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.

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…

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.

Szechuan dollar Y-238 L&M 345 Doubled Die Obverse

The seller kept his word and indeed presented me genuine coins the next day. One of them caught my attention: it was one of the famous Szechuan three musketeers (四川三剑客). The Sān jiàn kè is a trio of rare and famous varieties of the Szechuan dollar, particularly coveted by Chinese coin collectors. These varieties are very difficult to find in good shape, some having been struck with badly duplicated dies, like the one I just found.

Szechuan dollar Y-238 L&M 345 Doubled Die Obverse

The coin I had in front of me was a 剑毛龙 (sharp spines dragon), with a misshapen 庫 character on the reverse: the top of the vertical stroke of 車, which normally should connect to the 广, was missing. The full name of this rare variety: “Sharp Spines Dragon, with a decapitated Chē and a rosette with dot” (剑毛龙无头车（花心带点）) sounds like a dish from a French restaurant menu but it is necessary to precisely identify this particular type amongst more than two hundred recensed varieties of the Szechuan dollar.

Szechuan dollar Y-238 L&M 345 DDO – Reverse

Szechuan dollar (detail): dot in rosette, decapitated 車 in 庫

The 7 Mace and 3 Candareens error Szechuan dollar

Szechuan error coin: 7 mace and 3 candareens

The coin I got in Nanchong is only second in rarity to the 7 mace and 3 candareens Szechuan dollar. That error coin is very hard to obtain in good condition, with most specimen available only in VF grade or less. The Chinese name of the variety is 尖角龙七三误书, or Pointed Horns Dragon with 7.3 lettering error. Despite its stated weight of 7 mace and 3 candareens in English on the obverse, the coin has a Chinese face value of 7 mace and 2 candareens, and a regular size and weight, contrary to the early Kwang-Tung dollar of same denomination that actually had a higher silver content. This rare error coin is affectuously called 三剑客老大 by Szechuan dollar collectors: the beloved elder of the Szechuan three Musketeers. I guess this rare and fierce dragon could be compared to Athos, the stern fatherly figure which is also the last to make its appearance in the book.

Szechuan dollar Y-243 L&M 352

The third musketeer is conversely the easiest to find of the trio. Called 大折金珍珠龙 in Chinese, or Pearl-scaled dragon with Crooked Gold, its particularity resides in the bold bottom stroke of the 金 part of the character 錢, which features an extravagant hook.

Szechuan dollar Y-243 L&M 352 – Obverse

Szechuan dollar Y-243 L&M 352 – Reverse

Szechuan dollar (detail): crooked 金 in 錢 character

The Pearl-scaled dragon is one of the most beautiful varieties of the Szechuan dollar: most collectors will only seek it in higher grade, with all its scales still visible (全龙鳞), rejecting lesser condition coins (somewhat harshly called 垃圾龙, dragon-trash). Porthos, the elegant musketeer from Dumas’ epic, would likely have most fancied this last variety.

The design of this fantasy dollar mixes and matches elements of contemporary coins: the flames surrounding both sides are very similar to those on the 1916 gold 10 and 20 yuan coins. The dragon is clearly modeled after the Hu-Peh (湖北) silver dollars. The same portrait of Yuan Shih Kai in emperor garb is seen on other fantasy dollars, but not with such exquisite details.

Many such fantasy dollars were cast or minted in the 1930s in western China. This kind of coin is called 臆造币 in Chinese, and they were not intended to be used as currency, but rather as bullion or gifts. It is therefore likely that this coin was made during this period. The beautiful design of this particular coin makes it stand out, though, and it is unfortunate indeed that there is so few informations about it. If any reader knows more about it, please share your knowledge !

Hung Hsien Fantasy Dollar (X-M1380)

1^st variation: Smiling Dragon, Pearl Circle (细龙珠圈)

This is most likely the first variation produced. The style is very similar to the one of the previous year, and it is very well executed. However, die engraving is quite a technical art, and a small mistake can lead to damaged dies and coins defects. This particular variation was unfortunately afflicted with a die crack running through the 绪 character. The severity of the die crack varies depending on the time the coin was struck, but it is always present on genuine coins. You will also notice that the swirl on the fireball is weakly struck. On the reverse, there is a problem with typography (bad spacing between F and U) and weak strike (on G -).

First variation, with defects highlighted

2^nd variation: Crude Dragon, Pearl Circle (粗龙珠圈)

This variation is a complete redesign of the previous one. It is likely that this pair of dies was made as soon as the defects of the previous one were known. Compared to its predecessor, it seems like a rushed job. The face of the dragon looks flat and crude compared to the first version. The spacing of the Chinese characters is unbalanced (局 and 造 are too close, 年 and 奉 as well), while the legend of the first version was evenly spaced. The reverse was improved though, the bad spacing in the English text was fixed and it is now clearly struck, however it was the turn of the pearl circle to suffer from weak strike.

Second variation - Crude dragon, Pearl circle

3^rd variation; Crude Dragon, Double Circle (粗龙双圈)

While overall the 25^th year of Guang Xu Fengtien coins are rare, some variations are scarcer than others. The coins with a single circle of pearls are more common than the double circle variations. The first variation to present this double circle is actually an incremental revision of the 2^nd variation. The obverse was reworked to correct the chinese characters spacing and slightly improve the dragon pattern, which remains cruder than the 1^st design.

Third variation, with weak strike highlighted

On the reverse, I suspect the solid circle was added while correcting the weak strike on the pearl circle. By superposing a pictures of the 2^nd and 3^rd variation, it is easy to see that the dragon pattern was heavily modified, but that the die for the reverse is virtually identical – only the circle was added. However, as seen above, it was now TIEN which was weakly struck…

Superposition of the second and third variations

4^th variation: Smiling Dragon, Double Circle (细龙双圈)

This is the additional version that I want to introduce. It is in my opinion the most interesting variation for this coin. The reverse has been completely reworked, keeping the solid circle. The manchu script has been fixed, and the whole face is well struck.

Reverse of the fourth variation, with corrections highlighted

However, a die crack appeared at 5 o’clock.

5 o'clock die crack

The dragon design has been updated as well, in the fine style of the 1st variation. Its face is artfully designed, in the fashion of previous Fengtien coins, with the smiling dragon seemingly flying toward the high relief fireball.

Smiling dragon (courtesy of Mr Karan Solanki)

The dragon is much smaller than the one featured on the cruder variations, and the spacing of the Chinese legend has been improved as well, which makes this obverse much more balanced and good looking.

Size comparison of the obverses design

I believe this variation was the last silver dollar minted at the Fengtien machine bureau before the short lived 1903 dollar, four years later. Indeed, this particular design is often seen with a huge die crack on the reverse, and late samples seem to have been struck with very worn out and damaged dies. This leads me to believe no more dies were made afterward and the last ones were used until they broke down, their degradation mirroring the one of the political situation in the Fungtien province.

Late specimen, with very visible die crack

Y31 Chinese silver dollar

This dragon dollar was issued by the central authority, which means it had standardised weight, metal composition and design, but there exists nonetheless three die variations of this chinese coin.

The most commonly seen is called “浅版” in China, or “shallow strike version” (see below). Since it was struck with old dies, the details of the design are less clear in this version than in early ones. By looking carefully at the DOLLAR word on the reverse, one can see that the R was repaired by adding back a missing leg. It is labelled as “w/o Flame, w/o Dot” by PCGS:

Y31 Chinese silver dollar - "shallow" version (浅版)

The earliest version is called “深版“, or “deep strike version”. The details of this version are very sharp, the R in DOLLAR is still intact, and an additional spine which was lost to weak strike or die deterioration in subsequent versions is still visible at the tip of the tail of the dragon, across the cloud. While this version is only slightly scarcer than the 浅版, it is usually more expensive due to its popularity. This coin is labelled “Extra flame” by PCGS, due to the “additional” spine at the end of the tail of the dragon:

Y31 Chinese silver dollar - detailed version (深版)

The last version is actually a restrike of the 浅版. In the years following the 1911 revolution, old dies were reused to issue new coins and avoid currency shortages. The already well worn dies of the 浅版 Y31 were briefly reused to mint the Y31.1 dollar, much scarcer than the earlier “official” issues. The only difference with the original dies is the addition of a dot after the word “DOLLAR“. Similar alterations were done to other revolutionary restrikes, like the 1904 Kiang Nan dollar with dots in the denomination.

Since the Y31.1 dollar is much more rare and expensive than other versions, many unscrupulous coin dealers or counterfeiters have tooled genuine dollars to add a silver dot, thus instantly doubling their profits. Most of these coins have been polished or cleaned first, though, to make the modification less obvious.

It is therefore advised to avoid buying cleaned or polished Y31.1 dollars. Genuine coins from the type “dot after dollar” (带点) were all made using the “w/o Flame, w/o Dot” 浅版 dies, so they have the same characteristics: fixed “R”, unclear details, and one spine less on the dragon tail. Uneven toning around the dot should be considered with extreme suspicion. A dot on a “Extra flame” dollar is a certain indication of tooling. Once again, be careful when buying chinese coins!

Y31.1 Chinese silver dollar - with dot after "dollar"

A picture is worth a thousand words: the table below should make it very easy for anyone to identify the year of production of the various Kiangnan dollars.

Identifying the date of Kiangnan chinese coins

Amongst them, the 1903 Gui Mao (癸卯) and the 1905 Yi Si (乙巳) coins are the scarcest and most valuable. In this article, I would like however to focus on the 1904 Jia Chen (甲辰) coin, which is more common but has an interesting history.

Starting from 1901, all the Kiangnan coins had some marks added next to the characters indicating the year. In the year of Xin Chou (辛丑), the initials of the British assayer H. A. Holmes, working for the Nanking mint, were apposed on the coins as a guarantee of their purity. Indeed, sloppy minting in the previous years raised concerns that people would start to distrust the coins and return to using the foreign currency circulating at the time. On the Gui Mao (癸卯) coins, a distinctive five pointed rosette was added as well.

In 1904 (Jia Chen (甲辰) year), two different marks were used in addition to the usual HAH initials: TH and CH.

1904 Kiangnan Chinese silver dollar, TH mark (reverse)

1904 Kiangnan Chinese silver dollar, TH mark (obverse)

According to the mint records, only one million coins with the TH mark were minted. It is generally supposed that “TH” are the initials of the die engraver, but his name has unfortunately been lost. Some have said that “TH” stood for the first two letters of the name of the auxiliary mint director (副厂长),  Deng Ju (邓矩), but this seems unlikely. The Wade-Giles romanisation (in use at the time) of his name would be Teng Chü, not Theng.

While the meaning of the TH initials remains obscure, it is probable that CH does actually stand for the name of the new director of the mint, who took up his functions the same year. At the time, the direction of the mint changed frequently due to the fact it was a very lucrative – and thus, coveted – position. In April 1903, Shen Bang Xian (沈邦宪) was appointed director, then replaced in September of the same year by Pan Ru Jie (潘汝杰), himself succeeded in April 1904 by Zhang Qian Jie (张迁杰)… Zhang Qian Jie was in charge during the time the Jia Chen coin were minted, and the initials of his surname (romanised Chang at the time) match the CH mark.

If this is indeed the meaning of the CH mark, it becomes easier to put a timeline on the production of the different versions of this coin. The coins marked TH use the same design than the previous year, likely because the engraver didn’t had the time yet to complete the new dies. Some CH coins use the old dragon design too, but with a new reverse, as seen below.

Kiangnan Chinese silver dollar (CH mark), dragon design not updated

Kiangnan chinese silver dollar (CH mark) reverse

Why the haste to engrave a new reverse and put it in production when the obverse wasn’t even completed? Well, it must have been tempting for the newly appointed director to seize the opportunity to immortalise his name on the new dies, knowing full well that his successor in six months would not be able to replace them before the next year… This scheme worked even better than he could have expected when the Jia Chen dies bearing his initials were reused from November 1911 to February 1912, after the fall of the last Emperor.

From this timeline, it is easier to determine which coins were minted during the Qing era and which coins are republican restrikes: coins bearing the TH marks, and early CH coins featuring the old dragon design, were both obviously made in 1904. For subsequent coins, things are somewhat less clear. Coins with the new dragon design and the CH initials have die differences too; and the most common of them is the addition of dots on the reverse.

Kiangnan Chinese silver dollar (dots on the reverse)

Kiangnan chinese silver dollar, new dragon design

As seen above, the new dragon design only differs subtly from its predecessor. The face of the dragon and the design of the flame to the left of the central fireball are the most distinctive differences; one can see that the weaker strike on the tail of the dragon (next to its right hindleg) has also been fixed.

The coin pictured above features another interesting difference: a dot has been added next to the denomination. This alteration was probably made on republican restrikes, like the variant of the 1911 imperial silver dollar (with a dot after “DOLLAR”) which was actually minted after the fall of the Manchu regime. Coins with dots on the reverse but without the dot after the denomination were thus quite possibly minted during the Qing era.

A scarcer variation exists, with rosettes instead of dots on the reverse. It is likely that this coin was minted in 1904 as well.

Kiangnan chinese silver dollar (rosettes on the reverse)

Of all these variations, the coins bearing the TH mark are the scarcest and the most expensive. The CH coins are all much less valuable, due to their relative abundance. This lead less than scrupulous coins dealers to scrub the C out of their common coin, and replace it with a T in an attempt to “upgrade” their coin and sell it for an higher price. Unfortunately for them, these initials is not the only difference between these coins. As we discussed before, some CH coins have the same dragon design than the TH coins, but not all. Even if the counterfeiter is careful and pick the right dragon pattern, the reverse of these coins has obvious differences for the connoisseur.

• The “legs” (3rd and 4th stroke) of the Yuan character, 元, are connected on a genuine TH
• The 甲 character points between the top and middle horizontal bars (1st and 2nd stroke) of the 元 character on a genuine TH coin
• The 甲 character points to the 2nd stroke of the 元 character on a CH coin
• the 辰 character is slightly “higher” (closer to HAH) on a genuine TH coin

As usual, always be careful and exerce your judgement when you buy an old chinese coin !

Yuan Shi Kai silver dollar (1914)

The Yuan Shi Kai silver dollar coin is one of the most commonly found Chinese silver dollar around the world, but paradoxically, there is few accurate information available about in English. Called 袁大头 in China (literaly “Yuan [Shi Kai] big head”), and “Fatman dollar” in the United States, this coin was designed to put an end to the chaotic state of the Chinese monetary system and further the political agenda of Yuan Shi Kai, who had just taken over the function of President of the newly born Republic of China.

Introduced for Christmas 1914, the Yuan Shi Kai silver dollar had a standardized purity (0.89000 silver) and weight (26.4000g, .7555 oz ASW). Like the previous central imperial issues, this new currency would have to compete against the chinese silver dollars already in circulation, foreign trade dollars, and resistance from provinces using primarily copper currency or paper money. The introduction of the Yuan Shi Kai dollar coincided with the withdrawal and melting of about 280 million dragon dollars. The remaining dragon dollars, whose fineness was not always up to the standard, could be exchanged free of charge for the new Yuan Shi Kai dollar in all Bank of China, Bank of Communications branches or official provincial banks.

These political measures helped the new currency to gain traction, but at the beginning of World War I, the Mexican dollar was still trading at a premium against chinese dollars, due to its use as a means of payment for exports. It is only after the War caused exports to plummet than the Yuan Shi Kai dollar was able to replace the Mexican dollar. The loss of the export markets also undermined the faith in the interprovincial paper money, which relied on external demand for local products, and caused the collapse of local copper currencies.

Mexican dollar

These economical factors contributed to the outstanding success of the Yuan Shi Kai dollar, which gradually penetrated even the most remote provinces of China. In 1924, a survey  conducted by the Shanghai Bank found that of the estimated 960 million silver dollar in circulation in China, about 750 million were Yuan Shi Kai dollars.

Like the imperial dragon dollars before it, the Yuan Shi Kai dollar was minted in the Central Mint in Tianjin, and provincial mints were given official sets of dies. Due to its success, the “Fatman dollar” was minted during a longer time than any of its predecessor, and in much greater quantity, so the worn out dies eventually had to be retouched or re-engraved. This lead to a lot of dies varieties, some of which became very popular amongst coin collectors.

Scarce Die Variations: the 1914 Yuan Shi Kai Dollar (3rd Year of the Republic of China)

The 1914 Yuan Shih Kai dollar can be easily identified, even if you can not read Chinese, because it has only six characters on the obverse. All subsequent strikes have seven, due to the addition of the character “造” (made). This series offers some of the most interesting die differences.

T edge

"Western Eagle" edge

The Central Mint in Tientsin issued some early pattern coins as a trial. Some of these coins have an ornamented edge, with a “T” like pattern (T字边), other have an edge similar to the one of the then popular Mexican dollar that this new currency sought to replace (鹰洋边, “Western Eagle” edge). These coins are the scarcest and most expensive.

L.Giorgi signature

Some of these trial coins also feature the signature of the italian engraver, L. Giorgi, who designed the coin. Most of the other die variations have been produced by provincial mints, and can usually be identified by looking at some details of the Yuan Shi Kai portrait. The design of the eyes and the 華 character (second starting from the right) are very different on the Kansu Mint die.

The coins issued by the Gansu Mint have a lower silver content than other Yuan Shi Kai dollar. They therefore circulated at a discount at the time, but ironically they are now more expensive than regular dollars due to their relative scarcity. The Gansu Mint also produced some coins with a custom die featuring the province name, which were quickly withdrawn by the government. This is now one of the most expensive versions of the Yuan Shi Kai dollar.

Kansu Yuan Shih Kai dollar (genuine)

There is many more popular types amongst collectors, like the “O” die (O版), the “O die with triangular yuan character” (O版三角圆), or the “long leaves” dollar, all of which will be the object of another post…