Champion 2021 Spring Auction Catalog by jeandigitala1

www.cghka.cn https://www.liveauctioneers.com/catalog/200043

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2021.5.30

快手 ID

預展時間： 5 月 29 日 10:00-18:00 5 月 30 日 08:00-10:00

冠軍澳門春季拍賣會地點：澳門十六浦索菲特酒店六樓會議室

郵箱：jeanzg@163.com

電話：021-62130771

NC 收藏拍賣亮點

宣統三年壹圓銀幣設計師手稿一套三張，直徑 227 毫米 ①第一次行龍樣，面朝外，背面有邱文明收藏標籤和用於系至奏摺的系帶 ②第二次行龍樣，立龍，面朝左，右側貼有邱文明收藏標籤，龍面後用於壹角、貳角及伍角幣 ③第三次行龍樣，面朝右，龍右側貼有邱文明收藏標籤。經過 NGC 鑒定皆為邱文明藏品起拍價：US 300 000

1904 年（光緒三十年）湖北省造大清銀幣庫平一兩樣幣,可能是唯一的一套，分別為一枚黃銅、兩枚紅銅 ①黃銅，大字版，NGC MS64；②紅銅，大字版 , NGC MS62 BN; ③紅銅，小字版，NGC AU50 BN 起拍價：US 200 000

1916 年中華帝國袁世凱像洪憲紀元飛龍銀幣 L. GIORGI 簽字版，NGC MS64，已知品相最好的一枚，原耿愛德收藏起拍價：US 200 000

1907 年（光緒三十三年）北洋造光緒元寶庫平一兩銀質樣幣火球上三個小圓點成一條直線，NGC MS63 起拍價：US 200 000

1911 年（宣統三年）長須龍大清銀幣壹圓 NGC MS64，陽葉版，已知品相最好的一枚，原耿愛德收藏起拍價：US 150 000

1914 年（中華民國三年）袁世凱像壹圓銀幣 L.GIORGI 簽字版，NGC SP65，已知品相最好的一枚起拍價：US 150 000

1898 年（戊戌）江南省造光緒元寶庫平七錢二分銀幣，凹眼龍，珍珠龍，龍尾 6 根尾鰭，NGC MS65，已知品相最好的一枚 , 原席德柄收藏起拍價：US 100 000

1906 年丙午大清金幣庫平一兩光邊大雲版 NGC MS64，已知品相最好的一枚起拍價：US 100 000

1909 年（己酉）“汴”字宣統銅幣當制錢一文 NGC MS63, 原戴葆庭收藏，四枚中已知品相最好的一枚起拍價：US 80 000

1912 年中華民國袁世凱像（舊譜稱程德全）大鬍子壹圓開國紀念幣黃銅試打幣 NGC UNC DETAILS，原耿愛德收藏，孤品起拍價：US 60 000

1901 年（辛丑）吉林省造光緒元寶制錢十個， NGC EF DETAILS，孤品，是鄭仁傑所著《吉林銅元》一書封面圖片的原幣，這枚也是最為稀少的中國銅幣之一起拍價：US 80 000

聯繫我們：上海市常德路 1211 號寶華大廈 1808 室

電話 : 86-21-62130771

郵箱 : championghka@gmail.com

3 4 5 6-7 8 9 10-179

Programme 摘要

Important 重要條款

Foreword 前言

Terms of Sale 銷售條款

Instruction for Mail Bidders 郵寄競投須知 Liveauctioneers 注冊幫助

Ancient Coin、Medal、Struck Coins

古錢、勳章、機製幣

Lots | 拍品號

Category | 分類

Ancient Coin（古錢）

001

Medals（勳章）

002

Struck Coins（機製幣）

003-123

As we are one of the leading dealers in East Asian numismatics. Champion has attended over 30 conventions and auctions annually in Asia, Europe, and the U.S. to buy and sell world coins. Collectors please send us your want lists. We are ready to assist you in the formation and location of items for your collection. We also serve as representatives for bidders at auction. When you are thinking of selling, we can assist in the appraisal and sale of your numismatic holdings for market value. Please contact us at our Shanghai office by email, phone, fax, letter, or meet us at conventions.

Hong Kong

China

iAsure Champion

iAsure Shanghai Champion

Room 907 Silvercord Tower 2, 30 Canton Road,

Room 1808, Bao Hua Building Lane 1211,

Tsim Sha Tsui, Kowloon, Hong Kong

Changde Rd, Shanghai, 200060

Tel: 852-2150-5744

Tel: 86-21-62130771 Cell: 13701793363

Fax: 852-3007-4311

Fax: 86-21-62130773

E-mail: championghka@gmail.com

Japan

Taiwan

iAsure Japan K.K.

Champion Auction Taipei Office

Computec Ichigaya Building 3F. 2-20 Honmuracho

First Floor Room 51, 163 Nan King West Road,

Ichigaya, Shinjuku, Japan 162-0845

Taipei, Taiwan, Republic of China

Tel: 03-5225-7017

Tel: (02) 2555-1761

Cell: 09090150225

Cell: 0920630566

Fax: 03-5225-7105

Email: championghka@gmail.com

拍賣地點

Venue

澳門十六浦索菲特酒店六樓會議室

6/F Promenade, Sofitel Macau at Ponte 16

澳門內港巴素打爾古街

Rua do Visconde Paco de Arcos Macau Time of Sale

May 30 10:00-17：00 Ancient Coin & Medal、Struck Coins Viewin in Macau

May 28 16:30 - 20:00⸺ Macau Numismatic Society Monthly Show Restaurante Ka Nin Wa, 50 R. de Pedro Coutinho Costa

拍賣時間

5 月 30 日 10:00-17：00 古錢、勳章、機製幣澳門活动

5 月 28 日 16:30-20:00⸺ 澳門錢幣學會活動澳門高士德高地烏街 50 號嘉年華大酒店

5 月 29 日 10:00-18:00⸺ 預展

May 29 10:00 - 18:00⸺ Preview

澳門十六浦索菲特酒店六樓會議室

6/F Promenade, Sofitel Macau at Ponte 16

5 月 30 日 08:00-10:00⸺ 預展

May 30 08:00 - 10:00⸺ Preview

澳門十六浦索菲特酒店六樓會議室

6/F Promenade, Sofitel Macau at Ponte 16

取貨

Pick up

5 月 31 日 09:00-13:00

May 31 09:00 - 13:00

澳門十六浦索菲特酒店六樓會議室

6/F Promenade, Sofitel Macau at Ponte 16

澳門內港巴素打爾古街

Rua do Visconde Paco de Arcos Macau

網上預展

www.cghka.cn

5/30 網上拍賣 https://www.liveauctioneers.com/catalog/200043 www.coinsky.com www.coin007.com Please contact us for other viewing arrangement. 如需安排特別預覽時間，請與我們聯繫。

AUCTIONEER CHAMPION AUCTION CATALOGUE PRODUCTION

Michael H.Chou Bruce W. Smith Dr. Tseng Che Lu (consultant) Chou Chien Fu (consultant) Ron Guth (consultant)

自 2019 年 9 月 1 日起，美國對中國內地原產的所有收藏品徵收新關稅，當中包括金條、錢幣及紙幣。此拍品於中國製造，並在關稅頒佈後從美國境外徵集以進行拍賣。因此，任何希望在美國境內提貨及交付的客戶均將被徵收 7.5% 的進口關稅加 0.3464% 的

手續費（於編輯圖錄之時，手續費最低 26.79 美元 / 最高 519.76 美元，金額可能有變動）。這不是（亦無意成為）適用進口關稅的完整描述，買方應承擔全部責任，並同意立即支付這些物品進口到美國所產生的關稅和相關費用。本公司及委託人沒有責任支付任何適用的關稅或費用。如有任何疑問，請諮詢閣下的稅務顧問。

此外，任何需要徵收進口關稅的貨物均將直接從本公司的澳門辦事處發貨，而運送往美國的貨物將受本公司的國際運輸價目表約束。

IMPORTANT ITEMS On September 1, 2019, the United States enacted new tariffs on collector items of Chinese origin, including bullion and numismatic coins and banknotes. This lot was manufactured in China and was sourced from outside the United States for this auction after the tariffs were enacted. Accordingly, any client who wishes to take delivery of this item within the United States will be subject to a 7.5% import tariff plus a processing fee of 0.3464% (minimum $26.79/ maximum $ 519.76), at time of printing and subject to change. Please note, this is not, and is not intended to be, a complete description of the applicable import tariffs and buyer remains fully liable for and agrees to promptly pay all tariffs and fees relating to the import of these items into the United States and neither the auctioneer nor any consignor will have any responsibility to pay any applicable tariffs of fees. Please consult your tax adviser with any questions. Furthermore, any lots subject to an import tariff will be shipped directly from our Macau offices and shipments to the United States will be subject to our international shipping chart.

2021 Champion Auction Catalog Is Available At: Singapore: Funan Stamp & Coin Agencyt 101 Upper Cross Street #B1_17L People Park Centre Tel：+65 96387225、+65 98793237 Taiwan: Fujun Stamp and Coin Store Room 11, 6/F, No. 110, Hankou Street, Zhongzheng District, Taipei City Tel：(02) 23121393、(02) 23115379 Fax：(02) 23119106t

您可以在以下地址獲得 2021 年冠軍拍賣目錄 : 新加坡 : 福南郵票錢鈔社人民公園中心上交街 17 號 101 電話：+65 96387225、+65 98793237

臺灣 : 福君郵幣社 10044 臺北市中正區漢口街一段 110 號 6 樓之 11 ( 漢口大廈 ) 電話：（02）23121393、（02）23115379 傳真：（02）23119106

Welcome to the 2021 Champion Macau Auction. Again, we will be the first live numismatic floor auction in Hong Kong or Macau this year. Champion features Nelson Chang’s NC collection. Nelson Chang ( 张南琛 ) formed a fabulous collection of Chinese vintage coins over a twenty-five-year period starting in the mid-1970s. Nelson started with a bang with his purchase at the 1975 Paramount auction in Long Beach, California of the Heaton mint 1897 Hunan dollar for USD 15,500 -- the first Chinese coin to reach USD 10,000 at auction. In 2014, this coin was certified by NGC as SP67 and purchased in a private transaction by Champion for over USD 1 million. Nelson comes from a family of legendary Chinese collectors. His grandfather Zhang Shiming ( 张石铭 ) was one of the top collectors of Chinese books, his father Zhang Shuxun ( 张叔驯 ) formed one of the greatest collections of ancient Chinese cash coins, and his father-in-law Turpin Hsi ( 席德柄 ) also built a collection of over 10,000 world coins. Nelson’s emphasis on rarity and quality in his collection has resulted in several unique and many finest known examples of Chinese Numismatic rarities. There are many fabulous rarities in the May 30th auction with famous pedigrees from the Eduard Kann Collection, the 1972 Jess Peters Price List, and purchases from famous dealers such as Hans Schulmann of New York, Chang Huang of Hong Kong, and Richard Nelson of Los Angeles. Many highlights are included: Kann’s 1916 Yuan Shi Kai L. Giorgi Dollar, NGC MS64 (finest known of three according to Kann’s 1954 Illustrated Catalog of Chinese Coins ); 1907 Chihli Tael, NGC MS63 (extremely rare and one of the finest known examples); 1911 Long Whisker Dollar, NGC MS64 (finest known, very rare); 1914 Yuan Shi Kai L. Giorgi Dollar, NGC SP65 (finest known, very rare); 1898 Kiangnan Dollar with circular scales, NGC MS 65 (finest known); 1901 Kirin 10 Cash, NGC XF details (unique); and 1912 Yuan Shi Kai Large Beard Dollar, NGC Unc. details (unique). Actually, it is not surprising to find the coins in the NC Collection, where the terms "extremely rare", "finest known", and "Condition Census" are the norm rather than the exception. We hope everyone will have a chance to add to their collections from this legendary collection of Chinese coinage. Michael Chou Champion Auction 歡迎來到2021年春季冠軍澳門拍賣，這仍將是今年第一場香港 / 澳門的現場拍賣。

冠軍拍賣今年的現場拍賣將聚焦于張南琛先生（Nelson Chang）的 NC 收藏。張南琛先生自20世紀70年代中期開始的25年時

間裡，建立了精美絕妙的中國機製幣收藏。1975年，張先生首次參加派拉蒙拍賣（Paramount）的長灘拍賣會。他在這場拍賣

會上因以15 500美元的價格競得1897年喜敦造幣廠湖南省造庫平七錢二分銀質樣幣而一鳴驚人。這也是第一枚拍賣成交價格超

過10 000美元的中國錢幣。2014年，NGC 對這枚錢幣進行了認證評級，經評 NGC SP67。同年，冠軍拍賣通過私人交易以超過100萬美元的價格買下了這枚錢幣。

張南琛先生生自一個傳奇的華人收藏之家。其祖父張石銘先生是中國最大的藏書家之一，其父張叔馴先生則創建了最大的中國古錢收藏之一，其岳父席德柄先生也收藏了超過10 000枚世界錢幣。張先生專注于收藏最為珍稀且品相最好的錢幣，故其藏品

中有一些乃是孤品，還有很多都是中國錢幣珍品中已知品相最好的。5月30日將亮相的拍品中很多都來他通過著名幣商⸺ 紐

約漢斯 · 舒爾曼（Hans Schulman）、中國香港的張璜、洛杉磯的理查 · 納爾遜（Richard Nelson）⸺ 買到的耿愛德舊藏和

1972年 Jess Peters 商品銷售目錄中的錢幣，來源有緒。

其中亮點包括：1916年袁世凱像壹圓銀幣，L. Giorgi 簽字版，經評 NGC MS64，原耿愛德收藏，根據耿愛德1954年著《中國

幣圖說匯考》（Illustrated Catalog of Chinese Coins），該幣已知僅三枚，此次拍賣的是已知品相最好的一枚；1907年北洋一

兩銀幣，經評 NGC MS63，非常珍罕，是已知品相最好的之一；1911年長須龍壹圓大清銀幣，經評 NGC MS64，非常珍罕，是已知品相最好的一枚；1914年袁世凱像壹圓銀幣，L. Giorgi 簽字版，經評 NGC SP65，非常珍罕，是已知品相最好的一枚；

1898年江南省造光緒元寶庫平七錢二分銀幣，珍珠龍，經評 NGC MS65，是已知品相最好的一枚；1901年吉林省造光緒通寶

當制錢十箇銅幣，經評 NGC XF DETAILS，孤品；1912年袁世凱像（舊譜稱程德全）大鬍子壹圓黃銅樣幣，經評 NGC UNC

DETAILS，孤品。

事實上，在 NC 收藏的錢幣中，可以看到很多錢幣都被標注為“極為珍稀”、 “已知品相最好”或“保存良好”。我們希望每一位藏家都有機會通過這一傳奇中國機製幣收藏拍賣中為自己的收藏增彩。

周邁可

冠軍拍賣

1. This auction sale is conducted pursuant to the terms of

firm reserves the right to charge interest on any overdue

sale by CHAMPION AUCTION, an iAsure Company.

payment at the rate of two-and-half percent (2 1/2%) per

2. Each bidder, by bidding in the sale agrees that a 25%

month. No lots may be returned by mail bidders without

BUYER'S CHARGE for online bids and 20% for other bids

our written permission.

will be added to the winning bid of each lot. The BUYER'S

Requests for returns must be made within three days

FEE will be added to the invoice of each successful bidder

after the receipt of the lot(s). Late remittance for any

over and above the actual sum bid or offered. Auction

reason is just cause to negate all return privileges. If a

sales are strictly for cash and must be paid for promptly

lot is to be returned, it must be housed in the original,

in U.S. funds.

completely intact, sealed holder.

3. All estimates are in US Dollars. All bids should be

12. Lots are sold with all faults, imperfections and errors

made to the nearest Multiple of US $5 or US $10.

of description. Neither the sale firm nor the seller shall

4. All lots will be sold to the highest bidder.

give any warranty to any buyer in respect of any lot, or

5. We reserve the right to refuse or reject any bids.

be liable for any fault or error of description, or a lack of

6. All lots are put up for sale subject to any reserve price

genuineness or authenticity of any lot.

that may be imposed by the seller. The seller could

13. Except as otherwise expressly stated in the terms

be entitled to bid and withdraw any lot or lots either

of the sale, CHAMPION and its agents and employees

personally or though the sales firm.

make no warranties or guaranties or representations,

7. In the event of identical mail bids for the same lot, the

and expressly disclaim all warranties and guaranties and

lot will be awarded to the first bid received.

representations, including, without limitation, a warranty

8. Successful bidders will be notified and sent an invoice

of merchantability, in connection with any numismatic

for the lots awarded to them. Postage and insurance will

properties sold by CHAMPION.

be added to all invoices ($5 minimum). All lots will be

14. All oral and written statements made by CHAMPION,

sent via registered air. The insurance and risk of loss for

are statements of opinion only, and are not warranties

all lots shipped outside of Macau are the responsibility of

or representation of any kind, unless stated as a specific

the successful bidder. It is agreed by bidding in this sale

written warranty. The sales firm reserves the right in

that CHAMPION will not he held responsible if the lots

forming his opinion, to consult and rely upon any expert

are lost in the mails. For all mail bidders, at the time the

or authority considered by him to be reliable. If any lot

items are turned over to the postal service, RISK OF LOSS

should be proved by the buyer to be a forgery or re-

IS ON THE BUYER.

print, or to have been wrongly described in any material

9. CHAMPION is not responsible for your errors in

respect, the buyer may reject the same, provided that he

bidding. PLEASE CHECK YOUR BID SHEET AND BID

shall have given notice of his intention to do so and shall

ON THE CORRECT LOT.

have returned the same lot the auctioneer within (14)

10. Al l bidders a re requ i red to est abl ished credit

days from the day of sale. Under no circumstances will

references or submit a deposit of 25% of their bids. The

the sales firm be liable for any costs, expenses or damages

deposit will be applied to purchases, and any overage will

incurred by the buyer in respect of any lot, including,

be refunded. CHAMPION reserves the right to require

but not limited to, loss of any kind of profits whatsoever.

payment in full before delivering lots to a successful

Bidders are advised to scrutinize the lots they bid for.

bidder.

15. CHAMPION assumes no risk, liability or responsibility

11. Auction sales are not approval sales. You must

for the material (or other) facts stated concerning the

assume the responsibility for paying for all lots that are

numismatic item, except as specified herein.

successfully awarded to you. All purchases shall be paid

16. In these conditions, the sales firm means CHAMPION

in full within Three (3) days of the sale date. The sales

AUCTION.

1. 總則：此系公開拍賣及郵遞競投。所有拍賣品以價高者得

正當之理由。實際退貨須有待拍賣人之同意。除非事先另有

拍賣品。拍賣中如有任何爭議，拍賣人有最終裁決權。未成

其物品各項指標難保精確完整。按照已出版的參數資料所作

為原則。本公司有權接受或拒絕任何競投，並有權撤銷任何年人不得參加此次拍賣。

2. 預展日程：預展日程詳情，請參閱目錄第三頁。網上競標請於5月28前注冊登記，拍賣網址：https://www.

liveauctioneers.com/catalog/200043。委託競標請於5月28日

前發電子郵件至 championghka@gmail.com，或把競投委託

表傳真至 (852) 3077-4311。我們懇切建議儘早提送委託要求，

以免貽誤競投。

3. 現場競投：現場競投將從名列第二的郵遞競投價格價10%

開始。如果現場競標價不超過最高郵遞競投價，則競投者可以開價價格或現場最高叫價購買。換言之，郵遞競投者在沒有現場競爭者的條件下可以自動降低其競買價格。

4. 投標押金：對於初次競投人，務請填寫相關的參考資料。并需交投標金額25% 的押金。此押金將用於支付競投，否則會及時寄還，我們保留要求付清全部金額再予郵送的權利。

5. 購買費：購買費網上為落槌價的25%，其它為落槌價的

20%，購買費將附加在所有成功的投標者（郵遞或現場競投均包括在內）的發票上。

6. 退貨規則：所有現場銷售都是決定性的。競投人有責任付

清不論以何種方式競投成功的全部拍賣品的售價。本公司對拍賣品之品種及等級極為關注以力求保證其為真品。本公司建議買家在拍賣前對於購物品審查過目或委託可以過目的代

理人。拍賣人樂於與競投人審查拍賣品或簡短地回答郵遞投

協議，拍賣三十日以後不受理任何退貨。在未經研究的領域內，的標明，如買家對此置疑，並要求退貨，不予受理。

7. 關於確保真品：鑑於偽品極為常見及為鼓勵收藏者建立信心，拍賣人和目錄編寫者對每一物品都詳加審查。任何略有

疑問的物品都送呈至少一位專家予以鑑定。為此，顧客若因

物品真偽而要求退貨者，必須出示在此領域內所公認的專家之鑑定意見及有關此專家的資歷證明。本次拍賣中的贗品及近

世仿製品都在目錄中有明確標示。對有疑問的拍賣品在目錄中亦有注明。

8. 付款：拍賣結算以美元為單位。除非事先另有安排，買家在收到結算三日內應寄出匯款。在大多數情況下，過期利息以月二厘半計算。拍賣者因追索買家欠款而支出的追索費、法律訴訟費由買家負擔。產權證明將在付款結清之後發出。

9. 郵遞：鑑於拍賣直至規定時間方能結束，拍賣人將郵競投成功者所購商品。買家只須付實際郵費及掛號費。競投者應指明其選擇的郵寄方式。我們建議大批量的買家在時間允許

的條件下於每次拍賣後提取貨物。現場買家如要求立即提貨，必須先付款，除非提前協議，我們將在時間允許的條件下儘量解決。

10. 競投者寄送的委託書，必須有其簽字。此委託書表明競投人同意上述各項條款。

11. 本條款以英文本為准。

標人的問題。退貨必須在收到拍賣品三日之內而且必須申述

William D. Craig, Coins of the World, 3rd Edition, Racine, Wisconsin, 1976

E. Kann, Illustrated Catalog of Chinese Coins (Gold, Silver, Nickel, and Aluminum.) Los Angeles, 1956)

Kim KNDA catalog 1993.

Krause and Mishler, Standard Catalog of World Coins, 2 Volume, Iola, 1985.

Alfred Pick. Standard Catalog of Paper Money, 2 Volume, Iola, Wisconsin 1995.

Albert Schroeder (Annam), Etudes Numismatiques, 2 Volumes, Paris, 1905.

R.S. Yeomen, Modern World Coins, 1950-1964, 13th Edition. Fort Lee, 1984.

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An Extremely Rare Coin Rubbing Book: Ancient Chinese Coins Collected by Howard Bowker during the Republican Period 一本極為珍貴的記錄簿⸺ 民國期間包克先生的中國古錢收藏

The late famous collector Howard Franklin Bowker was one of the most accomplished researchers in Chinese numismatic history. Active from the 1930s to the 1960s, Bowker published over 70 numismatic articles and collected numerous coins and numismatic documents. In recent years, the Bowker family has donated part of his collection and some of the documents to the Shanghai Mint Museum, the Shenyang Mint Museum, and the China Banknote Printing and Minting Museum.

knife coin with six Chinese characters, and is noted "exchange with Hummel". As for the mentioned tai he tong bao [ 泰和通寶 ], it may be the one purchased by Zhao Quanzhi, an officer of the Treasury Department during the Republican Period, for 400 taels of gold, and then bought by T. C. L, a senior collector, for $300,000 at a Stephen Album auction. Bowker traveled the length and breadth of China and made exchanges with local dealers and collectors. As a great Chinese coin collector, he enriched his collection when traveling, and made detailed records and studies about the origins and inscriptions of most of the coins in his rubbing book. His in-depth research and spirit are worthy of our respect. 已故著名錢幣收藏家霍華德 · 佛蘭克林 · 包克先生（Howard

Franklin Bowker）是美國20世紀30年代至60年代中國錢幣領域最有成就的研究學者之一。他曾為多家錢幣出版物撰寫文章70餘篇，並收藏有大量的中國錢幣實物與資料。近年來包克先生的後人

Recently, I saw an old Chinese account book at the Shanghai office of Champion Auction. It was used as a rubbing book by On the spine is a red seal " 甬江 Bowker when he was studying ancient Chinese coins in the 大衙頭嘉泰新號製 " 拓圖本側面上有一方浙江寧波 1920s and 1930s. Its cover is “甬江大衙頭嘉泰新號製” blue cloth, and its inner pages 紅印 are made of rice paper, with two rows of vertical lines embossed on each page. On the spine is a red inscription reading " 甬江大衙頭嘉泰新號制 " (made by the Jiatai paper store, on the street along the Yongjiang River, Ningbo, Zhejiang). In the book, there are coin rubbings, relevant records, and explanations made by Bowker, with some other numismatic materials left in the book. Bowker not only rubbed coins in his collection but also recorded and studied their origins and characteristics. The rubbings in the book involve a large variety of coins, and some of these coins were even produced thousands of years ago. According to English notes in the book, most of these coins were bought in Ningbo and Hangzhou, and there are also notes referring to Shanghai and Hankou. These place records may be related to his living and working experiences. Also, there is a

給上海造幣博物館、中國印鈔造幣博物館、瀋陽造幣博物館等國內有關機構捐贈了許多包克先生的藏品與資料照片。最近在冠軍拍賣公司見到一本包克先生在20世紀20年代至30年代收藏研究錢幣的拓本和相關記錄的中式賬簿，藍布封面，內頁為宣紙，有上下兩排豎條紋的壓印，側面上有一方浙江寧波“甬江大衙頭嘉泰新號製”紅印。賬本內有包克先生拓印的錢幣圖案，邊有與錢幣拓圖相關的記載與說明。中間还夾有一些錢幣資料。包克先生這本記錄簿中，對許多錢幣都詳盡作了錢幣來源與文字識讀的記載與研究，薄裏的中國古錢拓圖橫跨歷史數千年，錄下珍錢幾十枚，涉及面廣，洋洋大觀。從拓本薄中包克先生的英文記載中發現，先生的錢幣收藏大都來之浙江寧波與杭州，另有來自上海與湖北武漢漢口的記錄，這和他的生活與工作經歷有關。還有是與收藏家之間的交換而得，如齊六字刀記載是“exchange with

Hummel”是與漢默爾交換的；楷書泰和通寶當十錢，有記載民國期間財政部高管“趙權之以400兩黃金的價格買下一枚，後在美國

Steve Album 拍賣中被大收藏家 T.C.L 以30萬美元買下”。包克先生的這枚楷書泰和通寶當十錢會否與趙權之有關，這都是猜測中的事。不過包克先生走南闖北，與各地的錢商與收藏家的交流與來往，豐富了自身的錢幣收藏，無愧於中國錢幣收藏大家的稱號。翻閱包克先生對許多錢幣，詳盡作了錢幣來源與文字識讀所作的記載與研究，筆者對先生的專研與認真精神肅然起敬。

Very Rare Bowker GBCA 90 QING Dynasty 1853 Hsien-feng Yuan-pao 1000 Cash 非常珍稀的包克收藏公博 90清代1853年咸豐元寶當千

001

CHINA-QING Dynasty 1853 Hsien-feng Yuan-pao 1000 Cash, Board of Revenue, Mother Coin, with moon and star pattern, Diameter: 62.7 mm, Weight: 86.6 g, Height: 4.6mm, GBCA UNC90, H.F. Bowker East Asia Collection 清代1853年咸豐元寶當千，寶泉局，背星月母錢，直徑：62.7mm，重量：86.6克，厚度：4.6mm，公博美90，包克收藏

US $30,000-60,000

Shih Kalgan 施嘉幹

Sen silver dollar, the 1929 Sun Yat-Sen silver dollar designed with globe and flags reverse (K610) the 1929 Sun Yat-Sen silver dollar with wreath, the 1932 Gold Standard silver coin, the 1949 Jin ( 金 ) gold coin silver pattern, the silver pattern of the Tibet Se Zhang Guo Mu ( 色章果木 ) gold coin of the Republic period, the 1684 Roma Pope hexagon silver dollar, 1609, 1620, 1648, 1655, 1660, and 1686 German silver dollars, and Austria lozenge silver coin. 施嘉幹先生不僅是中國近現代著名的中外機製幣收藏大家，而且以《中國近代鑄幣匯考》一書奠定了其在中國機製幣研究領域的地位，影響深遠。施嘉幹先生（1896-1975），江蘇吳縣人，早年留學美國，並開始了中外錢幣的收藏。歸國後，除了主要從事建築設計工作外，便悉心於以中外機製銀幣為主題的收藏。20世紀40年代，施先生不但曾將自己的藏品在美國舉辦展覽，發表有關中國機製銀幣的演講， Shih Kalgan 施嘉幹

獲得盛大美譽，並且撰著《中國近代鑄幣匯考》一書，比較系統地對中國機製錢幣進行了考述和研究，整整影響了近半個世紀。60年代，他就曾向當時的中國科學院院長郭沫若表達了將自己收藏品捐

Shih Kalgan is considered one of the most prominent Chinese coin collector of the 20th century, whose work Modern Coins of China (《中國近代鑄幣匯考》) is an important contribution in the area of Chinese struck coins. Shih Kalgan (1896-1975), was born in Wu County, Kiangsu Province. He traveled to the United States to study at an early age and began collecting Chinese and foreign coins. On his return to China, Shih worked in the architectural design industry full time and added many struck silver dollars to his collection. In the 1940s, Shih exhibited his coins and gave speeches in the US which were well received by numismatists. Going a step further, he wrote Modern Coins of China , a book that deeply influenced this area of collecting for half a century. In the 1960s, he told Guo Moruo ( 郭沫若 ), the president of the China Academy of Science that he hoped to donate his collection to the government. In 1998, Dong Yixin ( 董逸新 ), Shih's wife, decided to follow his last wish and donated all the treasured 4,086 coins to the Shanghai museum. The Kalgan Shih Collection featured several hard-to-find rarities from China and abroad, such as the 1888 Kweichow Qian Bao ( 黔寶 ) in silver, the Kirin Ji ( 吉 ) 5-mace silver coin with a round hole at center, the Hupeh Ben Sheng ( 本省 ) in silver, the Szechuan Fou Bao ( 缶寶 ) in silver, the Sun-Yat

贈給國家的願望。1998年，其夫人董逸新女士及其子女根據施嘉幹先生的遺願，將其畢生收藏的4 086枚中外錢幣全部捐贈給了上海博物館，為世人留下了一份珍貴的文化遺產。施嘉幹先生舊藏的中國近代機製銀幣體系完備，珍品迭出，除此之外，其收藏的外國機製銀幣也有許多屬世人難見之品。光緒十四年貴州大小兩型“黔寶”銀餅、吉林光緒“吉”字五錢圓孔銀幣、湖北“本省”銀幣、四川光緒“缶寶”銀幣、民國孫中山正面像一元銀幣、民國十八年孫像地球版銀幣、民國十八年孫像嘉禾銀幣、民國十八年孫中山側面開國紀念版銀幣、民國二十一年金本位銀幣、民國二十四年和二十五年孫像帆船銀幣、民國二十五年和二十六年古布銀幣、民國袁世凱像洪憲飛龍三種金幣、民國三十一年孫像半元鎳幣金樣、民國三十八年“金”字金幣銀樣、民國西藏“色章果木”金幣銀樣、1684年羅馬教皇六邊形銀幣和1609年、1620年、

1648年、1655年、1660年、1686年德國大銀，以及奧地利菱形銀幣等，內涵豐富。

The Illustrious Order of the Ray of the Dragon – Breast Star graded by GBCA MS65, from the famous Kalgan Shih Collection. Produced at Japan's Osaka Mint, the same mint which struck the 1903 Hupoo tael and 1907 Chihli tael. This medal has a beautiful dragon design and is in superb condition. It is a wonderful opportunity to acquire this historic relic of the Manchurian Empire. This medal previously realized USD 27,000 in a 2018 Beijing auction. This order was awarded 33 times and was discontinued in 1945 after the Soviet invasion of Manchuria. The awardees includes the president of Salvador Maximiliano Hernández Martínez, emperor Puyi, and Japanese Prime Minister Tojo and there is an example in the Estonia Talin Museum. Lung Kuang Chang (The Illustrious Order of the Ray of the Dragon): founded by Emperor Kang Teh [Hsuan-tung] as Emperor of Manchuria on 19th April 1934. Awarded in a single class. The second highest Manchurian order is the equivalent to the Japanese order The Order of the Paulownia Flowers ( 桐花章 , Tōka shō) given out to heads of government including the Manchurian premier and the Japanese premier. The dragon is the highest-ranking animal in the Chinese animal hierarchy and the greatest of the four spirits of the gods, a symbol of power, strength, and good luck for those who are worthy. It had been the emblem of the Chinese emperors since 2200 B.C. In the Qin dynasty, the five-clawed foot dragon represented the Emperor while the four- and three-clawed ones were assigned to the commoners. The dragon for the badge design of the Order was adopted from the emblem on the back of the robes worn by

the Emperor at his coronation. The Badge depicts a five-clawed dragon surrounded on all sides by clouds, a ring of 28 red jewels, and eight points of golden rays. The dragon is encircled by a blazing golden sun. The reverse has four seal characters which read Order of Merit Badge. The sash is light blue with white stripes, representing the sky and white sun. 這枚勳功旌章出自著名的施嘉幹收藏，經評 GBCA MS65。該章由日本大阪造幣廠鑄造，該造幣廠還鑄造了1903年戶部一兩銀幣和1907年北洋一兩銀幣。這枚勳章上的龍圖華美，品相卓越。此次拍賣是藏家們收穫這枚滿清遺存之品的大好機會。此前在2018 年北京的一場拍賣上，該紀念章以27 000美元的價格成交。勳功旌章共授出33次，於1945年蘇聯入侵後停授。獲獎者包括薩爾瓦多總統馬克西米利亞諾 · 埃爾南德斯 · 馬丁內斯（Maximiliano

Hernández Martínez）、溥儀和日本首相東條英機。現有一枚存於愛沙尼亞的塔林博物館。

1934年4月19日，宣統皇帝宣佈設立龍光大綬章，是滿清正甫的第二高嘉獎，相當於日本的一等旭日桐花大綬章，一般授予政府首腦，如滿清政府總理和日本總理等。龍是中國動物等級體系中最高級的動物，也是四大神靈中最偉大的一種，象徵着力量、實力和氣運。它自公元前2200年起便是中國皇帝的象徵。秦朝時期，五爪金龍代表皇帝。勳功旌章上的龍圖取自皇帝加冕時所穿長袍背面的圖案。章上的五爪金龍四面為祥雲所環繞，周圍點綴着28顆紅色寶石和八條金色射線。金龍則圍繞着一輪熾熱的太陽。章的反面以篆書書寫“勳功旌章”四字。綬帶為淡藍色，帶白色條紋，代表青天白日。

Extremely Rare Shih Kalgan GBCA MS65 MANCHURIAN 1934 Long Guang Silver Gold Gilt Medal 極珍稀的施嘉幹公博 MS651934年偽滿洲國龍图純銀鍍金勳功旌章

002

CHINA-MANCHURIAN 1934 Long Guang Silver Gold Gilt Medal, Diameter: 89.8mm, Weight: 118.3 g, GBCA MS65, Kalgan Shih collection, Gem, superb choice uncirculated condition, sold in 2018 for USD 27,000 1934年偽滿洲國龍圖勳功旌章，純銀鍍金，直徑：89.8mm，重量：118.3克，公博MS65，施嘉幹收藏，保存完好，未使用品，2018年以27 000美元的價格拍出

US $20,000-40,000 Auction Result(s): 2018, Beijing, realized USD 27,000.

1903 Hupoo Tael, W&B Capital Collection 1903 年戶部一兩，W&B Capital 收藏

拍賣成交： 2018年，北京，成交價27 000美元。

1907 Peiyang Tael, W&B Capital Collection 1907年北洋一兩，W&B Capital 收藏

Nelson Chang and a family of Collectors

Nelson Chang began to assemble the fabulous NC Collection of vintage Chinese coins beginning in the mid-1970s. A successful Wall Street career specializing in commodities and non-traditional assets, combined with a long and extensive family history of collecting antiquities and Chinese coins, led to a collecting passion that spanned over 30 years. His focus lay in finding the highest quality and rarest numismatic items. Nelson's background on Wall Street researching and trading in commodities, futures, and currency gave him a keen eye for investments. Working under Wall Street titan Sandy Weill, Nelson established a leading commodity research and trading operation at CBWL Hayden Stone, later Shearson Lehman, the predecessor to Lehman Brothers. His career brought him into contact with some of the most colorful speculators of the era, including the Hunt brothers, who attempted to corner the silver market in 1979-1980 and whose trading accounts Nelson oversaw. He later became one of the pioneers of the hedge fund industry, launching innovative funds and financial instruments. A Shanghai native, Nelson returned to China in the 1970s for the first time since emigrating to the U.S. in 1938. He became convinced that China would inevitably emerge as an economic powerhouse and that buying rare Chinese coins would offer excellent returns as China's development accelerated. Collecting coins also served as a personal tie to his family's legacy as some of the foremost collectors of Chinese antiques and coins. Most of the coins of the NC Collection were graded by NGC between 2009 to 2014. Starting with a bang, Nelson attended a 1975 Paramount Long Beach Auction and purchased the first Chinese coin to exceed USD 10,000 at auction -- the Heaton Mint 1897 Hunan dollar (which realized USD 15,500). A few years earlier, the record price for a Chinese coin was held by the 1903 Fengtien tael which realized USD 4,000 at the 1971 Kann Collection Auction. In the 1991 Goodman Auction, this same coin realized USD 187,000. In 2014, NGC certified this coin as SP67, the finest known of six examples, and Champion purchased this coin for over USD 1 million in a private treaty sale. Nelson formed roughly two-thirds of his collection through a network of dealers and a third at auction. The dealers included Hans Schulman of New York (who was the leading dealer to King Farouk of Egypt). Nelson purchased a group of 40 coins from Hans Schulmann, with many coins later becoming the highest graded by NGC. He also brought a group of 5 1929 junk 16

Hans Schulman

King Farouk

boat patterns from the Kann Collection. Many are the finest known, including the Italy A. Motti pattern dollar in NGC 66. Another dealer who supplied many coins to Nelson was Chang Huang ( 張璜 ) of Hong Kong (likely the most famous Chinese coin dealer in recent times). Nelson purchased many extremely rare Chinese rarities f rom Chang at Hong Kong's f irst McDonald’s starting in 1976 and up until 1984. Coins include the unique 1884 Kirin spelter set for USD 10,000 in 1976, and the finest known of five examples of the 1867 Hong Kong Shanghai 2 mace in NGC SP66 (also in 1976) for USD 10,000.

Eduard Kann

Chang Huang

Other dealers who supplied coins to Nelson were Richard Nelson of the Money Company in California and Andre De Clermont of Spinks in London. Nelson comes f rom a famous family of collectors. His grandfather Zhang Shiming ( 張石銘 ), one of the wealthiest people in China during the Republican period, formed one of the greatest collections of Chinese books and built one of the most famous houses in China in Nanxun. The House of Zhang, now preserved as a national treasure, was a combination of Western and Chinese styles. Nelson's father, Zhang Shuxun ( 張叔馴 ), was known as the king of coins and formed one of the greatest Chinese ancient cash coin collections of all time and a

Zhang Shiming

Zhang Shuxun

fabulous collection of old Chinese jade in the Republican times. Zhang brought 1998 cash coins to New York in 1947 before he passed away in 1948, and his wife sold the coins to a former friend, the famous Chinese antique dealer J.T. Tai in the early 1950s. In 1967, the coins were sold to the renowned Chinese art collector Arthur Sackler. Zhang's ancient jade was on display in England in 1937. Many of the top Chinese jade pieces were later acquired by Arthur Sackler and later put on display at the Smithsonian Sackler Gallery and Boston Museum of Fine Arts. Many rare items from the Zhang Family Collections of Chinese antiquities, including bronze vessels, paintings, books, and coins, are now on display at the Shanghai Museum.

張南琛先生與收藏之家

張南琛先生自20世紀70年代中期開始建立了精美絕妙的中國機制幣收藏⸺ NC 收藏。張先生曾在華爾街從事商品和非傳統資產交易，職業生涯頗為成功。加之張氏家族在收藏古董和中國錢幣方面有著悠久的歷史，張南琛先生在長達25年的時間裡都對收藏保持了極高的熱情，專注收藏那些品相最好且最為珍稀的錢幣。張先生曾在華爾街從事商品期貨、期貨合約和外匯期貨方面的研究和交易，對投資有著敏銳的嗅覺。他曾在華爾街巨頭桑迪 · 威爾（Sandy Weill）手下工作，在海頓斯 · 通公司（CBWL Hayden

Stone）建立了領先的商品研究和貿易運作體系，之後他又投身希爾森 · 雷曼公司（Shearson Lehman），即雷曼兄弟公司（Lehman

Brothers）的前身。張南琛先生的職業生涯讓他接觸到了當時該領域中最具有傳奇多彩的投資者，其中便包括亨特兄弟（Hunt

Brothers）。亨特兄弟試圖在1979-1980年操縱白銀市場，而他們的交易帳戶正是由張先生負責管理。後來，張南琛先生成為了對沖基金領域的先鋒之一，推出了創新型基金和金融工具。張南琛先生出生于上海，1938年時移居美國，20世紀70年代時首次回到中國。那次中國之行讓他堅信到，中國勢必會成為經濟強國，

漢斯·舒爾曼

耿愛德

法魯克國王

張璜

則是通過拍賣競得。他的幣商中就有紐約的漢斯 · 舒爾曼（Hans

Schulman，舒爾曼也是服務於埃及法魯克國王的主要幣商）。張先生從舒爾曼先生處一次購買了40枚錢幣，後經 NGC 評級，其中很多都是 NGC 評定過的最高分。他還買下了一組耿愛德收藏的民國十八年1929年孫中山像帆船銀質樣幣，共5枚，其中很多都是已知品相最好的，還包括一枚帶 A. Motti 簽字的義大利造樣幣，經評 NGC MS66. 另一位為張南琛先生提供了很多錢幣的是中國香港的張璜先生（他可能是中國近代最為著名的中國錢幣幣商）。1976年至1984年期間，張南琛先生在中國香港的第一家麥當勞裡向張璜先生買下了很張石銘

張叔馴

多極為少見的中國錢幣珍品。張先生在1976年以10 000美元買下一套1884年吉林廠平鉛質樣幣，同年又以10 000美元的價格買下了1867年香港造上海貳錢銀幣（NGC SP66）。加利福尼亞金錢公

隨著中國不斷加速發展，投資中國珍稀錢幣將帶來可觀的回報。而作為中國古董和錢幣的主要收藏家之一，收藏錢幣也可以視作是他

和倫敦斯賓克公司（Spinks）的安德列 · 德 · 克萊蒙先生（Andre

與家族傳承之間的紐帶。

De Clermont）也都曾服務于張南琛先生。

NC 收藏中的大多數錢幣都在2009年至2014年間由 NGC 進行評

張南琛先生的祖父是張石銘先生。民國時期，張石銘先生是中國最

級。

大的富豪之一，他在南潯建立了中國最大的藏書之一，南潯古鎮上

1975年，張南琛先生首次參加了派拉蒙拍賣（Paramount）的長

的張氏舊宅被譽為“江南第一豪宅”也是中國最為著名的建築之一。

灘拍賣會。他在這場拍賣會上因以15 500美元的價格競得1897年喜敦造幣廠湖南省造庫平七錢二分銀幣而一鳴驚人，這是第一枚成交價格超過10 000美元的中國錢幣。此前中國錢幣的拍賣成交紀錄是1903年奉天一兩銀幣。（奉天一兩在1971年耿愛德舊藏拍賣上以4 000美元的價格成交，在之後的1991年古德曼舊藏拍賣上又以187 000美元的價格拍出。）2014年，NGC 對這枚湖南銀幣進行了認證評級，經評 NGC SP67，是已知6枚1897年喜敦造幣廠湖南省造庫平七錢二分銀幣中品相最好的一枚。同年，冠軍拍賣通

司（Money Company）的理查 · 納爾遜先生（Richard Nelson）

舊宅為中西結合的建築風格，現為國家歷史保護建築。其父張叔馴先生是民國時期著名的古錢大王，建立了中國有史以來最大的古幣收藏之一，此外他還有非常精美的中國古玉收藏。1947年，張叔馴先生攜1998枚古幣去往紐約，1948年過世。20世紀50年代初，其妻將古幣出售給一位故友，即中國著名古董商人戴潤齋。1967 年，這些錢幣被出售給著名的中國藝術品藏家亞瑟 · 薩克勒先生（Arthur Sackler）。1937年，張叔馴先生的古玉收藏在英國展出，之後很多極品的中國古玉都被薩克勒先生收入囊中，並在美國史密

過私人交易以超過100萬美元的價格買下了這枚錢幣。

森博物館薩克勒展覽館及波士頓美術館展出。張氏家族收藏的很多

張南琛先生收藏中的2/3是通過他的幣商人脈網路所得，其餘1/3

幣等。

珍稀中國古董現收藏於上海博物館，包括青銅器、字畫、古籍、錢

The Coin Collection of a Famous Financier during the Republic Period: The Coins in the NC collection from the Former Central Mint Director Turpin Hsi

was found that these coins were brought to the US from China). Nelson had about 100." The "Whitman" in the notes is an American company, which is well-known for its coin packaging products. Most American coin collectors use Whitman products to collect and store the coins. The gray Whitman envelopes were produced before the 1950s. Later in 1993, when Bruce Smith was cataloging the NC Collection, he added his notes in English to these coins. Many of the coins are the finest known with fabulous envelope toning and eye appeal.

Nelson Chang

The son of Nelson Chang ( 張南琛 ) , found some handwritten and printed notes as well as some special envelopes for coin collecting when he sorted out the coins bequeathed by his father.

Grey Whitman envelopes and notes

The documents mentioned several famous figures in the financial field during the Republic period.

The Origin of Coins in the Envelopes

Notes and Envelopes

Nelson Chang's wife was

There are two types of notes. The handwritten ones were by Nelson

Edith Hsi ( 席與時 ), a

Chang, and the printed ones were the commentary of his son.

famous socialite of the Republican era, and she

The handwritten notes:

was the sixth daughter of Turpin Hsi ( 席德柄 ).

" ① All coins are in master catalogue Bruce Smith compiled for me in 1993. The word 'NOT' = not in the catalogue, 'C' = in catalogue. ② Matching of each coin with text in catalogue may not be correct due to more than one same coin in the catalogue. But I am satisfied that several comments will cover this coin." The printed note: "These are 'Modern' (machined) coins, which constitute about 1% of grandfather's collection. Grandfather Hsi was the superintendent of the Shanghai Mint (Turpin Hsi ( 席德柄18911968) Nelson not sure, but looks like grandfather assembled the coins from the US because the envelopes look western (but it

Edith was born in Shanghai and went to the United States during the AntiJapanese War. Nelson

Edith Hsi

Chang also came from an exceedingly wealthy

family, which declined during the Anti-Japanese War. The Chang family went bankrupt after going to the United States. At this most difficult time, Edith married Nelson. Their marriage was opposed by the Hsi family, but Edith was very persistent. It is said that they borrowed from friends for the cost of their honeymoon. The coins found in Nelson's collection were in gray Whitman envelopes, which were produced from the 1930s to the 19

1950s. Therefore, it is supposed that these coins may have been presented by Turpin Hsi to his daughter Edith Hsi, as Nelson had not yet begun to collect coins by the time that Turpin Hsi passed away in 1968.

when he moved there, and it is 1% of his collection. Due to his grandfather Xi Zhengfu's ( 席正甫 ) connection with Li Hongzhang ( 李鴻章 ) and Zuo Zongtang ( 左宗棠 ), senior officials of the Qing government, and the family's large network of banks

About Turpin Hsi

and silver shops, many coins may have been acquired shortly

Turpin Hsi was Nelson Chang's father-in-law. Turpin Hsi, a prominent financier in the Republic period, was born into the Hsi

after they were minted. The coins were later preserved in grey Whitman coin envelops with his handwriting in the 1950s.

family in Dongshan, Suzhou, Kiangsu Province. Known as the

According to Michael Chou, some of Hsi's coins have already

Dongting Gang in China's banking community at that time, the Hsi

been sold and others have been preserved. There is a list of the

family was one of the foremost financial and comprador families,

remaining coins from February 24, 2011. Some of the coins were

which included several eminent bankers and industrialists.

sold around 2005. Others were offered to Michael Chou between

Turpin Hsi (1891-1968, Mandarin pinyin Xi Debing) studied in the United States in his early years and received a Bachelor of Engineering from the Massachusetts Institute of Technology (MIT). Returning to China, he came to be engaged in taxation and financial work for a long time. He once served as the secretary of the Ministry of Finance during the Peiyang era, deputy director of Jianghaikou Taxation Bureau, supervisor of Jianghan Pass, General Manager of the Foo Hsing Trading Company, and Director of the Central Mint. After the SinoJapanese War, he served as the General Manager of the Fufeng Flour Mill. Since he served as director of the Central Mint for more than eight years, he was quite influential in the financial community during the Republic times.

2008 and 2009 and some were sold at the Champion Hong Kong auction after 2009. Among them are some silver coins from Kiangnan and Anhwei, all of which are among the finest known.

About the Hsi Family The Hsi Family Mansion Turpin Hsi and his wife, Huang Fengzhu ( 黃鳳珠 ), once lived together in the famous Hsi Family Mansion. The mansion, located at No. 1 Dongping Road, is close to the house of President Chiang Kai Shek (No. 9 Dongping Road) and the house of Financial Minister Song Ziwen (No. 11 Dongping Road), his schoolmate when he was studied in the US. After China's War of Liberation, the Hsi Family Mansion was

Turpin Hsi Collection During his collecting hey-day, Turpin Hsi formed a collection of world coins numbering over 10,000 coins, including ancient coins from Greece, Rome, and Egypt. Hsi's collection contained around 100 silver coins from Anhwei, Kiangnan, Chihli, Kirin, and other Chinese provinces, many of which are 10-cent and 20-cent coins and of the finest known examples. Hsi may have brought these coins to the US in 1949

Turpin Hsi 20

Turpin Hsi and his wife

The Hsi Family Mansion

expropriated by the government and used as the office building

Fujian and Taiwan. The Qing government agreed to borrow

for the middle school attached to the Shanghai Conservatory of

two million dollars from HSBC with a ten-year term payoff.

Music. Now, it is a restaurant and a leading tourist attraction.

Following HSBC’s success in ending the financial crisis, they pushed Xi Zhengfu to be the comprador of HSBC to negotiate

Demao Hsi

with the Qing Ministers Li Hongzhang and Zuo Zongtang. In

Demao Hsi ( 席德懋 ) was the elder brother of Turpin Hsi. In 1912, Demao Hsi went to Britain to study overseas. He received an MBA degree in 1916, then returned to China. Later on, he became a prominent banker just like his colleagues Xinliu Xu ( 徐新六 ) and

order to obtain a large amount of loans, the Qing Ministers won over Xi Zhengfu by offering him the office of "Red-Topped Plume". However, Zhengfu Hsi declined taking office and going to Beijing. Instead, he reaped large profits from his relationships

Zutong Hu ( 胡祖同 ) in Shanghai.

with the Qing Ministers. From 1874 to 1890, he negotiated

Demao Hsi was the best friends with Song Ziweng ( 宋子文 ).

number of commissions. At the same time, the business of

During the Republican of China, the Hsi family had a great impact on the financial industry. Demao Hsi served as the Deputy Director of the Central Bank, Director of the Foreign Currency Bureau, Director of the Business Affairs Bureau, General Manager of the Bank of China and Deputy of the International Fund and Currency Committee under the appointment of Song Ziweng. He managed the foreign currency affairs for a long period. In 1948, Demao Hsi became the General manager of the Bank of China.

seventeen loans with the Qing government and acquired a great HSBC was on the rise under Hsi's leadership. Xi Zhengfu accumulated a huge amount of wealth throughout his comprador life. Apart from investing in the financial sector, he also invested in many properties in Pudong, Nanjing Road, and Fengyang Road. During that period, the old-style Chinese private bank in Shanghai would borrow money from foreign banks, then lend the money to small business enterprises at a very high interest rate. As Xi Zhengfu controlled the signature seal of HSBC, he was the leading lender among these private banks. Almost all the private banks invited him to join or

Xi Zhengfu

employed his friends as assistants. Xi Zhengfu also invested in

Turpin Hsi is the grandson of the prominent banker Xi Zhengfu (1838-1904), the second Comprador of the Hong Kong and Shanghai Banking Corporation (1874-1904) and a native banker who was considered one of the "Four Major Compradors of the Late Qing Era".

silver shops, gold shops, and pawn shops. In 1887, Xi Zhengfu established the Xisheng Private Bank ( 協升錢莊 ) with Yan Lanqing ( 嚴蘭卿 ). As he had very good social relationships, he brought his friends and relatives into the foreign banks, who becamethe compradors for those banks. Hsi’s family

In 1874, Xi Zhengfu, on behalf of the HSBC negotiated with

was the comprador of compradors from the late 19th century to

the Qing government regarding the debt for the defense of

the early 20th century. 17 out of 34 banks were controlled by the family. The situation was unparalleled. Since most businessmen needed funds, they had to ask for help from the Dongting Gang. There is an old saying: "The most ruthless have to submit when facing the Dongting Gang." Xi Zhengfu passed away in 1904. On the day of his funeral, white tents were built at each cross-road, from the Bund to the Fengyang Road, as well as at his home. White platforms were built in front of the gates of most foreign banks. Armed forces passed by Nanjing Road to escort his funeral procession. Xi Zhengfu was the only person to enjoy such privilege after his death in Shanghai. Zhang Jingjiang Chang's great uncle, Zhang Jingjiang, was a large financial supporter of the Chinese statesman Sun Yat-sen and one of the founding elders of Sun Yat-sen's Kuomingtang party. He is a legendary figure. Sun Yat-Sen called him "the greatest wonder of

Xi Zhengfu

China", Chiang Kai Shek called him "the mentor of revolution", and Mao Zedong called him "a man with an economic vision". 21

民國著名金融家的錢幣收藏⸺ NC 收藏中來自前中央造幣廠廠長席德柄先生的錢幣

張南琛先生

美國張南琛先生（NC）的兒子在整理其父親遺贈錢幣時發現了一

品很著名，美國的錢幣收藏家大都用惠特曼產品收藏錢幣。灰色的

些與中國錢幣有關的手寫與印刷的紙條和收藏錢幣的專用信封。資

惠特曼信封大約生產於上世紀50年代以前。

料提及了幾位民國金融界的著名人物，引起了我的興趣，經整理並將這些資料敘述如下。

紙條與信封資料中比較重要的證據來自兩張紙質字條。其中手書的一張為張南

所有席德柄先生收藏的中國錢幣後都收歸 NC 收藏。1993年，史博祿先生（Bruce Smith）為 NC 收藏編目時又在信封上添加了英文筆記。席先生的這批錢幣中有很多都是已知品相最好的，並形成了精美的包漿，味道非常好。

琛先生所寫，印刷字體為他儿子的注評。翻譯成中文為： “① 所有的錢幣都在史博祿1993年時為我（NC）編撰的主目錄中。“NOT”字樣代表不在目錄中，“C”代表在目錄中。 ② 因為有一些同類別的錢幣不止一枚，因此目錄上每一枚的描述並不一定完全正確，但是我很高興，目錄上的錢幣描述可以囊括全部收藏的錢幣。”

灰色的惠特曼信封及部分對應錢幣

譯成中文為：

信封中錢幣的來源 “這些機製幣占祖父收藏的1%。祖父席德柄（1891-1968）是前上海造幣廠廠長（中央造幣廠之誤）。父親（張南琛）對這些錢幣的來源並不確定，但是這些錢幣的信封看起來像是西方的錢幣信封（信封為灰色的惠特曼信封，灰色的惠特曼信封僅存在於上世紀50年代至60年代），因此可能是祖父在美國期間收藏的（席德柄先生1950年至1968年期間在美國）, 但是後來發現這些錢幣是從中國帶過去的。父親的這些錢幣大約有100枚。” 文中的惠特曼（Whitman）是美國一家公司，它生產的錢幣包裝

張南琛先生的太太為席與時。民國名媛，出生於上海，為席德柄之女，排行第六，時稱席家六小姐。抗戰期間前往美國後，張南琛先生的祖上也是官商大族，抗日戰爭時家道中落了。張氏家族去美國後破產、在最困難之時席與時嫁給了張南琛先生。他與席小姐的婚姻遭到了席家的反對。張先生家的這些錢幣，由於是用上世紀30年代至50年代時的灰色惠特曼信封來包裝的，因此這批錢幣被分析可能是席德柄先生贈予女兒席與時，因為在席德柄於1968年去世前，張南琛還未開始收藏錢幣。後再轉至張南琛先生手中。

席與時小姐

席德柄先生

席德柄先生與夫人黃鳳珠

關於席德柄由此引出了張南琛先生的岳父席德柄先生。席德柄先生是中國近代著

軍香港拍賣會上拍出。其中有一些江南和安徽的小毫子，都是已知

名金融家，出生在江蘇省蘇州東山席氏家族，這個家族是中國近現代

同類銀毫中品相最好的。

著名的金融家族和買辦家族。出了好幾位很有影響的銀行家和實業家。被稱為當時中國銀行界的洞庭幫。席德柄先生早年留學美國，是麻省理工學院 (MIT) 的工科學士。回國後長期從事財稅、金融工作。曾任北洋政府時期的財政部秘書、江海口內地稅局副局長、江漢關監督、復興貿易公司總經理、中央造幣廠廠長。抗日戰爭勝利後擔任過上海阜豐麵粉廠 ( 即解放後的上海麵粉廠 ) 總經理，其中任中央造幣廠廠長的時間較長．因而在民國金融界也頗有影響。

席德柄收藏席先生建立了龐大的世界錢幣收藏，藏有包括古埃及幣、希臘幣、羅馬幣、中國近代機製幣在內的超過10 000枚錢幣。在他的中國近代機製幣收藏中，大約有100枚安徽、江南、北洋、吉林及其他中國省份鑄造的錢幣，其中很多都是庫平一錢四分四厘和七分二厘銀幣，且很多都是已知品相最好的。席先生可能正是在

1949年時將這些中國錢幣帶往美國，这些錢幣占他藏品的1%。他獲得這些錢幣可能是因其祖父席正甫先生與清政府高官李鴻章及左宗棠等人的關係。此外，席氏家族還擁有龐大的銀行和銀號網路，有可能在造幣廠鑄造完成後立即獲得新鑄的錢幣，其後於20世紀

50年代時將這些錢幣保存在帶有手寫筆記的灰色的惠特曼信封中。據周邁可先生的瞭解，這批錢幣中的部分已經出售，還有部分保留了下來，参見為留下的錢幣清單。有一部分錢幣於2005年出售。還有部分於2008-2009年間給了周邁可先生，並於2009年後的冠

席家花園

關於席氏家族席家花園

席正甫

席德柄先生與其妻子黃鳳珠女士及一子七女曾居住於上海著名的席

席德柄先生是席正甫先生（1838-1904）之孫。席正甫在1874年

家花園。席家花園坐落於東平路1號，临近中華民國總統蔣介石與

至1904年間是匯豐銀行的第二任買辦，也是晚清時期的四大買辦

其夫人的居所（東平路9號），及席德柄美國求學時的同學，財政部

之一。

長宋子文的私宅（東平路11號）。解放後，東平路1號這棟房子被收歸國有，成為上海音樂學院附中的校長辦公樓，現已被出租並改建成酒家“席家花園”，成為上海著名的旅遊勝地。

1874年，席正甫代表匯豐銀行買辦王槐山與清政府商談福建臺灣海防借款事宜。最後，匯豐銀行以比當時高得多的利息，借給清政府200萬兩銀10年期借款。這筆貸款的成功，開創了匯豐銀行政治貸款的先例，將該行從財務窘境中解脫了出來，也使席正甫從此得

席德懋

勢，既當上了匯豐銀行買辦，又受到清朝大臣李鴻章和左宗棠等的

席德懋先生是席德柄先生的哥哥。他在1912年自費赴英國留學，

1916年獲商科碩士學位回國，與他同學的徐新六先生、胡祖同先生一樣，後來都成了民國著名的銀行家。

賞識。為了獲得巨額貸款，他們爭相拉攏席正甫，李鴻章還特意上書朝廷，替他保薦官職，席正甫接受了二品銜紅頂花翎，又捐了道臺一職。但他做官僅僅是為了抬高身價，並未赴京就任實職，他借與清廷的關係和匯豐銀行買辦的身份，左右逢源，得到了極大的好

席德懋先生是宋子文先生的得力助手。進入民國以後，席氏家族在

處。從1874-1890年，清政府向匯豐銀行借款17筆，絕大多數是

金融界仍有很大的影響力，其中代表人物是席德懋、席德柄兄弟。

由席正甫一手經辦，他由此得到了大量傭金，而匯豐銀行通過席正

席德懋是民國年間金融界的大腕人物，1928年中央銀行成立時，

甫的上下溝通，業務也蒸蒸日上，為此對他優渥有加。

受宋子文之聘，曾出任中央銀行發行局副局長、外匯局局長、業務局局長、匯兌局總經理、中國銀行總經理，國際貨幣基金會中國代表，長期從事全國的外匯管理工作，負責管轄中國銀行的海外分支行，於1948年成為中國銀行行長。

席正甫在長達數十年的買辦生涯中聚集了大量財產，除投資經營金融業外，還在浦東、南京路、鳳陽路一帶購置了眾多的房產。當時上海錢莊為了獲得流動資金，常常向外商銀行借款，再用這部分錢放高利貸，貸給大大小小的商號以獲取利潤。由於席正甫掌管了匯豐銀行借款的簽字蓋章權，成為當時銀錢業炙手可熱的大紅人，幾乎所有的錢莊都要求他加入股本，或聘用他介紹的人當助手。同時，席正甫廣泛投資和銀行業務有聯繫的錢業、銀樓、典當、金號。

1887年，席正甫與嚴蘭卿合資開設了協升錢莊，他還利用自己的社會關係，介紹親友、熟人進入眾多的外商銀行，他的一些親屬還擔任了洋行買辦，致使席氏家族在19世紀末到20世紀初的上海灘成為風雲一時的買辦世家。當時外商在上海開設的大小銀行34家，其中17家由席氏家族擔任買辦，佔據了上海金融界的重要位置，這在近代中國獨一無二。由此，洞庭東山人在上海金融業形成了一股強大的勢力，各地商人資金短缺，非請洞庭山邦幫忙不可，因此19 世紀末流傳着這樣一首口諺 :" 徽幫人 ( 主要經商 ) 再狠，見了山上幫，還得忍一忍。"

1904年，席正甫壽終正寢，祭奠之日，從外灘到鳳陽路席家，沿途各個路口都搭了白布帳棚，中外商家及一些外國銀行的門口，都設定了壇臺路祭，公共租界巡捕還武裝護送上祭隊伍從南京路上通過，死後在上海灘上能夠享受這種待遇的買辦，也僅席正甫一人而已。

张静江席正甫先生

张南琛先生的二叔公张静江先生是中国政治家孙中山在财政方面的重要支持者，也是孙中山先生创办的国民党的元老之一。他是一個傳奇式的人物。孫中山稱他為“中華第一奇人” ，蔣介石稱他為“革命導師” ，毛澤東稱他是“有經濟眼光的人” 。

LOT 003-013 THE HSI COLLECTION LOT 003-013 席德柄收藏 The Anhwei and Kiangnan coins from the Hsi Collection are the finest we have seen, very likely put away right after they were minted and before the silver shops put their ink chops on the coins. All the coins have an extremely nice mint luster and superb toning. One senior Chinese vintage coin collector has stated these coins are frozen in time. This is a great opportunity to add the finest Chinese dragon dollars with an impeccable pedigree to any Chinese coin collection.

席德柄收藏中的安徽和江南幣都是迄今見過品相最好的，可能是在鑄造完成後立即經由造幣廠或銀鋪加蓋墨戳。這些錢幣都有着漂亮的原光和精美的包漿。一位資深中國機製幣藏家表示，這些錢幣像似沉睡了半個世紀從未被叨擾過那樣，可以稱之為凍齡狀態。此次拍賣是將這些來源有緒的中國龍洋收入囊中的好機會。

Finest Known Hsi ANHWEI 1898 One Dollar Silver 品相最好的席德柄1898年（光緒二十四年）安徽省造光緒元寶庫平七錢二分銀幣

003

CHINA-ANHWEI 1898 One Dollar Silver, with A.S.T.C and tall character "SI", L&M199, K57, NGC MS66, Hsi/NC Collection 1898年（光緒二十四年）安徽省造光緒元寶庫平七錢二分銀幣，A.S.T.C 版，高“四”，L&M199，K57，NGC MS66，席德柄 /NC 收藏

US $60,000-120,000

Finest Known Hsi ANHWEI 1898 One Dollar Silver 品相最好的席德柄1898年（光緒二十四年）安徽省造光緒元寶庫平七錢二分銀幣

004

CHINA-ANHWEI 1898 One Dollar Silver, short Chinese character "4" and with small rosette, Y45.2, L&M204, K53a, NGC MS66, Hsi/NC Collection 1898 年（光緒二十四年）安徽省造光緒元寶庫平七錢二分，扁“四”，小星花版， Y45.2 ， L&M204 ， K53a ， NGC MS66，席德柄/NC 收藏

US $60,000-120,000

Superb Gem Hsi ANHWEI 1898 One Dollar Silver 超極品席德柄1898年（光緒二十四年）安徽省造光緒元寶庫平七錢二分銀幣

005

CHINA-ANHWEI 1898 One Dollar Silver, short Chinese character "4" and with large rosette, Y45.5, L&M203, K53, NGC MS65, Hsi/NC Collection 1898年（光緒二十四年）安徽省造光緒元寶庫平七錢二分，扁“ 四 ”，大星花版，Y45.5，L&M203，K53，NGC MS65，席德柄 /NC 收藏

US $50,000-100,000 Auction Result(s): 4/2021, Hong Kong auction, PCGS MS64, realized USD 384,000. 拍賣成交： 2021年4月，香港拍賣，PCGS MS64，成交價384 000美元。

Finest Known Hsi ANHWEI 1898 20 Cents Silver 品相最好的席德柄1898年（光緒二十四年）安徽省造光緒元寶庫平一錢四分四厘銀幣

006 006

CHINA-ANHWEI 1898 20 Cents Silver, with A.S.T.C , L&M201, NGC MS66, Hsi/NC Collection. Superb mint bloom still looks like the day it was struck over 100 years ago. Sharp strike with full dragon scales, the best of the best. 1898年（光緒二十四年）安徽省造光緒元寶庫平一錢四分四厘銀幣，A.S.T.C 版，L&M201，NGC MS66，席德柄/NC 收藏。該幣呈現出漂亮的出廠狀態，如同一百年前剛鑄造出來的時候一樣。鑄打深峻，龍鱗滿打，乃上上品

US $6,000-12,000

Finest Known Hsi ANHWEI 1898 10 Cents Silver 品相最好的席德柄1898年（光緒二十四年）安徽省造光緒元寶庫平七分二厘銀幣

007

CHINA-ANHWEI 1898 10 Cents Silver, with A.S.T.C , L&M202, NGC MS66+, Hsi/NC Collection. Extraordinary toning and mint luster, the ultimate class for the top condition census collector. A wonderful addition to any collection 1898年（光緒二十四年）安徽省造光緒元寶庫平七分二厘銀幣，A.S.T.C 版，L&M202，NGC MS66+，席德柄/NC 收藏。該幣具有非凡的包漿與原光，是頂級收藏家的最佳選擇，可以使任何收藏都更添光彩

US $3,000-6,000 28

經驗：

NGC評級師均是訓練有素，經驗豐富的專業人員，並在錢幣學研究領域處於前沿。每一枚硬幣均由多名專業評級師進行檢驗，以保證準確性與一致性。

參考：

診斷：

我們的綜合研究圖書館為NGC評級師提供最相關的參考資料。他們同時也向全世界的專家進行咨詢。

評級師參考我們數據庫中數百萬的真假幣圖像，包括非常詳細的診斷圖像。

科技：

X射線螢光光譜分析，結合特定的重力與顯微鏡評估，幫助判定硬幣表面成分與鑄造工藝。

專業硬幣評級的要素

每一次NGC評級背後都是一整套高度複雜，經過時間考驗的過程。依憑於我們行業領先的專業技術，超過4900萬枚硬幣被委託給NGC，其中甚至包括許多來自世界各地的頂級硬幣。

了解更多，敬請瀏覽 NGCcoin.hk/expertise

1898 Kiangnan Province Silver Series 1898年（戊戌）江南銀幣 Many varieties comprise the Kiangnan Cyclical Date 1898 Dollar, including varieties with the dragon's eyeball raised or incuse, or with variations in the dragon's scales and tail, and an error variety unknown to Kann. For the circlet-like scale variety, NAN on the obverse is upright (not tilted), the reverse has larger English letters, and the dragon has empty, incuse eyeballs. The dragon's scales on this variety, however, are quite unusual, consisting of a dot within a ring. This is believed to be the only dragon dollar with ring scales. Actually there are two sub-varieties of this type. One has six spines in the dragon's tail while the other has eight spines. This ring scale dollar seems to be rather rare.

包括珍珠龍版和戊戌錯版。珍珠龍版，正面“南”字垂直（無傾斜），反面英文字母較大且龍眼下凹。龍鱗極為特別，環形中間帶圓點。截至目前，這是唯一一種帶珍珠龍的錢幣。事實上，珍珠龍還可以細分為兩種。一種龍尾6根尾鰭，另一種則為8根。珍珠龍錢幣極為罕見。

1898 KIANGNAN PROVINCE 7 Mace and 2 Candareens Silver (Circle-Like Scale) K71c, NGC MS65, Bowker Collection, donated to the Shanghai Mint Museum 1898年（戊戌）江南省造庫平七錢二分銀幣珍珠龍版，捐贈至上海造幣博物館

1898 KIANGNAN PROVINCE 7 Mace and 2 Candareens Silver (Circle-Like Scale) K71c, NGC MS65, W & B Capital Collection 1898年（戊戌）江南省造庫平七錢二分銀幣珍珠龍版

In the early 1990s, Michael Chou purchased from the famous Chinese vintage collector RK of California three uncirculated examples of the 1898 Kiangnan Circlet scales dollar that RK had purchased from London back in the 1960s.

1996 just before Michael's first Hong Kong auction in June 1996 for USD 15,500. In 2010, Michael helped W&B Capital certify his entire collection as NGC and this coin was certified at MS65. In March 2014 this coin was sold at auction for USD 418,250.

One example was sold to Dr. Osmund Chan of Los Angeles for USD 4,000.

Another MS65 circlet dollar was from the Howard Franklin Bowker Collection which Michael submitted to NGC in 2010. This coin was donated in 2012 to the Shanghai mint museum with the assistance of Michael Chou.

Another example sold to Hong Kong New Century owner Tony Lee for USD 6,000, and Tony sold it to the collector who formed the Hong Kong Dragon collection, which was later sold at auction in 1996. The coin later realized at auction USD 15,000 - then a record price at auction. The coin was later certified by PCGS as MS65. It was sold at auction in 2020 for USD 454,000. The final coin and the finest example was sold to W&B Capital in

戊戌江南七錢二分銀幣有很多種類。除了突眼龍和凹眼龍版外，還

This example of the Hsi 1898 Circlet dollar is the finest example Michael has seen with fully struck details, superb rainbow toning and mint luster. He thinks this coin is quite under-graded at MS65 and should be in the MS66 class or higher and is likely the finest known example of this rare variety in high grade and should go to a collector who appreciates the rarest and finest coins.

20世紀90年代初，周邁可先生從加利福尼亞的著名中國機製幣藏

月）以15 500美元的價格出售給了 W&B Capital。2010年，周邁

家 RK 處購得3枚未流通品相的1898年江南省造珍珠龍銀幣。這些

可先生幫助 W&B Capital 對其整個收藏在 NGC 進行了認證，這

銀幣是 RK 在20世紀60年代時從倫敦購得的。

枚幣經評 MS65。 2014年3月，這枚錢幣在拍賣會上以416 250

周邁可先生將其中一枚以4 000美元的價格出售給了洛杉磯

Osmund Chan 博士。

美元的價格拍出。此外，還有一枚 MS65分的珍珠龍出自包克收藏。周邁可先生在

還有一枚以6 000美元的價格出售給中國香港新世紀公司的老闆

Tony Lee 先生。賣給 Tony Lee 先生的這枚後來被轉手至他的客

2010年將其提交至 NGC 評級，2012年周邁可先生幫助包克家族將其捐贈至上海造幣博物館。

人，這位客人是正式建立了香港 Dragon 收藏的藏家。這枚後來又

此次拍賣的這枚時周邁可先生期間見過品相最好的一枚，鑄打全

在1996年的拍賣會以15 000美元的價格成交。2010年，這枚幣經

面，有幻彩包漿，有原光。他認為 MS65分略有低評，該幣應為

PCGS 認證，經評 MS65。2020年，這枚幣登上拍賣會，以454

MS66或更高分，可能是這一珍稀品類中品相最好的一枚，應該為

000美元的價格成交。

欣賞最為珍稀且品相最好錢幣的藏家所有。

第三枚也是品相最好的一枚於1996年冠軍第一次香港拍賣前（6

Finest Known Hsi KIANGNAN 1898 One Dollar Silver 品相最好的席德柄1898年（戊戌）江南省造光緒元寶庫平七錢二分銀幣

008

CHINA-KIANGNAN 1898 One Dollar Silver, Circlet-like Scales, L&M216, NGC MS65, Hsi/NC Collection 1898年（戊戌）江南省造光緒元寶庫平七錢二分銀幣，珍珠龍，L&M216，NGC MS65，席德柄 /NC 收藏

US $100,000-200,000 Auction Result(s): 2020, PCGS MS65, Dragon Collection, realized USD 454,000. 2014, NGC MS65, W&B Capital Collection, realized USD 418,250. 拍賣成交： 2020年，PCGS MS65，Dragon 收藏，成交價454,000美元。 2014年，NGC MS65，W&B Capital 收藏 Collection，成交價418,250美元。

1897 Kiangnan Province Series 1897年老江南銀幣

The Heaton Mint at Birmingham, England equipped the Kiangnan Mint at Nanking in Kiangsu province. The design of the dragon on early Kiangnan coins, however, is radically different from the one Heaton produced for the Kwangtung, Hupeh and other provinces. The designer of the Kiangnan and the Kwangtung coins is unknown. Chang Huang's explanation that these coins are marked "Kiangnan" to distinguish them from Kiangsu coins is incorrect, since the Kiangnan coins were made several years before the Kiangsu coins. The most likely explanation is that the Kiangnan mint was under the control of the Governor General of Kiangnan (whose headquarters was at Nanking) while the Kiangsu mint was under the control of the Governor of Kiangsu (whose headquarters were at Soochow). Kann records undated Kiangnan dollars with two different edges: ordinary reeding; and an ornamented or security edge. The Shanghai Museum displays undated Kiangnan dollars with reeded edge and two different types of ornamented edges. The coins with the ornamented edges appear more frequently, while the reeded edge coins are rare. Kann was unaware that the undated dollar also exists with a plain edge. An undated copper dollar with a plain edge was first published in H. Chang's 1981 catalog, Silver Dollars and Taels of China , but the first auction appearance of this coin was not until the Goodman Sale of June 1991. It appeared again in the Sixth Champion Auction of June 2008. The proof coins with plain edge are generally found in high grades. Such is not the case with the coins made for circulation, which are extremely difficult to find in Choice grades. The

finest example is a single MS64 from the Chinese Family Collection, and it was auctioned by Champion in July 2008. A plain edge proof specimen in NGC PF65 sold in the December 2010 Auction for USD 373,750. 喜敦造幣廠同時也為位於江蘇南京的江南造幣廠提供造幣機器。早期的江南銀幣上龍的設計明顯有別於喜敦造幣廠為廣東、湖北及其他省份所製造的錢幣。至於是誰製造了江南錢幣或廣東錢幣，則依舊成謎。張璜對此的解釋是，這些錢幣被標記為“Kiangnan”其實是為有別於江蘇省錢幣。這種解釋是錯誤的，因為江南錢幣的製造時間早於江蘇錢幣好幾年。最有可能的解釋是江南造幣廠是由江南的總督所管轄（當時的首府為南京），而江蘇造幣廠是由江蘇的總督所管轄（當時的首府是蘇州）。耿愛德記錄無紀年的江南七錢二分有兩種邊齒⸺ 齒邊和花邊或人字邊。上海博物館中同時陳列有帶齒邊的無紀年江南七錢二分和帶兩種不同人字邊的七錢二分。其中人字邊的較為常見，而齒邊的更為稀少。耿愛德沒有意識到其實還有一種光邊的無紀年江南七錢二分也存在。無紀年的光邊銅質七錢二分在張璜1981年的《中國銀圓及銀兩幣目錄》中被首次公佈，但是第一次出現該幣的拍賣會則是1991年6月的古德曼專場拍賣。這枚錢幣後又再次出現在冠軍拍賣2008年6月拍賣會上。江南省造鏡面樣幣都是光邊的且品相都很好，大多都能達到精選級品相。普通的錢幣則很難找到品相好的，僅一枚評級分數達到 MS64，出自華人家族收藏，冠軍拍賣於2008年7月拍出。在

2010年10月的拍賣會上，一枚 NGC PF65的光邊鏡面樣幣賣到了 373 750美元。

Very Rare Hsi KIANGNAN 1897 One Dollar Silver 非常珍稀的席德柄1897年江南省造光緒元寶庫平七錢二分銀幣

009

CHINA-KIANGNAN 1897 One Dollar Silver, herring bone edge, L&M210A, NGC UNC DETAILS, superb example, Hsi/NC Collection 1897年江南省造光緒元寶庫平七錢二分銀幣，老江南，人字邊，L&M210A，NGC UNC DETAILS，品相極好的一枚，席德柄 /NC 收藏

US $50,000-100,000 Auction Result(s): 4/2021, Hong Kong auction, PCGS UNC DETAILS, realized USD 144,000; 12/2020, PCGS UNC DETAILS, USD 240,000. 拍賣成交： 2021年4月，香港拍賣，PCGS UNC DETAILS，成交價144 000美元； 2020年12月，PCGS UNC DETAILS, 成交價240 000美元。

Extremely Rare Hsi Rare KIANGNAN 1897 One Dollar Silver 極珍稀的席德柄1898年江南省造光緒元寶庫平七錢二分銀幣

010

CHINA-KIANGNAN 1898 One Dollar Silver, reeded edge, L&M210B, NGC UNC DETAILS, Hsi/NC Collection. Finely engraved, sharply struck on the scales, finest known 1898年江南省造光緒元寶庫平七錢二分銀幣，老江南，齒邊，L&M210B，NGC UNC DETAILS，席德柄 /NC 收藏。雕刻精美，工藝精湛，龍鱗滿打，狀態完美無出其右

US $60,000-120,000

The 1898 Kiangnan dollar with a reeded edge is extremely rare in high grade. Michael Chou has only seen two examples in Uncirculated condition and both are from the Hsi collection. T here has been no auction t ransaction of this coi n i n Uncirculated condition for over thrity years and it may be many years before another one appears. This is a once-in-a-lifetime opportunity to obtain this coin from the extremely popular old Kiangnan dragon series which many think is one of the most attractive dragon coins of China.

未流通品相的1898年齒邊江南銀幣非常少見。周邁可先生僅見過兩枚未流通等級者，均出自席德柄收藏。過去30年中，中國錢幣拍賣未曾見過未流通等級的1898年齒邊江南銀幣，相信在之後的很多年裏也不會有另一枚這樣的錢幣出現。藏家們一輩子可能只有一次機會獲得這樣一枚極受歡迎的老江南龍洋，這也可能時最具吸引力的中國龍洋之一。

Finest Known Hsi KIANGNAN 1898 20 Cents Silver 已知品相最好的席德柄1898年（戊戌）江南省造光緒元寶庫一錢四分四厘銀幣

011

CHINA-KIANGNAN 1898 20 Cents Silver, Encircled Dragon, Y143.1, L&M218, K72d, NGC MS63, Hsi/NC Collection 1898年（戊戌）江南省造光緒元寶庫平一錢四分四厘銀幣，龍面有圈，Y143.1，L&M218，K72d，NGC MS63，席德柄 /NC 收藏

US $10,000-20,000 Auction Result(s): 8/2009, Champion Hong Kong Auction, NGC MS63, realized USD 37,100. 拍賣成交： 2009年8月，冠軍中國香港拍賣，NGC MS63，成交價37 100美元。

Choice Hsi KIANGNAN 1898 20 Cents Silver 精選品席德柄1898年（戊戌）江南省造光緒元寶庫平一錢四分四厘銀幣

012

CHINA-KIANGNAN 1898 20 Cents Silver, Uncircled & Large Characters, L&M219, NGC MS64, Superb toning and mint luster of this original coin, Hsi/NC Collection 1898年（戊戌）江南省造光緒元寶庫平一錢四分四厘，無圈大字，L&M219，NGC MS64，原包漿，原光，席德柄/NC 收藏。

US $6,000-12,000

Choice Hsi KIANGNAN 1898 20 Cents Silver 精選品席德柄1898年（戊戌）江南省造光緒元寶庫平一錢四分四厘銀幣

013

CHINA-KIANGNAN 1898 20 Cents Silver, Small Outer Characters, L&M220, NGC MS64, Original toning and eye appeal, Hsi/NC Collection 1898年（戊戌）江南省造光緒元寶庫平一錢四分四厘，外圈小字，L&M220，NGC MS64，原包漿，好味道，席德柄/ NC 收藏

US $3,000-6,000 36

Note: " ★ " denotes Nelson Chang's favorite coins.

附注： “★”为張南琛最喜歡的錢幣。

Nelson Chang preferred the Empire taels as he thinks they are better designed than other imperial dragon silver coins, and we feature a group of coins from the Chinese tael series starting with the 1903 Hupoo tael series, including a unique set of 1904 Hupeh tael patterns, a superb example of 1906 Kuping gold tael, and very choice and rare 1907 Chihli tael. Many of the coins are the finest known, reflecting Nelson's insistence on top

quality as the high grades shows. 張南琛先生偏愛大清銀兩幣，因為他認為這些錢幣的設計較之龍洋更為精美。本次拍賣中便不乏1903年戶部一兩系列起的中國銀兩幣，如一套獨一無二的1904年湖北一兩樣幣、一枚庫平一兩大清金幣和非常精美的1907年北洋一兩銀幣。其中很多都是已知品相最好的，足見張南琛先生對收藏高評級、好品相錢幣的堅持。

Extremely Rare EMPIRE 1903 5 Mace Silver Pattern 極珍稀的1903年（光緒二十九年）戶部光緒元寶庫平五錢銀質樣幣

014 ★

014

CHINA-EMPIRE 1903 5 Mace Silver Pattern, L&M2, K928, NGC MS65, NC Collection. 1903年（光緒二十九年）戶部光緒元寶庫平五錢銀質樣幣，L&M2，K928，NGC MS65，NC 收藏。

US $60,000-120,000 Auction Result(s): 8/2020, Shanghai, Champion Auction, PCGS SP66, realized USD 190,000.

The dies for the 1903 Hupoo Silver Series feature a unique type of dragon. The dies were probably engraved at the Osaka Mint in Japan, however, the coin itself was struck at the Peiyang Mint in Tientsin. Similar coins in dollar and fractional denominations of 5 Mace, 2 Mace, 1 Mace and Half Mace were struck at the same time for circulation. However, the tael and its fractions were produced only as patterns. Hupoo Silver Series are extremely popular and difficult to find in Gem condition. Each denomination on this set has a semi-circle at top of fireball and straight flames. The dies for this set were made in Japan.

拍賣成交： 2020年8月，上海，冠軍拍賣，PCGS SP66，成交價190 000美元。

1903年（光緒二十九年）戶部光緒元寶銀質樣幣幣面上的龍形狀非常奇特，鑄模經由日本橫濱正金銀行委託大阪造幣廠製造，聞名遐邇，而錢幣本身是在天津的北洋造幣廠鑄造。戶部系列有五種面值，分別為壹兩、五錢、二錢、一錢及五分，同時期鑄造發行，但壹兩和小面額的錢幣只有樣幣。這種壹兩系列極受歡迎，但很難找到評級分數高的錢幣。這枚戶部五錢樣幣和該系列的其他錢幣一樣，龍珠的上半部分為直線型的火焰。該套銀幣的幣模鑄造於日本。

Finest Known EMPIRE 1903 2 Mace Silver 品相最好的1903年（光緒二十九年）戶部光緒元寶庫平二錢銀質樣幣

015

CHINA-EMPIRE 1903 2 Mace Silver, thick flan, L&M3, K929, NGC MS67, A superb example of this 1903 Hupoo 2 mace with an extremely sharp strike, original toning, and mint luster. The best of the best, by far the finest we have seen in over 30 years, NC Collection 1903年（光緒二十九年）戶部光緒元寶庫平二錢銀質樣幣，厚坯，L&M3，K929，NGC MS67，經評1903年戶部貳錢銀幣，鑄打深峻，原包漿，原光，上上品，30年所見品相最好者，NC 收藏

US $30,000-60,000

There are 2 examples (thick and thin) in the NC Collection. This one is the thick variety. Its edge reeding looks different but may be due to the way the coin was struck; with the same number of reeds as the thin variety.

NC 收藏中有2枚戶部貳錢樣幣，此次拍賣的這枚為厚版。其齒邊似與薄版不同，但這可能是因其鑄打方式不同所導致的；兩種版別的齒邊數目相同。

Finest Known EMPIRE 1906 One Tael Gold 品相最好的1906年（丙午）大清金幣庫平一兩

016

CHINA-EMPIRE 1906 One Tael Gold, Large Clouds, Plain Edge, L&M1023, K1540, NGC MS64, NC Collection 1906年（丙午）大清金幣庫平一兩，光邊大雲版，L&M1023，K1540，NGC MS64，NC 收藏

US $100,000-200,000 Auction Result(s): 8/2014, 1906 gold tael, NGC MS63, realized USD 305,000. 4/2021, 1907 gold tael, NGC MS64, realized USD 324,000. 拍賣成交： 2014年8月，1906年庫平一兩金幣，NGC MS63，成交價305 000美元。 2021年4月，1907年庫平一兩金幣，NGC MS64，成交價324 000美元。

T he U.S. Consu la r Re por t for Ju ne 1907 refer s to a n announcement by the Board of Revenue and the Tientsin Mint that gold coins would shortly be issued for circulation. The gold coinage never materialized and only two pattern taels dated 1906 and 1907 remain as reminders of the planned issue. Gold coins were not issued for circulation in China until the Republican period. This coin has the same Japanese style dragon seen on the 1903 Hupoo coinage. Nelson Chang only collected official circulating Chinese gold coins and not the off-metal gold strikes. It is larger than the dollar coins and the traditional tael system used in China for thousands of years. Finest known and with superb mint luster.

美國領事館在1907年六月的報告中提到大清財政局和天津造幣廠的一個通告，該通告指出金幣將很快被發行流通。但實際上並未實施，而只存留了兩枚能讓人回想起當年金幣發行計劃的壹兩樣幣，其年份分別為1906年和1907年。直到民國時期，金幣才開始發行。這枚錢幣上有和1903年戶部錢幣上相同的日式龍。張南琛先生只收藏官方流通的中國金幣，並不收藏金質樣幣。

1906年庫平一兩金幣採用了中國使用了千年的傳統銀兩體系，尺寸較銀元更大。該幣為已知品相最好的一枚，有着精美的原光。

1911 (Year 3) Long Whisker Dragon Dollar Silver 1911年（宣統三年）長須龍大清銀幣壹圓

017

CHINA-EMPIRE 1911 (Year 3) Long Whisker Dragon Dollar Silver, L&M 28, pointed petals, PCGS SP61, WL collection 1911年（宣統三年）長須龍大清銀幣壹圓，L&M 28，陽葉版，PCGS SP61，WL 收藏

US $150,000-300,000 Auction Result(s): 12/2011, Champion Hong Kong Auction, NGC PR62, realized USD 171,100. 2011年12月，冠軍中國香港拍賣，NGC PR62, 成交價171 100美元。

Raised leaf variety with proof like surface, extremely sharp st r ike. From Champion Hong Kong 12/1/2011 auction, originally NGC PR62. This is one of only 2 1911 Empire Long Whisker dollar graded by NGC as proof, and the other was a Long Whisker dollar with normal reverse, NGC PR63, at Champion 6/22/2008 auction. A great opportunity to obtain this popular pattern dollar. 陽葉版，精製鏡面，鑄打深峻，出自冠軍2011年12月1日拍賣，原評分為 NGC PR 62。經 NGC 評級的1911年長須龍大清銀幣壹圓中只有兩枚為精製，這便是其中一枚，另一枚為長須龍背普通版，經評 NGC PR63，於冠軍2008年6月22日拍賣上拍出。此次是極好的獲得這枚精緻鏡面長須龍壹圓銀幣樣幣的機會。

Finest Known CHIHLI 1907 1 Tael Silver Pattern 已知品相最好的1907年（光緒三十三年）北洋造光緒元寶庫平一兩銀質樣幣

018

CHINA-CHIHLI 1907 1 Tael Silver Pattern, 3 tiny dots on the pearl in a straight line, L&M438, NGC MS63, NC Collection, superb toning and surface 1907年（光緒三十三年）北洋造光緒元寶庫平一兩銀質樣幣，火球上三個小圓點成一條直線，L&M438，NGC MS63， NC 收藏，原包漿，好版底

US $200,000-400,000 Auction Result(s): 7/2020, Shanghai, PCGS MS62, realized USD 331,000. 11/2019, Beijing, PCGS MS62, realized USD 287,500.

The 1907 Chili Silver Tael coin was struck at the Tientsin Mint using the same Japanese style dragon as on the 1903 Hupoo coinage. It has only one kind of denomination and can be sorted into two varieties based on the dots on the fireball on the reverse. The scarcer variety has three tiny dots in a straight line on the fireball, which is sometimes called the "no dots" variety because the dots are so small that a magnifier is required to see them. The famous Chinese collector ShiJia-Gan pointed out that weights vary, with the lightest being 34 g (lower than one Tael). The two examples in the Shanghai Museum weigh 34.2 g and 37.2 g, almost 50% lower than Kann's record high of 51.2 g.

拍賣成交：

2020年7月，上海，PCGS MS62, 成交價331 000美元。 2019年11月，北京，PCGS MS62，成交價287 500美元。

1907年（光緒三十三年）北洋造光緒元寶庫平壹兩銀幣由天津造幣廠鑄造，使用了和1903年戶部錢幣上相同的日式龍圖案，是一枚十分漂亮的錢幣。北洋壹兩只有一種面值，由其背面龍珠上分“無點”及“三點”兩版，以無點版較為稀少。無點版的錢幣龍珠上有三個很小的圓點排成一條直線，通過放大鏡才能看清。施嘉幹在

1949年描出這種錢幣有多種重量，最輕的為34克（低於壹兩的正確重量）。上海博物館的兩枚分別重34.2克和37.2克。Kann 記錄的重量為51.2克，比正常重量多50%。

The Minting of the Hubei One Tael Silver Coin, Advocated by Chang Chih-tung during the Qing Dynasty, and his Funeral Affairs Che-lu Tseng〔USA〕

Chang Chih-tung made important contributions to modern

currency unit should be the "tael". They argued that the "tael"

Chinese machine-struck silver coins. In 1887, as Viceroy of

had been used as a traditional unit of currency unit in China for

Guangdong and Guangxi, Chang Chih-tung submitted a report

a long time, thus it should not be abandoned.

to the Imperial Qing government concerning the striking of silver coins and establishing the Guangdong Numismatic

The mainstream view, however, was that the currency unit

Office. In 1888, Chih-Tung was transferred to Huguang. In

should be the "dollar". This idea was advocated by businessmen,

1893, he petitioned the Qing government to strike silver coins

foreign merchants, some officers within the Ministry of

and set up the Hubei Silver Bureau. At that time, most of

Revenue, and everyday civilians. As a unit of measurement,

the Provincial Chinese silver coins came in at a weight of 7

they believed that the "dollar", as opposed to "tael", " mace"

mace and 2 candareens, which were based on the standard of

and "candareens", was more convenient for calculating. For

Mexican 8 reales. On August 1904, Chih-Tung again petitioned

trade and exchanging currencies with other countries, they

the Qing government to strike a one tael silver coin in Hubei

also believed that they should not follow the usual method of

province. At that time, Yuan Shih-kai and Chang Chih-tung

calculation. Silver coins were used by merchants to facilitate

were both in favor of making the "tael" the primary unit of

trade and by civilians to buy daily necessities - with the whole

currency, but there was debate as to whether the currency unit

intent being to make the coins more convenient to use. The

should be denominated as a "tael" or a "dollar".

Shanghai Chamber of Commerce submitted a written statement to the Ministry of Finance that the "tael" was used as a unit of weight, while the "dollar" was used in the system of currency. It was unreasonable to mix these two different measurements together. By so doing, it would lead to many problems in people's daily lives. As a matter of fact, both propositions sound reasonable. However, only the one that makes people's lives easier becomes the general trend. In 1909, Tai Tse ( the officer of the Ministry of

Hubei One Tael Copper Coin Pattern, Large Characters, NGC MS62, NC Collection

Finance) said, "The opinion that the currency unit should be the 'tael' advocated by Chang Chih-tung and Yuan Shih-kai was a dogmatic view. It's hard to carry out, for it has many drawbacks. I suggest that the currency unit should be the 'dollar' ." The date of the Hubei one tael silver coin According to Chang Chia-niang's book, although there was a debate between "tael" and "dollar", Chang Chih-tung petitioned the Qing government in August of 1904 to begin striking one tael silver coins. He proposed that the Hubei Silver Bureau

Hubei One Tael Copper Coin Pattern, Small Characters, NGC AU50, NC Collection

could try out the one tael silver coin and observe the response of civilians and merchants around the world. If it worked, then he would petition Tai Tse to implement the scheme. If not, the

A debate between the "tael" and the "dollar"

coins would be recycled by the Bureau.

Even though it went counter to mainstream thought, it was

By referring to the surviving examples of Hubei one tael silver

the viewpoint of Yuan Shih-kai and Chang Chih-tung that the

coins, and taking the above analysis into account, it can be

speculated that dies were made in 1904 and coins with large

irrational system."

characters and consisting of 90.0% silver were made in 1905 (on January 19, 1907, Chang Chih-tung cabled Yuan Shih-kai,

On June 20, 1907, Chang Chih-tung sent a second telegram

stating that the coins consisted of 98.0% silver). After that, the

to Yuan Shih-kai. In it, he said: "It's not true that one tael

Ministry of Finance issued a document to restrike coins of the

coins minted by the Hubei Silver Bureau were recalled and

denomination one tael and six candareens (these used a small

destroyed for they couldn't be circulated in the market. With a

characters and other materials). Ultimately, on July 9, 1907, Tai

circulation of more than 700,000, these coins were accepted by

Tse petitioned the Qing government to strike coins of 7 mace

the government repository, as well as by many merchants. Also,

and 2 candareens.

these Kuang Hsu one tael coins could be adopted to pay taxes at Hankow. The transaction certificate is attached. In accordance

Why is the coin with large characters lighter than the one

with the document issued by the Ministry of Finance, we are

with small characters?

supposed to restrike one tael and six candareens coins and recall the old one. However, there are more than 100,000 pieces

There are two versions of Hubei one tael silver coins, one with

scattered among the people. In this way, the move to destroy

"Ta Qing Yin Bi" (Qing silver) in large characters, and one with

these one tael coins was conducted on the basis of the official

the legend in small characters. In the typical auction catalog,

document rather than the Hubei officer's willingness. The

the large characters variety is more valuable than the small

day that the Minister Chen came to Hubei Province, he didn't

characters. Based on dealers' experience, the weight of a coin

talk about this with me. His attendant told a staff of Hubei

with large characters is less than one seventh that of ones with

Silver Bureau that since the Ministry of Finance set the new

small characters. The large characters is also very rare - but

size specifications, we have to recall old ones and wait for the

why? And why is it lighter? If you are curious, then check out

issuing of new coin dies. There is no one tael coin that couldn't

the reference books for the answer.

be circulated."

We know that Chang Chih-tung and Yuan Shih-kai both

By referencing the surviving one tael coins, we know that the

favored the "tael" as the currency unit. For promoting and

coins with small characters weigh more than the ones with

implementing the unit "tael", they sent telegrams to each other

large characters. According to the above telegrams, we should

to discuss the topic. We can obtain some information from

conclude that the coin with large characters was struck in

these telegrams.

1905 and consisted of 90.0% silver. Afterwards, the Ministry of Finance issued a document to restrike one tael and six

For instance, on May 26, 1907, Yuan Shih-kai sent a telegram

candareens coins with small characters – those coins consist

to Chang Chih-tung to discuss the pros and cons of silver coins.

of 98.0% silver and weigh one tael and six candareens (37.53g)

Some content is as follows: "I consider that a Chinese coin

each. The coins with large characters were recalled and

which consists of 98.0% silver and weighs one tael should be

destroyed and ones with small characters were struck. Thus, the

struck. If the coin which consists of 90.0% silver is struck, we

coins with small characters survive in larger amounts, and they

could win big profits at present, but would suffer heavy losses in

have a higher purity and more weight than the coins with large

the future." Believing one telegram on the topic was inadequate,

characters.

on June 1, 1907, Yuan Shih-kai again sent a telegram to Chang Chih-tung, in which he said, "One tael silver coins were struck

On July, 1907, the Ministry of Finance substituted the "dollar"

in the areas of Hunan and Hubei. If it can't be carried out in one

for the "tael" as the currency unit. This is the Qing silver one

place by accident, nor across the country, it is not the fault of

dollar coin that ended the debate between "tael" and "dollar",

the new currency. So we are supposed to strike a coin which

and the 7 mace and 2 candareens coins were struck.

consists of 98.0% silver and weighs one tael." Random talk on the funeral affairs of Chang Chih-tung On January 19 of 1907, Chang Chih-tung replied, "In the report submitted in 1905, the coins consists of 90.0% silver,

In ancient times, Chinese emperors took their f uneral

and we also didn't talk about the purity of silver. Through

affairs very seriously, as did officials in the central and local

our consultation, this time we decided to strike the coin that

governments. Before their deaths, they often asked the Chinese

consists of 98.0% silver. The coins of standard purity are the

astrologer to choose an auspicious day and a land of treasure

best. We accept good advice, and dare not rigidly adhere to any

for the funeral. But in fact, the results of this preparation often 43

proved counterproductive. Their graves were either excavated

whole life. It is said that Empress Dowager Tzu Hsi awarded

and robbed, or destroyed. The grave of Empress Dowager Tzu

him a lot of money, so the Red Guards in question may have

Hsi, for example, was blown up. Chang Chih-tung's grave was

considered that there were many treasures in his grave. Details

dug by Red Guards, which was a chilling sight to witness.

about this matter were recorded in the World Journal , a Chinese

Chang Chih-tung was related to the minting of silver coins his

language newspaper published in North America.

清代張之洞奏鑄“湖北一兩”銀幣及其後事曾澤祿〔美國〕

張之洞對中國近代機鑄銀幣是有貢獻的，例如在光緒十三年（公元

從實物尚存下來的“湖北一兩”銀幣來看，知道是光緒三十年，又

1887年）任兩廣總督時，向清廷奏請《仿鑄銀圓折》，在廣東設立

從張之洞光緒三十年八月奏請來看，是在光緒三十年造模，而在光

錢局。光緒十四年被調到湖廣之後，在光緒十九年向清廷奏請《鑄

緒三十一年開始鑄造九色銀幣（大字版型，見光緒三十三年元月

銀元折》，成立湖北銀元局，獲准后鑄造的銀元是以七錢二分為主，

十九日張之洞致電袁世凱電文鑄幣重以十足成色）。後因度支部下

是一種仿製墨西哥銀元之權宜措施。在光緒三十年八月，他又向清

文改鑄一兩零六分（即是銀一兩加入雜質六分，屬於小字版型），

廷奏請“湖北自鑄一兩銀幣”，當時他與袁世凱等二人最積極贊成

到光緒三十三年七月初九日，戴澤奏請新鑄七錢二分銀幣為止。

兩制之銀幣，遂而引起“兩”與“圓”幣制之爭。（三）為什麼大字版式輕而少，小字版式重而多（一）“兩”與“圓”之爭 “湖北一兩”版式有二種，一種是大字版，指“大清銀幣”四字中主張“兩”制是屬於非主流派，當時以張之洞與袁世凱二人為主，

文較為大字，另一種是小字版，是指“大清銀幣”四字中文較為小

他們的說法是，鑄一兩制是沿襲中國傳統官民慣用，久已習慣的

字。按在拍賣目錄中都是以大字版為高價，據按錢幣商經手之經驗，

“兩”計，不可放棄這種主權律度。

其數量約至少有一比七以上之差距。我們都知道大字版較稀罕，知其然，但不知其所以然？大字版的重量比小字版為輕，這又為什

主張“圓”制是屬於主流派，是以一般平民商人及洋商為主，以及

麼？如果有興趣的話，可以找找文獻，是可以找到答案的。

戶部一些官員，他們的說法是不用“兩”“錢”“分”正名目，只要以“枚”計算很方便。又期與他國貨幣相通，不必守舊成見，並且

我們知道張之洞與袁世凱二人最贊成兩制銀幣，他們二人為了推行

銀錢流轉以商家貿易民生日用為大宗，流通又便民，例如上海總商

宣揚兩制，互相致電討論兩制銀幣之事，我們可以從他們二人來信

會上書度支部，認為“兩”為衡法，而“貨幣”為圜法，混衡法於

致電的內容找到線索，例如： “……光緒三十三年五月二十六日，

圜法，比附無理，而民生日用實受其弊。

袁世凱為論銀幣利弊事致張之洞等電：

其實，這二種主張都有其理之所在，唯能“便民”者則為潮流所致。

“竊以為中國不劃定幣制則已，如劃定幣制，則重量以一兩為准，

宣統元年，度支部尚書戴澤，則說： “兩”之單位為張之洞、袁世

成色應以九八為宜，合先以銀為本位，不可不抬高其質。若以九成

凱二人之獨斷，其法諸多缺點，難以實行，勸進行“圓”單位。

銀為之，鼓鑄之初，雖贏厚利而將來收納暗虧必多……”，袁世凱對這份致電內容還覺得不夠，又至光緒三十三年六月初一日，再致

（二）“湖北一兩”銀幣鑄造的時間

電給張之洞，認為銀幣應以兩為單位，“……兩湖曾鑄一兩銀幣，偶不通行者，全國即無信用之動力，非新幣之咎也，故欲劃定幣制，

儘管有“兩”“圓”之爭，張之洞在光緒三十年八月奏請自鑄一兩

重量宜以一兩為准，成色重以九八為宜……”

銀幣（原文在張家驤著的《中華幣制史》可以查到），他想在湖北

先鑄造庫平一兩重銀幣試用，以觀商情民情及各國商人情形，如

張之洞為了向袁世凱以上二份書信回電，在光緒三十三年元月十九

果行得通，則奏請敕下戶部戴澤推行，如果行不通，則湖北當收

日向袁世凱回信雲： “……查前年（光緒三十一年）原奏仍系九成

回另鑄。

紋銀，亦未議及足色，此次奏內似可聲敘，前年所奏色系九成，此

次直色初稿擬用九八，今經公同商。今以足色為最善，是以擇善而

多，而且成色也較好，重量也較重，這與留存下來實物相應證驗為

從，均不敢拘泥制說……”

一致。

張之洞在光緒三十三年六月二十日電信袁世凱的第二封電文，又提

後來在光緒三十三年七月度支部棄兩制訂為“圓”制就是書文所指

到“……詢知鄂鑄一兩銀幣不能行，已收回銷毀一節，殊非事實， “部章另定新式，聽候頒發新模”，也就是丁未大清銀幣壹圓的版式，鄂鑄一兩銀幣本身通行，已發出七十余萬，不惟藩庫商民，即江漢

從此“兩”“圓”之爭又告一段落，遂成以後銀幣以七錢二分之圓

關稅亦按庫平足文一律收用，此為行銷明證。嗣同部文改鑄一兩零

制了。

六分者，不得不將舊鑄者陸續收回，然至今尚有十余萬散至民間，此乃迫于部章並非鄂省自願銷毀。當日陳尚書在鄂，與鄙人並非言

（四）張之洞後事之閑語

及，僅隨員司員向局員談及，局員告以部章旣另定新式，現已遵照將舊鑄收回，聽候頒發新模，並無一兩之幣不能行銷之語……”

中國許多帝皇墳墓，包括中央地方大臣，他們死後埋葬擇龍地，擇吉日，都要請風水地理師，結果皆適得其反。殊不知這些迷信後事，

從實物留存下來，知道小字版一兩都比大字版一兩為重，反而推之。

即不是被盜掘，就是被破壞，慈禧太后墳墓被炸毀，以及張之洞之

再從這些來回電文可以知道在光緒三十一年開始鑄造大字版型是成

墳墓被紅衛兵刨挖，其慘狀令人心寒。張之洞一生跟銀幣之鑄造極

色九成的一兩。後因度支部下文改鑄一兩零六分者為小型版式，成

有關，據說慈禧太后賞賜他許多銀錢，紅衛兵們可能認為他的墳墓

色為九八，重量一兩零六分，三十七點五三克（一兩為三十七點

藏有珍寶，有關此事，在美洲中文《世界日報》有記載。

三一克），所以把大字版式收回銷毀再鑄小字版式，因此小字版式

“湖北一兩”紅銅樣幣，大字版，NGC MS62，NC 收藏

“湖北一兩”紅銅樣幣，小字版，NGC AU50，NC 收藏

Extremely Rare HUPEH 1904 One Tael Pattern Set (3) 極珍稀的1904年（光緒三十年）湖北省造大清銀幣庫平一兩銅質樣幣一套三枚

019

Yuan Shih-kai

Chang Chih-tung

袁世凯

張之洞

019

CHINA-HUPEH 1904 One Tael Pattern Set (3): (1) Brass, L&M181 Var., NGC MS64; (2) Copper, Large Character, K933x.2, L&M181 Var., NGC MS62 BN; (3) Copper, KANN-933A Var., NGC AU50 BN. Total 3 Pieces, NC Collection （1）黃銅，類似 L&M181，NGC MS64 ；（2）紅銅， 1904年（光緒三十年）湖北省造大清銀幣庫平一兩銅質樣幣一套三枚：大字版，K933x.2，類似 L&M181，NGC MS62 BN ；（3）紅銅，類似 KANN-933A，NGC AU50 BN。共3枚，皆為 NC 收藏

US $200,000-400,000 Auction Result(s): 4/2015, Large Characters Tael, PCGS MS64, realized USD 177,000; 8/2012, Large Characters Tael, PCGS MS64, realized USD 143,000; 12/2020, Small Characters Tael, PCGS MS63+, realized USD 174,000; 10/2010, Small Characters Tael, PCGS MS63, realized USD 139,000. 拍賣成交： 2015年4月，大字版，PCGS MS64，成交價177 000美元；2012年8月，大字版，PCGS MS64，成交價143 000美元； 2020年12月，小字版，PCGS MS63+，成交價174 000美元；2010年10月，小字版，PCGS MS63，成交價139 000美元。

One of the most important and greatest Chinese numismatic rarities from the NC Collection. All three 1904 Hupeh pattern tael coins are the only examples seen. Likely from the family of an important Ching official and passed through Hong Kong's Chang Huang to Nelson Chang. Perhaps a unique opportunity to obtain on of the greatest Chinese numismatic rarities. The Large Characters Tael is much more common, as in the trial production, the large character variety was struck first. There are two kinds of large character patterns: one in brass and one in copper, while the small character variety only has one pattern.

這套錢幣 NC 收藏中最為重要，也是最為精美的中國錢幣珍品之一。全部三枚都為僅見品，可能時出自清朝重要官員的家族，後經中國香港的張璜轉手至張南琛先生。這可能是唯一一次獲得這套珍稀中國錢幣珍品的機會。 “湖北一兩”中大字版更早鑄造。因為在試鑄時先鑄造了大字版，因此大字版有紅銅和黃銅兩種，而小字版僅一種。

Finest Known KIRIN ND (1885) 5 Mace Silver with square hole 品相最好的1885年吉林省造光緒元寶廠平五錢銀質樣幣

020

★ 020

CHINA-KIRIN ND (1885) 5 Mace Silver with square hole, KM-Pn-A9, Kann-921, NGC AU50, NC Collection 1885年吉林省造光緒元寶廠平五錢銀質樣幣，方孔，KM-Pn-A9，Kann-921，NGC AU50，NC 收藏

US $60,000-120,000

Purchased from a Hong Kong Money Company auction in the early 1980s for over USD 12,000 from the collection of the famous collector Qian Jie. At that time, a 1911 Empire reverse pattern was only USD 3,000, and an 1867 Shanghai tael was worth USD 15,000. Finest known example with a reeded edge.

20世紀80年代時在香港金錢公司（Money Company）拍賣上以 12 000美元的價格從著名藏家錢傑的收藏中競得。當時，1911年大清銀幣反龍版的價格僅為3 000美元，1867年上海一兩銀幣的價格為15 000美元。這是有齒邊版別中品相最好的一枚。

Superb Gem SHANGHAI ND (1856) One Tael Silver 超極品的1856年上海縣號商王永盛匠萬全造壹兩銀餅

021

★ 021

CHINA-SHANGHAI ND (1856) One Tael Silver, issued by Wang Yung Sheng, made by Wan Chuan, L&M589, K900, NGC AU58, NC Collection. The finest example of an 1856 Shanghai tael we have seen with wonderful rainbow toning and sharp strike. Very undergraded at AU58, a great candidate for a grade upgrade. 1856年（咸豐六年）上海縣號商王永盛匠萬全造壹兩銀餅，L&M589，K900，NGC AU58，NC 收藏。1856年上海一兩銀餅中品相最好的一枚，有幻彩包漿，鑄打深峻，低評至 AU58分，很有升分潛力。

US $30,000-60,000 Because of the uncertainty created by the Taiping Rebellion of 1851-1865, the Spanish and American silver dollars normally found in circulation soon disappeared or were available only at a large premium. In an effort to make silver coins available for trade, the Taotai (a low level government official) of Shanghai authorized the minting of tael coins in 1856. These coins have the name of the issuing firm on the obverse and the name of the engraver on the reverse. Three different issuers produced coins using three different engravers. The square steel dies used to strike the coins were apparently made in Shanghai. One pair of these dies still exists today in the Victoria & Albert Museum in London, England. The coins were only made briefly during 1856, then production ceased, supposedly due to the appearance of counterfeits in circulation. It should be noted that both Eduard Kann, and Henry Ramsden before him, list tael and five mace coins from the same issuers. Lin Guoming ( 林國明 ), however, believes that all of the 5 mace pieces are fantasies, because they are not mentioned in any of the 19th century accounts of these coins. The tael coins have not been questioned because there are a number of numismatic and non-numismatic accounts published in the 19th century about them, beginning in 1856 and 1857. This is a very interesting series and the first Chinese tael coinage.

由於太平天國動亂（1851-1865），西班牙和美洲貿易銀元很快就消失或抵用於大筆交易上。為了在貿易中使用銀元，一位上海道台在1856年被授權製造銀元。這種錢幣的正面刻有發行商的名字，反面刻有工匠的名字。三個不同的發行商使用三位不同的工匠。用於鑄造錢幣的方形鋼模明顯是在上海製造。其中有一對模具，過去用於鑄造這裡提供的這種錢幣，現在仍保存在英國倫敦的維多利亞伯特博物館。此類銀幣主要在1856年間被鑄造，後來因為大量贗品流入市場而停止鑄造。應注意到耿愛德以及之前的亨利 · 拉姆斯登（Henry Ramsden）的目錄中都記載了出自同一發行商的一兩和五錢銀餅。然而，在林國明目錄中認為所有的五錢銀餅都是臆造幣，因為在任何19世紀文獻中都沒有關於此類銀餅的記載。一兩銀餅從未被質疑過，因為在

19世紀出版的許多與錢幣有關或無關的資料中提到了1856至1857 年間的上海一兩銀餅。這種錢幣是一種十分有趣的錢幣系列，也是中國的第一種銀兩幣。

Unique Set of Artist's Sketches for a Proposed Chinese Coin Bruce W. Smith〔USA〕

This set of three original pencil sketches for a proposed Chinese

three sketches depict different versions of a dragon surrounding

coin with NGC certification was LUIGI GIORGI's work. The

a two seal script [li shu , 隸書 ] words yi yuan [one dollar, 壹圓 ].

NGC certification labels

These sketches are from a group of documents originally in

as second; 5) the design favored as third; 6) pass to the Outer

the Coole Collection and described in the 1963 inventory of

Gate of the Imperial Palace in Peking issued to the artist by

his collection: "Original MSS for the designing of a silver

the Assistant Military Commander of Peking, Jui Feng; and

dollar for presentation to Prince Regent Zai Feng [ 載

灃 ],

7) pass to the Inner Gate of the Imperial City issued during

the father of the Emperor Xuan Tong [ 宣統 ], which include

the 1st year of the reign of Xuan Tong on March 1." Present in

seven documents as follows: 1) A dissertation on the proposed

this lot are the three sketches and the text about gold coins in

use of gold money for Sinkiang province; 2) Biography of the

Sinkiang (Xinjiang) Province. The biography, the pass, and

artist who has drawn the designs and some historical facts;

most importantly, the name of the artist are missing.

3) the design recommended as the best; 4) the design favored

The design recommended as the best, with an Arthur Coole Collection label and ties to the memorial to the throne on the reverse

The second design, with an Arthur Coole Collection label on the right

The design favored as third, with an Arthur Coole Collection label on the right

The text concerning gold coins in the Sinkiang Province, with an Arthur Coole Collection label at right

Year 3 Long Whisker Dragon dollar, with the design recommended as the best, NC Collection Given its strong strike, this long whisker dragon dollar must have been struck from an early die stage. Its edge is straight and smooth, and its reeding is sharp and regular. The coin is sharply struck on the whole without weakness either on the edge nor on the dragon’s scales. In addition, the coin is an incused leaf variety.

Year 3 Standing Dragon 50 cent coin pattern with an extra pearl based on the design favored second,.Unique, with incused L. GIORGI signature at the bottom, NC Collection

Year 3 Standing Dragon 50 cent coin pattern with an extra pearl based on the design favored second, of which only a few are known, Bowker Collection. 11/2020, Champion Auction, NGC MS62, USD 132,000

Year 3 Standing Dragon 50-cent coin with regular dragon pearl for general release, NC Collection, NGC MS65

Year 3 silver dollar, with raised L. GIORGI signature, 2012, Kuerker Auction, NGC MS63, EURO 520,000

From Coole's description, we know that these designs were

served in that position until 1917. Previously, he had worked for

presented in the spring of 1911. The sketch recommended in first

the Italian medallic firm of Stefano Johnson in Milan. There was

place, with the dragon facing the viewer, matches the 1911 series

another engraver by the same name who worked at the Rome

of silver dollars made at the Tientsin Mint (Kann 223-227; KM

Mint until he died in 1912. However, Luigi Giorgi, who worked

Y31), and the design favored second, with the dragon facing to

in China, was not related to the better known Italian engraver.

the left, matches the half dollar and smaller coins in the same

Giorgi's signature, GIORGI or L. GIORGI or L.G., appears on

series (Kann 228-230; KM Y28-30). All of final design had a

a number of Chinese pattern coins during the 1911-1917 period,

dragon pearl added, as on all Chinese dragon coins.

the best known of which are various designs of Yuan Shih Kai [ 袁世凱 ] coins and those of his brief reign as Emperor Xuan

We know that Luigi Giorgi designed the 1911 dollar and half

Tong (1916).

dollar coins from the pattern coins that bear his name, so these sketches are almost certainly his.

The only other original artist's sketch for a Chinese coin known to be in private hands is a sketch for the 1923 Dragon & Phoenix

Giorgi, the most famous engraver of Chinese coins, was

Dollar, long believed to have been issued to commemorate the

appointed as the chief engraver at the Tientsin Mint in 1910 and

deposed, last emperor's wedding. This mystery was unraveled

in November 1993 when the original sketch for the coin showed up in an auction of the Money Company and was purchased by a Chinese researcher, Bruce W. Smith, for Nelson Chang (NC Collection). Giorgi signed the sketch, and the date on the coin is 1914 - not 1923. The sketch appeared on the cover of the first issue of the Journal of the East Asian Numismatics (JEAN) in July 1994. Since this coin is believed to have been issued to commemorate the 1923 wedding of the former emperor, how could Giorgi have designed it nine years earlier? The answer appeared in another issue of the JEAN . This design was intended for a coin to replace those with the portrait of Yuan Shih Kai, but the coins were never struck at that time. A second attempt to replace the Yuan Shih Kai coins was made in 1923, when the Dragon & Phoenix dollar was issued, portraying national symbols rather than those of an individual. Unpopular with the public, few of these coins were made, and the Yuan Shih Kai coins continued to be minted until replaced by the Sun Yat-Sen [ 孫中山 ] coins in the late 1920s and early 1930s. Why the text about Sinkiang gold coins was included with this group is unknown. Perhaps the designs were originally intended for Sinkiang gold coins, but it is also possible the Sinkiang text does not belong with these manuscripts. The drawings are each 9 inches (227mm) in diameter. The four pieces in this set are absolutely unique museum pieces.

The first issue of the JEAN issued in July 1994 The sketch of the Dragon & Phoenix dollar with L. GIORGI signature is at the bottom of the cover

Appendix: Arthur Coole Collection Arthur Braddan Coole (1900-1978), born in Kansas, United States. Coole's father was a Methodist pastor who brought his family to Fujian, China, where he began to preach 1906. Coole began collecting coins when he was young. He returned to the U.S. to study in Colorado and graduated with a master's degree in theology in 1923. After that, he followed his father’s path and came to China to preach. When working at the Tientsin Huiwen Middle School as Business Director, Coole wrote Coins in China's History in 1936, and the first 500 copies sold out in a very short time. Coole preached in North China until 1948, after which he returned to U.S. Coole published his Encyclopedia of Chinese Coins in 1967. The Coole Collection included Chinese banknotes, printing plates, coin molds in bronze, clay, and stone, identifying seals in brass and buffalo horn, gold bars, and coins. Sometime in the late 1950s to early 1960s, most of Coole’s collection was sold to San Diego dealer, Jack Klausen. In the 1970s, Jack Klausen sold most of the collection to Taiwan coin dealer Lee Zheng Shin [ 李振兴 ] of Jiji Stamp and Coin Shop. Arthur Coole had one of the largest cash tree collections ever assembled, which he acquired over his many years in China.

Arthur Braddan Coole

For over 40 years, Coole was a close friend and frequent correspondent with the famous collector Howard Bowker, so we know well about his collecting activity and his whereabouts in China (the complete correspondence between Coole and Bowker will appear in a future issue of the JEAN ). Part of the Coole collection was donated to a college in Texas to join his father's collection. 53

獨一無二的整套擬發行中國幣設計師手稿史博祿〔美國〕

這套手稿檔經 NGC 認證，出自路易 · 喬治（LUIGI GIORGI，以

三張手稿繪有三個不同版本的龍樣，隸書“壹圓”被龍樣環繞。

下稱 L. GIORGI）之手，其中有三張擬發行中國幣的原始錢幣稿。

NGC認證標籤

這些手稿原本是邱文明藏品中的一組檔，在其1963年藏品清單中

龍龍身，龍身自龍頭向左再右旋；龍頭較長須龍縮小，面朝右。最

有如下描述，“這些是呈現給宣統皇帝的父親，當時的攝政王愛新

後宣統三年壹圓使用的龍樣為第一次行龍樣龍頭向前的設計與第三

覺羅 · 載灃的壹圓銀幣設計原始手稿，包括如下七份檔：1）關於

次行龍樣龍身自龍頭向左再右旋的設計相結合）；6）頒發給設計師

擬在新疆使用金質貨幣的建議文字；2）關於繪製該設計的藝術家

Luis Giorgi 的紫禁城外城通行證（可能由京城副都統“Jui Feng”

介紹及歷史事實；3）第一次行龍樣（類似於長須龍與反龍的結合，

頒發）；7）宣統一年3月1日頒發的紫禁城內城通行證。”除了三張

即龍身同反龍龍身，龍身自龍頭向右再左旋；龍頭類似長須龍龍頭，

設計稿之外，還有關於新疆金幣使用狀況的文字說明。裏面關於設

面朝前，龍須長而向下垂）；4）第二次行龍樣（立龍，龍頭較長須

計師的介紹、通行證，以及最重要的設計師的名字，都不見了。

龍縮小，面朝左，龍尾朝左向上，後用於伍角、貳角及壹角幣）；5）第三次行龍樣（龍身同正式發行的宣統三年壹圓銀幣所使用的曲須

第一次行龍樣，背面有邱文明收藏標籤和用於系至奏摺的系帶

第二次行（立龍）龍樣，右側貼有邱文明收藏標籤

第三次行龙样，右侧贴有邱文明收藏标签

新疆金幣說明文字，右側貼有邱文明收藏標籤

宣統三年長須龍壹圓，NC收藏

龍頭類似第一次行龍樣龍頭設計，龍身類似第三次行龍樣龍身設計此版長須龍從打制的標準程度來看必屬鋼模初制，整體邊緣周正且平整。馬齒犀利打制規整。整體壓力足，邊花及龍鱗沒絲毫弱打，綜上所述分析必屬早期版。此版為陽葉版。

採用了第二次行龍樣設計的宣統三年立龍伍角，陰陽旋，底部有 L. GIORGI陰文簽字，出自NC收藏

採用了第二次行龍樣設計的宣統三年立龍伍角, 陰陽旋，出自包克收藏，2020年11月，冠軍拍賣，NGC MS62，132 000美元

普通版宣統三年立龍伍角，普通龍珠，出自NC收藏，NGC

正式發行的宣統三年壹圓銀幣，有L. GIORGI陽文簽字，2012 年，昆克拍賣，NGC MS63，520 000歐元

我們根據邱文明的介紹可知，這些設計都是呈遞於1911年春。第

大利紀念章公司工作。值得一提的是，有一位同名雕刻師曾在意大

一次行龍樣上龍面朝外，和造幣總廠鑄造的1911年系列銀幣中的

利的羅馬造幣廠工作，直至1912年去世，但這位在中國工作的 L.

MS65

壹圓（Kann 223-227，KM Y31）一致，第二次行龍樣龍面朝左，

GIORGI 是否與那位更加著名的意大利雕刻師並非一人。1911年

和同系列中伍角及更小面額錢幣（Kann 228-230 ；KM Y28-30）

至1917年期間，許多中國樣幣上都有 L. GIORGI 的簽名，其形式

的設計相同。該幣最終設計都如其他中國龍樣一樣加上了龍珠。

或為 GIORGI，或為 L. GIORGI，也有 L. G.，其中最著名的是各種袁世凱像錢幣，以及袁世凱在短暫地以洪憲年號統治期間的各種

根據我們留存下來的簽名版樣幣可以知道，是 L. GIORGI 設計了

錢幣。

1911年壹圓及伍角硬幣，因此我們幾乎可以確定，這些圖稿是出自這位設計師之手。

除了上述的幾張手稿之外，目前已知的中國錢幣的藝術家原始手稿中只有1923年龍鳳壹圓的手稿是在私人手中，之前人們一直認

L. GIORGI 可以說是最著名的中國錢幣雕刻師。1910年，他被任

為這枚銀幣是為了紀念中國最後一位被罷黜的皇帝溥儀大婚而發

命為造幣總廠的首席雕刻師，並擔任該職位直至1917年。此前，

行的。這張神秘的稿件最早在1993年11月面世，當時這些原始圖

L. GIORGI 曾在米蘭為斯蒂芬諾 · 詹森（Stefano Johnson）的意

稿現身金錢公司（Money Company）的拍賣會，筆者（中國研

究者史博祿，Bruce W. Smith）為張南琛先生（NC 收藏）買下了這張圖稿。這張圖稿上有 L. GIORGI 簽名，但幣面上的年份是

1914年，而不是溥儀結婚的1923年。這張龍鳳銀幣的圖稿也曾用於1994年7月第一期《東亞泉志》的封面，至於為何 L. GIORGI 會早九年設計出慶賀溥儀大婚的錢幣，這點在之後的《東亞泉志》中也有解答。這張圖稿原本是為了替代袁世凱像銀幣而設計，但當時並未投入鑄造。第二次計劃發行銀幣以替代袁世凱肖像幣是在1923年，期間發行了龍鳳銀幣，幣上的圖案乃是象徵國家象徵，而非個人。由於龍鳳銀幣並不受公眾喜愛，因此鑄造量很少，反而是一直在鑄造袁世凱肖像幣，直到20世紀20年代末至30年代初，袁世凱肖像幣逐漸被孫中山肖像幣取代。封面下方為 L. GIORGI 簽字龍鳳銀幣設計手稿。但是為何這組檔中會有一張關於新疆金幣的文字說明，目前還尚未可知。也許這些設計原本是用於新疆金幣，但也有可能關於新疆金幣的文字內容並不是針對這些手稿的。設計稿一套四張，直徑為9英寸（227毫米），絕對是獨一無二的博物館級藏品四件套。

封面下方為L. GIORGI簽字龍鳳銀幣設計手稿

附錄：邱文明收藏介紹邱文明（Arthur Braddan Coole, 1900-1978），美國堪薩斯州人，父親是衛理公會牧師，1906年攜眷赴中國福建傳教。邱文明的姓氏邱即閩南語發音。邱文明自幼即開始收藏，年齡稍長即返美接受大學教育並於1923年在科羅拉多州修得神學碩士，亦承其父衣砵來華傳教，曾參加國父孫中山先生在北平協和醫院殤禮。邱文明擔任天津匯文中學商科主任時，於 1936 年編成《中國歷代五金錢幣》（Coins in China's Histroy ），初版五百本隨即售罄，次年增訂再版。邱氏在華北地區傳教直到1948年離開。返美後繼續在教會工作，晚年遷居科羅拉多州丹佛。邱文明於1967年發表《中國古今泉幣字典》（Encyclopedia of Chinese Coins ），共出版七冊，但僅是其研究成果的一部份，賚志以歿，令人惋惜。邱文明的中國收藏包括紙鈔、鈔版、錢範（青銅、陶土及石頭材質）、印章（黃銅和水牛角材質）、金條和硬幣。20世紀50年代末60年代初，大多數邱文明的舊藏都被賣給了聖地牙哥的傑克·克勞森（Jack Klausen）。20世紀70年代，傑克·克勞森又將大多數的收藏賣給了臺灣大名鼎鼎的幣商，集集郵幣行的李振興。邱文明曾在中國生活多年，其錢樹收藏乃是最大的錢樹收藏之一。

邱文明

邱文明是著名錢幣收藏家霍華德·包克（Howard Bowker）的好友，兩人通訊往來40餘年，因此我們對其在中國時期的收藏活動及活動軌跡非常瞭解。（想要瞭解邱文明與包克通信的完整內容，敬請期待之後的《東亞泉志》）。邱文明的部分藏品被捐贈之德克薩斯州的一所學院，這所大學內也藏友他父親的收藏。

Unique Coole EMPIRE 1911 One Dollar Silver Coin Designer Manuscript set (3) 孤品宣統三年壹圓銀幣設計師手稿一套三張

022

CHINA-EMPIRE 1911 One Dollar Silver Coin Designer Manuscript set (3), Diameter: 227mm, Designed by Luigi Giorgi: (1) The first dragon pattern, Dragon Facing Outward, the back has the label of Arthur Coole collection and the tie for tying to the memorial submitted to the throne; (2) The second dragon pattern, Standing Dragon, Dragon Facing Left, with the collection label of Arthur Coole on the right side, used on 10, 20, 50 Cents, KM-Y28, Y29, Y30; (3) The third dragon pattern, Dragon Facing Right, with the collection label of Qiu Wenming on the right side. Total 3 Pieces, Arthur Coole Collection 宣統三年壹圓銀幣設計師手稿一套三張，直徑227毫米，出自路易 · 喬治（LUIGI GIORGI）之手。（1）第一次行龍樣，面朝外，背面有邱文明收藏標籤和用於系至奏摺的系帶；（2）第二次行龍樣，立龍，面朝左，右側貼有邱文明收藏標籤，龍面後用於壹角、貳角及伍角幣，（3）第三次行龍樣，面朝右，龍右側貼有邱文明收藏標籤。共3張，皆為邱文明藏品 KM-Y28，Y29，Y30 ；

US $300,000-600,000

This is the only designer drawing memorial submitted to the Chinese emperor for approval. Likely the most important series of coins designed for the Chinese empire by the famous Italian designer Luis Giorgi, this group of a memorial with his passage badge issued by the vice director of the Forbidden City in 1910 as documented in the 1963 collection of the famous Chinese numismatic researcher and collector, Arthur Coole. This series of memorials gives insight into why the Empire Central Mint 1911 series did not have a unified design like the Empire Central Mint issues of 1903, 1906, 1907, and 1910. The first ranked design was combined with the 3rd ranked design to form the final design for the Dollar coin. The design ranked second was used for the 50, 20, and 10 cents coins. With 5 different designs of the 1911 pattern dollar, we now know Luis Giorgi only designed three based on the imperial memorial, and a dragon pearl was added to the final design as on all Chinese dragon coins.

Buyi's Father 溥儀的父親

這是唯一由設計者繪製並提交至中國皇帝審批的設計圖紙，由著名的意大利設計師 Luis Giorgi 設計，可能時最為重要的大清錢幣系列。1910年時，紫禁城的一位副官將這組手稿與奏摺一同呈交給皇帝，後被著名的中國錢幣研究者和收藏家邱文明先生收藏在冊。根據這些手稿，我們可以直到為什麼清朝中央造幣廠發行的1911 年大清銀幣上的設計與1903年、1906年、1907年和1910年大清銀幣上的設計會有所不同。第一次行龍樣的設計結合了第三次行龍樣，共同形成了最終的設計，而第二次行龍樣的設計則用於伍角、 The Chongwen Gate 崇文門

贰角和壹角銀幣。雖然1911年大清銀幣由五種不同設計的樣幣，但是 Luis Giorgi 只設計了手稿上的三種。並且確定終稿的時候，這些錢幣和中國其他所有的龍洋一樣都添加了龍珠。

1911 Ta Qing silver dollars 1911年（宣統三年）大清銀幣 1911 Ta Qing silver dollars were made with different designs at the Tientsin mint. While the obverses of the One dollar are similar, the reverse has four different designs. 1.Long Whiskers Dragon: the whiskers of the dragon are long and point downward. The obverse also has two versions based on the saturation of leaf veins. The reverse has three different versions, two of which were only used on pattern coins. The third was used on actual circulated coins. 2.Short Whisker Dragon: has the same obverse as the Long Whiskers dragon. The dragon on the reverse has a big head and short whiskers and is exceedingly rare. Kann stated that before he left Shanghai in 1949, only 5 Short Whisker dragon dollars were known to exist. The Chicago collector Don C. Keefer had one piece. Kann had two. To raise money for publishing his book Illustrated Catalog of Chinese Coins , Kann sold one piece via New York coins dealer Hans M.F. Schulman in June 1953 at auction, the other piece sold for USD 2,100 at the Kann collection auction in March 1972 and sold for USD 13,000 at a Chicago auction in 1978. 3 Wide Tail Dragon: one of the rarest versions of the 1911 Ta Qing silver dollars, with a smaller mintage than the Long Whisker dragon and the Reversed Dragon. A wide tail dragon pattern graded NGC PF60 sold for USD 73,600 at the Hong Kong Champion auction in April 2008. 4. Reversed Dragon: the dragon's body curls in the opposite direction than the normal dragon coins, with the tail ending on the right and the center of the dragon's body on the left. The obverse of the Reversed Dragon dollars come with Raised and Incused Leaf Veins. Kann does not list the incused vein variety, which combines a K.223a obverse with a K.225 reverse. The most famous engraver of Chinese coin dies was an Italian named Luigi Giorgi. Giorgi was an excellent artist and produced some beautiful coins, but his fame is due to the fact that he was the only engraver to place his name on a Chinese coin in a western language. Many Chinese and western engravers produced dies for Chinese coins, but most of them are unknown to us. Giorgi was the Chief Engraver at the Tientsin Central Mint from 1910 to about 1917. In addition to designing and engraving coins for China, Giorgi also trained several Chinese in the art. These men became some of China's first professional coin engravers. Giorgi must have been born around 1880, and was still living in retirement in Italy in 1953, according to Kann, who was probably corresponding with him. According to Coins of the Republic of China published in 1917 by Giuseppi Ros, who knew Giorgi personally (they were both

Italians), that before coming to Tientsin, Giorgi worked for the medallic firm, Stabilimento Stefano Johnson in Milan, Italy. Founded in 1836, this company expanded when the Milan Mint closed in 1887, and the firm had the opportunity to hire all of its engravers. Though its plant was destroyed by Allied bombing in 1943, the company was rebuilt and is still in operation today. The company maintains a reference collection, open to scholars, of more than 50,000 medals. It should be noted that there was another coin engraver by the name of Luigi Giorgi, and the two are often confused. The older and more famous engraver was Raffaele Evaristo Luigi Giorgi (1848-1912) who was appointed Chief Engraver at the Rome Mint in 1906. During that time, he produced the dies for the Italian coinage of 1908-1912 and for the copper and silver coins of Italian Somaliland. Many of his works are signed L. GIORGI F. or L. GIORGI FECE. (The “F” or “Fece” is an abbreviation meaning “he made this.”). Judging from the coins, Giorgi's first project at the Tientsin Mint was the last set of imperial silver coins struck there - the 1911 dated (Year 3) dollar and fractional coins (Kann 223 230; KM Y28-31). Before the final design was selected for the circulating coins, several pattern dollars were produced. All had the same obverse design (though there are die varieties), but five different dragon designs were tried. The design produced for circulation has a small headed dragon whose tail ends on the left side of the coin, with or without a dot after the English word DOLLAR. The dot is a mintmark, but we don't know which mint it indicates. Other designs include a small head dragon with a larger tail on the left, a small head dragon with tail ending on the right side (known as the reverse pattern dollar), a large head dragon with long whiskers, and a large head dragon with short whiskers. A signed pattern dollar in this series is listed by Kann with the “L. GIORGI” signature on the Chinese side (Kann 227k), and an unlisted uniface half dollar (Kann 228 type), struck in pewter with Giorgi signature on the Chinese side, is also known. More recently, two other signed dollars have been discovered. One has GIORGI on the Chinese side and the other has GIORGI INC. on the Chinese side (Lin & Ma 34 and 35). The INC on the coin is an abbreviation for incusare or engraver. Giorgi's next works did not appear until 1914 - the various Yuan Shih Kai dollars and fractional coins. Though dollars depicting Sun Yat Sen and Li Yuan Hung had appeared during 1912 (struck at the Wuchang Mint), the Yuan Shih Kai coins did not come out until 1914 because the Tientsin Mint was destroyed on 2 March 1912, when unpaid soldiers began a riot as a diversion

wh ile t hey looted a nd bu r ned t he m i nt. Edu a rd Ka n n witnessed the bur ning of the mint, and perhaps Giorgi did as well. W hen the rebuilt Tientsin Mint opened in 1914, Giorgi began work on the Yuan Shih Kai coins.

1911年“宣統三年”試製了多種不同的樣幣。在一元面值的各版中，正面基本相似，但在背面可分為四款。

1.“長須龍”：龍鬚長而向下垂，龍尾朝左向上。此版亦可由錢幣正面左右兩邊兩個花中間的外面的花葉不同分為陰紋與陽紋兩版。葉

Kann 耿愛德

子中間是向上凸起稱陽紋版，向下凹稱陰紋版。其中俗稱“長須龍配普通版”，罕見珍品。這種錢幣的反面圖案有三種不同版本，其中兩種只用於樣幣，第三種用於實際流通的錢幣。

公司擁有超過5萬個幣章的藏品，並向錢幣學者開放。

2.“短須龍”：正面大致同長須龍。但龍頭上端大而龍鬚較短，極罕見珍稀品。耿愛德表示，1949年他離開上海前，僅知存世5枚。其中芝加哥藏家 Don C. Keefer 有一枚，耿氏有兩枚，後為籌款出版《中國幣圖說匯考》，將其中一枚在1953年6月交紐約錢幣商 Hans

M. F. Schulman 拍賣；另一枚情況不明，1972年3月耿愛德專場第三次拍賣交易總價美金2 100元；再度出現在1978年芝加哥錢幣拍賣會，價格已達美金13 000元。

3.“大尾龍”：由於背面龍尾明顯較寬大，俗稱“大尾龍”。是宣統三年大清銀幣珍貴版別之一，鑄額甚少，其存世數量遠少於“長須龍”和“反龍”。在2008年4月的香港冠軍拍賣會上，一枚 NGC

值得注意的是，還有一位錢幣雕刻師也叫做 Luigi Giorgi，與我們所指的 Luigi Giorgi 並非一人。年齡稍大且更有名的是 Raffaele

Evaristo Luigi Giorgi（1848年 -1912年），他於1906年被指派為羅馬造幣廠主雕刻師。當時，他製造了1908年 -1912年意大利錢幣幣模以及意屬索馬里蘭的銀幣和銅幣。他的許多作品上都有簽名“L. GIORGI F”或“L. GIORGI FECE” （F 或 FECE 都是縮寫，意為由他製造）。

Giorgi 在天津造幣廠的第一個任務是製造清朝的最後一套銀幣⸺ 1911年（宣統三年）大清銀幣 (Kann 223-230 ；KM Y28-31)。

PF60大尾龍樣幣以總價美金73 600元賣出。

在作為流通錢幣的設計被最終確定以前，一些不同的樣幣被生產

4.“反龍”：龍身自龍頭向右再左旋，由龍尾方向不同而得名。此版

的反面圖案。被選為流通幣的反面龍頭稍小，龍尾在左邊，在英文

又以其正面花葉不同分陰紋與陽紋兩種版本。耿愛德書中沒有列出

DOLLAR 後面有點或者無點。這一點是一個造幣廠標誌，但指的

陰紋反龍版，其實陰紋反龍版即 K.223a 的正面與 K.225的反面結

是哪一個造幣廠尚不清楚。其他四種圖案是：龍頭稍小，龍尾偏大

合。罕見品，但比大尾龍較多。

且在左邊；龍頭稍小，龍尾在右邊（稱為反版）；龍頭稍大，龍鬚

最著名的中國錢幣雕模師是一位名叫 Luigi Giorgi 的意大利人。

出來以供選擇。雖然所有樣幣的正面圖案都相同，但有五種不同

偏長；龍頭稍大，龍鬚偏短。

Giorgi 是傑出的藝術家，他製造了很多精美的錢幣，但他的聲名

此系列中一種在中文那一面有 L. GIORGI 簽名的樣幣被 Kann 列

主要來自於他是唯一一位將其英文名留在中國錢幣上的雕刻師。很

入目錄中 (Kann 227k)，還有一種失蠟法鑄造的單面半圓銀幣

多中國和西方雕刻師都為中國製造過錢幣幣模，但大多數人都默默

(Kann 228 型 ) 在中文一面也有 Giorgi 簽名，未被列入 Kann 目

無聞。從1910年到1917年，Giorgi 在天津中央造幣廠擔任主雕

錄但已被發現。近期又有兩種簽名幣被發現，一種是中文一面有簽

刻師。除了設計中國錢幣和製模，Giorgi 還培訓了一批中國徒弟。

名 GIORGI，另一種是中文一面有簽名 GIORGI INC（Lin & Ma

這些 Giorgi 的徒弟後來成為中國首批專業錢幣雕刻師。據可能與

34和35），INC 是 incusare 的縮寫，指雕刻師。

Giorgi 有過交往的 Kann 表述，Giorgi 應是在1880年左右出生， 1953年在意大利過着退休生活。根據與 Giorgi 有私交、同為意大利人的 Giuseppi Ros 於1917年

Giorgi 的下一個作品直到1914年才出現，那就是各種袁世凱像壹圓和小面值銀幣。由於天津造幣廠於1912年3月2日被燒毀，袁世凱像銀幣直至1914年才生產。而孫中山像和黎元洪肖像幣已於

出版的《中華民國錢幣》記載，在到天津之前，Giorgi 曾在意大利

1912年由武昌造幣廠製造。天津造幣廠毀於一場未拿到薪酬的士

米蘭的 Medallic 公司為 Stabilimento Stefano Johnson 工作。

兵暴動，為洩憤他們搶劫和焚燒了造幣廠。Eduard Kann 親眼目

Medallic 公司成立於1836年，1887年米蘭造幣廠關閉時開始擴

睹造幣廠被燒毀，很可能 Giorgi 也看到了。當1914年天津造幣廠

張，並雇傭了米蘭造幣廠所有的雕刻師。儘管工廠在1943年被盟

完成重建，Giorgi 便開始製造袁世凱銀幣。

軍炸毀，這家公司恢復了重建，並且直到今天仍在運行。Medallic

Finest Known EMPIRE 1911 One Dollar Silver 品相最好的1911年（宣統三年）大清銀幣壹圓

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CHINA-EMPIRE 1911 One Dollar Silver, long- whiskered dragon, KM-Pn304, L&M28, K223, NGC MS64, Finest Known example, NC Collection 1911年（宣統三年）大清銀幣壹圓，長須龍，KM-Pn304，L&M28，K223，NGC MS64，已知品相最好的一枚，NC 收藏

US $150,000-300,000 Auction Result(s): 11/2020, Champion Macau Auction, NGC MS64, incused leaf variety, realized USD 312,000. 4/2021, Hong Kong, PCGS MS64, realized USD 1,020,000. 拍賣成交： 2020年11月，冠軍澳門拍賣，NGC MS64，陰葉版，成交價312 000美元。 2021年4月，中國香港，PCGS MS64，成交價 1 020 000美元。

This superb 1911 Long Whisker dollar is from the rare early state of the dies, showing a fully struck dragon and rims. None of the usual weakness in the head, eyes, or dragon scales that is common with this pattern as it has a higher than normal relief than other dragon coins. This is also the raised leaf variety. The raised leaf is also fully struck showing extremely sharp details. On other raised leaf varieties the leaf barely shows. The proof-like surfaces show much early die polish, and this could be even one of the first coins struck off the new dies. A superb opportunity to acquire not only a rare variety but the finest example.

這枚精美的1911年長須龍銀幣為早期鑄幣，鑄打精美，龍圖和邊緣均無落打。其浮雕較之其他龍洋更高，但龍頭、眼睛、龍鱗均無弱打。該幣為陽葉版，其陽葉葉片也鑄打飽滿，細節極為清晰，不似其他陽葉脈絡模糊。這很可能是最早鑄造的陽葉版1911年大清銀幣之一，表面近精製，有模具早期拋光拉絲痕跡，甚至可能是最早用新模具鑄造的錢幣之一。此次拍賣是收穫這枚品相最好的珍稀版別1911年大清長須龍銀幣的好機會。

1972 Jess Peters Priced Listing of the Silver Coins of China 1972年 Jess Peters 中國銀幣銷售目錄 The 1972 Jess Peters Sales catalog was from the collection of DC of California. Many of the coins were from the Kann collection as DC was one of the largest buyers from the sale. This sales catalog may be the greatest collection of Chinese coins sold on a price list. Many coins on this sales catalog were later sold by Hong Kong's famous coin dealer Zhang Huang to Nelson Chang at Hong Kong's McDonald's including Kann's 1884 Kirin spelter set and 1867 Hong Kong 2 mace. The superb offering from this January 1972 catalog included: Kann's 1902 Chehkiang dollar K119 USD 2,250, Heaton 1902 Chehkiang dollar K119I USD 6,000, 1904 Kwangtung tael K933 at USD 2,850, Kann's 1890 Kweichow dollar K12 USD 1,500, Shanghai tael with and without Rays both at USD 2,250 and the Shanghai 2 mace at USD 2,000, Kann's Chang Tso-lin dollars of 1926 K685 USD 2,350 1927 K687 USD 1,850, and Kann's Unique 1929 Sun Yat-sen k619 Dollar USD 2,250. 1972年 Jess Peter 銷售目錄中很多錢幣都是來自加利福尼亞的 DC 收藏。DC 是耿愛德舊藏最大的買家之一，因此，這本 Jess Peters 銷售目錄其中有很多錢幣都是來自耿愛德舊藏。這本銷售目錄可以說是最了不起的中國收藏之集成。目錄上的很多錢幣之後經由中國香港幣商張璜在香港最大的麥當勞出售給張南琛先生，包括1994年吉林廠平銀幣鋅樣和1867年上海貳錢銀幣。

1902年喜敦造幣廠浙江省造光緒元寶庫平七錢二分銀幣（K119I），售價6 000美元；1904年廣東壽字一兩銀幣（K933），售價2 850 美元；1890年貴州省造庫平七錢二分銀幣，耿愛德舊藏（K12），價格1 500美元；上海一兩銀幣，有射線版與無射線版，售價均為

2 250美元；上海貳錢銀幣，售價2 000美元；1926年張作霖壹圓

1972年1月的這本銷售目錄中的精品還包括：1902年浙江省造光

銀幣，耿愛德舊藏（K685），售價2350美元；1929年孫中山像壹

緒元寶庫平七錢二分銀幣，耿愛德舊藏（K119），售價2 250美元；

圓銀幣，耿愛德舊藏（K619），孤品，售價2 250美元。

Unique 1972 Jess Peters EMPIRE 1911 50 Cents Uniface Lead Pattern 孤品1972年 Jess Peters 1911年（宣統三年）伍角單面鉛質樣幣

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CHINA-EMPIRE 1911 50 Cents Uniface Lead Pattern. Trial strike of the dragon side of K.288 on thick, plain, edge lead flan. The name L. GIORGI has been punched in below the dragon. Giorgi's name wasn't on the die, but was punched in later by hand, L&M38A, NGC MS63, NC Collection, from Jess Peters' Price List in 1972. Glendening Sale of the Von Halle Collection (24 Nov. 1966) 1911年（宣統三年）伍角單面鉛質樣幣，僅龍面，在一塊光邊鉛質幣胚上進行的試造品，龍的下方有 L.GIORGI 的簽字，但簽字並非從幣模上鑄下，而是後期人為刻在幣上，L&M38A，NGC MS63，NC 收藏，出自1972年 Jess Peters 銷售目錄（No. 229)，Glendening 的馮 · 霍爾舊藏拍賣（1966年11月24日）。

US $50,000-100,000 Auction Result(s): 11/2020, Champion Macau Auction, NGC MS62, silver, raised flame variety, realized USD 132,000. 拍賣成交： 2020年11月，冠軍澳門拍賣，NGC MS62，銀幣，陰陽旋版，成交價132 000美元。

The incused “L. GIORGI” may have been incused by the designer Luis Giorgi himself. There is another example of this incused design 1911 L Giorgi dollar at the American Numismatic Society, part of the famous John Reilly donation in the 1920s. Champion purchased a 1911 raised L. Giorgi dollar on behalf of a client at a German Kuenker Auction in 2011 for EUR 520,000 and submitted the coin to NGC where it graded NGC SP63. A unique opportunity to acquire this Chinese numismatic rarity from the 1966 London Glendenning sale of the famous Von Halle collection and from the 1972 Jesse Peters Price List.

這枚 L. Giorgi 陰文簽字版1911年立龍伍角樣幣上的簽字可能是由設計師 Luis Giorgi 雕刻。另一枚陰文簽字版1911年立龍伍角現存於美國錢幣學會（American Numismatic Society），乃是在20世紀20年代由著名的約翰 · 賴利（John Reilly）捐贈。2011年，冠軍拍賣為一位中國客人以52萬歐元的價格從德國昆克拍賣會買下了一枚1911年 L. Giorgi 陽文簽字版大清銀幣壹圓，並將硬幣提交給

NGC 評級，經評 NGC SP63。此次是從1966年倫敦格倫登寧 · 馮 · 哈雷拍賣會和1972年傑西 · 彼得斯拍賣會的著名中國收藏品中獲得這件中國錢幣珍品的獨特機會。

The 1911 50 cents standing dragon design was originally for a dollar coin, as seen in an imperial document from the Arthur Coole Collection that was sent for inspection by the emperor. Therefore this design is very different from the dollar, 20 cents, and 10 cents. The 50 cents is the rarest in the 1911 series. Compared to the ordinary variety, the one in this sale has a dragon ball with both raised and incused swirls, so the design is more delicate and elegant. As for the ordinary variety, the dragon ball only has an incused swirl, resulting in a simpler design. Moreover, the details of the Chinese inscription “wu jiao” [ 伍角，50 cents] are different from the ordinary variety. The denticles are longer, the dragon pattern is different from the ordinary variety in the cloud decoration, and its surface has a strong mirror effect. Therefore, this is an important and entirely different variety, with a brand-new overall design. PCGS has set an independent catalog number for this variety, and it is named “raised f lame”, while the ordinary variety is called “incuse flame”. PCGS may have named the variety according to the feature of the dragon ball. There is a "standing dragon" 50 cents coin with L. Giorgi's signature from the Kann Collection in A Priced Listing of the Silver Coins of China by Jess Peters, U.S.A. 1972. The coin was sold to NC through Chang Huang in 1975. Though the photos in the book are black and white, they are of high quality. The "standing dragon" 50 cents coin with L. Giorgi's signature is the first coin in the book, and the signature is below the dragon pattern, close to the edge of the coin. The details of the coin in the book are completely in line with the raised flame variety. Therefore, the coin in this sale must be the same as the one in the book except for the L. Giorgi signature. There are only three known "standing dragon" 50 cents silver coins with raised flame, so they are quite rare among Tai Ching silver coins.

The Year 3 “standing dragon” 50 cents coin from the collection of Eduard Kann and NC 耿愛德和NC收藏中的宣三立龍五角

版立龍伍角相比，此版立龍伍角最明顯的特徵是龍珠為陰陽旋，設計更加美觀細膩，而普通版的龍珠為陰旋，設計略顯單調簡單。除此之外，“伍角”兩字的筆劃細節亦與普通版不同，正面的馬齒明顯比普通版細長，龍身雲飾等細節與普通版亦有差異，底板鏡面感極強，等等。諸類特徵顯示此版與普通版全然不同，是另外一種整體性的全新設計，屬於綱目性大版。PCGS 有此版的獨立編號，名稱為 Raised Flame，而普通版的編號名稱為 Incuse Flame，亦應是從火珠上進行命名的。 1972年美國 Jess Peters 公司的《中國銀幣售品目錄》（A Priced Listing Of The Silver Coins of

China ）中有一品原耿愛德收藏的立龍伍角簽字版。這枚立龍伍角簽字版在1975年經張璜之手賣給 NC 收藏。本書雖然為黑白圖，但圖片品質不俗，此簽字版一眼開門，L.GIORGI 簽在龍圖的下方，靠近邊緣處。觀其細節特徵，與陰陽旋版完全相同。故此陰陽旋版立龍伍角應該為 L.GIORGI 簽字版立龍伍角的去字版。陰陽旋版立

J.C. Lee found a Year 3 dollar with L. Giorgi signature in the collection of A.N.S., New York. John Reilly Jr. bought this coin in the 1920s and donated it to the A.N.S. after his death.

龍伍角目前僅見三枚，當為清代中央銀幣的新晉大珍。

根據邱文明收藏中的皇家檔可知，宣統三年“立龍”伍角的設計原

版，乃是小約翰 · 賴利（John Reilly Jr.）在20世紀20年代購入，

來是用於為了皇帝視察而鑄造的壹圓銀幣，因此其設計與宣統三年

後捐贈至美國錢幣學會。

而李正民先生曾在美國錢幣協會的藏品中發現一枚宣三壹圓簽字

系列中的壹圓、貳角、壹角非常不同，是最為珍稀的一枚。與普通

(Note: Jess Peters was a wonderful source for modern Chinese gold and silver coins and was an important buyer in the Eduard Kann Collection auctions. The Kann Collection accounts for a large part of Jess Peters A Priced Listing of the Silver Coins of China . The book is not only a priced list but also a reference catalog.) （附注：Jess Peters 公司是當時中國近代金銀幣重量級經銷商，是耿愛德拍賣專場的重要買家之一，《中國銀幣售品目錄》中耿愛德的舊藏

占很大比例，此書既是一本參考目錄，同時也是一本售價表。）

1914 Yuan Shi Kai Silver Series 1914年袁世凱像銀幣 Three distinct types (and numerous varieties) of Yuan Shih Kai dollars were produced beginning in 1914, all designed by Giorgi. An undated type shows Yuan in a facing portrait, wearing a military uniform and feathered hat (Kann 642; KM Y322 type; also known in gold). A second type, dated 1914, shows a three quarters (partly turned) bust of Yuan, in uniform but without a hat (Kann 643; KM Pn32). The last and most diverse type, also dated 1914 and which became a standard circulating coin, had a profile bust of Yuan in uniform without a hat (Kann 645; Y329; also known in gold). The second portrait was engraved first and was intended to be the standard type for circulation. A 1917 article by Dr. Giuseppi Ros, Coins of the Republic of Chin a, explains why the portrait was changed. On the original design, GIORGI’s name appears near the right shoulder of Yuan Shih Kai's bust. Giorgi had been granted a special audience with the late President in order to submit to him the first specimen struck of the new dollar. However, on meeting the President, whose portrait the engraver had reproduced only from a photograph, the artist was inspired to produce something better. Permission was then asked and granted to begin a new die, when the following coin [Kann 645 with profile portrait] was produced.” Giorgi, the most famous engraver of Chinese coins, was an excellent artist and produced some beautiful coins during late Ch'ing and early Republican periods. Almost everything we know about Giorgi comes from the Ros article published in the Royal Asiatic Society (Shanghai branch) Journal for 1917, and Eduard Kann's Illustrated Catalogue of Chinese Coins , published in Hong Kong in 1954. Giorgi was born around 1880. Before coming to Tientsin, he had worked for the medallic firm, Stabilimento Stefano, in Milan, Italy. He was the Chief Engraver at the Tientsin Central Mint from 1910 to 1917, after which he returned to Italy. He was still living in retirement in Italy in 1953, according to Kann, who was probably

corresponding with him. Our other sources of information on Giorgi's career are the Chinese coins which bear his signature, all of them rare pattern coins. 從1914年開始，中國生產了三種不同的袁世凱壹圓銀幣，所有均由意大利雕刻師 Giorgi 製造。一種沒有標注日期的銀幣雕刻了穿軍裝和羽帽的袁世凱正面肖像（Kann 642 ；KM Y322，有同種金幣存世）。第二種袁世凱銀幣標注了日期1914年（民國三年），顯示了穿製服未戴帽的袁世凱七分側面肖像（Kann 643 ；KM

Pn32）。第三種袁世凱銀幣是最多樣化的一種，標注了日期1914 年，展現了穿製服未戴帽的袁的側面像，這種銀幣成為標準的流通幣（Kann 645 ；Y329 ；有金幣存世）。第二種圖案是最先設計的，并期望成為標準流通幣。罗斯（Giuseppi Ros）博士在1917年寫的《中華民國錢幣》一文（Coins of the Republic of China ）中解釋了為何流通幣的圖案被變更： “這枚錢幣（Kann 643）從未流通過，雕刻師 L.

Giorgi 先生（其名字被刻於幣面袁像右肩處）將第一枚樣幣呈獻給一位特殊的觀眾⸺ 袁總統，但一見到總統本人，Giorgi 產生了製造更好錢幣的靈感（這種錢幣上的肖像只是從照片上描摹而來的）。在經過允許后，一種新的幣模和錢幣（Kann 645側面肖像）被製造出來。”

Giorgi 是最著名的中國錢幣雕刻師，他是一位傑出的藝術家，在清朝後期和民國前期製造了很多精美的錢幣。幾乎我們知道的所有關於 Giorgi 的信息都來自于罗斯發表在1917年亞洲皇家協會上海分會雜誌上的文章，以及耿爱德（Eduard Kann）1954年在香港出版的《中國幣圖說彙考》（Illustrated Catalogue of Chinese

Coins ）一書中。Giorgi 出生於1880年左右，在來到天津以前，他在意大利米蘭 Stabilimento Stefano 的 Medallic 公司工作。從1910年到1917年，Giorgi 在天津造幣總廠擔任總雕刻師，之後他返回意大利。根據很可能與 Giorgi 有來往的耿爱德描述，

Giorgi 1953年在意大利過着退休生活。我們知曉的關於 Giorgi 的其他工作信息來自于雕刻了他名字的中國錢幣，所有這些有其名字的錢幣都是樣幣，非常難得與稀有。

Finest Known REPUBLIC 1914 L.GIORGI Yuan Shi Kai One Dollar Silver with Signature 品相最好的1914年（民國三年）L.GIORGI 簽字版袁世凱像壹圓銀幣

025

CHINA-REPUBLIC 1914 Yuan Shi Kai One Dollar Silver with Signature L.GIORGI, L&M67, K645a, NGC SP65, Finest Known example, NC Collection 1914年（民國三年）袁世凱像壹圓銀幣，L&M67，K645a，NGC SP65，L.GIORGI 簽字版，已知品相最好的一枚， NC 收藏

US $150,000-300,000 Auction Result(s): 12/2020, Shanghai, PCGS SP63, realized USD 383,000. 7/2020, Shanghai,, NGC SP61, realized USD 270,000. 拍賣成交： 2020年12月，上海，PCGS SP63，成交價383 000美元。 2020年7月，上海，NGC SP61，成交價270 000美元。

Choice REPUBLIC 1914 L.GIORGI Yuan Shi Kai 50 Cents Silver with Signature 精選品1914年（民國三年）L.GIORGI 簽字版袁世凱像中圓銀幣

026

CHINA-REPUBLIC 1914 Yuan Shi Kai 50 Cents Silver with Signature L.GIORGI, L&M68, NGC MS63, NC Collection 1914年（民國三年）袁世凱像中圓銀幣，L.GIORGI 簽字版，L&M68，NGC MS63，NC 收藏

US $30,000-60,000 Auction Result(s): 10/2019, Shanghai, PCGS SP62, realized USD 73,100. 6/2018, Beijing. PCGS SP61, realized USD 60,900. 拍賣成交： 2019年10月，上海，PCGS SP62，成交價73 100美元。 2018年6月，北京，PCGS SP61，成交價60 900美元。

Finest Known REPUBLIC 1914 L.G Yuan Shi Kai 20 Cents Silver with Signature 品相最好的1914年（民國三年）L.G 簽字版袁世凱像貳角銀幣

027

CHINA-REPUBLIC 1914 Yuan Shi Kai 20 Cents Silver with Signature L.G, L&M69, K657a, NGC MS66, Finest Known example, Kann/NC Collection 1914年（民國三年）袁世凱像貳角銀幣，L.GIORGI 簽字版，L&M69，K657a，NGC MS66，已知品相最好的一枚，耿愛德 /NC 收藏

US $30,000-60,000 Auction Result(s): 6/2018, Beijing, PCGS SP61, realized USD 38,300. 12/2010, Hong Kong, NGC MS62, realized USD 37,375. 拍賣成交： 2018年6月，北京，PCGS SP61，成交價38 300美元。 2010年12月，中國香港，NGC MS62，成交價37 375美元。

In a 1950 letter between Howard Bowker and Eduard Kann, Kann told Bowker the prices in Shanghai in 1948 for the 1914 Yuan Shih Kai L. Giorgi coins: 120 Chinese for silver dollars; 30 Chinese for 50 c ents; and 150 Chinese for the 20 and 10cent coins. This shows that the 20 and 10 cent denominations are the rarest and the 50 cents are the most common. This 20cent from the Kann Collection is the finest we have seen. It is an opportunity to own the rarest and the best.

耿愛德在1950年與霍華德 · 包克的通信中提到，1948年時，用中國銀元在上海購買1914年袁世凱像 L. Giorgi 簽字版壹圓銀幣的價格是120圓，中圓的價格為30元，貳角和壹角的價格為150元。這說明貳角和壹角是最為少見的，而中圓是最常見的。此次拍賣的這枚貳角銀幣出自耿愛德舊藏，是已知品相最好的一枚。此次是擁有這枚最為珍稀且品相最好的銀幣的好機會。

Very Rare REPUBLIC 1914 L.G Yuan Shi Kai 10 Cents Silver with Signature 非常珍稀的1914年（民國三年）L.G 簽字版袁世凱像壹角銀幣

028

CHINA-REPUBLIC 1914 Yuan Shi Kai 10 Cents Silver with Signature L.G, L&M70, NGC UNC DETAILS, NC Collection. Extremely sharp strike with sharp rims and wonderful toning. Slight staining on the obverse side does not detract from this very rare piece, one of finest examples we have seen 1914年（民國三年）袁世凱像壹角銀幣，L.G 簽字版，L&M70，NGC UNC DETAILS，NC 收藏。鑄打極為深峻，齒邊高聳，包漿精美。正面有輕微污點，但並不影響這枚錢幣成為非常罕見之品，所見品相最好的之一

US $30,000-60,000

Choice REPUBLIC 1914 L.GIORGI Yuan Shi Kai One Dollar Silver with Plumed Hat 精選品1914年 L.GIORGI 簽字版袁世凱像中華民國共和紀念銀幣壹圓

029

CHINA-REPUBLIC 1914 Yuan Shi Kai One Dollar Silver with Plumed Hat, with L.GIORGI signature, KM-Pn28, L&M859, K642a, NGC MS62, NC Collection. Nice original toning, sharp strike, and eye appeal making this an attractive piece to add to any collection, a proof striking by the Tientsin Mint 1914年袁世凱像中華民國共和紀念銀幣壹圓，L.GIORGI 簽字版，KM-Pn28，L&M859，K642a，NGC MS62，NC 收藏。包漿精美，鑄打深峻，好味道，不論加入何者收藏都可以使其更添光彩，精製，天津造幣廠鑄造

US $30,000-60,000 Auction Result(s): 5/2020, NGC MS62, realized USD 50,400. 6/2019, PCGS SP64+, realized USD 64,500. 拍賣成交： 2020年5月，NGC MS62，成交價50 400美元。 2019年6月，PCGS SP64+，成交價64 500美元。

1914 Yuan Shi Kai One Silver Dollar with Plumed Hat and L.GIORGI Signature 袁世凱像共和紀念 L.Giorgi 簽字壹圓銀幣 After Yuan Shi kai was inaugurated as President, the China Republic silver dollars with Yuan wearing a military uniform and feathered hat in half side were issued. The dies for this coin were made by Italian engraver, L. Giorgi. His signature does not appear on coins made for circulation. A few dollar samples were made with L. Giorgi's signature on the left shoulder of the portrait side. In the 1917 article, written by Italian diplomat, Giuseppe Ros (who had direct contact with L. Giorgi), wrote that there were about 20,000 coins issued in 1914. In an article, The Influence of Yuan Shih Kai on Chinese Coins , published in 1922, the famous collector of Chinese coins, A. M. Tracey Woodward, mentioned that Yuan Shi kai in military uniform was called “Wearing Hat” by the natives. He noted that the asking price of the dollars was 10 Yuan but the price to fell due to a large number of dollars appearing in the market. When Woodward visited the mint in 1920, the mint official insisted that only 20,000 coins had been made. Woodward sorted out five versions of Yuan Shi kai commemorative dollars, among them was an elaborately made coin with signature; two kinds with different thickness and quality; and to kinds of elaborately made specimens without signature in red metal and yellow metal. Woodward believed that the thicker versions with signature were made later. No records to confirm this conclusion were found until after the Anti-Japanese War. The article, The Silver Dollars and Taels of China , from the seventy-sixth edition of the Yongan Monthly Magazine (published in September 1945 to celebrate the victory in the Anti-Japanese War), was written by Li Pai-ch'I (Li Baiqi). In the article, Li Pai-ch'I (Li Baiqi), who at first was the director of Tientsin Mint and then worked for Nanjing Mint, erased many previous doubts. H. Chang, a famous Shanghai collector, who later founded the Hong Kong Numismatic Association, stated that: “All the records turned out to be true and are believable.” One section of this article described the China Republic silver dollars and Hung Hsien gold dollars: “Yuan's one commemorative dollar was made by Tientsin Mint in the third year of the Republic of China. Its weight was the same as the circulated ones, with a high silver fineness of 90% pure silver, Yuan in a facing portrait, wearing a military uniform and feathered hat; on the back were two Chinese characters, “One Dollar”, with “Jia He” as the supplementary; on the top were the nine characters, “Commemorative Dollars for the Republic of China”. There were two decorative patterns on both left and right side; on the bottom was “One Dollar” in English; on the back of the dollars was the wreath. Its die

was made by engraver, L. Giorgi, hired by the mint. It was extremely exquisite and the portrait was an excellent likeness of Yuan. On the first die, the engraver, L. Giorgi, engraved his signature under Yuan's portrait. When the finance department saw it, they were in an uproar and said that they would never strike the coins. The dollars were ordered to be re-engraved. Only a few of these were made and they are treasured by collectors. The signatures on the wrong dollars were removed and about 50,000 dollars were re-struck. In the eighth year of the Republic of China, people came from far and wide to obtain the dollars and all were given out. However, demand continued but, as these dollars were specimens, they couldn't be struck again. While making the standard dollars, 10,000 former dollars were made. Because it was not convenient to inform the Department, these 10,000 dollars were put into circulation. So the fineness of these later-made dollars was the same as the circulated dollars. The fineness was lower than the previous ones but if you were not an expert, you couldn't identify it.” Here it was described that the first China Republic Yuan Shi kai one silver dollars contained 90%s silver and that the fineness of later-made ones was lower. These descriptions conform with what Woodward said before. Though the number of coins minted differs, it was certain that they were the original and later strikes. Overseas western countries had a long history of adding the engraver's signature on their coins, but this situation didn't fit with Chinese's national feelings so it was no surprise that it was rejected. These two batches of dollars are extremely difficult to distinguish. Because many collectors had no way to distinguish them, they paid no attention to the two versions. 袁世凱正式就任大總統後，發行以戎裝頭戴高帽半側面像為圖案的共和紀念銀幣，系由天津造幣總廠意大利籍雕刻師喬奇 ( L. Giorgi ) 設計制模，正面沒有刻字。有少數正面人像左肩處鏤刻喬奇簽名的樣幣。據與雕刻師喬奇有直接往來的意大利外交官羅斯在1917年的文章中透露，此幣在1914 年發行兩萬枚。伍德華在1922年發表有關袁世凱對中國錢幣影響的專文中 (The Influence of Yuan Shih-kai on Chinese Coins ，

The New China Review ，Apr. 1922)，提到這種戎裝袁世凱像本地人稱為“帶帽子”，幾年前原本每枚要價10元，後來大量出現導致價格暴跌至2元；但他在1920年拜訪造幣廠時，官員堅稱只製作過兩萬枚。伍德華當時整理出五種共和紀念幣版別，其中簽字版精製幣一種、厚薄成色不同兩種 (2.75mm/3.25mm)、無簽字精製紅銅黃銅樣幣各一種；伍德華認為，以簽字版為標準的話較厚的是後鑄版。但這個說法未見於其他記載，直到抗戰勝利之後。在1945年9月《永安月刊》第七十六期慶祝抗日勝利號，有篇由李

伯琦撰寫的《中國紀念幣考》。按李伯琦曾擔任天津造幣總廠廠長

魯喬奇也。令重雕，有名幣，祇成數枚，故極為世所珍，去名改刻，

職務，爾後又供職南京造幣廠，其敘述消除了許多人以往的疑惑，

重鑄五萬枚，至民國八年，各處來索已罄，而索者仍不已，而例又

上海著名藏家後來創辦香港錢幣會的張璜認為“所記當屬詳實可

不應再鑄，予時主幣政，重鑄一萬枚，因不便報部，乃並數於日鑄

靠”。其中有段關於共和紀念銀幣及洪憲金幣的記述：

之通行幣中，故成色遂同通行幣，較前稍遜，然非行家，不易辨也。”

“袁像一元銀紀念幣，民國三年天津造幣總廠鑄，重量同通行幣，

此處描述袁像“共和紀念”銀幣首批製成者含銀九成，後來加製的

成色略高，為足九成純銀，面袁世凱，大元帥服，鷺羽冠，大勳章，

成色減低，與伍德華早先所說的情況吻合；雖然數量不符，但原鑄

九分正面及胸像，面稍左側，背中壹圓二字，輔以嘉禾，上中華民

及後鑄之事及加製日期1919年可由此確認。至於幣面加注雕刻師

國共和紀念幣九字，左右隔二花紋，下英文一元，面背邊皆聯珠紋，

名在西洋已有悠久傳統，但與中國國情不符，遭排斥也不意外。兩

此為總廠所聘意技師魯喬奇雕模，極精美，像亦極似袁，模初成，

者極難分辨，大多數藏家無法識別也不重視。

技師刻己名于袁像下，財部見之大嘩，謂傳之後世，必誤幣中像為

Choice REPUBLIC 1914 Yuan Shi Kai Commemorate One Dollar Silver with Plumed Hat 精選品1914年袁世凱像中華民國共和紀念壹圓銀幣

030

CHINA-REPUBLIC 1914 Yuan Shi Kai Commemorate One Dollar Silver with Plumed Hat, L&M858, K642, NGC MS64, NC Collection. Sharp strike with a sharp nose of Yuan Shih Kai. Original toning makes this an attractive piece 1914年袁世凱像中華民國共和紀念壹圓銀幣，L&M858，K642，NGC MS64，NC 收藏。鑄打深峻，袁世凱像鼻部輪廓清晰，原包漿，好味道

US $10,000-20,000

Finest Known Kann REPUBLIC 1916 L.GIORGI Yuan Shi Kai Hung Hsien One Dollar Silver 品相最好的耿愛德1916年中華帝國 L.GIORGI 簽字版袁世凱像洪憲紀元飛龍銀幣

031

CHINA-REPUBLIC 1916 Yuan Shi Kai Hung Hsien One Dollar Silver, Flying Dragon, with L.GIORGI, L&M943, K663a, NGC MS64, Finest Known example, Kann/NC Collection 1916年中華帝國袁世凱像洪憲紀元飛龍銀幣，L.GIORGI 簽字版，L&M943，K663a，NGC MS64，已知品相最好的一枚，耿愛德 /NC 收藏

US $200,000-400,000 Auction Result(s): 2012, Champion Hong Kong Auction, NGC MS61, Ros Collection, realized USD 180,000. 2018, Beijing, PCGS SP64, realized USD 285,000. 拍賣成交： 2012年，冠軍香港拍賣，NGC MS61，羅斯收藏，成交價180 000美元。 2018年，北京，PCGS SP64，成交價285 000美元。

Likely the rarest Republican silver dollar priced at USD 3,000 in Eduard Kann's 1966 Illustrated Catalog of Chinese Coins (the 1928 Chang Tso Lin dollar, which realized USD 2,200,000 in April 2021, is priced at USD 700 in the same catalog). According to Kann, 3 pieces are known and this is the finest known example from the Kann Collection.

這枚可能是最為珍稀的民國銀幣，在耿愛德1966年的《中國幣圖說匯考》中對其估價為3 000美元。2021年4月，有一枚1928年張作霖像銀幣以2 200 000美元的價格成交，而在耿愛德1966年的目錄中，其價格僅為700美元。根據耿愛德的這本目錄記錄，該幣僅有三枚已知品，極為珍稀，本次拍賣的是品相最好的一枚，出自耿愛德舊藏。

1916 Yuan Shih Kai Flying Dragon Silver Dollar – Hat Touching Rim Variety 1916年袁世凱像中華帝國洪憲紀元飛龍銀幣“沖天冠”版 There are two different explanations for the Yuan Shih Kai Flying Dragon Silver Dollar, supposedly struck in 1916 to mark Yuan Shih Kai’s enthronement as Emperor Hung Hsien. In his 1981 book, The Silver Dollars and Taels of China (《中國銀圓及銀兩幣目錄》), the prominent Chinese collector, Chang Huang ( 張璜 ) relates the story of this coin from an unpublished manuscript history of the Tientsin Mint written in the 1920s by the mint director Li Baiqi ( 李伯琦 ). According to Li, the Italian engraver, L. Giorgi, left China in 1917 after training six Chinese engravers. Late in 1915 or early 1916, Giorgi had engraved the dies for a $10 gold coin with the same flying dragon design, but according to Li, Giorgi did not engrave any dies for a dollar with that design. In 1919 (3 years after Yuan Shih Kai died) Li asked the Chinese engravers at the mint to produce a dollar die with the flying dragon design. An engraver produced the best die, and it was used with an obverse die engraved in 1914 by Giorgi, to produce the Yuan Shih Kai Flying Dragon Dollars. These coins were not intended for circulation, but were commemorative coins made for collectors. In an important article, The Influence of Yuan Shih Kai On Chinese Coins (《袁世凱對中國錢幣的影響》), published in 1922, the famous collector of Chinese coins, A.M. Tracey Woodward, wrote that the Flying Dragon Dollars were struck at the Tientsin Mint after Yuan’s death, though he does not say exactly when. These dollars were clearly not made during Yuan’s lifetime. In the 1917 article, Coins of the Republic of China by Giuseppe Ros, three Hung Hsien coins are recorded, including the gold $10 flying dragon coin, but the flying dragon silver dollar is not mentioned. Ros lived in Tientsin and had connections in the mint. If the coins had been in existence at that time, he would have known about it and would have recorded the coin. Woodward visited the Tientsin Mint in November 1920 and talked with the mint director, who showed him the dies for the $10 gold coin. According to Woodward, at least one pair of dies was made in 1915 or 1916 for the flying dragon dollar, though the dies were not meant for a silver coin, but for a gold medal. Yuan ordered a few such gold pieces for distribution to his important supporters. Each coin was housed in a specially made case, lined with imperial yellow satin, and measured slightly over four inches square. All of the coins and the dies were sent to Peking, and the dies were reported to have been destroyed. Both the obverse and reverse dies used to strike these gold medals were different from those used to strike the flying dragon silver dollars, according to Woodward. Thus both Chang and Woodward agree that the silver dollars were made later, around 1919 (after 1917 but before 1920). However, by Woodward’s account, at least one flying dragon

dollar die was made while Giorgi was at the mint, and was probably engraved by Giorgi (though Woodward does not specifically say so). Since those dies were sent to Peking and reportedly destroyed, the statement by Li that new dies were engraved by the Chinese engravers is almost certainly also true. But this does not explain the “Hat Touching Rim” variety of this coin. Kann lists this variety as an essay or pattern, meaning that it is an experimental piece, of which only a few were made, while the regular variety was stuck in some quantity. We do not know on what evidence Kann calls the variety an essay. Perhaps this is based simply on the rarity of the coin. 袁世凱壹圓飛龍銀幣推測於1916年製造，以紀念當時袁世凱登基成為洪憲皇帝，對此幣有兩種不同的解釋。在著名中國收藏家張璜

1981年出版的《中國銀圓及銀兩幣目錄》中，張璜對此的解釋是根據一本20年代由李伯琦手寫的書稿《中國紀念幣考》而來，該書稿有關天津造幣廠的歷史，李時任該廠廠長一職。據李所述，意大利雕刻家 L. Giorgi 在培訓完六名中國雕刻師後於1917年離開中國。1915年晚期或1916年早期，Giorgi 雕刻了袁世凱拾圓金幣的幣模，此幣背面有相同的飛龍設計。但據李所述，Giorgi 並沒有為任何一種有相同設計的壹圓幣雕刻幣模。1919年（袁世凱死後三年），李伯琦要求造幣廠的中國雕刻師雕刻一種帶飛龍設計的壹圓幣幣模。結果，以其中一名唐姓雕刻師雕刻的幣模最為精美，生產袁世凱壹圓飛龍銀幣時，錢幣正面使用了1914年 Giorgi 雕刻的幣模。製造這些錢幣不是為流通用，它們是為收藏家所製的紀念幣。著名中國錢幣收藏家伍德華（A.M. Tracey Woodward）在其1922年出版的重要文章《袁世凱對中國錢幣的影響》（The

Influence of Yuan Shih Kai On Chinese Coins ）中寫到：袁世凱壹圓飛龍銀幣是在袁世凱死後由天津造幣廠製造，儘管他沒有提到這些銀幣具體是在何時被製造，但這些銀幣很顯然不是在袁世凱生前被鑄造。在1917年羅斯（Giuseppe Ros）所寫的《中華民國錢幣》（Coins of the Republic of China ）一文中，記載有三枚洪憲錢幣，其中就包括拾圓飛龍金幣，但是壹圓飛龍銀幣卻沒有提到。羅斯當時就住在天津並且和造幣廠一直有聯繫。如果這種錢幣在當時就已經存在的話，那麼他應該知道這些錢幣並且有機會記錄在案。伍德華在1920年11月參觀了天津造幣廠並且與廠長進行了交談，廠長還給他展示了拾圓金幣的幣模。據伍德華記載，至少有一對壹圓飛龍幣的幣模在1915年或1916年製造，但它們是為生產金幣而不是銀幣用。袁世凱訂購了很多這種金幣贈送給他的重要的支持者。每枚錢幣都被裝在特別定制的盒子裡，並用皇家用的黃色綢緞勾勒出輪廓，測量下來盒子的大小略超過四平方英寸。所有這些錢幣和幣模都被送往北京，而且據說這些幣模後來都被銷毀。據伍德華所述，這些用來製造飛龍金幣的正、反幣模與用來製造飛龍銀幣的幣模並不相同。因此，張璜和伍德華都贊同說銀幣是在後來被製造，大約在1919

年（1917年後，1920年前）。但是根據伍德華記載，至少有一個

據何種證據認為此幣為試打幣，或許僅僅是集於這種錢幣的稀罕性。

飛龍壹圓幣模是在 Giorgi 在廠期間被製造，並且有可能是 Giorgi

伍德華1922年關於袁世凱錢幣的文章中並沒有記載這種錢幣，這

親手雕刻（儘管伍德華沒有明確地這樣說）。因為這些錢幣都被送

就暗示着它是在1922年後的某個時間被製造。也有可能是在一名

去北京並且據說都已經被銷毀，因此李伯琦的那些新幣模由中國雕

中國雕刻師雕刻“沖天冠”正面幣模的同時，反面幣模也在被雕刻

刻師雕刻的說法也可以說是正確的。但是這些都不能解釋袁世凱“沖

（1919年），但是因肖像佔據太大空間而未被採用。應該僅少量的

天冠”版錢幣。耿愛德將這一版式列為試打幣，意為試驗用幣，僅

試打幣被製造以測試幣模，這也解釋了為什麼這種版式如此罕見。

有少量被製造，而普通版則有相當的數量。我們不知道耿愛德是依

Finest Known Kann REPUBLIC ND (1916) Hat Touching Rim Yuan Shi Kai One Dollar Silver with Flying Dragon 品相最好的耿愛德1916年中華帝國袁世凱像洪憲紀元飛龍銀幣沖天冠版

032

CHINA-REPUBLIC ND (1916) Yuan Shi Kai One Dollar Silver with Flying Dragon, hat touching rim, KM- Pn52, L&M945, K664, NGC MS64, Finest Known example, Kann/NC Collection 1916年中華帝國袁世凱像洪憲紀元飛龍銀幣，沖天冠版，KM-Pn52，L&M945，K664，NGC MS64，已知品相最好的一枚，耿愛德 /NC 收藏

US $60,000-120,000 Auction Result(s): 7/2020, Hong Kong, NGC MS63, realized USD 78,000. 6/2019, Beijing, PCGS SP58, realized USD 90,000. 拍賣成交： 2020年7月，中國香港，NGC MS63，成交價78 000美元。 2019年6月，北京，PCGS SP58，成交價90 000美元。

One of Nelson Chang's favorite categories was Chinese copper patterns. The German Otto Beh Chinese patterns always fascinated him as to their true origin. Researcher Dao Baoting wrote about the discovery of the Heilongjiang 50 cents in a 1944 coin journal. Nelson felt that these German struck Chinese patterns could be on par with, or even rarer, than the equivalent British Heaton mint Chinese pattern which he had purchased for a record price in 1975. He was extremely happy to be able to acquire additional German Otto Beh pattern coins for his collection. In 2012, Nelson read with great interest of the discovery of the Otto Beh Chinese dies and the solving of the great mystery of these Otto Beh Chinese pattern coins. The following is a list of Otto Beh pattern coins in the NC Collection: 1. Otto Beh Heilongjiang 50 cents patterns NGC MS62, Finest Known; 2. Otto Beh Sinkiang 1 and 2 mace patterns in Brass NGC MS 65, NGC MS 64, both acquired at a 1979 Money Company auction from the Collection of a famous Swiss Chemical industrialist); 3. German Otto Beh Anwei 23rd year pattern 5 cents in brass NGC MS 63, Unique, purchased from the 1991 Goodman auction; 4. Otto Beh Chehkiang 23rd year 20 cents pattern in brass NGC MS 64; 5. Otto Beh 1897 Fengtien Teng Tien error Dollar pattern in brass, purchased for a record

price for a non silver-gold Chinese coin. 中國銅質樣幣是張南琛先生最喜歡錢幣類別之一。奧托 · 拜赫德製中國樣幣的真正起源此前一直成謎，這也讓張先生一直為之着迷。戴葆庭先生曾在1944年的一本錢幣雜誌上刊載其發現黑龍江省造三錢六分銅質樣幣一事。張先生認為，這些德國鑄造的中國樣幣非常之珍稀，堪比他在1975年購買的英國喜敦頓造幣中國樣幣，當時的價格打破了中國錢幣拍賣紀錄，而奧托 · 拜赫公司鑄造的樣幣甚至更為罕見。張南琛先生對於自己的藏品重可以擁有奧托 · 拜赫德製樣幣感到非常高興。2012年，他饒有興趣地閱讀了關於奧托 · 拜赫德製中國樣幣是如何發現的故事，這個故事也對這一巨大謎團給出了答案。以下是張南琛先生所藏的奧托 · 拜赫樣幣：1. 德國奧托 · 拜赫公司黑龍江省造庫平三錢六分黃銅樣幣，NGC MS62，已知品相最好的一枚；2. 德國奧托 · 拜赫公司新疆庫平重一錢和貳錢黃銅樣幣，分別為 NGC MS65和 NGC MS64，均是於1979年在金錢公司拍賣會上從一位瑞士著名化學實業家的收藏品中拍得；

3. 德國奧托 · 拜赫公司（光緒二十三年）安徽省造庫平三分六分黃銅樣幣，NGC MS63，孤品，購自1991年古德曼拍賣；4. 德國奧托 · 拜赫公司浙江省造（光緒二十三年）庫平一錢四分四厘黃銅樣幣，NGC MS64 ；5. 德國奧托 · 拜赫公司1897年奉天省造庫平七錢二分黃銅樣幣，天天錯版；

Unique Otto Beh ANHWEI ND (1897) 5 Cents Brass Pattern 孤品1897年（光緒二十三年）安徽省造光緒元寶庫平三分六厘黃銅樣幣

033

CHINA-ANHWEI ND (1897) 5 Cents Brass Pattern, with A.S.T.C, Unique, L&M198 Var., K52iiy, NGC MS63, NC Collection 1897年（光緒二十三年）安徽省造光緒元寶庫平三分六厘黃銅樣幣，帶“A.S.T.C”，類似 L&M198，NGC MS63，孤品， NC 收藏

US $60,000-120,000 This Anhwei Year 23 5-cent coin with A.S.T.C. in brass is unique with a superb strike and mint luster. From the German Otto Beh dies, this is the only example known. For comparison, in 10/2020, an Anhwei Year 23 dollar, PCGS MS63 in brass sold for USD 144,000.

這枚光緒二十三年安徽省造三分六厘黃銅樣幣為孤品，帶 “A.S.T.C.” ，鑄打精美，有原光，其幣模為德國奧托 · 拜赫公司鑄造。

2020年10月，有一枚 PCGS MS63的光緒二十三年安徽省造庫平七錢二分黃銅樣幣以144 000美元的出售。

Finest Known Otto Beh Teng-Tien (1897) One Dollar Brass 品相最好的奧托 · 拜赫1897年奉天省造光緒元寶庫平七錢二分黃銅樣幣

034

CHINA-FENGTIEN ND (1897) One Dollar Brass, "TENG-TIEN", L&M467var, Otto Beh Mint, NGC MS63, NC Collection. Perfect condition with high dragon backbone and clear scales 1897年奉天省造光緒元寶庫平七錢二分黃銅樣幣，奧托 · 拜赫德製中國樣幣，“天天”版，類似 L&M467，NGC MS63， NC 收藏。龍脊高聳，鱗片分明，品相完美

US $60,000-120,000 Auction Result(s): 4/2021, Hong Kong, Aluminum, PCGS SP60, realized USD 108,000. 10/2020, Hong Kong, Brass, PCGS SP62, realized USD 78,000. 12/2015, Hong Kong, Aluminum, PCGS SP61, realized USD 90,000. 拍賣成交： 2021年4月，中國香港 , 鋁樣，PCGS SP60，成交價108 000美元。 2020年10月，中國香港 , 銅樣，PCGS SP62，成交價78 000美元。 2015年12月，中國香港 , 鋁樣，PCGS SP61，成交價90 000美元。

Otto Beh Fengtien Teng Tien Error Dollar in Brass. This was the discovery piece of this fantastic error back in the 1990s before we discovered the Otto Beh connection to this rarity. The error Teng Tien Dollar in Aluminum was earlier discovered by Bruce Smith in Indiana then later sold to Richard Nelson of Money Company and he consigned the coin to his auction where it was purchased by leading Taiwan collector Haru Chang for a record price. Nelson Chang purchased this Otto Beh error through Bruce Smith from Champion for USD 27,500 in the early 1990s setting a record price for a Chinese non-silver-gold coin. This example is the finest known of 4 examples.

錯版德國奧托 · 拜赫公司奉天省造光緒元寶黃銅樣幣。這枚奇妙的錯版幣發現於20世紀90年代，此前我們都未曾發現其於奧托 · 拜赫公司的關係。之前，史博祿先生（Bruce Smith）曾在印第安那州發現過一枚鋁質奉天省造“天天”錯版樣幣，之後出售給了金錢公司的理查德 · 納爾遜先生（Richard Nelson）。納爾遜先生之後在金錢公司的拍賣會上委拍了這枚錢幣，被中國臺灣著名收藏家張秀青先生競得，價格打破拍賣紀錄。張南琛先生在20世紀90年代初通過史博祿先生從冠軍拍賣處以27 500美元的價格買下這枚奧托 · 拜赫公司鑄造的錯版幣，價格打破中國非金銀幣的紀錄。此次拍賣的這枚是已知4枚中品相最好的一枚。

Unique Otto Beh FENGTIEN ND (1897) One Dollar Brass 孤品奧托 · 拜赫1897年奉天省造光緒元寶庫平七錢二分黃銅樣幣

035

CHINA-FENGTIEN ND (1897) One Dollar Brass, Probe Louis Schuler, Otto Beh Mint Issue, NGC MS62 1897年奉天省造光緒元寶庫平七錢二分黃銅，奧托 · 拜赫公司為舒勒公司製造的中國樣幣，類似 L&M467，NGC MS62

US $60,000-120,000

This Fengtien pattern was also one of five Otto Beh coins in the box of black oil, among which three are unique and 2 are the same (1 Fengtien dollar, 1 Heilungkiang 10-cent, 1 Hunan 10-cash copper, 2 Heilungkiang 20-cent). There are 4 Otto Fengtien error Teng Tien dollars in brass and 3 in aluminum, this is the only example with the correct Fengtien spelling, indicating the dies were re-engraved with the correct spelling. The Schuler connection is also extremely rare - the only other similar example is the Kwangtung 7 mace and 2 candareen coin in brass of which now 2 examples known. The first example was in low grade but was considered one of the rarest coins in the Kann Collection - it appeared in the 1971 Kann sale and later in the 1972 Jess Peters price list. One of the German Otto Beh rarities in choice condition and an extremely important part of German and Chinese numismatic history. The 1889 dollar st r uck in a low silver alloy feat ures a dragon with rosettes at sides and “7 Mace 2 Candareen, in Chinese below”. This is the second coin inscribed with “PROBE- FRAGUNG VON L. SCHULER GOEPPINGEN” around 4 Chinese and 4 Manchu characters (the first one is the Kwangtung dollar in the 1972 Jess Peters Price List), undoubtedly a German struck Pattern and the forerunner of the 1889 series, extremely RARE & probably unique. Many parts of the legend weakly struck. 23.9 gr 40 mm.

這枚奉天省造光緒元寶黃銅樣幣也是5枚保存在黑油盒子裏的奧托 · 拜赫製造的中國樣幣之一。那5枚樣幣中，有3枚是孤品，有兩枚是同樣的（1枚奉天省造庫平七錢二分樣幣、1枚黑龍江省造庫平七分二厘樣幣、1枚湖南省造十文銅幣樣幣、2枚黑龍江省造庫平一錢四分四厘樣幣）。奉天省造黃銅樣幣有4枚為“天天”錯版，有3 枚為鋁質樣幣。本次拍賣的這枚是唯一拼寫正確的“奉天”版，這表明幣模經過重新雕刻。這5枚中還有一枚廣東省造七錢二分黃銅樣幣，也極為珍稀，已知僅兩枚，第一枚出自耿愛德舊藏，品相較差，但仍是耿愛德舊藏中最為珍稀的錢幣之一，並出現在1971年耿愛德舊藏拍賣，後又被載於1972年 Jess Peters 銷售目錄。這枚德國奧托 · 拜赫公司鑄造的珍品品相精美，是中德錢幣歷史中極為重要的一部分。該1889年銀幣含銀量價低，兩側有星花，正面下書中文“庫平七錢二分” ，背面中間漢文、滿文字各四個。該幣是第二枚外圈環繞英文

PROBE-FRAGUNG VON L. SCHULER GOEPPINGEN 的錢幣（第一枚為載於1972年 Jess Peters 銷售目錄的廣東省造七錢二分樣幣）。該幣無疑為德製樣幣，是1889年鑄幣中的早期品，極為珍稀，可能是孤品。該幣很多銘文有弱打。重23.9克，直徑40毫米。

Very Rare Otto Beh FENGTIEN Teng-Tien 1897 10 Cents Brass 非常珍稀的奧托 · 拜赫1897年奉天省造光緒元寶庫平七分二厘黃銅樣幣

036

CHINA-FENGTIEN 1897 10 Cents Brass, Otto Beh Mint, L&M470, NGC AU DETAILS 1897年奉天省造光緒元寶庫平七分二厘黃銅，奧托 · 拜赫德製中國樣幣，L&M470，NGC AU DETAILS

US $10,000-20,000

From the 10/2008 Champion auction, where the consigner had purchased this piece in Santiago Chile in 2005. One of 2 known examples of this very rare Otto Beh 10-cents Teng Tien error.

這枚錢幣曾由冠軍拍賣在2008年10月拍賣，委拍者是在2005年從智利的聖地牙哥購得這枚錢幣。已知的奧托 · 拜赫公司奉天省造七分二厘黃銅樣幣“天天”錯版僅2枚，非常稀少。

HEILUNGKIANG 1896 50 Cents Brass Otto Beh Mint Pattern 1896年奧托 · 拜赫黑龍江省造光緒元寶庫平三錢六分銀模銅鑄幣 Recent research reveals that the Heilungkiang dies were made using generic punches and hubs in common with the Anhwei, Chekiang, Fengtien and Sinkiang series of dies manufactured by Otto Beh during the period 1897-99. As a total of 260 dies were made, not counting the rejects, the wear and tear on the punches and hubs explains the softness or lack of details on some of the patterns of the above series. Otto Beh was a specialist in the production of seals and dies. From neighboring Goppingen, Louis Schuler received an order for coining presses in 1895 and commissioned Otto Beh to manufacture the dies. In 1897 and 1898, Beh supplied Schuler with over 200 dies for Chinese coins. At the time, this was the largest order that the company had ever received. Schuler, which started as a locksmith’s shop in 1839, had grown to become one of the world’s leaders in metal forming and in fact supplied the aforementioned mints with coining presses. The first piece to be published was a half dollar belonging to Dai Baoting which appeared in the July 1944 issue of the Shanghai magazine, Ch’uan Pi . The coin was listed by Kalgan Shih in his 1949 Catalog of Chinese Silver and Gold Coins , and by Eduard Kann in his 1953 Catalog of Chinese Silver and Gold Coins , though Kann never owned the coin. The dollar coin was first published in 1981 in H. Chang’s (Chang Huang) book, Silver Dollars and Taels of China . The first Heilungkiang coin seen in a public auction was the dollar struck in brass, which appeared in a Money Company Hong Kong sale in September 1985. That coin had been discovered in Europe by U.S. coin dealer Bill Randel, and was published in a World Coin News story in the 9 April 1985 issue. The first half dollar to appear in auction was in a Spink-Taisei sale of February 1988, which also contained a Heilungkiang dollar.

近期的研究表明，黑龍江錢幣模具的製造所使用的衝壓床和輪軸和安徽、浙江、奉天和新疆系列的錢幣是一樣的，都是在1879-1899 年間由德國奧托 · 拜赫造幣廠製造。一共有260 套模具被製造，因品質問題被淘汰的還不算在內。衝壓床和輪軸的磨損和裂縫解釋了以上幾個系列錢幣中為何部分錢幣會較軟或缺乏細節。

Otto Beh 造幣廠是生產印章和模具的專業廠家。1895年，臨近的哥平根地區（Goppingen）的舒勒公司（Louis Schuler）收到一份錢幣壓製機的訂單，轉而委託奧托 · 拜赫公司（Otto Beh）生產錢幣模具。1897年至1898年，奧托 · 拜赫向舒勒供應了200多種中國錢幣的模具。當時，這是該公司接到過的最大的一份訂單。舒勒最初在1839年靠開一家鎖店起家，最後發展成為一家金屬成型方面的先進公司。實際上，它是以上提到的造幣廠的供應商，為他們提供錢幣壓製機。這些樣幣中最早見諸文字記載的是黑龍江省造三錢六分樣幣，發表在1944年6月的上海雜誌《泉幣》，該幣屬於著名錢幣收藏家戴葆庭。該錢幣1949年又被列在了施嘉幹《中國近代鑄幣匯考》，

1953年被列在耿愛德《中國幣圖說匯考》，雖然耿愛德並沒有這枚錢幣。七錢二分樣幣首次發表是在張璜1981年出版的《中國銀圓及銀兩幣目錄》。而第一次出現在拍賣會的則是一枚黃銅樣幣，它在1985年9月香港金錢公司（Money Company）拍賣會上出現。這枚錢幣是由美國錢幣經銷商比爾 · 蘭德爾（Bill Randel）在歐洲發掘，並發表在1985年4月9日出版的《世界硬幣新聞》（World

Coin News ）。三錢六分樣幣首次現身拍賣會則是在1988年2月的斯賓克 - 泰星（Spink-Taisei）拍賣會，同場拍賣的還包括一枚七錢二分樣幣。

2013年8月香港拍賣會上，一枚奧托 · 拜赫的新疆省造七錢二分銀幣（美品）的成交價達到了206 500美金。

An Otto Beh Sinkiang dollar (VF) sold for USD 206,500 in August 2013 Hong Kong auction.

Finest Known Otto Beh HEILUNGKIANG ND（1896）50 Cents Brass Pattern 品相最好的奧托 · 拜赫1896年黑龍江省造光緒元寶庫平三錢六分銀模銅鑄幣

037

CHINA-HEILUNGKIANG ND (1896) 50 Cents Brass Pattern, L&M586, K584y, NGC MS62, Finest Known example of five, NC Collection. Extremely rare. 1991 Goodman Auction (Lot 709), Goodman may purchased from Chang Huang 1896年黑龍江省造光緒元寶庫平三錢六分銀模銅鑄幣，樣幣，L&M586，K584y，NGC MS62，已知5枚中品相最好的一枚， NC 收藏。所见寥寥无几，极为珍罕。出自1991年古德曼拍賣 (Lot 709)，古德曼可能自張璜處購得

US $60,000-120,000 Auction Result(s): 11/2020, Champion Macau Auction, NGC AU55, realized USD 67,500. 拍賣成交： 2020年11月，冠軍澳門拍賣，NGC AU55，成交價67 500美元。

Extremely Rare Otto Beh HEILUNGKIANG ND (1897) 20 Cents Brass Pattern 極珍稀的奧托 · 拜赫1897年黑龍江省造光緒元寶庫平一錢四分四厘銀模銅鑄幣

038

CHINA-HEILUNGKIANG ND (1897) 20 Cents Brass Pattern, Otto Beh Mint Archive, NGC PF61, 2 known 1897年黑龍江省造光緒元寶庫平一錢四分四厘銀模銅鑄幣，奧托 . 拜赫公司樣幣，NGC PF61，已知2枚

US $30,000-60,000

There were 2 Heilongjiang 20-cents and 1 10-cent coin in the box of five coins protected by oil that was supposed to have been shipped to China. Both 20-cent and 10-cent coins were previously unknown as only the dollar and 50-cent coins had been seen. Today, only 2 Heilongjiang 20-cent and 1 10-cent coins are known. One of the two examples sold in the June 2014 Kuenker Auction for around USD 120,000.

在5枚被黑油保護且本該被運往中國的奧托 · 拜赫樣幣中，有2枚黑龍江省造一錢四分四厘黃銅樣幣，1枚七分二厘黃銅樣幣。此前這些錢幣都未曾被人知曉，已知僅有七錢二分和三錢六分樣幣。現在，已知的黑龍江省造一錢四分四厘樣幣仍為2枚，其中1枚在2014年6 月的昆克拍賣上以120 000美元的價格拍出，而已知七分二厘樣幣仍只有1枚。

1901 Kirin Copper Coins Zheng Renjie〔Taichung〕

In July 1901, Ne Yinbu ( 訥

音布 ) from the Kirin Mint

submitted a report to Chang Shun ( 長

production last autumn. Though the figure of these copper coins

順 ), the Governor-

is good, the pattern is not so exquisite. We have examined the

General of the Kirin Province. The report said, "Russian coins

situation in detail and believe the reason lies in the low purity

have emerged in the market after the Russians entered Kirin.

ofthe copper. Since copper is more solid than silver, it is hard to

At first, merchants and residents were hesitant to use them, but

make copper coins as delicate as silver coins."

they became more and more popular later. Now, Russian coins can be used together with the Kirin silver dollars, copper coins,

In light of this report, the Kirin Mint produced more than

and notes. If we produce our own copper coins by following

10,000 pieces of 1901 Kirin copper coins. Since the purity of

the Russian coinage system, people will definitely be willing

copper was low and copper is hard, the designs struck on the

to use them. It is expected that our copper and silver coins

coins was not deep enough. Hence, most of the existing coins

will dominate the market again months later. Besides this,

are of low quality. Kirin copper coins have another feature, that

it is of lower cost to mint machine-struck copper coins than

is, neither their obverses nor reverses have edge borders, which

casting cash coins. Attached is a list of copper coins proposed

is rare among coins of all provinces.

to be minted for review."1 The report is accompanied by a list suggesting the weights of the copper coins to be minted.

1901 Kirin copper coins are rare due to the complete withdrawal

According to the weights noted in the list, it is estimated

of the issue. Presently, there are coins of four denominations:

that the denominations of copper coins to be minted were 20

10 cash, 20 cash, 50 cash, and 100 cash. Since the copper coins

cash, 30 cash, 50 cash, and 100 cash. Chang Shun adopted the

used the same coinage machines, sheet rolling machines, and

proposal. In the autumn of 1901, the Kirin Mint made a trial

punching machines as Kirin silver coins, the 1901 copper coins

production run. With reference to the style of Kirin silver coins

were designed according to the size of the silver coins. Therefore,

and Russian double-flag kopek copper coins, Kirin copper coins

the sizes of 1901 copper coins are the same as the silver coins.

are engraved with double-flag frame lines around the English

The diameter of the 10-cash coin is 18.5mm, which is the same

"KIRIN" at the upper edge and "10 CASHES" at the lower edge

as the 10-cent silver coin; the 20-cash coin 23.6mm, the same as

on the reverse.

the 20-cent; the 50-cash coin 33.6mm, the same as the 50-cent; the 100 cash 38.2mm, the same as the one dollar coin.

Chang Shun's report to the Ministry of Revenue in September 1902 stated, "The cash crunch is even worse in Kirin Province

1.1901 Kirin 10-cash copper coin

than that of other provinces. Against this background, more than 10,000 pieces of copper coins were minted in the trial

The 1901 Kirin 10-cash copper coin became known for the first time when Michael Chou, President of Champion Auction,

The report from Chang Shun

The 1901 Kirin 10-cash copper coin, diameter: around 18.5mm

introduced it in the Chinese Copper Coin Seminar hosted at

4. 1901 Kirin 100-cash copper coin

Sofitel Macau at Ponte 16, on March 28, 2015. This unique coin is owned by the American collector “NC”, and it has never

The only-known 1901 Kirin 100-cash copper coin was initially

appeared in any books before. It was even not mentioned in Ne

discovered in Laoting County, Hubei Province, and was

Yinbu's report. This coin filled in a gap in the historical record.

purchased by Mr. Dong from Changli County, Hubei Province. In early 1992, it was bought by a teacher from the Shenyang

2. 1901 Kirin 20-cash copper coin

Gold Institute. Zhang Peilin ( 張培林 ) of Shenyang acquired it on March 31, 1992, and has kept it since then. After obtaining

Shi Xinbiao ( 施新彪 ) published the article Top Ten Chinese Copper Coins (《銅元十珍》) in the third issue of Chinese Numismatics (《中國錢幣》) in 1988, introducing the 1901

Copper Coin (《吉林辛丑年間鑄有制錢壹百個銅元》) and distributed 20 copies to collectors at the Shengyang Nanhu

this coin, Zhang wrote an article the 1901 Kirin 100-Cash

Kirin 20-cash copper coin for the first time, and the author

Coin Market, revealing this treasure for the first time.

stated that there were only two known 1901 Kirin 20-cash copper coins. One belonged to the late collector Chen Rentao ( 陳仁濤 ) and was later transferred to the Chinese History Museum (now the National Museum of China). The other was obtained by the late numismatic expert Luo Zemin ( 駱澤民 ) and is now owned by his descendants. A photo of this coin was published in the book Currency in Northeast China (《中國東北地區貨幣》) published by China Finance Press in 1989, and then it appeared in the 26th issue of Chinese Collection:

Numismatics (《中國收藏 · 錢幣》) in 2012. In addition, there was another one that returned from Japan in 2014 and is owned by Zhao Zikai ( 趙梓凱 ) of Hubei Province. So currently, there

The 1901 Kirin 20-cash copper coin (Zhao Zikai’s collection), diameter: 23.6-23.8 mm, thickness: 1.7-2.03 mm, weight: 6.1g

are three known 1901 Kirin 20 cash copper coins. 3. 1901 Kirin 50-cash copper coin There is only one known 1901 Kirin 50-cash copper coin in the world. Chinese American collector Daniel K.E. Ching purchased the 1901 Kirin 50-cash copper coin in 1972. Ching published an article about this coin in the biweekly

World Coin News published on August 4, 1981. The 50-cash copper coin was later unveiled at the auction focusing on the Chinese and oriental coins from the Ching Collection in Long Beach, California, USA, in June 1991 (Lot 802). The coin

The 1901 Kirin 50 cash copper coin, diameter: 33.6-33.7 mm, thickness: 2.2 mm, weight: 15.5g

was purchased by Chen Jimao ( 陳吉茂 ), a Taiwanese coin dealer, for USD 3,100. Fifteen years later, it was acquired by He Daishui ( 何代水 ), a collector from Taiwan, China. The catalog of the Daniel K.E. Ching Collection suggests that Dr. Werner Burger, a German expert on Qing coins, believed that there might be three 50-cash in existence. It is said that Dr. Werner Burger saw a 1901 Kirin 20-cash and a 1901 Kirin 50-cash at an exhibition by the Bank of Japan in Tokyo (it is said to be in the collection of the Japanese emperor. As there has been no confirmation of this information, the existence of these coins has yet to be confirmed).

The 1901 Kirin 100 cash copper coin, diameter: 38.2mm, thickness: 3.6mm, weight: 31.1g

吉林辛丑銅元鄭仁傑〔中國臺中〕

光緒二十七年七月代理銀元局事務佐領訥音布向吉林將軍長順稟呈，稟文中說： “吉省自俄人入境以來，羌帖俄圓銅幣紛紛貫入，莫可遏抑。市井商民初猶疑畏觀望，久則見樂行使。現與我吉省銀元、制錢、官帖同其便利通行無滯……若我吉省自行鑄造仿照俄國銅幣價值行使，商民必然樂用，亦可暢行。較之鼓鑄制錢不惟無虞銷毀，且能稍有贏餘。俾與銀圓相輔而行……僅將仿造俄國銅幣約得贏餘數目，開具清折，恭呈憲鑒。”稟文並附一份清折，建議製造銅元的重量，由此推算可造二十箇、三十箇、五十箇、壹百箇等四種面值的銅元。吉林將軍長順採納訥音布的建議，於光緒二十七年秋間按照吉林銀幣的樣式，並參考俄國戈比銅幣的雙旗圖案，在背面上緣英文 KIRIN 及下緣面額10 cash 的地方雕刻雙旗線框，由吉林製造銀圓廠試製了吉林辛丑銅元。

吉林將軍長順奏摺

吉林將軍長順於光緒二十八年九月再咨戶部： “查吉林現錢奇絀，錢荒之患教他省為甚。自非鑄造銅元，不足以資補救。上年秋間，因現銀缺少，即由製造銀圓廠試造銅元萬餘枚。輪廓雖尚精良，而

物館（現為中國國家博物館）收藏。另一枚為已故錢幣專家駱澤民

花紋未見深細考求其故，實緣原購銅觔成色過低，且質性較銀堅硬，

先生所有，現由駱家後人收藏，此枚曾在中國金融出版社1989年

一時難以求精，以是中正。”從此諮文可知吉林辛丑銅元當時試製

出版的《中國東北地區貨幣》一書中亮相，之後於2021年《中國

了一萬多枚，因為銅質成色過低且質地較銀堅硬，打製的圖案花紋

收藏 · 錢幣》雜誌總第26期中也曾出現。另外，2014年從日本回

都不深，所以目前存世的品相大多不好。此系列銅幣還有一個特點，

流一枚，由河北省趙梓凱先生收藏。據此，吉林辛丑制錢二十箇銅

其正、背兩面皆沒有雕刻馬齒，這在其他省份也是少見的。

元目前已知存世3枚。

吉林辛丑銅元由於回收比較徹底，存世非常稀少，目前發現有制

3. 吉林辛丑制钱五十箇

錢十箇、二十箇、五十箇、壹百箇等四種面值。制錢十箇直徑約

18.5mm，與銀幣七分二厘相同；二十箇直徑約23.6mm，與銀幣

吉林辛丑制钱五十箇铜元最初由美籍华裔收藏家陈丹尼（Daniel

一錢四分四厘相同；五十箇直徑33.6mm，與銀幣三錢六分相同；

K.E. Ching）于1972年获得一枚。陈氏在1981年8月4日《世界

壹百箇直徑約38.2mm，與銀幣七錢二分相同。可以發現，辛丑銅

钱币报》（World Coin News ）双周刊上撰文介绍这一珍品。陳氏

元的系列與銀幣規格是相同的。由於造幣機器是共用的，其他如軋

藏品後來於1991年6月美國加州長灘“陳氏收藏中國及東方錢幣拍

片機、沖餅機、模圈等都可以通用，所以辛丑銅元設計時就是比照

賣”的拍賣會上亮相，編號 Lot: 802，最後以3 100美元落槌，由

銀幣的大小來刻模的。

中國臺灣錢幣商陳吉茂先生所得，後來於2006年由中國臺灣收藏家何代水先生收藏。目前存世已知僅一枚。陳丹尼拍賣目錄上說明

1. 吉林辛丑制钱十箇

德籍中國清錢研究專家布威那博士（Dr. Werner Burger）說五十箇存世可能有3枚。據說布威那博士曾在東京的日本銀行展覽上見

吉林辛丑制錢十箇銅元，由冠軍拍賣的周邁可先生於2015年3月

過吉林辛丑制錢二十箇和制錢五十箇銅元各一枚（據說是由日本天

28日在澳門十六浦索菲特酒店六樓會議室主辦的中國銅元工作研討

皇所收藏。因無確切資料，還有待證實）。

會中，首次披露這一真品。此幣由美國收藏家 NC 收藏，目前為孤品。吉林辛丑制錢十箇銅元在之前的各類書籍中均未記載，在訥音

4. 吉林辛丑制錢壹百箇

布的清折中也沒有提及，此次發現可以填補史料之空白。吉林辛丑制錢壹百箇銅元出自河北省樂亭縣，由河北省昌黎縣的董

2. 吉林辛丑制錢二十箇

先生購入，後來由瀋陽黃金學院一教師於1992年購得，瀋陽張培林先生於1992年3月31日從此教師手中購得，珍藏至今。張培林先生

施新彪先生在《中國錢幣》雜誌1988年第3期上發表了《銅元十

得此珍品後撰寫《吉林辛丑年間鑄有制錢壹百個銅元》一文，油印

珍》一文，首次介紹了吉林辛丑制錢二十箇銅元，文中說明僅發現

了20份在瀋陽南湖市場發給泉友，首次披露這一珍品。目前為孤品。

兩枚，一枚曾為已故收藏家陳仁濤先生所有，後來轉由中國歷史博

Unique KIRIN 1901 10 Cash Brass, Flower Basket Type 孤品1901年（辛丑）吉林省造光緒通寶制錢十個銅幣，花籃

039

★ 039

CHINA-KIRIN 1901 10 Cash Brass, Flower Basket Type, Unique, CCC-498 Var., NGC XF DETAILS, NC Collection. Top Ten Chinese Copper Coins 1901年（辛丑）吉林省造光緒通寶制錢十個銅幣，花籃，類似 CCC-498，NGC XF DETAILS，孤品，NC 收藏。中國銅元十大珍

US $80,000-120,000 One of the greatest rarities of Chinese copper coinage, one of the top 10 Chinese copper coins and this is the only known example of the 1901 10 cash. This example is in much nicer condition than all other 1901 banner copper coins, a piece of the historic document when the Kirin mint was overtaken by Russian influence, and the first Kirin copper coins which were based on Russian kopek copper coins. A unique opportunity to acquire this exceptional rarity and one of Nelson Chang's favorite coins.

亞曆山大 · 霍斯（Alexander Hosie）1901年所著《滿洲國》（Manchuria）一書中記錄了中俄銀行曾租借吉林造幣廠一段時間，製造用於支付中國東部鐵路工人的錢幣。俄國人似乎是打算鑄造吉林銀幣用於支付，但是後來又計劃鑄造類似於俄國錢幣的銅幣。該系列可能是吉林的第一套現代錢幣。

Alexander Hosie’s 1901 book Manchuria records that the Russo-Chinese Bank leased the Kirin Mint for a time to facilitate payments to workers on the Chinese Eastern Railway. Seemingly the Russians struck Kirin silver coins to pay the workers, but planned a new series of copper coins similar to Russian coins. This series was probably the first modern copper coins for Kirin. 中國最為珍稀的銅幣之一，中國銅元十大珍，孤品，比其他1901年吉林省造銅幣品相更好。該幣可以說是一份見證了俄國接管吉林造幣廠歷史文獻，是根據俄國戈比銅幣鑄造的第一套吉林省造銅幣。這也是張南琛先生最喜歡的錢幣之一，本次拍賣是獲得這枚非凡珍品的唯一機會。

Jilin Copper Coins by Zheng Renjie

鄭仁傑著《吉林銅元》

The Mysterious Honan Coins of 1909 Bruce W. Smith〔USA〕

The Honan provincial mint at Kaifeng was one of the last

Hupeh), where he served until October 1909, and then served

mints to be organized during the imperial times and was

as Governor General of Chihli from December 1909 into 1911.

probably the smallest. In the past, little information has

After the revolution, he retired to Shanghai, where he wrote

been available on the Kaifeng Mint. By combing through

several books (including his memoirs, published in 1925). Ch’en

newspapers and magazines published in China, the British

was also a prominent calligrapher, noted for his fan paintings.

a nd A me r ic a n c on s u la r r e p or t s , t he a n nu a l C h i ne s e

His portrait can be found on the 1906 one dollar note of the Yu

customs reports, the archives of the Fer racute Machine

Su Bank of Kiangsu. His photograph was also published in the

Company, and from a remarkable group of Honan coins

Far Eastern Review (《遠東評論》)for May 1910.

obtained at the mint and donated to the British Museum in 1909, we can reconstruct the early history of the mint.

The earliest reference to the mint so far found is in the North

During the Warring States Period (403-220 BC) Kaifeng, then

China Herald (《北華捷報》) of 8 July 1904. Jeremiah Jenks, who headed a commission on coinage reform in China, had met

known as Ta Liang, was the capitol of the state of Wei. With the

with Honan government officials and reported that Governor

founding of the Sung Dynasty in 960 AD, the city, then known

Ch’en had already purchased the machinery for coining copper

as Pien Liang, became the national capitol. But after the 1100’s,

ten cash coins at the arsenal outside the south gate of the

due to warfare and repeated f looding, Kaifeng declined in

city. No decision had been made at that time regarding silver

importance, becoming only a provincial capital. The city began

coinage because the officials were waiting to see whether the

to enter the modern world in the early years of the 1900’s with

national government adopted a tael or a dollar standard. This is

the building of a railroad which would eventually link northern

remarkable information because Kaifeng was the only mint in

and southern China from Canton through Hankow and Honan

China which never made silver coins.

and on to Peking. Because Kaifeng was prone to flooding, this north- south line bypassed the city and went instead through the

Piecing together bits of information from several sources, we

small town of Chengchow about 50 miles to the west. An east-

now know that the Kaifeng Mint first began striking 10 cash

west line was also built connecting Kaifeng with Chengchow.

coins late in 1904 or early in 1905 in the arsenal using three to

This line would eventually run west as far as Sian in Shensi

five Japanese stamping machines with Japanese and Chinese

province, and east into Kiangsu province to the Yellow Sea.

made dies. Zhang Peilin (1991) said work began in the 10th

By the 1920’s, Chengchow had become a more important place

Chinese month of 1904. In the summer of 1904, the Ferracute

than Kaifeng, and in the 1950’s was made the provincial capital.

Machine Company in Bridgeton, New Jersey received an order from the Kaifeng Mint for machinery and dies to make 10 cash

The Kaifeng Mint was the creation of Ch’en K’uei-lung (1857-

coins. In a letter of 15 August 1904, the Ferracute company

1948), who was the governor of Honan province from April

asked Charles E. Barber, chief engraver at the Philadelphia

1903 to February 1906. Also known as Ch’en Hsiao-shih and

Mint, his price for producing one set of master dies and hubs

Ch’en Yung-an, he received the chin shih degree in 1886. By

and two pairs of working dies. Though the archive of letters

1896, he had become secretary to Jung Lu, a powerful Manchu

from Ferracute to Barber does not state how many stamping

noble who was in control of the military in northern China,

machines (also called presses) were ordered by Kaifeng, we are

and later became an associate of Yuan Shih-kai. From May

safe in inferring that it was only two machines, since only two

through December 1901, Ch’en served as provincial treasurer

pairs of working dies were required. A survey of the number of

(also known as Finance Commissioner or Lieutenant Governor)

stamping machines used in each mint in China was published

of Honan. In 1903, he became Governor of Honan, then from

in the 23 June 1905 issue of the North China Herald . The larger

February 1906 till September 1907 was Governor of Kiangsu.

mints, such as Canton, Nanking and Wuchang, each had 75 to

In 1907, he was promoted to Governor General (or Viceroy)

150 stamping machines, but Kaifeng had only six. The 1905

of Szechuan, but did not take up the post. In March 1908, he

Chinese Customs Report for Hankow says that the Kaifeng

was appointed Governor General of Hukuang (Hunan and

Mint began working in July 1905 with five presses and had an

additional four presses purchased in the latter part of 1904, for

are Woodward types 5 and 6 for American made dies (the

a total of nine presses. The mintage for 1905 was 85,400,000

Chinese die also uses a type 5 reverse) and types 2 and 3 for the

pieces.

Japanese dies. The other dies listed by Woodward which are not in this group (A and D through J; 1 and 4) were probably struck

From the letters to Barber, we can trace Ferracute’s progress

after Morse visited the mint; that is, in 1906 and later. Although

in filling the order during 1904. By 20 October, the dies were

the mint was supposed to switch to T’ai Ch’ing Ti Kuo coinage

finished and a sample coin sent by Barber to Ferracute had

in 1906 (and did in fact make T’ai Ch’ing series coins dated

been sent to Kaifeng. But on 28 October and 3 November

1906, 1908, 1909 and 1911), there are too many varieties of

the Chinese complained that two of the characters were

the provincial types to have all been made in one year. The

engraved incorrectly. On 15 November, Ferracute wrote that

provincial type coins (with the yin-yang symbol in the center)

the machinery was nearly finished and asked Barber when the

must have been struck over several years.

new dies would be ready. The last letter in the file, dated 19 November, says that the dies supplied by Barber were cracking

During 1906, the name of the mint was changed to the Pien

when used, suggesting that they were made of poor quality

Branch Mint of the Ministry of Finance. No information has

steel. The problem must have been solved, as the Dollar Weekly

been found on the operations of the mint during 1907 except

News for 6 January 1905 reports that the machinery had been

for a mintage figure for 10 cash coins of 132 million pieces.

shipped the previous week, and that a Ferracute engineer

The following year, the North China Herald for 23 May

named Albert S. Lambert would be leaving shortly to set up the

1908 reported that Honan Governor Lin Shao-nien had sent

equipment at the Kaifeng Mint.

a memorial to Peking asking to mint 1, 2 and 5 cash coins because the mintage of 10 cash coins had been prohibited. The

At some time during 1905 or early 1906, Hosea B. Morse, a

17 October 1908 issue of North China Herald reported that the

high ranking Chinese Customs official and probably a coin

1 cash coins were being made in quantity and described the

collector, visited the Kaifeng Mint and obtained samples

coin. New machinery had been installed in the mint, no doubt

of what was being minted, donating the coins to the British

to coin the new denominations, and a very high chimney had

Museum in 1909. What is most remarkable is the memo he

just been constructed. An official report on the Honan mint

donated with the coins. Morse supplied two coins from each

found among the papers of Ward D. Smith (source unknown),

of seven different categories, indicating which dies and which

says that from the 33rd year 12th month (January 1908) through

presses were used to strike each. The list is divided into “1905

the 34th year 11th month (December 1908) the mint struck

Issues” (1st, 2nd, 3rd and 4th issue) and “Present Issue” (3

144,550,000 ten cash coins, and from April through December

categories). The first issue, struck using Japanese machinery

1908 made 9,419,512 one cash pieces. The one cash coin can be

and Japanese blanks, has an uncircled dragon and the spelling

identified as the 1908 dated T’ai Ch’ing Ti Kuo coin with "Pien"

error: HOU-NAN. The second, third and fourth issues all

mintmark incuse on the obverse. There are no 1908 dated 10

have circled dragons, and were struck using Japanese dies

cash, so those coins must be either 1906 dated T’ai Ch’ing

and machinery (the second issue using Japanese blanks). It is

series coins, or undated provincial type coins, or both.

unclear whether the dies for the error coin were Chinese or Japanese. Woodward does not list this error, indicating that it is

No information on the Kaifeng Mint during 1909, 1910 and

very rare.

1911 – the last three years of the Ch’ing dynasty – has been found. Some sources say the mint was closed in 1908, but this

The “Present Issue” consists of uncircled dragons. Two were

cannot be correct, since we know that 1 and 10 cash coins were

struck on American presses (one using American dies and

made in quantity in 1908, and 10 cash coins were made in

one using Chinese dies) and the other was struck on Japanese

quantity dated 1909 and 1911. In addition, Republican 10 cash

presses using American dies. In the “Present Issue” the two

coins made at Kaifeng were published by Ramsden in 1913,

categories using American presses match the number of presses

suggesting that the mint was actually open continuously from

supplied by Ferracute and the two categories using American

1905 through 1913. The mint was closed in 1914 but reopened

dies match the two pair of working dies engraved by Charles

about 1918, and during the 1920’s and 1930’s produced 20, 50,

Barber. All of the coins in both categories have obverses of

100 and 200 cash coins, usually poorly struck.

Woodward types B or C – the C being American made dies and B being Japanese and Chinese made dies. The reverses

Despite the lack of information on the 1909 coinage, we can

learn something from the coins themselves. The 1909 dated

In addition, there is a 20 cash dated 1909 with extra wide rims

coins are known in denominations of 1, 2, 5, 10 and 20 cash. All

and a reeded edge. Only a few pieces are known to exist. The

are of the T’ai Ch’ing Ti Kuo series with the “Pien” mintmark

dies for this coin were once in the collection of Tai Pao-t’ing.

in the center of the obverse. Only the 10 cash was made for

The wide rimmed coin is 38mm in diameter and was apparently

circulation – all the other values are patterns and are known

struck using a collar for a dollar coin.

from only a few examples.

揭秘1909年河南銅元史博祿〔美國〕

位於開封的河南省造幣廠是清朝最晚成立的造幣廠之一，可能也是

本位標值，故當時並無製造銀幣的決定。由此看來，開封造幣廠是

規模最小的造幣廠。一直以來，關於開封造幣廠的史記資料幾乎沒

唯一沒有鑄造銀幣的造幣廠，這一資訊非常重要。

有。筆者整合了中國出版的相關報紙雜誌內容、英美領事館報告、中國海關年度手冊、美國漢立克納浦廠檔案資料，以及1909年捐

綜合幾處的資訊，我們得知，開封造幣廠開始鑄造十文銅元的時間

給大英博物館的一批河南造幣廠製銅元，將河南造幣廠早期的歷史

是1904年底或1905年初，在機器局使用3到5台來自日本的壓印

畫面逐漸呈現在同好面前。

機，幣模來自日本和中國。張培林《中國機製銅幣》（1991年版）

戰國時期（公元前475- 前221年）的開封又稱大梁，魏國國都。公

國新澤西州橋鎮的漢立克納浦廠收到開封造幣廠的訂單，要求訂購

書中稱開封造幣廠鑄造銅元始於1904年農曆十月。1904年夏，美元960年，北宋建都開封，改稱汴梁。然而，從公元1100年以後，

製造銅元十文的機器和幣模。1904年8月15日漢立克納浦廠給費

開封戰亂頻仍，洪災氾濫，其核心地位日漸衰落，僅是一省之都。

城造幣廠首席雕刻師查理斯 · 巴伯（Charles E. Barber）的信中

20世紀初，隨着京廣鐵路（南起廣州，北經漢口和河南鄭州，一直

向該雕刻師詢問製作一套主模和輪轂以及兩對工作模的價格。儘管

北上延伸至北京）的開通，開封進入了現代化的發展軌道。由於開

漢立克納浦廠給巴伯通信的資料中未說明開封造幣廠訂購了幾台

封常受洪災危害，故京廣鐵路繞開開封，繞道至向西50英里開外的

壓印機，不過我們可以推測出只訂購了兩台，因開封造幣廠只需要

鄭州。同時也開通了連接開封至鄭州的東西向鐵路，並向西延伸至

兩對工作模。1905年6月23日《北華捷報》刊登了中國各家造幣

陝西西安，向東延長至江蘇直至黃海。至20世紀20年代，鄭州的

廠的壓印機調查數量。廣東、南京和武昌等幾家較大的造幣廠各擁

地位日漸超過開封，50年代成為河南省省會。

有75至150台壓印機，而開封造幣廠只有6台壓印機。1905年中國漢口海關手冊稱開封造幣廠於1905年7月開工，原本只有5台壓

開封造幣廠由河南巡撫陳夔龍（1857-1948年）創辦，陳夔龍於

印機，1904年下半年又購買了4台，共9台。1905年的鑄造量是

1903年4月上任河南巡撫，1906年2月離任。陳夔龍，字筱石，號

85 400 000枚。

庸庵，1886年中進士。1896年升任榮祿秘書。榮祿是滿洲貴族，握北方兵權，後成為袁世凱的得力助手。1901年5月至12月，陳

從與巴伯的通信中，我們瞭解到，漢立克納浦廠在1904年逐步履

夔龍任河南布政使，1903年升任河南巡撫，1906年2月至1907年

行訂單。10月20日，幣模和一枚銅元樣幣由巴伯製作完成，交付

9月調任江蘇巡撫。1907年升至四川總督，但未上任。1908年3月

給漢立克納浦廠，繼而發送至開封造幣廠。10月28日和11月3日，

改任湖廣總督，1909年10月卸任。1909年12月至1911年調任直

中方抱怨雕錯了兩個文字。11月15日，漢立克納浦廠給巴伯的信

隸總督。辛亥革命後，寓居上海，著書數本，其中包括1925年出

中表示機器即將準備待命，詢問新的幣模何時製作完成。最後一封

版的《回憶錄》。陳夔龍擅長書法，尤以成扇書畫為長。1906年江

信的日期是11月19日，信中寫到巴伯提供的幣模在使用過程中裂

蘇裕蘇官銀錢局通用壹圓鈔票上印陳夔龍像，1910年5月刊的《遠

開了，也暗示了製作幣模的鋼板品質較差。1905年1月6日的《美

東評論》也登有陳夔龍照片。

元週報》（Dollar Weekly News）報道稱機器已于之前一周運往開

關於開封造幣廠最早的參考資料來自1904年7月8日的英文報刊

將啟程前往，幫忙安裝設備。

封，漢立克納浦廠的一名技師藍伯特（Albert S. Lambert）也即《北華捷報》。美國經濟學者耶利米 · 精其（Jeremiah Jenks）是中國幣制改革委員會之主導者，與河南省官員會面時稱河南巡撫陳夔

1905年或1906年初，一位中國海關高級官員（也可能是位錢幣收

龍已購買鑄造十文銅元的造幣機器，屆時將于開封南大門外的機器

藏家）馬士（Hosea B. Morse）參觀了開封造幣廠，並獲得了鑄

局內鑄造。因河南省當局官員正在觀望中央政府是否採用兩或元之

造的銅元樣幣，這些樣幣在1909年捐給了大英博物館。最重要的

是馬士隨錢幣一起捐贈的備忘錄。馬士提供了七大版別各二枚銅

鑄造，並對該幣進行了描述。造幣廠已安裝了新的造幣機器，並建

元，並指出每枚銅元使用的幣模和壓印機。銅元名單可分為“1905

造了一個很高的煙囪，無疑是為鑄造新面值的銅元而安裝。史密斯

系列”（第一、二、三、四系列）和“當前系列”（三個類別）。第

（Ward D. Smith）的資料（來源不詳）中發現了一份河南造幣廠

一系列使用日本機器和日本坯餅，幣面龍週邊不加圈，省份錯拼成

的官方報告，報告稱光緒三十二年十二月（1908年1月）至光緒

HOU-NAN。第二、三、四系列均是龍週邊加圈，使用日本幣模和

三十三年十一月（1908年12月），十文銅元共鑄造了144 550 000

機器鑄造（第二系列使用日本坯餅）。錯幣（第一系列）使用的幣

枚，1908年4月至12月一文銅元共鑄造9419 512枚。一文銅元正

模不知是中國的還是日本的。伍德華未列出這枚銅元錯幣，可以想

面中心陰刻廠標“汴”，配“大清銅幣”之龍紋，1908年無十文銅元，

見這枚錯幣實乃珍罕之物。

因此十文銅元可能是1906年大清系列幣，或是無紀年的河南省太極圖銅元，亦或兩者都是。

“當前系列”包括幣面龍週邊不加圈。其中兩類銅元是使用美國壓印機（一類使用美國幣模，一類使用中國幣模）製造，另一類使用

清朝最後三年（1909、1910和1911年）開封造幣廠的信息也無處

日本壓印機、美國幣模製造。其中，前兩類銅元使用美國壓印機的

可查。有資料顯示，開封造幣廠於 1908年關閉，但無疑是錯誤的，

數量與漢立克納浦廠提供的數量一致，使用的美國幣模與巴伯雕刻

因為1908年鑄造了大量的一文和十文銅元，並且幣上對應公元紀

的兩對工作模吻合。這兩類銅元的正面均是伍德華所列的類型 B 或

年為1909年和1911年的十文銅元也鑄造了很多。此外，開封造幣

C，其中類型 C 使用美國幣模製造，類型 B 使用日本和中國幣模；

廠鑄造的中華民國當制錢十文在拉姆斯登（Ramsden）1913年的

背面是伍德華類型5和6，美國幣模製造（中國幣模也使用類型5背

文章中刊發過，說明開封造幣廠在1905年至1913年是持續開工運

面），類型2和3則是使用日本幣模製造。伍德華列出的其他幣模（不

營的。1914年開封造幣廠關閉後又于1918年重新開工，二三十年

在本組之列，A 和 D-J，1和4）可能是馬士參觀過造幣廠之後製造

代鑄造了當二十文、五十文、百文和二百文銅元，品質不佳。

的，也就是1906年或之後。儘管1906年開封造幣廠理應鑄造“大清帝國”幣（事實上，也鑄造了1906、1908、1909和1911年的

儘管1909年銅元資訊缺乏，但我們可以從這些銅元上瞭解到一些資

“大清帝國”幣），但河南省的銅元（正中太極圖）版別太多，不可

訊。紀年為1909年的銅元面值有一文、二文、五文、十文和二十文。

能是在一年之內鑄造完成，應該是鑄造了多年。

“大清帝國”系列銅元正面中間均刻廠標“汴”字。只有十文銅元用於流通，其他面值的銅元均是樣幣，且已知的數量很有限。

1906年，開封造幣廠更名為“度支部造幣汴廠”。1907年該廠的運營資訊無處查詢，僅得知鑄造量：十文銅元鑄造量為132 000

此外，還有一類紀年1909年的二十文銅元與其他二十文銅元不同，

000枚。1908年5月23日的《北華捷報》稱，河南巡撫林紹年上

邊緣較寬，為齒邊，目前僅知幾枚，幣模為戴葆庭舊藏。寬邊二十

奏朝廷，因面值十文的銅元禁鑄，故請求鑄造一文、二文和五文的

文銅元直徑38mm，使用的軸環很明顯是製造壹圓銀幣的軸環。

銅元。1908年10月17日的《北華捷報》又稱，一文銅元已在大量

Known Appearances of the 1909 Honan Coins 已知的1909年河南銅元 Honan 1 Cash 1909 A. Champion to NC collection, private treaty. B. Feng Yi collection (Shanghai 1990s), later sold to a Guangzhou collector, PCGS MS62 (#900136). In 2020, this one was auctioned at USD 435,600. C. Mr. Luo Zemin.（1 cash, 2 cash, 5 cash, 10 cash and 20 cash in a set） D. China Numismatic Museum. Honan 2 Cash 1909 A. Champion sold to NC collection. B. Shanghai Museum (1990s) - donated by Li Weixian in the 1960s C. Feng Yi collection (Shanghai 1990s), later sold to a Guangzhou collector, PCGS MS62(#900133) D. Money Company auction #6 January 1981 Lot 352, later appearing in the Taisei Hong Kong auction, Lot 1210, unsold. Present whereabouts unknown. E. A collector, Mr. Luo Zemin, had a Honan 2 cash.（1 cash, 2 cash, 5 cash, 10 cash and 20 cash in a set）

1909年河南銅元一文 A. 經冠軍私人交易賣給 NC 收藏。 B. 馮毅藏品（20世紀90年代上海），後賣給一位廣州买家。該幣在 2020年以43.56萬美元的價格拍出。 C. 駱澤民收藏。（一文、二文、五文、十文和二十文一套）。 D. 中國錢幣博物館。

1909年河南銅元二文 A. 經冠軍私人交易賣給 NC 收藏。 B. 上海博物館（20世紀90年代）⸺ 20世紀60年代李偉先捐贈。 C. 馮毅藏品（20世紀90年代上海），後賣給廣州买家，PCGS 鑒定分數為 MS62（#900133）D. Money Company 拍賣會， 1981年1月 #6，Lot 352，後在1995年8月的泰星香港拍賣會拍賣， Lot 120，流拍。現去向不明。 E. 收藏家駱澤民藏有一枚。（一文、二文、五文、十文和二十文一套）。

Finest Known HONAN 1909 One Cash Brass Pattern 品相最好的1909年（己酉）宣統中心“汴”字一文銅幣樣幣

040

CHINA-HONAN 1909 One Cash Brass Pattern, Y19.G, CCC-532, NGC MS63, Finest Known example, Dai Baoting/NC Collection. Top Ten Chinese Copper Coins 1909年（己酉）宣統中心“汴”字一文銅幣樣幣，Y19.G，CCC-532，NGC MS63，已知品相最好的，戴葆庭 /NC 收藏。中國銅元十大珍

US $80,000-160,000 Auction Result(s): 10/2012, Shanghai, UNC, realized USD 284,000. 12/2020, Beijing, a set of 1, 2, 5, 10, and 20-cash coins, realized USD 435,600, setting a record for an auction lot of Chinese copper coins. 拍賣成交： 2012年10月，上海，UNC，成交價284 000美元。 2020年12月，北京，一套（一文、二文、五文、十文及20文），成交價435 600美元，打破中國銅幣拍賣紀錄。

Lot 040 and 041 were sale sold by Champion to Nelson Chang in a private treaty sale for a record price for Chinese copper coins in 1994. In 1991 at the Daniel Chan Auction, the extremely rare Kirin 1901 banner 50 cash sold for only USD 3,100.

1994年，冠軍拍賣通過私人交易將 LOT 040和041這兩枚幣賣給了張南琛先生，價格打破中國銅幣記錄。在1991年的 Daniel

Chan 收藏拍賣上，有一枚極為珍罕的1901年吉林五十文銅幣以 3 100美元的價格成交。

Finest Known HONAN 1909 2 Cash Bronze Pattern 品相最好的1909年（己酉）河南“汴”字大清銅幣當制錢二文樣幣

041

★ 041

CHINA-HONAN 1909 2 Cash Bronze Pattern, CCC-533, YA/8g, NGC MS63 BN, Dai Baoting/NC Collection. Top Ten Chinese Copper Coins 1909年（己酉）河南“汴”字大清銅幣當制錢二文樣幣，CCC-533，YA/8g，NGC MS63 BN，戴葆庭 /NC 收藏。中

國銅元十大珍

US $60,000-120,000

2021 is the 100th anniversary of the founding of the Chinese Communist Party. The following three coins were minted during the 1932 to 1934 in the early of Communist-controlled areas. They are of the finest known examples, well struck, and are hardly seen in those collected in museums, and all should be considered a historic artifact of early communist financial history.

2021年時是中國共產黨建黨100周年。下麵是在1932至1934年共產黨早期控制地區鑄造的3枚錢幣，均是已知品相最好的，鑄打完整，即使是博物館藏品也鮮見如此品相者，可以視為中國共產黨早期金融歷史的見證者。

Finest Known SOVIET HUPEH-HONAN-ANWHEI 1932 One Dollar Silver 品相最好的1932年中華蘇維埃共和國俄文版壹圓銀幣

042

CHINA-SOVIET HUPEH-HONAN-ANWHEI 1932 One Dollar Silver, Pseudo- Russian, Y503, L&M887, K802, NGC XF45, Finest Known example, NC Collection 1932年中華蘇維埃共和國俄文版壹圓銀幣，“全世界無產階級聯合起來呵”，“呵”為另版“啊”，Y503，L&M887， K802，NGC XF45，已知品相最好的，NC 收藏

US $60,000-120,000 Auction Result(s): 5/2011, Beijing, VF, realized USD 108,000. 5/2015, Beijing, PCGS VF35, realized USD 59,000.

Finest known of this very rare 1932 Soviet dollar with Pseudo Russian. The finest example certified by PCGS is only VF35, 10 points lower than this example. This example has a strong strike with good details and mint luster. As in 1954 Kann's Illustrated Catalog of Chinese Coins , Kann stated all K802 are weakly struck. Exceptional historic relic of early communist coinage, likely given by a communist official and preserved since then by a westerner. The Russian variety coin features the earth, sickle, and hammer with Chinese slogan “ 全世界無產階級聯合起來呵 ” (Unification of the proletariat all over the world) around. The coin was issued in Communist-controlled areas, very rare.

拍賣成交： 2011年5月，北京，VF，成交價108 000美元。 2015年5月，北京，PCGS VF35，成交價59 000美元。這枚是非常少見的1932中華蘇維埃共和國俄文版壹圓銀幣種品相最好的一枚，PCGS 評級過的最好的一枚只有 VF35，比本次拍賣的這枚低了10分。該幣鑄打深刻，細節清晰，有原光。根據耿愛德

1954的《中國幣圖說匯考》，所有 K802幣都是弱打。考慮到早期共產鑄幣所處的特殊歷史背景，該幣可能是由一位共產黨官員贈送，由一位西方人士保存。

1932年造中華蘇維埃共和國俄文版壹圓銀幣一枚，背面中央地球、鐮刀斧頭圖案，外圈刻“全世界無產階級聯合起來呵”紅色標語，由中華蘇維埃國家銀行於中央革命根據地鑄行，十分稀少。

Finest Known SOVIET SZECHUAN-SHENSI 1934 One Dollar Silver 品相最好的1934年川陝省造幣廠造中華蘇維埃共和國壹圓銀幣

043

★ 043

CHINA-SOVIET SZECHUAN-SHENSI 1934 One Dollar Silver, with medium solid stars, beaded circle without distance between pearls, Y513.1, L&M891, K808n, NGC MS64, Finest Known example, NC Collection 1934年川陝省造幣廠造中華蘇維埃共和國壹圓銀幣，中型實心五角星，珠圈之間無間距，Y513.1，L&M891，K808n， NGC MS64，已知品相最好的，NC 收藏

US $30,000-60,000 Auction Result(s): 5/2020, Hong Kong, NGC MS61, realized USD 60,000.

Superb strike with excellent details, mint luster and die polishing lines. NGC MS64. The highest grade at PCGS is only AU58. We have never seen another example in this grade. Like the example in the Champion 2018 Auction of the Norcal Collection, this was given to a western official. Norcal was a United Nations official from New York monitoring humanitarian projects in Guangzhou, China and he formed a collection of Chinese coins in superb condition, many coins likely given to him by Chinese officials.

拍賣成交： 2020年5月，中國香港，NGC MS61，成交價60 000美元。

鑄打精美，細節清晰，有原光和模具拋光拉絲線。經評 NGC

MS64，而 PCGS 評級過的最高分僅為 AU58，未曾有另一枚如此品相的同類幣。該幣與冠軍2018年 Norcal 收藏拍賣的那枚一樣是贈予西方官員的。Norcal 是紐約的聯合國官員，負責在廣州對中國人道主義項目進行監管，他收藏了一批品相極好的中國錢幣，其中很多可能是中國官員送給他的。

Finest Known SOVIET SZECHUAN-SHENSI 1934 One Dollar Silver 品相最好的1934年川陝省造幣廠造中華蘇維埃共和國壹圓銀幣

044

CHINA- SOVIET SZECHUAN-SHENSI 1934 One Dollar Silver, with large solid stars, Y513, L&M890A, K808a, NGC MS63, Finest Known example, NC Collection 1934年川陝省造幣廠造中華蘇維埃共和國壹圓銀幣，大型實心五角星，Y513，L&M890A，K808a，NGC MS63，已知品相最好的，NC 收藏

US $60,000-120,000 Auction Result(s): 10/2020, Hong Kong, NGC MS62, realized USD 78,000. 8/2020, Hong Kong, EF, realized USD 43,700

LOT 043 is perhaps from the Qin Ziwei Collectiom LOT 043可能出自秦子幃收藏

拍賣成交： 2020年10月，中國香港，NGC MS62，成交價78 000美元。 2020年8月，中國香港，EF，成交價43 700美元。

LOT 044 is perhaps from the Qin Ziwei Collectiom LOT 044可能出自秦子幃收藏

The Yuan Shih-kai Big Beard Dollar Bruce W. Smith〔USA〕

Among the many kinds of Chinese dollars, one of the most

but both closed in 1906. Second, no provincial governor issued

mysterious is known to Chinese collectors as the "Big Beard

a coin with his own portrait until after Yuan Shih-kai died in

Dollar." What is mysterious about it is that we don't know for

1916. The first to do so was T'ang Ch'i-yao in Yunnan Province

certain where or when it was made, who ordered it, or even who

in 1916. Later issues were planned by Chao Heng-ti in 1922

it depicts. The coin, which is recorded by Kann as K672 (Lin &

(Kann763i), Ch'u Yu-p'u in 1927 (K690); and Liu Wen-hui in

Ma 47; Chang CH237), is very similar to - and clearly copied

1932 (K795), but these were never issued for circulation. All the

from - the Sun Yat-sen and Li Yuan-hung dollars made in 1912

other Chinese portrait coins depict presidents, vice-presidents

commemorating the establishment of the Republic. In the center

or generalissimos who controlled more than one province or

is a facing portrait of a bearded man, within a double circle. A

claimed national power. Most of these are only patterns and

branch with leaves and one flower (certainly copied from the

some are actually medals.

1911 dragon dollar, Y31; K227, which was struck at Tientsin, Wuchang and Nanking) appears to the left and right. There

That the Soochow Mint was capable of making silver dollars

are four Chinese characters at the top (Chung Hua Min Kuo)

is shown by a long article in the North China Herald dated 20

meaning "Republic of China" and five characters (K'ai Kuo

June 1915 under the title: New Kuang Hsu Dollars . According

Chi Nien Pi) at the bottom meaning "Coin Commemorating

to this article, the Soochow Mint was preparing to produce

the Founding of the Country." The reverse has a wreath

silver dollars bearing the name of the Manchu emperor Kuang

surrounding two Chinese characters (Yi Yuan) meaning "One

Hsu (ruled 1875-1908), under a contract with a group of

Dollar", all within a double circle. The English inscription

merchants. No description of the coin is given, but it would

above reads: THE REPUBLIC OF CHINA, and below: ONE

probably have been a restrike of a Kiangnan dragon dollar or

DOLLAR. Both sides have the same layout and wording as

perhaps a restrike of the 1908 general issue dollar (Y14; K216).

the Li Yuan-hung dollars (Y320 & 321; K638 & 639) with and

The Shanghai Chamber of Commerce, the Shanghai Bankers

without the cap (which were struck at the Wuchang Mint), and

Guild and the Bank of Kiangsu all claimed in the article to have

the Sun Yat-sen dollar (Y319; K603; which was struck at the

no knowledge of the plan. Public opinion against the issue of

Nanking Mint), but the portrait is different and there are no

an imperial coin in Republican times was so great that the 4

stars dividing the English legend. It should be noted that the

July 1914 issue notes that Governor Feng Kuo-chang cancelled

Li dollars made at Wuchang have the third character at the

the contract to produce the coin. After this, no more is heard

bottom of the obverse written in ordinary script, while the Sun

of the Soochow Mint, which was apparently closed for good.

dollars from Nanking have that character in seal script (the left

Its equipment, dies and sample coins were probably sent to the

part written with two triangles). The character "yuan" on the

Nanking Mint.

reverse is also written in different styles by the two mints. The Wuchang dollars have the top of the inside part of the character

The earliest reference to the "Big Beard" Soochow coins

written as a box, while the Nanking dollars (including Y318;

appeared in the second edition (1927) of Eduard Kann's

K600) have the top part written as a triangle.

The Currencies of China, page 175, where he describes a dollar with a facing portrait of Yuan Shih-kai on the obverse

Since the 1950's the "Big Beard" portrait has been identified

and crossed f lags on the reverse. The Chinese inscription

as Ch'eng Te-ch'uan (usually but incorrectly written as Chin

on the obverse reads: "Portrait of the President" and on the

Teh-chuen), who was governor of Kiangsu Province during

reverse: "Commemorative of the Founding [of the Republic]."

1910-1911 under the Ch'ing dynasty government, and military

He concluded by saying "this coin is reputed to have been

governor of Kiangsu during 1911-1913 under the Republic, and

produced by the Soochow Mint and is rarely met with." The

the coin is said to have been struck at the Soochow (Suchou)

coin described by Kann belonged to noted collector A. M.

Mint. This information has long been questioned. First, there

Tracey Woodward, who refers to it in his work on Chinese ten

are no silver coins known from the Soochow Mint. Two mints

cash coins. In the article covering Kiangsu Province (originally

were established at Soochow in 1904 and 1905 to produce

published in the China Journal for February 1931), Woodward

copper coins, one inside the city and the other outside the city,

presented a history of the two modern mints in Soochow, based 97

in part on information from Dr. John A. Snell, a long-time

the coin. Ma also found a photograph of Yuan Shih-kai taken

resident of Soochow and a collector of modern Chinese coins.

in early 1912 or probably slightly earlier. This photo shows an

The Silver Dollar Mint, located inside the city, was supplied

unshaven Yuan, as does the portrait on the coin. Prior to 1912,

with some new equipment in 1911 but closed the following

Yuan was in retirement in his native Honan Province. Since he

year. This is confirmed by information published in the North

was not in active service he did not need to be clean shaven.

China Herald . Woodward wrote: "… from personal knowledge,

The portrait, however, is poorly done, suggesting it was made

I may mention that two types of Yuan Shih-kai trial dollars

at a minor mint, like Soochow, rather than a first rate mint like

were made at the mint which was located within the city walls.

Nanking. No doubt this is why the coin was not produced in

A description of a unique specimen of these pieces from my

quantity.

collection is given by E. Kann in The Currencies of China , Second Edition." Kann also mentioned the Soochow Yuan

Why was the coin produced in Soochow instead of the Tientsin

Shih-kai dollar in the History of Minting in China (1938) but

Mint? Prior to February 1912, there were governments in

without description.

Wuchang (headed by Li Yuan-hung) and Nanking (headed by Sun Yat-sen), both claiming to be the government of the

In an article on early Republican silver dollars, the Chinese

Republic of China. Yuan was in Peking and Tientsin and did

Economic Bulletin Volume 10 #331 (25 June 1927) stated: "The

not have access to the Wuchang or Nanking mints. Coins with

Soochow Mint also issued a kind of commemorative coin,

his portrait would have been made at the Tientsin Mint, but

bearing the effigy of President Yuan on one side and two flags

unfortunately the mint was destroyed and looted by soldiers in

of the Republic on the other. Only 40 coins were issued." The

March 1912, and was not reopened until 1914. Governor Cheng

piece described by Kann and the Chinese Economic Bulletin

at Soochow was a supporter of Yuan and this is probably why

is a medal rather than a coin. It is listed in Kann's Illustrated

the coin was made there.

Catalog of Chinese Coins (1954) as B54 (under Fantasy Coins) and in the Lin & Ma catalog as #937. This piece is important

Kann lists four varieties of the Yuan Shih-kai Soochow Dollar,

because it has the same portrait as the "Big Beard" dollar.

all of which were in his collection:

The first reference to the "Big Beard" dollar is a bit obscure.

K672 silver with reeded edge, showing veins in the leaves of

Woodward stated in February 1931 that two trial dollars were

the plant.

made at Soochow, both of which were in his collection. We first see the coin in Illustrations of Chinese Gold, Silver and

K672a silver with plain edge, without veins in the leaves.

Nickel Coins by C. C. Tsiang (published in June 1939) as #395, where he wrote that it had been issued by Governor Ch'eng,

K672b silver with plain edge with no reverse.

possibly by the Soochow Mint, but he didn’t say specifically whose portrait it has. The coin was illustrated again in Ch'uan

K672x brass with plain edge, reverse type unclear.

Pi (《泉幣》) magazine #28 (January 1945) where the portrait was identified as Governor Ch'eng. Later catalogs by Kalgan

The Kann examples of this coin (K. 672a, 672b and 672x) have

Shih (1949 and 1951), E. Kann (1954) and H. Chang (1991) all

strange, stretched out denticles at the edge (border) of the coin.

identify the portrait as Ch'eng. An unpublished 1947 catalog of

Most of the coins which have turned up have normal denticles

Chinese dollars prepared by H. Chang and Dennis W. Sibert

or else they have dots at the edge. My theory is that Kann's

(manuscript in the author's library) identified the portrait as

coins were made at the Soochow Mint on new machinery

Ch'eng but noted that the portrait was sometimes said to be

which had been purchased to make dollars. I think Soochow

Yuan Shih-kai.

did not have the proper collars or used no collar when they struck a few trial pieces, which resulted in the stretched

It was not until 1993 that an article by Ma Chuande, based on

denticles. In the end, the mint did not produce dollars and the

research by his father, Ma Dingxiang, showed that the portrait

dies were sent to the Nanking Mint. I think a few pieces were

is actually Yuan Shih-kai. Ma's article appeared in English in

struck there with the original dies, but with a proper collar and

World Coin News 21 June 1993 and in Chinese in Zhongguo

by experienced workers.

Qianbi (《中國錢幣》) 1993 #3 and in Qianbi Bolan (《錢幣博覽》)1995 #3. Ma found two photographs of Governor Ch'eng

A preliminary comparison of photos in major auctions and coin

taken around 1912 and the photos do not look like the man on

catalogs shows five to ten different examples of K672; only one

not list one in his section on fakes. The most obvious difference is where the wreath is tied at the bottom of the reverse. The genuine coins have two oblong rings where the wreath is tied. These are supposed to be loops of the ribbon but look more like metal clips. The fakes lack these rings. There are several other differences, especially in the Chinese characters on the reverse. This example from Champion's Macau auction on Dec. 6, *2015 Top Auction Price for Chinese Vintage Coins, Dec. 6, 2015 Champion Auction, lot 185, realized US $345,000, won by floor buyer.

2015 is the H.Chang - Dennis W. Sibert (Metone, Alabama) specimen from 1947. NGC AU58, the only one certified by NGC or PCGS. The finest known of known examples.

example of K672a; five or six examples of K672b; two examples

Sibert and H. Chang were working on a catalog of Chinese

of K672x (according to Bruce Smith, the 1991 Goodman

dollars which was to be published in 1947, but Sibert was

Auction example in brass may be forgery); and a single example

injured in a plane crash and had to sell his collection. The book

of a previously unknown variety in gilt copper. In addition,

was never published, but I have the manuscript and photos for

there have been several fakes in auctions over the years. The

the book.

fakes are easy to recognize and it seems strange that Kann did

袁世凱像大鬍子開國紀念幣史博祿〔美國〕

對於中國錢幣收藏家來說，眾多中國銀幣之中，大鬍子開國紀念幣

20世紀50年代“大鬍子”肖像原型被認定是程德全（程德全曾於

也屬神秘之幣。其神秘之處在於鑄造地點、時間不詳，誰下令鑄

清朝1910-1911年間任職江蘇巡撫，民國1911-1913年間任職江

造、幣面肖像原型是誰也不得而知。耿愛德對此幣的編號是 K672

蘇都督），該幣據稱是在蘇州造幣廠鑄造。這一資訊長期備受質疑。

（林國明 / 馬德和《中國金銀幣目錄》書中編號 LM47，張璜《中

首先，目前所知，沒有銀幣來自蘇州造幣廠。1904年和1905年，

，幣面圖案設計顯然是國銀元及銀兩幣目錄》書中編號 CH237）

蘇州城內外建造了兩家造幣廠鑄造銅元，並都在1906年關閉。其

沿襲了1912年孫中山像和黎元洪像開國紀念幣的風格，正面居中

次，1916年袁世凱去世前，沒有巡撫發行過使用自己肖像的銀幣。

是大鬍子男人七分像，週邊雙圈，左右飾花葉（沿襲1911年大清

開創此先例者是雲南的唐繼堯（1916年），之後有湖南督軍趙恒錫

銀幣風格，Y31，K227，天津造幣廠、武昌造幣廠和南京造幣廠

（1922年，K763i）、直隸督軍褚玉璞（1927年，K690）和川康

鑄造）。上書“中華民國”四個漢字，下刻“開國紀念幣”五個漢

軍劉文輝（1932年，K795）發行過使用自己肖像的銀幣，但均不

字。背面居中豎鐫“壹圓”，兩側飾嘉禾，週邊雙圈，邊緣上鐫英

用於流通。其他的肖像幣原型均是總統、副總統或掌權多省或全國

文“THE REPUBLIC OF CHINA”（中華民國），下鐫英文“ONE

的大元帥，大多是樣幣，其中一些實屬紀念章。

DOLLAR”（壹圓）。該幣正背面佈局和銘文仿1912年黎元洪像開國紀念幣（Y320&321 ；K638&639，戴帽和無帽，武昌造幣廠

蘇州造幣廠可以鑄造銀幣一事是在 1915 年 6 月 20 日的英文報紙

鑄造）和1912年孫中山像開國紀念幣（Y319 ；K603，南京造幣

《北華捷報》上披露的，文章標題是“新鑄光緒元寶七錢二分銀幣”。

廠鑄造），只是肖像不同，背面英文也沒有花星分隔。值得注意的是，

文章指出，當時的蘇州造幣廠已與一眾商人簽約，正準備生產帶有

武昌造幣廠鑄造的黎元洪像開國紀念幣正面下方“紀”字是楷書， “光緒” （1875-1908在位）年號的銀幣。可惜沒有該幣的相關描述，而南京造幣廠鑄造的孫中山像開國紀念幣正面下方“紀”字是篆書

但可能是江南省造七錢二分龍銀或 1908年造幣總廠光緒元寶七錢

（偏旁上部是兩個三角形）；黎元洪像紀念幣背面“圓”字內部為方

二分銀幣 (Y14; K216) 的再版。而上海商會、上海銀行公會和江

形口，而孫中山像紀念幣（包括 Y318，K600）“圓”字內部則是

蘇銀行均稱不知曉此計劃。民國時期仍要發行大清銀幣遭到民眾強

三角口。

烈反對，因而1914年7月4日《北華捷報》稱江蘇都督馮國璋取消

中英文版）、耿愛德《中國幣圖說匯考》（1954年）、張璜《中國銀元及銀兩幣目錄》（1981年）均認為肖像原型是程德全。1947年，張璜和鄧尼斯 · 希伯特 (Dennis W. Sibert) 合著一本有關中國銀幣的圖錄（手稿在作者的館藏中），可惜最終未出版，他們也認為肖像原型是程德全，但又指出有人說是袁世凱。直到1993年，馬傳德在其父馬定祥的研究基礎上，發表文章稱肖

*2015年冠軍拍賣機製幣標王⸺ 此枚錢幣在冠軍2015年12月6日的拍賣會上（拍品號lot 185），以 345 000美元由現場藏家買下。

像原型實則是袁世凱。馬傳德的文章英文版發表在1993年6月21 日的《世界錢幣新聞》（World Coin News）上，中文版發表在

1993年第3期《中國錢幣》和1995年第3期《錢幣博覽》上。馬傳德找到了程德全在1912年前後拍攝的兩張照片，與幣面肖像有別。馬傳德還找到了一張袁世凱在1912年初或更早些時候拍攝的照片，

了生產該幣的合約。此後再無蘇州造幣廠的消息，很顯然已經關門

照片中袁世凱留着鬍子，與幣面肖像相似。1912年前，袁世凱退

大吉。蘇州造幣廠的設備、幣模和樣幣可能運至了南京造幣廠。

居在老家河南，由於沒有主理政務，因而無需剃須示人。只是，肖像雕刻不佳，可能是小造幣廠所為，如蘇州造幣廠，不像南京等一

最早提及蘇州造幣廠鑄造“大鬍子”銀幣的是在耿愛德的《中國貨

流造幣廠所鑄。毫無疑問，這也是該幣沒有批量生產的原因。

幣論》(The Currencies of China ) 第二版（1927年）175頁。耿愛德對此幣的描述是：正面袁世凱正面像，背面雙旗交叉。正面文

那麼，該幣為何在蘇州而不是天津造幣廠鑄造呢？ 1912年2月之

字“大總統肖像”，背面文字“開國紀念”。他的結論是： “據說此

前，武昌成立了湖北軍政府，黎元洪任大都督；同時期南京成立了

幣為蘇州造幣廠所鑄，極罕見。”耿愛德所說的這枚幣乃著名收藏

以孫中山為首的臨時政府，兩個政府都宣稱是中華民國政府。袁世

家伍德華（Tracy Woodward）所藏，伍德華曾在其《中國機製

凱的勢力在京津一帶，與武昌和南京相距甚遠。因而袁世凱像開國

十文銅元》（The Minted Ten-Cash Coins of China ）一書中提

紀念幣本應在天津造幣廠鑄造才是，可惜天津造幣廠在 1912年3

及。在介紹江蘇省造銅元的篇章（最初發表於1931年2月的《中

月被毀，並被士兵搶劫一空，直到1914年才重新開張。而在蘇州

國雜誌》）中，伍德華在蘇醫生（John Abner Snell，1880-1936

的程德全是袁世凱的擁護分子，因而鑄造袁世凱像開國紀念幣也是

年，曾長期在蘇州居住，主要收藏中國20世紀的錢幣）處所獲得的

有可能的。

信息的基礎上，更全面介紹了蘇州的兩家現代化的造幣廠。位於蘇州城內的銀元局在1911年補給了一些新設備，但在1912年就關閉

耿愛德列出了蘇州造幣廠所鑄袁世凱像開國紀念幣的四個版別，且

了。這一資訊在《北華捷報》中得到證實。伍德華稱： “依個人淺見，

全部在他的收藏中：

銀元局試鑄了兩類袁世凱像開國紀念幣。我收藏的孤品樣幣的描述來自耿愛德《中國貨幣論》第二版。”耿愛德在其1938 年的《中國

K672，銀質，齒邊，可以看到葉紋。

造幣史》(History of Minting in China ) 書中也曾提及蘇州造幣廠鑄造的袁世凱像開國紀念幣，但沒有詳細描述。

K672a，銀質，光邊，無葉紋。

《中國經濟公報》（Chinese Economic Bulletin ）10卷331期

K672b，銀質，光邊，僅正面。

（1927年6月25日）中有關早期民國銀幣的文章中指出，“蘇州造幣廠也發行了一種紀念幣，一面是袁世凱肖像，另一面是民國雙旗。

K672x，黃銅質，光邊，背面類型不清楚

只發行了40枚。”耿德和《中國經濟公報》文章中所說的均是紀念章而非硬幣。耿愛德1954年版《中國幣圖說匯考》（Illustrated

筆者注：耿愛德收藏的 K672a、672b 和672x 樣幣邊緣均有連續

Catalog of Chinese Coins ）中編號 B54（屬臆造幣），林國明 /

的齒狀邊飾，非常奇特。市面上出現的該幣邊緣均是正常的齒邊或

馬德和《中國金銀幣目錄》中編號 LM937。這枚硬幣之所以重要，

邊緣有點。筆者推測耿愛德的藏品是在蘇州造幣廠使用新機器（為

是因為與“大鬍子”開國紀念幣是同一肖像。

鑄造銀幣而購買）鑄造。當時的蘇州造幣廠或許沒有軸環或鑄造樣幣時沒有使用軸環，於是就造成了幣緣連續的齒邊。而蘇州造幣廠

因此，首次提及“大鬍子”開國紀念幣的資料出處就有點含糊不清

最終也沒有生產該銀幣，幣模運到了南京造幣廠。筆者認為，南京

了。伍德華在1931年2月稱蘇州造幣廠試鑄了兩枚樣幣，並都在他

造幣廠鑄造了使用原模的少量樣幣，當然還使用了軸環，由有經驗

的收藏中。我們首次看到該幣是在蔣仲川1939年6月出版的《中國

的工人完成鑄造。

金銀鎳幣圖說》一書中，編號395，蔣仲川稱此幣由巡撫程德全下

100

令發行，或許是蘇州造幣廠所鑄，但沒有特地說明肖像原型是誰。

初步對比大型拍賣會和拍賣目錄的錢幣圖片可以看出，K672已知

1945年1月28期的《泉幣》雜誌再次有該幣的配圖，肖像原型是

有5-10枚，K672a 僅知1枚，K672b 已知有5或6枚，K672x 已知

程德全。之後，施嘉幹《中國近代鑄幣匯考》（1949年和1951年

有兩枚（史博祿認為，1991年古德曼舊藏拍賣上的那枚黃銅樣幣

可能是偽品），還有一個新版別紅銅鎏金，僅知1枚。此外，過去在

背面嘉禾底部的打結。真品是兩個橢圓形打結，應是絲帶環，可是

拍賣會上還出現了幾枚贗品。贗品很容易識別，可是耿愛德在其書

看起來更像是金屬夾，而贗品沒有這種環。此外還有其他的鑒別真

中贗品部分沒有列出贗品，這一點有點奇怪。真偽最大的區別在於

偽之處，特別是背面的中文。

Unique Kann REPUBLIC ND(1912) Yuan Shi Kai One Dollar Brass Pattern 孤品耿愛德1912年中華民國袁世凱像（舊譜稱程德全）開國紀念幣壹圓黃銅試打幣

045

CHINA-REPUBLIC ND(1912) Yuan Shi Kai (named Chin The Chuen before) One Dollar Brass Pattern, Unique, Kann-672X, NGC UNC DETAILS, Kann/NC Collection, Ex. Hong Kong auction 9/1986 1912年中華民國袁世凱像（舊譜稱程德全）開國紀念幣壹圓黃銅試打幣，KANN-672X，NGC UNC DETAILS，孤品，耿愛德 /NC 收藏，1986年中國香港拍賣購入

US $60,000-120,000 Auction Result(s): 12/2015, Champion Macau Auction, AU 58, realized USD 345,000. 拍賣成交： 2015年12月，冠軍澳門拍賣，AU 58，成交價345 000美元。

101

Choice REPUBLIC ND (1912) Yuan Shi Kai 10 Cash Copper, Yuan of small face 精選品1912年中華民國袁世凱像共和紀念十文銅幣樣幣，小面

046

CHINA-REPUBLIC ND (1912) Yuan Shi Kai 10 Cash Copper, Yuan of small face, CCC-688, WOODWARD-971, L&MPN5, NGC MS62 BN, NC Collection 1912年中華民國袁世凱像共和紀念十文銅幣樣幣，小面，CCC-688，WOODWARD-971，L&MPN5，NGC MS62 BN，NC 收藏

US $10,000-20,000 Auction Result(s): 4/2018, Hong Kong, PCGS MS62, realized USD 19,800. 拍賣成交： 2018年4月，中國香港，PCGS MS62，成交價19 800美元。

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Choice REPUBLIC 1912 Sun Yat Sen One Yuan Memento Silver 精選品1912年中華民國孫中山像開國紀念壹圓銀幣

047

CHINA-REPUBLIC 1912 Sun Yat Sen One Yuan Memento Silver, Lower Stars, L&M42, K603a, NGC MS63, NC Collection 1912年中華民國孫中山像開國紀念壹圓銀幣，下五星版，L&M42，K603a，NGC MS63，NC 收藏

US $10,000-20,000

Choice REPUBLIC 1912 Li Yuan Hung One Dollar Silver 精選品1912年中華民國黎元洪像開國紀念壹圓銀幣

048

CHINA-REPUBLIC 1912 Li Yuan Hung One Dollar Silver, L&M45, NGC MS63, NC Collection, LA connected. Only 2 stars on east shoulder, but normal H in “The” 1912 年中華民國黎元洪像開國紀念壹圓銀幣， L&M45 ， NGC MS63 ， NC 收藏，字母 LA 相連，右肩有兩星，銘文 “THE”中的“H”為正常書寫。

US $10,000-20,000 103

Finest Known REPUBLIC 1916 2 Fen Bronze Pattern 品相最好的1916年中華民國五年嘉禾中圓孔貳分銅幣樣幣

049

CHINA-REPUBLIC 1916 2 Fen Bronze Pattern, Center Hole, CCC-681, Y325, L&MPN42, NGC SP64 BN, NC Collection, finest of four known, by the Tientsin Mint. Obtained 11/1989 1916年中華民國五年嘉禾中圓孔貳分銅幣樣幣，L&MPN42，CCC-681，Y325，NGC SP64 BN，NC 收藏，四枚中已知品相最好的一枚，出自天津造幣廠，1989年11月時購得

US $30,000-60,000

LOT 049 Finest known of four examples of this rare 1916 2 fen pattern designed by Luis Giorgi. Sharply struck with a superb surface, an exceptional Chinese copper coin pattern. One example belonged to the famous Taiwan collector David Ho ( 何代水 ) who purchased the coin from the Taiwan dealer, Chen Chi Mao ( 陳吉茂 ). Fukien copper coin collector, Li JianJianqing ( 李建青 ), who had another example, sold his entire collection to a Beijing dealer who then sold the collection to a collector in Shansi for around USD 80,000.

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已知4枚中品相最好的一枚，由 Luis Giorgi 設計，鑄打深峻、好版底，是中國銅質樣品中的精品。中國臺灣藏家何代水曾從中國臺灣幣商陳吉茂處入手一枚。福建銅元藏家李建青藏品（馬定祥舊藏）中也有一枚，他將全部的收藏賣給了一位北京的幣商，後被山西的一位藏家可能以80 000美元的價格收入囊中。

Finest Known REPUBLIC ND (1916) Yuan Shi Kai 20 Cash Copper 品相最好的1916年（民國五年）袁世凱像背嘉禾二十文銅幣

050

CHINA-REPUBLIC ND (1916) Yuan Shi Kai 20 Cash Copper, Fantasy, CCC-693, NGC MS65 BN, Finest Known example, NC Collection 1916年（民國五年）袁世凱像背嘉禾二十文銅幣，臆造幣，CCC-693，NGC MS65 BN，已知品相最好的，NC 收藏

US $10,000-20,000

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1919 Yuan Shih Kai Gold Series

1919年袁世凱像金幣 From the Qing Dynasty to the Republic of China, governments were dedicated to promoting a gold-standard based currency reform by issuing gold coins. In 1919 (the eighth year of the Republic of China), the Tientsin Mint was ordered to mint gold coins based on slightly modified designs of the 1914 Yuan Shih Kai silver coin series, with denominations of 10 yuan and 20 yuan. According to A.M. Tracey Woodward, who visited the mint in November 1920, these coins were taken out by politicians, bankers, and collectors rather than being put into circulation. Major countries engaged in World War I, which broke out in 1914, implemented the gold standard system. However, they came to issue credit standard paper notes to raise military expenses and prohibited the free export of gold. Thus, the gold standard currency system began to collapse. From the end of the war until 1929, these countries attempted to restore the gold standard system to stave off a world economic crisis. However, the foundation of gold coin circulation was weakened, unable

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to be restored. When the Beiyang government issued these two kinds of gold coins, the gold standard system was already declining. 前清至民國時期，歷屆政府推動幣制改革以推行金本位制為目標，發行金幣的構想一直未終止。1919年（民國八年），令天津造幣廠再度嘗試製作金幣。在原民國三年袁像系列銀幣圖案的基礎上稍作修改，製作面額為拾圓及貳拾圓的金幣兩種。據1920年11月拜訪天津造幣廠的伍德華表示，因流通條件未成熟、計劃欠周詳，製造完成後即被政界、銀行界及藏家搜刮一空，並沒有在市面流通。事實上，1914年第一次世界大戰爆發，參戰各國原本是實施金本位制的主要國家，但為了籌集龐大的軍費，紛紛發行信用本位的紙幣，禁止黃金自由輸出，金本位制開始瓦解。戰後至1929年，即世界經濟危機前夕，各國曾企圖恢復金本位制，但由於金幣流通的基礎被削弱，已無法恢復如前。北洋政府在發行這兩種金幣時，金本位制已經式微。

Choice REPUBLIC 1919 Yuan She Kai 20 Dollars Gold 精選品1919年（中華民國八年）造袁世凱像貳拾圓金幣

051

CHINA-REPUBLIC 1919 Yuan She Kai 20 Dollars Gold, L&M 1029, Y-331, K15330, NGC MS63, NC Collection 1919年 ( 中華民國八年 ) 造袁世凱像貳拾圓金幣，L&M1029，Y-331，K1530，NGC MS63，NC 收藏

US $30,000-60,000 Auction Result(s): 12/2020, Beijing, PCGS UNC DETAILS, realized USD 57,500. 8/2018, Hong Kong, PCGS MS62, realized USD 38,480. 拍賣成交： 2020年12月，北京，PCGS UNC DETAILS，成交價57 500美元。 2018年8月，中國香港，PCGS MS62，成交價38 480美元。

A choice example of this 1919 20-dollar gold coin, 2nd highest graded at MS63, with only 1 higher graded at MS64.

這枚精選品1919年（中華民國八年）造袁世凱像貳拾圓金幣是已知的第二高分，僅有一枚更高分為 MS64。

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Finest Known REPUBLIC 1919 Yuan Shi Kai 10 Dollars Gold 品相最好的1919年（中華民國八年）造袁世凱像拾圓金幣

052

CHINA-REPUBLIC 1919 Yuan Shi Kai 10 Dollars Gold, K1531, L&M1030, NGC MS66, NC Collection 1919年 ( 中華民國八年 ) 造袁世凱像拾圓金幣，K1531，L&M1030，NGC MS66，NC 收藏

US $30,000-60,000 Auction Result(s): 12/2020, Beijing, PCGS MS63, realized USD 101,000. 拍賣成交： 2020年12月，北京，PCGS MS63，成交價101 000美元。

The f inest k nown example of this 1919 Yuan Shih Kai 10-dollar gold coin (the second highest grade is a PCGS MS64). A fabulous opportunity to own one of the best Chinese Republican gold coins.

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這枚是1919年（中華民國八年）造袁世凱像拾圓金幣是已知品相最好的一枚，第二高分為 PCGS MS64。該幣堪稱最好的民國金幣之一，此次拍賣是將其收入囊中的好機會。

Scarce REPUBLIC 1921 Hsu Shi Chang One Dollar Silver 稀少的1921年（中華民國十年）徐世昌像“仁壽同登”紀念銀幣壹圓

053

CHINA-REPUBLIC 1921 Hsu Shi Chang One Dollar Silver, Bottom Legend, L&M864, NGC AU55, NC Collection.The two pieces in the Goodman sale brought $797.50 in XF and $550 in VF 1921年(中華民國十年)徐世昌像“仁壽同登”紀念銀幣壹圓，齒邊，L&M864，NGC AU55，NC 收藏。古德曼拍賣買入兩枚，一枚XF（797.5美元），一枚VF（550美元）

US $6,000-12,000 Auction Result(s): 4/2021, Hong Kong, PCGS UNC DETAILS, USD 26,400. 拍賣成交： 2021年4月，中國香港，PCGS UNC DETAILS，成交價26 400美元。

The 1921 Hsu Shih Chang silver dollar is found in two types: with and without the characters for “commemorative” at the botton. Recent research published in the Journal of East Asian Numismatics suggests that all the Hsu Shih Chang pieces were souvenir medals given out to those present at the opening ceremony of the Peking Union Medical College in September 1921. The pieces without the commemorative inscription appear to have been made to allow space for the name of the recipient to be engraved onto the coin, although only a few examples are known as such.

徐世昌像“仁壽同登”壹圓紀念銀幣分有和無“紀念章”字样两種。李伯琦在1945年9月發表的《中國紀念幣考》一文對其描述如下： “民國十年，天津造幣廠鑄，成色重量，與通行幣同，面徐世昌………樹下仁壽同登四字，上中華民國十年九月八字，下紀念幣三字………蓋徐繼大總統位已數年，未有鑄幣紀念事，自九年，勾結曹錕，戰敗段祺瑞靖國軍，以為自此可政權獨攬矣。有獻媚者，遂補鑄此紀念，去繼位期已遠，又不便言紀念此，遂有此不倫不類之仁壽同登。”《東亞泉志》上一篇文章表明所有的徐世昌錢幣都是紀念章。此章曾在1921年9月的北京協和醫科大學開學典禮上分發給出席嘉賓。這些沒有紀念性文字的紀念章允許刻上嘉賓的名字。目前僅發現少數刻有嘉賓名字的紀念章。

109

Finest Known HUNAN 1922 Provincial Constitution One Dollar Silver 品相最好的1922年（民國十一年）湖南省憲成立紀念銀幣壹圓

054

CHINA-HUNAN 1922 Provincial Constitution One Dollar Silver, Y404, L&M867, K763, NGC MS66, NC Collection 1922年（民國十一年）湖南省憲成立紀念銀幣壹圓，Y404，L&M867，K763，NGC MS66，NC 收藏

US $30,000-60,000 Auction Result(s): 8/2011, Hong Kong, NGC MS65, realized USD 77,675. 拍賣成交： 2011年8月，中國香港，NGC MS65，成交價77 675美元。

The Hunan mint str uck the 1922 Constitution Dollar in small quantities. The design on the obverse includes three horizontal lines within a wreath, recognizing the promulgation of the Provincial Constitution on January 1st of the 11th year of the Republic of China. Surrounding the wreath is the Chinese legend “Hunan Sheng Xian Cheng Li Ji Nian” (in commemoration of the Promulgation of the Hunan Provincial Constitution) and the date of its promulgation, with the value “Yi Yuan” on the left and right sides. The reverse features crossed 18-star and five-colored flags, with a sunflower design hovering above. Around the border are the English legends "REPUBLIC OF CHINA" and "ONE DOLLAR", separated by two stops. The

110

finest example graded by NGC is MS66. The finest known example of this popular Hunan constitution coin with incredible envelope toning and eye appeal. 民國十一年湖南造幣廠造，鑄額很小。正面中央嘉禾圖案及三橫劃，寓意民國十一年一月一日，外圍“湖南省憲成立”及鑄造日期，左右分鑄“壹圓”。背面中央葵花，十八星旗和五色旗互相交叉，外圍英文。此種錢幣的 NGC 評分第一名是 NGC MS66。該幣為大受歡迎的湖南省憲成立紀念幣中品相最好的一枚，因保存在錢幣信封中而形成了精美的包漿，味道很好。

Finest Known REPUBLIC 1924 10 Cash Copper Pattern 品相最好的1924年（民國十三年）中華銅幣背嘉禾十文樣幣

055

CHINA-REPUBLIC 1924 10 Cash Copper Pattern, Y311, NGC MS64 BN, NC Collection, finest known 1924年（民國十三年）中華銅幣背嘉禾十文樣幣，Y311，NGC MS64 BN，NC 收藏，已知最好的一枚

US $10,000-20,000

Kalgan Mint. This and the matching 20 cash were the only Republican coins with Manchu inscriptions. The 10 cash is quite rare (1991 SCWC $850).

張家口造幣廠鑄造。該幣與對應的二十文是唯一鐫有滿文題刻的民國錢幣，其中十文非常珍稀（1991年 SCWC 目錄中的價格為850 美元）。

111

Finest Known Kann REPUBLIC 1932 Sun Yat Sen Gold Standard One Dollar Copper Pattern 品相最好的耿愛德1932年（民國二十一年）孫中山像金本位幣壹圓銅質樣幣

056

CHINA-REPUBLIC 1932 Sun Yat Sen Gold Standard One Dollar Copper Pattern, plain edge (the plain edge variety is much rarer than reeded edge variety), K628x, L&M104, Plain edge, NGC MS63 BN, Kann/NC Collection, from 1963 Wayte Raymond auction (USD 630) 1932年（民國二十一年）孫中山像金本位幣壹圓銅質樣幣，Kann-628x，L&M104，NGC MS63 BN，光邊（光邊版比齒邊版更少），耿愛德 /NC 收藏，出自1963年韋德 · 雷蒙德拍賣 (630美元 )

US $60,000-120,000

In 1929, the government of the Chinese Republic proposed a gold standard system for a national currency. Five national mints from around the world, including the United States, Austria, Italy, Britain and Japan, were invited to make dies for Chinese gold standard coins, featuring Sun Yat-Sen and a junk sailboat. The designs were accepted by the Shanghai Mint predecessor, the China Central Mint, and a small number of pattern coins were produced with the trial dies. In the end the gold standard system did not match the needs of the Chinese monetary system and the experiment was abandoned soon after its announcement. All of these pattern coins are extremely rare, with an estimated 10 examples known today.

金本位幣產生於1929年（民國十八年）時，中華民國政府擬採取金本位貨幣制度，以統一當時全國混亂不堪的貨幣體制。最初邀請了美國、奧地利、意大利、英國及日本等五國的國家造幣廠雕刻模具，正面設計採用孫中山先生（中國國父）肖像，上鐫“中華民國十八年”，背面為“三桅帆船”，“壹元”分列兩旁。五國所製幣模均十分精美，經當時的中央造幣廠（上海造幣有限公司前身）試鑄，鑄量較少。後美國費城造幣廠重新雕刻模具，正面年號改為“民國二十一年”、背面改為“兩桅帆船”，上方鐫刻“金本位幣壹圓”，下方加刻“三鳥及太陽”（因此俗稱“下三鳥幣”），由中央造幣廠打制極少量樣幣，因金本位制不適合中國國情，不久即告廢止，因此只有少量樣幣流傳於世，並成為中國錢幣史上的重要部分，也是中國人像銀幣的大名譽品，素為古今錢幣大藏家夢寐以求之品，傳

The copper patterns have two different edges: plain edge and milled edge. The plain edge is the rarest variety. In the Howard F. Bowker Collection (donated to the Shanghai Mint), two examples were represented in copper; one of them is a mule coin with the regular 1932 dollar for the obverse and a 1929 American junk pattern as the reverse.

112

世極為稀少，大約只有10枚左右。金本位壹圓銅樣有2種邊齒，即光邊和齒邊。其中尤以光邊最為罕見。在捐贈給上海造幣博物館的包克藏品中就有兩枚金本位銅質樣幣，其中一枚錢幣的正面使用了普通民國二十一年壹圓幣的正面，反面則使用了民國十八年美國版孫中山銀幣的反面。

Finest Known REPUBLIC 1932 Sen Yat Sen Gold Standard 10 Cents Silver Pattern 品相最好的1932年（民國二十一年）孫中山像金本位幣壹毫銀質樣幣

057

CHINA-REPUBLIC 1932 Sen Yat Sen Gold Standard 10 Cents Silver Pattern, L&M107, NGC MS63, NC Collection. Among the first set of coins produced by the Central Mint in Shanghai, plain edge. The 1932 gold standard 10 cents in silver plain edge is even rarer than the equivalent dollar. This is the finest known of only 4 known examples, with a sharp strike and nice, original toning, from 1963 Wayte Raymond auction (USD 560) 1932年（民國二十一年）孫中山像金本位幣壹毫銀質樣幣，L&M107，NGC MS63，NC 藏品。該幣屬於上海中央造幣廠鑄造的第一套銀幣，光邊。光邊的1932年金本位一毫銀樣比齒邊的更少，僅4枚已知，這枚為已知品相最好的一枚，鑄打深峻，原包漿，出自1963年韋德 · 雷蒙德拍賣 (560美元 )

US $60,000-120,000 Auction Result(s): 12/2020, Shanghai, PCGS SP62, realized USD 130,000. 8/2019, Hong Kong, PCGS SP62, realized USD 78,000. 4/2008, Beijing, UNC, realized USD 186,000. 拍賣成交： 2020年12月，上海，PCGS SP62，成交價130 000美元。 2019年8月，中國香港，PCGS SP62，成交價78 000美元。 2008年4月，北京，UNC，成交價186 000美元。

113

Finest Known 1972 Jess Peters REPUBLIC 1932 Sun Yat Sen One Dollar Copper Trial 品相最好的1972年 Jess Peters1932年（民國二十一年）孫中山像壹圓銅幣試打幣

058

CHINA-REPUBLIC 1932 Sun Yat Sen One Dollar Copper Trial, KANN-622x, NGC MS64 BN, Finest Known example, NC Collection, from Jess Peters' Price List in 1972, from 1963 Wayte Raymond auction (USD 181.25) 1932年（民國二十一年）孫中山像壹圓銅幣試打幣，KANN-622x，NGC MS64 BN，已知品相最好的，NC 收藏，出自 1972年 Jess Peters 銷售目錄，出自1963年韋德 · 雷蒙德拍賣 (181.25美元 )

US $10,000-20,000 Auction Result(s): 12/2020, Hong Kong, PCGS UNC DETAILS, USD 34,800. 拍賣成交： 2020年12月，中國香港，PCGS UNC DETAILS，成交價34 800美元。

In the 1970s one heard rumors of a person residing in the USA who owned a bag of 1,000 Birds Over Junk Dollars. Although this coin was reportedly recalled and melted, there are plenty of them around, mostly uncirculated. Bruce Smith suspected many were saved from the melting pot by collectors connected with the mint. In 1936, the director of the Shanghai Mint, Jian H. Chen, reported 1,661,647.2 fine ounces of 1932 dollars were melted in December 1935. If this is correct, then as many as 10,000 birds over junk dollars could have survived. The 1934 is far more common than the 1933. Bruce suspected it was the 1934 date which was restruck in the USA in 1949. During June and July 1949, all three US mints restruck Junk dollars on behalf of the Chinese government. At the same time, the San Francisco Mint restruck 1898 dated Mexican pesos for the Chinese government. The restruck coins were airlifted to China in a desperate effort to prop up the Chinese currency system.

114

20世紀70年代時，有傳言稱美國有人擁有一大包三鳥帆船銀幣，共1 000枚。儘管三鳥銀幣大都被回收並融化，但是還有很多在外並且多為未流通狀態。史博祿猜測，這些保存下來的錢幣可能為與造幣廠有聯繫的藏家所救。1936年，上海造幣廠廠長的報告中寫道，

1935年12月共有1 661 647.2盎司重的1932年三鳥帆船銀元被融化，這表明可能約有10 000枚得以倖存。

1934年孫中山帆船銀幣比1933年的更為常見。史博祿認為， 1934年的帆船銀幣曾於1949年在美國重新鑄造。1949年6月至7 月，美國的3家造幣廠都代中國政府重新鑄打了帆船銀幣。同時，三藩市造幣廠為中國政府重鑄了1898年的墨西哥比索。這些重鑄幣被運往中國以支撐中國的貨幣體系。

Choice REPUBLIC 1934 Sun Yat Sen One Dollar Copper Set(2) 精選品1934年（民國二十三年）孫中山像壹圓銅幣試打幣一套2枚

059

CHINA-REPUBLIC 1934 Sun Yat Sen One Dollar Copper Set (2): (1) Obverse Trial, KANN-624x, NGC MS62 BN; (2) Reverse Trial, KANN-624x, NGC MS63 BN. Total 2 Pieces, NC Collection, among the first set of coins produced by the Central Mint in Shanghai. Struck in copper with blank reverse. Also a copper striking of reverse only. Both with reeded edge. Not in Kann. Large stain on Sun's face. Ex Money Company auction 6/85 (Lot 537) （1）正面試打幣，KANN-624x，NGC MS62 BN ；（2）反 1934年（民國二十三年）孫中山像壹圓銅幣試打幣一套2枚：面試打幣，KANN-624x，NGC MS63 BN。共2枚，NC 收藏，該幣屬於上海中央造幣廠鑄造的第一套銀幣。該套幣用紅銅鑄造，一枚正面空白，一枚背面空白，均為齒邊。該幣未曾收錄於耿愛德目錄。得自1985年6月金錢公司拍賣 (Lot 537)

US $6,000-1,2000 Auction Result(s): 12/2020, Beijing, PCGS SP62, realized USD 13,000. 拍賣成交： 2020年12月，北京，PCGS SP62，成交價13 000美元。

115

Very Rare REPUBLIC 1936 Sun Yat Sen One Dollar Nickel Spade Coin Essay 非常珍稀的1936年（民國二十五年）孫中山像布圖壹圓鎳幣試樣幣

060

CHINA-REPUBLIC 1936 Sun Yat Sen One Dollar Nickel Spade Coin Essay, K632y, KM-PN176, NGC MS64, NC Collection, Ex. Spink-Taisei Sale 2/92 LOT 111, from 1963 Wayte Raymond auction (USD 525) 1936年（民國二十五年）孫中山像布圖壹圓鎳幣試樣幣，K632y，KM-PN176，NGC MS64，NC 收藏，1992年2月 Spink-Taisei 拍賣第111號拍品，1992年2月 Spink-Taisei 拍賣買入，出自1963年韋德 · 雷蒙德拍賣 (525美元 )

US $30,000-60,000

As demonstrated in The True Story of China's 1936 and 1937 Silver Dollars published in the Journal of East Asian Numismatics in 1995, Kann got the story about these coins backwards. The 1936 dollar and half dollar with spade coin design were not made in quantity and were most likely made in Shanghai or Philadelphia, not San Francisco. The 1937 dollar and half dollar were definitely made in San Francisco - both denominations have the "S" mintmark. The 1937 coins were made in quantity (actually in 1938), but they were never shipped to China, and were, in fact, melted at the San Francisco Mint. The few pieces which survive today were probably samples sent to mint officials in Shanghai. The 1936 coins, on the other hand, are almost certainly patterns. Records in the United States confirm that the U.S. Mint (most likely Philadelphia) made some pattern Chinese dollars and/or half dollars in 1936. What we don't know is which coins were made. There are two different sets of 1936 pattern dollars and half dollars - Kann 632-633 and 634-635, plus an odd group of pattern half dollars without the Greek border (Kann 632ii and 633ii). All of these silver pattern coins are rather strange considering that China had outlawed the use of silver coins in 1935. Why then were the 1936 patterns and 1937 coins made at all ？ The answer is that they were part of a more-or-less secret political deal between the Chinese government, the U.S. government and a group of U.S. congressmen who were trying to drive up the price of silver. The U.S. government was quietly buying up huge amounts of silver from China in an effort to help her resist and 116

later fight the Japanese. As part of the deal, the United States required the Chinese to at least pretend to issue silver coins. Once the war between China and Japan broke out, however, the U.S. dropped this condition. These rare coins are part of a fascinating and little known historical event. 正如刊登在1995年《東亞泉志》上的一篇文章《中國1936年和

1937年銀圓真相》所述（這個有關這種錢幣的故事後來被耿愛徳所採用），1936年帶有方足布的壹圓和中圓鑄造量並不大，而且很可能是在上海或菲律賓被鑄造，並非在三藩市。而1937年的壹圓和中圓則肯定是在三藩市鑄造，因為1937年的兩種面額上都有造幣廠標記“S”。1937年的錢幣被大量鑄造（實際上大量鑄造是在

1938年），但從未運送至中國，實際上這些錢幣都在三藩市造幣廠被熔化。目前留存下來的少量錢幣，很可能是當時送給上海造幣廠官員的樣品。而1936年的錢幣幾乎肯定只有樣幣。美國的記錄證實在1936年美國造幣廠（很可能是費城造幣廠）鑄造了一些中國壹圓和中圓樣幣，但不知道是鑄造了哪種錢幣。1936年壹圓和中圓樣幣有兩種⸺ Kann 632-633和 Kann 634-635，還有一些奇特的沒有希臘邊的中圓樣幣（Kann 632ii 和633ii）。奇怪的是在

1935年中國已經禁止使用銀幣，但為什麼還在鑄造1936年的樣幣和1937年的錢幣呢？其原因多多少少是一種中國政府和美政府及一些想抬高銀價的國會議員之間的政治交易。當時美國暗地裡從中國買進大量白銀以此來協助中國抵制日本 ! 交易條件之一就是要求中國裝作要發行銀幣，一旦中日戰爭爆發，則美國放棄這個條件。這些銀幣實際上也是一種歷史的見證。

Very Rare REPUBLIC 1936 Sun Yat Sen One Dollar Copper Spade Coin Essay 非常珍稀的1936年（民國二十五年）孫中山像布圖壹圓銅質試打幣

061

CHINA-REPUBLIC 1936 Sun Yat Sen One Dollar Copper Spade Coin Essay, L&M115 Var., K632x, NGC MS61 BN, NC Collection, from 1966 Von Halle auction 1936年（民國二十五年）孫中山像布圖壹圓銅質試打幣，類似 L&M115，K632x，NGC MS61 BN，NC 收藏，出自 1966年馮 · 霍爾德拍賣

US $30,000-60,000 Auction Result(s): 4/2016, Hong Kong, AU, realized USD 25,960. 5/2019, Shanghai, PCGS MS64, realized USD 74,900. 拍賣成交： 2016年4月，中國香港，AU，成交價25 960美元。 2019年5月，上海，PCGS MS64，成交價74 900美元。

117

Very Rare REPUBLIC 1936 Sun Yat Sen 50 Cents Silver Pattern 非常珍稀的1936年（民國二十五年）孫中山像布圖中圓銀幣樣幣

062

CHINA-REPUBLIC 1936 Sun Yat Sen 50 Cents Silver Pattern, 9.95g, L&M116, Kann-633, NGC MS63, NC Collection, Pattern in silver, probably made at the Shanghai Mint, from 1963 Wayte Raymond auction (USD 1350) 1936年（民國二十五年）孫中山像布圖中圓銀幣樣幣，9.95克，L&M116，Kann-633，NGC MS63，NC 收藏。銀質樣幣，可能是上海造幣廠鑄造。出自1963年韋德 · 雷蒙德拍賣 (1 350美元 )

US $30,000-60,000 Auction Result(s): 5/2019, shanghai, PCGS SP62, realized USD 50,500. 5/2007, Beijing, copper pattern, UNC, realized USD 98,300.

The 1936 Sun Yat-Sen 50 cents pattern is extremely rare. NGC has graded 1 MS63 example with a normal planchet and an AU58 example with a thin planchet. PCGS has also only graded one PCGS SP62.

118

拍賣成交：

2019年5月，上海，PCGS SP62，成交價50 500美元。 2007年5月，北京，UNC，銅樣，成交價98 300美元。

1936年孫中山像五角樣幣非常珍罕。NGC 僅評級過一枚普通版（MS63）和一枚薄版（AU58）。PCGS 也只評級過一枚，為

PCGS SP62。

Very Rare REPUBLIC 1936 Sun Yat Sen 50 Cents Silver Pattern 非常珍稀的1936年（民國二十五年）孫中山像布圖中圓銀質樣品

063

★ 063

CHINA-REPUBLIC 1936 Sun Yat Sen 50 Cents Silver Pattern, Thin Planchet, 8.99克 , L&M116 Var., K-633 var, Very Rare, NGC AU58, NC Collection, same die but on thinner planchet (8.99g) and with different edge reeding 1936年（民國二十五年）孫中山像布圖中圓銀質樣品，薄版，8.99克，L&M116，K-633 var，NGC AU58，非常珍稀， NC 收藏。和普通版採用銅樣的幣模，但是坯料更薄（8.99g），齒邊與普通版有所不同

US $30,000-60,000

119

Choice Goodman REPUBLIC 1936 Sun Yat Sen 10 Cents Copper 精選品古德曼舊藏1936年（民國二十五年）孫中山像布圖拾分銅幣

064

CHINA-REPUBLIC 1936 Sun Yat Sen 10 Cents Copper, KANN-835X, NGC MS63 BN, NC Collection, 1911 Goodman Auction 1936年（民國二十五年）孫中山像布圖拾分銅幣，KANN-835X，NGC MS63 BN，NC 收藏，購自1911年古德曼舊藏拍賣

US $1,000-2,000

120

Scarce FUKIEN ND (1844) CHANGCHOW MILITARY RATION One Dollar Silver 稀少的1844年福建省造漳州軍餉壹圓

065

CHINA-FUKIEN ND (1844) CHANGCHOW MILITARY RATION One Dollar Silver, Chopmarked Coin, L&M291, NGC AU DETAILS 1844年福建省造漳州軍餉壹圓，足紋通行，戳記幣，L&M291，NGC AU DETAILS

US $20,000-40,000 Auction Result(s): 11/2018, Champion Macau Auction, NGC F DETAILS, realized USD 19,200. 拍賣成交： 2018年11月，中國澳門冠軍拍賣，NGC F DETAILS，成交價19 200美元。

121

Finest Known TAIWAN ND (1838-1850) Old Man Dollar One Dollar Silver 品相最好的1838-1850年臺灣老公銀庫平柒弍銀幣

066 官局

066

CHINA-TAIWAN ND (1838-1850) Old Man Dollar One Dollar Silver, Taiwan Mint, Chopmarked Coin, L&M317, NGC AU DETAILS, NC Collection. By the official mint, finest known 1838-1850年臺灣老公銀庫平柒弍銀幣，官局，戳記幣，L&M317，NGC AU DETAILS，NC 收藏。官局鑄造，已知品相最好的一枚

US $30,000-60,000 Auction Result(s): 11/2020, Champion Macau Auction, NGC AU55, realized USD 91,200. 拍賣成交： 2020年11月，冠軍澳門拍賣，NGC AU55，成交價91 200美元。

The Taiwan dollar with Guan Ju characters is much scarcer than other varieties with +. This is the finest known example with an exceptional strong strike and very sharp details. Only 1 chop on the obverse and 2 on reverse. Superb original toning makes this by far the finest old man dollar we have seen

122

官局鑄造的臺灣老公銀比帶“+”版別的更為稀少，此品更是已知品相最好的一枚，鑄打深峻，細節清晰，正面有一個戳記，背面有兩個戳記，包漿精美，是迄今所見最好的一枚。

Scarce EMPIRE 1907 One Dollar Silver 稀少的1907年（丁未）光緒年造大清銀幣壹圓

067

CHINA-EMPIRE 1907 One Dollar Silver, L&M20, K212, NGC AU55, NC Collection. Choice original toning and nice surfaces. This 1907 dollar is far superior to many coins grading up to MS 62 1907年（丁未）光緒年造大清銀幣壹圓，L&M20，K212，NGC AU55，NC 收藏。這枚精品丁未大清銀幣有着漂亮的原包漿和好版底，比很多 MS62分的品相更好

US $20,000-40,000 Auction Result(s): 4/2021, Hong Kong, PCGS UNC DETAILS, realized USD 69,000. 拍賣成交： 2021年4月，中國香港，PCGS UNC DETAILS，成交價69 000美元。

123

Gem EMPIRE 1908 One Dollar Silver 極品1908年造幣總廠光緒元寶庫平七錢二分銀幣

068

CHINA-EMPIRE 1908 One Dollar Silver, Y14, L&M11, NGC MS65, nice original toning, NC Collection 1908年造幣總廠光緒元寶庫平七錢二分銀幣，Y14，L&M11，NGC MS65，原包漿，NC 藏品

US $30,000-60,000 Auction Result(s): 5/2020, Hong Kong, PCGS MS64, realized, USD 69,700 . 11/2020, Shanghai, PCGS MS65, realized USD 69,985. 拍賣成交： 2020年5月，中國香港，PCGS MS64，成交價69 700美元。 2020年11月，上海，PCGS MS65，成交價69 985美元。

In 1908, the central mint (Tientsin) of the Ministry of Revenue struck silver coins in denominations of one dollar, 20 cents and 10 cents. The mintages for all three denominations are unknown. The obverses bear the legend “GUANG HU YUAN BAO” in Chinese and Manchu languages, with the words “the General Mint” on the upper border, the denomination on the lower border, and dots on the left and right. The reverse has the Chinese words for "minted in the Reign of Guang Xu" and additional words in English. The highest grade assigned by NGC is MS65.

124

天津度支部造幣總廠鑄造，數量未知。計有庫平七錢二分、一錢四分四釐、七分二釐三種。正面中央滿、漢文“光緒元寶”，週邊上鑄“造幣總廠”，下鑄幣值，左右圓點星。背面蟠龍，週邊上鑄漢文“光緒年造”，下鑄英文。此錢幣的 NGC 評分第一名是 NGC

MS65。

1910 Ta Ching Ti Kuo Silver Series 1910年宣統年造大清銀幣 According to almost all the historical records, including research ar t icles w r it ten by the leadi ng nu m ismatists Woodward and Kann, the 1910 Ta Ching Ti Kuo series coin dies were made at the Tientsin mint by Italian engraver L. Giorgi. Nonetheless, Giuseppe Ros, counselor at the Italy embassy and a dedicated Chinese coin expert wrote in his 1917 book Coins of the Republic of China that the dies for the 1910 Ta Ching Ti Kuo series were made in Austria. In the early 1980's, the British numismatist Richard Wade dedicated a lot of time researching this series. Dr. Karl Schulz of the Vienna Art Museum (Kunsthistorisches Museum) confirmed that the dies of the 1910 Ta Ching Ti Kuo series were made at the Vienna mint, and that die-making equipment was preserved in the museum. Rudolf Neuberger, Adolf Hofmann and Josef Prinz worked together to carve the mold. Denominations for this series include one dollar, 1/2 dollar, 1/4 dollar and 1/10 dollar. This was the only series using fractional numbers as denominations, and the 1/4 dollar is the only Chinese coinage in this denomination. A set of 1910 coins in lead appeared in a major Southeast Asia Collection with a presentation box. This set was offered at the December 2010 Champion Auction without the presentation box.

以往幾乎所有記載，包括中國機製幣大師伍德華與耿愛德的許多研究文獻中，都注明1910年版銘文“宣統年造”系列幣模由天津造幣總廠製造，是意籍雕刻師喬治（L.Giorgi）作品。但曾任職上海意大利總領事館參贊的羅斯在1917年（民國六年）初撰寫《中華民國錢幣》中指出，此系列銀幣製模於奧地利。

1980年代初期，英國錢幣學家李察偉德深入追查，經維也納藝術史博物館（Kunsthistorisches Museum）的舒茲博士（Dr.

Karl Schulz）證實，此系列模確在維也納造幣廠刻成，製作模具的工具現保存於該館。負責雕刻的技師分別是紐伯格（Rudolf

Neuberger）、霍夫曼（Adolf Hofmann）及普林茲（Josef Prinz）。這套銀幣有壹圓、五角、二角五分及一角銀幣四種。也是中國唯一一套使用分數壹圆、贰角伍分和壹角紀值的錢幣。其中貳角伍分錢幣是唯一採取此面值的中國銀幣。據說因庫銀缺乏，所以數額有限，並未流通，僅五角較多見。據耿愛德統計，二角五分曾於

1910年製成140萬枚之多，但以存世量判斷，即便製成也遭到了回爐重製。這種宣統年造錢幣中存在一套來自一個重要東南亞收藏的完整單面套幣，均為鉛質，原本配有一個展示盒。這套錢幣後在2010年12 月的冠軍拍賣會中進行銷售，但當時已沒有原裝展示盒了。

125

Gem 1972 Jess Peters EMPIRE ND 1910 25 Cents Silver 極品1972年 Jess Peters 1910年宣統年造大清銀幣貳角伍分

069

CHINA-EMPIRE ND(1910) 25 Cents Silver, L&M26, K221, NGC MS64, NC Collection, from Jess Peters' Price List in 1972 1910年宣統年造大清銀幣貳角伍分，L&M26，K221，NGC MS64，NC 收藏，出自1972年 Jess Peters 銷售目錄

US $30,000-60,000 Auction Result(s): 5/2020, Hong Kong, PCGS MS64, realized USD 72,000. 7/2020, Shanghai, PCGS MS62, realized USD 71,000. 拍賣成交： 2020年5月，中國香港，PCGS MS64，成交價72 000美元。 2020年7月，上海，PCGS MS62，成交價71 000美元。

A sharply struck and superbly toned Empire 1910 25-cent coin from the 1972 Jess Peters price list. The only Chinese coin with 25 cent denomination - likely a pattern without many circulated examples.

126

鑄打深峻，包漿精美，出自1972年 Jess Peters 銷售目錄，是僅有的貳角伍分面額的中國錢幣，可能是樣幣，無諸多流通品。

Rare REPUBLIC 1910 2 Fen Bronze Pattern, Vienna Mint 珍稀的維也納造幣廠鑄造1910年宣統年造大清銅幣二分樣幣

070

CHINA-REPUBLIC 1910 2 Fen Bronze Pattern, Vienna Mint, NGC SP63 BN, NC Collection 1910年宣統年造大清銅幣二分樣幣，維也納造幣廠，NGC SP63 BN，NC 收藏

US $30,000-60,000 Auction Result(s): 8/2018, Hong Kong, PCGS MS63, realized USD 28,800. 拍賣成交： 2018年8月，中國香港，PCGS MS63，成交價28 800美元。

127

Scarce EMPIRE ND (1910) One Li Copper Pattern 稀少的1910年宣統年造大清銅幣一厘樣幣

071

★ 071

CHINA-EMPIRE ND (1910) One Li Copper Pattern, CCC-627, HSU-33, KMPN11, NGC MS63 BN, NC Collection, A choice example of this empire 1910 1 li pattern that has nice, original toning 1910年宣統年造大清銅幣一厘樣幣，CCC-627，HSU-33，KMPN11，NGC MS63 BN，NC 收藏，這枚精品1910年大清銀幣一厘樣幣有着精美的原包漿。

US $10,000-20,000 Auction Result(s): 12/2020, Beijing, PCGS SP65, realized USD 34,800. 拍賣成交： 2020年12月，北京，PCGS SP65，成交價34 800美元。

128

Very Rare ANHWEI ND (1902-1906) 10 Cash Copper 非常珍稀的1902-1906年安徽省造光緒元寶每元當制錢十文銅幣

072

★ 072

CHINA-ANHWEI ND (1902-1906) 10 Cash Copper, with square hole in center, not in Woodward, Y39.2, NGC MS63 BN, NC Collection, top ten Chinese copper coins, likely purchased from Chang Huang in the 1970s 1902-1906年安徽省造光緒元寶每元當制錢十文銅幣，初鑄版，中心方孔，伍德華目錄無此幣，Y39.2，NGC MS63 BN，NC 收藏，中國銅元十大珍，可能從20世紀70年代張璜処購得

US $30,000-60,000 Auction Result(s): 10/2012, Beijing, UNC, realized USD 95,800; 7/2020, Beijing, PCGS SP65, realized USD 87,100. 拍賣成交： 2012年10月，北京，UNC，成交價95 800美元；2020年7月，北京，PCGS SP65，成交價87 100美元。

For over 2,000 years, China produced round “cash” coins with square holes in the center using traditional casting techniques. For a short period in the early 1900’s, these familiar coins were made using modern coining techniques and presses. Ultimately, the square hole at the center, the unique feature of Chinese coins, disappeared. Among the billions of machinestruck copper coins, only Anhwei square-holed 10-cash copper coins retained this traditional feature. It is also the only dragon copper coin with a square hole. It is extremely rare and popular among collectors.

以傳統澆鑄法鑄成的中國方孔圓錢，在使用了兩千年之後，被從外引進的新式機製幣取代，最後連中國錢幣曾經引以為傲的特徵⸺ 中心方孔也徹底失去了蹤跡，中國進入了無孔機製幣的時代。但在數以億計的機製幣銅元中，唯有一種保留傳統方孔的“安徽方孔十文” ，為龍圖銅元中唯一的方孔錢，且存世量極少，成為藏家追逐的目標。中國銅元十大珍之一，很多藏家都想將其納入自己的收藏。張南琛先生的這枚可能是通過中國香港的張璜先生買入。該幣為 NC 收藏中購買價格最高的幾枚自已，也是其最喜歡的錢幣之一。

This is one of the top ten Chinese copper coins. Collectors compete eagerly to add an example of this Anhwei 10 cash with a square hole to their collection. Likely acquired through Hong Kong's Chang Huang. NC paid one of the highest prices for a copper coin when he purchased this example and it is one of his favorite coins.

129

Very Rare CHEKIANG ND (1898-1899) One Dollar Silver 非常珍稀的1898-1899年浙江省造光緒元寶庫平七錢二分銀幣

073

CHINA-CHEKIANG ND (1898-1899) One Dollar Silver, L&M282, NGC XF DETAILS, Chopmarked Coin, NC Collection, from 1966 Von Halle auction (USD 1,190) 1898-1899年浙江省造光緒元寶庫平七錢二分銀幣，魏碑體，L&M282，NGC XF DETAILS，戳記幣，NC 收藏，出自 1966年馮 · 霍爾德拍賣 (1 190美元 )

US $60,000-120,000

The dragon's scales on the 1899 Chekiang Dollar consist of overlapping plates rather than the usual dots or networks. Kann dated this set of coins (K119-123) to 1902 because of the high quality of the die work and the coins themselves. The first Hangchow silver mint opened in 1897, apparently using Chinese-made dies and perhaps a hand press rather than heavy stamping machinery. The results were unsatisfactory and new equipment was ordered, possibly from Germany. A new set of dies was also made up in 1899, but later that year the mint was closed and the machinery was sent to Peking. The undated Chekiang coins must have been made at that time. The ten c ent and twenty cent coins from this set were given to the British Museum in 1901. After a failure to come to an agreement with the Shanghai Bankers to circulate the Chekiang coins at the same value as the other standard silver dollars, the Chekiang authorities withdrew the coins and melted them down. Only a few specimens reached circulation. Today, the number of survivors is believed to be less than ten examples. An extremely rare, proof example of the dollar coin exists with the cloud below the dragon connected (on the regular version the cloud is separated). The 1996 Champion Auction contained a proof 50 Cents from a European collection. 130

1899年浙江省造光緒元寶庫平七錢二分銀幣上的龍鱗呈層疊狀，而非圓點狀或網狀。這組錢幣（K119-123）無疑是在1899年製造，而非1902年。杭州造幣廠成立於1899年，並非1902年。杭州造幣局成立於1897年，使用中國製造的幣模，可能是手工壓製而非機器衝壓而成。結果顯然不太令人滿意，新的設備可能從德國訂製。

1899年也有製造一套幣模，但是就在同一年造幣廠關閉了，造幣設備被運送到了北京。無日期的浙江幣一定也是在那時鑄造的。這一套中的七分二釐和一錢四分四釐在1901年給了大英博物館。在與上海銀行家就發行面額與其他標準銀幣一致的浙江銀幣協議達成失敗後，浙江當局收回了這些錢幣並將它們熔化。僅少數樣幣進入流通，已知的數量可能不足10枚。該錢幣中存在一種連雲版（龍下面的兩片雲連在一起）的七錢二分鏡面幣。普通的七錢二分則都是離雲版（龍下面的兩片雲分離），只有鏡面幣是連雲的。另外還存在一種三錢六分的鏡面幣，來自

1996年冠軍拍賣會，錢幣來源歐洲。

Scarce CHEKIANG 1896 20 Cents Silver 稀少1896年（光緒二十二年）浙江省造光緒元寶庫平一錢四分四厘

074

CHINA-CHEKIANG 1896 20 Cents Silver, Y53.1, L&M269, K115a, NGC XF45, NC Collection 1896年（光緒二十二年）浙江省造光緒元寶庫平一錢四分四厘，Y53.1，L&M269，K115a，NGC XF45，NC 收藏

US $6,000-1,2000

Scarce Kann CHEKIANG 1897 20 Cents Silver 稀少的耿愛德1897年（光緒二十三年）浙江省造光緒元寶庫平一錢四分四釐銀幣

075

CHINA-CHEKIANG 1897 20 Cents Silver, L&M275, NGC XF45, Kann/NC Collection . Nice strike and original toning, a very nice example of this early product of the Chekiang Mint in Hangzhou 1897年（光緒二十三年）浙江省造光緒元寶庫平一錢四分四釐銀幣，L&M275，NGC XF45，耿愛德 /NC 收藏。鑄打精美，原包漿，是位於杭州的浙江造幣廠早期鑄幣中的精品

US $6,000-1,2000 131

CHIHLI 1899 One Dollar Silver 1899年（光緒二十五年）北洋造光緒元寶庫平七錢二分銀幣

076

CHINA-CHIHLI 1899 One Dollar Silver, Chopmarked Coin Repair, Y73, L&M454, NGC AU DDETAILS, NC Collection. A sharp strike and original toning. Unfortunately, a small chopmark repair keeps this example from grading higher 1899年（光緒二十五年）北洋造光緒元寶庫平七錢二分銀幣，戳記幣，Y73，L&M454，NGC AU DETAILS，NC 收藏。鑄打深峻，原包漿。遺憾的是有一枚小戳記經過修補，影響了其頂級的品相

US $3,000-6,000

Scarce 1972 Jess Peters CHIHLI 1900 5 Cents Silver 稀少的1972年 Jess Peters1900年（光緒二十六年）北洋造光緒元寶庫平三分六釐銀幣

077

CHINA-CHIHLI 1900 5 Cents Silver, Y-69, L&M461, NGC VF35, NC Collection, from Jess Peters' Price List in 1972 1900年（光緒二十六年）北洋造光緒元寶庫平三分六釐銀幣，Y-69，L&M461，NGC VF35，NC 收藏，出自1972年 Jess Peters 銷售目錄

US $3,000-6,000 132

Scarce CHIHLI (1906) 20 Cash Copper 稀少的1900年北洋機器局造光緒元寶一兩銅質樣幣

078

CHINA-CHIHLI ND (1900) 1 Tale Copper Pattern, CCC-298, KM-PN3, NGC MS62 BN, NC Collection. A strange set of pattern coins from the Chihli Machinery Bureau. Bruce Smith wrote about this mysterious set of patterns from the Howard Bowker Collection. This set of patterns is very rare and has only appeared in important copper coin collections such as those of R.B. White and Howard Bowker 1900年北洋機器局造光緒元寶一兩銅質樣幣，CCC-298，KM-PN3，NGC MS62 BN，NC 收藏。這是一套奇特的北洋機器局造樣幣。史博祿曾就這套神秘的包克收藏樣幣撰文。這枚樣幣非常珍稀，僅見於 R.B. White 收藏和包克收藏這樣的重要銅幣收藏中。

US $3,000-6,000

CHIHLI 1906 20 Cash Copper 1906年北洋光緒元寶當制錢二十文

079

CHINA-CHIHLI 1906 20 Cash Copper, Y-68, NGC AU58 BN, NC Collection 1906年北洋光緒元寶當制錢二十文，Y-68，NGC AU58 BN，NC 收藏

US $100-200

133

Choice FENGTIEN 1898 One Dollar Silver 精選品1898年（大清光緒二十四年）奉天機器局造一圓銀幣

080

CHINA-FENGTIEN 1898 One Dollar Silver, L&M471, K244.1, NGC MS63, NC Collection. Nice original toned example of this Year 24 Fengtien dollar 1898年（大清光緒二十四年）奉天機器局造一圓銀幣，L&M471，K244.1，NGC MS63，NC 收藏。這枚光緒二十四年奉天機器局造一圓銀幣有着精美的原包漿

US $30,000-60,000 Auction Result(s): 8/2019, Hong Kong, NGC MS65, realized USD 69,000.

Established on July 8, 1897, the Fengtien Machinery Bureau focused on producing silver dollars and half dollars since there was not enough minting equipment to make fractional dollars. Surprisingly, no dollars bearing the date 1897 exist today. Instead, the 1898 Fengtien series includes a dollar, 50 cents, 20 cents and 10 cents. “Fengtien Machinery Bureau” dragon dollars were innovative in that the Chinese legends and dragon appear on the obverse while the denomination, English legends and Manchu legends appeared on the reverse. This was unlike the designs on all other provincial coins. The 1899 Fengtien dollar series inherited this innovative design but only in three denominations of one dollar, 50 cents and 5 cents (which was a new denomination). A few years later, the Russian army invaded northeast China and destroyed the Fengtien Bureau. In 1903, the Fengtien Mint was rebuilt and began making dollars with the same design as the Kwangtung coinage and Hupeh coinage. The denomination was also changed to 7 Mace and 2 Candareens. The Year 24 (1898) and Year 25 (1899) dollars are scarce in uncirculated condition, with none graded higher than MS-64. 134

拍賣成交：

2019年8月，中國香港，NGC MS65，成交價69 000美元。

奉天機器局在1897年7月8日 ( 光緒二十三年六月初九 ) 開工試鑄之初，由于缺少小銀圓印花機，只造大銀圓及半圓兩種呈樣，所有工廠章程均仿湖北省辦理。所造流通銀幣均鐫刻年度，但存世並無年號為光緒二十三年的銀幣，僅見“大清光緒二十四年奉天機器局造”，面值以元角為單位，有一圓、五角、二角及一角四種。以製造單位“奉天機器局”具名的龍銀設計新穎。中文與蟠龍同在正面，背面是面額“一圓”、英文及滿文，形制與其他省份大相逕庭。次年的光緒二十五年版，延續此與眾不同的設計，但只有一圓、五角及新增的半角三種。不數年即發生庚子事變，俄兵進據東北，奉局全毀於戰火。1903 年 ( 光緒廿九年 ) 重新建廠後所出銀幣與前所擬議之粵、鄂的計重形制相似，改以庫平七錢二分標示。1907年奉天、吉林及黑龍江改製，由徐世昌任東三省總督統一管轄。奉吉兩局合併為東三省製造銀元總局，所造銀幣改“東三省造”。不管是二十四年還是二十五年的錢幣，高品相的都很稀少。目前還沒有發現評級分數高於 MS-64的錢幣。

Rare FENGTIEN 1899 Year 25th 50 Cents Silver, Manchu 24 珍稀的1899年（大清光緒二十五年）奉天機器局造五角銀幣

081

CHINA-FENGTIEN 1899 50 Cents Silver, Manchu 24, L&M479, K249a, NGC AU50, NC Collection. A rare variety of this Year 25 Fengtien 50-cent coin with Manchu year 24 1899年（大清光緒二十五年）奉天機器局造五角銀幣，滿文24，L&M479，K249a，NGC AU50，NC 收藏。這枚光緒二十四年奉天機器局造五角銀幣刻有滿文二十四年字樣。

US $20,000-40,000 Auction Result(s): 4/2021, PCGS AU55, realized USD 144,000; 5/2020, another example in PCGS AU55 sold for USD 48,000. 拍賣成交： 2021年4月，PCGS AU55，成交價144 000美元；2020年5月，PCGS AU55，成交價48 000美元。

Finest Known FUKIEN ND (1896-1903) 10 Cents Silver 品相最好的1896-1903年福建官局造庫平七分二釐銀幣

082

CHINA-FUKIEN ND (1896-1903) 10 Cents Silver, Dot, L&M297, K126.1, NGC MS67，NC Collection, Perhaps from Hsi Collection 1896-1903年福建官局造庫平七分二釐銀幣，一點花星，L&M297，K126.1，NGC MS67，NC 收藏，可能是席德柄收藏

US $1,000-2,000

135

Very Rare HUPEH 1894 One Dollar Silver

非常珍稀的1894年湖北省造光緒元寶庫平七錢二分銀幣

083

★ 083

CHINA-HUPEH 1894 One Dollar Silver, with Chinese words "Ban Shen" on reverse, Chopmarked Coin, Y127, L&M177, K35, NGC VF DETAILS, NC Collection 1894年湖北省造光緒元寶庫平七錢二分銀幣，背面“ 本省 ” 字樣，戳記幣，Y127，L&M177，K35，NGC VF DETAILS，NC 收藏

US $60,000-120,000

The correct conversion of the two extra characters on this set (Kann 35-37) is ben sheng ( 本省 ), which does indeed indicate that the coins were for circulation only in that province. Why this restriction was placed on the coins in unknown. There should be 5 types of ben sheng coins, but at present, only the dollar, 20 cents and 10 cents are known to exist. Forgeries of this coin, made for collectors, have been on the market since the 1940's. Most examples of the dollar have been chop-marked or repaired, thus choice, original coins are extremely rare. An example in Uncirculated condition sold in 2007 for RMB 4,368,000. One of the rarities of the Chinese provincial dragon dollars. Most examples were destroyed and most surviving examples are with chopmarks like the Kann/Goodman example in NGC VF DETAILS sold by Champion in 2008 and the Wan She Wong example in NGC VF DETAILS. This example is superior to both the Kann and Wan She Wong coins. NGC VF DETAILS with only a few light chopmarks and pleasing toning. An opportunity to own one of the rarities of Chinese numismatics.

136

該系列錢幣（Kann 35-37）上的“本省”二字顯然表明此幣僅在本省即湖北省流通。為何要在錢幣上鑄此文字以進行限制，無人知曉。加鑄“本省”字樣的銀幣應有五種，目前僅見七錢二分、一錢四分四釐和七分二釐三種。為收藏家而製的贗品早在20世紀40年代就已出現。本省七錢二分多為戳記幣，包括耿愛德藏品中的那枚亦是如此。多數錢幣之前都有修補過，因為未修補過的原版錢幣極為罕見。一枚完全未使用品在2007年的拍賣會中以 RMB 4 368 000元成交。中國省造龍洋珍品之一，大多有損壞或戳記，如冠軍2008年拍出的耿愛德 / 古德曼舊藏（NGC VF DETAILS），黃華樞收藏的那枚也是 NGC VF DETAILS。本次拍賣的這枚雖也為 NGC VF

DETAILS，但比前兩者品相更好，僅有一個非常小的戳記，包漿精美。此次拍賣是藏家們收穫這枚中國錢幣珍品的好機會。

Very Rare HUPEH ND (1894) 10 Cents Silver 非常珍稀的1894年湖北省造光緒元寶庫平七分二釐銀幣

084

★ 084

CHINA-HUPEH ND (1894) 10 Cents Silver, with Chinese words "Ban Shen" on reverse, Y124, L&M179, K37, NGC VF35, NC Collection. Original toning. This is one of the rarest 10-cent coins of Chinese numismatics 1894年湖北省造光緒元寶庫平七分二釐銀幣，背面“本省”字樣，Y124，L&M179，K37，NGC VF35，NC 收藏。非

常珍稀，原包漿，是中國庫平七分二釐錢幣中最珍稀的品種之一

US $10,000-20,000 Auction Result(s): 8/2014, Hong Kong, PCGS AU DETAILS, realized USD 59,000. 拍賣成交： 2014年8月，中國香港，PCGS AU DETAILS，成交價59 000美元。

137

Gem KIRIN 1898 50 Cents Silver 極品1898年吉林省造光緒元寶庫平三錢六分銀幣

085

CHINA-KIRIN 1898 50 Cents Silver, L&M517, NGC MS64, NC Collection, Perhaps from Hsi Collection. Choice example. This Kirin 1898 50-cent coin is sharply struck with nice original toning and eye appeal. One of the finest examples of this early coinage from the Kirin province. 1898年吉林省造光緒元寶庫平三錢六分銀幣，L&M517，NGC MS64，NC 收藏，可能是席德柄收藏，這枚精品1898年吉林省造庫平三錢六分銀幣鑄打深峻，原包漿，好味道，是吉林省早期鑄幣中品相最好的錢幣之一。

US $6,000-12,000 拍賣成交： 2014年5月，北京，PCGS MS64，成交價12 750美元。

Auction Result(s): 5/2014, Beijing, PCGS MS64, realized USD 12,750.

Scarce KIRIN 1903 One Dollar Silver 稀少的1903年（癸卯）吉林省造光緒元寶庫平七錢二分銀幣

086 086

CHINA-KIRIN 1903 One Dollar Silver, Yin-yang in center, K468g, L&M547, NGC MS61, NC Collection, Perhaps from Hsi Collection 1903年（癸卯）吉林省造光緒元寶庫平七錢二分銀幣，中心太極，K468g，&M547，NGC MS61，NC 收藏，可能是席德柄收藏

US $10,000-20,000 Auction Result(s): 12/2020, Shanghai, PCGS AU58, realized USD 29,500.

138

拍賣成交： 2020年12月，上海，PCGS AU58，成交價29 500美元。

Gem KIRIN 1904 One Dollar Silver 極品1904年（甲辰）吉林省造光緒元寶庫平七錢二分銀幣

087

CHINA-KIRIN 1904 One Dollar Silver, Yin-yang in center, L&M552, K488v, NGC MS64, NC Collection, Perhaps from Hsi Collection 1904年（甲辰）吉林省造光緒元寶庫平七錢二分銀幣，中心太極，L&M552，K488v，NGC MS64，NC 收藏 , 可能是席德柄收藏

US $20,000-40,000 Auction Result(s): 8/2020, Beijing, PCGS MS63+, realized USD 45,000; 11/2019, Beijing, PCGS MS63, realized USD 38,000 . 拍賣成交： 2020年8月，北京，PCGS MS63+，成交價45 000美元的；2019年11月，北京，PCGS MS63，成交價38 000美元。

The 1898-1906 Kirin coins include denominations of one dollar, half dollar, 20 cents, 10 cents and 5 cents. The center of the obverse features either a flower basket or a Yinyang symbol. The reverse features a dragon in the center. This series offers many varieties depending on the variations in the writing of the characters, the rosette, the design of the dragon, and the English spelling. The finest example of K283 is an NGC AU50, of K397 is an NGC MS62, and of K398 is an NGC MS63. A choice Kirin 1904 dollar with a sharp strike, full dragon scales, and nice toning. This Kirin dollar may be part of the Hsi collection and a great opportunity to own this dollar from Kirin.

1898-1906年間吉林省光緒元寶銀幣由吉林造幣廠鑄造，計有庫平七錢二分、三錢六分、一錢四分四厘、七分二厘和三分六厘等幣值。正面中央圖案或為花籃或為太極。背面中央蟠龍。根據幣文字體、花星、龍紋、英文正誤等可分多種版別。K283的 NGC 評分第一名是 NGCAU50，K397是 NGC MS62，K398則是 NGC

MS63。该幣鑄打深刻，龍鱗滿打，原包漿，可能出自席德柄收藏，此次拍賣是收穫這枚錢幣的好機會。

139

Very Rare KIRIN 1908 One Dollar Silver 非常珍稀的1908年（戊申滿文）吉林造光緒元寶庫平七錢二分銀幣

088

CHINA-KIRIN 1908 One Dollar Silver, L&M576, Manchu Legend, NGC AU DETAILS, Chopmarked Coin, NC Collection 1908年（戊申滿文）吉林造光緒元寶庫平七錢二分銀幣，戳記幣，L&M576，NGC AU DETAILS，NC 收藏

US $30,000-60,000 Auction Result(s): 12/2010, NGC AU55, Wa She Wong Collection, realized USD 34,500. 拍賣成交： 2010年12月，NGC AU55，黃華樞收藏，成交價34 500美元。

One of the rarest Kirin Ganzhi（干支）coins, with only a few ever made. This one is well struck, without heavy flattening on the dragon or the legends. Nice original toning and with only one chopmark, thus the finest known.

140

吉林干支年號系列銀幣中最珍稀的品種之一，鑄額極少，好品十分難得；拍品鑄造規整，龍圖、字面均全無磨損，壓鑄深峻清晰，原包漿，只有一枚戳記，為目前所見此品種銀幣的頂級品相。

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141

In 1889, the Kwangtung mint, China's earliest provincial mint, began producing coinage using dragon silver dollar dies produced at the Birmingham mint. The original mintage failed because it was denominated at 7 Mace, 3 Candareens instead of the prevailing market value of 7 Mace, 2 Candareens. This meant that from the moment of striking, the coins were worth more than their face value, thus many of them were melted down immediately. To correct this problem, the weight was reduced and the denomination changed to 7 Mace and 2 Candareens. Further, the English legends on the obverse were changed to Chinese since the government officer required that all Chinese coins bear Chinese inscriptions. The Heaton Mint of Birmingham, England set up and equipped the Canton Mint, providing dies engraved by Wyon. The Canton Mint was the largest mint in the world. Its 90 coining presses made it several times larger than the British Royal Mint (which had 16 presses) or the U.S. Mint at Philadelphia (which had 10 presses). Unlike other early mints in China, the Canton Mint was not located in an arsenal, but was an independent facility, designed by British architects, and built from the ground up in the eastern suburbs of the city. The coins of the Canton Mint were so well made and so scrupulously honest in their metallic content that they circulated all over China and were the standard by which other provincial coins were judged. The quality of the coins can be accounted for because the mint received the finest “state-of-the-art” equipment from the Heaton Mints and because Heaton's technicians spent a year at the mint training the Chinese staff in the proper use of the equipment. Samples of the Kwangtung coins had already been struck in England as early as May 1888. On May 30, 1888 the Heaton Mint gave Chinese Ambassador Liu ten Dollar coins, five Half Dollars, five Twenty Cents, five Ten Cents and one hundred struck cash coins. Note that this first set of Kwangtung coins has no rosettes on the obverse (Chinese side). The second and third sets have obverse rosettes on all values except the Twenty Cents. Of all the reversed Kwangtung patterns, the 7 Mace and 2 Candareens is exceedingly rare. A, set sold in December, 2010 at Bowers auction for US $718,750. In May 1890, the revised Kwangtung silver dollar appeared to great acclaim and popularity. It was adopted as a model coinage by other provincial mints, which led the Chinese silver coins into a new modern era with unified standards for dimensions, fineness and weights.

142

1889年 ( 光緒十五年 )，中國最早的省辦錢局廣東錢局正式開鑄，但新製的七錢三分反版銀幣與民眾習用的七錢二分不合，如果論枚使用，因其成色較重常被熔化賺取小利，所以流通不利。於是將七錢三分減重至七錢二分，與外國銀元一致。但正面有英文也受到批評“將洋文列於中國年號之內，體制尚有未合” 。當時兩廣總督張之洞的堂兄張之萬任軍機處體仁閣大學士下令修改： “應請飭令該督將洋文改鏨蟠龍之外，以廣東省造庫平七錢二分漢文十字改列正面，半元以下小銀錢以此照改。” 廣東造幣廠由英國伯明罕的喜敦造幣廠幫助建立並提供造幣設備。並向其提供由雕刻師 Wyon 雕刻的幣模。廣東造幣廠是當時世界最大的造幣廠，共有90部錢幣壓製機，是英國皇家造幣廠（16部錢幣壓製機）或美國非常造幣廠（10部錢幣壓製機）的好幾倍。與中國其他造幣廠設立於兵工廠內不同，廣東造幣廠是獨立的，由英國建築師設計，地處城郊。廣東造幣廠的錢幣製造精美，金屬成分用量足，在全中國發行，是評判其他省份錢幣的參考標準。廣東造幣廠的錢幣品質相當可靠，他們使用的是喜敦造幣廠提供的最高水準的造幣設備，並且喜敦派人花了1年時間在造幣廠內培養技術人員如何使用這些設備。其實早在1888年，廣東錢幣就已經在英國製造。1888年5月30日，喜敦造幣廠曾贈送給一位劉姓大使10枚七錢三分，5枚三錢六分伍釐，5枚一錢四分六釐，5枚七分三釐，

100枚機製小錢。值得注意的是，第一套廣東錢幣的正面（中文面）沒有花星。後面的第二套和第三套除了一錢四分四釐一文，其他均有花星。廣東反版錢幣中尤以七二反版更為珍稀，2010年12月的

Bowers 拍賣會上一套七二反版銀幣以718 750美元成交。正面该“廣東省造庫平七錢二分”系列銀幣在1890年5月正式開製。新幣發行後成績頗佳，爾後各省所造銀元在形制、成色及重量上，均仿照廣東龍洋製作。中國銀貨正式由傳統成色輕重不一的錠塊，進入圓形標準化的現代銀幣時代，廣東“光緒元寶庫平七錢二分”銀幣開啟了一個新紀元。

Superb Gem 1972 Jess Peters KWANGTUNG 1889 50 Cents Silver Pattern 超極品的1972年 Jess Peters 1889年廣東省造光緒元寶庫平三錢六分五釐銀幣

089

CHINA-KWANGTUNG 1889 50 Cents Silver Pattern, 7.3 reversed pattern, Y197, L&M124, K17, NGC MS64, NC Collection, from Jess Peters' Price List in 1972 1889年廣東省造光緒元寶庫平三錢六分五釐銀幣，樣幣，七錢三分反版，Y197，L&M124，K17，NGC MS64，NC 收藏，出自1972年 Jess Peters 銷售目錄

US $60,000-120,000 Auction Result(s): 12/2015, Champion Macau Auction, an NGC SP67, realized USD 166,750. 10/2011, Hong Kong, PCGS SP62+, realized USD 112,100. 拍賣成交： 2015年12月，冠軍拍賣，NGC SP67，成交價166 750美元。 2011年10月，中國香港，PCGS SP62+，成交價112 100美元。

The coin is also known as Kwangtung “7 mace and 3 candareen reversed variety”, struck at the Kwangtung Mint with dies produced by the Heaton Mint and one of the first Chinese modern machine-struck coins. Very rare. The coin is sharply struck, with rainbow toning and mint luster in top condition.

吉清廣東省造光緒元寶庫平三錢六分五釐試鑄樣幣一枚，此幣又稱 “廣東七三反版”，英國伯明翰喜敦造幣廠製模，廣東錢局鑄造，中國近代機製銀幣開山之作，是近代機製銀幣的著名珍品，此品打製清晰深刻，圖案精美，龍圖呼之欲出，壓力十足，五彩原味包漿帶底光，狀態頂級，無與倫比。

143

Rare SHANTUNG ND (1904-1905) 10 Cash Copper 珍稀的1904-1905年山東省造光緒元寶每元當制錢十文銅幣

090

CHINA-SHANTUNG ND (1904-1905) 10 Cash Copper, Flying Dragon, flying dragon, " 米 " star, Y-221, NGC XF40 BN, NC Collection 1904-1905年山東省造光緒元寶每元當制錢十文銅幣，飛龍米字星，山東銅元大珍名譽品，Y-221，NGC XF40 BN，NC 收藏

US $3,000-6,000 Auction Result(s): 4/2018, PCGS EX45, realized USD 20,400. 拍賣成交：

2018年4月，PCGS EX45，成交價20 400美元。

Tall Manchu characters on the reverse. This variety is immediately identifiable by the die gouge below the right comet. Woodward commented on this obverse, "Generally a very well and deeply engraved die giving clear well-raised impressions. A very rare die little employed." The reverse was also combined with an obverse with Manchu characters in the center.

144

該山東幣非常罕見，正面為四瓣星，右星下方模槽可以明確辨別出這一版別。伍德華表示，其幣模雕刻精美深峻，使鑄幣圖案清晰明瞭，且其幣模甚少使用。該幣背面與正面相結合，中間有大型滿文文字。

Very Rare SHANTUNG 1933 20 Cash Copper Pattern 非常珍稀的1933年（民國廿二年）山東省造貳拾文銅元樣幣

091

CHINA-SHANTUNG 1933 20 Cash Copper Pattern, L&MPN13, CCC-515, NGC AU55 BN, NC Collection. Pattern struck in copper. Very rare with only a few specimens known. Excellent strike, original toning, and patina 1933年（民國廿二年）山東省造貳拾文銅元樣幣，L&MPN13，CCC-515，NGC AU55 BN，NC 收藏。該幣為銅元樣幣，只有幾枚存世，鑄打精良，光滑表面，斑駁的巧克力及肉桂色包漿。

US $30,000-60,000 Auction Result(s): 12/2010, Hong Kong, AU, Wa She Wong Collection, realized USD 47,500. 拍賣成交： 2010年12月，中國香港，AU，成交價47 500美元

145

Nelson Chang formed his collection 2/3 through a network of dealers and 1/3 percent at auction. The dealers included Hans Schulman of New York (who was the leading dealer to King Farouk of Egypt). Nelson purchased a group of 40 Sinkiang silver coins, many of which later became the finest graded by NGC, also a group of 5 1929 junk boat patterns from the Kann collection, many of which are the finest known (including the Italy A. Motti pattern dollar NGC MS66. ）

張南琛先生收藏中的2/3是通過他的幣商人脈網路所得，其餘1/3 則是通過拍賣競得。他的幣商中就有紐約的漢斯 · 舒爾曼先生（Hans Schulman，舒爾曼先生也是服務於埃及法魯克國王的主要幣商）。張先生從舒爾曼先生處一次購買了40枚錢幣，後經 NGC 評級，其中很多都是 NGC 評定過的最高分。他還買下了一組耿愛德收藏的民國十八年（1929年）孫中山像帆船銀質樣幣，共5枚，其中很多都是已知品相最好的，還包括一枚帶 A. Motti 簽字的意大利造樣幣，經評 NGC MS66。

Choice SINKIANG 1878 Kuang Hsu Silver Coin 1/2 Mace Silver 精選品1878年（AH1295）新疆光緒銀錢五分銀幣

092

CHINA-SINKIANG 1878 Kuang Hsu Silver Coin 1/2 Mace Silver, YA7.7, L&M679, K1037, NGC MS62, NC Collection. Perhaps Kann Collection 1878年（AH1295）新疆光緒銀錢五分銀幣，YA7.7，L&M679，K1037，NGC MS62，NC 收藏，可能是耿愛德收藏

US $300-600

Choice SINKAING KASHGAR 1905 5 Mace Silver 精選品1905年（AH1323）新疆喀什光緒元寶伍錢銀幣

093 ★ 093

CHINA-SINKAING KASHGAR 1905 5 Mace Silver, L&M732, Y-21.5, NGC MS61, NC Collection. Perhaps Kann Collection 1905年（AH1323）新疆喀什光緒元寶伍錢銀幣，L&M732，Y-21.5，NGC MS61，NC 收藏，可能是耿愛德收藏

US $1,000-2,000 Auction Result(s): 1/2014, Hong Kong, NGC MS62, realized USD 1,300.

146

拍賣成交： 2014年1月，中國香港，NGC MS62，成交價1 300美元。

Very Rare SINKIANG ND (1906) 2.5 Fens Copper 非常珍稀的1906年新省光緒元寶市銀二分五厘銅幣

094

CHINA-SINKIANG ND (1906) 2.5 Fens Copper, Rim damage, sitting dragon, very rare, NGC VF DETAILS, NC Collection. Perhaps Kann Collection 1906年新省光緒元寶市銀二分五厘銅幣，齒邊損傷，坐龍大珍名譽品，NGC VF DETAILS，NC 收藏，可能是耿愛德收藏

US $3,000-6,000

Scarce SINKAING KASHGAR 1907(AH1325) 1 Tael Silver 稀少的1907年（AH1325）新疆喀什大清銀幣湘平壹兩

095

CHINA-SINKAING KASHGAR 1907(AH1325) 1 Tael Silver, L&M744, NGC VF35, NC Collection, Perhaps Kann Collection 1907年（AH1325）新疆喀什大清銀幣湘平壹兩，L&M744，NGC VF35，NC 收藏，可能是耿愛德收藏

US $6,000-12,000 Auction Result(s): 4/2021, Hong Kong, PCGS VF35, realized USD 8,500.

拍賣成交： 2021年4月，中國香港，PCGS VF35，成交價8 500美元。

147

Choice SINKIANG 1910 Ration Silver 5 Maces 精選品1910年新疆餉銀五錢銀幣

096

CHINA-SINKIANG 1910 Ration Silver 5 Maces, Small Rosettes, L&M819A, K1015 type, NGC MS62, NC Collection, Perhaps Kann Collection 1910年新疆餉銀五錢銀幣，背面小花結，L&M819A，K1015 type，NGC MS62，NC 收藏，可能是耿愛德收藏

US $1,000-2,000

Scarce SINKIANG 1910 Ration Silver 1 Mace 稀少的1910年新疆餉銀一錢銀幣

097

CHINA-SINKIANG 1910 Ration Silver 1 Mace, L&M827, Y-3.3, NGC XF, NC Collection, Perhaps Kann Collection 1910年新疆餉銀一錢銀幣，L&M827，Y-3.3，NGC XF45，NC 收藏，可能是耿愛德收藏

US $100-200 Auction Result(s): 3/2019, PCGS AU58, realized USD 4,400.

148

拍賣成交： 2019年3月，PCGS AU58，成交價4 400美元。

1901-1908 Szechuan Series

1901-1908年四川省造光緒元寶

This set (K145-149) is actually Szechuan's first coinage. All denominations have the same incorrect writing of the character P'ing [ 平 ]. Errors in the writing of other characters, especially ch'ien [ 錢 ] show clearly that the dies were made outside of China. There are many minor varieties of this coin due in part to recutting of the die. The contract to set up the Chengdu mint was given to the Ferracute Company of Bridgeton, New Jersey (USA). Ferracute provided all the machinery for the Chengdu mint, but the dies were engraved at the Philadelphia mint under a private contract between Ferracute and Charles E. Barber. In 1898 an engineer from Ferracute went with the machinery to China. During the trip, the equipment was unloaded and left beside the Yangtze river which rose and submerged the crates. When the equipment finally arrived in Chengdu, the dies were found to be rusted. In the summer of 1898, the embarrassed engineer produced some trial strikes at Chengdu with the rusted dies. To his surprise, the Chinese officials felt that the blemished dies would make the coins more difficult to counterfeit. It is unknown whether a new set of dies was ordered at that time, but for reasons which are unclear, the mint did not go into operation. Finally, in 1902 the mint reopened and began production of K.145-149, apparently with a new set of dies.

K145-149事實上是四川鑄造的第一套錢幣。所有面值的“平”字均錯寫。幣上其他文字亦有錯寫，尤其是“錢”字。這些錯誤清楚表明這些錢幣的幣模是在國外雕刻。由於幣模有重新切割過，該幣細分的話有很多版別。但這套錢幣確實為四川的第一套錢幣。所有面額上均有同樣錯誤的“平”字。成都造幣廠的成立是與美國新澤西州的漢立克那浦公司（Ferracute Company）簽訂的合同，漢立克那浦公司為成都造幣廠提供所有的造幣設備，但幣模卻是在費城造幣廠雕刻，通過簽訂私人合同由查理斯 · 巴伯公司（Charles E. Barber）進行製造。

1898年，漢立克那浦公司的一位工程師攜帶這些設備啟程去中國。途中，這些設備發生意外，裝有設備的箱子被水淹過。當設備最終到達成都造幣廠的時候，幣模已經生銹。1898年夏天，這位元倒楣的工程師使用這些生銹的幣模試着生產了一些錢幣。令人驚訝的是，中國的政府官員認為這些錢幣上的瑕疵反而令錢幣難以被仿製。當時有否重新訂購一批幣模，我們並不知道，但因為某種未知原因，造幣廠當時並未投入運營。最後在1902年，造幣廠重新開業並進行 K.145-149的生產，明顯使用的是新的幣模。

149

Rare SZECHUAN ND (1898) One Dollar Brass Pattern 珍稀的1898年四川省造光緒元寶庫平七錢二分黃銅樣幣

098

CHINA-SZECHUAN ND (1898) One Dollar Brass Pattern, KM-PN15, L&M345 Var., NGC AU58，NC Collection 1898年四川省造光緒元寶庫平七錢二分黃銅樣幣，KM-PN15，類似 L&M345，NGC AU58，NC 收藏

US $30,000-60,000 Auction Result(s): 4/2014, PCGS SP61, realized USD 77,675.

A nicely toned example of this 1898 Szechuan dollar pattern in brass. Designed by the U.S. Mint’s head designer, Charles Barber. The dies were produced at the Philadelphia mint and the coins were struck with machinery from the New Jersey Ferracute Company. An important remidner of U.S. and China numismatic connections. It is odd that Kann did not know of this pattern, as the Szechuan dragon coin patterns turn up frequently. Perhaps the answer is that the Szechuan patterns come from the US not China.

150

拍賣成交：

2014年4月，PCGS SP61，成交價77 675美元。

該1898年四川銅質樣幣包漿精美，由美國造幣廠首席設計師查爾斯 · 巴伯（Charles Barber）設計，模具在費城造幣廠用新澤西州的漢立克那浦公司的機器生產。該幣是美國和中國錢幣關係的重要記錄。四川龍洋樣幣較為常見，但耿愛德並不知道這枚樣幣的存在，這可能是因為四川樣幣出自美國而非中國。

099 099

CHINA-SZECHUAN ND (1898-1908) 5 Cents Brass Pattern, Corrosion, KM-PN8, NGC AU DETAILS, NC Collection, from Jess Peters' Price List in 1972. 1898-1908年四川省造光緒元寶庫平三分六釐黃銅樣幣，KM-PN8，NGC AU DETAILS，NC 收藏，出自1972年 Jess Peters 銷售目錄

US $1,000-2,000

100 100

CHINA-SZECHUAN ND (1903-1904) 5 Cash Copper, "BAO-FU" MANCHU LETTERS, Y-225, NGC MS65 BN, NC Collection 1903-1904年四川官局造光緒元寶每枚當錢五文銅幣，滿文“寶府”，Y-225，NGC MS65 BN，NC 收藏

US $1,000-2,000

101 101

CHINA-SZECHUAN ND (1903-1905) 20 Cash Copper, NGC XF45 BN, NC Collection 1903-1905年四川省造光緒元寶每枚當錢二十文銅幣，NGC XF45 BN，NC 收藏

US $1,000-2,000 151

Gem 1972 Jess Peters SZECHUAN ND (1904-1912) 1/2 Rupee Silver 極品1972年 Jess Peters 1904-1912年四川省造 1/2 盧比銀幣

102 102

CHINA-SZECHUAN ND (1904-1912) 1/2 Rupee Silver, L&M361, K595, NGC MS65, NC Collection, from Jess Peters' Price List in 1972. Superb rainbow-toned. One of the finest examples we have seen and a wonderful opportunity to add this scarce type of coin to any collection. 1904-1912年四川省造 1/2 盧比銀幣，L&M361，K595，NGC MS65，NC 收藏，出自1972年 Jess Peters 銷售目錄。精美幻彩包漿，已知品相最好的之一，此次拍賣是將這枚珍罕錢幣收入囊中的好機會。

US $10,000-20,000 拍賣成交： 2011年5月，北京，PCGS MS64，成交價69 000美元。

Auction Result(s): 5/2011, Beijing, PCGS MS64, realized USD 69,000.

Scarce KANSU 1914 Yuan Shi Kai One Dollar Silver 稀少的1914年（民國三年）甘肅省造袁世凱像壹圓銀幣

103 103

CHINA-KANSU 1914 Yuan Shi Kai One Dollar Silver, Y407, L&M617, K759, NGC XF45, NC Collection. It is not known where this coin was made nor when. Kann says it was made as much as 10 years after its date 1914年（民國三年）甘肅省造袁世凱像壹圓銀幣，Y407，L&M617，K759，NGC XF45，NC 收藏。該幣的鑄造時間、地點均未可知。耿愛德認為這些錢幣乃是在其紀年後十年鑄造的

US $20,000-40,000

152

Scarce KANSU 1928 Sun Yat Sen One Dollar Silver 稀少的1928年（民國十七年）甘肅省造孫中山像壹圓銀幣

104

CHINA-KANSU 1928 Sun Yat Sen One Dollar Silver, Y410, L&M618, K760.1, NGC VF DETAILS, NC Collection 1928年（民國十七年）甘肅省造孫中山像壹圓銀幣，Y410，L&M618，K760.1，NGC VF DETAILS，NC 收藏

US $10,000-20,000

Scarce KWEICHOW 1928 Auto Dollar Silver 稀少的1928年（民國十七年）貴州省政府造壹圓貴州銀幣

105 105

CHINA-KWEICHOW 1928 Auto Dollar Silver, 2 blades of grass, Y428, L&M609, K757, NGC XF45, 12 spokes in front and back tires, NC Collection 1928年（民國十七年）貴州省政府造壹圓貴州銀幣，汽車幣，二根草，L&M609，NGC XF45，前後輪胎共12根輪輻，NC 收藏

US $20,000-40,000

153

1919 TANG CHI YAO COMMEMORATIVE GOLD SERIES 1919年雲南唐繼蕘像紀念金幣⸺ 大英博物館信件揭曉幣面神秘數字 Thanks to a discovery in the British Museum, we can now publish for the first time anywhere the solution to the mystery of the numerals below the flags on the Tang Chi-yao coins. In the June 1921 issue of the New China Review , the famous collector of Chinese coins, A. M. Tracey Woodward, published an article on the coins issued by the Yunnan Governor Tang Chi-yao. While this article contains many interesting details and notes about the several die varieties of both the $5 coin and the $10 coins, it does not offer an explanation for the numerals or the lack of a numerals on some $10 coins. Closely reading the annual Chinese Customs Reports (《海關貿易冊》), we find that these gold coins were issued because the unusual rise in the value of silver had prevented silver supplies from reaching Yunnan. As gold was plentiful in the province, Tang decided to issue gold coins valued in terms of silver dollars. The $10 coin was issued first, in October 1919. A $5 coin was to be issued but was delayed until early the following year. Why was the coin delayed? A set of these coins was donated to the British Museum in 1935 along with a note providing the answer. After the $10 coin was issued, someone stole the dies from the mint. New dies were then prepared, stamped with a numeral 1 or 2 to show they were genuine mint products. Because the $5 was not issued at the same time as the $10, the $5 die without the numeral was never used. When coins were struck with the new dies (containing the numeral) early in 1920, whoever stole the $5 die realized he could never use it because the authorities would trace the fake coins back to him and know he had stolen the die. This is why there is no $5 without numeral. This also explains why the $10 without numeral is much scarcer than the $10 with the numeral – the version without numerals was only made for a few months at the end of 1919, while the coin with the numeral was struck during most of 1920. At the time of their issue, these coins were only worth $4 and $8 in terms of silver, but by December 1920, the relative value of gold and silver had changed, and the coins were suddenly worth $8 and $16. Large numbers of them were melted during 1921, especially after another warlord forced Tang out of the province that year. We can estimate how many of each denomination were originally issued. All the reports mention that there were far more $10 coins in circulation than $5 coins. This makes sense, since the mint made a greater profit on the $10 coin. According to reports, $9 million worth of $10 coins were produced, which would be 900,000 pieces. The amount of $5 coins issued is reported in some places to have been $1 million, while in other places it is reported as $300,000. This

154

would give a mintage of 60,000 to 200,000 pieces. What we don't know is how many coins were melted during 1921 and since that time. 我們現在之所以能夠首次揭曉有關唐繼堯金幣上的神秘數字，這都要感謝大英博物館的發現。在1921年6月出版的《新中國評論》（New China Review ）中，著名中國錢幣收藏家伍德華（Tracey

Woodward）發表了一篇有關雲南都督唐繼堯發行的硬幣的文章。儘管文章包含很多有趣的細節，並且提到伍圓和拾圓金幣均有多種幣模，但它並沒有對上面的數字以及為何某些拾圓金幣上無數字作出解釋。仔細閱讀中國《海關貿易冊》，我們發現發行這些金幣主要是因為銀價飛漲，從而阻礙了對雲南的白銀供給。而在雲南黃金非常充裕，因此唐決定發行與銀元價值相當的金幣。拾圓金幣在1919年10月最先發行。伍圓金幣也要發行，但有所延遲，於次年年初發行。但為什麼要延遲發行呢？ 1935年一組雲南金幣被捐贈給了大英博物館，連同一起捐贈的還有一封短信，上面給出了答案。拾圓金幣發行後，有人從造幣廠盜走了幣模。之後造幣廠就準備了新的幣模，並刻上了數字1或者2以表明它們是真品。由於當初伍圓金幣並沒有和拾圓金幣同時發行，因此無數字的伍圓金幣從未被發行過。

1920年初使用新的幣模（有數字）造幣後，無論誰偷盜伍圓的幣模都會意識到其根本無法使用，因為權威人士會根據這些假幣追蹤到他，從而知道是他盜走了幣模。這也是無數字的伍圓根本不存在的原因。同時也解釋了為什麼無數字的拾圓要比有數字的稀少⸺ 無數位的拾圓僅在1919年底製造幾個月，而有數字的則在1920年中的大部分時間被製造。這些金幣初發行時，價值僅相當於4元和8元銀幣，但是到1920年

12月時，金幣與銀幣的對應值發生了變化，金幣的價值突然增加到了8元和16元。1921年這些金幣被大量熔化，特別是在唐離開雲南的時候。我們可以對每一種面值的金幣在其最初發行時的數量作一下估計。所有的資料都提到拾圓幣的數量要遠多於伍圓幣。資料中說，價值9百萬的拾圓幣被製造，這相當於900 000枚。伍圓在某些資料中被提到其價值為100萬，而在另一些地方則是30萬。那麼數量就相當於60 000-200 000枚。我們所不知道的是1921年及以後共有多少金幣被熔化。

Choice YUNNAN ND (1919) Tang Chi Yao 10 Dollars Gold 精選品1919年雲南省造唐繼堯像擁護共和紀念拾圓金幣

106

CHINA-YUNNAN ND (1919) Tang Chi Yao 10 Dollars Gold, with figure "1" and inner circle composed of 103 dots on reverse, Y482, L&M1057, K1524a, NGC MS64, NC Collection, Ex. Schulman Fall 1965. A sharp strike and full mint luster make this an attractive example of this popular gold coin. 1919年雲南省造唐繼堯像擁護共和紀念拾圓金幣，反面帶數字“1”，且珠圈由103個圓點組成，Y482，L&M1057， K1524a，NGC MS64，NC 收藏，1965年秋從舒爾曼處獲得。鑄打深峻，原光飽滿，好味道

US $10,000-20,000

Finest Known YUNNAN ND (1919) Tang Chi Yao 5 Dollars Gold 品相最好的1919年雲南省造唐繼堯像擁護共和紀念伍圓金幣

107

CHINA-YUNNAN ND (1919) Tang Chi Yao 5 Dollars Gold, with figure "2", L&M1058, NGC MS66, the highest grade, NC Collection. A stunning example of this finest known 1919 Yunnan Tang Chi Yao five-dollar gold coin. A great coin for the collector who demands the best, a wonderful coin. 1919年雲南省造唐繼堯像擁護共和紀念伍圓金幣，反面帶數字“2”，最高分，L&M1058，NGC MS66，NC 收藏。 1919年唐繼堯像伍圓金幣，極為精美，已知品相最好的一枚。對那些想要收藏頂級錢幣的藏家而言是一個極好的選擇

US $10,000-20,000

155

Finest Known HONG KONG 1932 5 Cents Silver 品相最好的1932年香港五仙銀幣

108

CHINA-HONG KONG 1932 5 Cents Silver, KM18, NGC MS68 1932年香港五仙銀幣，KM18，NGC MS68

US $800-1,600 108

Choice KWANGSI 1940 Second Anniversary Medallion of Guilin Branch of Central Mint 精選品1940年（民國二十九年）中央造幣廠桂林分廠二周年紀念章 109

109

C H I NA - K W AN G S I 1 9 4 0 S e c o n d Annivers ary Me dallion of Guilin Branch of Central Mint. Zinc plated Copper, only 7 graded, and this coin ranks the second, CCC-725 Var., PCGS MS62 1940年（民國二十九年）中央造幣廠桂林分廠二周年紀念章，PCGS 樣板幣，僅7枚評級記錄，此枚為第二名，类似 CCC-725， PCGS MS62

US $3,000-6,000

Very Rare JAPAN ND (1859) 3 Bu Silver 非常珍稀的1859年日本3分銀幣

110

JAPAN ND (1859) 3 Bu Silver, KM101.3, Chopmarked Coin, Countermark on Mexico city 8 Reales KM377.10, PCGS AU DETAILS 1859年日本3分銀幣，KM101.3，戳記幣，在 KM377.10 墨西哥8 reales 上蓋戳， PCGS AU DETAILS

US $5,000-10,000 110

156

112

111 111

112

US $100-200

US $60-120

PERU 1770 LIMAE JM 8 Reales Silver, No Dot, 26.88 g, 3.8 cm *0.2 cm, Chopmarked Coin, NGC XF DETAILS, H.F.Bowker East Asia Collection 1770年秘魯8 Reales 銀幣，無點，26.88克，3.8cm*0.2cm，戳記幣， NGC XF DETAILS，包克收藏

PERU 1795 LIMAE I.J. 8 Reales Silver, 26.81 g, 3.8 cm*0.2 cm, Chopmarked Coin, NGC VF DETAILS, H.F.Bowker East Asia Collection 1795年秘魯8 Reales 銀幣，26.81克，3.8cm*0.2cm，戳記幣， NGC VF DETAILS，包克收藏

114

113 113

114

US $60-120

MEXICO 1795 MO F.M. 8 Reales Silver, 26.52 g, 3.8 cm *0.2 cm, Chopmarked Coin, NGC VF DETAILS, H.F.Bowker East Asia Collection 1795年墨西哥8 Reales 銀幣，26.52克，3.8cm*0.2cm，戳記幣， NGC VF DETAILS，包克收藏

MEXICO 1807 MO F.M. 8 Reales Silver, 26.74 g, 3.8 cm *0.2 cm, Chopmarked Coin, KM109, NGC VF DETAILS, H.F.Bowker East Asia Collection 1807年墨西哥8 Reales 銀幣，26.74克，3.8cm*0.2cm，戳記幣， KM109，NGC VF DETAILS，包克收藏

115

116

115

116

US $60-120

US $30-60

MEXICO 1810 MO H.J. 8 Reales Silver, 26.48 g, 3.8 cm *0.2 cm, Chopmarked Coin, KM110, NGC VF DETAILS, H.F.Bowker East Asia Collection 1810年墨西哥8 Reales 銀幣，26.48克，3.8cm*0.2cm，戳記幣， KM110，NGC VF DETAILS，包克收藏

MEXICO 1863 GO Y.F. 8 Reales Silver, 26.70 g, 3.8 cm *0.2 cm, Chopmarked Coin, KM377.8, NGC VF DETAILS, H.F.Bowker East Asia Collection 1863年墨西哥8 Reales 銀幣，26.70克，3.8cm*0.2cm，戳記幣， KM377.8，NGC VF DETAILS，包克收藏

157

118

117 117

118

US $30-60

MEXICO 1876 HO A.F. 8 Reales Silver, 26.74 g, 3.8 cm *0.2 cm, Chopmarked Coin, KM377.9, NGC XF DETAILS, H.F.Bowker East Asia Collection 1876年墨西哥8 Reales 銀幣，26.74克，3.8cm*0.2cm，戳記幣， KM377.9，NGC XF DETAILS，包克收藏

MEXICO 1889 DO M.C. 8 Reales Silver, 27.12 g, 3.8 cm *0.2 cm, Chopmarked Coin, KM377.4, NGC VF DETAILS, H.F.Bowker East Asia Collection 1889年墨西哥8 Reales 銀幣，27.12克，3.8cm*0.2cm，戳記幣， KM377.4，NGC VF DETAILS，包克收藏

119

120

119

120

US $30-60

MEXICO 1892 GO R.S. 8 Reales Silver, 26.92 g, 3.8 cm *0.2 cm, Chopmarked Coin, KM377.8, NGC XF DETAILS, H.F.Bowker East Asia Collection 1892年墨西哥8 Reales 銀幣，26.92克，3.8cm*0.2cm，戳記幣， KM377.8，NGC XF DETAILS，包克收藏

MEXICO 1893 MO A.M. 8 Reales Silver, 26.85 g, 3.8 cm *0.2 cm, Chopmarked Coin, KM377.10, NGC XF DETAILS, H.F.Bowker East Asia Collection 1893年墨西哥8 Reales 銀幣，26.85克，3.8cm*0.2cm，戳記幣， KM377.10，NGC XF DETAILS，包克收藏

121 121 Top Chinese Coins, Iasure JEAN Publishing House, 2010, 152 pages, color photos

《中國近代機製幣精品鑒賞》，愛秀集團東亞泉志2010年出版，152 頁，彩色

US $100-200 123

122 122

Howard Franflin Bowker-Numismatic Pioneer, Iasure Publishing House, 2014, 185 pages, color photos, Deluxe edition, Mintage 200 《霍華德 · 佛蘭克林 · 包克 - 錢幣學研究先驅者》，愛秀集團2014年出版，185頁，彩色豪華版，發行量200

US $100-200

Nelson Chang Collection-The Collection of a Chinese Gentleman, Iasure Publishing House, 2021, Mintage 1000 《張南琛收藏⸺ 一位華人君子的收藏》，2021年出版，發行量1000

US $100-200 158

China-Republic Shandong 20 Cash Copper Pattern Zou Li〔Macau〕

Kwangtung province pioneered producing coins mechanically

Chinese characters “ten cash” (in the center), wheat ears and

in July, 1887 and officially minted the Kuang Hsu Ku Ping one

two plum blossoms (on the left and right sides), two horizontal

mace coin (made of copper and lead-tin alloy) the next year.

Chinese characters “copper coin” (on the top) and English

These new coins were widely welcomed by the public and were

characters “Twenty Cash” were inscribed on the reverse. These

soon emulated by other provinces. By 1905, such machine-

are extremely rare patterns: only four or five pieces are known

made coins were produced in more than 13 provinces in China.

to exist.

The Shandong government imitated the Kwangtung copper coin

The 1932 China-Republic Shandong 20 Cash Copper Pattern is

(it was only changed by switching the “Kwangtung” inscription

almost identical to the 1931 Shandong 20 Cash Coper Pattern,

into “Shandong”) and started producing copper coins in Jinan,

but it is hique and extremely rare.

in 1905. Unfortunately, the minting only lasted less than a year before being stopped by the Board of Revenue. For this reason,

These two coins were minted when Han Fuju served as the

only a few Shandong copper coins are known to exist now (many

chairman of the Shandong government in 1933. According to

are extremely rare) and they have always been very popular

historical materials, Han joined Feng Yuxiang's Northwest

among copper coin collectors.

National Revolutionary Army when he was a teenager and was promoted to be the commander of the 8th Army for his military

In general, there are over thirty types of Shandong 10 cash

exploits during the civil war between the KMT and the CPC.

copper coins: seven types with Manchu inscriptions; four kinds

He had also served as the chairman of the Shandong and Henan

with two characters “Shan Dong” on the left and right sides; ten

governments. Han Fuju was a two-faced person. For example,

kinds with the dragon design on the reverse and others. This

the Central Finance Ministry ordered local governments

figure is consistent with what had been recorded in the books

to produce 5 cents nickel coins. However, the Shandong

by Woodward, the pioneer of copper coin collecting.

government, lead by Han, disobeyed the order and minted 1 cent nickel and 20 cash copper coins. This explains why

Shandong stopped minting Kuang Hsu Yuan Bao and started to

Shandong 20 cash copper coins hadn't been circulated or seen.

produce Ta Ching 10 cash and 2 cash copper coins in the Spring

Han was nominated as the commander in chief of the 3rd Army

of 1906. Such Ta Ching copper coins are far less common than

of the National Revolutionary Army after the Anti-Japanese

Kuang Hsu coins. Few 2 cash copper coins were circulated and

War broke out. Once again, he refused to obey the military

only about ten types of 10 cash coins were minted at that time.

orders of the central government and withdrew his army from the battlefield, which caused thousands of casualties when the

The Shandong government didn’t officially release any copper

Japanese invaded Shandong. Han Fuju was arrested by the BIS

coins after the victory of the Xinhai Revolution in 1911 and

(Bureau of Investigation and Statistics) and was sentenced to

the foundation of the Republic of China. Only two kinds of

death in 1938. Until then, the Shandong 20 cash copper coins

Republic copper patterns have been found now, which are:

had just been minted for five years.

The 1931 China-Republic Shandong 20 Cash Copper Pattern:

I bought a Shandong 20 cash copper pattern at the Norman

Obverse: there are the national flag of the Republic of China and

Jacobs Collection Hong Kong Coin Auction in 2008 (hammer

the flag of the KMT party (crossed), seven Chinese characters

price: 3,800 USD). I am glad to have this opportunity of

“the twenty-second year of the Republic of China” (horizontally

publishing my article about the coin in the 2016 Special Issue of

inscribed, on the top) and four Chinese characters “Made

the Macau Numismatic Society.

in Shandong” (horizontally inscribed, at the bottom). Three

159

民國山東贰拾文試樣銅元鄒力〔澳門〕

清光緒十三年（公元1887年）七月，廣東省率先開鑄機製制錢，

橫書“山東省造”四字。背面中央直書“貳拾文”三字，左右各以

次年四月正式開鑄光緒通寶方孔庫平一錢，以紫銅為材，輔以鉛錫，

嘉禾二束，上端橫書“銅元”二字，左右嵌梅花星飾各一，下端列

每枚約重二錢。新式銅幣在流通中廣受商民歡迎，因而獲利甚豐，

英文 Twenty Cash 字樣，圖案設計製作精美，乃屬試鑄銅幣，存

各省爭相仿效，至光緒三十一年，各局承辦者已達十三省之多。

世量甚稀，今所見僅有四五品。

山東省開鑄銅元，始於光緒三十一年（公元1905年），設局於省會

二為“山東貳拾文銅元”⸺ 為民國廿一年鑄，除年份外，其餘均

濟南，發行光緒元寶十文銅幣，並且仿廣東銅元形式，幣文僅改廣

與廿二年所鑄相同，存世量更少，為僅見品。

東為山東而已。但後來因時局變換，未到一年，戶部即下令停鑄，故山東光緒元寶銅幣存世數量較少，其中不乏珍罕品，歷來為集銅

民國廿二年（公元1933年）韓複榘擔任山東省政府主席，以上兩

幣者所喜愛。

幣俱為其在位所鑄造。何以鑄造而未發行，據山東史載：韓氏自幼起行伍隸屬西北國民革命軍馮玉祥。國共內戰中，以戰績榮升至西

山東十文銅幣品種，其面文中寫滿清文字者有七類，左右嵌“山東”

北國民軍第八軍軍長，先後擔任河南省及山東省兩省政府主席，但

二字者四類，背有龍紋圖案十類，綜合分析共有三十多個品種，銅

韓做人做事喜歡陽奉陰違，以鑄幣為例，當時中央財政部規定，鎳

元鼻祖伍德華的專著中分類也是與此基本接近的。

鑄伍分，山東省則鑄造貳分，完全與政令背道而馳，而又鑄銅元貳拾文，因不合時宜而未獲發行。抗日戰爭開始後，韓複榘擔任國民

光緒三十二年春季，山東省停止鑄造光緒元寶，但繼續改鑄大清銅

革命軍第三集團軍總司令，當時日軍侵入山東，其部隊一再違抗軍

幣，計分十文及二文兩種，其中二文銅幣流通稀少，而十文銅幣分

令，擅自撤退，怠誤戰機，造成傷亡數千人。於民國廿七年（公元

類也有十餘個品種，數量遠較光緒元寶為少。

1938年）一月被國民黨軍統局逮捕，後被判處死刑，死時距其開鑄山東貳拾文銅元，僅五個春秋。

1911年辛亥革命後，中華民國成立，國民政府山東省並未正式發行銅幣，以目前實物所見僅發現試鑄者二種：

此枚山東貳拾文，來源於2008年香港諾曼雅各斯專場拍賣（落槌價為3 800美元），藉2016年澳門錢幣學會專刊，敝帚自珍，專文

一为“山东贰拾文铜元”⸺ 此銅幣正面繪中華民國國旗及黨旗各一面，以交叉排列方式，上端橫書“中華民國廿二年”七字，下端

160

於此。

Champion Auction and China Coin Grading Champion

The problem of counterfeit Chinese coins was ever-worsening in the period leading up to 2006. Even though Michael Chou, the president of iAsure (the parent company of Champion Auction) was quite busy with his company‘s technology and marketing projects with eBay in Asia, he still had a strong interest in the well-being of the Chinese numismatic market. Michael thought one of the solutions which would help reduce this problem was to introduce the concept of third-party grading to China and the Asian market. Fortunately, Ron Guth, a friend of Michael Chou, who had called Champion Hong Kong auctions in 1996 and 1997, had by 2006, become president of PCGS, one of the leading third-party

PCGS struck 50 sets of $1 commemorative coins featuring 4 American presidents for the 2007 PCGS China visit. 50 sets of 4 coins, 200 coins in total.

grading companies in the world. After meeting with David Hall, the founder of PCGS, at the Collectors Universe headquarters in California, it was decided that president Ron Guth and consultant Karl Stephen would team up with Champion Auctions to have a 2007 PCGS China visit to Beijing, Shanghai, Hong Kong, and Taipei to introduce PCGS third-party grading and learn about market conditions and detection of counterfeit coins. They planned to meet leading auction houses and institutes like Beijing China Guardian, Beijing Chengxuan, China Gold Coin Inc, the Shanghai Museum, the Shanghai Mint, the Hong Kong Numismatic Society, and the Taipei Numismatic Society, and the Chu Hwa Numismatic Society.

Ⅰ The History of Third-party Grading in China The history of third-party grading received a massive push in 2007 when then PCGS president Ron Guth agreed to make an official trip with Michael Chou to Hong Kong and China. His grading consultant Karl Stephen also came on a journey to visit Taiwan, China. During this trip, they visited Beijing and Shanghai and called in on the vault of the Shanghai Museum, where some of the most famous Chinese coins are held. They held a PCGS grading event in Beijing and visited China Gold

PCGS Grading Seminar

Coin Inc. and its museum. Kong with former PCGS president Ron Guth, Mr. Zhou Xiang On June 21, 2008, they held a PCGS grading seminar in Hong

of the Shanghai Museum, and Taipei Numismatic Society

161

president Chou Chien Fu, and PCGS set its first authorized

Champion Auction was the only authorized agent of PCGS and

dealership in Taiwan, China. In addition, Ron Guth was the

NGC in China.

auctioneer of the Champion 2008 Hong Kong Auction.

2008 Champion Hong Kong Auction Catalog

2009 Champion Hong Kong Auction Flyer Featuring the Chinese Family Collection In 2005, Rick Stelzer and Glen Jorde founded Paper Money Guaranty (PMG), and Rick Stelzer was the finalizer of the world paper money. On August 23, 2009, Champion Auction held the first PMG seminar in Hong Kong with PMG founder Rick Stelzer and Zhang Ansheng. Mr. Stelzer introduced PMG and its services at the seminar, which provided an excellent opportunity for Asian paper money collectors and dealers. Michael Chou also spoke about the cooperation between auction houses and third-party grading companies and his experience of setting up the submission center in Taiwan with CCG. Champion Auction also signed a deal with NGC CEO Steve Eichenbaum and Taipei Numismatic Society director Chou Chien Fu to set up the first NGC submission center in Taiwan, China. Later, it increased NGC services to include Hong Kong before NGC setup its own Hong Kong office.

Hong Kong Seminar held by PMG and Champion Auction 162

Champion Auction also worked with NGC to bring the

first onsite grading to Hong Kong, then later Shanghai, and

the 1991 5 kilo gold panda and 10 kg gold coins. It worked with

participated in many grading seminars with NGC and PMG.

NGC to set up its first China submission center.

Champion Auction worked with Nick Brown and NGC to

Champion also worked with NGC to grade and sell the first

develop the oversized holders for modern Chinese coins and

Chinese coin of valued at one million dollars, the 1910 Yunnan

funded the development of the huge oversized NGC holders for

spring dollar from the 2010 Ultima Auction. It has since

1991 5 Kilo Gold Panda

1910 Yunnan spring dollar, NGC AU55 The first Chinese coin valued at one million dollars

In 2013, the Champion Winter online auction featured a 1992 1 kilo seismograph and compass gold coin (LOT 10), NGC PF68 Ultra Cameo, realized at RMB 8,998,000.

auctioned more million-dollar Chinese coins, all in NGC

Hotel.

holders, than all of its auction competitors combined. In November 2014, NGC Shanghai held a modern seminar In 2010, Champion Auction co-held an NGC onsite grading

featuring the 1992 1 kilo Inventions and Discoveries China

event in Hyatt Regency hotel, Hong Kong.

gold coins.

In 2011, NGC Shanghai oversaw the onsite grading of the

In December 2015, NGC held a Macau event, and NGC world

Howard Bowker East Asian Coin Collections at the East Asia

finalizer Ken Krah presented.

163

Champion has also worked with NGC and PMG to grade and

Smithsonian National Numismatic Collection.

conserve coins and grade banknotes from the Howard Bowker Collection, which were donated to the Shanghai Mint Museum,

Michael Chou has served as a senior advisor to CCG, the parent

Shenyang Mint Museum, Beijing China Banknote Printing

company of NGC, NCS, and PMG in Sarasota, New York, and

and Minting Museum, Germany Mortizberg Museum, and

participated in the NGC 30th anniversary video.

Former NGC World Finalizer Ken Krah

Hupoo 5 mace, Chinese family collection, PCGS SP66 Auctioned on the second Champion VIP Wechat auction (LOT 19), realized USD 190,000

Ⅱ Rating of Chinese Coin Graders

Hunan dollar, NGC SP67 It was sold in a private transaction in 2014 for over USD 1 million

Hunan Half dollar, NGC SP66 Sold in a private transaction in 2013.

grades, then a third-grader, the finalizer, assigns a grade, which is the final grade.

When Michael Chou visited Ron Guth's office when he was

164

PCGS president, there was a monthly chart of the performance

The higher percentage of grades correct, the more valuable

of each PCGS grader and what the grader’s percentage of

the grader is, as the resources of the finalizer at each grading

getting a final grade correct was.

service are limited.

Usually, two graders look at a coin. If both graders assign

At NGC for world coins, the finalizers were Ken Krah and

the same grade, the grade is final. If they assign two different

NGC former president Mark Salzberg. Now, Scott Schechter

has assumed the position. The PCGS finalizer used to be Ken

strategies have worked very well at both NGC and PCGS.

Park but is now Mike Sargent. Former PCGS finalizer Ken Park also said that, for US coins,

Ⅲ Techniques for Top Grading Submitters

there are only two types of toning, nice attractive rainbow toning or white. In most cases, white coins were dipped by

There are some techniques for some of the top grading

using a liquid to remove heavy toning, which would reduce

submitters.

the grade, as the graders could not see the surface below. But for world coins and especially Chinese coins, envelope toning,

Jeff Garrett is former ANA president, Smithsonian NMAH

which develops over many years in a coin envelope, is preferred

director, and NGC consultant. He told Michael Chou a long

over white coins as the original toning protects the surface of

time ago that when he visits NGC, he tries to come in on the

the coin and gives it an authentic look, which helps the coin get

weekend and then submit his coins early Monday morning

graded. Even knowing the grade might be more conservative

when the graders were fresh. He also said that the worst day to

with the envelope toning, a coin that is AU58 with original

submit was Friday when everyone was perhaps tired and maybe

envelop toning may outsell a white cleaned coin that is MS60

more conservative in assigning the grades. It is the same for

to 62. It is even more important when it is from a famous

show walkthrough grading, which means submitters must get

collection as graders like to see nice original coins fresh to the

the coins early to the grading service, so perhaps the graders

graders.

will look at the coins when they are fresh. As many coins are submitted many times to try to get a higher Another tip Michael Chou received from his friend Ron Guth,

grade or playing the grading lottery, the graders may get

former PCGS president, is that the graders like to look at nice

grading predictable after a while.

coins as most of the time they look at generic commercial coins, which gets boring after a while. Therefore, if you have

Also, fresh original toned coins often bring much higher prices

an excellent group of coins, it is better to put the best coins in

when they come to market. Regarding those coins that appear many times over a short period, sometimes even with a higher grade, the price is still pretty average as they are seen many times by both dealers and collectors. The coins from the Howard Bowker Collection meet many aspects of fresh original coins from a famous collection. The coins have been in the coin envelopes for at least 70 years,

Grey Whitman envelopes and notes

as the envelope has the catalog number and price of the first Kann’s catalog from 1954 and not the 1966 version. Coins

the front of the box and on the invoice, as this improves the chance of getting good grades for the best coins. Famous world coin dealer, former PCGS consultant, and world grader Karl Stephens told Michael Chou that Ron's theory was correct.

from the Chinese family and NC Collection also meet some of the criteria as these coins have been in the collection for a minimum of 20 years and most over 30 years. Besides, most of them are coming to the market for the first time.

Former PCGS world coin grade finalizer Ken Park added that submitters should not add ugly or questionable coins in the same box with their nice coins. This might reduce the chance of getting a good grade from a grader and also increase the chance of a genuine coin being called questionable. All of these

165

冠軍拍賣與中國錢幣評級冠軍研究室

在2006年之前，中國錢幣市場上的假幣問題日益嚴重。因此儘管周邁可先生仍在忙於冠軍拍賣母公司愛秀集團（iAsure）與易趣（eBay）在亞洲開展的技術和行銷項目，但他依然希望能夠積極促進中國錢幣市場的健康發展。為此，周先生認為在中國和亞洲市場引入第三方評級的概念可以有效減少假幣問題。恰巧曾參加過冠軍1996年和1997年香港拍賣的好友古富（Ron

Guth）當時正是全球領先的第三方評級公司 PCGS 的總裁。在加州環球收藏者公司 (Collectors Universe, Inc.，為 PCGS 母公司 ) 總部與 PCGS 創始人大衛 · 霍爾（David Hall）會面後，大家決定由 PCGS 總裁古富和評級顧問卡羅 · 斯蒂芬斯（Karl Stephens）與冠軍拍賣公司合作，代表 PCGS 將於2007年造訪中國北京、上海、香港和臺北，並對 PCGS 第三方評級進行介紹，同時還將瞭解中國的市場情況和假幣檢測現狀。此外，PCGS 還計劃與中國頂

2007年PCGS訪華時鑄打了50套精製一美元紀念幣，每套紀念幣上有4名美國總統的頭像。每套4枚，共計200枚

尖的拍賣公司及錢幣相關組織機構會面，包括位於北京的中國嘉德、北京誠軒、中國金幣總公司，上海博物館、上海造幣廠，香港錢幣學會和臺北錢幣學會等等。

Ⅰ 中國評級公司歷史 2007年，冠軍拍賣總裁周邁可先生的好友，即 PCGS 總裁古富（Ron Guth），同意代表 PCGS 官方造訪中國大陸和中國香港，評級顧問卡羅 · 斯蒂芬斯（Karl Stephens）也一同來訪，並前往了中國臺灣。由此，中國的第三方評級行業大大地向前邁進了一步。一行人一起前往了北京和上海。在上海期間，大家參觀了收藏着一些最為著名的中國錢幣的上海博物館館藏。在北京則舉辦了評級會，並參觀了中國金幣總公司及其博物館。

2008年6月21日，冠軍拍賣和原 PCGS 總裁古富、上海博物館錢幣部門研究員周祥、臺北錢幣協會主席周建福一起在中國香港的金域假日酒店舉辦了 PCGS 評級研討午宴，並在中國臺灣設立了第一家 PCGS 授權代理。此外，原 PCGS 總裁古富先生擔任了冠軍

2008年香港拍賣的拍賣師。當時冠軍拍賣是大中華區唯一經 PCGS 和 NGC 授權的代理商。

2005年，我們的好友瑞克 · 斯特拉爾（Rick Stelzer）和格倫 · 喬德（Glen Jorde）成立了 PMG（Paper Money Guaranty，紙幣評級公司），瑞克擔任世界紙幣的終評評級師。

2009年8月23日，冠軍拍賣和瑞克以及另一位好友⸺ 澳門資深紙鈔藏家張安生一起舉辦了第一場 PMG 評級研討會。瑞克在會上

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PCGS評級研討午宴

2008年冠軍香港拍賣目錄

2009年冠軍拍賣華人家族收藏宣傳頁

作了有關 PMG 公司及其提供的各項服務的介紹，這為廣大亞洲紙鈔收藏家和經銷商提供了一個難得的機會。周邁可先生也在會上發表了關於拍賣公司與第三方評級公司相互協作以及與 CCG 共同在臺灣地區建立評級鑒定提交服務中心等方面的演講。我們還與 NGC 的總裁史蒂夫 · 艾森鮑姆先生（Steve

Eichenbaum）、臺北錢幣協會理事長周建福簽訂協議，在中國臺灣設立第一個 NGC 評級提交中心。在 NGC 設立香港辦公室之前，我們增加了為香港提供 NGC 評級的業務。冠軍拍賣還和 NGC 合作，在香港舉辦了第一場現場評級活動，之後又將這一活動引入上海，並且參與了多場 NGC 和 PMG 的評級會。我們還和好友尼克 · 布朗（Nick Brown）以及 NGC 一起為中國現代錢幣研發了大號的 NGC 盒，並且資助 NGC 為1991年5公斤熊貓金幣和10公斤金幣開發超大號的 NGC 盒。此外，還幫助

NGC 在中國本土建立了第一家錢幣提交中心。冠軍拍賣還將一枚得自2010年 Ultima 拍賣的一枚庚戌（1910 年）春季雲南造銀幣提交 NGC 評級，並在評級後出售。這是第

2009年冠軍香港拍賣目錄內頁

一枚價值百萬美元的中國錢幣。自此，我們拍賣過的經評級的錢幣價值比其他所有拍賣行加在一起還要多一百多萬美元。

167

2010年，冠軍拍賣與 NGC 一同在香港凱悅酒店舉辦了現場評級活動。

2011年，NGC 在上海東亞飯店對霍華德 · 包克東亞錢幣收藏進行了現場評級。

2014年11月，NGC 在上海舉辦了現代錢幣研討會，1992年中國古代科技發明發現1公斤金幣亮相活動現場。

2015年12月，NGC 舉辦澳門活動，NGC 當時的世界錢幣終評評級師肯 · 克拉（Ken Krah）亮相活動現場。

針對捐贈各大博物館的包克收藏，我們對其中的硬幣進行了評級盒保養，對其中的紙鈔也進行了評級，捐贈對象包括上海造幣博物館、瀋陽造幣博物館、北京中國印鈔造幣博物館、德國莫裏茨堡博物館和華盛頓史密森美國國家錢幣收藏。

1991年5公斤熊貓金幣

冠軍拍賣總裁周邁可先生至今仍然擔任着位於紐約薩拉索塔的

CCG 公司的高級顧問（CCG 是 NGC、NCS 和 PMG 的母公司），並且參與錄製了 NGC 成立30周年的紀念錄像。

庚戌春季雲南造庫平七錢二分，經評NGC AU55 這是第一枚價值百萬美元的中國錢幣

前任NGC世界錢幣終評評級師肯·克拉

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2013年冠軍冬季網路拍賣亮點⸺ 1992年1公斤指南針和地動儀金幣（LOT 10），經評NGC PF68 Ultra Cameo，成交價8 998 000元人民幣

湖南省造光緒元寶庫平七錢二分銀幣，經評NGC SP67 2014年冠軍拍賣私人交易，成交價超過一百萬美元

戶部五錢，華人家族收藏，經評PCGS SP66 該幣於8月23日冠軍第二次VIP精品微拍上進行拍賣，拍品號LOT 19, 成交價19萬美元

湖南省造光绪元宝库平三钱六分银币，经评NGCSP66 2013年冠军拍卖私人交易

Ⅱ 錢幣評級師

Ⅲ 錢幣送評技巧

當古富還是 PCGS 總裁的時候，周邁可先生曾造訪他的辦公室，

有一些資深人士在將錢幣提交評級的時候會有一些小技巧。

那裏有一張每個 PCGS 評級師的月度績效表⸺ 評估評級師最終評級正確的百分比。

如冠軍拍賣總裁周邁可先生的好友傑夫 · 加勒特（Jeff Garret），他是史密森美國國家歷史博物館的前任主席，史密森美國國家歷

通常一枚硬幣會由兩名評級師共同評估，如果評分相同，則該分

史博物館的主管，也是 NGC 的顧問。很久之前他曾告訴過周先生，

數成為其最終評分；如果評分不同，那麼會有第三名終評評級師

他去造訪 NGC 的時候會選擇在週末前去，之後再週一早上去提

進行最終評定，評出的分數即為最終分數。

交錢幣，因為這個時候的評級師頭腦都比較清楚。而提交硬幣最不好的時機是週五，因為這個時候，每一位評級師都很累，評級

因為每次評級服務可用的終評評級師是極為有限的資源，因此一

的時候可能也更加保守。現場評級也是這樣的，必須提前把錢幣

名普通評級師的評分正確率越高，他便越有價值。送到評級服務處，這樣評級師在評級時頭腦或許更加清醒。

NGC 之前的世界錢幣終評評級師由肯 · 克拉和 NGC 主席馬克 · 薩爾茨伯格（Mark Salzberg）擔任，現為斯科特 · 舍希特爾（Scott Schechter）。而 PCGS 之前的終評評級師是肯 · 樸（Ken

Park），現在則是麥克 · 薩金特（Mike Sargent）。

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惠特曼收藏的信封

另一位朋友，即前面提到的 PCGS 前總裁古富則給了另一條提示，

枚評分為 MS 60至62的白幣更高，尤其是當這枚錢幣是出自名人

那就是評級師們更喜歡看到那些精美的錢幣。這是因為他們大多

收藏的時候就更是如此。這也正如肯 · 樸告訴我的那樣，評級師更

數時候看到的都是普通的商業性錢幣，看久了就會覺得很無聊。

喜歡看到那些原始的錢幣，這對他們來說更具新鮮感。

所以，如果你有一組看上去還不錯的錢幣，那麼不妨把品相最好的那些放在前面，這樣可以讓這些品相最好的錢幣獲得一個好分

有很多錢幣都會送評多次，從而獲得更高分或對評分進行競猜，但

數。前面提到的世界著名幣商、前 PCGS 顧問和世界錢幣評級師

是這樣會讓評級師對錢幣的評分有了預見性。

卡羅 · 斯蒂芬斯也表示，古富的說法是正確的。而我們的朋友，前 PCGS 世界錢幣終評評級師肯 · 樸則補充道，不要把那些品相不佳或有問題的錢幣與你的精品錢幣放在同一個盒子裏，因為這樣可能會讓評級師不願意輕易評出高分，並且對

另外，新面世的原包漿錢幣的價格通常也會高很多，因為大多數錢幣都在短時間內多次出現在市場上，有時一些高分的錢幣，其價格也不過平平，因為幣商和藏家都已經見過這些錢幣很多次了。

其中的真幣也產生懷疑。所有這些策略在我們將錢幣提交到 NGC 和 PCGS 評分時都很有效。

霍華德 · 包克收藏的錢幣便滿足了上述的多個條件，它們既是名人收藏，又因為在信封中保存了至少70年而有着原包漿，存封它們的

PCGS 前終評評級師肯 · 樸還告訴了我們，美國錢幣上的包漿有兩種，一種是漂亮又吸睛的幻彩包漿；另一種則是白的，這種大多是被浸在特製的液體裏去除了原本厚重的包漿，因為厚重的包漿會讓評級師難以看到包漿底下的錢幣表面，這就會導致低評。但是對於其他地方的錢幣，尤其是中國錢幣而言，有些在信封裏保存了很多年，這樣形成的包漿則會比白色的幣更受評級師歡迎，因為這樣的原包漿可以保護錢幣的表面，讓評級師可以看到錢幣的真實品相，會更有利於評分。即使是在知道一枚有着保存在信封中而形成包漿的錢幣評分只有 AU 58，但是其價格可能會比一

170

信封上還有1954年（而非1966年）的耿愛德目錄編號和價格，之前也未曾出現在市面上。華人家族和 NC 收藏也滿足其中的一些標準，這些都被收藏了至少20年，大多都是被收藏了30年以上，並且其中的大多數都是首次出現在市面上。

The Chinese Machine-Struck Patterns by Otto Beh GmbH Champion Auction

A Numismatic Mystery In June 1944, the magazine Ch’uan Pi (《泉幣》) in Shanghai revealed the Heilungkiang half-dollar silver pattern collected by famous collector Dai Baoting ( 戴葆庭 ) for the first time. Forty years later, a Sinkiang SUNGAREI one-dollar silver pattern was obtained by Haru Chang ( 張秀青 ) for USD 40,000 at a Hong Kong auction in 1984, breaking the Chinese coin auction records held by a Hunan silver coin and a Shaanxi silver coin at that time. A few years later, the value of the

The copper pattern of Heilungkiang 20-cent silver coin, produced by dies engraved by Otto Beh, from the 2014 249th Künker Auction, Lot No. 460, estimated price 5,000 Euros, realizing 86,250 Euros.

Sinkiang pattern roared to the top, ranking first among Chinese coins. This was the second known Sinkiang pattern. The first such pattern appeared in the 1930s and was purchased by

records about the origin of these patterns. Thus, the source of

Eduard Kann, one of the greatest collectors of Chinese silver

the five rarest Chinese machine-struck silver patterns remained

coins. The Kann Collection was purchased by Irving Goodman

a mystery.

in 1971. In 1991, the Taiwan collector Liu Gaizao ( 劉改造 ) went to California for the Goodman Collection Auction and

The mystery was solved when the dies and Chinese-character

commissioned Chen Jimao ( 陳吉茂 ) to bid. In 2005, Liu sold

punches appeared at a Künker Auction (Germany) in June

the Sinkiang pattern to Chen.

2012, and the origin of these patterns was recognized as a major discovery in Chinese numismatics. However, the

Years later, five patterns appeared bearing the same dragon

discovery did not come as a complete surprise because there

design on the reverse and produced by dies with the same

had beenspeculation that these rarities were made in Germany.

coin presses as the Heilungkiang dollar and Sinkiang dollar mentioned above.These five pattern coins were: 1897 Chekiang

The Otto Beh Chinese machine-struck patterns are even rarer

dollar; 1897 Anhwei dollar; 1897 Fengtien dollar; and undated

than those from the Heaton Mint (Birmingham, England),

Fengtien dollars (include both TENG-TIEN and FENG-TIEN

which first appeared on the market as early as 1975. We believe

varieties). As the prices of the above five rare patterns were

that the Otto Beh patterns will become one of the criteria for

astonishingly high, their origin became an important subject

collecting Chinese machine-struck coins, just like the Heaton

of numismatic study. However, researchers failed to find any

patterns. Speculation on the Origin of the Rare Specimens Heilungkiang Patterns

Although Heilungkiang is a remote area, one-dollar and halfdollar silver patterns were creted bearing the province’s name (however, no Heilungkiang coins are known of smaller denominations). The silver-plated copper pattern of Anhwei one-dollar silver coin, produced by dies engraved by Otto Beh, from the 211th Künker Auction in 2012, Lot No. 2529, estimated price 5,000 Euros, realizing 166,750 Euros.

Because a German mint supplied coining dies to other Chinese mints, some people speculated that the Heilungkiang silver patterns were trial strikes made by a German mint.

171

Fengtien Patterns

Hong Kong Ma Dehe ( 馬德和 ) auction but did not sell. Upon inquiry, it was discovered that the coin had been consignedby

An aluminum pattern of a Fengtien silver coin appeared prior to

an elderly German lady.

1980 in the United States, having been imported from Germany. From the 1980s to the 1990s, more Fengtien silver pattern coins

In September 2002, a copper coin advertising a German

appeared, all of which were discovered in Germany or Austria.

machine factory appeared in a Hong Kong auction. The

In the 1990s, a TENG TIEN brass pattern was purchased by

dragon design on this coin was very similar to an 1897 Anhwei

Nelson Chang at USD 27,500, breaking the record for a Chinese

coin. The coin bears German characters, which translate

non-silver coinat that time. It was the second time that NC

"manufactured or designed by Wittlinger, Stuttgart", which

broke the price record for a Chinese coin. The first time was in

happened to be near the famous German mint in that city.

1975, when he purchased a Heaton Mint Hunan dollar for USD 15,500, breaking the record held by a 1903 Fengtien one-tael

Due to the above evidence, the possibility that these rare

coin (which was auctioned by Goodman for USD 4,000 from

Chinese machine-str uck coins were minted in Germany

the Kann Collection in 1971). Twenty years later, the Fengtien

increased greatly. However, since the company did not

one-tael coin was purchased by Haru Chang of Taiwan at the

leave any relevant documents, the presumption could not be

Goodman Collection auction for USD 187,000, breaking the

confirmed.

record for a Chinese coin auction again. The Hunan dollar purchased by NC was sold to Michael Chou, the president of

Publications on the coin dies

Champion Auction for more than USD 1 million USD in 2014 in a private transaction. The brass pattern has a clear pedigree.

Although China did not confirm that these rare specimens were

That is, Champion Auction bought the coin from a friend in

minted in Germany until the Otto Beh dies showed in 2012,

Tucson, Arizona, and the friend bought it from a coin dealer in

relevant information had already been published in previous years.

New York, who obtained this rare pattern in Germany. On the occasion of the 125th anniversary of the establishment of Otto Beh GmbH in 2009, numismatist Gerhard E. Kummel wrote The 125 Years of Otto Beh: An Engraving and Minting

Factory. The book tells the early engraving and minting history of Otto Beh, including coin dies for the Anhwei, Chekiang, Sinkiang, Heilungkiang, and Fengtien provinces. It confirmed that Otto Beh engraved Chinese coins. In addition, Otto Beh delivered more than 200 coin dies to Schuler and the trader, Knape, between 1897 and 1899.

1898 Hunan one-dollar silver pattern, proof, struck by the Heaton Mint, from the NC Collection, NGC SP67

In 2011, Otto Beh published a catalog. According to the catalog, Schuler received an order from China for the production of coin presses at the Leipzig Trade Fair in 1895 under the commission of Li Hongzhang ( 李鴻章 ), the governor of Chili in the Qing

The German mint provided the Fengtien Machinery Bureau

dynasty and the minister of Peiyang. This is a major result of the

with coinage equipment in 1896 or 1897 and dispatched

negotiation between Li Hongzhang and Bismarck, the German

technical experts to Fengtien in 1906.

"Iron-and-blood Prime Minister". After Schuler received the order, it commissioned Otto Beh, which specialized in medal

Most of the Fengtien patterns appeared in Germany. Because

and die production, to produce coinage dies. From 1897 to 1899,

the German mint had a close relationship with the Fengtien

Otto Beh delivered more than 200 Chinese coin dies to Schuler.

Machinery Bureau, it was speculated that this pattern was

This was the largest order received by Otto Beh at that time. It

struck by a German mint.

is a pity that the copies of the catalog were limited, and it failed to attract the attention of Chinese collectors.

Anhwei Patterns The Emergence of Otto Beh Coin Dies In 1999, an 1897 Anhwei 5-cent silver coin appeared at the 172

On June 18 and 19, 2012, 42 coin dies and 36 Chinese character

cent silver coin (the only 2 known, one of which is graded NGC

punches made by Otto Beh were planned to be auctioned at the

PF61); 4) a brass pattern of a Heilungkiang 10-cent silver coin,

211th Künker Auction (Lot 2528). However, considering their

NGC PF64RB (unique); and 5) a brass pattern of a Fengtien

significant historical value, it was decided to withdraw the lot

one-dollar silver coin bearing the name of the Schuler Company

and attempt to place the dies in a museum for in-depth study.

(unique), NGC MS62. These last three are the only patterns

After negotiations between Otto Beh and Künker Auction,

labeled with “Otto Beh Archive” by NGC.

the coin dies were sold to Michael Chou. Michael reached an agreement with Künker Auction and Otto Beh to donate the coin dies to a museum free of charge, though he reserved the final right to choose the museum for the donation. These 42 rare Chinese coin dies and 36 Chinese-character punches from Otto Beh of Esslingen, Germany record the development of Chinese numismatic history and witness the close economic exchanges between China and Germany at the end of the 19th century. Founded in 1884, Otto Beh had close business relations with Schuler in the neighboring city of Goppingen. Established in 1839, Schuler was engaged in the business of sheet metal processing, especially the production of pressing machines. Currently, it is the leading supplier in the world of coining

The brass pattern of a Heilungkiang half-dollar silver coin, NGC AU55

The brass pattern of a 1897 Heilungkiang 10-cent silver coin, probably unique, NGC PF64RB, Otto Beh Archive

The brass pattern of a 1897 Fengtien one-dollar silver coin, probably unique, NGC MS62, Otto Beh Archive

The 1897 Hunan 10-cent copper pattern, probably unique, NGC PF63RB, Otto Beh Archive

machines. In the course of China's modernization, the establishment of a sound currency system was of great significance. In the 1890s, the world's major mints, such as Philadelphia in the United States, Birmingham in the United Kingdom, and Schuler in Germany, all wanted to participate in the emerging Chinese coinage market. In 1887, more and more Chinese mints were in urgent need of equipment folowing the completion of the Tientsin and Kwangtung mints (where British minting machines had been installed). Schuler was the first to deliver coin presses to China in 1895. Discovery of Five Otto Beh Coin Patterns There is a legendary story about the coins commissioned by Otto Beh for auction. Otto Beh found a metal box filled with black oil containing 5

The Macau Exhibit of Otto Beh Coin Dies

coins. The black oil was to protect the coins from oxidative corrosion when they were being shipped to China. However,

Time: December 3-6, 2015

these coins were never delivered to China but remained with Otto Beh.

The Macau Exhibit of 1897-1898 Otto Beh Coin Dies: Unveiling a Centennial Mystery of Chinese Pattern Coins was the first

These five coins include 1) a Hunan 10-cent copper pattern,

time that the Otto Beh coin dies left Germany in more than a

which is the only coin certified by NGC as Proof and graded

century. Ulf Drager, the curator of the State Coin Cabinet of

NGC PF63RB; 2-3) two brass patterns of a Heilungkiang 20-

the Museum of Art of the State of Saxony-Anhalt, Germany, 173

On December 3, 2015, Ulf Drager, Zhao Kangchi ( 趙康池 ), Chairman of the Macau Numismatic Society, and Michael Chou introduced the Otto Beh coin dies to the guests

Poster of Macau Exhibit of 1897-1898 Otto Beh Coin Dies: Unveiling a Centennial Mystery of Chinese Pattern Coins

Attendees looking at Otto Beh coin dies and patterns

Some exhibited coin dies

The copper pattern of 1897 Sinkiang one-mace silver coin, NGC SP63, possibly 2-3 known The copper pattern of 1897 Fengtien one-dollar silver coin, NGC SP62, possibly unique The 1897 Hunan 10 Cents copper pattern, proof, NGC PR63, possibly unique The copper pattern of an 1897 Heilungkiang 20-cent silver coin, NGC PR61, possibly 2 known The copper pattern of an 1897 Heilungkiang 10-cent silver coin, NGC PR64, possibly unique

174

came to Macau and gave a speech, introducing the museum and

On February 5 to 6, 2016, the Otto Beh coin dies were exhibited

discussing the Otto Beh dies.

at the Berlin World Money Fair, the largest numismatic exhibition in the world. On February 6, Michael Chou handed

Also on display were five rare Chinese patterns from Otto

over the coin dies to Dr. Christian Philippsen, president of the

Beh. Included in the display were a copper pattern of an 1897

Moritzburg Foundation, and Ulf Dreger, curator of the State

Sinkiang one-mace silver coin, NGC SP63, possibly 2-3 known;

Coin Cabinet of Saxony-Anhalt.

a copper pattern of an 1897 Fengtien one-dollar silver coin, NGC SP62, possibly unique; an 1897 Heilungkiang 20-cent

In addition, the museum prepared a book titled Chinas Geld

silver coin, NGC SP62, possibly 2 known; a copper pattern of

(English: China’s Money and Chinese:《中國貨幣》) for the

an 1897 Heilungkiang 10-cent silver coin, NGC SP64, possibly

Chinese Coin Exhibition.

unique; and an 1897 Hunan 10-cent copper pattern, proof, NGC PR63, possibly unique. Otto Beh once commissioned Künker

Currently, the Moritzburg Art Museum is planning a permanent

Auction to sell nine pattern coins from its archive. In addition

exhibition to include the Otto Beh Chinese coin dies in the

to the above five pattern coins, another four pattern coins

rooms at the old mint under the jurisdiction of the Archbishop

on display included a silver-plated copper pattern of an 1897

of Magdeburg. This is a place of special significance in the

Anhwei one-dollar silver coin, possibly 2-3 known; two copper

local area, and it will be an excellent place to display these rare

patterns of an 1897 Fengtien 20-cent silver coin, possibly 3-4

coin dies and patterns.

known; and a copper pattern of an 1897 Heilungkiang 20-cent silver coin, possibly 2 known.

Handover the Otto Beh Coin Dies Time: February 6, 2016

The Cover of Chinese Currency

Introduction of the Otto Beh coin dies

175

奧托 · 拜赫德制中國機制樣幣冠軍研究室

泉界未解之謎

加之陸續面世的1897年（光緒二十三年）浙江省造光緒元寶、

1897年（光緒二十三年）安徽省造光緒元寶、1897年（光緒 1944年6月，上海的《泉幣》雜誌首次披露加戴葆庭收藏的黑龍江

二十三年）及無紀年奉天省造（TENG-TIEN 版及 FENG-TIEN 版）

省造光緒元寶三錢六分銀幣樣幣。

光緒元寶、無紀年黑龍江省造光緒元寶及無紀年新疆省造光緒元寶銀元，上述五省光緒元寶銀幣背面龍圖設計相同，模具製造所使用

四十年後，1984年的一場香港拍賣上，一枚新疆省造 SUNGAREI

的衝壓床和輪軸也相同。這些珍稀樣幣的價格高得驚人，關於這些

七錢二分銀幣樣幣以4萬美元的價格被張秀青競得，打破當時湖

樣幣的鑄造產地的猜測於是成了錢幣學術研究的一項內容。但研究

南銀元和陝西銀元保持的中國錢幣拍賣紀錄。之後一段時間，這

者在早期的文獻資料上，查不到任何關於這些樣幣出處的文字，致

枚新疆省造 SUNGAREI 七錢二分銀幣樣幣身價攀中國錢幣之

使其身世成為清代機制幣中的一個未解之謎⸺ 堪稱中國最為稀少

巔，位列大珍之首。打破拍賣紀錄的這枚乃是第二枚已知樣幣。而

的機製幣品種的五省光緒元寶銀幣樣幣究竟是在哪里鑄造的？

第一枚最早在20世紀30年代面世，乃中國銀幣最大藏家耿愛德（Eduard Kann）舊藏，耿氏藏品於1971年散售，被古德曼（Irving

2012年6月，這些幣模和漢字沖頭出現在德國昆克拍賣會，謎底一

Goodman）購得。1991年，臺灣大收藏家劉改造親赴美國加州

舉揭曉，成為中國錢幣史上的重大發現。雖然謎底直到2012年才被揭曉，但是此前便有諸多猜測認為，這些珍品乃是由德國鑄造。奧托 · 拜赫德制中國機製樣幣比英國伯明翰喜敦造幣廠 (The

Heaton Mint, Birmingham) 的中國機制樣幣要更為珍稀。喜敦造幣廠機制樣幣早在1975年便首次出現在市場上。我們認為，奧托 · 拜赫機製樣幣會和喜敦樣幣一樣，成為評判中國機制幣收藏的標準之一。

珍品樣幣出處的推測安徽省造光緒元寶七錢二分銀幣鍍銀銅樣，奧托 · 拜赫公司（Otto Beh ）雕刻幣模，2012 年211屆昆克拍賣會（ Künker Auction），拍品號 2529，估價 5,000 歐元，成交價166,750 歐元。

黑龍江省造光緒元寶銀幣樣幣

黑龍江地處偏遠，但依然有黑龍江省造七錢二分和三錢六分銀幣樣幣存世（其他更小面額的錢幣則尚未發現）。

而當時供應給中國部分造幣廠的幣模是由德國的造幣廠製造，用來為黑龍江造幣廠生產錢幣的，因此有人推測黑龍江光緒元寶銀幣樣幣就是在德國做幣模試驗時產生的。

奉天省造光緒元寶銀幣樣幣

奉天省造光緒元寶鋁質銀幣樣幣最早在美國發現，但卻是從德國流轉過去的。在20世紀80年代至90年代期間，更多奉天省造光緒元黑龍江省造光緒元寶一錢四分四厘銀幣銅樣，奧托 · 拜赫公司雕刻幣模，2014 年第249 屆昆克拍賣會，拍品號460 ，估價 5,000 歐元，成交價 86,250 歐元。

寶銀幣樣幣現世，它們也都是在德國或奧地利被發現。而在20世紀90年代，有一枚 TENG TIEN 黃銅樣幣以27,500美元的價格被

NC 收藏拍下，打破中國當時銅幣的成交價格。這也是 NC 第二次打破中國錢幣拍賣紀錄，第一次是在1975年，NC 以15,500美元的價格買下喜敦造幣廠湖南壹圓，打破此前1971年耿氏舊藏拍賣

176

的古德曼藏品專場拍賣，委託陳吉茂代為舉牌，2005年，劉改造

上古德曼以4,000美元競得1903年奉天壹兩的紀錄（奉天壹兩後來

又將該幣出售給陳吉茂。

又在1991年古德曼舊藏拍賣上以187,000美元的價格拍出，被中

爾（Gerhard E. Kummel）攥寫了《125年雕刻及鑄幣工廠奧托 · 拜赫，埃斯林根》一書，該書講述了奧托 · 拜赫早期的雕刻和鑄造歷史，其中便包括了安徽、浙江、新疆、黑龍江和奉天這五省樣幣幣模，確認該廠曾代刻中國錢幣之事實。此外，奧托 · 拜赫還在1897 年至1899年間，向舒勒公司和貿易商甘拿秘公司（Knape）交付了200多個幣模。

2009年，是奧托 · 拜赫公司成立125周年，錢幣學家格哈德 · 庫梅

1898 年湖南省造光緒元寶庫平七錢二分銀質樣幣，鏡面，出自喜敦造幣廠，NC 藏品，NGC SP67

國臺灣的張秀青買下，又一次打破中國錢幣拍賣紀錄；而 NC 買下的湖南壹圓後來在2013年以超過1百萬美元的價格賣給了冠軍拍賣總裁周邁可）。這枚黃銅樣幣流傳有緒，冠軍拍賣是從居於亞利桑

了200多個幣模。

奧托 · 拜赫幣模的面世

那州土桑市 Tucson 的朋友那裏買下該幣，而這位朋友是從紐約的一位錢幣商那裏買到的，但那位紐約幣商卻是在德國獲得的這枚珍

德國埃斯林根市奧托 · 拜赫公司的這42個中國珍稀錢幣幣模和36個

稀樣幣。

漢字沖頭記錄了中國錢幣史發展的重要歷程，是中德兩國在19世紀末經濟往來密切的歷史見證。

德國在1896或1897年為奉天機器局提供了原始造幣設備，並且在

1906年為其派出技術專家。德國也是歐洲最先生產鋁的國家。

德國奧托 · 拜赫公司成立於1884年，與鄰近的格平根市的舒勒公司業務往來密切。舒勒公司成立於1839年，從事金屬片加工成形尤

奉天省造光緒元寶銀幣樣幣大多在德國面世，加之德國造幣廠與奉

其是壓印機的生產，目前是世界上最主要的造幣機供應商。

天機器局的聯繫，於是有人推測這枚樣幣是由德國的造幣廠鑄造的。在中國的近代化歷程中，建立完善的貨幣體系是至關重要的催化安徽省造光緒元寶銀幣樣幣

劑。19世紀90年代，世界各大造幣廠，如美國費城、英國伯明翰和德國舒勒廠等都想在新興的中國錢幣市場分一杯羹。1887年，

1999年，香港馬德和拍賣會出現了一枚1897年（光緒二十三年）

隨着安裝英國造幣機器的天津和廣東兩地造幣廠的建成，中國更多

安徽省造光緒元寶三分六厘銀幣，最後以流標收場。經詢問得知，

地方造幣廠也亟待建立需要設備。舒勒廠於1895年向中國交付了

該幣系一位德國老太太委拍。

第一批摩擦壓印機。

時至2002年9月，香港拍賣會出現了一枚德國機器廠銅質廣告幣。

5枚奧托 · 拜赫樣幣的發現

這枚廣告幣的龍圖和安徽二十三年極為相似，該幣幣面文字為德文，其意為 " 斯圖加市的威特林格廠製造或設計 "，而著名的德國

關於奧托 · 拜赫公司委託拍賣的錢幣還有一個傳奇的故事。

舒勒造幣廠 (Schuler) 恰巧就在這個地址附近。奧托 · 拜赫發現了一個裝滿黑油的金屬盒裝有5枚硬幣。盒中知所由於上述種種蛛絲馬跡的重重印證，使得這些珍稀中國機製樣幣是

以裝滿黑油，是為了在將這5枚幣運往中國的途中，以便保護硬幣

由德國鑄造的可能性大為增加。但因該公司未留下任何相關檔，終

使其不受氧化腐蝕損壞。然而，這些硬幣後來並未被送往中國，而

究無法證實此一推論。

是一直留在了奧托 · 拜赫公司。

幣模相關出版資料

這5枚幣中有一枚湖南省造光緒元寶當十銅幣樣幣，這也是唯一一枚通過 NGC 認證的全鏡面精製幣，評分為 NGC PF63RB，本次

雖然中國國內是在2012年奧托 · 拜赫德制幣模首次面世之後，才確

冠軍 VIP 精品微拍的正式這枚頗具傳奇色彩的湖南當十樣幣。此

認這些珍稀樣幣確實是由德國鑄造的，但早在此前幾年便陸續有相

外，還有2枚黑龍江省造光緒元寶庫平一錢四分四厘銀幣的黃銅

關資料出版。

樣幣（已知僅2枚，只有一枚打盒，評分為 NGC PF61），1枚評分為黑龍江省造光緒元寶庫平七分二厘銀幣的黃銅樣幣，NGC

2009年，是奧托 · 拜赫公司成立125周年，錢幣學家格哈德 · 庫梅

PF64RB（孤品），評分為 NGC MS62且帶有舒勒公司名的奉天省

177

黑龍江省造光緒元寶庫平三錢六分銀幣黃銅樣幣，NGC

AU55

1897年黑龍江省造光緒元寶庫

平七分二厘銀幣黃銅樣幣，可能是孤品，NGC PF64RB ，出自奧托 · 拜赫檔案室

1897年奉天省造光緒元寶七錢

二分銀幣黃銅樣幣，可能是孤品，NGC MS62 ，出自奧托 · 拜赫檔案室

1897年湖南省造光緒元寶當十

銅幣黃銅樣幣，可能是孤品，

NGC PF63RB ，出自奧托 · 拜

MS62, Otto Beh Archive

赫檔案室