common Small Characters variety, the characters don’t connect.

The 1904 Hupeh tael, whichever variety, is always a rare coin. It only circulated for one month before being scrapped, and only 648,000 were minted in the first place. It is impossible to know how many survived, but there is only 224 coins graded by PCGS to this day, of which only 25 with the “Large Characters” variety. On June 25, Heritage Auctions sold a perfect one for $360,000 USD in Hong Kong.

The strangest thing about my reader’s coin is the circulation wear:

China Hupeh 1904 silver one tael coin obverse detail L&M-181 K-933b KM-Y-128.1

China Hupeh 1904 silver one tael coin large characters reverse detail L&M-181 K-933b KM-Y-128.1

Most of the surviving 1904 Hupeh Tael are in high grade because they were thesaurized as high denomination coins and left untouched. It seems this one somehow escaped the Hupeh province and circulated elsewhere, likely for its weight in silver ?

PCGS certified this coin VF30: this is the lowest grade for this type, but a privilege to even hold it in one’s hand. Only two dozens are known to exist in the world right now, and it is a very rare pleasure indeed to help add one to the census !

Horse & Dragon Fantasy Tael (Kann B37)

Szechuan-Shensi Soviet dollar with Large Solid Stars (Y513.5) – obverse

Szechuan-Shensi Soviet dollar with Large Solid Stars (Y513.5) – reverse

This month, a reader from Canada contacted me for a free appraisal. He had a beautifully toned, authentic Y513.5 Szechuan-shensi Soviet dollar with large solid stars.

While not as rare as the Soviet dollar with large decorative stars presented in the article below, this is still a very scarce coin.

It was brought to Canada by his grandparents in 1936. They had traveled to China as missionaries and left just as the Sino-Japanese war started. I helped this reader to sell his coin to a Chinese coins collector, and almost a century later, this beautiful Chinese coin has found its way back home to the Szechuan province.

I wish 国庆节快乐 to our Chinese readers!

In Winter 1932 the Fourth Front Army of the Chinese Workers’ and Peasants’ Red Army, mostly composed of survivors of the Nanchang Uprising and armed peasants from the Hunan province, escaped Chiang Kai-Shek’s siege of the Hupeh/Honan/Anhwei revolutionary base and entered northern Sichuan across Mt. Bashan. By early 1933, the Red Army controlled a 15,000 square kilometers area centered around the cities of Bazhong, Guangyuan and Nanchong, populated by over one million souls.

A 92-year-old woman looks at “The Red Army enters Northern Sichuan”, a 1957 painting from LIU Guoshu

Eighty years later, I was sipping tea in Nanchong while listening to my friend YI Chuanbi – his pet iguana perched on his shoulder – telling me of an old man he knew who had a perfectly preserved Szechuan-Shensi Soviet dollar and (for the right price) would be amenable to sell. Chinese soviet dollars are the thing of legend: their rarity and historical significance caused them to be highly sought after by collectors very early on. A Chinese Soviet dollar in uncirculated condition was already worth 1,000 yuan in the early 1980s, when YI was selling Szechuan dragon dollars 8 yuan apiece to buy games for his video game arcade business. Since then those prices have risen 20,000%, a performance comparable to AAPL shares during the same period!

Soviet dollars are in a class apart from other Chinese coins: they are revolutionary relics, just like the stone-carved slogans that the Fourth Army left in the Szechuan province. For many older Sichuan men and women, they are a direct connection to the heady days of their youth.

Red Army stone-carved slogan: Make all of Sichuan red!

Fourth Red Army Veterans

The Szechuan-Shensi Soviet dollar was struck in 1934 with hand-crafted dies at the Red Army Mint built in the Wangcang county (旺苍县) of Guangyuan (广元市), and were as much an instrument of propaganda as an instrument of payment. That politically charged currency, stamped with the symbol of the hammer and sickle spreading all over China and surrounded by the famous rallying cry “proletariats of the world, unite!“, was obviously banned and very dangerous to own in the territories controlled by the KMT or the Sichuan clique. For use in enemy territory, the Red Army Mint issued counterfeit Szechuan Military Government dollars instead. These fake coins, made with great care but with the same crude techniques used to produce the Soviet dollars, are easily identified by their hand-carved security edge and the concentric grooves on their surfaces.

Szechuan Military Government 1912 silver dollar (Red Army version) (reverse)

Szechuan Military Government 1912 silver dollar (Red Army version) (obverse)

Szechuan-Shensi Soviet dollar (with concentric raised lines)

Most of these Red Szechuan Military dollars and Soviet coins were melted down into less dangerous shapes after the Fourth Army retreated in March 1935 to join the Long March and the nationalist forces regained control of the area. The few remaining coins were often kept hidden, either due to the risk they posed to their owners, or out of the old-fashioned concern that the fewer people know of your valuable possessions, the better!

This combination of high desirability and elusiveness created ideal conditions for modern counterfeiters. Until smartphones with good camera became ubiquitous in China, very few collectors had access to anything better than low resolution pictures of genuine Soviet dollars, and even fewer had the opportunity to examine one “hands-on”.

Even for collectors with deep pockets, it is therefore difficult to find a Soviet dollar both in excellent condition and with a respectable pedigree, made crucial by the large number of very high quality fake coins circulating on the market. You can now better imagine my excitation when YI Chuanbi first told me of this opportunity!

Szechuan-Shensi Soviet 1934 dollar (Kann 808 – Y-513 L&M 891) (obverse)

Szechuan-Shensi Soviet 1934 dollar (Kann 808 – Y-513 – L&M 891) (reverse) (graded AU55 by NGC)

In the end I did not succeed in buying that old man’s Soviet dollar in 2012, but after three years I finally managed to catch another one, pictured above. This Szechuan-Shensi Soviet dollar was circulated but is exceptionally well-preserved, with softly lustrous surfaces. More importantly, it has an unimpeachable pedigree: it is the plate coin for the “Crab pincer” variety (CSSB-Y2-4-02) in 《川陕革命根据地货币图录》, one of the most detailed books on the money of communist China.

It is a strange feeling to look at this heavy coin in the palm of my hand and think of the courageous men and women who carefully engraved dies and minted coins eighty years ago, doing their best despite the hardships and terrible conditions, with the hope of somehow contributing to change the world. Chinese Soviet dollars are truly a class apart.

Fengtien Large-Mouthed Dragon (obverse)

Fengtien Large Mouth Dragon (reverse)

When I saw the pictures he sent me, I knew immediately that this beautiful coin with hints of verdigris and earthy surfaces was a genuine Chinese silver dollar, buried alive over a century ago. The Large Mouth dragon is a very rare variety of the 1898 Fengtien dollar, hard to find even in China. How did such a rarity end up in Latvia?

At the turn of the century, both the Liaotung peninsula (which encompassed most of the Fengtien province) and Latvia were under Russian rule. So it is very likely that the coin somehow traveled in the pockets of Russian soldiers or the coffers of merchants, from Port Arthur in Russian Manchuria to the Imperial Port of Riga in Latvia. It was lost or hidden there for a hundred years before being found by our fellow reader.

After more than a hundred years and against all odds, that rare Fengtien coin found its way back home to Northern China after I forwarded the pictures to a fellow Chinese coin collector in Shenyang who was looking for this variety to complete his set of 1898 Fengtien coins.

In these lucky encounters lies one of the most joyful thrill of collecting. Yesterday, I serendipitously found two charming bracelets made of genuine 3.6 candareens silver coins from the Szechuen province – in Bourges, France, out of all place. I did not expect to find Szechuan dragons while travelling abroad! While these holed coins have already lost all numismatic value, these bracelets are still fascinating artifacts:

Silver coins bracelet from the Szechuan province

They were brought to France by an Admiral serving in French Indochine before the First World War. This kind of jewelry was common in China at the time: smaller silver coins were fashionned in buttons to fasten the coat of wealthy merchants, sequins on bridal headdresses, or bracelets adorning the wrists of beautiful women. Along with the two bracelets came a moving black and white photograph of their former owner, framed in carved fragrant wood. According to the handwritten note behind the picture, it was taken in Chongqing in 1906:

Chungking, 1906

It is rare to have such a precise idea of the provenance of the coins we collect. These lucky bracelets which were brought to France in a military corvette will soon return home to China, in my pocket as I fly back to Beijing.

The famous dragon with its wide, crocodilian grin and delicate scales has more to offer to the devoted collector than it appears: while the Y73.2 type that everyone knows is abundant, the varieties currently filed by default under the Y73.4 catalog number are both excitingly rare and hard to find in good condition. There is also scant literature about them in English.

Advanced collectors will already know about the “crosslet 4″ or “fancy 3″ varieties that sometimes appear in auctions, but these labels currently conflate merely scarce varieties with extremely rare ones. For example, the coin below, labelled as “Fancy 3″ is actually called 北洋肥3 in China (“Pudgy 3″ in English):

Chihli 1908 dollar Y73.4 “Fancy 3″ – actually a rare “Pudgy 3″ (photo: 劉夢雲)

This very rare variety in AU condition is worth ￥60,000 yuan Renminbi, almost $10,000 USD. This is an order of magnitude more than common “Fancy 3″ varieties, like this coin sold at Baldwin’s Hong Kong auction 48 in 2010:

A common type of “Fancy 3″ (photo: Baldwin’s Auctions)

Even holders labeled as Y73.2 can be full of surprises. Consider this coin from my collection, which I bought in an NGC holder with the grade AU55. An oblivious collector might dismiss it as banal, while it is actually the best known specimen of the extremely rare 丑3 variety (literaly “ugly 3″ in Chinese) and is worth north of ￥80,000 yuan Renminbi ($13,000 USD).

Chihli 1908 (34th year of Kuang Hsu) Homely 3 variety (photo: 劉夢雲)

This variety is the rarest of the whole 34th year of Kuang Hsu series, with only a dozen of coins found across China. It is the missing link between the early “Fancy 3″/”Cross 4″ Y73.4 varieties, which use a typeface similar to the 33th year of Kuang Hsu, and the classic Y73.2 typeface. As awareness of this historically significant variety grew amongst Chinese collectors, an even rarer subtype was discovered last year:

Chihli 1908 Homely 3/flat head (photo: Coinsky)

Only a few coins with this flatter 3 have been discovered, all in VF conditions. So, dear readers, keep your eyes peeled and do not look down upon common types. Like in the story of the Ugly Duckling, appearances are often misleading: the Homely 3 which had been handled as a banal Y73.2 Chihli dollar has already risen to the rank of numismatic star.

Homely 3/flat head (photo: Coinsky)

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.

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

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)

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)

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)

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…

Kiangnan – 1898 Pearl scales dragon, cloud under K

This glistening “Circlet-like scales” dragon is a rare breed. The doubled die turned its armour into a chainmail, delicately adorned with pearls. Below the K of Kiangnan Province, a lonely cloud has been struck in silver. The 江南戊戌珍珠龙K下多云 is an extremely rare variety, especially that well preserved. Most of the known specimen have already been worn down by a century of turmoil.

Kiangnan – 1898 Pearl scales dragon with long spines and no tongue

Collectors often wish coins could talk. This dragon would still be unable to tell them what it went through: he never had a tongue to begin with. His body covered in pearls is but skin and bones, meager and bristled with longer spines. The 江南戊戌长毛无舌珍珠龙 is a war-weary survivor, but it is still more easy to find than its cloudy cousin. This specimen hides more distinctive features on its back:

Kiangnan 1898 Pearl scales dragon – reverse

The rightmost Manchu character is broken, like the handle of a battered teapot. The “戊” character is also missing a stroke, left forever unfinished:

Kiangnan – 1898 Pearl scales dragon (reverse detail)

This particular combination of scars is uncommon; other coins of this type were usually struck with a complete date and Manchu inscriptions. The dragons with pearl scales are especially rare and beautiful, but other remarkable varieties were made the same year.

Kiangnan 1898 Hirsute Dragon

Endowed with a luxurious beard, the 江南戊戌大胡子龙 is a very popular variety amongst Chinese coins collectors. It is especially hard to catch one with all its exuberant pilosity left intact despite the passage of time.

Kiangnan – 1898 Eyeball Rev Dot, with long denticles

The darting glance of its silver irides and the dot on its reverse are easily identifiable: this is a 江南戊戌凸眼龙满文中心点, a famous and desirable 1898 Kiangnan variety. However, it still has a subtle je ne sais quoi which makes it more pleasing to the eye than usual. After a while, the Chinese coins collector may realise that the dragon is framed within a circle of long denticles, conferring a unique harmony to the whole. While long denticles on the obverse are nice, long denticles on both sides are better:

Kiangnan – 1898 Eyeball Rev Dot, with long denticles (reverse)

Of course, this tasteful variety is extremely rare. There exists a similar “long denticles” variety for the last appearance of the Old Dragon, on the 1899 已亥 Kiangnan silver dollar:

Kiangnan – 1899 Long denticles

Like the toning on this last Kiangnan dollar, the sky has already turned dark. Then all the charm is broken, and I leave the Kiangnan beauties to their contemplation.

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 – 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

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)

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

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 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 varieties of the Chihli 1903 dollar with dot

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, 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.