Since the coin did not look like a forgery, I bought it for the regular market price of the time, about￥2000 CNY. As soon as I went back to the hotel, I started looking for information about this peculiar variety online. Despite scouring many online boards and obscure blogs, I could not find any information about it. I was only able to find a single picture of a coin just like the one I had just purchased, but it was not taken to illustrate the variety: simply for sale.

Peiyang 34th year dollar - with dots

I highlighted the differences in red on this picture. One could be tempted to argue that the big dot is the result of some problem with the die or minting process, but looking at the details of the back of the dragon, there is a second, more subtle difference. There is another dot between two spines of its dorsal crest. Here is a regular 1908 Peiyang dollar, for comparison (click on the picture to enlarge it):

Peiyang 34th year dollar

When I went back to Beijing, I showed my coin to several of my coin dealer friends. All of them confirmed it was indeed genuine, but only one of them had encountered this variety before. He had seen two such coins in his career, but did not knew anything about the history behind this strange variation.

My theory is that since at least four coins exist with the exact same differences, including the smaller dot between the spines, proves it is not the result of a freak minting incident but a bona fide variety. I sent my own coin to NGC this month, and I hope getting my specimen slabbed will be a first step toward recognition of this very scarce variety!