The Nineteenth Issue of JEAN by jeandigitala1

東亞泉志

No. 19

2020. 07 / Issue 37

THE JOURNAL OF EAST ASIAN NUMISMATICS 中英雙語 - 電子季刊

25 th

周年

Bilingual (English - Chinese) Digital Quarterly

JEAN 1994-2019

Picture of Emperor Tongzhi 同治皇帝像

The travelogue of the geographer Ferdinand von Richthofen 地理學家費迪南·馮·李希霍芬

Map of the Late Qing Empire (1912) 民國初 (1912 年 ) 中國地圖

Mongolia 蒙古

Shanxi 山西 Tibet 西藏

g an eji zh 浙江

Fujian 福建

Ta臺 iw灣 an

ng 東廣

a Gu

蘇

Jiangxi 江西

江

Guangxi 廣西

Guizhou 貴州 Yunnan 雲南

Anhui 安徽

Hubei 湖北 Hunan 湖南

Henan 河南

Sichuang 四川

Tong Zhi tong bao 1 Cash 同治通寶一文銅錢

Shandong 山東

Jia

Gansu 甘肃

Zhili 直隸

陝西 Shaanxi

Xinjiang 新疆

Prices of Goods 商品價格

Fish/kan 240 Cash 魚 / 斤 240 文 Meat 130 Cash 肉 130 文 Flour 150 Cash 麵粉 150 文 An orange/Cash 橘子 / 個 1 文 Cotton lb 380 Cash 棉花 / 磅 380 文 ......

『本期專題 | FEATURES 』中國銅錢的價值——基於費迪南·馮·李希霍芬 1869 年至 1872 年間旅華日記研究

The Value of Chinese Cash Coins—From the Expedition Diaries of Ferdinand Von Richthofen between 1869 and 1872

1981 年大韓民國第五共和國成立紀念幣

The Fifth Republic Inauguration Commemorative Coins (1981)

釋出與回收：民國的黃金政策

Gold Policies of the Republic of China: Issuance and Redemption

JEAN

《東亞泉志》為冠軍拍賣公司總裁周邁可先生和著名錢幣學專家史博祿先生於1994年創辦，是一本學術性錢幣研究專

《東亞泉志》

業雜誌。旨在讓廣大錢幣收藏家、研究學者更深入地瞭解錢幣知識，讓世界各地的讀者更好地瞭解中國深厚的錢幣文化。

2021 免費訂閱

《東亞泉志》於1994年7月份問世，1999年停刊，發行了

18期。2015年5月，周邁可先生決定於2016年1月復刊《東

中英雙語 - 電子季刊

No. 19

Chinese / 中文 / jeanzg@163.com English / 英文 / championghka@gmail.com

亞泉志》，聘請著名錢幣研究學者袁水清先生擔任主編。

Bilingual (English - Chinese) Digital Quarterly

以披露最新錢幣收藏研究成果、推介泉界成功人士的事蹟為主。主要欄目有學術研究、人物專訪、鑒賞爭鳴、拍賣回顧、重要信息等。

25 th

周年

JEAN 1994-2019

2020. 07 / Issue 37

志泉志東亞泉東亞 No. 14

No. 15

2019. 04 / Issue 32

2019. 07 / Issue 33

東亞泉

S NUMISMATI ATIC THE JOURNAL N NUM OF ISM EAST ASIAN CS THE JOURNAL OF EAST ASIA THE JOU No. 17 5 th RNAL O 2 25 th F EASTTHE Digital Quarterly Bilingual (English - Chinese) ASIA JONU NUM RNA ISMATIC L OF S E AS 古巴 5 th T A 中英雙語 - 電子季刊

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周年

Bilingual (English - Chinese) Digital Quarterly JEAN 1994-2019

JEAN 1994-2019

珍妮特號航線圖

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Map of the USS Jeannette Sailing Route

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Charles Tong Sing US Congressional Medal

Chapter Chopmarked Coins - History The Yuan Shih Kai Portrait 10 Cash Coins

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C A N 李鴻章 Ag Chan Dg A

Silver Coin. 查尔斯Earliest · 唐先珍妮特號美國國會獎章 China’s The USS Jeannette

淺談戳記的種類袁世凱像共和紀念十文銅元《戳記幣簡史》第二章—— 2 - Types of Chopmarks

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THE JOURNAL OF EAST ASIAN NUMISMATICS

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Welcome to contribute articles. 歡迎投稿 ! Chinese / 中文 / jeanzg@163.com English / 英文 / championghka@gmail.com

Advisor

Chinese Editor

Che-lu Tseng

Yuan Shuiqing

顧問

中文主編

曾澤祿

袁水清

Hans-Henning Goehrum 漢斯 · 亨寧 · 格魯姆 Technical Advisor

Market i ng Adv isor

US Correspondent

European Correspondent

Gu Jun

Mark Sutton

J. Matthew Brotherton

Oliver Strahl

技術顧問

志泉志東亞泉東亞 No. 14

2019. 07 / Issue 33

東亞泉

S NUMISMATI ATIC THE JOURNAL N NUM OF ISM EAST ASIAN CS THE JOURNAL OF EAST ASIA THE JOU 5 th RNAL O 2 25 th F y 中英雙語 - 電子季刊

中英雙語 - 電子季刊周年

周年

Bilingual (English - Chinese) Digital Quarterly JEAN 1994-2019

Digital Quarterl Bilingual (English - Chinese)

JEAN 1994-2019

珍妮特號航線圖

Bilingual

Map of the USS Jeannette Sailing Route

A R C T I C

O C E A N

STRAIT BERING

Emperor Wu of Han

漢武帝時期鑄造

I A

早發行的銀幣

Chi

電子季

SIAN

nese 刊 )D igital

Qua

『本期專題 | FEATURES 』』『本期專題 | FEAT URES

2020 . 04

25 th

JEAN

U.S.A

Otto von

周年

19942019

Bismarck

俾斯麥

起點（Start）

/ Iss

ICS

ue 36

馬克·修頓

美國通訊員

馬修 · 布拉澤頓

Publisher & Editor in-Chief

Advertising & Circulation Manager

Michael H. Chou

Esther Zhao

Senior Editor

Design Director

出版人、總編輯

歐洲通訊員

奧利弗·斯特拉爾

廣告與發行經理

周邁可

趙婷婷

SAN FRANCISCO 珍妮特號

USS Jeannette Slave 奴隸 ships 船隻

Medal on Li

Hung Cha 李鴻章訪 ng’s visit to Ham 問漢堡紀 burg 念章

OF EAST ASIAN NUMISMATICS 『 THE 本 JOURNAL 专题 | SHOW 25TH期 ANNIVERSARY FEPANDA

ES 』

Hung Cha ng’s visi 李鴻章造 t to Otto 訪奧托· von Bism 馮·俾斯 arck 麥紀念章

Arms Pla 古巴 za, Cu 兵器 ba 廣場

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Charles Tong Sing US Congressional Medal

Chapter Chopmarked Coins - History The Yuan Shih Kai Portrait 10 Cash Coins

周年 1994-2019 中英 nglis 雙語 JEAN

Li Hun

Silver Coin. 查尔斯Earliest · 唐先珍妮特號美國國會獎章 China’s The USS Jeannette

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解讀 “白金三品”銘文辨識與

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Issue 35

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No. 15

2019. 04 / Issue 32

市場顧問

A 19

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FE A TU

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美術設計

Bruce W. Smith

Steve Feller

史博祿

史蒂夫·費勒

Tan Wanmei 譚婉梅

』

「中英雙語 · 電子季刊

Bilingual (English - Chinese) Digital Quarterly」

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FOREWORD

For this issue, we have the forward to the 3rd book in the series of the Medallic Memories - 100 Years of Financial History by the former ICBC chairman Jiang Jianqing. This book continues the fantastic story of financial history with his collection of medals, which has been a best seller in the Chinese financial book sector.

Jeff Garrett has an informative overview article on the fabulous National numismatic collection at the Smithsonian national museum of American history. The NNC holds one of the greatest numismatic collections in the world and is a wonderful resource for researchers. We also have an article we originally published in the 1990s by our senior editor bruce smith on the discovery of the Eduard Kann's banknote collection by Andy Lustig.

From this issue, we will start a series of articles with a license from NGC by David Vagi, a world-famous ancient coins expert, researcher, and director of NGC Ancients. We hope our readers can gain knowledge of the fabulous history of ancient coins from David's articles. We also have an interesting article by Mark Lovmo on the fifth republic inauguration commemorative coins. Mark and I visited leading Korean numismatic company Hwadong last July in Seoul, as he continues his work on the Korea numismatics. We hope to have a book project in the future in this interesting area to reveal new information on Korean numismatics. PCGS's Jay Turner has an informative article on the special striking of British commonwealth coins. We hope there is something interesting for everyone in this issue and look forward to meeting everyone again in the future. Starting September, we will start the 3rd survey to select the Top Chinese coins for the 3rd edition of Top Chinese Coins. Like the first survey, we will select gold, silver, and copper coins. The survey period will be September 2020 to December 2020, and we expect to have the 3rd edition of Top Chinese Coins by the Fall of 2021. Michael Chou Publisher & Editor-in-Chief

COLUMN

We also have an interesting interview with Stephen by our friend Colin Gullberg for the chopmark club. Colin and I this March traveled to Xinzhu to visit with Stephen, which was an excellent visit to discuss new projects together. We start a series of articles with Stephen Dai of Xinzhu, he is a renowned expert in Chinese silver ingots, financial history, and gold ingots. He has written many books on this area, and we will also have two book

O u r G e r m a n c o r r e s p o nd e nt Ol ive r St r a h l g ive s us a detailed repor t of the effects of COV ID 19 in numismatics.

DEPARTMENTS

Our friend Thomas Ullmann writes another article for us, this time on the value of Chinese cash coins based on diaries of Ferdinand von Richthofen.

reviews on Chinese gold policy and gold ingots.

FEATURES

In this issue, we have an extremely interesting article by our editor on the coin rubbing book of Howard Franklin Bowker during his stay in the far east from the 1920s to the 1930's. Bowker was in Shanghai, Wuhan, Ningpo, and travel also to Korea to acquire and view many interesting Chinese and Korean cash coins and charms.

（

CONTENTS

FEATURES

73 86 94

The Value of Chinese Cash Coins—From the Expedition Diaries of Ferdinand Von Thomas Ulhmann〔Germany〕 Richthofen between 1869 and 1872 The Fifth Republic Inauguration Commemorative Coins (1981)

Gold Policies of the Republic of China: Issuance and Redemption

Stephen Tai〔Taipei〕

BOOK REVIEWS

Significant Research on the Gold Currency of the Republic of China-The Archives Zhou Bian〔Shanghai〕 of Gold of the Republic of China Systematic Introduction to Nationalist China's Gold-The Untold Story of Zhou Bian〔Shanghai〕 Nationalist China's Gold (1937-1950) An Excellent Book on Kaiyuan Tongbao Produced under Emperor Wuzong [ 武宗 ] in the Reign Era Name of Huichang [ 會昌 ]-Illustrated Catalog of Kaiyuan Tongbao Yuan Shuiqing〔Xi'an〕 [ 開元通寶 ]: Huichang Kaiyuan Tongbao [ 會昌開元通寶 ]

14 31 36 38 46

A Preface to the Third Volume of Medallic Memories of 100 Years Jiang Jianqing〔Shanghai〕 of Financial History

54 68

Mints of the Roman Empire

Kanns Paper Money Collection Found Stephen Tai Interview

Oliver Strahl〔Germany〕

Bruce W. Smith〔USA〕

Colin Gullberg〔Taipei〕

The Smithsonian National Numismatic Collection: The Value of Money Exhibition

Jeff Garrett〔USA〕 David Vagi〔USA〕

An Extremely Precious Coin Rubbing Book: Ancient Chinese Coins Collected by Zhou Bian〔Shanghai〕 Howard Bowker during the Republican Period

PCGS Certifies Coins Struck for Royalty SmartTrack DNA FAQ Introducing SmartTrack DNA

Jay Turner〔USA〕

Rick Stelzer〔USA〕 Rick Stelzer〔USA〕

COLUMN

103 107 118

Covid-19 influences the numismatics

DEPARTMENTS

09 10

Mark Lovmo〔USA〕

前言 yan

（

qian

本期雜誌學術分量相對厚重。我們刊載了上海周邊先生依據冠軍

拍賣公司珍藏的文獻，所撰寫的《一本極為珍貴的記錄簿⸺ 民國時期包克先生的中國古錢收藏》，這篇有趣的文章圍繞霍華德 • 弗

了他寫的很多相關領域的書籍。本期還有兩篇關於戴學文所著民國時中國黃金政策和金錠相關書籍的書評。

蘭克林 • 包克在 20世紀 20 年代至30 年代留居遠東期間的一本錢幣

我們的歐洲通訊員，德國的奧利弗 • 斯特拉爾先生（Oliver

了很多珍貴的中國古錢和花錢，甚至遠赴韓國，購買了一些韓國的

的報告。

中國工商銀行股份有限公司前董事長姜建清所寫的《世界金融百年

章，這些文章由世界著名的古幣專家、研究者大衛 • 瓦吉（David

收藏的幣章為角度出發，講述了金融史上的精彩故事。該套著作現

可以從這些文章中瞭解到西方古幣的精彩歷史。

我的好友湯瑪斯 • 烏爾曼（Thomas Ullmann）又為我們寫了一

第五共和國成立紀念幣的精彩文章。我和馬克曾在 2019 年7月一起

拓圖本展開。當年包克曾在上海、武漢、寧波等地收藏並欣賞到古錢和異形花錢。

滄桑記憶 3》“序言”亦十分精彩，值得一讀。這本書繼續從他所已成為中國金融領域的暢銷書。

篇重要文章⸺ 《中國銅錢的價值⸺ 基於費迪南 • 馮 • 李希霍芬

1869年至1872年間旅華日記研究》，這是今人研究晚清中那 4 年貨

幣價值的必讀參考。

傑夫 • 加勒特（Jeff Garrett）就美國史密森國家歷史博物館中宏

富的國家錢幣收藏（NNC）撰寫了一篇錢幣收藏新展的概述文章，

內容資訊廣博。NNC 是全世界最頂尖的錢幣收藏之一，其擁有

的錢幣是研究者的資源寶庫。

我們還再刊了高級編輯史博祿（Bruce Smith）關於紐約安迪 • 盧

斯蒂格（Andy Lustig ）發現耿愛德紙鈔的故事，這篇文章曾在 20

世紀90 年代首刊于《東亞泉志》。

我們的好友高林（Colin Cullberg ）也根據對戴學文先生採訪，

整理出一篇《戴學文先生訪談錄》，內容頗具可讀性。戴先生是研

究中國金銀錠和金融史方面的知名專家。為了這次採訪，我和高林兩人專程前往新竹拜訪戴學文，這是一次愉快的拜訪，我們一

起討論了一些新的項目。首先，我們探討了一些文章，接着還聊到

Strahl），就新冠肺炎疫情對錢幣界的影響向讀者提供了一份詳細

從這期開始，我們將刊載一些列經 NGC 授權翻譯刊載的文

Vagi）撰寫，同時他也是 NGC 古幣部門的總監。我們希望讀者

這期還有美國馬克 • 洛莫（Mark Lovmo）撰寫的關於韓國發行的前往首爾參觀了韓國頂尖的華東錢幣公司。馬克一直專注于韓國錢幣方面的研究，希望之後可以為我們帶來更多關於韓國錢幣收藏和研究的新消息。

PCGS 的傑伊 • 特納（Jay Turner），就英國造幣廠為皇室造訪而

專門鑄打的特殊紀念幣撰寫的文章也刊在這期，文章內容資訊非常的豐富。

我們希望每一位讀者都能在本期看到自己感興趣的內容，同時也期待世界早日戰勝災難，憧憬着在第一時間能與各位再次相見。

另外，我們將於今年9月開始《中國近代機製幣精品鑒賞》第三版編撰的問卷調查工作。此次問卷的評選範圍與第一版一樣，包括金幣、銀幣和銅幣。問卷調查會持續到2020 年12月。該書預計可於2021年秋正式面世。

《東亞泉志》總編輯兼出版人：周邁可

目錄 lu

（

專題

中國銅錢的價值——基於費迪南·馮·李希霍芬 1869 年至 1872 年間旅華日記研究

90 99

1981 年大韓民國第五共和國成立紀念幣

托馬斯·烏爾曼〔德國〕馬克·洛莫〔美國〕

釋出與回收：民國的黃金政策

戴學文〔臺北〕

書評

11 12 13

研究民國黃金貨幣扛鼎之作——《民國黃金檔案》

一本研究会昌开元通宝钱的力作——《开元通宝图谱·会昌开元》

袁水清〔西安〕

24 34 37 42 50 61 71

《世界金融百年滄桑記憶 3》序言

薑建清〔上海〕

105 113 121

兩岸第一部系統介紹“國府黃金”的專著——《你所不知道的國府黃金》

新冠肺炎對錢幣界展會的影響耿愛德紙幣的收藏與發現戴學文先生訪談錄

史密森國家錢幣收藏新展——錢幣的價值古羅馬帝國造幣廠鑄造的硬幣

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

PCGS 認證的皇室紀念幣智能追蹤 DNA 的介紹

智能追蹤 DNA 常見問題

周邊〔上海〕周邊〔上海〕

奧利弗·斯特拉爾〔德國〕史博祿〔美國〕

部門

高林〔臺北〕

傑夫·加勒特〔美國〕

大衛·瓦吉〔美國〕

周邊〔上海〕

傑伊 · 特納〔美國〕

瑞克· 施特爾策〔美國〕瑞克· 施特爾策〔美國〕

專欄

Significant Research on the Gold Currency of the Republic of China

Zhou Bian〔Shanghai〕

The Archives of Gold of the Republic of China (《民國黃金檔案》) by Stephen Tai ( 戴學文 ) was published by Boduoxi Studio ( 波多西 ) in Taipei in January 2020 (ISBN 978-98687260-4-8). Boduoxi Studio is located at 231 Fuxing 2nd Rd., Room 803, Zhubei City, Hsinchu County 302, Taiwan (ROC); email: hwta@ms9.hinet.net.

The Archives of Gold of the Republic of China gives a detailed and systematic introduction to the basics and evolution of gold currency in the Republic of China. The book is divided into eight chapters, which narrate the history of precious metal currency of the Republic of China from silver to gold, and from gold ingots to gold central mint bars. Each chapter focuses on the general situation of the mints that produced gold central mint bars in different periods, including the Chongqing Central Mint, the Shanghai Central Mint, the Chengdu Mint Branch, and the Taipei Central Mint. The sections of each chapter introduce the mint marks, fineness, quantity, structure, and design of gold central mint bars manufactured by the above mints, and also record the circulation and policies of gold jewelry and some historical events related to gold. In the appendix, the author adds the documents of the management measures and general rules of precious metals like gold formulated by the Nationalist government over the years.

The author of this book, Stephen Tai, is a very diligent researcher on the Republic of China's gold currency and has published many well-researched articles. Since the historical documents of Nationalist China's gold are the basis of the research, Mr. Tai searched the original documents of the Taipei Central Mint, the Central Bank of the Republic of China, the Bank of Taiwan, etc., in the National Archives Administration of Taiwan, and solved many historical questions. Based on the previously available research, with combining discoveries and achievements, the book presents a more real, diverse, and authentic history, and comes up with many new ideas. With its rich and real historical document-based value, rigorous and scientific research style, the book presents a history of the Republic of China's gold currency to the readers. Overall, it is now a required book for research and reference for understanding the gold currency of the Republic of China.

Systematic Introduction to Nationalist China's Gold

Zhou Bian〔Shanghai〕

The Untold Story of Nationalist China's Gold (19371950) 《 ( 你所不知道的國府黃金》) by Stephen Tai ( 戴學文 ) was published by Boduoxi ( 波多西 ) Studio in Taipei in April 2018 (ISBN 978-986-87260-31). Boduoxi Studio is located at 231 Fuxing 2nd Rd. Rm 803, Zhubei City, Hsinchu County 302, Taiwan (ROC); email: hwta@ms9.hinet.net.

The famous German economist Karl Marx once said, "Gold and silver are not by nature money, but money consists by its nature of gold and silver". Gold, a natural metal, is recognized as the best exchangeable equivalent of all other commodities. After the Second Sino-Japanese War, the Nationalist government issued plenty of gold that had long been stored as reserves in the central bank’s vaults to curb the inflation caused by the war. Gold thus took on the function of circulating money. The history of transferring gold from the Chinese mainland to Taiwan by the Nationalist government in 1949 has been covered with a mysterious veil because of its incomplete records, and the fact that the relevant historical documents have not been made public or have been deliberately concealed. In recent years, it has been a hot topic between the Chinese mainland and Taiwan. Stephen Tai's newest publication, the Untold Story of Nationalist China’s Gold (1937-1950) , revealed the history of the gold transfer. In his research, Mr. Tai rigorously collected

and organized historical documents, systematically and authentically researching the related objects, archives, and pictures. Through his hard work, this book was compiled and published, serving as an essential reference work of the history of Nationalist China’s gold.

The Untold Story of Nationalist China's Gold (19371950) is divided into four chapters, which describe the origin of Nationalist China’s gold as a currency, the process of manufacturing gold into central mint bars, and the process of transferring it to Taiwan. The book has arranged events in chronological order. The author makes objective conclusions, with the support of many archival and historical documents. The book is also enhanced by a large number of photos. Over the years, Mr. Tai has devoted himself to studying government bonds, gold and silver ingots, and other subjects. Many of his famous and successful essays show the links between the Chinese mainland and Taiwan.

An Excellent Book on Kaiyuan Tongbao Produced under Emperor Wuzong [ 武宗 ] in the Reign Era Name of Huichang [ 會昌 ]

Yuan Shuiqing〔Xi'an〕 The first edition of the Illustrated Catalog of K¬¬¬aiyuan Tongbao [ 開元通寶 ]: Huichang Kaiyuan Tongbao [ 會昌開元通寶 ] written by Xiong Yan (ISBN: 978-7-5390-5797-2) was published by the Jiangxi Science and Technology Press in December 2019. The 356page hardcover book of 1,500 copies, 787mmx1092mm, is about 135,000 characters in length and cost 368 RMB.

Emperor Wuzong [ 武宗 ] of the late Tang dynasty used the reign era name of Huichang [ 會昌 ] from 841 to 846, and local governments minted Huichang Kaiyuan Tongbao cash coins, or Huichang Kaiyuan , in that time. From the An Lushan Rebellion (755-763) to the Wuzong emperor’s reign, there was a trend of decentralization, and more and more separatist regimes came into being in local areas. Despite continuous wars, commercial activities developed unusually fast in this period, so there was more need for currency. Before the Wuzong emperor’s reign, the central government took charge of the whole process of minting and issuing cash coins, and local governments had no right to implement or interfere with national policies. Coins minted were divided into three equal groups, namely, one turned over to the central government, one kept for the use of the coinage department, and the third distributed to state governments. This caused an intensification in the contradictions and conflicts in coin distribution between the central government and local governments. Against such a background, Li Shen, the governor of Huanan province, put forward a policy to delegate the right of minting to local governments, and the proposal was supported by Prime Minister Li Deyu and approved by the central government. After that, Li Shen took the lead in minting Huichang Kaiyuan in Yangzhou, followed by over 20 other local governments. There are no definite historical records about the mints of the Huichang Kaiyuan , so most studies have long focused on the mintmarks on their reverse sides. However, there are few studies about the inscriptions and decorations on their obverse sides. Fortunately, the Illustrated Catalog of Kaiyuan Tongbao :

Huichang Kaiyuan has filled the gap. The author reviewed materials extensively and collected Huichang Kaiyuan , traveling to eight places where the minting of Huichang Tongbao took place. He took the results and opinions from other studies into consideration, and drew some conclusions based on his systematic and innovative research. The book classifies the Huichang Tongbao according to 23 mintmarks on their reverses (chang [ 昌 ], dan [ 丹 ], e [ 鄂 ], fu [ 福 ], guang [ 廣 ], gui [ 桂 ], hong [ 洪 ], jing [ 京 ], jing [ 荆 ], lan [ 蓝 ], liang [ 梁 ], luo [ 洛 ], ping [ 平 ], run [ 润 ], tan [ 潭 ], xiang [ 襄 ], xing [ 興 ], xuan [ 宣 ], gun [ 兖 ], yi [ 益 ], yong [ 永 ], yue [ 越 ] and zi [ 梓 ]). In terms of the Huichang Tongbao produced by a particular mint, it makes an introduction according to the overview of mintage, an analysis of obverse inscriptions, and an analysis of character strokes, with some specialized articles included. Since Kaiyuan Tongbao coins minted by the same mint have different obverse inscriptions and decorations of stars and moons, the book identifies coin varieties according to the combination of their obverse inscriptions and decorations. After a guide chapter to the use in this book, there is a graph about the distribution of the varieties of Huichang Tongbao , which shows the distribution and rarity of each variety clearly. The book also includes colorful photos of 2,878 individual Huichang Tongbao pieces. Their rarities range from extremely rare, very rare, rare, scarce, to common, and each degree is divided into three sub-degrees according to their overall values, with market prices attached for reference. The Illustrated Catalog of Kaiyuan Tongbao: Huichang Kaiyuan Tongbao features abundant content and clear pictures, which allows readers to identify coins according in the book conveniently. As the book is both informative and useful, it is an important reference book for collecting and studying Huichang Kaiyuan.

K BO O

RE V IE W S

書

K BO O

RE V IE W S

評

研究民國黃金貨幣扛鼎之作

《民國黃金檔案》周邊〔上海〕

戴學文先生的《民國黃金檔案》已於2020年元月由臺北波多西工作室出版，國際標準書號：ISBN978-986-87260-4-8。波多西工作室在臺灣302新竹縣竹北市復興二路231號8樓之3，信箱 hwta@ms9.hinet.net 。本書詳盡系統地介紹了民國黃金貨幣的沿革，收集的相關

戴學文先生對民國黃金的研究治學甚勤，之前就有許多研

局。全書分為八章，將民國年間貴金屬貨幣從白銀到黃金，

戴先生從解禁的臺灣檔案管理局保存的中央造幣廠、央行、

文字資料極其翔實豐富，為我們展示了民國黃金的基本格

從金磚到廠條的歷史詳細敘述。重點把製作黃金廠條的重

慶廠、上海廠、成都分廠與臺廠各個時期相關概況分別

列章，生產的廠條的標記、成色、數量與形制都分節予以介紹。並對民間金飾流通和飾金政策，與黃金有關的一些

究文章發表。民國黃金的史料和資料是這方面研究的基礎，臺銀等浩如瀚海的原始資料中查找，解決了許多歷史問題。本書的出版發行，是在之前的基礎上，結合新發現與新成

果，呈現了更客觀、多元與真實的歷史，形成許多新觀點。

史實也有記載和研究。在附錄中詳盡地載錄歷年來民國政

《民國黃金檔案》一書，以豐富而真實的史料價值，嚴謹

資料。

也是研究與參考民國黃金貨幣的必讀著作。

府制定的對黃金等貴金屬的管理辦法、規則與通則等文獻

與科學的研究風格，為讀者展示了一部民國黃金貨幣史，

兩岸第一部系統介紹“國府黃金”的專著

《你所不知道的國府黃金》周邊〔上海〕

戴學文先生的《你所不知道的國府黃金》已於2018年 4月發行，由臺北波多西工作室出版，國際標準書號： ISBN978-986-87260-3-1。波多西工作室在臺灣302新竹縣竹北市復興二路231號8樓之3，信箱 hwta@ms9. hinet.net 。有位偉人說過： “金銀天然不是貨幣，貨幣天然是金銀”。

孫浩先生在本書的序中講：不容青史盡成灰。戴學文先生的新作《你所不知道的國府黃金》，適時彌補了這方面的空白。戴先生的著作以嚴謹地收集整理史料，系統與真實地研究相關的實物、檔案與圖片，通過努力與艱辛，使本書編成付梓，成為今後研究國府黃金這段歷史的重要著作。

黃金這個自然界的物質，在貨幣史中被公認是最佳等價物。

《你所不知道的國府黃金》分四章，將這段史實中黃金作

勝利後，由於戰爭導致的通貨膨脹被大量流出，擔負起了

灣按時間順序分別予以敘述，並運用大量的檔案與史料加

長期存放在國府中央銀行金庫作為儲備用的黃金，在抗戰

流通貨幣的功能。以及1949 年國府黃金運臺灣的這段歷史，

由於其經過與記載的不完善，史料尚未公開，或被刻意隱

瞞，模糊了視野，缺沒了焦點，掩蓋了真相。被蒙上了一塊

神秘的面紗。近年來，已經成為兩岸社會的熱門話題。

為貨幣過程的起源、改鑄與鑄成廠條，以及國府黃金在臺

以說明，使結論客觀可信。書中展示的大量的歷史照片與

實物照片，也使本書增色不少。戴先生多年來專研政府公

債、金銀錠等課題，許多文章在兩岸備受推崇，成果豐碩。

一本研究會昌開元通寶錢的力作

《開元通寶圖譜·會昌開元》袁水清〔西安〕

《開元通寶圖譜 · 會昌開元》，熊彥編著，江西科學技術出版社2019年12月第1版 ,135千字，356頁，開本 :787mm×1092mm, 精裝，印數 :1500冊，書號：ISBN 978-7-5390-5797-2，定價：人民幣368元。唐朝武宗李炎會昌時期（841-846年）各地方鼓鑄的開元

同道對會昌開元通寶錢研究的成果和觀點，使對這一專題

中央集權趨向衰弱，各地藩鎮割據狀況愈演愈烈。期間儘

個字⸺ 昌、丹、鄂、福、廣、桂、洪、京、荊、藍、梁、

加鑄幣總量。但此前鑄幣的鑄造、發行權集中於中央，地

按背字分節介紹，每節又分作鑄造概述、面文解析、字形

通寶鑄幣，是唐代末年鑄幣。安史之亂後至唐武宗會昌時，管戰事不斷，商業活動卻是畸形地發展起來，從而要求增方無權實施和干預，鑄幣分配使用“三分法”即上供、留使、留州的平均分配法，於是在鑄幣分配問題上，地方和中央的矛盾衝突加劇。淮南節度使李紳適時提出下放鑄幣的鑄

行權，給於地方自行鑄幣的請求，得到宰相李德裕的支持

和朝廷的允許， “許諸道觀察使皆得置錢房”。於是李紳在揚州率先開始鑄行會昌開元錢，接着全唐20多個鑄地幾乎

同時開鑄會昌開元通寶錢。

的研究有了系統總結和新的突破。全書以會昌開元錢背23

洛、平、潤、潭、襄、興、宣、兗、益、永、越、梓為主線，解析三部分，在部分節中還有專題文章。所分列的版式即

面文和背字的組合，由於中期開元通寶帶有各種的甲紋和星月，所以區分時更多的是面文和各種的甲紋和星月的組

合。 “凡例”後的“會昌版式分佈圖”，使得版式分佈、珍稀

度一目了然。全書共收錄 2 878 枚實物彩色圖片，按照珍、罕、稀、少、多分為一、二、三、四、五等，每等根據其

綜合價值又分為上、中、下三級，共15級，並附市場參考價。

史書上沒有明確會昌開元通寶錢的各個鑄地，國內對會昌

本書資料系統，內容豐富，圖片清晰，讀者可以按圖索驥。

對面文版式的研究。本書填補了這一空白。作者廣泛瀏覽

錢的一本重要參考讀物。

開元錢的研究很長時間是研究 23個鑄地背字上，而忽略了

資料，收集實物，足跡走遍會昌八鑄錢監鑄地，同時吸納

其知識性和實用性較強，所以這是收藏研究會昌開元通寶

A PREFACE TO THE

HIRD VOLUME OF MEDALLIC MEMORIES OF 100 YEARS OF FINANCIAL HISTORY Jiang Jianqing〔Shanghai〕

ince the first two volumes of Medallic S Memories of 100 Years of Financial

Jiang Jiangqing

History were published in 2018, the book series has been popular among readers. Some readers believe that to explore the history of finance from the perspective of medallion makes its content unique, innovative, and readable.

Some readers also appreciate the abundant

interested in financial and banking history. In 1995,

information and historical documents contained in

when I took the position of director of the Shanghai

the books. They wonder why I am so interested in

Urban Cooperation Bank (the predecessor of the

the history of finance and banking. Looking back

Bank of Shanghai), I suggested previous staffs

to the 1980s, I served as the oﬃce administrator in

to write about the history of the Shanghai Credit

Shanghai office of the Industrial and Commercial

Cooperation Community (the predecessor of the

Bank of China (ICBC). During the Chinese New

Shanghai Urban Cooperation Bank) and gave

Year, I would visit former directors and managers

certain support. Then, I was the director of the

who went into the banking industry before the

Shanghai office of ICBC, and I put for ward to

founding of the People's Republic of China, and

establish the Shanghai Bank Museum after a visit to

these personable old bankers in their eighties or

the Bank of England Museum. Around 2000, I was

nineties often talked about the past of the banking

promoted to be president of ICBC and chairman of

industry with me. At that time, I was in my thirties,

the board. I met many foreign bankers, and I often

and I didn't know much about the history of the

heard them talk about the history of their banks. I

industry, which inspired me to read and learn more

feel that a bank is greatly influenced by its historical

about it. In this process, I found myself keenly

and cultural background. The study of history is

people tend to forget the stormy time when they are in a stable environment. As Hegel said, the only thing we learn from history is that we learn nothing from history. It has been ten years since the financial crisis. The imbalanced condition of the global economic and financial structure has not been changed, and we see no adjustment in our economic and financial development model. Also, the relationship between consumption, saving, investment, and trade is still imbalanced. On the contrary, the phenomenon of "too-big-to-fail" is getting worse, and the leverage is still high. Those punished defaulters do not lower their debt levels because of worry and fear. In the first quarter of 2018, the global debt mounted to a new high of $247 trillion (318% of GDP), far above the warning line of 150%. The global monetary policy which features excessive credit expansion has aggravated the economic structural

Jiang Jiangqing

important, because it reminds people not to forget

imbalance and asset price bubbles. Against such

the past. Therefore, the study of banking history can

background, if we uphold policies, such as trade

keep bankers alert. In the process of learning and

protectionism, unilateralism, and hegemonism,

studying financial history, we can review the rise and

which benefits oneself at others' expense of other

decline of the banking industry, analyze risk cases,

countries, it may result in the next round of global

and think about reasons for the financial crisis.

financial crisis. As for the root of over-issue of

Thus, we can have a deeper understanding of bank

currency and the surge of debt, we need to mention

operation and risk exposure. After my retirement,

goldsmiths in the olden days.

I want to do something that is within my ability and I am interested in, so I continue to study and write

As I explain in the book, the goldsmiths gave

about banking and financial history. One year after

receipts to depositors who deposited their gold or

the publication of volume 2, I published volume 3. It

silver to make a profit, and such receipts gradually

follows the writing style of the first two volumes and

became banknotes or paper currency in early times.

explains the financial history from the perspective

Then came the credit monetary mechanism of

of medallion. Moreover, this volume makes more

banks. The receipt issued by goldsmiths gradually

objective analysis. It studies the development and

developed to notes, full reser vation bec ame

operation rules of financial institutions from the

fractional reser vation, and goldsmiths turned

micro perspective, explores the core of finance from

to bankers. Thus, banking in a real sense was

a broader view, and explains where finance comes

created by those adventurous goldsmiths. However,

from, whom it serves and what it should do.

there are also some risks involved. When those goldsmiths were finally "badly beaten", two words,

I wrote this book on the 10th anniversary of the

"rupt" and "bank" (which originally means a bench

global financial crisis, and I still have a lingering

or a table where moneychangers put their money for

fear of that unforgettable crisis in 2008. However,

exchange) formed a vivid word, that is, bankrupt.

In 2018, global government debt, company debt, household debt, and personal debt totaled to 247 trillion dollars, while the sum of circulating coins, paper money, stocks, savings, money order, and other broad money was just 90 trillion dollars. By 2018, only 180,000 tons of gold had been mined, or 8.6 trillion dollars. Such a huge gap has been secretly "issued" by modern goldsmiths since the Medal for the 100th anniversary of the founding of the CrĂŠdit Industriel & Commercial

17th century. We are in the age of modern finance in which money issuance is completely separated from gold reserve and the credit of a country is used as a reserve instead. In this circumstance, those who are "badly beaten" and suffer bankruptcy are central banks and governments of countries that issue money excessively. Inflation, in the final analysis, is a purely monetary phenomenon. I cite many rare materials about inflation, so readers can have a deep understanding

Bronze medal of the Central bank of West African States

of such phenomenon. I also introduce historical backgrounds of inflation in different countries, which makes the content to be more impressive for readers.

I n 192 3 , G e r m a ny i s s u e d c o i n s w i t h a denomination of 1 trillion mark and notes of 10 trillion mark, which is a record for a strange financial period before the Nazi was in power. However, it is not the note with the largest denomination in the world. Silver Medal of the Banque de l'AlgĂŠrie

German 1 trillion mark coins

Copper Medal of the RMB Syndicated Loan of the Oriental Pearl TV Tower

In 1946 , Hungary issued notes with a surprising denomination of 1021 peng, and it is undoubtfully the note with the largest denomination in the

world. This old "disease" continues to make

Superficially, inflation is an economic phenomenon

new stories. For instance, Yugoslavia issued

re late d to t he i s sue of n ote s. B ehin d it are

notes with a denomination of 500 billion dinar in

complicated political, economic, and social factors or

1993 during the Bosnian War. Considering the

policy mistakes. It is the innocent people influenced

denomination adjustment and monetary change

by the whopping inflation that is worthy of sympathy,

of dinar in previous years, 1 new "super dinar"

as they are suffering from an unbearable burden.

was equivalent to 1 quintillion old dinar, which level of inflation is as serious as that in Hungary.

When we analyze the reasons for financial crisis and inflation, we can also find problems in the modern financial industry, such as loss of target, imbalanced development, and alienation of management. The poor, the low-income, and small and microenterprise are inaccessible to financial service through formal approaches, excluded from the financial system. Joseph Eugene Stiglitz, the winner

Hungary note with a denomination of 1021 peng

of the Nobel Prize in Economics, argued that the vested interests of a small part of the population (the

In 2009 , Zimbabwe issued notes with a denomination of 100 trillion Zimbabwe dollar, and

so-called "1%") had over-ruled those of the majority

its inflation rate was as high as 2.31 million times.

industry pursues nothing but profit, and it abandons

of the population (the "99%"). Western financial the principle of human orientation. Gradually, it only cares about money instead of people. In the 21st century, especially after a highly destructive financial crisis, people started to reflect disadvantages of the Wall Street financial model blind to all but one's own interest. Angry at greedy financial capitalism, people oppose the unfair and imbalanced development of the society caused by the situation that the

Yugoslavia note with a denomination of 500 billion dinars

minority owns a large amount of financial wealth.

In recent years, Venezuela that is endowed with

poverty alleviation and common prosperity through

abundant resources also suffered severe inflation,

financial approaches, call for more attention to

and its inflation rate exceeded 10 thousand times

the vulnerable, and fight against usury in a new

in 2018.

form. People began to rethink the original target

In developing countries, people also work to realize

and mission of the financial industry, and strive to promote inclusive finance. It is proposed to bring the financial sector back to what it's supposed to do, that is, helping people to have a better life. With all these efforts, the financial industry can create higher social value. As early as ancient Greece and Rome, there was Zimbabwe note with a denomination of 100 trillion Zimbabwe dollars

banking industry, pawnbroking industry, usurers, and goldsmith bankers, and people came to engage

in finance. However, the theory came into being

In 2005, the global financial industry arrived at

much later. Constrained by religion for thousands

a consensus about a new concept of inclusive

of years, finance struggled to grow in a narrow gap.

finance, as the new concept targets major financial

Due to such extreme restraint, there was no way to

problems in the world. Our society requires the

convert savings into investment. Nevertheless, the

financial sector to make inclusive growth, so it

dawn of finance finally appeared in Florence during

should not only maximize profits, but also create

the dark middle age. If we compare Italian banks in

value for society, help people to be happy, and

the middle age to shining stars in a summer night,

serve real economies to the maximum extent. In

the Medici Bank must be the most dazzling one. The

this way, more people can afford financial service

Medici Bank was established in 1397 by the Medici

with higher quality and efficiency, and the financial

family, and its political opponent finally confiscated

risk can be actually controlled. The modern financial

its family possession in 1494. Its legend was linked

industry is confronted with a series of changes and

to three prominent figures of the bank. Its depositors

breakthroughs in concepts, theories, and practices,

could harvest dividends through investment, and

and its development is related to the optimization

it hid interests via trade. Then, a characteristic

and fairness of resource allocation and wealth

company form, holding company, was created,

distribution as well as the number of people that

which has dramatically influenced the development

it can serve. However, the inclusive finance is still

of world finance.

in the stage of exploration and discussion, and its focus is to make a balance between development

After the 17th century, commercial banks boomed

and commercial sustainability. In addition, it also

in Europe, and these banks benefited cross-border

needs to make sure that it can benefit all people

enterprises, traders, industrial factories, and other

and develop fairly and efficiently. The birth and

emerging capitalist classes. Yet, the high threshold

development of inc lusive f inanc e are highly

of these banks kept medium and small companies

endogenous so that it will change according to

and the poor from their ser vice. Two hundred

market demands. It is infeasible for the modern

years later, driven by the theory and practice of

banking industry to reduplicate the previous inclusive

cooperation, savings banks began to provide

finance model.

services to the poor, which means that the inclusive finance is finally realized in the saving and payment

Since there are no ready-made paths to follow,

arena. The cooperative finance works to solve the

booming inclusive financial businesses, such as

inequality of the finance industry, which makes loans

small and micro-enterprise loans, micro-financial

available to the poor at low cost. At one time, the

institutions, and rural credit system, can be regarded

savings bank, cooperative bank, and commercial

as a new exploration for the development of

bank stood as three major systems of the banking

inclusive finance, especially those inclusive financial

industry. However, the mission of the financial

businesses related to financial technology. The

industry deviated from its original track again.

new financial development path will be improved

Savings banks and cooperative banks then worked

through exploration, and new financial theory will be

to maximize their profits rather than supporting

innovated in practice.

the poor and helping each other, and they became

preferential to the rich. Therefore, their main service

In addition to the inc lusivenes s of f inanc ial

changed from small loans for the vulnerable group to

development, I also focus on the financial history

large loans for wealthy customers, gradually getting

of colonized countries in the book. There has been

away from the direction of inclusive finance.

much study of large European and American banks

that have long histories, but little of African banking

The French franc carries the history, culture, feeling,

history, as cross-border banks in Africa were usually

and liberal spirit of France. After the introduction

when built during colonial expansion.

of the euro, the franc is no longer used in France. Thankfully, it is still circulating in Africa. The

★ These colonized countries were unstable

politically and socially, so their historical archives were not kept well; the history of banks in colonized countries are somewhat disgraceful, and their archives are kept by their mother countries who are unwilling to publish these documents for study.

★ Moreover, the shor t duration, frequent

acquisition and inadequate attention on history

of banks result in a large gap in the study of African banking history, with few works and scholars in this field. ★ Nevertheless, the banking and enterprise

history of emerging market countries, including the history of African banking industry, is of great significance to study the social and

economic development of colonized countries and emerging market countries.

European Union is not the first to replace a sovereign cur rency with a cur rency of a c ommunit y of sovereign nation-states. Before the birth of the euro, Africa countries started to separate money from their states, and the system has run well since it was commissioned. The currency used by the Financial Community of Africa in Western and Central Africa is the CFA franc, and it is the common currency of two sovereign currency areas, including 15 sovereign currency countries. Countries in the CFA franc zone volunteer to give up their independent sovereign currency and monetary policy, as they want to maintain a stable currency, exchange rate, and credit and guarantee the convertibility of the CFA franc at the cost of the economic growth, trade development and international competitiveness. What is the final destination of the CFA Franc which has gone through 150 years? After the Organization of African Unity was replaced by the African Union, the African Central Bank was established. We wonder if there will be an African monetary union, how long it will take to unify the currency system and what kind of currency it will use. We are looking

The rise and decline of banks in colonized countries

forward to the future of the CFA franc.

have left an unforgettable memory of finance. Former French President Jacques Chirac said,

The Standard Bank of South Africa, the oldest

"without Africa, France will slide down into the rank

bank in the south of Africa, has run for one and a

of a third [world] power". Frenchmen emphasize

half centuries in South Africa. As a South African

that they are a wet nurse who brought Africa to be

subsidiary of the British overseas bank Standard

a modern and civilized society. The book starts this

Bank, it seized the opportunity of commercial mining

part from the medallion series issued by the Silver

of diamonds and gold in the 1870s and the 1880s,

Medal of the Banque de l'Algérie, and it illustrates

and it has grown to be a bank group which features

how the French government controlled the finance

the largest asset scale, widest institute network

of its colonized countries in the middle of the 19th

and greatest influence in Africa. After learning the

century. "After conquering, it's the time to show

150-plus years of history of the Standard Bank, we

mercy". French politicians wanted to open another

can truly understand the tortuous history of this

battlefield in colonied countries, that is, finance,

rainbow nation and the grave tragedy of the African

and they expected the "soft power" of finance

colony. The book also reveals how the Industrial and

to play a more significant and ever-lasting role.

Commercial Bank of China and the Standard Bank of South Africa reached cooperation. The Industrial and

Commercial Bank of China made an epoch-making investment, which helped to build a wide bridge for the economic and trade cooperation between China and Africa. Besides, the book introduces the history of the Bank of the Belgian Congo. This bank is unfamiliar to the majority, but its story may shed a light on the history of colonial banks. At the end of the 19th century, big European powers stepped up aggression in Africa. In 1876, only 10.8% of Africa was colonized, mainly in the coastal area. But by 1900, 90% of the continent had been carved up by Europe. Among all European countries, Belgium actively advocated and participated in colonization. Over a hundred years have passed, and we can well remember medallions issued at that time. There are controversial opinions on the Belgium King Leopold Ⅱ (1835—1909) and the Bank of the Belgian Congo. The colonial history of the U.K. is disgraceful, while the British Broadcasting Corporation excoriated the colonial governance of Leopold Ⅱ . It is impossible to go back to the past or change the history, and this period of history and these historical figures remain to be evaluated in the future. The latter two volumes make an introduction to

Belgian King Leopold Ⅱ

the cases related to financial history and transition in Central and Eastern Europe. In the story of the three giants in the Romanian banking industry, the book reviews its history and development from the viewpoint of medallion. Through 150 years of financial turmoil, the Romanian National Savings Bank is still running today. During a centur y of significant changes, Romanians under went regime changes and wars of secession, and they were looking for ward to making a mickle with many a little and having a peaceful life. Against this background, the Romanian National Savings Bank became a part of their memory. In 1990, the bank still held 32.9% of the Romanian banking

Wells Fargo

market, yet in 2006, it plumped to 4.03%. The

European countr y on the "chopping block" of

Czech National Bank, the oldest commercial and

Europe. It was confronted with the economic crisis,

savings bank in Czech, suffered a similar fate. As

and aggressed and occupied by Nazi Germany.

a young bank with an ancient history, it had a hard

Then, its planned economy collapsed, its trading

experience, since Czech is only a small middle

system was broken, and its international market

was impacted. Against the economic crisis, Czech suffered hyperinflation and a high unemployment rate. Its ossif ied system, outdated concepts, and lack of talents and technology prevented it from adapting to the market economy. At that time, most Czech banks had huge losses, the government attempted to relieve the burden through transferring the state shares, and the E.U. even took bank privatization as the condition to join. After banks were privatized, the Central and Eastern European countries lost their financial institutes, and their independent monetary policies became invalid. Especially during the sovereign debt crisis, oversea mother banks asked their member banks in Central and Eastern Europe to constrain lending, which made the situation even worse. As for those emerging market economy countries, they wanted to improve the eďŹ&#x192;ciency and profits of state-owned banks, whilst benefiting the whole society through macro-control. However, how states could make a balance and how they could participate in the banking system were another two hard and urgent issues to be solved. The Central and Eastern European countries were highly dependent on capital from the E. U., and 11 out of 16 had joined the union by then.

The Oriental Pearl TV Tower

Illinois National Bank and Trust Company was at one time the sixth-largest commercial bank in the United

From 2007 to 2013, structural funds from the E.

States, rated AAA by Moody's Investors Service,

U. and loans from European investment banks

as one of the greatest banks in the United States. It

accounted for 11% to 25% of the annual average

was an ordinary "neighborhood" bank and followed

GDP of these countries. From 2014 to 2020, the

common operational strategies, which means it

Central and Eastern European countries have

pursued expansion and market share. Nevertheless,

borrowed 200 billion euros, but it still can't meet their

over-lending and rapid capital expansion resulted

demand for construction. Since they have been used

in its asset-liability and liquidity imbalance. Inspired

to the political loan which features long duration and

by external factors, a mobility crisis burst out, and it

low interest, they are not accustomed to utilizing

became the first American bank that was too big to

commercial funds. If the E. U. cuts down funds,

fall. It was not until a financial crisis broke out in the

their financial industries will face a considerable

United States 20 years later that people realized that

challenge.

the case of the Continental Illinois National Bank and Trust Company was an alert. The Federal Deposit

In the global financial turmoil, successful banks tell

Insurance Corporation saved the Continental Illinois

similar success stories, while failing banks have their

National Bank and Trust Company, which marked the

own respective experience of failure. The Continental

beginning of the "too-big-to-fall" phenomenon. The

insurance company stupidly saved investors who

the Holy Spirit. A building collapse starts from the

should not be saved, so people didn't fear risks any

brick at the bottom. It hid related transactions,

longer. This was one of the causes of the financial

involved in scandals, and the bound between the

tragedy of the century in 2008. Unexpectedly,

family and the bank was fuzzy. Its poor and non-

European and American financial institutions that

transparent operation ultimately resulted in the

were the first to criticize the phenomenon of "too-

bankruptcy. Coincidentally, the words engraved on

big-to-fall" turned to intensify their banking industries

the medallion that the bank produced 24 years ago

ten years after the crisis. The market share of the

unfortunately came true, as a presage of the fate of

top five banks in the world's major economies

the bank. The Monte dei Paschi di Siena, the world's

has increased and accounted for more than 50%

oldest bank built in Italy in 1472, was also on the

excluding China. In some countries, the market

ropes in the financial crisis. At the beginning of its

share of the top five banks is even up to as high

founding, 7,392 loans were issued, and the average

as 90%. In addition to the banking industry, other

loan size was just 1 florin. The financial industry is

major industries, even the newly born e-commerce

like a marathon. The Monte dei Paschi di Siena,

industry, express delivery industry, and instant

a bank with a history of 540 years, should have

messaging industry, are all growing to be "too big to

been a good player in the industry. However, it was

fall". What is the root of this paradox? In my book, I

exhausted after a decade of running in the 1990s.

review and reflect on the theory of competition and

Though it once grew to be the third-largest bank

call for innovation in the new competition today.

in Italy through merger and acquisition, it suffered invisible pain and internal injury under the glossy

The Wells Fargo has been operating since its

appearance. As the financial crisis swept the world,

beginnings over 160 years before, and it used to

its problems burst out. Massive losses and non-

be a dazzling "role model" in the financial industry,

performing assets made it the worst bank in the

highly spoken by its followers represented by the

European banking industry. Its failure resulted from

world's most famous investor Warren Buf fett.

multiple factors, such as an imbalance economy,

However, the bank which used stagecoach as its

huge debt, imperfect system, operational mistakes,

logo forgot that a bank needed proper management

policy disagreement, and slow decision. The above

and control just as a stagecoach needed reins. It

cases warn us that, in the process of development,

opened "ghost accounts" and embezzled funds. Its

decision makes should weigh and balance between

negligence of fiduciary duty made it caught in the

growth and risk, between speed, profits, quality

vortex of crisis, and its board chairman was ousted.

and sustainability, and between short-term targets

Moreover, the Wells Fargo used to advocate for an

and long-term targets. Yet, it is a strategy easy to

aggressive cross-selling strategy which is highly questionable today. The case warns bankers to avoid moral hazard and adverse selection led by short-term and single incentive policies. Bankers should work to improve the level of demands and incentives, coordinate their cultural vision, strategic position, and target examination, and implement integrated and pluralistic incentive policies. Another classic case of moral hazard is the Banco Espirito Santo. The family financial empire built more than 150 years ago used to be very influential, but finally, it collapsed in an instant without the blessing of

Banca Monte dei Paschi di Siena

understand but hard to implement. How many people

history of Rougemont, Hottinger & Cie and the

could uphold such a strategy when the risk hasn't

new development of the private banking industry

broken out for a long time? It is due to the diďŹ&#x192;culty

with a long history in the world. The development

in the strategic selection that there are so many

of the CrĂŠdit Industriel & Commercial, the oldest

banks that turned from the prosperity to the failure.

commercial bank in France, is illustrated, and how its competitor, the Hongkong and Shanghai

I elaborate on the evolution of European Stock-

Banking C or poration Limited, was rooted in

Exchanges which was originally a market, and I also

France, is also explained. On the occasion of the

concluded its five major trends: exchanges turned

30th anniversary of the opening up of Pudong,

from mixed operation to professional operation;

Shanghai, I tell the story about the Oriental Pearl

from commodity trade to financial trade; from

TV Tower as the highlight at the end of the book. It

dispersal to integration; from base to derivates;

was in the passionate age for financial innovation

from offline to online. All these can be proved by

that the Oriental Pearl TV Tower was built through

many wonderful historic medallions. I explain the

borrowing money from domestic and foreign banks.

I can finally focus on the study of financial

courses. Different from the regular history

and banking history after my retirement. I

of enterprises, the study of the history of the

co-authored The History of Standard Bank

financial and banking industry needs a broader

Groups: The Financial Pearl of Africa with Fan

vision, as it reflects the development of a

Bing and Gao Wen, and it is the first Chinese

country economically and socially. However,

book about the history of African banks. In

strong professionality, a large number of terms,

2019, I co-authored two volumes of The Stock

and similarity and homogeneity of business

Reform of Large Commercial Banks in China

may make non-professional readers feel

with Zhan Xiangyang. The book records the

bored and hard to understand. I have worked

great stock reform of China state- owned

to conquered these difficulties and explored

commercial banks, and it shows the revival of

interesting stories of financial and banking

China's banking industry which experienced

history, so it would be easier for readers to

technological bankruptcy at the beginning of the

understand. If there are some shortcomings,

21st century. These published books revolve

please feel free to remark. I hope the book

around the history of financial enterprises,

can help readers to learn more about finance.

highly spoken by readers. Some of them

Financial history is not only about the past

were even listed as annual financial books,

but about the present and future, and it is not

and the honor inspired me a lot. Enterprise

only written in the book but also replaying

history was not identified as a modern subject

in real life. We should review the history to

independent of the economy until the 1930s,

foresee the future, and put our knowledge

and it has been an energetic subject since

into practice. It takes a heavy burden and

its birth. There is a boom in the study of this

embarks on a long road. Such is the preface.

filed, and many universities even set up related

《世界金融百年滄桑記憶1》和

《世界金融百年滄桑記憶3》

《世界金融百年滄桑記憶2》在面世後受到不少讀者的喜愛。一些讀者認為，此系列書從幣章角度切入探討金融史，內容新穎獨特，具有可觀、可讀性。一些讀者讚賞此系列書信息量

序言

大、史料性強。

。。。。。。

姜建清〔上海〕

同志撰寫了上海信用合作社史。受參觀英格蘭銀行博物館

的啟發，我在任中國工商銀行上海市分行行長時，提議並實施了上海銀行博物館的建設。2000 年後，我擔任了中國

工商銀行行長和董事長。在與許多國外銀行家會面時，我常聽他們聊起自身銀行的歷史，深感每家銀行受其歷史與

文化的影響很大。歷史研究的意義在於，提醒人們不要忘記過去，銀行史是讓銀行家警醒的學問。我們在金融史的學習與研究中，回顧銀行業的興衰成敗，剖析驚心動魄的

風險案例，追思危機釀成的深層原因，進而對銀行經營及姜建清

風險有了更深的領悟。從中國工商銀行董事長崗位退下後，我一直想做一件力所能及又感興趣的事情，於是接續了對

銀行史和金融史的研究和寫作。在本系列第二冊出版一年

。與前後，我再次向讀者呈上了《世界金融百年滄桑記憶 3》

許多讀者問我：為何你會對金融史和銀行史感興趣呢？

回想 20世紀80 年代，在中國工商銀行上海市分行當辦公室主任時，每逢春節前後，我都會例行慰問一些中華人民共

和國成立前銀行業的董事長、總經理，這些八九十歲風度

引展開金融史的漫談。有所區別的是，第三冊有了更多的

冷靜思考。在從微觀視角研究金融個體發展及運營規律的

同時，也從更開闊和久遠的歷史視野來探索金融本源，思考金融從哪來、為了誰、往哪去的宗旨與目標。

我寫本書的時候正是全球金融危機10周年之際。回想 2008

翩翩的老銀行家常會向我聊起舊銀行的往事。我當時才30

年那場刻骨銘心的危機，我至今仍心有餘悸。人們在風平

也確立了我對金融史和銀行史的濃厚興趣。1995年，在擔

人類從歷史中學到的唯一教訓就是，人類無法從歷史中學

多歲，對舊中國的銀行史並不瞭解。這促使我去尋書、讀書，任上海城市合作銀行行長時，我提議並資助了原信用社的老

兩冊一樣，第三冊秉承了我以往的寫作風格，以幣章為索

浪靜的時候往往會忘記驚濤駭浪的時刻。正如黑格爾所說，到教訓。

信貸銀行成立100周年（ 1859-1959）紀念銅章

在全球金融危機10周年後，人們依然看到，全球經濟和金

融結構不平衡沒有改變，經濟和金融的發展模式沒有調整，消費、儲蓄、投資和貿易失衡的現象仍廣泛存在， “大而不能倒”的現象愈演愈烈，債務杠杆仍居高不下。被懲罰的

西非國家中央銀行紀念銅章

借款人和債權人並沒有因擔心和害怕而降低其債務水準。

2018年首季，全球債務已攀升至 247萬億美元新高，占全

球 GDP（國內生產總值）的比重上升到了318%⸺ 遠超出

150% 的警戒線水準。全球過度信用擴張的貨幣政策加劇

了經濟結構和資產價格的失衡，以鄰為壑的貿易保護主義、

姜建清

單邊主義、霸權主義政策為下一次全球金融危機爆發點燃了導火索。貨幣超發與債務激增的根源還要從早期的金匠說

起。我在文中講到，由於金匠的獲利動機，存放金銀的收據成為最早的銀行券或紙幣，成為銀行信用貨幣創造機制

的起源。金匠的收據演變為銀行紙幣，全額準備金演變為

部分準備金，金匠演變為銀行家。真正意義上的銀行被這

法國阿爾及利亞銀行紀念銀章

些富於冒險精神的金匠創造出來了，不過風險也蘊含其中。 ”的“長凳（bank） ”給英頭破血流的金匠和“斷裂（rupt）

。2018年，語留下了一個生動的詞語⸺ “破產” （bankrupt）

全世界政府債務、企業債務以及家庭和個人債務的總和已

達 247萬億美元，全世界流通硬幣、紙幣、股票賬戶資金、

活期存款、定期存款、匯票等廣義貨幣的總量約為90萬億

美元。而全世界已經開採的黃金只有18萬噸，折算約8.6萬億美元。這一巨大的差額，就是從17世紀開始由現代金匠

偷偷“簽發”出來的。在貨幣發行完全脫離黃金儲備和將

國家信譽作為“儲備”的現代金融時代，遭遇破產及頭破

東方明珠廣播電視塔人民幣銀團貸款紀念銅章

血流的是“脫錨”濫發貨幣國家的中央銀行和政府。通貨膨脹，歸根結底是一個貨幣現象。為了讓人們深入瞭

近年来，资源丰富的委内瑞拉深陷通貨膨脹泥沼，2018 年，其通货膨胀率突破1万倍。

解通貨膨脹，我引用了許多罕見的“通貨膨脹”實物材料，介紹了各國通脹出臺的歷史背景，以使人加深印象。

1923 年，德國發行的1萬億馬克面值的硬幣和10萬億馬克面值的紙幣，記載了納粹登臺前的奇特金融史。然而，大面值紙幣的“冠軍”還輪不上德國。

辛巴威100萬億辛巴威元紙幣通貨膨脹從表面來看是與紙幣印刷機相聯系的經濟現象，而其背後則是錯綜複雜的政治、經濟和社會因素或政策的德國1萬億馬克硬幣

1946 年，匈牙利發行的帕戈（Peng?）更令人眩暈，其

面值是10 的21次方，成為當之無愧的世界最大面值的紙

幣。老“病”新傳的故事還在繼續：5 000 億面值的南

斯拉夫第納爾紙幣發行於1993年的波黑戰爭時期，若

加上第納爾在之前幾年的貨幣更換和幣值調整，最後的

1單位超級第納爾等於100萬萬億舊第納爾⸺ 1後面有 18個 0，幾乎可以比肩匈牙利的通貨膨脹了。

失誤。在令人咂舌的天文通脹數字背後，真正值得我們同情的是那些無辜人民，他們承受著無法承受之重。

在分析金融危機和通貨膨脹等背後原因的同時，人們還意

識到當今金融業目標迷失、發展失衡和經營異化的問題。許多貧困、低收入人群及小微企業無法通過正規途徑獲得金融服務，被排斥在金融體系之外。諾貝爾獎獲得者斯蒂

格利茨說過： “1% 群體的人們攝取了社會財富，留給 99% 群體的人們只有焦慮和不安。”西方金融業把逐利作為唯一

追求，摒棄了以人為中心的宗旨，慢慢見物（財富）而不

見人了。在跨入 21世紀，特別是經歷了慘烈的金融危機後，人們開始反思唯利是圖的華爾街金融模式的弊病，憤怒於金融資本主義的貪婪，反對少數人群佔有巨額金融財富導

致的社會不公平、不均衡發展。在發展中國家，人們還關

注金融的扶弱濟貧、共同富裕問題，呼籲關注弱勢群體，反對新形態的高利貸。人們開始重新思考金融業的初衷和匈牙利帕戈正反面

2009 年，辛巴威發行了100萬億辛巴威元面值的紙幣，當年的通貨膨脹率達到了驚人的231萬倍。

使命，並將普惠金融寫在金融業的旗幟上，其目的是要求金融業回歸到為人們美好生活服務的宗旨上，以確立金融業更崇高的社會價值觀。

從古希臘、古羅馬的銀行業、典當業到高利貸者和金匠銀

行家，人類發現金融的實踐功能很早，但對資本的理論認

知卻很晚。經過千年的宗教禁錮，金融在狹縫中艱辛生長，受到極度抑制，儲蓄轉化為投資的通道被堵塞。儘管歐洲中世紀一直在黑暗中徘徊，但金融的曙光終於在佛羅倫斯初現。如果把意大利中世紀銀行比作夏夜的璀璨星空，那

麼美第奇銀行顯然是其中最耀眼的一顆。從1397年建立到

1494 年被其政治對手充公，美第奇銀行因為三個重要人物

5 000億面值的南斯拉夫第納爾紙幣 26

而維繫了它的百年傳奇。美第奇家族讓存款人通過參與投

資的方式獲得分紅，用巧妙的貿易來隱藏利息，從而形成

了獨具特色的控股公司形式，並在世界金融史上留下了深深

★首先，殖民地國家政治、社會的劇烈變動導致歷史

17世紀後，歐洲的商業銀行快速發展，其受益者中增加了

★其次，殖民地銀行多少有些不光彩的過去，銀行及

的高門檻仍將眾多中小企業和窮人拒之門外。在互助合作

歷史檔案以供研究 ;

的痕跡。

跨國公司、貿易商人和工業廠商等新興資產階級，但銀行理論和實踐的推動下，近兩百年後，儲蓄銀行終於向窮人

檔案收集保管缺失 ;

企業檔案存儲於原宗主國，原宗主國並不願意公佈其

打開大門，在存款和支付領域實現了金融普惠。合作金融

★最後，殖民地銀行存續期短、兼併重組多且不重視

本貸款。儲蓄銀行和合作銀行兩大銀行體系一度與商業銀

作和學者較少。

的誕生劍指更深層次的金融不公平現象，讓窮人得到低成行並肩成為銀行的三大體系。然而， “使命漂移”現象又出

現了。儲蓄銀行和合作銀行逐漸從扶貧濟困、合作互助轉

修史，從而形成金融史研究的大段空白，導致研究著

向財務利潤最大化，從偏向於弱勢群體轉向偏好富裕人群，

但是，包括非洲銀行業在內的新興市場國家的銀行和企業

款，從而與普惠金融的方向漸行漸遠。

有意義。百年來殖民地銀行的興衰成敗、是非功過，給人

從支持弱勢群體的小額貸款轉向熱衷於富裕客戶的大額貸

2005年，新的普惠金融觀念很快在全球達成共識，因為它

史，對於研究殖民地和新興市場國家的社會及經濟發展極留下了難以磨滅的金屬記憶。長久以來，法國政壇流行一句

“如果沒有了非洲，法國就會成為二流國家。”法國人強話：

切中了世界的痛點。社會呼籲金融要包容性增長，金融追求

調自己是使非洲成長為現代文明社會的“乳娘。”我在書中

價值，為人類幸福賦能，為實體經濟服務，讓更廣泛的人

國政府控制殖民地金融的歷程。 “征服過後，行善者的時代

的目標並不僅是效益最大化，還有最大限度地為社會創造

群以負擔得起的成本享受品質更優、效率更高的金融服務，並能實質性控制風險。當今金融發展面臨着觀念、理論和

實踐的一系列改變與突破，這關係到資源配置和財富分配

從阿爾及利亞銀行的系列銅章談起，揭示了19世紀中葉法

躍然而至” ，法蘭西政治家們希望在殖民地金融領域開闢另

一戰場，期盼金融軟實力能比槍炮起到更大、更久的作用。

的優化和公平，關係到金融是服務多數人還是少數人的問

在歐元誕生之後，法國告別了承載着法蘭西歷史、文化、

點涉及普惠金融與商業可持續的平衡發展，以及金融“普”

洲流通。歐盟並不是廢除主權貨幣的第一個吃螃蟹者。在

題。但是，普惠金融仍走在探索與爭論的過程中 , 爭議的焦

與“惠”、公平與效率平衡發展的難題。普惠金融的產生和

發展具有強烈的內生性，具有因市場需求而誘導性變遷的特性，銀行業複製歷史上的金融普惠模式已經不具有現實可行性。

前方並沒有現成可仿效的道路，現今中國蓬勃發展的小微

企業貸款、微型金融、 “三農”信貸等普惠金融實踐，尤其是在金融科技模式下的普惠金融實踐，都可被視為對普惠

金融發展的新探索。新的金融發展道路將在探索中完善，新的金融理論也會在實踐中創新。

在關注金融發展包容性的同時，我也將目光注視到殖民地國

家的金融史。相比歷史悠久的歐美大型銀行，對非洲銀行

史的研究一直是金融史上的薄弱一環。究其原因，早期的

非洲跨國銀行通常伴隨着殖民統治的滲透擴張。究其原因：

情感和“自由”精神的法郎。令人慰藉的是，法郎依然在非歐元誕生之前，非洲大陸已經率先實行了貨幣與主權國家

相脫離的政策，而且至今依然正常運行。這便是流通於西

非和中非的非洲金融共同體貨幣⸺ 非洲法郎，它是非洲兩個跨主權貨幣區、15個國家的共同貨幣。非洲法郎區各

國自願放棄獨立主權貨幣和獨立貨幣政策，付出了影響經

濟增長、貿易發展和國際競爭的代價，得到的是貨幣穩定、匯率穩定和信貸穩定，並保持了對非洲法郎可兌換性的信任。走過150 年漫長歷程的非洲法郎，其最後的歸宿是什

麼呢？在非洲統一組織改為非洲聯盟之後，非洲中央銀行

成立了。非洲未來會不會成立整個非洲的貨幣聯盟，從而

實現非洲貨幣統一呢？這個進程還需經歷多麼漫長的道路才會實現呢？它又會“釘住”什麼貨幣呢？人們盼望早日翻開“明天”的一頁。

南非標準銀行是非洲南部地區最古老的銀行，其在南非從

事營業活動長達一個半世紀。在非洲開普敦初創的英資貿易融資銀行，因抓住了19世紀七八十年代鑽石和黃金的發

現契機，成長為非洲資產規模最大、機構網路最廣和最有

影響力的銀行集團。只有閱讀過150多年的標準銀行歷史，我們才會領悟彩虹之國的曲折歷史，領悟非洲殖民地的深重災難。本書還揭秘了中國工商銀行與南非標準銀行世紀

握手的前因後果，這一劃時代的投資交易為中、非之間的經貿合作架起了一座寬闊的金融橋樑。本書還介紹了人們不

甚熟悉的剛果比利時銀行，掀開了非洲殖民銀行歷史的一

幕。19世紀末，歐洲列強加快了入侵非洲的步伐。1876年，

歐洲列強只佔領了非洲10.8% 且主要分佈在非洲沿海的土

地。但到了1900 年，歐洲列強已經瓜分了非洲90.4% 的土地。其中，比利時是積極的宣導者和參與者。雖然時間已

過百年，但金屬幣章讓人們記憶猶存。對於比利時國王利

奧波德二世（Leopold Ⅱ，1835―1909）及剛果銀行的是

非功過，人們一直存在爭議。雖然英國自身的殖民歷史不

見得光彩，但 BBC（英國廣播公司）對利奧波德二世的統

治給予了嚴厲指責。時空不能穿越，歷史也無法重演，歷史與歷史人物只能留待後人評價了。

富國銀行 logo 在本系列的第二、三冊中，我着手對中東歐金融歷史和轉

型的案例做了介紹。在羅馬尼亞銀行“三巨頭”變遷的故事中，我通過幣章回溯了其金融歷史及轉變。經歷了150年金融滄桑的羅馬尼亞國有儲蓄銀行今天依然存在。在羅馬尼

亞的百年巨變中，不論政權更迭還是戰爭肆虐，積少成多的

儲蓄存款及安寧的家庭生活始終是羅馬尼亞人最後的期盼，儲蓄銀行始終是他們記憶中的一部分。這家羅馬尼亞國有

銀行在1990年還佔有羅馬尼亞銀行業市場份額的32.9% ，

但到了2006年，其市場份額劇降至4.03% 。捷克最早的商

業銀行和最早的儲蓄銀行同樣有着跌宕起伏的歷史。年

輕又古老的捷克國家銀行有着處在歐洲砧板上的中東歐小

國金融的困苦經歷。經濟危機侵襲，納粹德國蹂躪，計劃經濟解體，貿易體系被打破，國際市場衝擊，經濟危機凸

現，惡性通貨膨脹和嚴重失業並行，當時運行僵硬的國有

銀行的體制、觀念、人才及技術都不適應轉變中的市場經濟。當時，多數銀行出現巨虧，政府企圖卸掉包袱，國有股權紛紛易主，歐盟甚至將銀行私有化作為各國加入歐盟

的前提條件。在銀行私有化後，中東歐國家缺失本國金融

機構，獨立貨幣政策的傳導機制開始失效。在歐洲主權債務危機時，外資銀行母行則要求中東歐國家分行限貸，這

無疑是雪上加霜。轉型中的新興市場經濟國家，既希望提

升國有銀行的效率和效益，又希望國有銀行發揮宏觀調控、提供社會福利的效用，但兩者如何平衡以及國家如何參與銀行體系的股權卻是迫切而又兩難的命題。中東歐國家對

歐盟資金的依賴度較高，16國中的11個國家已經加入了歐盟。2007―2013年，歐盟結構性基金及歐洲投資銀行貸給

中東歐國家的資金占中東歐國家年均 GDP 的11%~25% 。比利時國王利奧波德二世

2014―2020年，中東歐國家得到上述貸款資金約2 000 億歐元，但仍不能滿足中東歐國家的建設需求。中東歐國家

在習慣於期限長、利率低的歐盟政策性長期貸款後，對利

融危機中奄奄一息的還有全世界最古老的銀行，即1472年

支持資金遞減，那麼這勢必會給中東歐的金融業帶來挑戰。

了7 392 筆貸款，平均單筆貸款只有1弗羅林。金融業是“馬

用商業性資金反而變得不習慣和不擅長了。如果歐盟給予的

世界金融滄桑變遷，成功銀行的故事大致相同，失敗的銀

從意大利當鋪起家的錫耶納銀行。該銀行在成立初期發放

拉松”行業，這家跑了540多年馬拉松的錫耶納銀行按理說是業內好手，可惜在 20世紀90 年代後連續十幾年的激情奔

行卻各有各的故事。美國伊利諾大陸銀行曾是美國第六大

跑中耗盡了體能。雖然一連串收購、兼併使錫耶納銀行成

該銀行也是一家普通的“鄰家”銀行，走的是司空見慣的傳

的是其隱痛和內傷。在全球金融危機來臨之時，錫耶納銀

銀行，被評為美國“最優秀的銀行”⸺ 穆迪 AAA 評級。

統銀行套路⸺ 追求規模擴張，追求市場份額。然而，該

銀行過量的信貸投放和急劇的資產擴張造成了銀行資產負

債和流動性失衡。在外部因素的激發下，流動性危機形成並爆發，該銀行成為“大而不能倒”的首個案例。直到20 年後，美國金融危機爆發，人們才明白美國伊利諾大陸銀行危機是預警、前奏。當時，美國聯邦存款保險公司拯救美國伊利諾大陸銀行就是“大而不能倒”的危險開端，因

為保險公司愚蠢地拯救了不該拯救的投資者，以至讓人們

對風險“無所畏懼”，這是 2008年的世紀金融悲劇的誘因之

一。危機爆發10 年後，沒想到率先批評“大而不能倒”的

為意大利第三大銀行，但在其靚麗的外表下，外界看不見行的疾病終於迸發了。巨額虧損和不良資產使錫耶納銀行

成為歐洲銀行業中最糟糕的銀行。其病因是眾多因素積累而成的：經濟失衡，債務高企，制度缺陷，經營失誤，政策異見，決策遲緩。這一案例又一次警誡我們，銀行發展

始終存在發展與風險之間的權衡，速度、效益、品質之間

的權衡，短期目標與長期目標之間的權衡，以及做強、做優、做久三者之間的權衡。然而，戰略選擇知易行難。在風險沒有爆發的漫長階段，又有多少人有戰略定力呢？正因為戰略選擇如此艱難，歷史上盛極而衰的銀行才比比皆是。

歐美金融界卻“南轅北轍”、逆勢而行，持續提高本國銀行業的集中度。除中國外，全球主要經濟體前五大銀行的市場占比均提高到50% 以上。有些國家的前五大銀行的市場

占比甚至高達90% 。不僅是銀行，各國的主要產業也無一例外，甚至剛誕生的電商行業、快遞行業和即時通信行業

都在“大而不能倒”的道路上一往無前。產生這一悖論的根源是什麼呢？我在書中對競爭理論進行了回顧和反思，並呼籲競爭理論應在新的競爭實踐下進行創新。

具有160多年歷史的美國富國銀行曾是頭頂耀眼光環的金融

“模範生”，受到全球“富強粉”的熱捧，站在粉絲最前排的就是著名投資家巴菲特。然而，這家以馬車為圖騰的銀

行卻忘記了馬車需要韁繩，汽車需要刹車，銀行需要管控。這家銀行忽視了銀行的信託責任，私開“幽靈帳戶”，挪用

客戶資金，跌進了危機旋渦，導致其董事長慘澹下課。富國銀行奉為圭臬的“交叉銷售”激勵也受到質疑。這一案

例告誡銀行家們，要避免短期和單一激勵導致的道德風險

和逆向選擇。銀行家要提升激勵需求層次，協調銀行的文

化願景、戰略定位和目標考核，推行綜合激勵和多元激勵。典型的道德風險案例還有葡萄牙聖靈商業銀行案例。這家

逾150 年的家族金融帝國，往昔如日中天，最終聖靈不佑、

瞬間崩潰。大廈崩潰是從底部磚塊的挪移開始的。葡萄牙

聖靈商業銀行隱瞞關聯交易，涉嫌連串醜聞，模糊家族與

銀行利益的界限，在公司治理、透明度披露方面弊端百出，最終導致銀行破產倒閉。詭異的是，該銀行 24 年前鑄就的

銅章上的文字一語成讖⸺ 預見了聖靈銀行的宿命。在金

東方明珠塔

我在書中考證了歐洲交易所從集市到交易所的歷史沿革，歸

納了交易所從混業走向專業、從商品交易走向金融交易、從分散走向聯合、從基礎走向衍生、從線下走向線上的五大演

進趨勢，並以一批精美的歷史古章予以佐證。我在書中講述了瑞典赫廷格銀行的前世與今生，以及世界私人銀行業的老

樹展新枝。我在書中還講述了法國商業銀行的“老祖宗” ⸺

法國工商信貸銀行（Crédit Industriel & Commercial，簡稱 CIC）的歷史變遷，以及其競爭對手滙豐銀行植

根法國的來龍去脈。在上海浦東開放30周年之際，我講

述了東方明珠廣播電視塔中外銀團貸款的前因後果，那

個激情四射年代的金融創新為本書的結尾留下了亮點。

在退出領導崗位後，我終於可以專心致志地從事金

業史學自誕生後，充滿着活力和生機，掀起了一股

文越合著了《非洲金融明珠⸺ 標準銀行集團史》，

金融史與銀行史不同於一般的企業史，其視野更

融史和銀行史的研究了。2018年，我與樊兵、高

這是首部中文版的非洲銀行史。2019 年，我與

詹向陽等一起編著了《中國大型商業銀行股改史》

（上、下冊），此書是我在中央銀行和五大商業銀行

領導的支持下費時兩年完成的，書中記載了波瀾壯闊的中國國有商業銀行股份制改革的歷史，生動地展示了在 21世紀初被稱為“技術上已經破產”的

中國銀行業鳳凰涅盤、浴火重生的過程。已經出版的這些著作大都屬於金融企業史的範疇，獲得

了不少讀者的讚揚和鼓勵。一些書被評為年度最

佳金融書籍，我深受鼓舞。直到20世紀 30 年代左

右，企業史學才從經濟史中獨立出來並形成獨立的

學派，成為歷史學領域一門獨立的新型學科。企

錫耶納銀行

企業史研究熱，許多大學也開始增設企業史課程。為廣闊。金融與銀行史往往折射出一國經濟、社會發展的歷史軌跡，但是金融業務專業性強、專業術

語多，業務之間具有相似性和同質性，非業內人士可能會感覺其枯燥難懂和平淡無味。我在本書的

撰寫過程中力求克服此難題，盡力挖掘金融史和銀行史上的精彩故事，讓讀者覺得通俗易懂，如仍

有不足之處，敬請大家原諒。我也期望本書能為

金融普及抛磚引玉。金融歷史不僅是過去完成式，更是現在進行式和將來式；不僅體現在書本上的文

字中，更能在真情實景中重現。鑒往知來，知行合一，我們依然任重道遠。是為序。

Covid-19 influences the numismatics Oliver Strahlă&#x20AC;&#x201D;Germanyă&#x20AC;&#x2022;

Covid-19

a pandemic can take on far different

countries with helpful suppor t in

dimensions in an uncontrolled

the form of doctors and urgently

Tw o w e e k s h a v e n o w p a s s e d

manner is not understood. The aim

needed protective clothing. For this,

since the cancellation of the 50th

of the restrictions is therefore to

structurally impor tant institutions

N U M I S M ATA 2 0 2 0 i n M u n i c h

prevent overburdening the health

are very grateful, which, despite the

(Ger many). The vir us Covid -19,

care system and to avoid conditions

crisis, sacrifice their own health for

which was first discovered in Wuhan

similar to those in the subtropical

the public every day in their services.

(China), has since then kept the

zones - the mortality rate in Italy or

world in suspense as a pandemic

Spain is almost 10% (as of March 24,

(classified by the WHO) and provides

2020) and hospitals are on the verge

us with new reports almost every

of collapse. The German Chancellor

hour. A long f ight was declared

Dr. Angela Merkel gave an earth-

against the virus and with the 21st

Since the Covid -19 crisis, stock

shattering speech to the nation on

of March 2020, an initial restriction

markets and precious metals have

March 18, 2020. The Corona crisis

was imposed on the whole of

plummeted to historic lows. Precious

is the biggest challenge since the

Bavaria. Among other things, the

metals that are used for industrial

Second World War and the current

apartment may only be left for very

purposes, such as silver or platinum,

situation is serious. She estimated

valid reasons such as going to work,

have been especially affected.

the possible infection rate at 60 -

shopping or visiting the doctor. Social

70% in the entire population. EU

visiting contact with the family must

Large quantities of precious metals

Commission President Ursula von

also be avoided. These restrictions

are sold on the market that are only

der Leyen had to admit that she had

had to be imposed because many

on paper (certificates). On the other

underestimated the virus at first. The

young residents did not understand

hand, an extreme increase in the

leading Robert Koch Institute (RKI)

the seriousness of the situation

purchase of physical precious metals

classified the risk situation from

and, due to school closures, met for

is registered. Many dealers are far

Covid-19 as high. The RKI does not

example in the park for so-called

overstrained with the current run

expect vaccination until spring 2021

corona parties. It was celebrated

and have stopped selling or refer to

and the pandemic could even last for

cheerfully in the fellowship with the

delivery times of up to six weeks.

two years.

The c ur rent hamster purc hases

consumption of alcohol and shishas.

Precious Metals Market

of food and hygienic articles have

Every fourth citizen feels that the

However, there are also positive

situation is just pure panic-mongering

expanded to include precious metals.

news to repor t: The People's

(survey by Bitkom e.V.). The high

Nevertheless, the demand cannot

Republic of China has managed to

risk of infection is completely

be slowed down and this although

get the virus under control through

disregarded, and the number of

sometimes a surcharge of up to 70%

st r ic t quar ant ine measure s and

infected people is increasing sharply

over the spot price is charged. For

by the consistent behavior of the

every day. Often a comparison is

many new buyers, the precious metal

population. With its experience,

made with influenza, but the fact that

is a hedge for the crisis and serves

China is now providing other affected

for possible bar ter transactions.

The one ounce of silver costs no more than a pack of toilet paper on Amazon at this special time. The shortage of precious metals will be accelerated by the closure of Swiss refineries due to the Covid-19 crisis Switzerland has covered 70% of the world's gold bullion production so far.

5 0 t h NUMI SM ATA 2020 Munich

For 30 Euro per pass, admission for

In view of the current happenings

possible from 07:30 on both days of

it is not surprising why the 50th

the fair. The regular opening would

foresighted decision to cancel their

Anniversary Fair of the NUMISMATA

have taken place at 09:30 a.m., here

participation for reasons of caution.

in Munich (7-8 March 2020) had to be

thousands of visitors waited in the

A few more dealers followed suit.

cancelled only a few hours before.

entrance hall for admission during

In the social media, discussions

the last years. This year the ticket

suddenly flared up after incidents

In retrospect, many people wonder

prices were 12 Euro for both days,

continued to escalate as to why the

why this international and second

10 Euro for Saturday and 6 Euro

fair is not simply cancelled. Several

largest coin fair in Germany with

for Sunday. The situation gradually

visitors announced that they will

5,000 expected visitors and hundreds

worsened three days before the

avoid crowds of people in order not to

of exhibitor s was not c anc elled

start, contagions in Italy increased

risk a possible infection and that they

earlier.

rapidly and in Germany the media

will completely refrain from visiting

reports overflowed. The organizer

other fairs this year. On Friday, the

Let us look back at the beginning of

received many worried calls on this

6th March 2020, Germany's largest

March with the knowledge of today.

day as to whether the fair would be

stamp fair Philatelia, which like the

The crisis was still far away at that

hold safely. Shortly afterwards the

NUMISMATA is also located at the

time and only very few could have

official homepage was updated with

MOC Event Center Munich, opened

guessed what was in progress. The

the words: "The NUMISMATA will

its doors for the collectors.

first cases of the disease were in

take place!!!". This message was

Italy, South Tyrol and the west of

additionally highlighted with a strong

NGC International GmbH and the

Germany. Only trade fairs with over

red color tone. The organizer had

Professional Association of German

100,000 visitors were cancelled. For

the permission of the city of Munich

Coin Dealers have made a wise and

the organizer of the NUMISMATA

and a cancellation of the fair would

foresighted decision to cancel their

(Coins Modes) there was therefore

have been associated with financial

participation for reasons of caution.

n o hu r r y. T h e r e q ui r e m e nt s f o r

costs. Dealers from risk areas such

A few more dealers followed suit.

hygiene conditions set by the Health

as Lo mbar dy and M ilan in It aly

In the social media, discussions

Department were followed, which

were disinvited, although some had

suddenly flared up after incidents

included the installation of hygiene

apparently already arrived.

continued to escalate as to why the

bargain hunters would have been

dispensers and more thorough

fair is not simply cancelled. Several

cleaning of frequently touched

NGC International GmbH and the

visitors announced that they will

surfaces. One week before the start,

Professional Association of German

avoid crowds of people in order not to

the trade visitor tickets were sent out.

Coin Dealers have made a wise and

risk a possible infection and that they

will completely refrain from visiting

the district administration department

are sitting at their expense and have

other fairs this year. On Friday, the

(KVR) controlled the observance of

suf fered immense damage. This

6th March 2020, Germany's largest

the closing. The uncertainty of many

is about possible c ompensation

stamp fair Philatelia, which like the

dealers was immense, because their

payments and refunds of the booth

NUMISMATA is also located at the

equipment and the valuable coins

fees. As there has never been such

MOC Event Center Munich, opened

were in the exhibition hall. A rumor

a situation before, the legal situation

its doors for the collectors.

quickly spread in a video message

is unclear and has yet to be clarified

that a positively tested collector of

through the organizer 's law yers.

D ealer s f rom all over the wor ld

stamps had visited the Philatelia on

Nevertheless, the organizer hopes

travelled for many hours and with a

the previous day, as this fair had

to find a satisfactory solution for both

lot of luggage for the NUMISMATA

also been cancelled for Saturday.

sides.

and moved into their hotel. The

The author of the now deleted video

individual booths were f inished,

explained his displeasure and his

In retrospect, it was the right way

decorated and the coins stored in the

view of things.

to cancel the fair, albeit somewhat

vault room - the 50th NUMISMATA

belatedly. Many other c oin fairs

was thus ready for the start on the

The organizer of the NUMISMATA

and smaller collectors' exchanges

following day. After painstaking work,

apologized on the homepage for the

worldwide have followed suit and

the dealers once again checked with

inconvenience caused, such as the

cancelled their events. All further

the security personnel present to

long travel distances, and at the same

events are already for bidden in

make sure that there really was no

time thanked for the understanding of

Germany, as an accumulation of

cancellation - this was negated. To

some dealers who were aware that

more than two persons is no longer

relax, they went back to the hotel to

the fair could be cancelled at a short

allowed. Let us hope for a more

be fit for the next day.

notice.

suc c e s s f ul ye a r 2 0 21, t h e 5 0 t h Anniversary Fair of the World Money

Many visitors to the fair also travelled

The organizer has sent a letter to

Fair in Berlin will take place here.

from all over the world. Around 23:00

the par ticipating dealers. In this

Afterwards in March we hope for the

o'clock late in the night the sudden

letter the shor t-term cancellation

NUMISMATA, which is a firm part

message came on the NUMISMATA

is regretted. The KVR of the city of

of the international numismatics.

homepage that the fair has been

Munich decreed new requirements

The Covid-19 crisis represents a

prohibited and please nobody should

for the fair on March 6, 2020. For

new exceptional situation for the

come to the venue anymore. On the

example, every exhibitor would have

organizers and all numismatists.

same day, the South Tyrol, so popular

had to undergo a smear test for

for Munich, was declared to be a risk

Covid-19 before the start of the fair

R i g h t n o w, w e s h o u l d a l l s t i c k

area. Presumably it was simply too

and present the negative test result.

together and not blame anyone, but

dangerous for the health authorities

In addition, every visitor would have

instead support the organizer with

due to the advancing threat with the

had to submit a written declaration

comfort and encouragement.

previously very low requirements for

about possible stays in risk areas.

the fair. Only few dealers and visitors

This was impossible to implement

I wish you and your families good

received this information in time. On

until the start of the fair and without

health in this diďŹ&#x192;cult time

the day of the opening numerous

this, high penalties would have been

visitors appeared, who stood in front

threatened.

of a closed entrance and had to read disappointedly the cancellation on

A few disappointed dealers have

the posted flyers. The employees of

now sought legal advice, as many

新冠肺炎對錢幣界展會的影響奧利弗·斯特拉爾〔德國〕

新型冠狀病毒肺炎

知名的羅伯特 · 科赫研究所（Robert

2020年第50屆德國慕尼克國際硬幣

風險等級，並認為在 2021年春天之前

展銷會因新冠肺炎影響而取消。新型

冠狀病毒肺炎最初爆發於中國武漢，幾乎每個小時都有新的情況。之後，

都不可能成功研製出疫苗，疫情甚至可能會持續兩年之久。

它被世界衛生組織判定為一種大流行

然而，還是有一些好消息傳來：中國

日持久的抗疫之戰正式打響。自2020

民眾的齊心配合，成功控制新冠肺炎

病，全世界都為之憂心忡忡。一場曠

年3月21日起，整個巴伐利亞州開始執

行外出禁令，居民只得在有工作、購物、就醫等正當理由的情況下才能離

開公寓，嚴禁串門。但是很多年輕人

並不瞭解情況的嚴重性，而且由於學

已經通過嚴格的隔離檢疫措施，以及

傳播。中國現在根據自身經驗，向其

2020年第50屆德國慕尼克國際硬幣展銷會鑒於當下的情況，原定於2020 年3月

7日至8日舉辦的第50屆德國慕尼克國

際硬幣展銷會在臨近開幕前幾個小時被取消，這也就不無意外了。

他受到影響的國家提供醫生、防護服

但回過頭來看，很多人不禁要問，這

深表感謝，這些機構也在此番危機中

幣展銷會，預計會有約5000名參展者

及其他有效支持。一些重要機構為此

一在德國舉辦的全球第二大的國際硬

繼續服務，為公眾犧牲了自己的健康。

和數百家參展商參加，緣何不更早一

所謂的“新冠派對”，興高采烈地和朋

貴金屬市場

強制執行這些限制令。根據德國資訊

自新冠肺炎爆發以來，股市和貴金屬

不妨讓我們以現在對疫情的瞭解來回

顯示，有1/4的市民覺得這種情況完

途的貴金屬材料受到的影響尤為嚴重。

校關閉，他們就聚集在公園裏，舉辦

友們喝着酒，抽着水煙，因此不得不技術、電信和新媒體協會的調查結果全是在製造恐慌。他們對新冠肺炎的

市場跌至歷史低點，銀、鉑等工業用

高感染風險全然不顧，感染人數每天

現在，市場上出现大量的紙貴金屬交

但是大流行病實則無法控制，與流感

物貴金屬的購買量也大幅上漲。很多

都大幅增長。新冠肺炎常被當作流感，截然不同，然而人們對此並不理解。因此，禁令的目的是希望防止醫療體

要講話，稱新冠肺炎是自二戰以來的

最大挑戰，當前的情況相當嚴重。她

預計總感染力可能會達到 60%-70% 。

停止出售，或是將交貨期延長 6周。一

的人也開始囤積貴金屬。然而，即使

的附加費，對貴金屬的需求仍未放緩。很多新手買家希望通過購買貴金屬規

避新冠肺炎疫情所帶來的經濟損失，同時貴金屬可能還可以成為易貨貿易的一種手段。值此特殊時期，買家甚

情最早在意大利南蒂羅爾以及西德出

現，只有參加人數超過100 000 的貿易

會的組織方並不着急。之後，德國衛

摸的設施表面進行更加徹底的消毒，而展銷會組織方也都遵守了這些要求。在展銷會開幕一周前，展銷會門票已

經銷售一空。正常的展銷會時間本應

該從 9 ：30 開始，去年的這個時間點，展銷會門口已經排了數以千計等待入場的人，而一些想要撿漏的買家則可

以再花上30 歐元，便可以兩天都在7 ：

30進場。今年，12歐元可購得展銷會

至可以用1包衛生紙的價格在亞馬遜網

週六、周日兩天的聯票，單獨購買週

廠也因新冠肺炎疫情影響關閉，而瑞

元。但是在展會開始前三天，情況逐

歐盟委員會主席馮 · 德萊恩（Ursula

站上買到1盎司的銀。此外，瑞士精煉

初低估了新冠肺炎的嚴重性。德國

士覆蓋了全球 70% 的黃金產量，這也

von der Leyen）不得不承認，她起

推測到其究竟會如何發展。歐洲的疫

生署要求配備衛生用品，並對經常觸

現在有時會產生比現貨價格高出70%

爾（Angela Merkel）向全國發表重

離德國還很遙遠，只有極少數人能夠

貿易商對當前的情況過度緊張，已經

2020年3月24日，意大利和西班牙的

緣。2020 年3月18日，德國總理默克

顧一下3月初的情況。當時，新冠疫情

會被取消，因此慕尼克國際硬幣展銷

些會像倉鼠一樣囤積食物和衛生用品

死亡率幾近10% ，醫院處在崩潰的邊

些宣佈取消呢？

易（記賬式投資，無實物供應），而實

系負擔過重，同時避免發生和其他亞

熱帶地區國家類似的情況⸺ 截至

Koch Institute）將新冠肺炎定為高

導致了貴金屬短缺的情況更加嚴重。

六門票的價格為10 歐元，周日為 6歐漸惡化，義大利疫情迅速蔓延，德國

媒體報導也是鋪天蓋地。組織方接到

而前來參展的訪客也同樣是來自世界

參觀者也必須提交關於其是否在高風

舉辦。不久，官方主頁便更新了消息，

慕尼克國際硬幣展銷會的主頁上突然

開始前已經不可能實施這一措施，而未

慕尼克國際硬幣展銷會將如期舉辦！”

都不要再前往場館。同日，南蒂羅爾

了很多電話，膽心展銷會能否安全地並用紅色字體額外突出顯示： “德國組織方舉辦展銷會是在慕尼克市許可

進行的，如果取消，則將造成經濟損失。儘管義大利倫巴第、米蘭等疫情

重災區的貿易商已經抵達展會舉辦地，但組織方仍取消了他們的邀請。

NGC 公司和德國錢幣交易商專業協

會出於謹慎考慮，決定不再參展，這

一決定無疑十分明智，很有先見之明。之後又有幾家幣商效仿。隨著事態升

級，社交媒體上關於展銷會為何不取消的質疑越來越多。有幾名原本打算

前來的參觀者甚至宣佈他們會避免到

人多的地方去，以此降低可能感染的風險，因此今年不會參加任何的展銷會。而週五，即2020 年3月6日，德國

最大的郵票展銷會在慕尼克商務中心如期舉辦。

世界各地的幣商舟車勞頓，拎著為展銷會準備的大包小包入住酒店，各個展位也已經佈置完成，硬幣都已經放

入保險庫⸺ 第二天即將開幕的慕尼

各地。然而再展銷會前一晚的23:00，

發佈消息，展會遭到禁止，請所有人

因為有一些對取消活動感到失望的幣

面臨的威脅卻越來越大，因此再舉辦

且面臨了巨大的損失，他們現在已經

展銷會的要求並不高，當前衛生機構

展銷會可能過於危險。但是只有極少

數幣商和參觀者及時收到了資訊。開

幕當天還是有大批訪客前來，站在緊閉的入口前，看著張貼著的取消告示

倍感失望。區行政部的工作人員監督了展銷會的關閉工作。許多幣商的設備和珍貴硬幣都還在展廳裏，面臨著

者退還展位費用。然而因為之前從未

發生過這種情況，相關法律並不清晰，

組織方的律師也未曾明確具體內容。但是組織方仍希望能達成一個讓雙方都滿意的解決方案。

測試呈陽性的集郵愛好者在前一天參

世界各地很多其他的錢幣展會和小型

快速傳播，視頻內容是一位新冠病毒觀了在此舉辦的郵票展，而因為本次

在週六舉辦的展銷會也被取消。這則

視頻現已刪除，其作者表達了他的不滿，併發表了他對這件事的看法。

慕尼克國際硬幣展銷會的組織方在網站主頁上為取消活動所帶來的不便表

示歉意，同時也感謝一些幣商對活動取消的理解。

門對2020年3月6日的展會下達了新的

到酒店，為第二天做準備。

去尋求法律建議，希望獲得賠償，或

回過頭來看，儘管宣佈取消展會的時

後，幣商們再次向現場的安保人員確

肯定的答復後，他們松了一口氣，回

商已經為參加展會而產生了成本，並

巨大的不確定性。一則謠言通過視頻

組織方向參展的幣商致函，對在短期

認，展銷會確實不會取消。在得到了

經此措施，展會方將會面臨高額處罰。

宣佈成為高風險地區。而因為之前對

克國際硬幣展銷會已經一切準備就緒。在完成了所有辛苦的準備工作之

險地區留居的書面聲明。但是在展會

內取消展會表示歉意。慕尼克行政部

間有些晚，但是這無疑是明智之舉。藏家交流活動紛紛效法，取消了活動。而在德國，因為超過兩人的聚集活動均被禁止，因此之後所有的活動也均已被禁止。希望 2021年的第50屆柏林

世界錢幣博覽會能夠成功舉辦，而這項活動一向是國際錢幣界的盛事。而新冠肺炎危機對所有組織方和錢幣藏家而言都是一項未曾面臨多的情況。

我們現在應該同舟共濟，而不是相互

指責。讓我們一起向展會組織方報以安慰和鼓勵。

要求，每位參展商都必須在展會開始前經過新冠病毒肺炎咽拭子測試，並

且測試結果必須呈陰性。除此之外，

KANNS PAPER MONEY COLLECTION FOUND Bruce W. Smithă&#x20AC;&#x201D;USAă&#x20AC;&#x2022;

More than 30 years after his death, a portion of the paper money collection formed by the famous collector and numismatic writer, Eduard Kann, has been found. In February 1995, New York coin dealer, Andy Lustig, purchased from a used bookstore in Los Angeles a book titled "Paper Money in China" by Eduard Kann. The book is a privately bound collection of five of Kann's articles on Chinese paper money published in the Central Bank of China Bulletin during 1936-1937. The book also contained about 200 Chinese notes, attached to pages with stamp hinges. Discovery of the collection Was announced at the Singapore International Coin Convention February 24, 1995 by Ronald J. Gillio, prominent dealer in East Asian coins. According to a press release from Gillio, the book, from Kann's personal library, had been purchased by the bookstore from a member of the Kann family about five years ago. The book and the notes will be offered for sale in the Taisei-Baldwin-Gillio auction to be held in September during the Hong Kong International Coin Convention. Eduard Kann was born in Austria in 1880 and went to China in 1902 apparently to work in a branch of the Russo-Chinese bank. He was stationed in Manchuria for many years, but around the time of the Russian revolution moved Tlentsin where he became manager of the Commercial Guarantee Bank of Chihli. In 1921 he became general manager of the Chinese -American Bank of Commerce, and his signature may be found on some of its notes. From 1925 to 1949 he operated a bullion and exchange brokerage business at Shanghai(though he was imprisoned for a time by the Japanese during 1941-42). From 1949 till his death in 1962 he lived in Hollywood, California. Though he authored numerous articles, Kanns most important works are his books "Currencies of China" (1926; 2nd edition 1927; reprint 1978) and "Illustrated Catalog of Chinese Coins" (1954, reprint 1966), and his series of articles "History Of Chinese Paper Money" (also titled "Paper Money in Modern China" and "Commentaries on Chinese Paper Money" ) published in 46 installments in the Far Eastern Economic Review during1957-1958. According to letters written by Kann, he originally planned to publish this as a book, but those plans apparently fell through, and it was published as a series. Shortly before his death he planned to turn over the manuscript for this

Originally published in the JEAN in 1995 For more information on the sale of this collection, contact Ronald Gillio, 1103 State Street, Santa Barbara, CA 93101.

book to Dr. Walter Loeb, an active paper money collector and writer, for publication possibly by the newly organized International Bank Note Society. IBNS never published the work and Loeb died in 1969. As noted in the first issue of East Asia Journal (Ft. Wayne, IN 1982), Kanns coin collection was sold in three famous sales by Quality Sales Corporation (Kreisberg & Cohen) during 1971-1972. However, Kann had actually sold the collection to a California doctor in the 1950s and it was this doctor, who had kept the collection intact and added a few items to it, who consigned it to Quality Sales. Kann's collection of sycee ingots, the most comprehensive in existence at that time, was sold by private treaty in 1978 to the British Museum. His collection of Chinese stamps was sold at auction in February 1963 by stamp dealer J. R. Hughes. But the status of his paper money collection remained a mystery until now. Kann mentioned in a 1957 letter that his proposed book on Chinese paper money recorded 1, 800 notes, all of which he had personally seen. From his descriptions of the notes, he obviously possessed many of them as well. Whether his Collection consisted of the 200 notes found or whether there is another collection of Kann notes waiting to be discovered, is unknown. Among the notes in the book discovered by Lustig was a previously unknown note on the Russo-Asiatic Bank. The one dollar note, from the Hankow branch, dated 8 December 1917, has the title "RUSSO-ASIATIC BANK" overprinted on a note of the Russo-chinese Bank. The basic note is listed in Pick as S512 (dated 6 June 1914 with Hankow overprinted on Tientsin), but the overprint is a new discovery. This basic note is a bit odd. According to Kann, who was manager of various branches of the Russo-Asiatic Bank at that time, the bank changed its name from Russo-Chinese Bank to Russo-Asiatic Bank in July 1910 as the result of a merger with another bank. Pick S512 with date of 1914 should not exist at all. A photograph of the newly discovered note appears on the front page of the March 1995 issue of Bank Note Reporter and in a March 13 Coin World article. Interestingly the serial number of the newly discovered note is very close to the serial number on the 1914 dated note without the overprint. When the bank closed in 1926, the Hankow branch had the smallest circulation outstanding of all the bank's China branches - only S879 (all in notes in dollar denominations).

原刊載於 1995 年出版的《東亞泉志》

耿愛德紙幣的收藏與發現史博祿〔美國〕

欲了解更多有关该收藏集的信息，请联系吉利奥（ Ronald Gillio）。地址：美国加州圣巴巴拉国家大道1103号，邮编：93101。

著名錢幣收藏家、錢幣學家耿愛德（Eduard Kann）去世

曾考慮將此書手稿交予知名紙幣收藏家、作家沃爾特 · 勒

注”）。1995年2月，紐約錢幣經銷商安迪 · 盧斯蒂格（Andy

會（IBNS）出版。不過世界紙幣協會從未出版過這部作品，

30餘年後，其所收藏的部分紙幣首現（見本頁底部“ 編者

布博士（Dr. Walter Loeb），托其讓剛成立的世界紙幣協

Lustig ）從洛杉磯一家舊書店內購得耿愛德所著《中國紙鈔》而勒布博士也於1969年離世。

（Paper Money in China）一書。該書是耿愛德的私人合

訂本，收錄了1936 ―1937年間耿愛德在《中華民國中央銀行

據《東亞泉志》首期文章記載（韋恩堡市，1982年），

有關中國紙幣的五篇文章。書中夾有200 餘張中國紙幣，分

（Kreisberg & Cohen）拍賣公司在三次著名拍賣中出售。

（（新聞簡報）》Central Bank of China Bulletin）上發表的別用郵票鉸鏈附在書頁上。

1995年2月24日，知名東亞錢幣經銷商羅納德 · J · 吉利奧

1971―1972年間，耿愛德的錢幣藏品曾由 Quality Sales

原來，耿愛德在 20世紀50 年代就將藏品賣給了一位加州醫

生，正是這位醫生完好地保存了這些藏品，並在其中增加

了一些個人藏品。後來，這名醫生將耿愛德藏品委託給了

（Ronald J. Gillio）在新加坡國際錢幣展上宣佈了這一發

Quality Sales 。1978年，Quality Sales 將耿愛德所藏最

國紙鈔》系上述書店從耿氏家族成員手中購得。該書及

2月，郵票商 J.R. 休斯在拍賣會上將耿愛德所藏中國郵票

現，並在一份新聞稿中寫道，耿愛德私人圖書館所藏《中其中的紙幣將在今年9月香港國際錢幣展銷會期間舉行的

Taisei-Baldwin-gillio 拍賣會上出售。

完好的紋銀元寶以私人協議方式售予大英博物館。1963年

售出。然而，耿愛德的紙幣收藏至今仍是個謎。1957年，耿愛德曾在信中提及，他打算出版一本有關中國紙幣的書

籍，記錄1800 張親眼見過的中國紙幣。從他對紙幣的描述

耿愛德出生於19世紀80 年代的奧地利，1902年來華，任職

來看，顯然曾擁有過書中的多數紙幣。耿愛德的紙幣藏品

經理，並在東北地區生活多年。俄國十月革命前後，耿愛

紙幣？這些都尚未可知。

任中華懋業銀行總經理，故其簽名有可能會出現在該行發

耿愛德書中有一張先前不為人知的俄亞銀行（漢口）壹圓紙

銀和外匯經紀業務（儘管他在1941-1942年間被日軍關押了

（俄亞銀行）而來。這一加 “RUSSO-ASIATIC BANK”

於華俄道勝銀行上海分行，後出任華俄道勝銀行長春分行

德搬往天津，出任北洋保商銀行經理。1921年，耿愛德擔

行的一些紙幣上。1925年至1949 年間，耿愛德在滬從事金一段時間）。1949 年以後，耿愛德離開中國，居住在美國加州的好萊塢，直到1962年逝世。

是否僅含目前發現的200 張紙幣？還是存在其他有待發現的

幣，上印日期1917年12月8日，由原華俄道勝銀行紙幣加蓋

蓋俄亞銀行名稱的紙幣是剛發現的，加蓋前的華俄道勝銀（上行紙幣在 Pick 目錄（世界紙幣標準目錄）中編號為 S512 “漢口”字樣加蓋在“天津”上）。然印日期1914 年 6月6日，

耿愛德曾寫過不少錢幣學文章，其中最為出彩的要屬：1.

而，奇怪的是⸺ 據曾擔任俄亞銀行分行經理的耿愛德所

而後於1927年推出第二版，1978年進行了翻版；2.《中國

先前的華俄道勝銀行改為俄亞銀行，因此這張日期為1914

《中國貨幣》(Currencies of China），該書出版於1926年，

（Illustrated Catalog of Chinese Coins）, 該幣圖說匯考》

書出版於1954 年，1966年重印；3. 1957-1958年間在《遠》History Of 東經濟評論》上發表的46 期《中國紙幣史（

Chinese Paper Money）系列文章，又稱《中國近代紙幣（Paper Money in Modern China）或《中國紙幣評說史》（Commentaries on Chinese Paper Money）。耿愛德曾在信中表示，他原計劃將這些文章編成書出版。但後來顯

然失敗了，只能以系列文章形式進行發表。耿愛德過世前

說，由於與另一家銀行合併，該行已於1910 年7月將名稱從年的 Pick-S512 華俄道勝銀行紙幣根本不應該存在。

（Bank Note 這張加蓋紙幣的照片曾出現在《紙幣報告》

Reporter）1995年3月發行的頭版，以及同年3月13日《錢幣世界》發表的一篇文章中。有趣的是，該紙幣的序列號

與1914 年未加蓋的紙幣序列號非常類同。1926年俄亞銀行

停業時，漢口分行是所有其在中國的分行中發行面值最小的銀行，只發行 Pick-S879銀圓票。

编者注：上述1995 年发现的耿爱德纸币藏品曾在 2008 年10月27-28日的 Bowers and Merena Auctions 拍卖会上出售。

In this issue I interview Stephen Tai. Mr. Tai has written eleven books on a variety of numismatic areas and is probably best known to the chopmark world as the name behind sycee-on-line. I interviewed Mr. Tai in his oﬃce in Hsinchu, Taiwan. Please note, I asked Mr. Tai all the questions that were sent to me by CCC members. If the answer to your question d o e s n ot ap p ear in t he interview either Mr. Tai did not know the answer or had

Stephen Tai

no opinion.

Interview Colin Gullberg〔Taipei〕

CG – Colin Gullberg

ST – Stephen Tai

completed eleven books on these areas.

Thank you so much for inviting me to Hsinchu. I have wanted to interview you for quite some time.

CG Can you make a living doing research?

Yes, I recall you contacting me several years ago. I’m glad we can finally meet.

CG First, I just want to ask a little about your background. I understand you are a private researcher and have been writing on numismatics for the past decade or so. How did you find yourself in this position?

No. When I retired, I decided to sell, over time, my sycee collection. I consigned the whole collection to several auction houses to be sold gradually. I started selling in 2010. The books are usually small print runs of 500 copies which does make some additional money.

ST CG Well, I studied law in university and headed the legal department of one of Taiwan's biggest hi-tech companies. It was a very difficult life; 14 hour days, frequent business travel and I really wanted out. So when I turned 42, about 15 years ago, I quit my job to do my own private research on China's financial history focusing on three areas: silver; mainly sycee but including chopmarked coins, gold; including gold bullion and ornaments, and governmental bonds and shares of China from 1874 to 1949. I have

Do you collect anything now?

ST I still collect Chinese gold ingots and gold Republic of China (ROC) gold, bonds, and stock certificates as research materials. These will be sold eventually. You could say I collect information and knowledge – like you!

I really know next to nothing about sycee. Weren't sycee made [by shroffs] by melting silver coins into ingots for tax payment purposes?

ST Yes. Chinese melted foreign silver coins to cast sycee in the beginning, but after they recognized their weights and silver finesses were standardized, silver coins circulated along sycee and became a new type of silver currency circulating in the market. The Qing government insisted in collecting tax payment in the form of sycee in the pure fineness, however, the policy was called off in the late 19th century, for the government had started producing milled silver coins since 1890s.

CG Why were sycee sometimes chopped? I mean if the sycee was destined for the government's treasury as a tax payment was the chopping done by government shroffs?

ST All the chopping was done post-manufacture, it would be chopped when being pulled out from the mold, and also when the sycee changed hands. In general, sycee was manufactured as payment for large transactions. Paying taxes in the form of silver sycee was mandated, and these tax payments could only be done through banks [i.e. shroffs] that were certified by the government. Small payments could be done with cash coins but Qing law stated any tax over one candareen in the beginning [later one tael] was payable in silver, not cash coins. For the above services, sycee in use had to carry enough information including place, date, name or tax accounts, so that the maker, as well as givers, would be held responsible for the content of the sycee.

CG As I you mentioned, you are mainly a researcher. Can you introduce your main areas of interest and what interests you about these areas?

Interview

As I said, I'm interested in gold, silver, bonds and shares and how these are related to Taiwan's and China's economic and financial systems. Specifically, Iâ&#x20AC;&#x2122;m interested in the Nationalist gold [1937-50] which is important in both Taiwan's and China's economic history. After lengthy period of negotiation [1937-45] between the US and the ROC the US finally started to send gold to China in June 1945. Approximately six million ounces of gold were sent in 1945 and 1946. The gold was used to stabilize the currency system which had been ruined by the civil war as the ROC had increased the printing of paper money and hence inflation. Over one million ounces of gold are still kept in Taiwan's central bank to this day. My second area of interest is shares and bonds. China's government borrowed heavily for infrastructure projects [railways, etc.] in early 1900s. However, all the borrowing was done from the west and the documents were in nonChinese languages. Basically, the Chinese borrowers couldn't understand the ter ms and conditions. As an example, a series of 36- and 45-year bonds were issued to cover costs China was forced to pay from its defeat in the First Sino-Japanese War of 1895. This war transferred control of Taiwan to Japan. And as I mentioned, my first area of study was silver as it was used in the banking system. That is why I am interested in sycee and chopmarks

CG Have you ever been a coin dealer?

ST No, never. I have always been a collector and researcher.

CG When did you get started in coin collecting?

ST I became interested in coins at 3 when my mother gave me a tin can of cash coins that had belonged to my grandfather. It was my first toy. I probably really got interested at 7 or 8 when I started to read some books on cash and make some low cost purchases. I spent my weekends hanging out at the dealers' shops learning about coins and the coin business. 39

ST I have three originals and about 6 or 7 digitalized reprints. There are several in Tokyo that are accessible. I will try and find mine and send them to you.

CG Tell me about your website sycee on line http://www.syceeon-line.com/

CG So a can of old coins was what got you interested?

ST Yes. I wanted to know my family history through my grandfather's old tin can. My mother gave me a challenge to find out our families' history. I later discovered he was a trader in Shanghai.

CG What books should I read if Iâ&#x20AC;&#x2122;m interested in sycee or chopmarks [either in Chinese or English]?

ST There's not much in English about sycee. In fact, there's not much in Chinese either. I'm the only one doing this sort of research and my books are some of the few resources. For chopmarks you need to read the shroff handbooks as they are the only original source of information available.

CG Do you own any shroff handbooks? I have been trying to build a database of them to be translated.

Vladimir Belyaev owns the site but the content is mine. The information and coins on the site are mostly mine and in 2004 I wanted to spend my valuable time on my own projects so I decided to quit updating the site and I stopped paying the hosting fee. Vladimir maintains the site now [zeno] as I guess he thinks the content is valuable. My biggest problem was that people were constantly asking me questions about the authenticity of their sycee and its value. I am not a dealer and found these questions a distraction. I decided to withdraw from the on-line world to focus on what was important for me.

CG What advice you give to a new collector (not specifically chopmarked coins)?

ST Study first. Know the market. Now I write on things that I don't collect at all, itâ&#x20AC;&#x2122;s just an interest. You need to know the history.

CG How has the (chopmarked) coin/sycee market changed over your years of being involved in coins?

ST I am one of the driving forces of the sycee market by way of my research and artworks. I don't want to predict future changes in the markets but the prices in many Chinese collectibles are very high. Part of this is due to the limited investment opportunities Chinese savers have. I think it's a bubble now but who knows what will happen. In the long

run the bubble will deflate but who knows when. I don’t think the market is normal. Now some questions from our members:

Vladimir Belyaev asks: I have known Stephen Tai for about 20 years, and we coworked together on sycee on my website charm.ru. We published one paper together about Russian customs assay stamps found on Chinese sycee. I have one question for him - did he ever encounter more Chinese sycee with Russian stamps? I continue to work on this subject and am collecting all available information.

ST Yes, there are quite a lot of sycee with Russian stamps but I have basically stopped researching sycee as its too expensive.

ST The Japanese replaced all the non-Japanese coins with one yen and all the Mexican dollars were melted. The Japanese silver yen circulated only briefly and most of the time paper money was used.

Wolfgang Bertsch asks: Do you know anything about the use of sycee in Tibet and have you has seen examples which bear additional marks which may have been applied in Tibet.

ST No, nothing. They used Nepalese, Indian, Sichuanese coins. All the Tibetan sycee shown to me, came from Sichuan. At the time the economy of 'Tibet' was a larger area that basically included Sichuan which was more highly influenced by Indian and Nepal than Beijing.

Cedric Cheung asks: I've noticed many sycee with stamps, but I assume they are placed there at the time of production. Are there any cases that you have seen where the sycee had chopmarks added later by a recipient or end user of the sycee? A corollary, did sycee actually circulate as currency to pay for things or was is to pay taxes?

ST As I mentioned sycee also circulated as currency and was not just used for tax payments, during changing hands, silver shops, assayers, or even owners would add on information with chops.

I have one more question. You mentioned you don't like to spend your time discussing and giving away information to other collectors. Why did you agree to meet me?

ST Because you are like me. I know you're really interested in the information and not just prices. I have been following what you have been doing with your newsletter and it adds real values to the understanding of numismatics.

CG Well, that's all the questions I have. Thanks so much!

Kirk Tuttle asks: In say 1880-1935 were silver dollars such as Japanese one yen and others freely circulating in Taiwan? Was a "Mex" silver dollar (8 reales or peso of any type) considered equal to yen in daily transactions?

ST You’re very welcome! I'm glad you came to visit.

不久前，筆者前往戴學文先生（Stephen Tai）位於中國臺灣新竹的辦公室對他進行了專訪。戴先生著有11本書籍，涉及各個錢幣領域，可能是對戳記幣世界最為瞭解的專家之一，他的名字就署在“銀兩線上”網站（sycee-on-line）的下方。為了此次專訪，戳記收藏者俱樂部的會員有向我提交一些問題，我全都向戴先生進行了提問。如果在本次採訪中，您未得到自己所提問題的答案，那或是因為戴先生也不知道答案，或是他對相關方面不太瞭解，所以未作出回答。

戴學文先生

訪談錄

高林〔臺北〕

ST – 戴學文

CG – 高林

CG 請問您是否可以靠以研究為生？

感謝您邀請我來新竹。我期待採訪您已久。

我記得您幾年前聯繫過我，現在我們終於見面了，真是

並不能。在我退休之後，決定慢慢出售我的銀錠收藏。

太高興了。

我是從2010年開始出售收藏的，逐漸將全部的收藏委託給幾家拍賣行出售。這是因為書籍的印刷量通常很小，

只有500本，這就會產生一些額外的費用。

首先，我想要問問您的背景情況。我知道您是獨立研究員，在過去十多年中，您一直在撰寫錢幣學方面的著作和文章。請問您為什麼會選擇從事這樣的工作？

CG 您現在還在收藏嗎？

ST 我在大學學的是法律專業，之後去了中國臺灣最大的高科技公司法務部工作。那個時候很辛苦，每天工作14個小時，經常出差，我真的很想離開。所以15年前，我42 歲的時候，我辭職了，開始對中國金融史進行獨立研究，研究主要集中在三個方面：首先是銀，主要是銀錠，但也包括對戳記幣的研究；其次是金，包括金條和金飾；

ST 我還在收藏中國的金錠和中華民國黃金、債券和股票，這些是我的研究材料，但最終也會出售。或者可以說，我是在收藏資訊和知識，正如您一樣。

第三中國政府1874年至1949年間發行的債券和股票。我

我對銀兩真的一無所知。銀兩是不是“由看銀師”將銀熔

的11本書也是主要涉及這些領域。

化鑄成銀錠的形狀，用於支付稅款的？

通貨膨脹，這些黃金儲備便是用來穩定被內戰毀掉的貨

是的。最早的時候，中國會熔化外國的銀幣用來鑄造銀

幣系統。至今仍有超過100萬盎司的黃金被保存在中國臺

兩，但是他們之後意識到銀幣的重量和純度是有標準的，

灣的中央銀行。

所以銀幣也就和銀兩一起流通，成為了一種在市場上流通的新型銀質貨幣。清政府堅持徵稅時要使用純銀的銀兩，

其次，我對債券和股票方面也很有興趣。20世紀初，中

但是因為政府自19世紀90年代也開始生產銀幣，所以這

國政府為基建項目（如鐵路）借了很多錢。然而，所有借

一政策在19世紀末就取消了。

款都是向西方國家借的，文件也並非用中文書寫，中國作為借款方基本上無法理解文件上的條款和條件。比如中國發行了一系列36年期和45年期的債券，以支付1895年

甲午戰爭中中國被迫要求支付的賠款，而這場戰爭也把

請問為什麼有時候銀兩上會有戳記？如果銀兩是做政府

臺灣的控制權移交給了日本。

財政稅收用途的，那麼這個戳記是否是由政府看銀師加蓋的？

我前面有提到，我最主要的研究領域是銀，因為它當時使用於銀行系統，這也是我為何會對銀兩和戳記感興趣

的原因。

所有的戳記均是在鑄造完成之後加蓋，有的是在銀兩脫模的時候加蓋，有的是在銀兩轉手的時候加蓋。一般來說，鑄造銀兩是為了支付大宗貿易的款項。而銀兩也是支付稅款的規定方式，這些稅款只能通過經政府認證的

CG 請問您是否曾經做過錢幣貿易商？

“銀行”（如看銀師）支付。小額的款項可以用銅錢支付，

但是清朝的律法規定，任何數額超過一分（之後變更為一兩）的稅款均應使用銀兩支付，而非銅錢。

沒有，一直以來都只是作為收藏者和研究者。

為了滿足以上用途需要，使用的銀兩必須附帶有足夠的資訊，比如發行地點、年份、名稱或是稅款賬戶，這樣也方便製造者及支付者對銀兩的含量負責。

CG 請問您是從何時開始收藏錢幣的？

您剛剛提到，您收藏主要是為了進行研究。可以介紹一下您感興趣的主要領域，以及是什麼讓您對這些方面感

我從3歲開始對錢幣感興趣。當時我的母親給了我一罐銅

興趣嗎？

錢，這罐銅錢是我外祖父留下來的。這是我的第一個玩具。我可能是從七、八歲開始真正地對錢幣感興趣，並

且開始讀一些關於銅錢的書籍，買一些便宜的錢幣。我週末都在幣商商店裏學習錢幣和錢幣生意方面的知識。

正如我之前說的那樣，我對金、銀、債券、股票及其與中國臺灣和中國大陸經濟和金融系統的關係很感興趣。我尤其是對（1937-1950年間發行的）國府黃金感興趣，國府黃金不論是對中國臺灣的經濟歷史還是中國大陸的

CG 所以是一罐舊錢幣引起了您的興趣？

經濟歷史都非常重要。美國和中華民國（在1937-1945年間）經過了漫長的磋商，美國最終於1945年6月開始向中國運送黃金。1945年至1946年間，大約有600萬盎司黃金被運往中國。時逢內戰，中華民國加大印鈔量，造成

ST 是的。我想要通過外祖父留下的這罐舊硬幣瞭解我的家族歷史。我的母親給我佈置了一個挑戰性的任務，那就是讓我探尋家族的歷史。我之後瞭解到，祖父是上海的

CG 您對新手藏家有什麼建議嗎（不僅限於戳記幣）？

一名貿易商。

CG 如果我对银两或是戳记感兴趣，那可以读些什么书（中文

首先要進行研究，也要瞭解市場。現在我正在寫的東西並不在我的收藏之列，只是出於興趣，為此你就必須要

或英文都可以）？

瞭解相關歷史。

ST 現在沒有很多關於銀兩的英文書籍，事實上，也沒有很

多相關的中文書籍。我是唯一一個做這方面研究的人，

請問從您開始涉足錢幣領域開始，（戳記）幣 / 銀兩市場

我的書是少數可尋的資源。戳記幣方面，您可以讀一些

發生了怎樣的變化？

看銀師的手冊，這是唯一可用的資訊來源。

鑒於我對這方面的研究和著作，我可以說是推動銀兩市

請問您是不是有一些看銀師的手冊？我正在建立相關的

場發展的動力之一。我不想對市場之後的變化進行預測。

資料庫，之後會進行翻譯。

許多中國收藏品的價格都很高，這可以部分歸因於中國人用於保值的投資手段有限。我認為現在市場存在泡沫，

但是誰又知道之後會發生什麼呢？從長期來看，泡沫會破滅，但是又有誰知道什麼時候會破呢？我認為這樣的市場並不是一種正常的狀態。

我有3冊原本，還有6到7本電子版。

CG 來聊聊您的“銀兩線上”網站 http://www.sycee-on-line.

現在我們戳記收藏俱樂部會員有一些問題想要問您：

com/。

弗拉迪米 · 貝亞耶夫我認識戴學文先生大約有20年時間了，我們一起在我的

這個網站屬於弗拉迪米 · 貝亞耶夫（Vladimir Belyaev），

網站 charm.ru上開展銀兩方面的研究工作。我們出版了

但是內容是我的。網站上的大多數資訊和錢幣都是來自

一篇關於中國銀兩上俄國海關化驗戳記的論文。我有一

於我。2004年的時候，我想把寶貴的時間花在自己的項

個問題想要問他，那就是他是否有見過其他有俄國戳記

目上，所以我決定停止更新網站，也就不再支付託管費

的中國銀兩？我將繼續這一方面的研究，正在收集所有可

了。現在，貝亞耶夫繼續在維護網站，我想他是覺得這

以獲得的資訊。

個網站上的內容有所價值才在繼續維護網站。當時最困擾我的是人們一直問我自己的銀兩是否是真的，以及它

們的價值是多少。我不是貿易商，這些問題會分散我的

注意力。我決定從線上世界退出，專注於那些對我重要

確實有很多加蓋了俄國戳記的銀兩，但是我現在基本已

的事情上。

經不再研究銀兩了，因為銀兩的價格太高了。

塞德裏克 · 張我注意到有很多銀兩都有戳，但是我認為它們在生成的時候就有了。您是否見到過這種情況，就是銀兩上的戳記是由接收方或是最後的使用者加蓋的？銀兩是否真的有投入流通，作為貨幣來買東西或是支付稅款？

ST 我前面有說到，銀兩也作為貨幣流通，不只是用於支付稅款，在換手的時候，銀鋪、鑒定者，甚至是銀兩的所有者都會用戳記在銀兩上附加資訊。

柯克 · 塔特爾在1880到1935年間，是否有日本壹圓或是其他銀元在中國臺灣自由流通？在當時的日常交易中，墨西哥銀元（8

CG 我還有一個問題。您提到您沒有和其他收藏者進行過討

里爾或是比索）是否可以和一日元等值？

論或是分享相關資訊。那麼您為何會同意見我？

日本用一日元替代了所有的非日元硬幣，所有的墨西哥銀元都熔化了。日本一日元銀元流通的時間非常短暫，大多

因為您和我一樣。我知道您是真的對相關的資訊感興趣，

數時候使用的都是紙幣。

而不只是價格。我一直在通過您的戳記幣簡訊瞭解您正在做什麼，戳記幣簡訊對了解錢幣學真的很有價值。

沃爾夫岡 · 貝爾奇請問您是否瞭解在西藏使用的銀兩？您是否有見過有附

CG 好的，以上就是全部的問題。謝謝！

加記號，標明其可能在西藏使用過的銀兩？

ST 我沒有見過。西藏曾經使用過尼泊爾、印度、四川的錢幣。我見過的所有西藏銀兩都出自四川。當時的西藏是指一

ST 不客氣！感謝您的來訪。

個更大的區域，差不多包括現在的四川地區。比起北京，西藏的錢幣當時更多是受印度和尼泊爾的影響。

The Smithsonian National Numismatic Collection: The Value of Money Exhibition Posted on 2/13/2020

Jeff Garrett〔USA〕 about 15 years ago when I was doing research for my book,100 Greatest U.S. Coins , many of which can only be found in the Smithsonian collection. The curators at the time, Dick Doty and Karen Lee, were kind, generous and provided ready access to the greatest coin collection in the world. My relationship with the NNC deepened during the several years that it took to complete my book

Encyclopedia of United States Gold Coins 1795‐1933 , which is based on the collection. During that time, it was decided by museum leadership to take down the giant coin exhibit that had been on display there for almost 40 years. The space was needed for a remodel of the museum to accommodate the Star Spangled Banner. There were no plans to replace the exhibit that had wowed visitors for decades with the A new exhibit at the National Museum of American History showcases many legendary rarities. Spring is fast approaching and for many that means a trip to our nation's capital to see the cherry blossoms and to visit the many free Smithsonian Museums. There will also be millions of young people taking the traditional eighth grade class field trip to Washington, D.C. Hopefully, a

spectacular collection of gold coins assembled by Josiah Lilly. The numismatic community was in universal shock. I was part of the team of volunteers that helped to remove the collection from the exhibit cases for relocation to the rows of steel cabinets in the numismatic vaults of the NNC. This was a solemn task, but obviously an exciting one for true coin nerds like myself.

large number of those students will have a chance to see the National Numismatic Collection at the Smithsonian National Museum of American History. The new exhibit on display, called "The Value of Money", is a great introduction to the excitement and allure of coin collecting. What eighth grader, or anyone for that matter, would not be awestruck to see a $100,000 bill? I have been involved with the Smithsonian National Numismatic Collection (NNC) for many years, beginning

100 Greatest U.S. Coins

Encyclopedia of United States Gold Coins 1795-1933

The grand opening of the numismatic exhibit in the Smithosonian Castle.

Bringing coins back on display

A few years later, a small but somewhat larger space

After the coins had been secured back into the vaults for

National Museum of American History. Again, the

a few months, I was told that if the numismatic community

condition was that we would need to raise significant

could raise about $250,000, a small part of the collection

funds to mount the exhibit. NGC and several others

could be part of a three- to five-year exhibit in the

stepped up to the plate to fund the "Stories on Money"

Smithsonian Castle. Working with the NNC staff and their

exhibit. Most in the numismatic community were thrilled

amazing development oďŹ&#x192;ce, I took on the task of securing

to have rare coins once again on display in our national

donations for the project. NGC was one of the first places

museum. The exhibit was successful, and millions visited

I called, and they immediately agreed to help out. It took

it over the next several years.

became available in a prime spot at the Smithsonian

some time, but we were successful in getting coins back on display in a Smithsonian venue. The grand opening

In recent years, the Smithsonian National Museum of

of the event was a sigh of relief for the numismatic

American History has been renovating its west wing, and

community.

a much larger space (over 1,000 square feet.) became

Me, speaking at "The Stories on Money" exhibit, and the ribbon cutting. 47

available for a numismatic exhibit if the funds could

The exhibit is organized by theme, and most visitors tour

be raised. This time the price tag was about $2 million

the gallery by going around counterâ&#x20AC;?clockwise. The first

dollars, but the exhibit would guarantee a permanent

cases are about "The Origins of Money" and discuss the

place for numismatics in the museum (at least in my

various forms of money used around the world over the

lifetime).

centuries. Featured in the cases are examples of seashell money, stone Yap money, gold and silver ingots, iron

The task was daunting, but in the end the funds were

money and much more.

secured thanks to several "key" donations made by NGC, Lee Minshull, Bill Gale, Charles and Joel Anderson and

Next, the exhibit explores "The Innovations of Money".

many others. I will always be thankful for those who made

Objects in this exhibit include the first credit cards, square

"The Value of Money" exhibit possible.

readers and bank notes from around the world.

Visit the exhibit

Later in the exhibit are cases exploring "The Messages of

The point of this article is to encourage you to visit this

governments have used currency for political messages

new exhibit if you are in Washington, D.C. It is quite

over the centuries.

Money". The coins and currency in these cases show how

simply spectacular! The entrance to the exhibit features an actual bank vault door enticing visitors to see what

"The Artistry of Money" cases show examples of ancient

lies within. The exhibit display is akin to individual jewel

Greek coins and their influence on modern coinage. There

boxes with focused, state-of-the-art lighting. Visitors are

are also several interesting objects, such as paper money

first greeted with a case featuring the famous 1913 Liberty

origami, on display, along with many other beautiful

Nickel, 1907 Ultra High Relief, 1974 Aluminum Cent and

examples of paper money.

the $100,000 bill. My personal favorites are the cases presenting "The

The entrance to "The Value of Money" exhibit. 48

Allure of Money". This part of the exhibit explores the hobby of numismatics, including many great collectors of the past. These cases are where you will see the many legendary rarities that are housed in the national collection. A partial list includes the following coins:

● 1849

Double Eagle

● 1922

Half Eagle

● 1787

Brasher Doubloon

●

1804 Silver Dollars

● 1877

Gold Half Unions

1849 Double Eagle in the exhibit, Click image to enlarge. young people. With this in mind, the Museum of American History will debut a new numismatic exhibit targeted for

●

1933 Double Eagle

● 1906

Barber Double Eagle

young people in the fall. The title of the new exhibit is "Big Money" and will be tailored to grade school age children, ages pre‐K to fifth

●

1907 Ultra High Relief (diameter of a $10)

grade. The exhibit will display interesting objects such as Yap money and large denomination currency that will

●

1907 Ultra High Relief

hopefully excite and encourage young people to explore the world numismatics.

●The

finest collection of Russian coins outside of The Hermitage

To everyone reading, plan a trip to the National Museum of American History soon, and spread the word about this amazing ambassador for the hobby.

It is worth a trip to Washington, D.C. just to see "The Allure of Money" showcases!

More about the exhibit can be found on the Smithsonian website and in a great book by the Smithsonian curator,

Recruiting new collectors with "Big Money"

Dr. Ellen R. Feingold.

I am very proud of "The Value of Money" exhibit, and

free NGC Weekly Market Report.

Want to see more articles like this? Subscribe to the

it is great tool for recruiting new collectors. Over four million people visit the Smithsonian's National Museum of American History each year, a majority of those being

(Courtesy of Numismatic Guaranty)

史密森國家錢幣收藏新展

錢幣的價值

傑夫·加勒特〔美國〕發表於 2/13/2020

我和史密森國家錢幣收藏（NNC）接觸已有多年。15年前，我當時正在為我的著作《美國最偉大的100枚硬幣》進行調查研究，這100枚硬幣中有不少都只能在史密森收藏中找到。當時的館長迪克 · 多蒂（Dick Doty）和凱倫 · 李（Karen Lee）都對我非常的友好且慷慨，讓我能夠很方便地接觸到這一世界上最偉大的錢幣收藏。之後的幾年中，我完成了另一本著作《1795-1933年美國金幣百科全書》，其內容也是基於史密森收藏。期間，我和 NNC 的關係又進一步深入。那時，博物館在改建過程中為了容納下星條旗，需要使用原來巨型錢幣展的空間，於是博物館的領導層決定拆除在那裏展出了近40年的展覽。幾十年來，巨型錢幣展一直讓參觀者讚歎不已，而那時還未用約西亞 · 禮來（Josiah Lilly）驚人的金幣收藏來取代這個展覽。因此，錢幣界普遍對拆除巨型錢幣展的決定感到震驚。傑夫·加勒特我是當時志願者團隊的一員，幫忙從展覽櫃中取出藏品，然後重新放置到 NNC 錢幣庫中的一排排鐵櫃裏。這是一項很美國國家歷史博物館在一個新推出的展覽中展出了很多傳奇

嚴肅的任務，但是對於像我這樣的癡迷於錢幣的人來說，這

珍品。

顯然是讓我興奮不已。

春天很快就要到了，不少人打算前往美國首都華盛頓特區賞櫻，同時參觀免費開放的史密森博物館。此外，將會有數百萬的八年級學生前來華盛頓實施傳統的實地考察項目，希望這些學生會有機會來看看史密森美國國家歷史博物館中的國家錢幣收藏。新推出的展覽⸺ “錢幣的價值”，能夠激發參觀者對錢幣收藏的興趣，使其為之吸引。不論是八年級的學生還是其他參觀者，都會為展出的那張面額為10萬美元的紙鈔感到驚歎。

《美國最偉大的 100 枚硬幣》

《 1795-1933 年美國金幣百科全書》

史密森城堡裏錢幣展盛大開幕

錢幣再次展出在錢幣被保存在錢幣庫數月之後，我被告知，如果錢幣界可

其他幾家機構開始為“錢幣上的故事”展覽提供資金。錢幣

以籌措到25萬美元的資金，那麼一部分收藏將會有機會在史

界的大多數人都為這些珍稀硬幣可以再次在國家博物館展出

密森城堡裏展出3至5年。我和 NNC 的工作人員一起，負責

倍感興奮。展出大獲成功，之後的幾年裏，有數百萬人前來

為這一項目募集捐款。我首先打電話給 NGC，他們立刻同

參觀。

意提供幫助。一段時間之後，我們成功在史密森博物館的一個場館裏重新展出這些硬幣。活動盛大的開幕，這讓整個錢

近年來，史密森美國國家歷史博物館整修西側展館，只要能

幣界都松了一口氣。

籌措到足夠的資金，就可以有一個更大的空間（超過1 000 平方英尺）供錢幣展使用。這次需要的資金大約為200萬美

幾年之後，史密森美國國家歷史博物館裏的一個黃金位置有

元，但是保證可以在博物館內會有一個永久的位置供錢幣展

了可用空間，這個空間有些小，卻已經比之前的稍大一些。

出（至少在我的餘生都會有這樣一個位置）。

但是條件是我們需要再次籌措大筆資金用於布展。NGC 和

傑夫·加勒特在 “錢幣上的故事 ”展覽開幕儀式上講話並剪綵

“貨幣的價值” 展覽入口

參觀展覽本文旨在鼓勵各位，如果有機會來華盛頓特區，可以順便來

之後的部分則是關於“錢幣的資訊”。這部分的硬幣和貨幣說

參觀一下這個新的展覽。這一展覽只能用令人驚歎來形容！

明了，過去幾個世紀中，政府如何使用貨幣傳遞政治資訊。

展覽入口是銀行金庫大門的造型，吸引參觀者去看一看裏面究竟有些什麼。展覽的展出盒很像獨立的珠寶盒，帶有先進的聚光照明燈。參觀者一進展館就會看到著名的1913年自由女神鎳幣、1907年超高浮雕幣、1974年鋁質美分和10萬美元紙鈔。該展覽按主題陳列，大多數參觀者可以逆時針參觀。第一部分是“錢幣的起源”，討論了幾個世紀以來世界各地各種形式的貨幣。展品亮點是貝幣、石質雅普幣、金銀錠、鐵錢等等。接着，展覽探索了“錢幣的創新”。這部分的展品包括第一張信用卡、移動讀卡器和世界各地的紙鈔。展覽中的 1849 年雙鷹幣

“貨幣的工藝”部分展出了一些古希臘幣，並展現了這些硬幣

我個人最喜歡的部分是“錢幣的吸引力”。這部分展品探索

對現代錢幣的影響。此外還有一些有趣的展品，比如日本紙

了錢幣愛好領域，介紹了過去很多偉大的錢幣收藏家。你可

幣折紙藝術以及其他很多漂亮的紙幣。

以看到國家收藏中的很多傳奇珍品，部分展品如下：

● 1849年雙鷹幣

●

● 1922年半鷹金元

● 1907年超高浮雕幣（直徑為10美元硬幣半徑）

● 1787年布拉瑟 · 達布倫幣

●

●（3枚）1804年銀元

● 艾爾米塔什博物館收藏之外最好的俄羅斯硬幣

●（2枚）1877年聯邦半元金幣

1906年 Barber 設計雙鷹幣

1907年超高浮雕幣

去華盛頓特區看一看“錢幣的吸引力”展是非常值得的！

用“大錢”吸引新藏家我為“貨幣的價值”展覽感到驕傲，它為我們吸引到了新的

希望每一位正在讀這篇文章的讀者都會計劃一次去美國國家

藏家。每年有超過400萬人參觀史密森美國國家歷史博物館，

歷史博物館的旅行，並且傳遞這個關於錢幣收藏愛好的驚喜

其中大多數是年輕人。考慮到這一點，美國歷史博物館將在

消息。

秋季面向年輕人推出一個新的錢幣展覽。如果你想要瞭解更多關於這次展覽的資訊，可以查看史密森這場新展覽的名稱是“大錢”展，針對學齡前至五年級的學

美國國家歷史博物館的官網網站以及館長艾倫 · 費戈爾德博

齡兒童布展。展覽將展示很多有趣的展品，如雅普幣和大面

士的著作。

額貨幣，希望能激發和鼓勵年輕人探索世界錢幣學。（本文原刊載於 NGC 刊物）

Mints of the Roman Empire David Vagiă&#x20AC;&#x201D;USAă&#x20AC;&#x2022;

Posted on 3/10/2020

AB O U T THE AUTHOR

David has studied ancient Greek and Roman coins since 1985 and entered the field as a staff writer for Coin World . He later was a numismatist for the auction houses Christie's, Superior

Stamp and Coin, and Spink America before operating his own business, Delphi International Ancient Arts, in New York City. For more than 25 years, he has written at least one column per month, including for Coin World, The Numismatist, The Celator, The Centinel, Numismatic

News and World Coin News , earning numerous "Best Column" awards. His two-volume, 1,294-

page Coinage and History of the Roman Empire received Book of the Year awards from the International Association of Professional Numismatists, the Professional Numismatist Guild

and the Numismatic Literary Guild. He is a Life Member and Fellow of the American Numismatic

Society and a Life Member of the American Numismatic Association, for which he has taught more than 20 courses on ancient coins.

Roman Imperial coins were issued at dozens of mints.

circulation in the provinces.

Coins of the Roman Empire varied considerably in their

In addition to these 'provincial' mints, the Romans

designs and origins. They were issued at several hundred

had 'imperial' mints that produced coins of imperial

mints throughout the empire, most of which are classified

denominations and types that usually were intended for

as 'provincial', meaning they issued coins of local

empire-wide circulation.

types and denominations intended for local or regional

Though this column will focus on the products of Rome's

(above), a 24mm bronze of the emperor Caracalla (A.D.

'imperial' mints, we'll start with a typical provincial coin

198-217) issued by the city of Antiochia in Pisidia.

Above are two coins of the Roman emperor Septimius

Roman provincial coin â&#x20AC;&#x201C; a silver tridrachm of Caesarea in

Severus (A.D. 193-211). First is a Roman Imperial coin â&#x20AC;&#x201C;

Cappadocia with Greek inscriptions.

a silver denarius with Latin inscriptions. The second is a

As with most every 'rule' concerning ancient coins, there

Examples of these are shown above from the emperor

are exceptions. For example, some Roman mints issued

Titus (A.D. 79-81). First is a silver denarius which, though

both imperial and provincial coins, and some provincial

strictly a Roman Imperial coin, was struck at the provincial

coins are believed to have been struck at the Rome mint

mint of Ephesus in Ionia. Second is a silver cistophorus,

and then shipped to their destinations in the provinces.

a provincial coin which was struck either in Ephesus or at the Rome mint and then shipped to Asia for circulation.

In this column we'll discuss only the most important

Unquestionably the place to start is the mint in the capital

imperial mints, which produced the most familiar types of

city of Rome. Throughout much of Rome's history, it was

Roman coins. Usually these mints were large facilities with

the main coining facility of the empire, producing what must

fixed locations. Sometimes, however, they accompanied

have been hundreds of millions of coins over the course

the emperor or his armies, and thus are described as

of about five centuries. Above is a brass sestertius of the

'traveling', 'moving' or 'mobile' mints.

emperor Trajan (A.D. 98-117) struck at the Rome mint.

For much of the early empire, however, the mint of

it produced the empire's main gold and silver coins,

Lugdunum (Lyon) in modern day France was more

including the gold aureus, above, for the emperor

important than the mint in Rome. For several decades

Claudius (A.D. 41-54).

Lugdunum became the chief mint for Imperial gold and

Above are two gold aurei of the emperor Nero (A.D. 54-

silver starting in about 15 B.C., during which time Rome

68). The first was struck in A.D. 61-62, either at Rome

produced only base metal coinage. It remained so until

or Lugdunum; the next is one of A.D. 64-65, which most

some as-yet-undetermined point between the reigns of

scholars attribute to the mint of Rome.

the emperors Tiberius (A.D. 14-37) and Otho (A.D. 69), when Rome once again became the center for precious

We'll now begin a survey of some of the other important

metal coining.

'imperial' mints of the Roman world.

Above is a billon AE3 of the Caesar Crispus (A.D. 316-

The billon AE3 shown above was struck at the mint of

326) struck at London, the westernmost of Rome's

Trier (in modern Germany) for the emperor Constantine I

important mints. The mintmark is PLON.

'the Great' (A.D. 307-337). Its mintmark is PTR.

Shown above are two coins from the mint of Arles (in

is a silver siliqua of the emperor Constantius II (A.D. 337-

modern France). First is a billon AE3 of the emperor

361) with the mintmark SCON, for by this time the city had

Constantine I 'the Great' with the mintmark ARLS. Next

been renamed Constantina.

Above is a gold solidus of the emperor Honorius (A.D.

The gold solidus above was struck at the mint of Ticinum

393-423) struck at the mint of Milan, in northern Italy. The

(in modern Italy) for the emperor Constantine I 'the Great'.

mintmark, MD, appears in the reverse field.

Its mintmark is SMT.

The billon nummus illustrated above was struck at the mint

Above is a gold solidus of the emperor Valentinian III (A.D.

of Aquileia (in modern Italy) for the emperor Maximian

425-455) produced at the mint of Ravenna, in northern

(A.D. 286-305). Its mintmark is AQP.

Italy. The mintmark, RV, appears in the reverse field.

The Romans also established a mint at Ostia, the port

There were four important Roman mints in the Balkans

of Rome on the western shore of the Italian peninsula.

and Nor thern Greece. One was Siscia (in modern

Shown above is a billon follis struck there for the rebel-

Croatia), represented by the gold solidus above. Struck

emperor Maxentius (A.D. 307-312). Its mintmark is

for the emperor Constans (A.D. 337-350), it bears the

MOSTT.

mintmark SIS*.

The AE3 above was struck at the mint of Sirmium (in

The silver argenteus above was struck at the mint of

modern Serbia) for the emperor Julian II 'the Apostate'

Serdica (in modern Bulgaria) for the Caesar Galerius (A.D.

(A.D. 360-363). Its mintmark is ASIRM.

293-305). Its mintmark is SM.SDE.

Above is a gold solidus of the emperor Constans struck at the mint of Thessalonica (in northern Greece). The mintmark is TES.

Moving from Europe to Asia, we find four Roman mints

Julian II 'the Apostate'.Its mintmark is HERACL.A.

in the Propontic region clustered around the Sea of Marmara, which linked the Aegean Sea and the Black

Of inestimable impor tance to the Late Roman and

Sea. They are Heraclea, Constantinople, Cyzicus and

Byzantine worlds was the city of Constantinople (modern

Nicomedia.

Istanbul) and its mint. Above is a billon AE3 of that mint issued for the emperor Constantine I 'the Great'. Its

Above is a billon AE2 of Heraclea issued for the emperor

mintmark is CONS.

Above is a billon AE3 of the Caesar Constantine II (A.D.

Above is a gold solidus of the emperor Valentinian I (A.D.

316-337) struck at Cyzicus. The mintmark is SMK.

364-375) struck at Nicomedia with the mintmark SMNS.

Moving south, we encounter Antioch (in Syria) and

Illustrated above are two coins of Antioch. First is a silver

Alexandria (in Egypt). They were two of the empire's most

tetradrachm of the early 3rd Century A.D. for the emperor

productive mints â&#x20AC;&#x201C; initially for provincial coins, but later for

Caracalla; next is an imperial gold solidus of the mid-

imperial coins.

4th Century A.D. for the emperor Constantius II, with the mintmark SMANI.

Finally, we arrive at Alexandria. Above are two coins from

imperial billon nummus of the rebel-emperor Domitius

this prolific mint. First is a provincial billon tetradrachm

Domitianus (A.D. 297-298) bearing the mintmark ALE.

of the emperor Antoninus Pius (A.D. 138-161); next is an

古羅馬帝國造幣廠鑄造的硬幣大衛·瓦吉〔美國〕發表於 3/10/2020

作者簡介

大衛 · 瓦吉 /NGC 古幣部門總監

大衛 ·瓦吉，現為 NGC 古幣部門總監。1985年，大衛以《錢幣世界》特約撰稿人的身份涉足錢幣領域，開始研究古希臘和古羅馬硬幣，後來成為佳士得拍賣公司（Christie's）、高級郵票和硬幣（Superior

Stamp and Coin）以及 Spink America 的錢幣學家，並在紐約舉辦自己的德爾菲國際古代藝術展。過去的25年間，他每月至少為包括《錢幣世界》、《錢幣愛好者》、The Celator、The Centinel 以及《錢幣學新聞》在內的錢幣學期刊撰寫一篇文章，並斬獲過不少“最佳專欄獎”。大衛所著的《羅馬帝國的

硬幣和歷史》（兩卷本，1294頁）曾一舉榮獲國際專業錢幣學家協會（ the International Association

of Professional Numismatists）、專業錢幣學家協會（the Professional Numismatist Guild）以及

錢幣文學協會（the Numismatic Literary Guild）的“ 年度圖書”獎項。他還是美國錢幣協會成員及終身會員，曾開設20多門古幣講授課程。

古羅馬帝國有數十家造幣廠鑄造帝幣。

類別和面值不一。

古羅馬帝國有數百家造幣廠，所鑄硬幣的幣面設計與發行地

除省級造幣廠外，古羅馬帝國還有皇家造幣廠，生產相應類

大相徑庭，其中絕大部分是在各省造幣廠鑄造的流通省幣，

別和面值的帝幣，通常在帝國全域內流通。

卡拉卡拉肖像青銅幣

在着重講解古羅馬的皇家造幣廠之前，不妨先來看看這枚典

型的省幣（如上圖所示）⸺ 直徑為24毫米的羅馬皇帝卡拉

卡拉（公元198—217年）肖像青銅幣，發行地為皮西迪亞的安塔基亞市（今屬土耳其）。

塞普蒂米烏斯 · 塞維魯肖像銀幣

以上是兩枚羅馬皇帝塞普蒂米烏斯 · 塞維魯（公元193—211

發行於卡帕多細亞凱撒利亞城（今屬以色列）的德拉克馬省

年）肖像銀幣。第一枚是帶有拉丁文的羅馬帝幣，第二枚是

幣，幣面文字為希臘文。

羅馬皇帝提圖斯肖像硬幣

同大多數古幣“規則”一樣，此處也有例外。例如，一些羅

第一枚是第納裏烏斯銀幣，雖是羅馬帝幣，但鑄造地為伊奧

馬城的造幣廠兼發行帝幣和省幣，因此人們認為羅馬的部分

尼亞以弗所城所在的省級造幣廠。第二枚是在以弗所城或羅

省幣出自羅馬城的造幣廠。

馬城造幣廠鑄造的省幣⸺ 基斯託福魯斯銀幣，發行後即運往亞洲流通。

例如上圖的兩枚羅馬皇帝提圖斯（公元79—81年）肖像硬幣。

塞斯特斯硬幣

本專欄中，我們僅討論一些較為重要的皇家造幣廠，其所生

毋庸置疑，首先要談的自然是羅馬城的造幣廠。縱觀羅馬歷

產的羅馬硬幣類型最為常見。通常這些造幣廠都是有固定地

史，長期以來，羅馬城都是古羅馬帝幣的主要出產地。在大

點的大型工廠，不過偶爾會隨皇帝或軍隊的位置而變動，因

約5個世紀裏，羅馬城的造幣廠出產了數億枚硬幣。上圖壓

而也被稱為“移動式”或“旅行式”造幣廠。

製羅馬皇帝圖拉真（公元98—117年）肖像的塞斯特斯硬幣便是羅馬城造幣廠所鑄。

奧裏斯金幣

然而，對於古羅馬帝國前期的大部分地區而言，盧格杜努姆

過幾十年的古羅馬帝國主要金銀幣，包括上圖那枚壓製克勞

城造幣廠（今屬法國）的地位高於羅馬城造幣廠。盧格杜努

狄一世肖像的奧裏斯金幣。

姆城造幣廠曾為羅馬皇帝克勞狄一世（公元41—54年）鑄造

大約從公元前15年開始，盧格杜努姆城造幣廠開始成為古羅

元69年）皇帝執政期間，羅馬城才再次成為貴金屬鑄造中

馬帝國主要的金銀幣造幣廠，當時羅馬城的造幣廠只生產普

心。上圖是兩枚壓製羅馬皇帝尼祿（公元54—68年）肖像的

通金屬硬幣。直到提貝裏烏斯（公元14—37年）和奧托（公

奧裏斯金幣。第一枚鑄造於公元61—62年的羅馬或是魯格

頓；第二枚鑄造於公元64—65年，多數學者認為該枚金幣

我們現在來看看古羅馬帝國一些其他重要的皇家造幣廠生產

為羅馬城的造幣廠所鑄。

的硬幣。

AE3低銀銅幣 & 西利克銀幣

上圖左是壓制羅馬皇帝凱撒 · 克裏斯（公元316—326年）肖

上圖右是君士坦丁大帝（公元307-337年）AE3低銀銅幣，鑄

像的 AE3低銀銅幣，鑄造於倫敦造幣廠（古羅馬帝國最西部

造於特裏爾造幣廠（今屬德國），造幣廠標記為“PTR”。

的重要造幣廠），造幣廠標記為“PLON”。

上圖是阿爾勒造幣廠（今屬法國）鑄造的兩枚硬幣。第一枚

肖像的西利克銀幣，造幣廠標記為“SCON”（當時該城市已

是壓製君士坦丁大帝肖像的 AE3低銀銅幣，造幣廠標記為

更名為君士坦丁堡）。

“ARLS”。第二枚是壓製君士坦提烏斯二世（公元337-361年）

霍諾留肖像索利多金幣 & 君士坦丁大帝肖像索利多金幣

上圖左是鑄造於米蘭的羅馬皇帝霍諾留（西羅馬帝國第一

上圖右是鑄造於帕維亞造幣廠（今屬義大利）的君士坦丁大

位皇帝，公元393-423年）肖像索利多金幣，造幣廠標記為

帝肖像索利多金幣，造幣廠標記為“SMT”。

“MD”。

馬克西米安肖像銅幣 & 瓦倫丁尼安三世像索利多金幣

上圖左是鑄造於阿奎萊亞造幣廠（今屬意大利）的羅馬皇帝

上圖右是鑄造於拉韋納造幣廠（今意大利北部城市）的羅馬

馬克西米安（公元286—305年）肖像銅幣，造幣廠標記為

皇帝瓦倫丁尼安三世（公元425—455年）像索利多金幣，造

“AQP”。

幣廠標記為“RV”。

福利斯銅幣 & 君士坦丁大帝肖像幣

羅馬人還在意大利西海岸的奧斯蒂亞港口建了一個造幣廠。

希臘半島和北部地區共有4個重要的羅馬造幣廠。其中之一

上圖左是叛亂上位的羅馬皇帝馬克森提烏斯（公元307—312

是西斯西亞（今屬克羅地亞）造幣廠。索利多金幣便是其典

年）肖像福利斯銅幣，便是該造幣廠所鑄，造幣廠標記為

型代表，專門出產君士坦丁大帝（公元337—350年）肖像幣，

“MOSTT”。

造幣廠標記為“SIS*”（上圖右）。

尤利安二世肖像 AE3幣 & 銀質阿根特斯幣

上圖左是鑄造於塞爾曼造幣廠（今屬塞爾維亞）的背教皇帝

上圖右是鑄造於索非亞 ( 今保加利亞首都 ) 造幣廠的伽列裏

尤利安二世 ( 公元360—363年）肖像 AE3幣，造幣廠標記為

烏斯羅馬皇帝（公元293—305年）肖像銀制阿根特斯幣，造

“ASIRM”。

幣廠標記為“SM.SDE.”。

君士坦斯一世肖像索利多金幣

上圖是鑄造於帖撒羅尼迦造幣廠（今希臘北部）的君士坦斯一世肖像索利多金幣，造幣廠標記為“TES”。

AE2低銀銅幣 & 君士坦丁堡肖像 AE3低銀銅幣

在歐亞大陸交界處，有4個造幣廠聚集在介於愛琴海與黑海之

君士坦丁堡（今伊斯坦布爾）及其造幣廠對於古羅馬帝國晚

間的馬爾馬拉海地區，分別是伊拉克利亞造幣廠、君士坦丁堡

期和拜占庭帝國（東羅馬帝國）時期具有不可估量的重要性。

造幣廠、基齊庫斯造幣廠和尼科米底亞造幣廠。上圖左是尤

上圖右是該造幣廠所鑄的君士坦丁堡肖像 AE3低銀銅幣，造

利安二世皇帝的 AE2低銀銅幣，造幣廠標記為“HERACL.A” 。

幣廠標記為“CONS”。

君士坦丁二世肖像 AE3低銀銅幣 & 瓦倫提尼安一世皇帝肖像索利多金幣

上圖左是鑄造於基齊庫斯的羅馬皇帝君士坦丁二世 ( 公元

上圖右是鑄造於尼科米底亞的羅馬皇帝瓦倫提尼安一世

316—337年 ) 肖像 AE3低銀銅幣，造幣廠標記為“SMK”。

皇帝（公元364—375年）肖像索利多金幣，造幣廠標記為 “SMNS”。

再往南就是古羅馬帝國生產能力最強大的造幣廠⸺ 安條

起初鑄造省幣，而後鑄造帝幣。

克（今屬土耳其安塔基亞）和亞曆山大（今屬埃及）造幣廠。

四德拉克馬銀幣 & 君士坦提烏斯二世像索利多金幣

上圖是兩枚鑄造於安條克造幣廠的硬幣。第一枚是公元3世

世紀中期所鑄的君士坦提烏斯二世像索利多金幣，造幣廠

紀所鑄的卡拉卡拉皇帝像四德拉克馬銀幣；第二枚是公元4

標記為“SMANI”。

省幣低銀銅幣 & 帝幣低銀銅幣

最後，我們來看產量較大的亞曆山大造幣廠所鑄的兩枚硬

馬皇帝多米提烏斯 · 多米蒂亞努斯（公元297—298年）肖像

幣。第一枚是省幣⸺ 壓製安敦寧 · 畢尤皇帝（公元138—

低銀銅幣，造幣廠標記為“ALE”。

161年）肖像的低銀銅幣；第二枚是帝幣⸺ 叛亂上位的羅

（原刊載於 NGC 網站）

An Extremely Precious Coin Rubbing Book

Ancient Chinese Coins Collected by Howard Bowker during the Republican Period Zhou Bian〔Shanghai〕 The late famous collector Howard Franklin Bowker is

cloth, and its inner pages are made of rice paper, with two

one of the most accomplished researchers in Chinese

rows of vertical lines embossed on each page. On the

numismatic history. Active from the 1930s to the 1960s,

spine is a red inscription reading " 甬江大衙頭嘉泰新號制

Bowker published over 70 numismatic ar ticles and

" (made by the Jiatai paper store, on the street along the

collected numerous coins and numismatic documents. In

Yongjiang River, Ningbo, Zhejiang). In the book, there are

recent years, the Bowker family has donated part of his

coin rubbings, relevant records, and explanations made

collection and some of the documents to the Shanghai

by Bowker, with some other numismatic materials left in

Mint Museum, the Shenyang Mint Museum, and the China

the book.

Banknote Printing and Minting Museum. Some valuable c oins are selected and descr ibed Recently, I saw an old Chinese account book at the

according to dynasties as follows.

Shanghai oﬃce of the Champion Auction. It was used as a rubbing book by Bowker when he was studying ancient

To begin with, let's talk about the rubbings of the coins

Chinese coins in the 1920s and 1930s. Its cover is blue

dating from the Warring States Period. The rubbing book

On the spine is a red seal 甬 “ 江大衙頭嘉泰新號制 ”

Left: hollow-handle pointed-shoulder spade with the side note “江西大收藏家鮑子年” Right: round-shoulder round-foot spade

Left: qi fan bang chang fa hua knife coin (purchased at the countrisde of Ningbo) Right: square-foot spade 68

records a spade which features a hollow handle and pointed shoulder, and the side note“ 江西大收藏家鮑子年”which indicates that the coin is from Bao Zinian, a senior collector of Jiangxi Province, with some English descriptions below. As for round foot spades, there is one flat-shoulder spade with the inscription wu [ 武 ], one with lin [ 藺 ] and one with li shi [ 離石 ]. In terms of arched foot spades, the book covers a

liang chong jin wu shi dang lv [ 梁充釿五十當寽 ], a liang chong jin bai dang lv [ 梁充釿百當寽 ],

Two large spades produced in the Warring States Period

a an yi er jin [ 安邑二釿 ], a shan (yu) yi jin [ 陝（虞）一釿 ], and a shan (yu) ban jin [ 陝（虞）半釿 ]. Regarding rubbings of square foot spades, it includes spades with dif ferent Chinese inscriptions, such as lin [ 藺 ], yao yang [ 匋陽 ],

ping yin [ 坪陰 ], an yang [ 安陽 ], ping yang [ 平陽 ], ge [ 戈 ], rang yuan [ 襄

垣 ], yang yi [ 陽

邑 ], and liang yi [ 梁邑 ]. There is also a square foot spade with the inscription zhai yang [ 宅陽 ], but its shape is abnormal. Also, there are rubbings of two large spades. One is inscribed

Left: qing yuan tong bao (purchased in Hangzhou in 1926) Right: zhi zheng zhi bao

On the spine is a red seal “ 甬江大衙頭嘉 ” 泰新號制

with ping yang [ 平陽 ] (135 mm long and 70 mm wide) and one with lu shi bai nie [ 盧氏百涅 ] (126 mm long and 65 mm wide). I have never seen spade coins of such a large scale. Since their reverses were not rubbed, I cannot make an identification. As for knife coins, Bowker rubbed two rare knives with elegant Chinese characters

qi fan bang chang fa hua [ 齊返邦長法化 ]. In regard to round coins, there are coins inscribed

Large wu xing da bu with dragon and phoenix on its reverse

with qi yuan yi jin [ 漆垣一釿 ], yi si hua [ 益四化 ],

the inscription zhe san [ 折三 ] on its reverse. Another Song dynasty

yi liu hua [ 益六化 ] and xi zhou [ 西周 ].

coin worthy of noting is a large qing yuan tong bao [ 慶元通寶 ], one of the rarest coins in the book, and its reverse is inscribed with chi

Xin dynasty coins include a xu bu si bai [ 序

[ 勑 ] on the top, wu shi liao [ 五十料 ] at the bottom, qing yuan yuan

布四百 ] and a ci bu jiu bai [ 次布九百 ]. Tang

nian xia [ 慶元元年夏 ] on the right and gai zhu ci hao qian [ 改鑄此

dynasty coins contain a de yi yuan bao [ 得壹

號錢 ] on the right. Also, there are three fu chang zhong bao [ 阜昌重

元寶 ] and a large kai yuan tong bao [ 開元通

寶 ], a fu chang tong bao [ 阜昌通寶 ] with a denomination of 1 cent,

寶 ]. The rubbings of the coins produced in the

a tai he zhong bao [ 泰和重寶 ] with the inscription in seal script and

Five Dynasties involve a tang guo tong bao

a tai he tong bao [ 泰和通寶 ] with the inscription of a model script

[ 唐國通寶 ] with the inscription of a clerical

and a denomination of 10 cash. In regard with Yuan dynasty coins,

script and large star pattern on its reverse

Bowker rubbed three zhi zheng tong bao [ 至正通寶 ] with different

and a yong tong quan huo [ 永通泉貨 ]. Song

inscriptions of wu [ 午 ], mou [ 卯 ] and shi [ 十 ] on their reverses,

dynasty coins include da guan tong bao with

and a rare zhi zheng zhi bao [ 至正之寶 ] with the elegant inscription

of ji [ 吉 ] on its top, quan chao [ 權鈔 ] on its left and wu qian [ 五錢 ] on its right. The book also includes two rare tian you tong bao [ 天佑通寶 ] coins with different reverse patterns minted at the end of the Yuan dynasty. One is known for a short duration of use, rarity, and the elegant writing style of the inscription wu [ 五 ] on the top, and the other one features a star and moon on each side. Regarding Ming dynasty coins, there are da zhong tong bao coins inscribed with shi [ 十 ] or zhe [ 浙 ] on their reverses, hong wu tong bao coins [ 洪武通寶 ] with different inscriptions such as shi yu [ 十豫 ], shi zhe [ 十浙 ], and shang

jing [ 上京 ] on their reverses, and a rare da zhong tong bao [ 大中通寶 ] with shi [ 十 ] on its top and guang [ 廣 ] on its right. Last but not least, there is the rubbing of a xian feng tong bao [ 咸豐通寶 ] minted by Fujian Province with a denomination of 50 cash in the Qing dynasty. In addition to coins, Bowker also made rubbings of some numismatic charms, such as a wu zhu jun yi hou wang [ 五銖君宜侯王 ], a large

wu xing da bu [ 五行大布 ] which features dragon and phoenix on its reverse, a 10-cash jia ding yuan bao [ 嘉定元寶 ] with which features stars and a moon, a kang xi zhong bao [ 康熙重寶 ] with the inscription 正重寶 ] with a dragon and phoenix on its reverse. Apart from charms from China, there are also rubbings of Korean charms of special shapes. These charms were purchased in Pyongyang and Seoul.

Bowker not only rubbed coins in his collection but also

寶 ], it may be the one purchased by Zhao Quanzhi, an

recorded and studied their origins and characteristics.

oﬃcer of the Treasury Department during the Republican

The rubbings in the book involve a large variety of coins,

Period, for 400 taels of gold, and then bought by T. C.

and some of these coins were even produced thousands

L, a senior collector, for $300,000 at a Stephen Album

of years ago. According to English notes in the book, most

auction. Bowker traveled the length and breadth of China

of these coins were bought in Ningbo and Hangzhou, and

and made exchanges with local dealers and collectors. As

there are also notes referring to Shanghai and Hankou.

a great Chinese coin collector, he enriched his collection

These place records may be related to his living and

when traveling, and made detailed records and studies

working experiences. Also, there is a knife coin with

about the origins and inscriptions of most of the coins

six Chinese characters, and is noted "exchange with

in his rubbing book. His in-depth research and spirit are

Hummel". As for the mentioned tai he tong bao [ 泰和通

worthy of our respect.

]浙江寧波甬江大

^紅印

of bao [ 寶 ] and two dragons on its reverse, a yong zheng zhong bao [ 雍拓圖本側面上的衙頭嘉泰新號製

Left: knife coin with six Chinese characters Right: tai he tong bao

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周邊〔上海〕已故著名錢幣收藏家霍華德 · 富蘭克林 · 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

經過清理的古錢幣拓圖，按中國歷史朝代沿革，挑選一些重要的錢幣敘述如下。

撰寫文章 70 餘篇，並收藏有大量的中國錢幣實物與資料。

包克先生的記錄簿中戰國錢幣見有聳肩空首布，有一枚“君”

博物館、瀋陽造幣博物館等國內有關機構捐贈了許多包克

明。還有“武”字平肩弧足布、藺字圓足布、離石圓足布等。

近年來包克先生的後人給上海造幣博物館、中國印鈔造幣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。帳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。中間號夾有一些錢幣資料。

字空首布，一旁注明“江西大收藏家鮑子年” ，並有英文說

梁充釿五十當寽、梁充釿百當寽、安邑二釿、陝（虞）一釿、陝（虞）半釿圓肩弧足布都留有拓圖。方足布的種類較多，

有藺、匋陽、坪陰、安陽、平陽、戈、襄垣方足布、陽邑、梁邑等。有一枚宅陽布形態異常。有兩枚大型戰國布拓圖，平陽布長135mm, 寬 70mm，盧氏百涅銳角布長12.6mm,

寬65mm, 如此大型的戰國布幣沒有見過，由於沒有布背圖，

其性質待定。刀幣中兩品“齊返邦長法化”文字俊逸，彌足珍貴。圜錢有漆垣一釿、益四化、益六化與西周。

拓圖本側面上的 ]浙江寧波甬江大衙頭嘉泰新號製 ^紅印

左圖：戰國聳肩空首布拓印（一旁注明 “江西大收藏家鮑子年）右圖：圓肩弧足布拓印

左圖： “ 齊返邦長法化” 刀幣拓印（1926 年得自寧波鄉下）右圖：方足布拓印

莽錢有序布四百、次布九百。唐錢有得壹元寶、開元通寶大錢。五代有隸書唐國通寶背穿上巨星和永通泉貨。宋錢值得一提的有大觀通寶折

三 ; 嘉定元寶背折十，其中慶元通寶大錢，背穿

上“勑”、下“五十料”、右“慶元元年夏”、左“改鑄此號錢”最為珍貴。金代有阜昌重寶3枚、阜

昌通寶小平、篆書泰和重寶與楷書泰和通寶當十

錢。元錢中有至正通寶背午、卯、背十，尤以至兩品大型戰國布幣拓印

正之寶背上吉左右權鈔五錢字口清晰，酣暢渾

厚。元末的天佑通寶背穿上五，因行用時間短，存世量少，文字精美而著稱，另有天佑通寶背左

右星月錢，均較珍稀。明錢裏有大中通寶背上十、

當五背上浙，洪武通寶當十背十豫、十浙、上京，大中通寶背上十、當五背上浙，有枚大中通寶背穿上十、穿右廣則較少見到。清錢發現有咸豐通寶寶福當五十。

包克先生還錄有不少的民俗壓勝錢，如五銖君宜侯王、特大型的五行大布背龍鳳圖、嘉定元寶慶元通寶（1926 年得自杭州）拓印；至正之寶拓印

背當十四出紋星月、背星象紋、康熙重寶背寶泉

雙龍紋、雍正背龍鳳紋等，另有一些是他在朝鮮平壤與漢城（今首爾）得到的韓國異形花錢。

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特大型的五行大布背龍鳳圖

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。翻閱包六字刀拓印；泰和通寶拓印

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。

The Value of Chinese Cash Coins From the Expedition Diaries of Ferdinand Von Richthofen between 1869 and 1872 Thomas Ulhmann〔Germany〕 In the 19th century, the cash coins known since pre-Christian times were still circulating in China as general currency. There is not much known about the purchasing power of the coins at that time. Money changer on a market in China. On the table you can see several stacked boards with several rows of coins. To be protected from general access a cage was put over the board. It is not possible to tell whether the coins are cash coins or possibly already minted 10 cash coins. The storage of the counted coins on boards served the faster exchange of silver coins into small change. The travelogue of the geographer Ferdinand von Richthofen about his trip to China gave us some information.1 In his published diaries, he not only deals with everyday situations, but also describes in many places the wages and prices that he learned about on his expedition. Ferdinand von Richthofen was bor n on May,5, 1833 in Carlsruhe in Upper Silesia. He studied geology in Breslau and Berlin and received his doctorate with a thesis on metaphyr, a volcanic rock. After successful completion of his studies, he worked for the Royal Imperial Geological Institute in Vienna from 1856. In 1860, he accompanied the Prussian envoy Count Friedrich Albrecht zu Eulenburg to East Asia. 2 The official Prussian legation had the task of concluding a treaty of friendship and trade with the nations of the far east. Richthofen left the legation, but stayed in the area. Later he travelled to the USA in 1862-1868, where he became well known in precious metal prospecting, particularly in California. In 1868, he received an offer from the Bank of California to explore and examine China's coal deposits. The Shanghai Chamber of Commerce became a further partner in the financing of the trip. In addition to the trip, from 1869-1872, the Chamber of Commerce also promoted the scientif ic and regional geographical surveys until 1875. On his expedition he visited 13 of the 18 provinces and was the first European to enter some areas.3 After his expedition, Richthofen worked as professor

Source: Postcard - around 1900, private collection, photo Andreas Uhlmann

of geography in Bonn from 1875, in Leipzig from 1883 and in Berlin from 1886, where he finally died in 1905.4 Due to his expeditions, he was regarded as "the German Empire's expert" for China, who ultimately also laid the foundation for the selection of the later colonial area of Qingdao.5

1 Tiessen, E. (Hrsg.), Ferdinand von Rochthofen's Tagebücher aus China, Band 1 und 2, Berlin, 1907. 2 Zögner, Lothar, Ferdinand von Richthofen – Neue Sicht auf ein altes Land in Tsingtau – Ein Kapitel deutscher Kolonialgeschichte in China 1897-1914, München, 1998, S. 72/73. 3 Zögner, Lothar, a.a.O. S. 74. 4 Wardenga, Dr. Ute, www.archiv.uni-leipzig.de/geschichte/beruehmter-forschungsreisender-in-china-ferdinand-von-Richthofen/ 5 Gründer, Horst, Tsingtau – eine deutsche Musterkolonie in China?, in Die Deutschen und ihre Kolonien, Berlin, 2018, S. 125.

Fritz Junghuhn and Ferdinand von Richthofen at Lake Telaga Patengan in Indonesia around 1861/1862 Figure 22 from "Gedenkboek Franz Junghuhn 1809-1909", 's-Gravenhagen Nijhoff, 1910. Photo Thomas Uhlmann

Ferdinand von Richthofen around 1880;

source: wikipedia.de after a photo by Herrmann Joop

Sketch of a map of China around 1912 - at the end of the empire. You can see the different provinces.

According to a map by J.G. Bartholomew published by National Geographic Magazine in 1912, digitized by the Harward College Library The two-volume work of the diaries of China was published in 1907 and is based on the actual notes of Ferdinand von Richthofen. They were compiled by his wife, companions and former students.

The descriptions of the use of [the] coins also illustrate the problem of value relations between wages and prices, the consequences of failed harvests, differences in supply and demand between regions and the problem of the constantly changing regional interpretations of weight units of the same name.

An excellent example of the problems of trade in that time is the description of cotton prices. For example, one pound in the harvest area cost 380 cash. At the market 360 li away (160-180 kilometers) the pound cost 300 cash although the transport cost an additional [cost] of 20 cash per pound. The solution is simple to this seemingly strange situation was the pound in the producing region weighed 22 ounces and the pound in the market was 6 ounces lighter at 16 ounces. So the price per ounce of cotton actually rose from 17.3 cash to 18.75 cash.6 Payments with cash coins were described as follows: Smaller payments up to 100 cash were made in exact amounts, i.e. the number of coins was actually counted and handed over. Larger payments were settled with strings, where each string was 100 cash. However, the value of the strung coins varied depending on the area and money changer. Richthofen found that mostly there where between 70 and 90 coins on a string. For example, on June 12, 1871, during a stop in the province of Shanxi he received a string of 100 cash, which consisted of 83 coins.7

Picture of Emperor Tongzhi (27.04.1856-12.01.1875) Emperor since 11.11.1861 under guardianship of mother Cixi. Source Palace Museum, Beijing - from Wikipedia.de

Portrait Plaque on the occasion of the 70th birthday of Ferdinand v. Richthofen. Lower Saxony State Museum Hannover Inventory number: 2014:000:0415, photo Ursula Bohnhorst from www.kenom. de, 136 mm x 91.5 mm

From the description one can conclude that the coins were not simply 1,000 pieces on a string but 10 times 100 pieces or as already described 70 to 90 pieces each. This can also be found pictured on the early banknotes of China. Here, for example, on a note with a value of one Kuan (equivalent to 1,000 cash) 10 coin strings were shown to illustrate the value of the banknote. So one string should correspond to 100 cash coins. It also becomes clear in the description of Richthofen that during a money exchange from silver to cash, a government official came along with a "[...] load of copper cash over his shoulder [...]". 8Here it becomes clear that there could not only be 100 cash each. This one would only have a length of 10-15 cm, which would have made it impossible

Kulturstiftung Sachsen-Anhalt, Kunstmuseum Moritzburg Halle (Saale), inventory number MOMK82467, collection Howard Franklin Bowker, 22 mm, Photo Falk Wenzel

1 Cash, Avers: 同治通寶 - "Tong Zhi tong bao" - "valid money of the epoch Tongzhi", Lapel: Mint "ᠪᠣᠣ ᠴᡳᠣᠸᠠᠨ" - "Boo chiowan" - "Ministry of Finance Beijing".

6 Tiessen, a.a.O., Band 2, S. 168. 7 Tiessen, a.a.O., Band 2, S. 168. 8 Tiessen, a.a.O., Band 1, S. 390.

to carry it over the shoulder. Conversely, a 1,000 cash line would have a length of 1-1.5 meters, which is very easy to shoulder. Travelers, like von Richthofen, usually carried silver in the form of small bars or mostly Mexican 8 Reale pieces, which were checked and chopped by money changers. If necessary, these were exchanged at banks, money changers or local businessmen for cash coins to cover their daily expenses. Banknotes were not a common means of payment in China in the 19th century and were rarely used, even though the country is considered the cradle of paper money.

Museum Aug ust Kest ner, Hanover f rom t he R ichard Schlรถsser Collection Inventory number 2011.101, photo Christian Tepper, 31ร 45 cm

1000 Cash banknote from the Ming Dynast y between 1368-1399. For a better understanding of the banknote, 10 strings of 100 Cash each were printed on the note.

From a travel report of the Austrian frigate Novara from the years 1857-1859 , almost 20 years before Richthofen, another interesting piece of information emerges.9 In a marginal note it is described that around 1850 for one Mexican dollar you got 3,600 bad cash or 1,300 selected cash. Despite the ban on sorting individual coins, coins of equal [face] value were valued differently. Around 1863 one received 1,050 - 1,100 cash for one silver dollar. Here one can assume that the population did not fully comply with the requirement that all coins, regardless of their weight, were of equal value.

Source: Cultural Foundation Saxony-Anhalt, Moritzburg Art Museum, Halle (Saale), inventory number MOMK35700, 40 mm Photo Falk Wenzel

8 Reales, minted in Mexico City, Spain, Charles IV 1798-1808 - due to circulation in China several times counterstamped (choped). Each stamp represents the authenticity check of the silver in a Chinese money changer. The price f luctuations of f lour also show how relevant environmental inf luences were at that time. The price of 10 liters of flour is quoted as 1,500 cash in 1870 in Shaanxi province because of the drought that caused the harvest to be so small. In 1871, the same quantity cost only 350 cash. The following table is intended to give an overview of the

relationship between wages and prices and to show the value of the cash coins at the time of their creation. At the same time it is clear that no generally valid information can be given about the value of a coin in its time. The often asked question: "What could one buy for a cash at that time" depends on too many different influences, which are usually not all visible in the sources.

1 Scherzer, Karl von, Reise der รถsterreichischen Fregatte Novara um die Erde, 2. Band, Wien, 1865

1 Mu (area) = 667 square meters 1 Li (length) = ca. 500 meters

1 Catty (or Kin) = ca. 500 grams

1 ounce (Liang) = ca. 38 g (varies according to region)

Goods 1 Mu farmland

1 Mu farmland before the Taiping Rebellion 1 Mu farmland after theTaiping Rebellion 1 Mu farmland

1 Mu farmland

1 Mu building land

Region

Price

north Jiangsu Province

1,000 Cash

Zhejiang Province

1,000 Cash

Zhejiang Province Anhui Province Mongolia

40,000 Cash 800 Cash to 2 Dollar 0.1 Tael silver

southwest region of the Shanxi Province 18,000 Cash

southwest region of the Shanxi Province 135,000 Cash

large basket of fresh oysters

between Yantai and Bejing

30 Cash

2 solid bamboo baskets

region around Jingdezhen, Jiangxi Province

180 Cash

1 pound of baked oysters

1 Kin of tea - dealer purchase 1 catty of salt

1 catty of salt

1 catty of dried tea

1 catty of green tea 1 pound of coal

1 pound of cotton 1 ounce of cotton

1 Catty of rhabarber 1 rhabarber root

between Yantai and Bejing Jiangxi Province Hunan Province

Guangzhou (Canton) Hunan Province

Hunan Province Hubei Province

Henan Province

30 Cash

300 Cash 50 Cash 10 Cash

100 Cash 10 Cash 5 Cash

380 Cash

17-19 Cash 500 Cash 850 Cash

1 Catty of crude iron

Henan Province

20 Cash

100 chin. pound of coal

coal mine in the Shaanxi Province â&#x20AC;&#x201C; in another quality

30 Cash

100-120 kin. pound of coal (75 kg) 100 chin. pound of coal

100 chin. pound of coal 100 pears

1 paper of 18 inches

coal mine in the Shaanxi Province 20 Li distance

60 Li distance

Shaanxi Province Anhui Province

10 Cash

100 Cash

200 Cash 250 Cash 3-4 Cash

1 Antelope

Zhangjiakou, Hebei Province

600 Cash

1 Pikul of potatoes

Zhangjiakou, Hebei Province

400 Cash

1 Kin of butter 1 Catty of salt

meat (quantity unknown)

meat (quantity unknown) 1 egg

1 pound of grapes at the harvest 1 Kin of fish 1 Kin of salt

1 Kin of salt at the manufacturing site 3 kaki or persimmon 5 kaki at harvest

10 Liter of flour 1870

10 Liter of flour 1871

1 imported drinking glass

few pieces of stearin candles 1 bottle of wine 1 big oranges

2-3 small oranges 1 iron boiler

Zhangjiakou, Hebei Province

region of Taiyuan, Shanxi Province

south west region of Shanxi Province Mongolia

south west region of Shanxi Province

south west region of Shanxi Province Shanxi Province

south west region of Shanxi Province unknown

Shaanxi Province

Chengdu, Sichuan Province

Chengdu, Sichuan Province Sichuan Province

Sichuan Province

Shaanxi Province

Wages daily wages of a glass/ stone grinder

Jiangxi Province

daily wage of a worker in a coal mine

north of Jiangxi Province

daily wage of a farmer

Hubei Province

daily wage of a farmer

north of Jiangxi Province Henan Province Hupe Province

monthly wage of a kitchen assistant (who spent 600 cash on opium a month) Shanxi Province wage of a veterinarian for healing a south west region of Shanxi Province mule daily fee of a student at the university

18 Cash

200 Cash 130 Cash 10 Cash

10 Cash

240 Cash 30 Cash 13 Cash 1 Cash

1 Cash

1500 Cash 350 Cash

600 Cash

1600 Cash 300 Cash 1 Cash

1 Cash

20 Cash per Catty

Region

daily wages of a cart rider at 30 to 40 Li Shandong Province per day daily wage of a worker in a coal mine Shandong Province above ground daily wage of a carrier

400 Cash

Hunan-Province

Price 200 Cash

300-400 Cash 100 Cash

150 Cash and 1/2 pound of pork 500 Cash 70 Cash

50 Cash

40-50 Cash 1000 Cash

2000 Cash 60 Cash

travel expenses

Region

Price

2 carts for an 11-day trip

Shandong Province

30 Taels silver

detours from the main road per day

region of Jinan (capital of Shandong)

2000 Cash

additional rest day daily rent of a cart

daily rent of a cart

Overnight stay in a bad hostel a meal in a bad hostel

a very good hostel including a meal daily rent of a boat

boat trip from Tunki ? to Hangzhou for Chinese people boat trip of Richthofen and 2 other passengers 10 Li boat trip

daily rent of a boat

daily rent of a horse

from Qingjiangpu (Jiangsu) to Jinan (Shandong)

region of Jinan (capital of Shandong) between Yantai and Bejing

between Yantai and Bejing

region of Jiujiang, Jianxi Province Jiujiang, Jiangxi Province

Jiangxi Zhejiang Province Zhejiang Provinceho

Yangtze at the Anhui Province

south west of the Shanxi Province

other things Region Special tax in Ping-Yang and Hungtun on mountain area of Hunan Province opium fields Special tax for horses imported from —— Mongolia to China License for the sale of salt

When a soldier smoked opium twice, he was decapitated. The soldier who carried out the sentence received 500 cash.

region of Ping Yang, Shanxi Province

1200 Cash 960 Cash

1600 - 2400 Cash 250 Cash

150 Cash 250 Cash

1400 Cash

1200 Cash

5 Dollars = 5,000-6,000 Cash 800 Cash

1000 Cash 350 Cash

Price 400 Cash per Mu

600 Cash

——

3,000-4,000 Tael Silber

——

Exchange rates between cash and other currencies 1,200 Cash - 1 Dollar (silver)

30 Cash - 15 Prussian pennies / 2 Cash - 1 penny

19 Tael Silber - 43 German Taler // 1 silver-Tael – 2.26 Taler 50 Cash - 1 Prussian silver groat

20 Cash - 9 Prussian pennies // 2.22 Cash - 1 penny 10 Cash - 4 Prussian pennies // 2.5 Cash - 1 penny 1,800-2,040 Cash - 1 Tael (silver) 1,600 Cash - 1 Tael (silver)

中國銅錢的價值

基於費迪南·馮·李希霍芬1869年至1872年間旅華日記研究托馬斯·烏爾曼〔德國〕中國人自公元前便開始使用銅錢，直至19世紀，銅錢仍然

在中國作為通用貨幣使用。但是當時人們對這些銅錢的購買力卻不甚瞭解。

中國市場上的錢幣兌換商。可以看到桌上疊着一些板子，板子上面放着幾排硬幣。為了防止他人接觸，還在板子上放

了一個籠子。這裡無法辨別這些硬幣是古代銅錢還是經機鑄的10文銅幣。板子上的硬幣數量已經數好，這樣的擺放

方式可以更快地將銀兩兌換成小額銅錢（見右圖）。

地理學家費迪南 · 馮 · 李希霍芬（Ferdinand von Richthofen）

的旅華遊記為我們提供了相關資料。1李希霍芬出版的日記

中，不僅提到了他處理的日常事務，還介紹了他在旅行中所瞭解到的各地的工資和物價。

1833年5月5日，費迪南 · 馮 · 李希霍芬生於德國上西里西亞

地區的卡爾斯魯赫。他曾在佈雷斯勞和柏林學習地理學並獲得博士學位。在其完成學業後，李希霍芬從1856年開始

在維也納的皇家地質研究所工作。1860 年，他和普魯士大使艾林波公爵 (Count Friedrich Albrecht zu Eulenburg)

一起出使東亞。2普魯士官方公使館的任務是與遠東各國締

結友好貿易條約。李希霍芬離開公使館後留在了當地。之後於1862年至1868年間旅美，並在美國，尤其是加利佛

尼亞地區的貴金屬勘探領域變得尤為知名。1868年，他收到加利佛尼亞銀行的工作邀約，勘探並檢查中國煤田。上海商會與其進一步合作，為其旅華提供資助。除了資助其

1869年至1872年間的旅行之外，商會還在1875年積極推

來源：1900年私人收藏明信片，圖片由安德莉亞斯 · 烏爾曼（Andreas Uhlmann）拍攝。

13個省，他甚至是首次前往其中某些地區的歐洲人。3李希

1886年開始任教于柏林地區，最終於1905年去世。4李希霍

動科學和地區地理調查。李希霍芬前往了中國18個省中的

霍芬旅華之後，便開始從事地理學教授的工作，從1875年開始任教于波恩地區，1883年開始任教於萊比錫地區，於

芬也因他的這次遠征而被視為德意志帝國的中國通，他也為德國之後選擇青島作為殖民地奠定了基礎。5

參考文獻

1 蒂森（Tiessen），《費迪南 · 馮 · 李希霍芬旅華日記》，卷1及卷2 ，柏林，1907年。 2 澤格納（Zögner），洛塔爾（Lothar），《費迪南德 · 馮 · 裏希霍芬：青島新大陸⸺ 1897年至1914 年間中國的德國科隆尼斯基特》，慕尼克，1998 年，72-73頁。 3 澤格納，洛塔爾，同上，74頁。 4 沃登加（Wardenga），尤特博士（Dr. Ute），網站：www.archiv.uni-leipzig.de/geschichte/beruehmter-forschungsreisender-in-china-ferdinand-von-Richthofen/。 5 格倫德（Gründer），霍斯特（Horst），《青島：德國在中國的野馬》，柏林，2018 年，第125頁。

1861/1862年，弗裡茨 · 榮胡恩（Fritz Junghuhn）和費迪南 · 馮 · 李希霍芬在印尼特拉加帕滕根湖邊。

圖片出自格拉文哈根 · 尼霍夫（Gravenhagen Nijhoff）1910年所著《弗利茨 · 榮胡根紀念錄1809-1909》，由安德莉亞斯 · 烏爾曼拍攝。

費迪南 · 馮 · 李希霍芬攝於1880年。

來源：wikipedia.de，圖片由赫爾曼 · 喬普（Herrmann Joop）拍攝。

1912年中國地圖概況，此時正值民國初。圖中可以看到各省份。

該圖根據巴薩羅繆（J.G. Bartholomew）1912年出版於《國家地理》雜誌的地圖，經由霍華德學院圖書館數位化。李希霍芬的兩冊中國日記基於他實際的旅行筆記，經由其妻子、朋友和學生編纂，于1907年出版。

而日記中對硬幣使用方面的內容描述也說明了工資和物價

之間的關係問題、農業欠收的結果、地區之間的供給差異，

以及各地區對同名重量單位的解釋不斷變化這一問題。棉花的價格便是描述當時貿易問題的一個很好的例子。比

如一磅棉花在豐產地區價值380文。而在360 裡之外的市

場，儘管運輸一磅棉花還會產生 20文的費用，但是其價值

只有300文。而這種看似奇怪的情況，實則是因為在產地，一磅等於22

盎司，而在該市場，一磅等於16盎司，較之輕6盎司。因此每盎司的價格實際上從17.3文漲至了18.75文。

採用銅錢支付的具體情況如下：不超過100文的小額款項會按照確切的金額支付，銅錢的數量會逐枚數出來進行交付。而數額較大的情況下，會用

繩子將銅錢穿起來，每吊100文。然而，每吊錢的價值會

根據地區和錢幣兌換商的不同而有所變化。李希霍芬發現，一吊錢大多有 70到90 枚硬幣。比如1871年 6月12日，在其經停山西期間，曾收到一吊錢，有83枚硬幣。7

從上述描述中可以知道，這些銅錢並不會簡單地用繩子串起1 000 枚硬幣，而是串成10吊，每吊100 枚，或是如前

文所述的，每吊70到90 枚。這也繪製在了中國早期的紙幣

同治皇帝像（1856年4月27日至1875年1月12日）。慈禧太后自 1861年11月11日起攝政。圖片來源：自北京故宮博物館 -Wikipedia.de。

上。比如這裡的這張價值一貫（1 000文）的紙幣上畫了10 吊100文硬幣，以此說明這一紙幣的價值，這表明一吊錢等

於100文硬幣。從李希霍芬的的描述中也可以清楚地知道，

在將銀子兌換成銅錢的過程中，政府官員通常“肩扛一堆銅

錢”。8而這裡的銅錢也無疑不止100文。因為100文，銅錢

的長度只有10至15釐米，不足以扛在肩上。反之，如果將1

000文錢串成一貫，其長度將在1到1.5米之間，這就很容易抗在肩上了。

費迪南 · 馮 · 李希霍芬70歲生日時的肖像雕版。

下薩克森州立漢諾威博物館，庫存編號：2014:000:0415。照片由烏蘇拉 · 博恩霍斯特（Ursula Bohnhorst）拍攝，來自 www.kenom.de，136毫米 x 91.5毫米 6 蒂森，同上，卷2 ，168頁。 7 蒂森，同上，卷2 ，168頁。 8 蒂森，同上，卷1，390頁。

薩克森 - 安哈爾特博物館，庫存編號：MOMK82467，包克收藏藏品，直徑22毫米，照片由福爾克 · 溫澤爾（Falk Wenzel）拍攝 1文銅錢，為同治皇帝執政期間的貨幣；正面“同治通寶”為同治皇帝執政期間的貨幣，背面為滿文，意為戶部。

李希霍芬等旅行者慣於攜帶小的銀條或者經錢幣兌換商檢

查並加蓋戳記的墨西哥8里爾硬幣。在有需要的時候再向銀

號、錢幣兌換商或當地商人兌換成銅錢，以此進行日常支付。雖說中國被視為紙幣的發源地，但是在19世紀時，紙

幣並不是中國常用的支付方式，甚至可以說很少被使用。

奧地利護衛艦諾瓦拉號1857年至1859 年的航行報告中還有

另一條有趣的資訊，這大約是在李希霍芬旅華之前20 年。9

在報告的旁注中寫道，在1850 年前後，1枚墨西哥銀元可

以兌換 3 600 枚品相較差的銅錢或是1 300 枚品相較好的

銅錢。儘管有規定禁止挑選硬幣，但是面值相同的硬幣，其價值依然會有所不同。1863年前後，一個銀元可以換到

1 050到1 100文銅錢。我們可以在此假設，民眾並未完全

奧古斯特 · 科斯特納博物館，理查 · 敕勒蘇收藏，庫存編號 2011.101，照片由克利斯蒂 · 泰勃（Christian Tepper）拍攝。

明朝1000文紙幣。為了更好地明白其價值，幣上印有10吊100 文銅錢。

遵循所有硬幣不論其重量多少，都價值相同之規定。

麵粉的價格浮動也可以說明當時相關的環境是如何影響物

價的。1870 年，陝西省因遭受旱災而欠收，導致10 升麵粉

價值1500文。而在1871年，同樣量的麵粉僅值350文。

來源：薩克森 - 安哈爾特文化基金會莫里茨堡藝術博物館，庫存編號 MOMK35700，直徑40 毫米。照片由福爾克 · 溫澤爾拍攝。

西班牙查理四世執政時期（1798-1808），墨西哥城鑄造8里爾銀元，因在中國流通，故加蓋戳記。每個戳記代表經中國錢幣兌換商認證檢查過此幣。

下表旨在為薪酬和物價之間的關係提供一個概覽，並且說

明銅錢在當時創造的價值。同時，我們也可以清楚知道，表中並沒有能夠說明一枚硬幣在當時的價值的一般有效資

訊。人們常常問， “當時1文錢可以買什麼”，這個問題的答

案受到很多不同因素的影響，而這些因素並不能從中得見。

9 舍爾澤（Scherzer），卡爾 · 馮（Karl von），《奧地利“諾瓦拉”號護衛艦環球旅行》，卷2 ，維恩，1865年。

1畝（面積）= 667平方米

1裡（長度）= 500米 1斤 = 500克

1盎司（兩）= 38克（各地區之間有所不同）

商品

地區江蘇省北部

1畝農田

太平天國革命前的1畝農田浙江省太平天國革命後的1畝農田浙江省安徽省

1畝農田

蒙古

1畝農田

山西省西南部

1畝農田

山西省西南部

1畝建築用地

價格 1 000文

40 000文

1 000文

800文到2銀元

一磅熟牡蠣 2個堅固的竹籃

江西省景德鎮

1斤鹽

湖南省

1斤茶葉 - 貿易商購買

江西省廣州

1斤鹽

湖南省

1斤幹茶葉

湖南省

1斤綠茶

湖北省

1磅煤

河南省

1磅棉花

河南省

1盎司棉花

河南省

1斤大黃莖

100个梨

陕西省

250文

1 只羚羊角

河北省張家口河北省張家口

1 袋土豆 1斤鹽

山西省太原

肉（重量未知）

陝西省西部

肉（重量未知）

蒙古

180文

1個蛋

山西省西南部

豐年的1磅葡萄

山西省西南部

50文

1斤魚

山西省

100文

300文

1斤鹽

山西省西南部

產地的1斤鹽

未知

10文

3個柿子

陝西省

豐年的5個柿子

陝西省

380文

1870年的10升麵粉

陝西省

10文

5文

17-19文

500文

1斤粗鐵

河南省

100斤煤

陝西省煤礦地區以外 30文

850文 20文 10文

薪酬

200文

河北省張家口

135 000文

河南省

陝西省煤礦地區

60里处

1斤黃油

18 000文

江西省

馬車夫行30至40裡的日工資

山東省

地上煤礦工日工資

山東省

下煤礦工人日工資

江西省北部

搬運工日工資

江西省北部

3-4文

600文

400文 400文 18文

200文 130文 10文

10文

240文 30文 13文

1文 1文

1 500文

陝西省

1871年的10升麵粉

1個進口的飲料瓶

四川成都

幾個硬脂蠟燭

四川成都

1瓶紅酒

四川成都

2-3個小橘子

350文

600文

1 600文 300文

1大個橘子

四川省四川省

1文

1鐵鍋

四川成都

每斤20文

地區

玻璃 / 石材研磨工日工資

100文

100斤煤

安徽省

1個大黃根 100-120斤煤（75公斤）

20里处

1张18寸纸张

0.1兩銀子

煙臺和北京之間的地 30文區煙臺和北京之間的地 30文區

一大籃新鮮牡蠣

100斤煤

1文

價格 200文

300-400文

100文

150文加上1/2磅豬肉

500文

農民日工資

湖北省

農民日工資

河南省

農民日工資

湖北省

幫廚月工資（該工人每月花600文抽鴉片）

山西省

醫治騾子的獸醫的工資

山西省西南地區

大學生的日常費用

湖南省

旅費

70文

50文

40-50文

地區山東省

額外的休整日所花費用

江蘇清江浦至山東濟南

每天從主幹道繞行所花費用

濟南地區（山東省會）

馬車日租

濟南地區（山東省會）

馬車日租

煙臺和北京之間的地區

較差的旅館一夜住宿費

煙臺和北京之間的地區

較差的旅館一頓餐費

煙臺和北京之間的地區

較好的旅館一夜住宿費加一頓餐費

煙臺和北京之間的地區

一艘船的日租

江西九江地區

中國人屯溪至杭州的船費

江西九江地區

李希霍芬和其他兩名乘客的船費

浙江省江西地區

10裡船程所花費用

浙江省

船隻日租

安徽省長江流域

馬匹日租

山西省西南地區

其他物品

價格 30兩銀子 1 200文

2 000文 960文

1 600 - 2 400文 250文

150文 250文

1 400文 1 200文

5個銀元 = 5 000-6 000文 800文

1000文 350文

地區湖南省山區山西省平陽地區

士兵吸食鴉片兩次則將判斬首執行判決的士兵將獲得500文

價格每畝400文

——

對從蒙古進口到中國的馬匹徵收的特別稅鹽賣許可證

2 000文 60文

2輛馬車行11日所花費用

平陽和湘潭地區對鴉片田徵收的特別稅

1 000文

—— ——

600文

3 000-4 000兩銀子

—— ——

銅錢和其他貨幣的匯率 1,200文 – 1個銀元

20文 - 9普魯士便士 // 2.22文 - 1 便士

30文 - 15普魯士便士 / 2文 - 1便士

10文 - 4普魯士便士 // 2.5文 - 1 便士

50文 - 1普魯士銀格羅特

1,600文 - 1兩銀子

19兩銀子 – 43德國塔勒 // 1個銀兩 – 2.26 個塔勒

1 800-2 040文 - 1兩銀子

The Fifth Republic Inauguration Commemorative Coins (1981) Mark Lovmo 〔USA〕

The Fifth Republic Inauguration Commemorative coins were introduced at the end of one of the most controversial transition periods in South Korean political leadership in recent times. The designs of the coins, and the timing of these commemorative coins' release, were meant to conjure an atmosphere of harmony among the public in the wake of a brutal government crackdown on dissent. The government also issued the coins as a way to entice the people of the country to save for the future, and to help take their minds off of recent political developments.

The New Man in Charge When Park Chung-hee's seventeen-year tenure as president of the Republic of Korea came to an end with his assassination in October 1979, many in Korea hoped for political liberalization that would result in the replacement of the Fourth Republic’s draconian "Yushin" Constitution and, particularly, make possible the institution of direct elections for president. Instead, what they got was yet another strongman from the Korean Army with an overweening desire to "wear the purple". He was a sharp, fifty-year old general sitting at the apex of the powerful Korean military-intelligence apparatus at the time of Park’s death, and a man that historians have charitably characterized as either "stubborn and notably insensitive" or "taciturn and unloved". By exploiting the power vacuum that resulted from Park Chunghee's death, (not to mention a feeble civilian control over the military) Major General Chun Doo-hwan staged a rolling coup d’état from December 1979 to September 1980. His nine-month march to the throne was an unadulterated aggrandizement of power as he seized upon several key opportunities on the way, with the help of his friends in the army. In the role of head investigator of Park's assassination, Chun arrested the army's

Chief of Staff and took over the Korean Army headquarters in one evening (December 12, 1979). He soon got himself promoted to Lieutenant General, and in the following April, contrived to have the weak interim president appoint him acting director of the principal agency for monitoring domestic politics (the KCIA) that, incidentally, possessed virtually unlimited and unchecked power to arrest and detain any person on any charge. It was this last move that the United States ambassador considered to be "by far the most important reason that tensions escalated, erupting four weeks later in mid-May [1980]". Using as an excuse the threat posed by the mass demonstrations against his growing control of government functions, Chun essentially completed his takeover by following the playbook of the typical banana-republic coup d'état: In one evening (May 17, 1980), he declared martial law, closed the universities, dissolved the legislature, took over the broadcasting stations, banned all political activity, and arrested thousands of people who voiced opposition to his actions. The result was the country's largest anti-government rebellion since the end of the Korean War, the suppression of which forever left a black mark on Chun Doohwan's later tenure as president.

The First Commemorative Coins of the 1980s In the months after his May 1980 crackdown, Chun Doo-hwan busied himself with the formalities: He made himself interim president on September 1, 1980, and finished the job with a very carefully controlled indirect presidential election the following February and a new constitution that inaugurated the "Fifth Republic" on March 3, 1981. Soon after Chun became interim president, preliminary discussions began between the Bank of Korea and the Ministry of Finance about designing and issuing new commemorative coins marking the launch of

the new government. Finance officials expressed some initial disapproval to the idea, questioning the Bank's frequency of issuing commemoratives in recent years. Despite this, Bank officials quickly agreed to begin a study on the designs, denominations, and distribution of some new commemoratives. The work on the coins' designs began on September 12, 1980, with veteran currency designer and Art Director at the Bank of Korea, Jo Byungsu, orchestrating the efforts of the Korean

Mint’s design team. There soon emerged a few favored design subjects on Korean themes that were considered appropriate for the commemoration of a new era. In this regard, the design team reviewed a series of thirty sketches that were drawn up in 1978 for an abandoned coin project that was to commemorate the 30th Anniversary of the establishment of the South Korean government. The team believed that these unused images would be similarly appropriate for these newly proposed coins. Upon initial examination of these drawings however, the Governor of the Bank of Korea, Kim Joonseong, instructed the team to come up with newer, more novel ideas for the designs. At the same time, the Bank of Korea even tasked a few of its staff to conduct surveys of ordinary people from different walks of life in order to gauge any recurring or notable imagery that the people might suggest for the new commemorative coins. Perhaps as an indication of the level of interest in the new government, the surveys proved fruitless, and the design team eventually narrowed down the basic design ideas on their own. The resulting sketches that the team created included images of the Korean national flower, the Mugunghwa (a Korean variety of the hibiscus flower) and a composite image of ten animals and natural scenes traditionally associated with longevity. The images also included the Asian phoenix known as the bonghwang, which is a symbol used in South Korea to represent the office of the president, and the crane. Both images are traditionally suggestive of festivities and new beginnings. To represent national harmony and teamwork, the design team came up with an image of archetypal citizens beneath a f luttering Korean f lag. In the meantime, the Ministry of Finance reversed its previous misgivings about issuing the

The obverse design of the 20,000-Won coin features an image of everyday Koreans below a fluttering Korean flag. The people in the design represent, from left to right, s t u d e n t , s o l d i e r, m o t h e r, c i t i z e n , a n d f a r m e r. T h e text below, reads "twentythousand won". Photo by Mark Lovmo

commemorative coins, and impelled by their blessing, the design team soon completed the finishing work on the design sketches. Despite the Bank president's preference for new designs, the team significantly reduced the amount of time to prepare and sketch out its work by utilizing, with slight changes, some of the design work from the abandoned "30th Anniversary of the Republic" commemoratives. The final commemorative designs would appear on three coins: A 20,000-Won coin of 90% silver composition featuring the citizens-and-flag design, a 1,000-Won nickel-composition coin with the Korean phoenix design, and a 100-Won coin with the Mugunghwa design. On November 11, 1981 the President of the Bank of Korea finally affixed his consent to the proposed designs. While preparations at the mint got underway, the Bank of Korea confirmed the decision to mint the commemoratives in an application to the Ministry of Finance on February 13, 1981, explaining that the coins were an effort to celebrate the start of the Fifth Republic and were meant to help conjure an atmosphere of harmony, close cooperation, and national

South Korea's first c o m m e m o ra t ive c o i n s of the 1980s were issued on August 14, 1 9 8 1 to c e l e b ra te t h e establishment of President Chun Do-hwan's "Fifth Republic" (1981-1987). Photos courtesy of N u m i s m a t i c G u a ra n t y Corporation.

development. Normally, the application process could take months, but in this case, approval was received four days later. The Monetary Policy Committee also soon gave its consent, and on March 13, 1981 the Bank of Korea ordered the mint to produce 100,000 pieces of the 20,000 Won-denominated coins,

two million of the 1,000 Won coins, and five million of the 100 Won coins. The order also stipulated that 20,000 of the coins were to be minted as proof versions, with delivery expected on July 30th of that year.

South Korea in 1980 The Korean economy in 1980 was f loundering from the effects of the previous year's oil crisis in the wake of the Iranian Revolution and from a world-wide recession that year. Nationwide economic growth was below negative 5 percent, and inf lation was high. In contrast to the previous administration's goal of massive growth, South Korea's central economic planners under the newly inaugurated "Fifth Republic" aimed for stability of the economy, particularly price stabilization. Their charge was to cut back on fiscal spending and tighten monetary policy, and they hoped to engender this belt-tightening behavior among the citizenry as well. Korean economic planners had been worried for some time about the low savings rate in the country in the 1960s and 1970s

compared to the much-higher household savings rates in Japan and Taiwan. Given that the Korean War and its aftermath had damaging effects on the Korean economy that lingered for years since its end, many households had difficulty saving, and when Koreans did save, it was usually for the short term. Consequently, the savings rate hovered at a comparatively low 20 percent of GNP in the 1970s. The new Fifth Republic government hoped to raise the level of private and corporate saving with a policy of higher, but stable, interest rates in the 1980s. They also used other schemes to encourage citizens to save. One was the manner in which the Bank of Korea's new commemorative coins were distributed upon their official release on August 14, 1981.

Issuing theâ&#x20AC;&#x153;Fifth Republicâ&#x20AC;?Commemorative Coins I n it s d ist r ibut ion sche me for is s u i ng t he new c oi n s commemorating the establishment of the Fifth Republic, the Bank of Korea went by three principles that were deemed important at the time: 1) Distribution of the coins should be as fair and even to as many citizens as was possible. 2) The issuance of the coins should be based on careful measurement and planning in order to avoid problems or delays in distributing the coins to the citizenry. 3) There should be set rules for distributing the coins through banking institutions that would encourage and reward personal savings, while reducing hoarding and reselling of the coins at a profit.

In the spirit of the Bank of Koreaâ&#x20AC;&#x2122;s savings-incentive theme, the commemoratives were not to be sold, but to be given out essentially as rewards to people based on the number of savings accounts per household and the amount of savings per person. Winners of the 20,000-Won coins were drawn from a computerbased lottery program, while winners of the 1,000-Won and 100-Won coins were drawn from a list based on the duration of time that people had maintained their savings accounts. The government's decision to distribute the coins as gifts rather than sell them was based on considerations both practical and political. A major reason was to incentivize the general public

into following along with the government's new fiscal policy. Another reason was the Bank of Korea's desire to avoid the previous difficulties they encountered in fairly distributing the commemoratives for the 1978 42nd World Shooting Championships. But clearly an important consideration was the new government's need to engender positive attitudes towards the new leadership, and to assuage the hard feelings and divisiveness deriving from the political situation of the time. The distribution plan was announced to the public in newspaper reports in late July 1981 informing readers that the coins were legal tender pieces and would be distributed through banks to account holders according to the savings-account disbursement scheme. The first disbursement of the commemoratives took place on August 14th, lasting eleven days, and resulted in just over 60 percent of the coins actually being given to account holders out of the total of 7,061,000 to be distributed in Korea. A second disbursement from August 25th to the 31st ended up awarding a further 23 percent of the total to account holders. This left just over 16 percent of the total number of coins left undistributed. The winners of these coins either did not claim their coins from the bank or did not know they had been awarded coins as they did not check their names on lists displayed at specific bank branches. Most of these unissued coins were the low-denomination 100-Won commemoratives, and these were later given out on a first-come, first-served basis to people who opened new basic savings accounts. Some of the 20,000-Won coins were also left unclaimed, and these were similarly awarded to people who opened new family savings accounts after July 1, 1981.

Popularity and Current Market

The nickel-composition 1,000-Won coin of this series is shown here in mint finish (left) and unfrosted proof finish (right). The obverse of the coin features the Asian phoenix, traditionally symbolic of festivities and beginnings, but also of royalty in Korea, and since 1948 it has been used as a symbol of the president of the Republic of Korea. Photos by Mark Lovmo T he tot al m i nt age for th is ser ies nu mbers 7.1 m illion coins; most of these being the nickel and cupronickel coins. Except for the harder-to-find frosted proof versions of the series that only number 2,000 coins each, such a large mintage for a commemorative issue probably made them appear as ubiquitous curios rather than valued collectibles. Consequently, the 1,000-Won and 100-Won mint-finish coins of this series have long been some of the most common, and lowest-priced, South Korean commemorative coins that collectors could find in the Korean numismatic market. The average citizen may have been uninterested in the coins since most of them were non-precious metal pieces with low-value denominations, and therefore the coins were of no real investment value. Added to this was the lack of any real popular excitement surrounding the coins’ release that was reminiscent of the country’s first silver commemorative coin in 1978.

denomination

In the years since, the collector market has responded quite well to the rarer pieces. The Fifth Republic Inauguration three-coin frosted proof sets have become highly valued by collectors. South Korean online retailers in 2020 were selling threecoin frosted proof sets in Numismatic Guaranty Corporation (NGC) holders and graded at Proof-69 Ultra Cameo for around 2,800,000 KRW ($2,300.00 in 2020 USD). Collectors will find the 18,000-mintage unfrosted-proof coins much more accessible and affordable, at around 80,000 KRW to 100,000 KRW for a 3-coin set. If current internet searches of these coins are any clue, many ordinary Koreans who come across them in a drawer somewhere seem to be unaware of the coins’ origins, and of the novel way in which they were issued in the late summer of 1981.

Specifications for the Fifth Republic Inauguration Commemorative Coins 20,000-Won

10,000-Won

Diameter

35mm ±0.10

33mm ±0.10

Crenellations (milled edge)

170

165

Composition

Weight (grams)

1,000-Won

90% silver, 10% copper 100% nickel

75% copper, 25% nickel

23.00 ±0.47

12.00 ±0.25

17.00 ±0.35

150

Mint Strike Mintage

80,000

Frosted Proof Mintage

First Disbursement 8/14/1981 - 8/24/1981

2,000

69,465 (71.6%)

1,391,007 (70.1%)

2,795,882 (56.1%)

Coins left over and distributed later

23,716 (24.6%)

3,819 (3.9%)

434,579 (21.9%)

1,197,552 (24.1%)

Unfrosted Proof Mintage

Second Disbursement 8/25/1981 - 8/31/1981

18,000

1,980,000

30mm ±0.10

18,000

159,314 (8.0%)

4,980,000 18,000

*Total mintage for this commemorative series was 7,100,000 pieces, with 7,061,900 pieces distributed in Korea. The Bank of Korea distributed the remaining coins to major banks outside of Korea. *Quality control standards: Flourescent x-ray analysis was used to determine the specific amount of material used in the planchets (KSM0017 process). Quality control of appearance was done with the naked eye.

986,566 (19.8%)

1981 年大韓民國第五共和國成立紀念幣馬克·洛莫〔美國〕

1981年，近代韓國政治領導最具爭議的過渡時期落下帷幕。政府剛剛對異見人士進行了殘酷的鎮壓，為了在公眾中營造和諧的氣氛，將其注意力從當時的政治發展態勢上移開，同時也是為了鼓勵國人進行儲蓄，以供將來之用，政府設計併發行了大韓民國第五共和國成立紀念幣。

新的掌權者 1979年10月，時任大韓民國總統的樸正熙遇刺，由此結

1979年12月12日，他逮捕了部隊的總參謀長，一夜之間接

實現政治自由化，取代先前第四共和國所制定的殘酷的維

月，他精心謀劃，讓軟弱無能的臨時總統任命他為韓國中

迎來了另一位獨裁者⸺ 金鬥煥。金鬥煥是部隊出身，同

近無限的權利而不受監察，同時可以逮捕並拘留任何受到

束了他長達17年的總統任期。很多韓國人都希望借此契機

新憲法，尤其是希望實現總統直選。然而事與願違，他們樣渴望獨掌大權。樸正熙遇刺時，這位精明厲害的50歲將軍把持着韓國強大的軍事情報機構，歷史學家不吝稱其

為“頑固不化且麻木不仁”或是“沉默寡言且無人喜愛”。

1979年12月至1980年9月，時任少將的金鬥煥利用樸正熙

管了韓國軍隊總部。不久之後，他晉自己為中將，1980 年 4

央情報局的執行局長，負責監控國內政局，這讓他擁有幾指控的人員。

金鬥煥藉口民眾示威會對他逐漸控制政府職能產生威脅，以

“香蕉共和國” （指不民主或不穩定的政府）發動政變的典型

方式，強行接管韓國軍隊。1980 年5月17日晚，金鬥煥宣佈

死亡造成的權力真空發動了一場聲勢浩大的政變。他在軍

《緊急戒嚴令》，關閉大學校園，禁止召開韓國國會，接管廣

步發展，登上韓國權力的巔峰，而這一過程無疑也使其手

此爆發了朝韓戰爭結束後最大規模的反政府叛亂，而金鬥

隊朋友的支持下，抓住了幾個關鍵機會，經過9 個月的穩

中的權力進一步強化。金鬥煥還負責調查樸正熙刺殺案。

播站，禁止所有政治活動，逮捕數千名反對他的民眾。自

煥的鎮壓行為也在他之後的總統任期上留下了永久的污點。

20世紀80年代的第一枚紀念幣 1980年5月，光州事件爆發，金鬥煥對其進行鎮壓。之後幾個月裏，他一直忙於各種形式規程：1980年9月1日，金

設計師、美術師趙炳洙負責設計，並集合了整個韓國造幣

的間接總統選舉；1981年3月3日，頒佈了“第五共和國”的

被認為適合作為新時代紀念幣圖案的韓國主題設計。為此，

鬥煥任命自己為臨時總統；次年2月，舉行了一場精心控制

新憲法。金鬥煥出任臨時總統後不久，為新政府成立設計

和發行新版紀念幣一事便提上了議程，韓國銀行和財政部

開始進行初步探討。財政部官員認為韓國銀行那些年並不

經常發行紀念幣，因此最初並不支持這一想法。儘管如此，銀行方面很快便同意開始對新紀念幣的設計、面額及發行進行研究。

1980年12月12日，紀念幣正式開始由韓國銀行經驗豐富的

廠設計團隊之力。不久之後，便出爐了幾個頗受喜愛，並設計團隊先是回顧了30多張1978年為韓國政府成立30周年紀念幣設計的草圖，該造幣項目後來遭到了廢棄，而團隊

認為這些未使用的設計很適合新的紀念幣。然而在初步檢

查了這些草圖之後，韓國銀行行長金俊成讓團隊提交一些

更新穎的設計創意。此外，韓國銀行還讓一些員工對各行

各業的普通人進行調查，希望能夠瞭解公眾關於新紀念幣

20 世紀 80 年代，韓國為慶祝全鬥煥總統建立第五共和國（1981-1987 年），於 1981 年 8 月 14 日發行第一套紀念幣。（圖片來源： NGC）設計的建議中，那些重複提到的或值得注意的設計。這項

調查或許正如民眾對新政府的關注度那樣，並無甚結果，設計團隊的設計思路最終只得回到自身基本的設計思路範圍之內。

團隊設計出來的草圖上不僅有韓國國花木槿花，還有由十

種動物和自然景觀構成的圖案，這些動物和景觀在韓國都

有著長壽的傳統意味。此外，圖上還有鳳凰以及仙鶴的圖

20 000 韓元的正面為是一面飄揚的韓國國旗，國旗下是韓國人民。設計中的人物從左到右分別代表着學生、士兵、母親、市民和農民。下方刻有韓文“ 兩萬韓元” 字樣。（圖片來源：馬可·洛莫）

案，鳳凰在韓國也是總統的象徵。這些圖案一般也代表着

慶賀和新的開始。設計團隊設計的另一個草圖上則繪着一排民眾站在飄揚的韓國國旗之下的情景，以此表現出國民

1981年2月13日，造幣廠準備工作已經開始，韓國銀行向財

和諧以及萬眾一心的內涵。此外，財政部一改之前對紀念

政部提交的一份申請，確認將鑄造這些紀念幣的決定，並

完成了草圖的設計。儘管銀行行長更加青睞使用全新的設

旨在營造一種和諧友好、密切合作、國家發展的氛圍。正

幣發行的顧慮，對設計報以殷切的期望，而銀行也很快便計，但是設計團隊通過對之前遭到廢棄的共和國30周年紀

念幣設計進行些微修改，節約了大量的準備和繪製時間。

解釋道，這些紀念幣是為了慶祝第五共和國成立而鑄造，常情況下，申請過程需要幾個月，但是在當時的情況下，申

請在4天後便獲得了批准。貨幣政策委員會也很快同意鑄造

最終呈現出三款紀念幣設計：90% 銀 20 000元紀念幣採用

新紀念幣。1981年3月13日，韓國銀行向造幣廠下令生產10

計，而100元硬幣則採用了木槿花設計。最終，韓國銀行行

及500萬枚100 韓元面額硬幣。命令中還規定，有2萬枚硬

了民眾和國旗的設計，1 000元鎳質紀念幣採用了鳳凰的設

長於1981年11月11日批准了擬行設計。

萬枚 2萬韓元面額硬幣、200萬枚1 000 韓元面額硬幣，以幣要鑄造成精製幣，並計劃在當年7月30日發行。

1980年的韓國 1980年，韓國經濟受前一年伊朗革命造成的石油危機以及

日本和臺灣的儲蓄率要高得多。加之朝鮮戰爭及其結果對

低於 -5% ，且通貨膨脹率高。新成立的韓國“第五共和國”

家庭很難實現儲蓄，即便是儲蓄，通常是短期的。因此，

當年全球經濟衰退的影響而舉步維艱，全國經濟增長甚至

中央經濟計畫制定者做出了與之前制定的大幅增長所不同

的管理目標，致力於實現經濟平穩發展，尤其是希望穩定物價。他們希望縮緊財政支出並收緊貨幣政策，同時希望

民眾也勒緊褲腰帶。韓國經濟計劃制定者也擔心20世紀60

年代至70 年代時的國民儲蓄率過低，相比之下，這一時期

韓國經濟造成了巨大打擊，戰爭結束後的很多年裏，許多

20世紀70年代時，韓國儲蓄率在 20%GNP 以下徘徊。80

年代時，新的第五共和國政府希望通過高利率或是穩定利

率，提高私人及企業儲蓄。此外，政府也制定了其他方案，希望借此鼓勵民眾儲蓄。其中一項舉措便是由韓國銀行在

1981年8月14日官方發行新版紀念幣。

第五共和國紀念幣發行韓國銀行發行新的第五共和國成立紀念幣時，遵循了三項原則。當時，這些原則被認為是非常重要的：

●

硬幣發行應該盡可能公平，同時盡可能惠及更多公民。

●

硬幣發行之前應該進行仔細的評估和計畫，從而避

免在向國民發行硬幣的過程中產生問題或延遲。 ●

應該通過銀行機構為硬幣發行制定規則，鼓勵並獎

勵個人儲蓄，同時減少為獲利而囤積並再次出售紀念幣的行為。韓國銀行本着激勵儲蓄的精神，這些紀念幣並不出售，而

發放這些硬幣，而非將其出售。這樣做主要是為了激勵公

眾遵循政府新的財政政策。另一方面，韓國銀行不希望重蹈發行1978年第42屆世界射擊競標賽紀念幣時的覆轍。除

此之外，新政府還有一個很重要的考量，那便是希望民眾

能夠看好新的領導政府，緩和因時局而帶來的對立情緒以及分歧不和。

1981年7月下旬，報紙上公開了紀念幣的發行計劃，告知讀者，新的紀念幣為法定貨幣，並計劃根據儲蓄賬戶付款通

過銀行發行。第一輪儲蓄帳戶存款於8月14日開始，為其11

天，結束後，7 061 000 枚硬幣中逾六成發放到了韓國賬戶

持有者的手中。第二輪是從8月25日至31日，又將總鑄幣中的23% 發放給了賬戶持有者。而剩下有16% 未發放的硬幣

是根據每戶儲蓄賬戶上的儲蓄數額及人均儲蓄金額作為獎

大多是因獲得者未從銀行領取，或是因其未從特定的分行

1 000 韓元和100 韓元的發放名單則是根據儲蓄時間的長短

這些未發行的硬幣大多是在第二輪發行時，根據先到先得

勵發放。20 000 韓元面額紀念幣是通過電腦抽獎程式選出，選出。

政府基於可操作性和政治考慮，決定將紀念幣作為禮物，

公示名單上核對自己的姓名，而不知道自己獲得領取資格。原則發放給新開通基礎儲蓄賬戶者的小面額100 韓元紀念幣。此外，也有一些獎勵給1981年7月1日後開通新的家庭儲蓄帳戶者的20 000 韓元紀念幣未被領取。

紀念幣的受歡迎度和當前市場行情大韓民國第五共和國成立紀念幣的總發行量為710萬枚，大

可能也並不感興趣，因此它們並沒有真正的投資價值。而

精製版（每個面額發行量僅 2 000 枚），如此因其發行量巨

讓人聯想到1978年韓國發行的第一枚銀質紀念幣。

多數為鎳幣和銅鎳合金幣。除了很難在市場上找到的磨砂

大，所以似乎成為了一種無處不在的小件稀有物，而非有價值的收藏品。結果，該系列中的1 000 韓元和100 韓元普製

在此後的幾年裏，收藏市場對那些更為稀有的藏品反應相

力地在韓國的錢幣市場中找到。因為大多數錢幣都是由非

藏者們的熱捧。韓國線上零售商曾在 2020 年出售了3枚一

幣一直以來都非常常見，價格也很低，藏家們能夠毫不費

貴金屬鑄造而成，面額價值也很低，普通市民對收藏錢幣

且人們對該紀念幣發行一事也並不怎麼興奮，因為它們總

當不錯，3枚一套的第五共和國成立磨砂精製套幣也受到收

套的 NGC 69 分超亚光磨砂精製套幣，成交價為280萬韓

上圖為韓國第五共和國成立紀念幣系列中的 1 000 韓元鎳質幣，左側為普制，右側為非磨砂精製。硬幣正面為鳳凰圖案，通常象徵着慶賀和新的開始，該圖案從前也是韓國王室的象徵，而自 1948 年來，這一圖案也象徵着韓國總統。（圖片來源：馬可·洛莫）

第五共和國成立紀念幣規格面值材質直徑重量（克）齒邊數發行量非磨砂精製幣發行量磨砂精製幣發行量

20 000 元

10 000 元

1 000 元

35±0.10 毫米

33±0.10 毫米

30±0.10 毫米

170

165

150

90% 銀， 10% 銅 23.00 ±0.47

80 000

18 000

2 000

第一輪儲蓄賬戶存款 69 465 (71.6%) 1981 年 8 月 14 日 -1981 年 8 月 24 日

第二輪儲蓄賬戶存款 23 716 (24.6%) 1981 年 8 月 24 日 -1981 年 8 月 31 日

未发行及之后发行的硬币数量未發行及 3 819 (3.9%) 之後發行的硬幣數量

100% 鎳

17.00 ±0.35

1 980 000

75% 銅， 25% 鎳

12.00 ±0.25

4 980 000

* 該紀念幣的總發行數量為 7 100 000 枚，其中 7 061 900 枚在韓國發行。其餘則由韓國銀行在其他國家發行。

* 品質控制標準：使用螢光 x 射線分析法測定坯料中所用材料 2 000 2 000 的含量（KSM0017 工藝）。通過肉眼觀 1 391 007 (70.1%) 2 795 882 (56.1%) 察外觀，進行品質控制。 434 579 (21.9%) 1 197 552 (24.1%) 18 000

18 000

159 314 (8.0%)

986 566 (19.8%)

元 ( 約合16 215人民幣 )。在所有第五共和國成立紀念幣中，

如果現在在網上搜索這些硬幣，可以看到許多普通的韓國

約18 000 枚，3枚一套的價格在8萬韓元至10萬韓元（約合

似乎並不知道這些硬幣從何而來，更不知道這些1981年夏

藏家們可以獲得得到，且可以承受其價格的非磨砂精製幣

460元至570元人民幣）之間。

人都曾在家中的某個抽屜裏偶然看到過這些硬幣，但他們末發行的硬幣其發行方式是如此新穎不同。

Gold Policies of the Republic of China Issuance and Redemption Stephen Tai〔Taipei〕 The government of the Republic of China (hereafter referred to as "the government") had always taken issuing government bonds as the primary means to make up for its shortage of fiscal revenue. In the late period of the Second Sino-Japanese War, the government began to print a large number of banknotes successively to support its substantial military expenditure, which led to severe inflation. Although the number of bonds issued rose by multiples, the rate still could not keep up with the fiat money devaluation. Consequently, the government's real income plummeted, and its bonds lost their

effectiveness. Si De-mao ( 席德懋 ), once served as head of the Department of Business, the Department of Issuing of the Central Bank of the Republic of China (hereafter referred to as "the Central Bank"), and general manager of the Bank of China while being an implementer of some financial policies, such as gold and silver management, and foreign exchange control. In June 1942, Mr. Si proposed to stop issuing government bonds and adopt a gold issuance policy instead, which was later approved by the government. [1]

Launching the Gold Issuance Policy currency system was on the verge of collapse along with the regime in the end.)

Fig. 1 400 oz. gold ingot promised by the US government

Although the fundamental problem of the large fiscal deficit was not able to be solved, banknotes could be taken back through the issuance of gold, which helped stabilize the currency market. (However, beyond the governmen's expectation, gold replaced banknotes to circulate in the market when the

附註：

[1] [2] [4] [5] [8] [13][16] [17] 戴學文 . 2020.《民國黃金檔案》[M]. 臺北：波多西工作室 .

D u r i n g t h e S e c o n d S i n o -J a p a n e s e Wa r, t h e Republic of China received a promise from the US government of selling more than 6 million ounces of pure gold (US$220 million) [2] to the ROC government after intense negotiations. With the support of this large amount of gold from the US, the domestic gold market, which had been closed during WWII, reopened in September 1943. The government then adopted a series of gold policies as a means to stabilize China's currency. The Central Bank received more than 6 million ounces of pure gold from the US, bought gold at its low point in the market, and confiscated gold from Japan after WWII, but it still couldn't make ends meet. There were merely over 1.5 million taels of gold left [3], while roughly 5 to 5.1 million taels of gold had been issued in Chongqing and Shanghai.

The Issuance of Gold The "Measure for Issuing Spot Gold" policy (“ 出售黃金現貨辦法 ”) (in force between September 1943 and May 1945) was the earliest gold policy introduced by the Republic of China. The policy focused on the broad market, aiming to control the ratio of gold to banknotes, and hoped that gold and silver shops would cast these gold ingots into ornaments or smaller bars for the general public. Nevertheless, the transaction amount was too large for general gold and silver shops to buy up, forming a situation where the market was controlled by a few wealthy business people and speculators. As a result, the unit of weight traded in the gold market was reduced to "10 taels" on October 23, 1944. [4] China's Banks also sold futures apart from selling spot gold due to the severe delay of the US gold delivery. As a result, the banks did not make delivery in China until gold arrived from the US. Though there was no clear record of the total number of spot gold and futures transactions, it was estimated to be around 700,000 ounces of pure gold.[5] For delivery, a great number of US gold ingots were directly put on the market or cut up into smaller bars or pieces and then entered the market. Meanwhile,

the Shanghai Central Mint also began striking various gold bars under "10 taels", commonly known as "central mint bars". The Deposit Measure for Exchanging Fiat Money for Gold ( 法幣折合黃金存款辦法 ) policy (in force between September 1944 and June 1945) was another policy introduced by the Republic of China to absorb the floating capital of fiat money and stabilize the currency value during the spot gold trading period. According to the policy, the minimum exchange unit had been reduced to one tael; thus, the general public could also participate in exchanges. Moreover, the Central Bank had entrusted the Bank of China, the Bank of Communication, the Farmers Bank of China, the Central Trust of China, and the Postal Remittances and Savings Bank to jointly handle the implementation of this policy in Chongqing, Chengdu, Kunming, Guiyang, Guilin, Xi'an, Lanzhou and so on. Hence, the measure became the earliest and the most comprehensive gold policy of the Republic of China. Chongqing Central Mint originally planned to strike three kinds of pure gold bars—respectively, one tael

[3] 戴學文 . 2017.《你所不知道的國府黃金》[M]. 臺北：波多西工作室 .

Fig. 2 Central mint bars from different issuing times 95

of gold, 5 taels of gold, and 10 taels of gold. However, the Supreme Council of the Ministry of National Defense abruptly announced the Gold "Donation" Measure for Gold Buyers and Depositors ( 黄金购户存户献金办法 ) on July 30, 1945, stipulating that whoever exchanged gold for more than one tael would have to offer an extra 40% of the gold to the government compulsorily. As a result, the Chongqing Central Mint struck the following four kinds of gold bars afterward: 0.2 taels, 0.4 taels, 3 taels, and 6 taels. According to statistics, the total amount of the exchanged gold was 2,207,332 taels per month. [6] Based on the above method, people who exchanged gold for more than one tael would have to offer an extra 40% of the gold to the government compulsorily. [7] Therefore, 1.38 million taels of gold were actually exchanged in total. The reason for the implementation of the gold issuance policy (in force between March 1946 and February 1947) lies in the fact that after the victory of the Second Sino-Japanese War, China's industry and commerce came to a standstill, with many things waiting to be done. The confrontation between the Chinese Nationalist Party and the Communist Party caused panic, and the hoarding and speculation of gold were prevalent. Against this background, hot money throughout China rushed to Shanghai, and the rising prices of gold and goods set off the socalled Shanghai Gold Trend. Despite opposition, the

Central Bank that had just relocated from Chongqing to Shanghai insisted on issuing gold in the market and unusually entrusted gold to several Shanghai gold shops. Therefore, on behalf of the Central Bank, the entrusted gold shops struck pure gold ingots into usual 10-tael gold bars with a fineness of 99% and issued them afterward. It was not until the end of 1946, with the intervention of the Ministry of Finance of the Republic of China, that the Central Bank commissioned the Central Mint to strike a 10tael gold bar. However, the gold issuance policy was suspended shortly afterward when the government promulgated the Economic Emergency Measures Scheme ( 經濟緊急措施方案 ) on February 16, 1947, which stipulated the Central Bank to stop issuing gold.[8] Over the past two years, the Central Bank had issued about 3.5 million taels of gold.

Fig. 3 Chongqing's central mint bar, struck from a part of pure US gold ingot

The Redemption of Gold On Februar y 16, 1947, as was stipulated in the Economic Emergency Measures Scheme, the Central Bank stopped issuing gold and placed an embargo on gold sales, including gold bars and gold ornaments; only the Central Bank was allowed to purchase gold at a quoted price. The business activities of silver shops were nearly shut down because of the strict restriction and control. Therefore, gold owners constantly fled to identify new ways of earning money. Some of them went through Guangzhou to Hong Kong, where the price was much higher than the quotation from the Central Bank. In addition, the gold held by government agencies and state-owned

[6] 中國第二歷史檔案館 . 1994.《中華民國史檔案資料彙編》[M]. 南京 : 江蘇古籍出版社 . [7] 中華民國財政部財政年鑒編纂處 . 1935.《財政年鑒》[M]. 上海 : 上海商務印書館 .

institutions was transferred to the Central Bank along with foreign exchange. Under the accumulation policy, up until August 1948, before the currency reform was implemented to issue Chinese gold yuan notes ( 金圓券 ), the Central Bank's gold-stock rose to approximately 2.76 million taels[9], an increase of only 1.2 million taels, a quarter of the 5 million taels of the gold that sold previously. Of the three-fourths, or 3.8 million taels of gold could not be taken back. In addition to some of the outflows, there was still a large amount of gold whose whereabouts was un-known. It was not

until the government issued the Chinese gold yuan notes and forced the exchange of folk gold that the previously unknown gold was uncovered. The issuance of the Chinese gold yuan notes symbolized the nationalization of gold. Not only were gold sales prohibited, but the gold ornaments formerly legally held by people were no longer allowed to held, and these gold ornaments needed

to be ex-changed for the Chinese gold yuan notes within a specific time limit. In just over two months. Consequently, all major cities in China had redeemed 1.677 million taels of gold from the general public, of which Shanghai had the most, with more than 1.11 million taels of gold.[10] The gold was what the government had been struggling to obtain since the implementation of the Economic Emergency Measures Scheme for a year and a half.

Gold Ornaments Possessed by the General Public

Fig. 4 The 35th Year of the Republic of China (1946) Old Treasure in Nanchang, Jiangxi Province A pair of gold earrings in a simple style manufactured by Chengyinlou ( 成銀樓 )

Fig. 5 The Shanghai Central Mint used gold ornaments as raw materials to strike 5-tael gold central mint bar whose fineness was slightly low

According to a file from the Central Bank, the thirteen banks handling the Chinese gold yuan notes exchange business near Shanghai sealed up the redeemed gold in the warehouse of the Shanghai Central Mint in November, awaiting acceptance and re-casting. A total of 448 boxes of gold were put into storage, all of which was jewelry like earrings, rings, necklaces, etc., and various smaller gold bars, with a gross weight of about 870,000 taels, accounting for about 80% of the total amount redeemed in Shanghai. [11] This explains why a significant proportion of the gold issued by the Central Bank in

the past had not been redeemed before. The gold had already been manufactured into a variety of jewelry, which also con-firmed Eduard Kann's view. He believed that gold ornaments in the Republic of China were characterized by relatively fixed color standards and simple appearance and few precious jewelry inlaid for secure exchange. In short, it had a robust mone-tary character.[12] To avoid inflation, lots of gold ornaments were stored by the general public as currency.

[10] 中央銀行經濟研究處 . 1948.《金融週報》[M]. 上海 : 中央銀行經濟研究處 . [11][15] 上海金融研究所 . 1958.《中央銀行檔》[M]. 上海 : 上海金融研究所 . [12] Eduard Kann. 1926. The Currencies of China[M]. Shanghai: Kelly and Walsh.

After the failure of the issuance of the Chinese gold yuan notes, the Central Bank temporarily changed its plan and instructed the Central Mint to suspend the striking of a large number of folk gold-ornaments. It gave priority to the striking of central mint bars and provided a method for gold and silver exchange. Therefore, the gold that the Central Bank forced people to exchange around the country began to issue again. Between November 17, 1948, and February 5, 1949, the Central Mint used gold or-naments as raw materials to strike a large amount of 5-tael coins, one-tael central mint bars, and a few 5/10-tael central mint bars. After the middle of December 1948, when the gold and silver exchange was on the verge of failure due to severe bank runs around China, the Central Mint struck more than 1,200 400tael central mint bars, which were intended to be used later in Taiwan. [13] The fineness of gold-ornaments was generally low, and there was no fixed standard. After being used as raw material, the Central Mint was too busy to refine these; thus, it couldn't reach the official standard of above 99.5% fineness as the US gold ingots. The quality of different central mint bars was also uneven, and there was no standard to speak of. It was not until December 13, 1948, when the government finally faced the fact that the fineness of all the central mint bars should be above 95%[14],

which was lower than the average fineness of gold ornaments redeemed by the Central Bank at that time.[15] It had also become the lowest standard for the Central Bank to issue gold at. The redeemed gold Jewelry in the Chinese mainland was later transported to Sichuan, Taiwan, and other places. It was struck initially and then sold to the public. At the same time, there was a phenomenon similar to that of Shanghai central mint bars. In Taiwan, since the second half of 1949, under the commission of the Taiwan Bank and the Ministry of National Defense ROC, the Taipei Central Mint and the Jin Zuei Shan ( 金瑞山 ) Gold Shop central mint bars had also used the gold jewelry to produce bars and wafers [16], which was also the reason why the fineness of some of the early central mint bars of the Taipei Central Mint and gold wafers of the Taiwan Bank was not good. In Sichuan Province, mints in Chongqing and Chengdu had used the folk gold ornaments to strike central mint bars since August 1949. Although the fineness standard was set at 98%, in times of emergency, these mints often gave up refining the central mint bars whose fineness thus became problematic.[17] The central mint bars were in high demand, for they were exchanged for currency in the marketplace and became soldier's pay. After a period of striking, folk gold orna-ments had largely disappeared from the Central Bank's inventory.

[14] 蔣芷湘 . 1948.「存兌金銀政策修正後，造幣廠加工鼓鑄，一兩及五錢兩種小條，成色均在九成五以上」[ J]. 申報 .

釋出與回收

民國的黃金政策戴學文〔臺北〕

國民政府，在遭遇財政收入不足時，一向以發行公債

歷任中央銀行發行、業務兩局首長、中國銀行總經理

債發行數量雖以倍數攀升，依然無法趕上法幣貶值速

黃金的建議被採納後，國民政府從此轉向，積極採用

作為彌補財源的主要手段。不過，抗戰後期，為了支應龐大的軍費，不斷印鈔，導致嚴重的通貨膨脹，公度，政府實質收入銳減；公債，已不再靈光。

等要職的席德懋，同時也是金銀外匯等金融政策的操

刀者，1942年 6月，提出不再發行公債，改對市場釋出【1】黃金政策。

啟動黃金政策

圖1 美國政府承諾提供的400盎斯純金金磚釋出黃金，雖無法解決財政赤字的根本問題，但釋出黃金，

內黃金市場於1943年9月重新開放，並且，國民政府在往後

當貨幣政策宣告失敗，被迫轉型時，則可改向民間強制買

1947年2月16日《經濟緊急措施方案》頒佈，不再釋出黃金，

因而收回政府鈔票，將有助於穩定貨幣市場；另一方面，回黃金，重新作為國家資本。只不過，到了最後，當幣制隨同政權瀕臨崩潰之際，大量黃金竟取代鈔票在市場流通起來，這是國民政府所始料未及的。

抗戰期間，國民政府在歷經多次談判後，終於獲得美國政

府出售二億二千萬美元約合六百多萬盎斯純金的承諾，因【2】

此，在大量美國黃金的支持下，戰爭爆發後隨即關閉的國

採取了一連串的黃金政策，作為穩定金融貨幣的手段。直到

並改放為收為止。

在兩年多的時間裡，國民政府釋出大量黃金。央行雖有自美陸續運來的600多萬盎斯純金的大筆進賬（圖1）以及戰

後逢低自市場購回、沒收“敵產”黃金等部分挹註，但仍入不敷出，僅剩150多萬市兩【3】，粗估已有500萬 -510萬市兩

的黃金，已先後在重慶、上海兩地釋出。

附註：【1】：筆者，《民國黃金檔案》，頁 69。波多西工作室，2020.1.10 初版。【2】：同上，頁 50 以下。【3】：筆者，《你所不知道的國府黃金》，頁146 。波多西工作室，2017年 4月再版。

釋出黃金「出售黃金現貨辦法」(1943.9-1945.5)，是國民政府最早

當時出售的黃金，除了“現貨”之外，由於美方運金時程嚴

鈔比價之外，也寄望金店銀樓買下金磚後，化整為零，改

交貨。黃金現貨與期貨的交易總數，並無明確記錄可稽，

的黃金政策，不過，銷售僅以大盤着眼，目的除了操控金鑄金飾或條塊，繼續供應一般百姓。但，實際上，由於交易金額過於龐大，一般銀樓金店難以負擔，形成少數富商

與投機客壟斷的局面；因此，1944 年10月23日，交易單位被降為10市兩。

【4】

重拖延，銀行於是改賣起「期貨」，等到黃金自美運抵後始【5】但根據推估，應在純金70萬盎斯左右。

為了交割需要，有大量美國金磚被直接或切割後投入市面，中央造幣廠也在此時加入鑄造行列，開始生產十兩以下各式金條，即一般所稱的“廠條”他（圖2）。

圖2 中央造幣廠在各時期所鑄造的廠條「法幣折合黃金存款辦法」(1944.9-1945.6)，則是在黃

金現貨買賣期間，為了吸收民間法幣遊資，穩定幣值所推

出的另一辦法。由於最低存兌單位降至一市兩純金，一般

民眾也有能力參與，另加上央行委託中國银行、交通银行、

農民銀行及中央信託局與郵政儲金匯業局，在重慶、成都、

昆明、貴陽、桂林、西安、蘭州等地共同辦理，因此，成為民國最早、具全面性的黃金政策。

重慶中央造幣廠原計劃鑄造一市兩、五市兩與十市兩三種

純金廠條供應，不過，國防部最高委員會又於1945年7月

30日臨時宣佈《購戶、存戶獻金辦法》，規定兌付金額超過 (

不含 ) 一市兩者，強制捐獻四成的關係，為了符合作業需要，

重慶廠又另追加鑄造了二市錢、四市錢、三市兩、六市兩等四種廠條。（圖3）

據統計，該辦法累計每月法幣折合黃金存兌總數為

圖3 改鑄自美國純金金磚的重慶中央造幣廠廠條

2,207,332 市兩【6】，依據獻金辦法規定一市兩以上金額強

【4】：【1】前揭書，頁 74 。【5】：1945 年 6月黃金現貨停辦時，從1944 年10月以後已無貨可交，應付未付黃金數量，約為 40萬市兩，【1】前揭書，頁85 。1945 年以前，雖無交易紀錄，不過，根據中國第二歷史檔案館編，《中華民國史檔案資料彙編》第五輯第三編，財政經濟 ( 二 )，頁 353-354，以及黎東方，《平凡的我》第二集，附錄一，頁 317，臺北國史館，1998 年版之記載，可估算出自美運來黃金約為 30萬盎斯，【1】前揭書，頁 55 。

100

制捐獻四成，至1946年底的獻金共為82,468市兩【7】，因此，

實際兌出138萬市兩純金。

「黃金拋售」政策 (1946.3-1947.2)，則是肇因于，抗戰勝

利後，工商停頓，百廢待舉，國共對峙的態勢，造成人心

惶惶，囤積炒作風氣更加盛行，在此背景下，全國各地遊

資紛紛湧向上海，金價、物價不斷翻漲，掀起了所謂「上海黃金風潮」。甫自渝返滬的央行，不顧反對，執意在市場拋

售黃金，不尋常地將庫存黃金委託少數上海金號，一方面，取代中央造幣廠，將純金金磚改鑄成上海慣用的十市兩烚赤金條，成色990，另一方面，則代替中央銀行執行拋售任

務。直到1946年底，在財政部的介入下，央行才又另委託

中央造幣廠鑄造烚赤十兩金條，但已時不我予，不久之後，【8】黃金拋售即宣告停辦。

此一期間，總計拋售了央行約350萬市兩的黃金。

回收黃金 1947年2月16日，《經濟緊急措施方案》頒佈，央行不再釋

出黃金，也同步禁止百姓買賣黃金，包括金條、金飾等，僅允許由央行按牌價收購；銀樓業務則受到嚴格約束與管

控，幾近停擺。在此背景下，民間黃金紛紛躲避，有部分

收回的3/4，即380萬市兩左右，除部分流往外地之外，仍

有大量去向不明。直到國民政府發行金圓券，全面強制收兌民間黃金後，這些黃金的蹤跡才曝了光。

則經由廣州，流往價格遠高於央行牌價的香港，出售圖利。

金圓券的發行，象徵著黃金的國有化，黃金不僅禁止買賣，

一併移轉央行。

圓券。結果，全國各大都市在兩個多月內共兌入了167萬7

另一方面，政府機關、國營機構所持有的黃金，隨同外匯在強力聚斂下，直至1948年8月實施幣制改革，發行金圓券

前夕為止，央行黃金庫存上升至 276萬市兩左右，僅增加【9】

約120萬市兩左右，是先前釋出500多萬市兩的1/4 。未能

連民間原本合法持有的金飾，亦不得再藏匿，限期兌換金

【10】千餘市兩黃金，其中上海最多，有111萬多市兩。這些黃金，

正是《經濟緊急措施方案》實施一年半以來，官方苦無辦法獲取的部分。

隱藏市井的民間金飾一份央行檔案顯示，11月間上海附近經辦金圓券兌換業務

的十三家銀行依其指示，將收兌之黃金封存上海中央造幣廠倉庫，等候驗收改鑄。結果，入庫黃金共有448箱，都

是百姓兌交的耳環、戒指、項鏈等首飾及各式小型條塊，【11】這也毛重約87萬餘兩，數量已約占上海收兌總數的 8成。

說明了，央行過去釋出的黃金，有相當大的比例未能回收，原來是被打造成為各種首飾藏身民間的緣故。（圖4）

這也印證了耿愛德 (Eduard Kann) 的看法。他認為，民

國金飾的特點在於，為了方便變現起見，不只成色標準相

當固定，外型樸實簡單，很少鑲嵌珍貴珠寶。簡單來說，

圖4 紀年民國 35 年 (1946) 江西南昌老寶成銀樓所打造的一對金耳環，式樣簡單

【6】：中國第二歷史檔案館編，《中華民國史檔案資料彙編》，第五輯第三編，財政經濟 ( 二 ) 【7】：《財政年鑒》，三編，金融。第 10 篇第 2 章第 4 節第 3 目。【8】：【1】前揭書，頁 100 以下。【9】：【3】前揭書，頁 146 。【10】：1948.11.17《金融週報》，第 19 卷，20 期。【11】：1948.12.6《中央銀行檔》，國發會檔案管理局。【註 1】前揭書頁 119 以下。

101

【12】具有濃厚的貨幣性格。為了躲避通貨膨脹，大量金飾是

被民眾當作貨幣蓄藏起來。

金圓券發行後，原本應被改鑄四百市兩金磚當作庫存的大量民間金飾，因金圓券爆發危機，央行臨時改變計劃，指

示中央造幣廠優先鎔鑄廠條，提供「金銀存兌辦法」使用。於是，央行在各地強制收兌的黃金，又再度釋出。

自1948年11月17日至1949 年2月5日止，中央造幣廠以民間

金飾為原料趕鑄了大量五市錢、一市兩廠條，及少數五市

兩、十市兩。1948年12月中旬以後，因各地擠兌問題嚴重，在金銀存兌瀕臨失敗之際，又加鑄四百市兩廠條1200多【13】條，應系係作為後送臺灣之用。

民間首飾成色普遍偏低且無固定標準，被當作原料後，因中央造幣廠無暇精煉，因此無法達到官方所宣稱與美國金

圖5 上海中央造幣廠以民間金飾為原料，所打造的五市錢廠條，成色略低

磚相同的995以上成色，不同廠條的成色也參差不齊，無標

準可言。到了1948年12月13日，官方才終於面對事實，改

【14】當時央行收兌的民間金飾的平稱廠條均在95成色以上。

雖然如此，由於當時的廠條除了兌付民間外，同時也成為

金的最低成色標準。

飾大致上已從央行庫存中消失。

均成色，正好高於此一數字

。這也成為央行曆來釋出黃

【15】

軍餉，需求量極大，經過一段時間的去化改鑄後，民間金

收兌自大陸各地的首飾雜金，後來也輾轉運到四川、臺灣等地，並儘先改鑄，對民間釋出，同時也出現了與上海廠條類

似的現象。在臺灣，自1949年下半起，在台灣銀行、國防

部的委託下，臺北中央造幣廠與金瑞山金鋪均曾鎔鑄過【16】，這也是部分早期台廠廠條及台銀金片的成色表現都不理想的原因。在四川，從1949年8月起，重慶與成都也以首飾雜

金鎔鑄廠條，雖設定成色標準為 98%，不過當遇有緊急狀

況，往往放棄精煉，廠條成色就會出現問題【17】。

【12】：E.Kann,”The Currencies of China”，pp.290-291。2nd Ed. 及【1】前揭書，頁 206以下。【13】：【1】前揭書，頁 117-134 。【14】：1948 年12月13日，上海《申報》；「存兌金銀政策修正後，造幣廠加工鼓鑄，一兩及五錢兩種小條，成色均在九成五以上」。【15】：1949 年1月13日，中央銀行檔，【3】前揭書，頁 159、195 。【16】：【1】前揭書，頁173 以下。【17】：【1】前揭書，頁160-161

102

PCGS Certifies Coins Struck for Royalty

Great Britain and properties struck by the Royal Mint that featured animals. These dies included designs from Australia incorporating a kangaroo on the 1937 penny and a Merino ram head for the 1937 shilling; an East Africa 1937 shilling with a lion; a 1937 Fiji six pence with a sea turtle; a Great Britain 1937 farthing with a Eurasian wren; a 1937 Ireland feoirling with a woodcock bird, a half pingin with a sow and litter, a pingin with a hen and chicks, a three pingin with a hare, a six pingin Irish wolfhound, a scilling with a bull, a floirin with a salmon, and a half coroin with an Irish hunter horse; a 1934 Mauritius half rupee with a stag; a New Zealand 1937 sixpence with a huia bird, and 1937 florin with a kiwi bird; and a 1923 South African farthing with a pair of cape sparrows. Each die was used to strike uniface sterling silver coins in specimen finish or proof quality. A total of five sets were produced and placed into boxes to hold the coins. Of the five sets produced by the Royal Mint, a set was presented to each of the members of the Royal Family that had visited the mint that day, including Queen Mar y, Princess Elizabeth, and Princess Margaret. Those sets are still owned by the Royal

Jay Turneră&#x20AC;&#x201D;USAă&#x20AC;&#x2022;

Royal visits and tours are prestigious events for those who host such occasions. This is certainly no exception in the case of the Royal Mint, which hosted such a tour and subsequently created treasured rarities for the occasion. On December 13, 1937, a Royal Visit to the Royal Mint occurred. The hosted royalty included Queen Mary, consort to King George V, and her two grandchildren, Princess Elizabeth (future Queen Elizabeth II), then age 11, and Princess Margaret Rose, just seven years old. Escorted through the mint by Deputy Master of the Royal Mint, Sir Robert Johnson, the Royal Family got to witness how the coinage of Great Britain and its territories was minted. The Royal Family was taken to see special coins being struck and were presented with these very same coins. For this wonderful occasion, the Royal Mint prepared special dies featuring the designs of coins under

1937 Florin Uniface Rev Presentation Piece on 0.950 Fine Silver Plan, New Zea land, PCGS SP65. PCGS Population 1. Finest known. Image courtesy of PCGS

103

Family and are in the Royal Collection. A set was also given to the Royal Mint Museum and has since been removed. The final set was given to Sir Robert Johnson, who had accompanied the Royal Family on their visit to the Royal Mint. His set was sold and broken up after his death. The coins from Sir Robert Johnson set had appeared in the auction since their sale in other collections and auctions, including several pieces in the Norweb collection. Any coin from the set is special and incredibly rare, as they are currently unique outside of institutions. In January 2020, PCGS received the honor of grading three coins from the Sir Robert Johnson set. Two of the coins were the two pieces in the set from New Zealand. The only Fiji coin was the third piece submitted for grading. All coins were examined, verified to be genuine, and graded SP65 by PCGS.

1937 6D Uniface Rev Presentation Piece on 0.950 Fine

Silver Plan, New Zealand, PCGS SP65. PCGS Population 1. Finest known. Image courtesy of PCGS

It is a great honor to see coins marking a moment in history where, on one December day in 1937, a tour of the mint produced something exquisite for two young girls and provided a treasure for the numismatic hobby for years to come.

1937 6D PCGS Uniface Rev Presentation Piece on 0.950 Fine Silver Plan, Fiji, PCGS SP65. PCGS Population 1. Finest known. Image courtesy of PCGS

104

案，其中還有造幣廠製作的動物造型。這些模具圖案包括 : ●

1937年澳大利亞1便士上的袋鼠和1先令上的美利奴

●

1937年東非1便士上的獅子；

羊頭； ● ● ●

PCGS 認證的

皇室紀念幣

1937年斐濟6便士上的海龜；

1937年英國1法新（1/4便士）上的歐亞鷦鷯；

1937年愛爾蘭1分幣上的一些動物（一只山鷸鳥、一

只母豬、一窩小鳥、一只母雞和小雞們、三只野兔、六頭愛爾蘭獵狼犬、一頭公牛、一條鮭魚以及一匹愛爾蘭獵馬）； ● ● ● ●

1934 年毛里求斯半盧比上的牡鹿； 1937年新西蘭6便士上的垂耳鴉；

1937年1弗洛林（兩先令）上的奇異鳥；

1923年的南非1法新上的南非灰頭麻雀。

傑伊 · 特納〔美國〕

皇室成員的來訪參觀對於活動舉辦方而言是件

頗有聲望的事，英國皇家造幣廠自然也不例外。參觀活動結束後，皇家造幣廠還為此鑄造了貴

重的稀有幣。1937年12月13日，英國皇室訪問

皇家造幣廠紀念幣誕生。到訪的皇室成員包括

喬治五世的妻子瑪麗女王和她的兩個孫子、11

歲的伊莉莎白公主（後來的伊莉莎白女王二世）和7歲的瑪格麗特公主。在皇家造幣廠副廠長羅

伯特 · 詹森爵士（Sir Robert Johnson）的陪同

下，皇室成員們觀看了英國及其附屬領地的硬幣鑄造過程，並獲贈相應硬幣。

為紀念這一美好時刻，英國皇家造幣廠準備了特別的模具，上面印有大不列顛時期的硬幣圖

1937 年 6D 弗洛林（兩先令）0.950 單面圖案銀幣（背面）平面圖展示 , 新西兰，PCGS SP65 ,PCGS 人口 -1，已知最精美圖片由 PCGS 提供

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每個模具都被用來鑄造成單面圖案的純銀樣幣或精製幣。皇家造幣廠共生產了五套硬幣，皆保存在錢幣盒中。

皇家造幣廠鑄造的五套硬幣中，有一套贈送給了當天參觀

過造幣廠的皇室成員⸺ 瑪麗女王、伊莉莎白公主以及瑪

格麗特公主。這些套幣至今仍歸皇室所有，並彙集在皇室收藏中。英國皇家造幣廠博物館也收到了一套幣，後來被移除。最後剩下一套則留給了羅伯特 · 詹森爵士，他曾陪同

皇室參觀皇家造幣廠。詹森爵士去世後，那套幣被售賣，當中的各枚硬幣也落入分散的命運。

在這一拍賣會之前，羅伯特 · 詹森爵士的套幣也曾出現在其

他收藏和拍賣場合出售，其中包括在 Norweb Collection

拍賣會上的幾枚幣。由於套幣目前在錢幣機構之外是獨一

無二的存在，因此當中的任何一枚幣都極為特別與罕見。

2020年1月，PCGS 為羅伯特 · 詹森爵士套幣中的三枚硬幣分級，倍感殊榮。三枚硬幣中的兩枚來自新西蘭，另一枚是

斐濟硬幣。三枚硬幣均經 PCGS 檢驗核實為真品，並評定

SP65級別。 1937 年 6D 弗洛林（兩先令）0.950 單面圖案銀幣（背面）平面圖展示，

新西兰，PCGS SP65 PCGS 人口 -1，已知最精美圖片由 PCGS 提供

1937年12月的一天，在一次造币厂到访中，两位年轻女孩收获了精美的“礼物” ，錢幣界也在多年后得到了这些独特的

“珍宝” 。

1937 年 6D PCGS 精美 0.950 單面圖案銀幣（背面）平面圖展示，斐濟，PCGS SP65，PCGS 人口 -1，已知最精美圖片由 PCGS 提供

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COINWORLD.COM | JANUARY 2020

Introducing SmartTrack DNA Rick Stelzeră&#x20AC;&#x201D;USAă&#x20AC;&#x2022;

Coin World's SmartTrack DNA app gives "coins a voice" to deliver information, connectivity and value to collectors What is driving this? The evolution of technology and consumer expectations. Over the past five years we have seen the search for numismatic information become ubiquitous. Social media platforms allow collectors to share, compare, and rate the quality of the experience; mobile devices allow for instant access to critical news and information. Coin World 's digital strategy is to push content on any device, at any time, with a few taps on a smartphone delivering a full complement of services. One thing is clear: collector experiences with our brand, and with others in the coin hobby, are set to become even more intense and defining. Why does that matter? Because such experiences drive twothirds of the decisions that collectors make, while price drives the remainder.

oin World is launching an exciting new service that will make coins smarter, more secure and connected. By giving each coin a "voice", collectors will be able to digitally authenticate, trace its journey throughout the distribution network, and review pertinent information thereby enhancing the collector experience. Print and Digital content is about to enter a more challenging, yet innovative time. As a vast amount of consumer power has been provided in the digital age, reaching our audience on their timeframe and terms with relevant and responsive information is not only desired, but expected. We are working on a series of initiatives that will deliver specific experiences for each of our customer groups â&#x20AC;&#x201D; collectors, dealers, auction houses, grading companies, and the mints.

At the 2018 American Numismatic Association World's Fair of Money convention we launched the Coin World Marketplace. It's an online eCommerce platform for commercial dealers only that allows for the selling of their inventory to coin collectors. The buying experience is monitored by Coin World through our Escrow Checkout ser vice, which ensures a safe and secure experience, for both buyer and seller. Currently 60,000+ coins are available for sale on the platform, from more than 40 dealers. Our recent survey of visitors and users revealed that 65 percent are "more likely" to buy knowing that Coin World is making sure the process runs smoothly. Almost half said they bought coins from a dealer that they were previously unfamiliar with. Most surprisingly, 90% stated they have not bought yet because the coin they seek is not be offered. We are pleased with the feedback but have more work ahead to expand the inventory and dealer participation.

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What to expect in 2020 In the interactive and digital world, "publishing" extends to virtualized media on mobile devices to create personalized experiences for collectors.

2019 saw us launch Coin World Enterprise— a dealer software solution that provides an integrated system to manage their inventory; seamless placement of products on eCommerce sites like Coin World Marketplace and eBay; order management, including sales, shipping and accounting; and the option of a fully integrated website for their business. We offer these services after many dealers indicated they needed technical assistance with modernizing their business and they have trouble finding a solution provider that understands the nuances and uniqueness of the coin hobby. With the release of these programs, our role within the hobby has evolved. We greatly value the relationships we have with our customers and we are listening to your thoughts, ideas, and concerns. Most indicate that more needs to be done to invigorate coin collecting and attract new, and younger, audiences. We agree and have been working to provide new ideas, monitoring trends, understanding data, aggregating information, and creating better content. We feel a responsibility to, along with others, lead the hobby to a more innovative and interesting future. We applaud others who are harnessing resources to fight the invasion of counterfeit coins: David Ryder, who is providing transformational leadership at the United States Mint; the leaders at Industry Council for Tangible Assets (ICTA), who formed the Anti-Counterfeiting Task Force (ACTF); as well as the leadership of the American Numismatic Association (ANA) and Professional Numismatics Guild (PNG). We also support ICTA in its focus on other problems, such as the effects of South Dakota vs. Wayfair, which permits states and localities to tax all retail sales based upon the location of the buyer. We also have some other initiatives as we focus on designing interactions and delivering new experiences across several channels — better-designed online customer experiences, expanded digital of ferings, and enhanced mobile connectivity.

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A graded coin, for example, is a touch point for a collector considering whether to add it to their collection. Each of us has walked a show, admiring dealers' offerings from booth to booth. You come across a coin of interest and ask to see it. You like the coin but don't know anything about it – inside your head, you begin to ask questions: What's its history? Where did it come from? Is there a "better" version at another booth? Is this a fair price? Yes, its graded in a holder, but is it real? You rarely ask the questions aloud, since you don't want to appear uneducated or offend the dealer. Instead, you hand it back, and tell the dealer, "Thanks, but I'm going to keep looking around, and if I'm interested, I'll come back." Neither the collector nor dealer is satisfied with the experience, but each goes about their business. What if there was a better experience that could answer those questions, satisfying both parties, and contribute to an interactive and productive conversation to evaluate a potential purchase, and manage the decision-making journey? To win over "on-demand collectors", we must know more about them – what they expect, what works for them – and be able to reach them with the right kind of interaction. Data lie at the heart of building that deeper relationship and understanding.

Introducing the SmartTrack DNA tag The ser vice, initially for graded coins only, will "tag" each coin with Near Field Communication (NFC) labels designed to enable coin enthusiasts to digitally authenticate and access product-related content with the tap of an NFC-enabled smartphone (iPhone 7 running iOS 11, or newer; Android devices running Ice Cream Sandwich, or newer). It operates within a radius of about 1–2 inches and allows for two-way communication, with both devices involved being able to send and receive information. It is similarly used, and perhaps most commonly seen, with Apple Pay and Google Pay transactions. With a SmartTrack DNA tag, each coin has its own DNA, in the form of an encrypted unique ID number

The Multi-faceted benefits of SmartTrack DNA Brand protection: safeguard brands against counterfeits

Authentication

Digitally verify that a coin is genuine, anytime and anywhere inthe world, by letting distribution network providers use unique product identifiers and secure authentication services

Unique Once the coin has a SmartTrack DNA tag, its Information electronic Tracing the Distribution Network: secure coin integrity by monitoring

Traceability

Assure the coin’s provenance and traceability, as each unique ID can be assigned to a mint, grader, or dealer such that any deviation can be detected and flagged

Quality assurance

Assure a coin’s history and handling profile, by noting how it has moved through the distribution network from mint to wholesaler to grader to dealer to collector with each transit or transfer

Usage compliance

Detect whether a coin has been interfered with or opened prior to sale, within the distribution network, or post-sale

Location-based data: determine actual location in the distribution network Mobile proximity marketing

Target marketing messages to collectors based on their interests, collection, or location when coin purchased or sold

Data analytics for brand protection

Identify where clusters of counterfeits have occurred and plot them on a map to assist in the search for illegitimate activities

Data analytics for Identify clusters of products at a wrong location (as with grey markets or channel diversions), so distribution corrective action can be taken control Collector engagement: use coins and packages to connect and engage with consumers Collector information

Consumer experience

Give coins and their packages the ability to couple data with other apps, numismatics databases, and pricing information. Deliver specifics that help collectors, such as product features, varieties, real-time coin values, in depth descriptions, and more Engage collectors to create deeper, more lasting relationships, with things like after-sales services, loyalty programs, social communities, eCommerce, and more

Enhance the Collector experience: equip coins to communicate personalized services Inventory management & portfolio valuation

Identify collection series, registry sets, accessories, and inform collectors of new product releases based upon their collecting interests. Automate the transfer of coins in/ out of their collection to provide easy portfolio tracking and management

Customer notification

Alert users, based on their preferences, when they are at a show, which dealers have coins on their “want list”, and which dealers are seeking coins they have in their inventory, should they want to sell

securely fixed on the surface of the holder. Our platform will enable coins to be better safeguarded as they move through the hobby's distribution network— (from mints to authorized purchasers to wholesalers to dealers to collectors) to protect them from counterfeiting, combat gray markets, and provide communication with a coin's owner directly, in a targeted manner. Coin World is creating a submission center where coins will be connected with the technology. Why is this important? The number of electronic devices that have their own IP addresses and connect to the internet, in what is commonly referred to as the Internet of Things (IoT), is forecasted to reach 80 billion by 2020. But not just electronic devices are connecting to the IoT. Other everyday objects can now use embedded NFC tags for connectivity. A growing array of familiar consumer goods, including apparel, footwear, foods and beverages, cosmetics, and pharmaceuticals are now becoming smart and cloud-connected with useful product information. A recent study by Vandagraf International, a leading market-research institute, forecasts the total market potential of connected packaging and labels will jump to 1.2 trillion units in 2021 and 1.5 trillion units in 2026. What's behind this rapidly growing trend of adding connectivity to consumer products? For many brand owners, it's versatility, made possible by dynamic year-over-year growth of NFC-enabled devices, generally available on all smartphones bought in the last three years. The SmartTrack DNA technology is remarkably flexible and enables a wide variety of applications, including digital authentication, tracing a tagged item through the distribution chain, preand post-sale collector engagement, robust brand protection, and pricing information.

Coin World aims to build a coalition within the numismatic industr y, including the mints, their authorized purchasers, wholesalers, graders, dealers, auctioneers, industry associations, task forces, and content providers, to provide collectors with useful information that supports the hobby and uses technology to reach out to the current, as well as next generation of collectors. It is our hope that the SmartTrack DNA app will further that endeavor to

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reach those who don't feel they have the necessary information.

Scenes from future of Coin World’s on-demand marketing Meet tomorrow's collector: Justin. His rising expectations will require us to direct a variety of "scenes" in which technologies, messages, and choices engage him with products, services and trusted communities.

How does it work? No app is required to access basic coin details (year, description, category, grading service information, etc.), which a user can do by simply tapping their NFC - enable d smar tphone agains t the c oin's Smar tTrack DNA tag. The phone's NFC reader captures the electronic ID number of the tag. The ID number directs the phone online where the user can access the Coin World app's features via their phone's web browser. The customer will be able to authenticate the coin from the grader's data and obtain rudimentary information.

Coin World is developing more and more products targeted at digital natives. "Natives" are those dealers and collectors who are likely to use their smar tphones or other devices to access data digitally rather than look in a physical library. Each SmartTrack DNA tag is designed with a tamper-proof antenna, so if it is damaged or an attempt to remove it is made, the chain of communication is broken. Thus, the coin will need to be resubmitted for a replacement tag. Those who want to receive additional information and access more features — such as traceability thr o u gh th e di s tr ib u ti o n n e t w o r k (in c lu din g transfer of ownership); transaction history; pricing, population and auction data; ability to manage their coin inventory and "want lists", etc.— will need to download and register the free SmartTrack DNA app.

1 Curious about a coin with a SmartTrack DNA tag, Justin taps it with h is smar tphone. Both have near f ield communication (NFC) capabilities. 2 Justin's phone provides him with basic details about the coin including its authentication and journey through the distribution network. He's invited to download and join the 3 free SmartTrack DNA app to get more information and coin collecting features.

4 Meanwhile, he sends the coin's photo to friends to see what they think. He receives a message from 5 Coin World offering him a free three-month trial subscription if he buys the dealer's coin.

6 Friends like the coin, so he completes the purchase and adds "To Inventory" on the app. 7 The next day, a message asks if he would like to post a comment about the coin or his experience with the dealer. Taken together, the scenes from Justin's collector journey illustrate the emerging areas of personalized experiences we touch on above.

When he shows the coin to his friends, his app 8 reminds him of the SmartTrack DNA tag on it and offers him another free benefit for each friend who taps and buys a coin.

9 Every week, he gets a promotional message offering coins that he may be interested in acquiring. 10 While visiting with friends at a coin show, he sees a coin that he really likes but isn't ready to buy, so he taps the SmartTrack DNA tag and adds it to his "Want List".

Digital authentication The SmartTrack DNA tag stores a secure ID on the electronic device to provide an assurance of authenticity and provenance. Coins must be authenticated before any interactions take place, thereby providing an extra level of defense against counterfeiting and market diversions.

Coin World seeks to engage with customers via the app. Providing personalized content and experiences with seamless technology improves the relationship collectors have with an otherwise passive product, and it allows us to be more engaged with the type of additional experiences they may want.

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Tracing the coin through the distribution network An owner can assure authenticity and provenance, as each coin's SmartTrack DNA tag can be assigned to a specific provider within the distribution network, such as grading companies, wholesalers or dealers; any deviation can be detected and flagged should it not "transfer" through normal channels. For a coin equipped with enhanced security features, notification or messages can be sent through the app to the coin's owner (this feature requires the app owner to have registered the coin as part of their inventory).

Collector engagement Emerging technologies are poised to personalize the consumer experience in real-time, and we are preparing to meet our customers with the information they are seeking. The SmartTrack DNA tag gives the coin a voice, so we can communicate directly with collectors and dealers, before, during and after the sale. We can offer useful information, special ser vices, loyalt y programs, access to exclusive online content and communities. A quick tap of the smar tphone star ts each dialog and allows us to provide new or updated information. It can deliver specifics that help a coin owner with additional features, provenance, informational videos, and alert them about new coin releases, and much more. Also, depending on what the collector decides to share with the SmartTrack DNA app, personal data, such as profiles, interests, and registration of coins, is available in case of theft and attempt at resale.

Brand protection This is where the coin collecting community can protect brand owners (mints) and others within the hobby by assisting efforts to eliminate counterfeits. The fact that SmartTrack DNA tags can be read by anyone with an NFC-enabled smartphone creates a new and exceptionally powerful way to protect brands. When anyone can verify authenticity with a simple tap of a phone, counterfeits are easier to identify and harder to pass off as genuine. Brand owners can enlist everyone they work with, including wholesaler s, dealer s and collector s, without investing dedicated equipment or special expertise. What's more, even people not directly related to the distribution network can help defend the brand, since everyday collectors can digitally authenticate products. The SmartTrack DNA platform traces information about each tag and checks for deviations, so any issues with authenticit y, tampering, or diversion can be dealt with immediately.

Enhance the collector experience Over the next several years, you are likely to see more and more consumer experiences integrate across retail, online and virtual environments. To illustrate this, look at the infographic "Scenes from future of Coin World 's on demand marketing" and follow the tech-enabled collector who purchase a coin.

How can I get the SmartTrack DNA tag? Coin World will be offering the SmartTrack DNA tags beginning in March. The SmartTrack DNA pricing is based upon the value of the coin. Tier 1 (coins valued up to $10,000) will be tagged for $10 per coin; Tier 2 (coins valued $10,000+) will cost $20. Expedited services will be available. As part of our 60th anniversary celebration, we will offer an introductory price of $10 per coin on all coins for the first 60,000 coins submitted. To receive this offer, a Coin World magazine subscription is required. For a Coin World subscription, please visit www.CoinWorld.com/contact-us/subscribe.html or call 800-253-4555. If you don't have an active subscription, a completed subscription application

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c a n b e p r o v i d e d w i t h t h e S m a r tTr a c k D N A submission form. Please note that, initially, we will provide the Smar tTrack DNA tag only on coins graded by Numismatic Guaranty Corp. and Professional Coin Grading Service. More details about the submission process will be communicated at a later date. A pre-sale SmartTrack DNA reservation program will be available beginning on February 1. For more details, please visit www. SmartTrackDNA.com to register.

Coin World will be attending the Florida United Numismatists show Jan. 9 and 10 in Orlando, Florida; Long Beach Expo on February 20-22 in Long Beach, California; as well as the American Numismatic Association National Money Show in Atlanta on February 27 through 29 to show a preview of the app to attendees and answers questions. We will be of fering a dealer program for the installation of Smar tTrack DNA tags on their inv e nto r y. P l e a s e c o nt a c t Jake U t z a t ju t z @ amosmedia.com or call 937-493-0889 for more information. As previously mentioned, 2020 will mark the 60th anniversar y of Coin World . We will have many features and stories throughout the year to look back and reflect on the coin hobby. There is much to do looking forward as well, and we hope you are as excited about the possibilities of the SmartTrack DNA app as we are. It will be an interesting year indeed!

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《錢幣世界》 | 2020 年 1 月

智能追蹤 DNA 的介紹瑞克·施特爾策〔美國〕

《錢幣世界》的智能追蹤 DNA（SmartTrack DNA）應用程式：錢幣“代言人”，為錢幣收藏家提供資訊、互聯管道與參考價值。

訊的需求變得無處不在。收藏家可以通過社交媒體分享、比較與評價各自的交易體驗，也能從移動端即時訪問重要

新聞和資訊。在任何時間、任何設備上，用戶只需輕觸幾下螢幕就能從智能手機上獲取《錢幣世界》的全套服務。

毋庸置疑，錢幣收藏家對我們的品牌體驗，以及同其他錢

幣愛好者的互動體驗，將變得更加強迫和明確。為什麼這

很重要？因為上述體驗可以推動收藏家三分之二的決策，而剩餘的三分之一才取決於價格。

《錢幣世界》投放了錢幣在 2018年美國國際錢幣展銷會上，

世界 · 市場（Coin World Marketplace）⸺ 僅面向經銷

商的線上電商平臺。經銷商可以通過該平臺向收藏家出售自己的庫存，《錢幣世界》會在購買過程中提供託管交易服

務，確保買家和賣家都能得到安全可靠的體驗。目前平臺

上有來自40多家錢幣經銷商的逾60,000 枚硬幣可供出售。

《錢幣世界》推出了一項激動人心的新服務，這一服務將使

近來對訪問者和用戶的調查顯示，65% 的人表示比較願意

錢幣收藏家可對硬幣進行數字認證，在分銷網路中追溯其

行。將近一半的人表示自己從一個之前並不熟悉的錢幣經

錢幣變得更智能、更安全、更互聯。通過賦予硬幣“發言權”，來歷，並審查相關資訊，從而提升收藏家的用戶體驗。印

購買，因為他們知道《錢幣世界》會確保購買程式的有序進銷商那裏購入硬幣。最令人驚訝的是，90% 的人表示他們

刷和數字內容將進入一個兼具挑戰性與創新性的時代。

還沒有購買，因為平臺上沒有他們想要的硬幣。我們對於

數字時代帶動了龐大的消費群體，我們希望根據消費者的

與度方面還存在許多有待改進的空間。

時間和條件提供他們相關回應性資訊。目前，《錢幣世界》

正致力於開展一系列計劃，為各個客戶群體提供專項體驗，

用戶回饋表示滿意，但在擴大庫存及提高錢幣經銷商的參

2019年，《錢幣世界》推出了一個經銷商軟體解決方案網

包括錢幣收藏家、錢幣經銷商、拍賣行、評級公司及造幣廠。

站⸺ 錢幣世界 · 企業（Coin World Enterprise），為經銷

是什麼促成了這一轉變？

eBay 等電商網站實現了產品的無縫佈局，同時也涵蓋了銷

技術發展和消費者期望的演變。過去五年，人們對錢幣資

商提供一個集成系統去管理庫存，並在錢幣世界 · 市場和售、運輸和會計等訂單管理功能，為經銷商的業務提供了一個完全集成式網站。

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您很少問別人，因為不想顯得沒受過教育或冒犯錢幣經銷我想知道它的來源。這枚硬幣的歷史背景是什麼？

我喜歡這枚幣，但我對它一無所知 ......

或許其他展臺有更好的品相吧？

雖然它在評級盒內，但一定保真嗎？

會繼續四處看看，如果感興趣的話還會再回來。”事實上，收藏家和錢幣經銷商都不滿意這種體驗，但他們還是各忙各的事。

我怎麼確定這一定價的合理性呢？

在推出這些服務之前，許多錢幣經銷商表示，他們需要通過技術協助來實現業務的現代化，然而很難找到一個瞭解錢幣收藏細微差別和獨特性的解決方案提供商。

隨着這些程序的發佈，我們在錢幣界的角色也發生了變

如果既可以回答這些問題，也能為雙方帶去更好、更滿意的體驗，且有助於促成富有成效和互動的對話，以評估潛

在投資並管理決策過程，會如何呢？為了贏得這些“隨機應變的收藏家”的青睞，我們必須更多地瞭解他們⸺ 他們

期望什麼？什麼對他們有用？並且能夠通過恰當的互動方式接觸到他們。因為數據是建立深層次關係和理解的核心。

介紹智能追蹤 DNA 標籤智能追蹤 DNA（SmartTrack DNA）服務起初只適用

化。我們非常重視同客戶間的關係，並樂於傾聽客戶的想

於已評級的硬幣，將在每枚硬幣加上 NFC 標籤，旨在

來鼓勵錢幣收藏，吸引新的、更年輕的愛好者。我們贊成

iOS11及以上版本；安卓設備要求4.0及以上版本）進行數

法、意見與顧慮。大多數人認為，當下需要做更多的工作

讓錢幣愛好者通過支持 NFC 的智能手機（蘋果設備要求

這一觀點，並一直在努力提供新的想法，監測趨勢、解析

字認證和訪問與硬幣相關的內容。該標籤的操作半徑約為

同他人一起，將錢幣收藏引向一個更富創新和趣味的未來。

這是一種較為常見的支付方式，蘋果支付和穀歌支付交易

數據、聚合資訊，創建更好的內容。我們認為自身有責任

我們非常讚賞他人利用各種資源打擊仿製幣入侵的行為：例如帶領造幣廠轉型的美國造幣廠廠長大衛 · 賴德（David

Ryder），和成立反仿製幣特別工作組（ACTF）的有形資

產工業理事會（ICTA）領導人，以及美國錢幣協會和專業錢幣行業協會的領導人。我們也支持工業有形資產委員會

把重心放在其他問題上，比如南達科他州對韋費爾的影響，允許各州和地方根據買家所在地對所有零售銷售徵稅。我

們還推出了一些其他計劃，重點是設計互動並通過多個管道提供新體驗，即設計更好的線上客戶體驗、擴展數字產品及增強移動設備的連通性。

2020年會發生什麼？在數字交互世界中， “出版”這一概念延伸到了移動設備上的虛擬媒體，為錢幣收藏家帶來個性化體驗。

例如，評級硬幣是收藏家考慮是否入手的切入點。我們每

1-2英寸，允許雙向通信，兩臺設備都能發送並接收資訊。

中也使用了類似方法。

每枚硬幣的評級盒上皆牢附單獨的智能追蹤 DNA 標籤，標籤上是獨一無二的加密 ID 號。在我們平臺，硬幣通過

錢幣收藏的分銷網路（造幣廠 - 授權買家 - 批發商 - 錢幣經銷商 - 錢幣收藏家）時將得到更好的保護，很好地規避了被仿製的風險，從而打擊了錢幣交易的灰色市場。此外，用

戶還能通過平臺同硬幣所有人進行針對性溝通。《錢幣世界》正在創建一個提交中心，使硬幣與這一追蹤技術連接起來。

為何智能追蹤 DNA 標籤很重要？據預測，擁有自己的 IP 地址並連接到互聯網的電子設備數量，即通常所說的物聯網 (IoT)，將在 2020 年達到 800 億

件。而現在，不僅電子設備，其他日常用品也可以使用嵌入式 NFC 標籤連接到物聯網。

個人都去過展交會，在各個展位欣賞錢幣經銷商的產品。

越來越多的常見消費品，例如服裝、鞋類、食品、飲料、

幣卻對它一無所知，於是開始問自己 : 它背後有什麼歷史？

進行雲連接。

偶然發現一枚有趣的硬幣，會要求看一看。您喜歡這枚硬從哪里來？另一個展位上有“更好”的幣嗎？價格是否公平？裝在評級盒內的就一定是真幣嗎？

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商。相反，您把它遞回去，並告訴經銷商： “謝謝，但我

化妝品和藥品等，變得更加智能，並能與有用的產品資訊

著名市場研究機構 Vandagraf International 最近的一項

智能追蹤 DNA 標籤的多重優勢保護品牌、打擊仿製幣市場

研究預測：聯網包裝和標籤的總體市場潛力將在 2021年躍

升至1.2萬億件，而到2026 年，這一數目將達到1.5萬億件。這種快速增長的消費品互聯趨勢背後是什麼？

錢幣鑒定

通過讓分銷網路供應商使用唯一的產品標籤符和安全認證服務，隨時隨地對硬幣進行數位化驗證

對於眾多品牌所有人而言，互聯趨勢是由支持 NFC 設備

獨一無二的資訊

只要貼上智能追蹤 DNA 標籤，硬幣就能實現電子化

的所有智能手機上使用。智能跟蹤 DNA 技術非常靈活，

追蹤分銷網路 : 安全的硬幣完整性監測

可追蹤

確保硬幣的來源和可追溯性，因為標籤上的 ID 號都是獨一無二的，可以追蹤到硬幣相關的造幣廠、評級機構，或經銷商，使得任何關乎真偽、篡改或轉移的問題都可以立即得到處理

品質擔保

通過記錄硬幣是如何通過分銷網路從造幣廠到批發商到評級機構到經銷商再到收藏家的每一次動態或轉移，確保硬幣來歷和處理概況的真實性。

使用策略

檢測硬幣在其銷售前、分銷網路內或銷售後是否曾被干涉或打開

的逐年增長所推動，這些設備通常可以在過去三年內售出

能夠實現各種各樣的應用，包括數字認證、通過分銷鏈追

蹤標記物品、售前和售後收藏家參與、強大的品牌保護和定價資訊。

《錢幣世界》旨在錢幣界建立一個包括造幣廠及其授權分

銷商、批發商、評級機構、錢幣經銷商、拍賣商、行業協會、特別工作組和內容供應商在內的聯盟，為收藏家提供有用

的資訊，支持他們的收藏愛好，並利用技術觸及當代及下

一代收藏家。我們希望智能追蹤 DNA 應用程式能進一步幫助那些缺乏資訊獲取管道的人。

智能追蹤 DNA 是如何運作的？基於位置的數據：確定分銷網內的實際位置移動近距離行銷

根據收藏者的興趣、收藏品或硬幣購買或出售時的位置，向其發送行銷資訊

品牌保護的數據分析

查明大量仿製幣出現的地點，並將其繪製在地圖上，以協助搜尋非法活動

分佈控制的數據分析

識別錯誤地點的大量硬幣（如灰色市場或管道轉移），採取糾正措施

收藏家的參與 : 使用硬幣和包裝來聯接並吸引消費者

收集資訊

賦予硬幣及其包裝將數據與其他應用程式，錢幣資料庫和價格資訊耦合的能力；提供有助於收藏者的細節，如硬幣特徵、版別、即時價值、詳細描述等。

消費者體驗

通過售後服務、忠誠度計劃、社會社區、電子商務等方式，鼓勵收藏者之間建立更為深入和持久的關係

提升收藏體驗：配備硬幣以傳達個性化服務

庫存管理和投資組合評估

識別收藏系列、套幣註冊與錢幣零件，根據收藏家的收藏興趣通知其新幣發佈；自動將硬幣轉入 / 移出收藏，方便投資組合追蹤與管理

客戶通知

根據用戶喜好，在參展時予以提醒：哪些經銷商擁有他們“需求清單”上的硬幣；哪些經銷商在尋找自己庫存中已有並想要出售的硬幣

用戶無须通過應用程式訪問基本的硬幣細節 ( 例如年份、描述、類別、評級服務資訊等 )，只需用支持 NFC 的智

能手機輕觸硬幣上的智能追蹤 DNA 標籤即可。手機上的

NFC 讀寫器可以讀取標籤上的電子 ID。有了相應的電子

ID，便可以用手機的網路流覽器訪問《錢幣世界》的應用

功能，根據評級機構的數據鑒別硬幣，並獲取基本資訊。

《錢幣世界》正在開發越來越多針對數字原住民的產品。這裏的“原住民”是指那些有可能使用智能手機或其他設備

查看電子數據，而不去實體圖書館的錢幣經銷商和收藏家

們。每個智能追蹤 DNA 都有配備抗干擾天線，不過天線一旦遭到損壞或移除，通信鏈就會中斷，此時硬幣就需要重新提交一個替換標籤。

如果用戶希望獲得額外資訊或更多功能，例如通過分銷網

路（包括所有權轉讓）進行溯源；查看交易歷史、定價、人

數和拍賣數據；或是想管理他們的硬幣庫存和“願望清單” 等，則要下載並註冊免費的智能追蹤 DNA 應用程式。數字認證智能追蹤 DNA 應用程式在電子設備上存有安全 ID，以保證數據的真實性和來源。

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未來《錢幣世界》的按需行銷場景迎接未來的收藏家 : 賈斯汀。賈斯汀不斷提高的期望要求我們預演各種各樣的場景，在這些場景中，技術、資訊和選擇將他與產品、服務和可信任的社區聯繫在一起。

賈斯汀對一枚附有智能追蹤 DNA 標籤的硬幣感到好奇，於是用智能手機輕觸它。兩者都具有 NFC 功能。

2 賈斯汀可以通過分銷網路在手機上看到硬幣的基本細節，包括它的認證和來歷。 3 他受邀下載並加入免費的智能追蹤 DNA 應用程式，以獲得更多資訊和錢幣收集功能。與此同時，他還把硬幣的照片 4 發給朋友，瞭解他們的想法。

5 他收到一條來自《錢幣世界》的資訊：如果用戶購買了錢幣經銷商的硬幣，他將獲得三個月的免費試用期限。由於朋友們喜歡，所以他買下了這枚幣，並在應用程式上點擊“ 添加到庫存”。

必須在任何交互發生之前對硬幣進行身份驗證，進而在防偽和交易管道轉移方面提高防禦級別。

《錢幣世界》希望在這一應用程式上接觸客戶，通過無縫

佈局提供個性化的內容和體驗，從而改善收藏家與“被動” 產品之間的關係，也讓我們可以更多地參與到他們可能想要的額外體驗中。

通過分銷網路追蹤硬幣由於每枚硬幣的智能追蹤 DNA 標籤可以分配給分銷網路

中的特定提供商，如評級公司、批發商或錢幣經銷商；任

意出現未通過正常通道的“傳輸”，都可以被檢測並標記出來，因此硬幣所有者可以確保硬幣的真實性和來源。對於

配有增強型安全功能的硬幣，可以通過應用程式向硬幣所

有者發送通知或消息 ( 該功能要求應用程式所有者將硬幣註冊為其庫存的一部分 )。

收藏家的參與

第二天，賈斯汀收到一條資訊詢問他是否願意發表有關這枚幣的評論，或者與錢幣經銷商交流的經歷。當他將硬幣展示給朋友看時，應用程式會提示硬幣上方的智能追蹤 DNA 標籤，為每個點擊並購買硬幣的朋友提供另一項免費優惠內容。

总的来说，贾斯汀收藏家之旅的场景展现了上述富有个性化体验的新兴领域。

每週，他都會收到一條促銷資訊，推送他可能感興趣的硬幣。

在一次錢幣展上，賈斯汀和朋友們正在參觀各個展位上的硬幣，這時他看到了一枚非常喜歡但還沒決定購買的硬幣，所以他點擊智能跟蹤的 DNA 標籤，將其列入“ 願望清單”中。

隨着新興技術對於消費者體驗的個性化趨勢，我們也在用

客戶尋求的資訊同他們進行交互。智能追蹤 DNA 讓硬幣

主動“發言”，我們可以在出售前、出售期間以及出售後直

接同收藏家和錢幣經銷商溝通。我們可以提供有效的資訊、特殊服務、忠誠度計劃，給予用戶訪問獨家線上內容和社

區的許可權。用戶只要快速點擊智能手機啟動每個對話框，就能獲悉最新或更新過的資訊。這些資訊中有更多的細節，幫助硬幣所有者知曉附加的特徵、來源及資訊視頻，並提

醒他們。此外，個人數據，如個人資料、興趣和硬幣的註冊，在被盜或試圖轉售的情況下都是可用的，當然這取決於收藏家決定在智能追蹤 DNA 共用什麼。品牌保護在這裏，硬幣收藏社區可以通過協助抵制仿製幣來保護品

牌所有人 ( 即造幣廠 ) 和其他錢幣愛好者的利益。事實上，用戶只需使用支持 NFC 的智能手機，就可以讀取智能追

蹤 DNA 標籤，這為保護品牌創造了一種嶄新的、極其強

大的方法。當任何人只需輕輕敲一下手機就能驗證真偽時，仿製幣就更容易識別，也更難冒充真幣。品牌所有人可以招

募所有與他們合作的人，包括批發商、錢幣經銷商和收藏家，無须投資專用設備或專門技能。

此外，由於日常收藏家可以對產品進行數字認證，即使與

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分銷網路沒有直接關係的人也能對捍衛品牌起到幫助作

用。智能追蹤 DNA 平臺會跟蹤每個標籤的資訊並檢查偏

差，因此任何關乎真偽、篡改或轉移的問題都可以立即得到處理。

未來幾年，您可能會看到越來越多的消費者體驗集成到零

售、線上平臺和虛擬環境中，比如看看未來《錢幣世界》的資訊圖場景，關注一下技術型錢幣收藏家。提升收藏家體驗未來幾年，您可能會看到越來越多的消費者體驗集成到零

售、線上平臺和虛擬環境中，比如看看未來《錢幣世界》的資訊圖場景，關注一下技術型錢幣收藏家。

如何獲取智能追蹤 DNA 標籤？《錢幣世界》將從三月份開始供應智能追蹤 DNA 標

籤。智能追蹤 DNA 的定價基於硬幣本身的價值。第一階

我們將提供錢幣經銷商方案，在他們的庫存硬幣上設置智

能追蹤 DNA 標籤。欲瞭解詳情，請發送郵件至 jutz@

amosmedia.com( Jake Utz) 或撥打電話 937-493-0889。

2020年是《錢幣世界》創刊60周年，我們將回顧錢幣收藏

梯⸺ 價值10 000美元的硬幣將標記為每枚10美元；第二

界過去一年的趣聞軼事。展望未來，還有許多事等待著我

元。可供加急服務。

用程式的到來！這將會是妙趣橫生的一年！

階梯⸺ 價值10 000美元以上的硬幣將標記為每枚 20美

們去完成，衷心希望您與我們共同期待智能追蹤 DNA 應

作為 60周年慶祝活動的一部分，我們將為前60 000 枚硬幣提供每枚10美元的推介促銷價。要享受此優惠，需要

訂閱《錢幣世界》雜誌⸺ 訪問 www.CoinWorld.com/

contact-us/subscribe.html 或撥打1-800-253-4555（美

國）進行訂閱。如訂閱失敗，請使用智能追蹤 DNA 提交完整的訂閱申請表單。

請注意，我們起初將僅在經專業錢幣評級機構 NGC 及

PCGS 評級的硬幣上附上智能追蹤 DNA 標籤。

有關提交過程的更多細節將在近期披露。今年2月1日開始，

我們將啟動智能追蹤 DNA 標籤預訂計畫。欲瞭解更多詳情，請訪問 www.SmartTrackDNA.com 進行註冊。

《錢幣世界》將參加今年1月9日 -10日於佛羅里達州奧蘭多

市舉行的佛羅里達聯合錢幣展、今年2月20日 -22日於加州

長灘市舉行的長灘錢幣博覽會、以及今年2月27日至 29日在

佐治亞州亞特蘭大市舉行的美國錢幣協會全國錢幣展，向與會者展示智能追蹤 DNA 應用程式並回答相關問題。

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SmartTrack DNA FAQ Rick Stelzer〔USA〕

Q ：How is my information secured?

A ：We take security to a new level with near-field communication (NFC) tags that suppor t encr yption standards tr u s te d b y n a ti o n al g o v e r nm e nt s to p r o te c t c l a s s i f i e d inf o r m a t i o n (including the Advanced Encryption Standard). When using cryptography, the NFC smartphone reader acts as a communication terminal to transfer secret information on the SmartTrack DNA tag to a secure ser ver where verification takes place. We monitor the SmartTrack DNA tag for data breaches and irregularities and will provide you with a notification if necessary. We do not provide your coin data or information to any 3rd parties.

Q ：How do e s Smar tTr a ck DNA benefit the collector?

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Q ：What protec tion do I have from potential hackers?

A ：The SmartTrack DNA tag can be read using an NFC-enabled smar tphone and tablet. The device has to be within close proximity, less than 2 inches, to read the encr y p te d d at a . D at a is p r ote c te d b y enhanc e d cr y pto gr aphy se curit y with multiple level features, like what is used in financial transactions with Apple Pay and Google Pay.

A ：Our research shows that collectors are seeking a service that will digitally catalog their coins, provide smart recommendations based upon coins they are seeking, and provide the ability to upgrade their collections. They also want the option of access to a coin's history, with easier to access real-time pricing data, to always know the value of their collections.

Q ：How is SmartTrack DNA different from the“PCGS - NFC”announcement?

A ：Coin World's SmartTrack DNA provides digital authentication that safeguards against counterfeits, uses NFC encryption technology and traces the coin through the distribution net work to the collector. It also provides product information such as coin details, histor y and pricing dat a. Collector s c an manage their inventory and want lists and will receive real-time market pricing. Additionally, SmartTrack DNA can be added to any coin, so no re-holdering is necessary. The PCGS press release indicates only that their embedded chip will allow a user to "instantly receive the Cert Verification", versus their current process, which requires you to access their website.

Q ：What are the advantages of adding SmartTrack DNA to my coins? A ：It will make your coins "smarter" and more secure. Each tagged coin has its own DNA, in the form of a unique ID number securely embedded inside the tag. Tagged coins can be identified anytime, and can digitally verify that they're genuine, so it's easy to confirm what's legitimate. Secondly, traceability gives you assurance that the coin has a real "history" as it travels through the distribution net work of dealer and collectors. Finally, it gives your coin a voice, so you can learn more about it through the tools we have that provide an enhanced collector experience, offering helpful advice, useful information, special services, and access to exclusive online communities, even after your coin has been tagged.

Q ：How do I get SmartTrack DNA on my coins? A ：Collectors and dealers can send their coins to our submission center, w h er e w e w ill r e v ie w e ac h c o in's information, program and install its SmartTrack DNA tag, and return the coins to the submitter.

A ：Yes. We are planning to offer this service at the larger coins shows later this year.

Q ：Why do the coins have to be encased within a holder? A ：We decided to initially launch the program with holdered, cer tified coins because our research indicates that collectors are ver y concerned about counterfeit coins. Holdered coins also represent the majority of coins that would benefit most from the information that we provide.

Q ：Will I be able to get SmartTrack DNA tags at a show?

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Q ：Can I choose not to share my information with other SmartTrack DNA users? A ：Yes. SmartTrack DNA app users will have the option to keep their information private by selecting the "private" feature in the settings menu. Please note that when a user profile is created, an alias is selected to provide anonymity. Other information, such as coins of interest and the collector's address, is optional. However, selecting "private" may prohibit some app functionality, such as connecting a user with authorized dealers that have coins on the anonymous user's want list.

Q ：Do you have a program for dealers to get SmartTrack DNA on their inventory?

A ：Yes. We will have an authorized dealer offering for commercial coin dealers to easily have their inventory tagged.

Q ：What pricing data is available on the app?

A ：Several pricing features will be available within the app. Pricing values from several leading companies from the numismatic industry along with auction results will be provided. Coin World has developed a proprietary pricing algorithm that provides real-time market values for your collection. Users will also be able to input the cost of their inventory items along with other associated expenses, such as grading or storage fees, to track their cost basis.

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智能追蹤 DNA 常見問題瑞克·施特爾策〔美國〕

Q ：智能追蹤 DNA 與 PCGS 發佈的嵌入式 NFC 晶片有何區別？

Q ：我的資訊如何得到保護？ A ：我們通過支持各國政府信任的

加密標準 ( 包括高級加密標準 ) 的

NFC 標籤來保護機密資訊，提升

資訊的安全性。在加密技術的使用

過程中，NFC 智能手機讀寫器作為通信終端，將智能追蹤 DNA 標

籤上的機密資訊傳輸到安全伺服器上進行驗證。我們會監測智能追蹤 DNA 標籤的數據洩露和違規情

況，並在必要時通知您。我們不會

Q ：如何避免受到潛在駭客的攻擊？ A ：智能追蹤 DNA 標籤可以通過

支持 NFC 的智能手機或平板電腦

讀取。但讀取時，設備間的距離必

須小於2英寸。數據受到增強的加密安全保護，具有多種功能，就如蘋果支付和穀歌支付在金融交易中使用的功能。

向任何第三方洩露您的硬幣數據或資訊。

DNA 提供數字防偽認證系統，

擁有 NFC 加密技術，並能通

過硬幣的分銷網路追蹤到收藏家。智能追蹤 DNA 還提供

產品資訊，如硬幣的細節、歷史資訊和定價數據。錢幣收藏家可以管理他們的硬幣庫存和

願望清單，並獲取所藏硬幣的即時市場價。此外，智能追蹤

DNA 可以添加到任何硬幣上，

無须重新封裝。而 PCGS 的

新聞稿只指出，他們的嵌入式

A ：據調研，錢幣收藏家正在尋求一項服務，內容包括：

Q ：智能追蹤 DNA 將為錢幣收藏家捎來哪些福音？

A ：《錢幣世界》的智能追蹤

★ 對收藏家的硬幣進行數位化編目；

★ 根據收藏家正在尋找的硬幣進行智能推薦；

晶片將允許用戶“第一時間獲

取證書驗證結果”，不過他們目前的流程仍要求用戶通過訪問其官網來進行驗證。

★ 升級收藏家的硬幣；

★ 訪問硬幣的歷史資訊，通過獲取即時定價數據將自身藏

品的價值盡收眼底。

121

Q ：在我的硬幣上添加智能追蹤 DNA 有何優勢？ A ：首先，它會讓你的硬幣“更聰明”，也更安全。每枚硬幣的評級盒上

Q ：為什麼硬幣必須裝在評級盒內？

皆牢附單獨的智能追蹤 DNA 標籤，標籤上是獨一無二的加密 ID 號。

貼附標籤的硬幣可以隨時進行識別，並可通過數字驗證真偽，易辨真偽。其次，智能追蹤 DNA 的可追溯性讓您確信，當硬幣在錢幣經銷商和收

A ：我們決定優先選用已封裝

藏家的分銷網路流通時，其背後是真實的歷史資訊。

且經認證的硬幣來啟動這個專

案，因為研究表明，收藏家非

最後，智能追蹤 DNA 能讓您的硬幣主動“發言”。您可以通過我們的工

常關心硬幣的真偽，評級盒內

具瞭解更多資訊。這些工具能為您帶來更高級的收藏體驗，以及更有幫

的硬幣也代表了大多數硬幣，

助的建議、資訊與特殊服務，並允許您訪問線上專屬社區，即便硬幣已

將最大程度地受益於我們提供

附標籤也可訪問。

的資訊。

Q ：我能在錢幣展上獲取智能追蹤 DNA 標籤嗎？ Q ：如何獲取智能追蹤 DNA ？ A ：可以。我們計劃在今年晚些時候的大型錢幣

A ：收藏家和錢幣經銷商可以將他們的

展上提供這項服務。

硬幣送至我們的提交中心，我們將在提

交中心審查每枚硬幣的資訊，對其進行

編碼後貼附相應的智能追蹤 DNA 標籤，然後將硬幣返還給提交者。

Q ：我可以拒絕與其他智能追蹤 DNA 用戶共用資訊嗎？ A ：可以。智能追蹤 DNA 應用程式用戶可以通過選擇“設置”菜單中的

“隱私”功能來選擇保持其資訊的私

密性。請注意，在創建用戶配置檔時，

用戶可以通過設置昵稱來匿名。其他

Q ：您是否計劃讓錢幣經銷商在他們的庫存中獲取智能追蹤 DNA ？ A ：是的。為方便錢幣經銷商標記庫存，我們將為

他們授權。

選項如感興趣的硬幣和收藏家的地

址，是可選填的。然而，選擇“隱私” 可能會禁止某些應用功能，例如將用

戶與在匿名用戶願望清單上有硬幣的授權經銷商相連接這個功能。

Q ：智能追蹤 DNA 應用程式上有哪些定價數據？ A ：該應用程式將提供多種定價方案：

★ 幾家錢幣界領先的錢幣公司定價及拍賣結果；

★《錢幣世界》開發了一個專門的定價演算法，可為您的藏品提供即時市場價值；

★ 您還可以輸入藏品庫存項目的成本及其他相關費用，如評級或存儲費，以追蹤藏品的成本基礎。

122

HICC852 公眾號 HICCAWF

Stack’s Bowers and Ponterio Presents

The October 2020 Hong Kong Auction October 5-8, 2020 Don’t Miss the Next Edition in a Series of Legendary Auctions

CHINA. Kiangsu - Shanghai. Ching Cheng Chee Silver Tael, Year 6 (1856). PCGS AU-55. K-903a; L&M-590. PCGS Population: 2, None Finer.

Contact Us for More Information Today! CALIFORNIA OFFICE Email: Consign@StacksBowers.com Tel: 949.253.0916 Website: www.StacksBowers.com 1231 E. Dyer Road, Suite 100 Santa Ana, CA 92705

HONG KONG OFFICE Email: InfoHK@StacksBowers.com Tel: +011.852.2117.1191 Website: www.StacksBowers.com Unit 1603, 16/F Mira Place Tower A, No.132 Nathan Road, Tsim Sha Tsui, Kowloon, HK

PRESS RELEASE:

Artist Yu Min was given the Lifetime Achievement Award by Krause Publication Coin of the Year Award Committee

Editor of World Coin News David C. Harper (L.) and Chinese Embassy Culture Department Secretary Dr. Li Gang

Shanghai Mint Co., Ltd. senior designer Yu Min is watching CCTV News live

A Lifetime Achievement Award in Coin Design was given to Yu Min of the Shanghai Mint Co., Ltd., Feb. 4 at the Coin of the Year Award ceremony at the World Money Fair in Berlin, Germany.

He began designing and engraving coins in 1980 and participated in the entire development process of gold and silver Pandas as a designer and engraver since the first gold panda coin was issued in 1982.

The trophy was accepted by Dr. Li Gang, Secretary of the Culture Department of Embassy of People’s Republic of China to the Federal Republic of Germany. Yu Min is the first Asian Designer to win the award, the previous three edition of the award went to Herbert Wähner of Austria, Maria Carmela Colaneri of Italy, and Heinz Hoyer and Sneschana Russewa-Hoyer of Germany. Giving the award was David C. Harper, editor of World Coin News, founding sponsor of the award. The award is also sponsored by the World Money Fair. The publisher of the Journal of East Asian Numismatics, Michael Chou, introduced Dr. Li. His publication is the third sponsor of the Coin of the Year Awards and it prepared a biography of Yu Min. Yu Min graduated from Shanghai Arts and Crafts School in August 1980 and entered the Shanghai Mint (now known as the Shanghai Mint Co., Ltd.) to design and to engrave coins in the design and pattern shop at the same year. From February to June 1996 he went to Russia and studied in the Sculpture Department of Repin Academy of Fine Arts. He was enrolled as a member of the China Sculpture Institute in July 2004.

Rick Stelzer Estate Coin & Jewelry Galleria 1650 main street sarasota FL 34236 USA Tel: (+1) 605 321 1449 rick52447@gmail.com

His 1983 silver Panda won the Best Silver Coin award in the 1985 Coin of the Year competition. He has designed and engraved over 200 Modern Chinese coins including over 40 commemorative Panda coins, including the 2005, 2006, 2008, 2009, 2010, 2012 and 2013 gold and silver commemorative Panda coins, over the years. Mr. Yu Min may hold the world record for the number of coins designed/engraved by a artist for a modern mint. The 2009 Panda coin designed by Yu Min was named the Best Commemorative Coin by a German magazine. Among commemorative coins, he designed and engraved the portrait of Chairman Mao on the circulating coin to mark the 100th birthday of Mao Tse-tung. It was very difficult to engrave a raised image of the chairman to be struck on a very hard nickelclad steel coin. Yu Min accomplished this after repeated trials. In the selection process of the 2008 Beijing Olympic coins, Yu Min’s design was one of the finalists and his four joint engraving designs (the fencing, pentathlon, archery and soccer coins) were adopted by the head office of Bank of China.

Champion Shanghai Room 1808, Bao Hua Building, No.1211, Changde Rd, Shanghai 200060, People's Republic of China Tel: 86-21-62130771 championghka@gmail.com

余敏榮獲克勞斯出版社世界硬幣大獎評委會頒發的終身成就獎

《世界錢幣新聞》主編 David C. Harper（左）和中國駐德國大使館文化部秘書李剛

本屆世界硬幣大獎賽頒獎典禮於2017年2月4日在德國柏林的世界錢幣展上舉行。本屆的世界硬幣大獎賽錢幣設計終身成就獎

上海造幣有限公司高級工藝美術師余敏在觀看 CCTV 新聞頻道

1993年獲工藝美術師任職資格，並被聘為工藝美術師。2004 年7月，被中國雕塑學會吸收為會員。

的獲得者是上海造幣有限公司的設計雕刻師⸺ 余敏。余敏從1980年從事錢幣設計雕刻至今已30年，從1993年聘為中華人民共和國駐德意志聯邦共和國大使館文化部秘書—李剛

工藝美術師至今也已23年。從1982年發行第一枚熊貓金幣起，

代表獲獎者領獎並發表獲獎感言。

至今已有近三十年歷史。余敏作為設計雕刻人員參與並見證了熊貓金銀幣發展的整個過程。

余敏是首位獲得這項大獎的亞洲錢幣設計師，前三屆終身成就獎的獲得者分別是：奧地利的赫爾伯特 •韋納、義大利

由余敏設計雕刻的1983版熊貓銀幣獲得了1985年世界硬幣大

的瑪利亞•卡梅拉•柯蘭納瑞以及德國的 Heinz Hoyer 和

獎賽最佳銀幣獎，這些年，余敏一共設計和雕刻了40多枚紀

Sneschana Russewa-Hoyer 夫婦二人。

念熊貓，包括2005、2006、2008、2009、2010、2012和 2013熊貓金銀幣。余敏為現代造幣廠設計和雕刻的錢幣數量之

獎項由《世界硬幣新聞》主編及世界硬幣大獎賽的發起人之一

多，很可能在當今世界範圍內也無出其右。

的大衛•C• 哈珀負責頒發，而世界錢幣展也是本屆獎項的贊助商之一。

他所設計的2009版熊貓幣被德國錢幣雜誌評為最佳紀念幣。

《東亞泉志》出版人周邁可先生為李博士做了一下介紹。周先生

紀念幣方面，余敏設計並雕刻了毛澤東誕辰100周年流通紀念

的《東亞泉志》不僅贊助本次的世界硬幣大獎賽，同時也準備了

幣中的毛澤東頭像一面。在非常堅硬的鎳包鋼產品上製作浮雕

一篇余敏的生平簡介。

是一個近乎苛刻的任務，經過多次實驗之後，余敏最終圓滿完成任務。

余敏1980年8月畢業於上海工藝美術學校（中專）。同年進上海造幣廠（上海造幣有限公司前身）設計製模車間從事錢幣設計雕

在2008北京奧運幣的競標中，余敏的設計成為了入圍了最終的

刻工作。

決賽圈。余敏與他人合作的設計（擊劍、五項全能、射箭、足球）也在競標被中國銀行選中。

1996年2月至6月期間，赴俄羅斯列賓美術學院雕塑系進修。

冠軍拍賣有限公司地址：上海市常德路 1211 號寶華大廈 1808 室電話：86-21-62130771 传真：86-21-62130773 Email ：championghka@gmail.com

Rick Stelzer Estate Coin & Jewelry Galleria 1650 main street sarasota FL 34236 USA Tel: (+1) 605 321 1449 rick52447@gmail.com

由余敏負責設計、上海造幣廠生產的第一枚心形紀念熊貓母親節特別收藏加厚版紀念熊貓（50g），鑄造量 300 枚

50 克的峨眉山面有金頂佛光

30 克

30 克的峨眉山面沒有金頂佛光

50 克

余敏此次設計的母親節紀念熊貓是上海造幣廠生產的第一枚心

熊貓，附帶原包裝盒及證書，每人限購一枚。購買事宜請聯繫

形紀念熊貓。其中銀質熊貓共生產1000枚，品質為30克；金質

冠軍公司美國經銷商 Jerica，電話：941 952 0100 ；郵箱：

熊貓為100枚，重8克，另外還有特別收藏版50加厚克銀質熊貓，

jericainternational@gmail.com。

鑄造量為300枚，每枚熊貓上均打有編號。正面圖案為母親節康乃馨、熊貓母親和倆個熊貓寶寶；背面圖案為熊貓故鄉—四

地址：佛羅里達薩拉索塔34236，1650大道，Estate Coin

川峨嵋山金頂及佛光。峨眉山是中國四大佛教聖山之一。

and Jewelry Galleria 公司。

每枚母親節熊貓均有單獨編號，並附有上海造幣有限公司特製

此前由冠軍公司出品、上海造幣有限公司工藝美術師余敏設計

包裝盒。紀念熊貓由冠軍拍賣出品，上海造幣廠資深工藝美

的展會熊貓曾在2014年6月的澳門錢幣學會年展、2016年7月

術師余敏負責設計，並由上海造幣有限公司負責生產。有意購

的柏林世界錢幣展以及2016年美國錢幣協會展覽上取得過巨大

買者可以499美元的價格購得這種母親節特別收藏加厚版紀念

的成功。

2016年澳門錢幣學會國際年展紀念熊貓

2016年美國錢幣協會安娜海年會紀念熊貓

2017年柏林世界錢幣展覽會三色銅紀念熊貓

AUCOFFRE.COM AUCOFFRE.COM 成立於 2009 年，其創始人兼法國總裁是讓·弗朗索瓦·福爾。 AUCOFFRE.COM 是一家為全球私人投資者提供庫存金銀幣交易的網上平臺。公司大約有 2 萬名顧客，4 噸黃金庫存，11 噸白銀庫存，25 名員工。2015 年成交額達到 3500 萬歐元。 2011 年底，AUCOFFRE.COM 決定自鑄錢幣—1 盎司純金金幣 Vera Valor（意為“真實的價值”，含金量為 999.9%°）。2012 年，在法國、比利時和瑞士，Vera Valor 已成為銷量最大的金幣。該金幣自發行起，銷量已超過 35,000 枚。此後，AUCOFFRE.COM 決定使產品多樣化，開始鑄造各種版別的 Vera 錢幣— 1/10 盎司 Vera Max 金質收藏幣、1 盎司 Vera 銀幣等。Vera 錢幣自誕生以來，鑄造量已超過 400,000 枚，VeraValor.com 因此成為法國的第一私營造幣廠。 2015 年，AUCOFFRE.COM 決定打造一個宣傳小塊領土的地圖幣收藏集，開始鑄造第一種法定貨幣—桑吉巴 1 盎司 Vera 銀幣，面值為 1000 坦尚尼亞先令，鑄造量為 50,000 枚。這些 Vera 銀幣很快被搶購一空，很多顧客甚至還想購買這種幣的更多版別。具有代表性的第二塊領土是直布羅陀，也將鑄造此種法定貨幣 —50,000 枚 1 盎司 Vera 銀幣和 5,000 枚 1 盎司 Vera Valor 金幣。 2013 年，AUCOFFRE.COM 發行了 VeraCash 金卡— 唯一也是首個消費實物黃金 Vera Valor 的借記卡。和其他的借記卡不同，其他的借記卡消費的是加密數位貨幣或虛擬貨幣。對於 VeraCash 金卡來說，按照黃金價格，用實物黃金來確定用戶所花費的確切金額。通過 VeraCash 金卡和移動應用，將 VeraCash 的金額發給另一用戶，也能成為一種支付方式。一個單位的 VeraCash 錢幣等於一個單位的該國貨幣。不論是作為實物錢幣，還是一種支付方式，VeraValor.com 和 VeraCash.com 都希望體現實物黃金和白銀的真實價值。

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Mish International Monetary Inc. Mish 國際錢幣公司 Specialists in 專營 Pandas since 1982 1982年起發行的熊貓幣 China Modern since 1979 1979年起發行的中國現代金銀幣 World Coins since 1964 1964年起專營世界錢幣

Looking To Buy?想買？ Our inventory and knowledge has been available to both our colleagues and collector clients since coins of the People’s Republic of China first reached the world market in 1979. 自1979年中國現代金銀幣首次進入國際市場後，Mish 國際的員工及其藏家客戶積累了豐富的庫存和專業的錢幣知識。

If you are looking for a particular China coin, chances are we have it, or may be able to recover it from an original buyer we sold it to years ago at first distribution. 想買中國幣？我們或許恰好有；也許多年前我們賣過，現在或許還能從原始買家手中買回來。

Looking To Sell?想賣？ In this world of instant experts and brokers, Mish International is still your best choice to handle the purchase of your prized coins in this fast-changing market. Well-capitalized, truly knowledgeable and accommodating, we buy both single pieces and major collections at fair value with no delay, no limits and no excuses. 瞬息萬變的市場環境，Mish 國際仍是助您銷售錢幣的最佳選擇。雄厚的資金實力，專業的錢幣知識，出色的協調能力，我們同時收購單枚幣和大型收藏，價格合理，快速付款。

Since 1964 始於1964

Here today. Here tomorrow 攜手今日共贏明天 Mish International Monetary Inc Mish國際錢幣公司 1154 University Drive Menlo Park, CA 94025, USA 美國加州門羅帕克大學路1154號，郵編94025 Phone(電話):(650) 324-9110 Email(郵箱):robert@mishinternational.com

East Asia Journal 1984 Issue 《东亚通宝》第 1 期 1984 年发行

First Issue of JEAN digital edition January 2016 Issue 《东亚泉志》电子杂志第 1 期 2016 年 1 月发行

冠軍澳門拍賣會（2020-11-29）預展時間：11 月 28 日

地點：澳門十六浦索菲特酒店六樓會議室

委託截止時間： 10 月 08 日

拍賣亮點 /HIGHLIGHTS

1911 年大清長須龍壹元銀幣 NGC MS-64

1911 年大清伍角銀幣 NGC MS-62

1899 北洋造光緒元寶庫平七錢二分銀幣 NGC MS-65

1882 年吉林機器官局造廠平壹兩臆造幣 NGC MS63

1838-1850 年臺灣老公銀壹圓 NGC AU55

宣統年造大清壹元銀幣 NGC MS-64

1898 年湖南省造光緒元寶庫平三錢六分樣幣 PCGS SP-66+

1903 年戶部光緒元寶五錢光緒元寶 PCGS SP-66

1853 年臺灣如意軍餉 NGC AU Details

庚子京局製造一錢四分四厘初鑄幣 MS-60

NGC

1844 年福建漳州軍餉銀餅 NGC AU Details 中華民國二十五年孫像布幣壹元鎳質硬幣 NGC MS-64

愛秀冠軍拍賣香港

冠軍拍賣上海

冠軍拍賣美國聯絡處

尖沙咀廣東道 30 號新港中心 907 電話 : 852-2150-5744 傳真 : 852-3007-4311 Email : championghka@gmail.com

上海市常德路 1211 號寶華大廈 1808 室電話 : 86-21-62130771 傳真 : 86-21-62130773 Email : championghka@gmail.com

Estate Coin & Jewelry Galleria 1650 main street sarasota FL 34236 Tel: (+1) 941-952-0100 Email: jericainternational@gmail.com

Champion Macau Auction (November 29th , 2020 ) Preview: November 28th

6/F Promenade, Sofitel Macau

Auction Consignment Deadline: October 8th

AUCTION HIGHLIGHTS

Empire 1911 Long Whisker Dollar, NGC MS64

Empire 1911 50 Cents, NGC MS62

Peking 1900 20 Cents, Original Strike, NGC MS60

Chili Province 1899 Dollar, NGC MS65

Kirin 1882 One Tael Silver, NGC MS63, Fantasy

Taiwan ND (1838-1850) One Dollar Silver, NGC AU55

Empire 1909 Dollar, NGC MS64

1898 Hunan Heaton pattern 50 cents, PCGS SP66+, Finest known

1903 Hupoo 5 Mace, PCGS SP66

1853 Taiwan Lotus Dollar, NGC AU details

1844 Fukien Ration Dollar, NGC AU Details

1936 Republic Spade Dollar in Nickle, NGC MS64

Asure Champion Hong Kong

Room 907 Silvercord Tower 2,30 Canton Rd, Tsim Sha Tsui, Kowloon Tel: 852-2150-5744 Fax: 852-3007-4311 championghka@gmail.com

Champion Shanghai

Ro om 1808, Bao Hua Building, No.1211, Changde Road, Shanghai 200060, People's Republic of China Tel: 86-21-62130771 Fax: 86-21-62130773 championghka@gmail.com

Champion U.S. Partner Estate Coin & Jewelry Galleria 1650 main street sarasota FL 34236 Tel: (+1) 941-952-0100 Email: jericainternational@gmail.com

2019 年冠軍澳門拍賣會圓滿成功成交亮點 /HIGHLIGHTS

Lot073 清代 1853 年咸豐元寶當五百，寶泉局，直徑：57.3mm，重量：54.7 克，厚度：3.6mm，公博美 78(03)，Howard F. Bowker 藏品估價：$300-600 成交價：$3,500

Lot160 1897 年浙江省造光緒元寶庫平一錢四分四厘，L&M273，OTTO BEH Pattern Extremely Rare，NGC PF62 估價：$20,000-40,000 成交價：$4,560

Lot081 清代 1853 年咸豐元寶當百 , 寶泉局 , 直徑：52.2mm, 重量：50.7 克 , 厚度：4mm, 公博美 85, Howard F.Bowker 藏品估價：$100-200 成交價：$2,640

Lot181 1909 青島大德國寶壹角鎳幣，Y2，NGC PF66，NGC 最高分，共評出 2 枚最高分估價：$3,000-6,000 成交價：$3,960

Lot094 1885 年吉林造光緒 10 年庫平三錢，L&M506，K918a，PCGS AU58，PCGS 只評級過 1 枚，樣品中最好的，華人家族藏品估價：$20,000-40,000 1885 年吉林省造三錢，2006 PCGS 評分為 PCGS AU-58，目前是品相最好的一枚。另一枚 NGC 評分為 NGC AU-55。這枚幣是吉林省造的第一批中國機制幣。華人家族收藏。目前只有這兩枚評級幣。成交價：$70,000

Lot182 1909 青島大德國寶伍分鎳幣，Y1，NGC PF67，NGC 最高分，共評出 3 枚最高分估價：$3,000-6,000 成交價：$4,800

Lot128 1908 年造幣總廠光緒元寶庫平七錢二分銀幣，L&M11，Y14，PCGS MS64 估價：$10,000-20,000 成交價：$31,200

Lot304 1995 年乙亥豬年生肖紀念鉑幣，面值 100 元，重量 1 盎司，成色 99.95%，發行量 300 枚，CC-670，PCGS PR69DCAM 估價：$6,000-12,000 成交價：$9,000

愛秀冠軍拍賣香港

冠軍拍賣上海

冠軍拍賣美國聯絡處

尖沙咀廣東道 30 號新港中心 907 電話 : 852-2150-5744 傳真 : 852-3007-4311 Email : championghka@gmail.com

上海市常德路 1211 號寶華大廈 1808 室電話 : 86-21-62130771 傳真 : 86-21-62130773 Email : championghka@gmail.com

Estate Coin & Jewelry Galleria 1650 main street sarasota FL 34236 Tel: (+1) 941-952-0100 Email: jericainternational@gmail.com

2019 Champion Macau Auction Successfully Concluded HIGHLIGHTS

Lot073 CHINA-QING Dynasty 1853 Hsien-feng Yuan-pao 500 Cash, Board of Revenue Diameter: 57.3mm, Weight: 54.7g,Height ： 3.6mm, GBCA VF78(03), Howard F.Bowker Collection Estimate：US $300-600 Realized：US $3,500

Lot160 CHINA-CHEKIANG 1897 20 Cents Silver, L&M273, OTTO BEH Pattern Extremely Rare， NGC PF62 Estimate：US $20,000-40,000 Realized：US $4,560

Lot081 CHINA-QING Dynasty 1853 Hsien-feng Yuan-pao 100 Cash, Board of Revenue Diameter: 52.2mm, Weight: 50.7g, Height: 4mm, GBCA EF85, Howard F.Bowker Collection Estimate ：US $100-200 Realized： US $2,640

Lot181 CHINA-KIAU CHAU 1909 10 Cents Copper-Nickel, NGC PF66, NGC highest graded population 2 Estimate：US $3,000-6,000 Realized：US $3,960

Lot094 CHINA-KIRIN 1885 3 Maces Silver, L&M506, K918a, PCGS AU58, Finest known example and only 1 graded by PCGS, Chinese Family Collectionn Estimate ：US $20,000-40,000 Finest known 1885 Kirin province 3 mace PCGS AU-58 , only 1 graded by PCGS , 1 other graded by NGC AU-55. Graded by PCGS in 2006 of China's first machine struck coinage from Kirin Province. Chinese Family Collection. So far only two graded. Realized： US $70,000

Lot182 CHINA-KIAU CHAU 1909 5 Cents Copper-Nickel, NGC PF67, NGC highest graded population 3 Estimate：US $3,000-6,000 Realized：US $4,800

Lot128 CHINA-EMPIRE ND(1908) Central Mint One Dollar Silver, L&M11, Y14, PCGS MS64 Estimate ：US $10,000-20,000 Realized：US $31,200

Lot304 CHINA 1995 Pig 100 Yuan 1 Oz .9995 Platinum Proof, Mintage 300, CC-670, PCGS PR69DCAM Estimate：US $6,000-12,000 Realized：US $9,000

Asure Champion Hong Kong

Room 907 Silvercord Tower 2,30 Canton Rd, Tsim Sha Tsui, Kowloon Tel: 852-2150-5744 Fax: 852-3007-4311 championghka@gmail.com

Champion Shanghai

Ro om 1808, Bao Hua Building, No.1211, Changde Road, Shanghai 200060, People's Republic of China Tel: 86-21-62130771 Fax: 86-21-62130773 championghka@gmail.com

Champion U.S. Partner Estate Coin & Jewelry Galleria 1650 main street sarasota FL 34236 Tel: (+1) 941-952-0100 Email: jericainternational@gmail.com

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亚洲藏品拍卖 Collectibles Auction Asia Coins, Banknotes, Philatelic and Collectibles Items Auction 15 / 2020 【29 August 2020】 Date & Venue

Sat. 29 August 2020 Morning Session 9.00am Afternoon Session 12.30pm

Landmark Room, Level 6, Landmark Village Hotel 390 Victoria Street Singapore 188061

Public Viewing Fri. 28 August 2020 9.00am to 6.00pm

Landmark Room, Level 6, Landmark Village Hotel 390 Victoria Street Singapore 188061 Buyer’s Premium 15% (20% for internet bid) www.liveauctioneers.com

Collection

Dickson Niew Collection

No.58 Jalan SS14/2 SS14 47500 Subang Jaya Selangor Malaysia Tel: +60 179796337 Email: dicksonniew33@gmail.com

Funan Stamp & Coin Agency 福南邮票钱钞社

101 Upper Cross Street #B1‐17L People Park Centre Singapore 058357 Tel: +65 65323588 Hp: +65 92355539

Buyer’s Premium 15% LIVE INTERNET BIDDING Please bid live online at

www.liveauctioneers.com

www.liveauctioneers.com/Collectible-Auction-Asia Registration is required in order to bid online Buyers Premium via internet bidding is 20%

Consignments accepted throughout the year for: Coins, Banknotes, Philatelic and Collectibles Items.

Contact 联络: Mr. Wong Hon Sum 黄汉森先生 +65 98793237

《东亚泉志》电子杂志《东亚泉志》为冠军拍卖公司总裁周迈可和著名钱币学专家史博禄于1994年创办，是一本学术性钱币研究专业杂志。旨在让广大钱币收藏家、研究学者更深入地了解钱币知识，让世界各地的读者更好地了解中国深厚的钱币文化。杂志高级编辑史博禄1951年生于美国密苏里州圣路易斯市，为密苏里大学历史系学士，哈佛大学中国研究专业硕士。1974-1977年在克劳斯出版社任《世界钱币新闻》助理编辑，参与《世界硬币标准目录》与《世界纸钞标准目录》编辑工作。史博禄拥有30多年的收藏和研究中国钱币的丰富经验。他在《东亚泉志》上发表的研究文献极大地丰富了中国钱币的知识内涵。《东亚泉志》于1994年7月份问世，在20多个国家发行，广受欢迎，长期占据许多重要图书馆书架的显著位置，包括美国国家博物馆史密森尼学会、大英博物馆、哈佛燕京图书馆、哈佛大学、耶鲁大学、哥伦比亚大学、斯坦福大学、康奈尔大学和美国钱币学会、美国钱币协会。杂志刊发过不少有重要学术价值的文章，如詹姆斯•史威尼写的《1900年京局银元》、史博禄写的《徐世昌刻字纪念章》和《民国二十五年和民国二十六年之中国银元故事》、汤姆•基纳写的《1897年浙江三分六厘样币和1899 年安徽三分六厘流通币的关系》以及曾泽禄写的《台湾老公银伪品》等。 2015年5月，周迈可决定于2016年1月复刊《东亚泉志》为电子季刊，中英双语。内容以披露最新钱币收藏研究成果、推介泉界成功人士的事迹为主。主要栏目有学术研究、人物专访、鉴赏争鸣、拍卖回顾、重要信息等。聘请著名钱币研究学者袁水清担任中文主编。袁水清，1948年生，大学金融专科毕业，从事银行工作30多年。中国钱币学会会员，陕西省钱币学会常务理事，西安市收藏协会常务副会长。同时聘请国内外知名的钱币学者、收藏家及专业人士加入，如美国华人钱币学者曾泽禄、美国纸钞专家弗雷德·施万、美国东南亚钱币专家霍华德·丹尼尔、德国中国现代币研究学者塞巴斯蒂安·威斯霍夫斯基、香港中国现代金银币研究学者陈景林、台湾钱币学者周建福、《戳记币简史》作者台湾东吴大学加拿大籍高林教授等。从2017年起，《东亚泉志》加盟由克劳斯在德国柏林世界钱币展览会期间举办的 “世界硬币大奖”颁奖活动。

《东亚泉志》2017年免费订阅，如果需要，请把您的邮箱发到 jeanzg@163.com！《东亚泉志》第一期在线阅读：issuu.com/jean388/docs/the_first_issue_of_jean

TOP CHINESE COINS 2nd Edition 《中国近代机制币精品鉴赏》第二版 Price( 售价 )：US $100 Plus Postage( 不含邮费 )

In June 2010, Top Chinese Coins Vol. 1 was published by iAsure Group and the The Journal of East Asian Numismatics (JEAN). Top Chinese Coins Vol. 1 offers an in-depth summary of the final results from the Top Chinese Coins Survey, a landmark event held in winter 2009 to search for the 10 most valuable Chinese struck coins. Coins submitted for review were judged by their rarity, historical importance, artistic appeal, condition, market value and group identity. The deluxe bound book offered details on the Top Chinese Coins Survey as well as high-quality pictures, price trends, degrees of rarity and historical context of the 60 top Modern Chinese Coins.

Top Chinese Coins , Vol. 1 had a limited print run of 1000, leaving many numismatists and enthusiasts unable to purchase a copy of their own. In response to high demand, iAsure has made certain that the second volume which released in June 2011 will be available to a much wider audience. While Top Chinese Coins Vol. 1 included gold, silver and copper coins, the second volume highlights the great range of silver coins. It will also add summaries from auction sales that list pricing, degree of rarity, pedigree and grades.

2010年6月，爱秀集团和《东亚泉志》出版了《中国

版的基础上出版第二版。第二版于2011年6月发行，相比

近代机制币精品鉴赏》第一版。该书对60枚中国最顶级

第一版60枚钱币囊括金币、银币和铜元，第二版专注于

的近代机制币进行了全面、深入、系统的研究与展现。

60枚中国近代机制银币，定名为《中国近代机制银币精

其内容涵盖高清钱币图像、流传脉络、拍卖纪录、市场

品鉴赏·银币版》 (简称《银币鉴赏》)。

趋势、珍稀度解析和背景故事等，在钱币业界引起巨大的轰动和反响，备受赞誉，被誉为“全景式展现中国珍稀机制币的重要鉴赏书籍”。

由于页面所限，第二版刊载60枚中国银币精品的重要信息，在第一版的基础上有多方面改进和加强。《银币鉴赏》在最受欢迎和好评的照片拍摄和排版下更多功

尽管因时间苍促、经验不足，书中存在一些缺陷和

夫，并提供更多详细、准确和丰富的近期拍卖成交价格

错误，但仍得到读者的肯定和欣赏。由于该书仅限量印

记录、历史评估、珍稀度和谱系说明。所有内容均为中

刷1000本，无法满足广大钱币爱好者的需求。经多位资

英双语，彩色精装印刷。第一版中有关钱币背景的“故

深钱币专家、学者、收藏家建议，爱秀集团决定在第一

事阅读”部分将以附件方式另行印刷成册。

If required, please contact Champion Auction 如果需要请联系冠军拍卖公司 Tel: 021-6213 0771 Email: jeanzg@163.com

By Li Jiong 作者：李炯 Price (售价)：RMB ￥398 Shanxi Sycee was published by Shanxi Media Group’s Sanqin Press in July 2015. It was written by Mr. Li Jiong, a collector and researcher of Shanxi sycee from Yulin, Shanxi. Mr. Li collected 600 varieties of Shanxi sycee over a ten–year period and after comparing and analyzing many collections of Shanxi sycee, he decided that there was a need for a professionally researched book on the subject.

the silver currency of Shanxi Province. Mr. Dai remarked that “This book is a professional work of research of Shanxi sycee. Mr. Li has taken advantage of local sources in his research and has made a great achievement in numismatic research. It covers all development stages of Shanxi sycee including its infancy, development, widespread adoption and its final discontinuation.”

Mr. Li has classified Shanxi sycee into six categories: 50 taels boat-shaped ingots, officially minted sycee, commercially minted sycee, Shanxi stamp remittance ingots from other provinces, odd-shaped sycee, and a sixth ‘other’ group of sycee. This book comprehensively shows the conditions of the circulation of Shanxi silver currency in the late Qing Dynasty and early Republic Period. This book also

The book is A4 size and is 260 pages long with two additional trifold pages. It is printed in full-color and is illustrated with good quality graphics of Shanxi sycee. It was published by Shanxi Media Group’s Sanqin Press in July 2015.

examines the social conditions including politics, economics, culture, and customs of that period. The president of the Xi’an Branch of The People’s Bank China Guo Xinming and prominent collector Dai Zhiqiang both wrote prefaces for this book. They remarked that this book was a masterpiece of Shanxi numismatics and filled a space in the research of

Buy from website: www.coinsky.com/htm/shop/show. cgi?id=1648 (Note: the book is signed by the author) Contact: Mr. Li Jiong Cell Phone: 15529990006; 15667811786 Email: 1327978511@qq.com

钱币天堂网发售 2015 年 7 月《陕西银锭》由陕西出版传媒集团三秦出版社正式出版发行。作者李炯先生是陕西榆林本乡本土的银锭收藏、研究者，他用十年时间，收藏了 600 余种陕西银锭。通过大量实物藏品的比对分析，作者首次提出建构陕西银锭分类学研究，将陕西银锭分类为：

(Volume 1-5)

五十两船形银锭、官铸银锭、商铸银锭、外省陕槽、陕西异形银锭、存疑待考银锭六大类，全面展示了清末民国时期陕西省白银货币的通行现状，侧面反映了这一时期政治、经济、文化、民俗等方面的社会面貌。本书由中国人民银行西安分行行长郭新明、著名钱币学家戴志强先生并序。郭序指出：《陕西银锭》的出版，恰逢我国 “一路一带”战略构想提出之际，是陕西钱币研究的又一力作，填补了陕西白银货币研究的空白。戴序认为《陕西银锭》是一部有关陕西地方银锭的专谱、专著，李炯先生立足本乡本土，充分利用和发挥地域优势，十年磨一剑，扬长避短，求实务实，走了一条钱币集藏研究的“快捷方式”，一条成功之路。全书采用以文为主，以图为辅的串联方式，揭示陕西银锭产生、发展、兴盛、衰落的全过程。该书大 16 开本，126 克雅粉全彩精印，币图清晰逼真，共计 26 万字，260 余页，亦附三折拉图两帧。作者首次在银锭图片旁附陜槽铭文复原印章一方。图文并茂，值得珍藏。

Appreciation of Modern Precious Metal Coins in China

Shanxi Sycee 《陕西银锭》

Appreciation of Modern Precious Metal Coins in China (Volume 1-5), edited by Wang Shihong, a famous Chinese gold and silver coins collector has been issued recently. This series of books were published by Encyclopedia of China Publishing House (ECPH), supervised by Coin Collection Committee, the branch of China Association of Collectors(CAC), and printed by Shanghai Artron Graphic Arts Company Limited. Ma Delun, former deputy governor of the People’s Bank of China, wrote the forward, and Dai Zhiqiang, the first curator of China Numismatic Museum, wrote a report for this series. When it comes to the main purpose of this book, the chief editor Wang Shihong says, “It is hoped that this series of books can provide relevant knowledge of modern gold and silver coins in China comprehensively and systematically and carry forward the excellent culture of our motherland, so that readers can have a more particular knowledge of the history and connotations of gold and silver coins, and better appreciate their artistic value.” He also hopes to attract more enthusiasts to participate in the investment and collection of gold and silver coins, gradually expand the size of collecting team, improve the brand effect of Chinese gold and silver coins and enhance their influence at home and abroad in order to realize a faster development of Chinese gold and silver coin industry.” Writing this series of books, Appreciation of Modern Precious Metal Coins in China (Volume 1-5), is a systematic project, so we set up the expert advisory committee and the editorial board. It took the Chinese professional elite team more than five years to compile these books. This series of books reveal the development of modern precious metal coins in China through the exclusive interviews with the decision-makers, designers, carvers, and coin collectors, as well as a large number of firsthand information rarely known by the people. This series of books is an encyclopedia of modern precious metal coins in China. With unique academic perspective and simple words, this series gives a full explanation of processes of project selection, design, production and so on, and also

Contact Information (for purchasing purposes): Domestic

Shanghai Hong’an Culture Communication Co. Ltd. Pay before delivery. Payment should be remitted to Hongkou subbranch of Shanghai branch of the Bank of Communications. The post office remittance is also acceptable. Account Number: 310066030018170238495 Contact Person & Phone Number: Luo Fei, 17717536767

International Price: 160USD (without postage)

Contact Person: Champiom Auction Phone Number: 021-62130771 Email: championghka@gmail.com

Appreciation of Modern Precious Metal Coins in China (Volume 1-5)

Wang Shihong, chief editor of Appreciation of Modern Precious Metal Coins in China

make an intensive study of their cultural value, collectiing characteristics of precious metal coins. As a combination of authority, historical events, groovy knowledge, artistry, technicality, and readability, Appreciation of Modern Precious Metal Coins in China, not only serves as references for academic researchers and financial workers, but also as a standard work showing modern precious metal coins in China from an overall perspective for collectors of gold or silver coins. This series is 235mm X 290mm in size, octavo, with, composed of 5 volumes, containing about 2.5 million words and 2,000 pictures which are all exquisitely printed according to the original drawings. All the Chinese modern precious metal coins issued by People’s Bank of China from 1979 to 2014 are included in these books. Besides, related materials, such as the development history of modern precious metal coins in China, comparison table of classified catalog of modern precious metal coins in China, and materials about gold or silver coins, are also recorded in appendix. In order to promote the spread and popularization of professional knowledge of gold or silver coins and to release the readers’ economic burden, the chief editor, Wang Shihong takes the compilation, publication of this series of books as a public welfare undertaking. Expenses, such as compiling and management expenses, all come from selfless devotees who are interested in Chinese gold or silver coins. Therefore, the price of these 5 books is 160 USD (without postage), containing only costs of publication, printing, and issue. At the same time, the brass commemorative medal designed by the famous designer Luo Yonghui for the issue of Appreciation of Modern Precious Metal Coins in China will also be issued at the price of 450RMB for each.

學術性和可讀性於一體，不僅是學術研究者和金融工作者完整的參考資料，也是金銀幣收藏者全面瞭解中國現代貴金屬幣全貌的權威著作。《中國現代貴金屬幣賞析》叢書的尺寸為 235mm X 290mm，8 開，全套共 5 本，約 250 萬字，累計有近兩千餘幅圖片 ( 所有金銀紀念幣圖譜均按原大精印 )。《中國現代貴金屬幣賞析》收錄了 1979——2014 年中國人民銀行發行的所有中國現代貴金屬紀念幣，而且還在附錄部分刊載了“中國現代貴金屬幣發展簡史”、中國現代貴金屬幣分類目錄對照表及金銀帀相關資料等。

《中國現代貴金屬幣賞析》主編王世宏先生由中國大百科全書出版社出版，中國收藏家協會錢幣收藏委員會監製，上海雅昌藝術印刷有限公司承印，中國人民銀行讀後感，中國著名金銀幣收藏家王世宏主編的《中國現代貴金屬幣賞析》( 第 1—5 冊 ) 已經出版發行。

負擔，王世宏主編把該書的編寫與發行當作一項公益事業來做，所有編寫費用、管理費用等，全部由熱心中國金銀幣事業的無私奉獻者捐贈解決，書價只含出版、印刷、發行等費用，全書五冊定價僅 950 元（國際售價 160 美金，不含郵費）。同時，還發行由著名設計大師羅永輝設計的《中國現代貴金屬帀賞析》發行紀念大銅章，每枚定價 450 元。

王世宏主編在談及組織編寫《中國現代貴金屬幣賞析》主要目的時表示：希望通過本書全面、系統地介紹中國現代金銀幣的相關知識，弘揚祖國優秀文化，使廣大讀者能進一步瞭解金銀幣的歷史和內涵，提高大家對其藝術價值的賞析能力，以吸引更多的愛好者參與金銀幣的投資與收藏，逐步擴大金銀幣的集藏隊伍，提高中國金銀幣的品牌效應和海內外影響力，促進中國金銀幣事業的更快發展。編寫《中國現代貴金屬幣賞析》是一項系統工程，為此，成立了專家顧問委員會、編輯委員會，由中國專業精英團隊耗時 5 年多時間精心編著。全書通過對決策者、設計師、雕刻師、以及錢幣收藏家們的專訪，以大量鮮為人知的第一手資料，揭示了中國現代貴金屬幣的發展脈絡與軌跡。《中國現代貴金屬幣賞析》以其獨特的學術視角，樸素的敘述文字，多角度、全方位地展示了中國現代貴金屬幣的選題立項、設計雕刻、工藝製作等過程，同時在文化價值、收藏屬性等方面做了較為深入的探討，是中國現代貴金屬幣資訊資料的百科大全。

國內欲購者請與上海宏盎文化傳播有限公司聯繫，款到發貨書款請匯交通銀行上海分行虹口支行或郵局匯付賬號 310066030018170238495 聯絡人：駱飛電話：17717536767 國外

售價：160 美元（不包含郵費）欲購者請與冠軍拍賣上海辦事處聯繫電話：15000120957 郵箱：championghka@gmail.com

冊）發行 1—5

原副行長馬德倫作序，中國錢幣博物館首任館長戴志強撰寫

為了利於金銀帀專業知識的傳播和普及，降低廣大讀者經濟

《中國現代貴金屬幣賞析》第 (

《中國現代貴金屬幣賞析》集權威性、史料性、知識性、藝術性、

《中國現代貴金屬幣賞析》

Unofficial Banknotes Issued in Jiangxi Province By Xu Anmin Price ：RMB ￥298

( 第 1—5 冊）發行

Unofficial Banknotes Issued in Jiangxi Province was written by prominent paper money collector Xu Anmin, and was published in December 2014 by Jiangxi People’s Press, with the support and planning of the Jiang Xi Banking Industry. The unofficial banknotes cataloged in this book were issued by local administrative agencies, banks and organizations (such as local armed forces, cooperatives) etc. The face value of these paper notes was the same as that of the national legal currency which was circulated in some defined regions. The book is illustrated with pictures of 185 of the banknotes issued in Jiangxi Province, of which 25 were issued in the Qing Dynasty, 11 by local administrative agencies, 15 by local armed forces, 19 by chambers of commerce, and 88 by money houses and business houses. In addition, there are 21 local gold dollar coupons, 4 silver coupons, and 2 special money. Additionally, there are about 30 printing blocks and anticounterfeiting seals. The 200 physical coupons are from the author’s collection. This is the first time these precious coupons, some of which are unique, have been published.

comments were mainly on the collectors’ errors, value,

The book is divided into the following sections:

star-rating, collection methods, current existing condition and personal target.The postscript presents author ’s 20

the foreword, brief introduction, catalog, comments,

years collecting experience, his star-rating and calculating

references and postscript.The guide defines the scope

method, which will help collectors.The references include

and the time of the research and collecting and the

the relative historical resources, monographs and research

definition of unofficial banknotes. This is the first time

articles from modern times.In additional, the author

these banknotes have been categorized according to their

verified the authenticity of physical bonds which need to

different features. A brief introduction was also given

be proved. He also wrote another two articles about the paper money: “The Research of Banknotes Issued by Wu

to each chapter of the book.The General Introduction includes features, the development of unofficial banknotes, the rise of collecting these notes and the research achievements for unofficial banknotes. The pictures of the banknotes, local gold coupons ( 金圆券 ), local silver coupons ( 银圆券 ), special money, printing blocks and anti-counterfeiting seals are illustrated in the book. The book comprehensively describes each physical coupon of the banknotes. Many ancient stories were discovered such as the words of celebrities, family rules, poetry and prose from the script and pattern of the banknotes.The

Zheng-Yuan Private Bank of JianYi (Feng Cheng City) ”, and “Remark on 1896 Banknotes Issued by Kiangsi Official Silver Bank Again ”. This book is 281 pages long and has more than 300 colorful pictures of the banknotes. It is printed in A4 size on colorful bronze paper with a fine binding. It is a professional book for collecting and researching the unofficial banknotes issued in Jiangxi. It is sold by Xinhua Book Stores all over the country at a price of 298 yuan.

《江西民間鈔票》作者：徐安民售價：RMB ￥298

在江西省銀行業的精心策劃和組織下，由國內著名

特點、發展階段、民間鈔票收藏的興起及研究成果；圖

纸币收藏家徐安民先生撰寫的《江西民間鈔票》2014

錄，囊括清代錢莊鈔票、行政機構鈔票、地方武裝鈔票、

年 12 月由江西人民出版社出版發行。該書收集的實物

商會鈔票、錢莊商號鈔票、地方金圓券、地方銀元券、

函括清代至民國時期江西省境內地方行政機構、團體組

特殊幣、鈔版及印章等實物。本章節還對各不同時期民

織及各錢莊商號等發行的紙幣。主要包括錢莊、地方基

間鈔票進行了扼要綜述，對收錄的每張實物券進行了專

層行政機構、地方武裝組織、合作社、商會、商號及其

業點評，并根據鈔票上的各類文字圖案挖掘出大量中國

他機構組織發行的紙幣，且在一定社會區域與國家法定

古代名人格言、家訓及詩賦等歷史典故；收藏感悟，梳

貨幣等值流通的鈔票。全書共收集到江西民間鈔票圖片

理了民間鈔票收藏者的誤區、民間鈔票的收藏價值、星

185 張，其中清代鈔票 25 張，基層行政機構鈔票 11 張，

級評定、收藏模式與現狀及個人定位。收藏感悟係作者

地方武裝鈔票 15 張，商會鈔票 19 張，錢莊商號鈔票

20 多年收藏實踐經驗的親身感悟和思想提煉，并創造

88 張，地方金圓券 21 張，地方銀元券 4 張，特殊幣 2 枚。

性的提出了“星級別評定”的方法和計算方式，對收藏

另有，鈔版及防偽印章 30 余件。書中所錄選的 200 多

愛好者有着極大的啟發和幫助；參考文獻，主要收錄近

件實物券，均來自作者 20 多年的私人收藏品。在這些

代江西民間鈔票相關的史料、專著以及研究文章等。此

紙幣實物券中絕大多數為首次披露，極其珍貴，有些實

外，作者對收藏圈里頗有爭議和影響的實物券進行詳細

物券屬孤品或僅見品。

考證，并專門撰寫《劍邑吳正元錢號票考略》和《光緒丙申年“江西官銀號”銀錢票再議》等文章，提出作者

全書主要由凡例、概述、圖錄、收藏感悟、參考文

觀點，供讀者參閱。該書圖文并茂，大 16 開本，全彩

獻及後記等構成。凡例，確定了本書收集和研究的範圍

銅牌紙印刷，精裝幀，281 頁，300 多幅實物原大彩圖，

及上下年限，完整地闡述了民間鈔票的科學定義，首次

是一本集史料性、實物性、知識性、專業性為一體的近

按照民間鈔票的不同性質進行分門歸類，并對各章節進

代江西民間鈔票收藏與研究的工具書。該書由全國新華

行了簡要介紹和說明；概述，包括江西民間鈔票的主要

書店經銷，定價 298 元。

Chopmarked Coins - A History 《戳記幣簡史》 Colin Gullberg 高林

Price ( 售價 ): US $50 Plus Postage ( 不含郵費 ) The book Chopmarked Coins- A History by Colin Gullberg is funded by iAsure Group. The softcover book is 187 pages in length, 210mm×285mm, fourcolor printing. It covers the history of foreign silver coins that circulated in China from 1600 to 1935 and contains images of some 150 coins. Gullberg includes firstperson accounts, summaries of all modern sources of knowledge on the subject and scans from a shroff’s handbook (circa 1890). It is the first English- language book on the subject since 1990 and only the second English language book on the subject.

愛秀集團贊助出版發行的戳記幣英文專著《戳記幣簡史》為軟裝本，正文內容187 頁，開本210mm×285mm，四色印刷，闡述了1600年至 1935年間中國流通的外國戳記銀幣概況，作者高林先生採用第一人稱敘述，總結了現代有關戳記幣的詳盡知識，並配有某錢莊的手冊（約1890年）掃描插圖和150多張戳記幣高清圖片。本書是1990年之後的第一本戳記幣英文專著，也是有史以來的第二本戳記幣英文專著。

Chinese And Foreign Papermoney Errors 《華洋怪鈔—中外錯體紙幣賞析圖鉴》 David Chio 趙康池 Aguang Chan 陳耀光

Price ( 售價 )：MOP $300; RMB 240; US $30 Plus Postage ( 不含郵費 ) In December 2015, this book was released by Macau Numismatic Society and edited by David Chio and Aguang Chan. A total of 1,000 copies was printed, 200 in hard cover and 800 soft cover. The book is 323 pages of full color A4 size 210×285 mm and features over 300 error notes and 800 photos. Notes from Chin dynasty to modern times and more than 10 countries and region is covered. The books also cover causes of errors, background information on the printing process and authenticity of errors. This is the first book in Chinese to feature this type of information on error notes and its collection.

该书由澳門錢幣學會於2015年 12月出版，趙康池、陳耀光編著。印行1000冊，其中精裝本200冊，平裝本800冊。是書全彩精印，小 A4开本，210mm×285mm，323 頁，選錄了中外錯體紙幣300多種，圖片800多張，涵蓋中國自清末到現今使用的紙幣，涉及中外十多個國家和地區。本書對中外錯體、錯版、變體等紙幣的成因、歷史背景和辨偽，實事求是地作了係統的、科學的分析與歸納，並介紹了印鈔基本步驟和印鈔過程中所產生的“另類”紙幣，補充了不少紙幣收藏的基礎知識。可以說，本書是首本對錯體紙幣進行全方位論述的著作。

If required, please contact Champion Auction 如果需要請聯繫冠軍拍賣公司 Tel: 021-6213 0771 Email: jeanzg@163.com

11/29/2020 冠軍澳門拍賣會拍品截止時間：10/08/2020

www.cghka.cn

往年澳門冠軍拍賣會亮點冠軍澳門拍賣（11/2014）

冠軍澳門拍賣（11/2014）

冠軍澳門拍賣（12/2015）

lot 446

lot 447

lot 382

2014 年澳門錢幣學會金質

2014 年澳門錢幣學會銀質

紀念熊貓【加厚】，錢幣號 #1，重量 62.208 克（2 盎司），直徑 40mm，成色 99.9%，精製鏡面，發行量 10 枚

紀念熊貓【加厚】，錢幣號 #1，重量 62.208 克（2 盎司），直徑 40mm，成色 99.9%，精製鏡面，發行量 1000 枚

估價： US $3,000 成交價：US $43,700

估價： US $100 成交價：US $24,150

2015 年澳門錢幣學會鉑金紀念熊貓【加厚】，錢幣號 #01，重量 62.208 克（2 盎司），直徑 40mm，成色 99.9%，精製鏡面，限量發行 10 枚，帶盒帶證。

冠軍澳門拍賣（12/2016）

冠軍澳門拍賣（11/2017）

lot 324

lot 292

lot 346

2016 年澳門錢幣學會銀質紀念熊貓，錢幣號 #01，重量 1 公斤，直徑 120mm，成色 99.9%，精製鏡面，發行量 20 枚，帶盒帶證書

2016 年世界錢幣展覽會·柏

2018 年澳門錢幣學會 30 周年年會銀質 2 公斤紀念熊貓，直徑 150mm, 成色 99.9%，精製鏡面，發行量 15 枚，錢幣編號 #1，帶證書

估價： US $1,000 成交價：US $6,900

林⸺德制幣模柏林特別展鈀金紀念熊貓，錢幣編號

#05，直徑 40mm，精製鏡面，發行量 10 枚，NGC PF69 ULTRA CAMEO 估價： US $8,000 成交價：US $9,200

估價： US $3,000 成交價：US $27,600

冠軍澳門拍賣（11/2018）

估價： US $5,000 成交價：US $24,000

冠軍澳門拍賣（11/2014）

冠軍澳門拍賣（12/2015）

冠軍澳門拍賣（12/2016）

1900 年（庚子）京局製造光緒元寶銀幣一套 5 枚，原模後鑄品，均為 Kann、Sweeny

1912 年袁世凱像大鬍子開國

Lot203

紀念壹圓銀質樣幣，齒邊，

舊藏

估價： US $180，000 成交價： US $345,000

1928 年（民國十七年）貴州省政府造貴州銀幣壹圓，俗稱“汽車幣”，三根草， L&M610，PCGS MS61。

估價： US $ 250,000 成交價： US $ 414,000

NGC AU58

估價：US $30,000 成交價：US $115,000

11/29/2020 Champion Macau Auction Auction Consignment Deadline: 10/08/2020

www.cghka.cn

Champion Macau Auctions Highlights Champion Macau Auction (11/2014)

Champion Macau Auction (11/2014)

Champion Macau Auction (12/2015)

lot 446 CHINA-MACAU 2014 Macau Numismatic Society 62.208g (2 Oz) .999 Gold Proof, diameter 40mm, Commemorative Show Panda [Piedfort], Serial number 1, Mintage 10

lot 447 CHINAMACAU 2014 Macau Numismatic Society 62.208g (2 Oz) .999 Silver Proof, diameter 40mm, Commemorative Show Panda [Piedfort], Serial number 1, Mintage 1000

lot 382 CHINA-MACAU 2015 Macau Numismatic Society 62.208g (2 Oz) .999 Platinum Proof, diameter 40mm, Commemorative Show Panda [Piedfort], Serial number 01, Limited Mintage 10

Estimate: US $3,000 Realized: US $43,700

Estimate: US $3,000

Realized: US $27,600

Estimate: US $100

Realized: US $24,150

Champion Macau Auction (12/2016)

Champion Macau Auction (11/2017)

Champion Macau Auction (11/2018)

lot 324 CHINA-MACAU 2016 Macau Numismatic Society 1000g .999 Silver Proof, diameter 120mm, Commemorative Show Panda, Serial number 01, Mintage 20, with Box and Cert

lot 292 CHINA-BERLIN 2016 World Money Fair Berlin - Otto Beh Dies Berlin Special Exhibit Palladium Proof, Commemorative Show Panda, 40mm, Coin Number 05, Mintage 10, NGC PF69 ULTRA CAMEO

lot 346 CHINA-2018 Macau Numismatic Society 30th Anniversary Expo 2 kilo .999 Silver proof,diameter 150mm,Serial Number#1,Mintage 15,with certificate

Estimate: US $1,000

Realized: US $6,900

Estimate: US $5,000

Realized: US $24,000

Estimate: US $8,000

Realized: US $9,200

Champion Macau Auction (11/2014)

Champion Macau Auction (12/2015)

Champion Macau Auction (12/2016)

CHINA-PEKING 1900 Sliver Restrike Set (5)

CHINA-REPUBLIC 1912 Yuan Shi Kai Large Beard One Dollar Silver Pattern, NGC AU58

Lot203 CHINA-KWEICHOW 1928 Auto Dollar Silver, with 3 blades of grass, L&M610, PCGS MS61. Highest graded coin by PCGS

Estimate: US $ 250,000 Realized: US $ 414,000

Estimate: US $180,000 Realized: US $345,000

Champion Leilao Lda.

Add: Room 1808, Bao Hua Building No. 1211, Changde Rd.,

Add: Avenida Da Praia Grande No.371 Edif. Keng

Shanghai. People's Republic of China 200060

Ou 22 Andar, A Macau

Tel: 86-21-62130771

Tel ï¼&#x161;+853 2886 8808

Fax: 86-21-62130773

www.cghka.cn

Email: championghka@gmail.com

Estimate: US $30,000 Realized: US $115,000

創

新

創

造

價

值

B.H. Mayer´s Kunstprägeanstalt GmbH

Minted in Germany 德国铸造

1盎司 999纯银硬币

Nano technology applied to the surface of this unique coin 这枚独一无二的硬币表面，采用了纳米技术 Exclusive limited mintage 1000 独家限量发行 1000枚 2019 Tanzania 1000 Shillings 2019年坦桑尼亚 1000 先令

2019 Tanzania 1000 Shillings

Coin Designed by: Yu Min

CBPMC Senior designer Winner of 2017 COTY “Lifetime” Achievement Award in Design

设计师：余敏

中国印钞造币总公司高级工艺美术师曾获得“2017年克劳斯世界硬币大奖赛年度终身成就奖”

Magnico

Room 1808, Baohua Mansion, No. 1211, Changde Rd., Putuo District, Shanghai Tel:0086(21)-62130772 www.magnico.cn

上海冠坤文化发展有限公司

上海市普陀区常德路宝华大厦1211号1808室电话：0086(21)-62130772 网址：www.magnico.cn

德国铸造德国梅耶造币厂

2019 年 7 月

1994

中国铜元研讨会特·别 ·版

2019

THE JOURNAL OF EAST ASIAN NUMISMATICS · 中英双语 - 电子季刊 · Bilingual (English - Chinese) Digital Quarterly

25 th

周年

JEAN 1994-2019

2019 铜元研讨会纪念章

Cuba Macau 澳門

袁世凱像共和纪念十文銅元

CHENGDU

The Yuan Shih Kai Portrait 10 Cash Coins 中国近代造币业引进国外先进设备技术的一个缩影⸺ 周汉伦钱币及文献资料藏品捐赠仪式在蓉城举行

The Donation Ceremony of Coins and Documentary Collection Given by Michael Chou was Held in Chengdu, Capital of Szechuan Province

紀

念

期第

NGC MS63BN, Extremely Rare, NC Collection

章目錄

，NGC MS63BN，极珍稀，NC 藏品 1913 年袁世凯像共和纪念十文铜币样币（大面）

CHINA-REPUBLIC ND (1913) Yuan Shi Kai 10 Cash Copper Pattern, Yuan of Large Face,

2021

《東亞泉志》

免費訂閱

電子季刊中英雙語出版人周邁可

簡介《東亞泉志》為冠軍拍賣公司總裁周邁可先生和著名錢幣學專家史

物館史密森尼學會、大英博物館、哈佛燕京圖書館、哈佛大學、耶魯大

博祿先生於1994年創辦，是一本學術性錢幣研究專業雜誌。旨在讓廣

學、哥倫比亞大學、斯坦福大學、康奈爾大學和美國錢幣學會、美國錢

大錢幣收藏家、研究學者更深入地瞭解錢幣知識，讓世界各地的讀者

幣協會。雜誌刊發過不少有重要學術價值的文章，如托馬斯 · 烏爾曼寫

更好地瞭解中國深厚的錢幣文化。

的《1886-1888年間朝鮮首鑄機制幣⸺ 德國專家相助創建現代造幣

雜誌高級編輯史博祿先生1951年生於美國密蘇裏州聖路易斯市，

廠》、史博祿寫的《袁世凱像大鬍子開國紀念幣》、範治南與何緯渝寫的

為密蘇裏大學歷史系學士，哈佛大學中國研究專業碩士。1974-1977

《欽差大臣驚世之旅，記李鴻章訪美破冰之行》、湯姆 · 基納寫的《1897

年在克勞斯出版社任《世界錢幣新聞》助理編輯，參與《世界硬幣標準

年浙江三分六厘樣幣和1899年安徽三分六厘流通幣的關係》以及曾澤

目錄》與《世界紙鈔標準目錄》編輯工作。1977-1987年全職進行錢幣

祿寫的《明代天啟通寶和崇禎通寶銅錢加蓋戳印 VOC/C 探析》等。

交易。1988-1989年在中國鄭州大學留學，主修中國研究課程。1991-

2015年5月，周邁可先生決定於2016年1月復刊《東亞泉志》，聘

1993年在哈佛大學攻讀碩士。1994-1998年任《東亞泉志》總編。史

請著名錢幣研究學者袁水清先生擔任主編。復刊後的《東亞泉志》為電

博祿先生擁有30多年的收藏和研究中國錢幣的豐富經驗。他在《東亞

子季刊，中英雙語。內容以披露最新錢幣收藏研究成果、推介泉界成功

泉志》上發表的研究文獻極大地豐富了中國錢幣的知識內涵。

人士的事蹟為主。主要欄目有學術研究、人物專訪、鑒賞爭鳴、拍賣回

《東亞泉志》於1994年7月份問世，1999年停刊，發行了18期。

顧、重要資訊等。

雜誌中大部分文章是英文，只有少部分是中文，在20多個國家發行，廣受歡迎，長期佔據許多重要圖書館書架的顯著位置，包括美國國家博

從2017年起，《東亞泉志》加盟由克勞斯在德國柏林世界錢幣展覽會期間舉辦的“世界硬幣大獎”頒獎活動。

閱讀

東亞泉志

25 周年紀念章

No. 18

2020. 04 / Issue 36

THE JOURNAL OF EAST ASIAN NUMISMATICS 中英雙語 - 電子季刊

Chinese Show Panda CATALOGUE

1984—2019

25 th

周年

Bilingual (English - Chinese) Digital Quarterly

JEAN 1994-2019

Cuba Macau

Arms Plaza, Cuba 古巴兵器廣場

Slave ships 奴隸船隻

澳門

A 1997 issued medal confirmed the arrival of Chinese to Havana 古巴 1997 年發行的紀念華工抵達哈瓦那 150 周年紀念章

『本期專題 | FEATURES 』澳門文件

Macau Document

川陝蘇區仿造的民國陝西二分銅幣賞析

Appreciation and Analysis of Shaanxi 2 Cents Copper Coins Counterfeited in the Soviet Area in Sichuan and Shaanxi Provinces During the Republican Period

我心目中的錢幣學家杜維善

JEAN Online Links 《東亞泉志》線上閱讀

紀

第

念

期

章目錄

東亞泉志出版 JEAN Publications

Numismatist Du Weishan In My Mind

第1期 issuu.com/jean388/docs/the_first_issue_of_jean 第 18 期 issuu.com/jeandigitala1/docs/the_eighteenth_issue_of_jean

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The Journal of East Asian Numismatics Bilingual (English-Chinese) Digital Quarterly In 1994, The Journal of East Asian Numismatics (JEAN) was founded by Michael Chou, the CEO of Champion Auction and Bruce Smith, a noted numismatist. It is a professional numismatic academic journal whose mission is to educate collectors and researchers on the subjects of Chinese numismatics, culture and history. Bruce Smith, the chief editor of JEAN, was born in 1951 in St. Louis, MO. He received his BA in history from the University of Missouri St. Louis; and his MA in China studies from Harvard University. In 1974-1977, he worked for Krause Publications as Editorial Assistant on World Coin News and as cataloger for Standard Catalog of World Coins and Standard Catalog of World Paper Money. He was a full time coin dealer 1977-1987. In 1988-1989, he studied in China as a student of China Studies in Chengchow (Zhengzhou) University, Henan province. In 1991-1993, Mr. Smith was a graduate student at Harvard University. In 1994-1998, he was the editor of The Journal of East Asian Numismatics (JEAN). Bruce Smith has been a collector and researcher of Chinese coins for over 30 years. His published research in JEAN has added immensely to the body of knowledge for Chinese coins. The first issue of JEAN was released in July 1994, and the last issue (18th issue) in 1998. Most articles were written in English, the remainder in Chinese. The journal was distributed in over 20 countries, and remained a mainstay on many important library shelves, including the Smithsonian Institution, the British Museum, the Harvard Yenching Library, Harvard University, Yale University, Columbia University, Stanford University, Cornell University, the ANS (American Numismatic Society), and the ANA (American Numismatic Association). The journal enjoyed great popularity and many important articles were published in JEAN, including “Peking Coins of 1900” by James Sweeny, “More on the Hsu Shih-chang Medals with engraved names” and “The true story of China’s 1936 and 1937 Silver Dollars” by Bruce Smith, “The Apparent Relationship

JEAN Online Links 《東亞泉志》在線閱讀

1st Issue 2nd Issue 3rd Issue 4th Issue 5th Issue 6th Issue 7th Issue 8th Issue 9th Issue 10th Issue 11th Issue 12th Issue 13th Issue 14th Issue 15th Issue 16th Issue 17th Issue 18th Issue

between 1897 Chekiang 5 Cents Pattern and 1899 Anhwei 5-Cents Circulation Strike” by Tom Keener, and “A Forgery of Taiwan’s Old Man Dollar” by Dr. Che-lu Tseng. In May 2015, Michael Chou decided to start issuing the journal again starting in January 2016. The famous numismatic researcher Mr. Yuan Shuiqing will be chinese chief editor. He is a member of China Numismatic Society, serving as executive director of the Shenxi Numismatic Society and executive vice president of the Xi’an Collectors Association. As a numismatic researcher, he was chief editor of Collections and China Numismatics. He has published over 100 numismatic research articles and the masterpiece The Elite of Monetary History of China. Other distinguished contributors from home and abroad are numismatists, collectors and coin dealers, including Bruce Smith (author of Howard Franklin BowkerNumismatic Pioneer), Colin Gullberg (Canada, author of Chopmarked Coins-A History), Chinese American senior numismatist Dr. Chelu Tseng, Steve Feller former international banknote societ y editor, senior numismatic scholar of China modern gold and silver commemorative coins King L. Chan (Hong Kong), senior numismatist Chien Fu Chou (Taiwan) and CEO of Beijing Coins website Richard Guo. It will be a quar terly, bilingual e-journal, covering the latest numismatic research, interviews with famous collectors, auction reviews, and general news. The Journal's distribution is now over 10,000, including over 5,000 in Greater China region. Starting in 2017, Journal of East Asian Numismatics is a co-sponsor of Krause's Coin of the Year Award Ceremony in Berlin with World Money Fair. You are welcome to subscribe, submit articles for publication, and advertise in the upcoming JEAN. The 2021 subscription is free of charge. Please send your email to jeanzg@163.com.

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東亞泉志電子季刊 · 中英雙語

讓廣大錢幣收藏家、研究學者更深入地瞭解錢幣知識，讓世界各地

2015年5月，周邁可先生決定於2016年1月復刊《東亞泉志》，聘請著名錢幣研究學者袁水清先生擔任主編。袁水清，1948年生，大學金融專科畢業，從事銀行工作30多年。中國錢幣學會會員，澳

的讀者更好地瞭解中國深厚的錢幣文化。

門錢幣學會學術顧問，陝西省錢幣學會第六屆常務理事，西安市收

雜誌高級編輯史博祿先生 1951年生於美國密蘇裏州聖路易斯市，

幣研究》雜誌的責任編輯，《中國錢幣界》雜誌主編。多年來他傾

《東亞泉志》為冠軍拍賣公司總裁周邁可先生和著名錢幣學專家史博祿先生於1994年創辦，是一本學術性錢幣研究專業雜誌。旨在

為密蘇裏大學歷史系學士，哈佛大學中國研究專業碩士。1974-

1977年在克勞斯出版社任《世界錢幣新聞》助理編輯，參與《世界硬幣標準目錄》與《世界紙鈔標準目錄》編輯工作。1977-1987 年全職進行錢幣交易。1988-1989年在中國鄭州大學留學，主修中國研究課程。1991-1993年在哈佛大學攻讀碩士。1994-1998 年任《東亞泉志》總編。史博祿先生擁有30多年的收藏和研究中國錢幣的豐富經驗。他在《東亞泉志》上發表的研究文獻極大地豐富了中國錢幣的知識內涵。

藏協會常務副會長。退休後，歷任《收藏》《古泉園地》《西部金融 · 錢力於中國貨幣史和錢幣學的研究，發表過近百篇錢幣研究文章；

2012年，出版了彙集中國古今錢幣的鴻篇巨制《中國貨幣史之最》。同時聘請國內外知名的錢幣學者、收藏家及專業人士加入，如《霍華德 · 富蘭克林 · 包克—錢幣學研究先驅者》作者史博祿先生、《戳記幣簡史》作者高林先生、美國華人資深錢幣學者曾澤祿先生、國際紙鈔收藏協會前任總編輯 Steve Feller、香港中國現代金銀幣資深研究學者陳景林先生、臺灣資深錢幣學者周建福先生、美國東南亞錢幣專家亞當 · 比亞吉先生以及北京錢幣網總裁郭嘉華先生等。

《東亞泉志》於1994年7月份問世，1999年停刊，發行了18期。雜誌中大部分文章是英文，只有少部分是中文，在20多個國家發行，廣受歡迎，長期佔據許多重要圖書館書架的顯著位置，包括美

復刊後的《東亞泉志》為電子季刊，中英雙語。內容以披露最新錢幣收藏研究成果、推介泉界成功人士的事蹟為主。主要欄目有學術研究、人物專訪、鑒賞爭鳴、拍賣回顧、重要資訊等。

國國家博物館史密森尼學會、大英博物館、哈佛燕京圖書館、哈佛大學、耶魯大學、哥倫比亞大學、斯坦福大學、康奈爾大學和美國

從2017年起，《東亞泉志》加盟由克勞斯在德國柏林世界錢幣展覽

錢幣學會、美國錢幣協會。雜誌刊發過不少有重要學術價值的文章，

會期間舉辦的“世界硬幣大獎”頒獎活動。

如詹姆斯 · 史威尼寫的《1900年京局銀元》、史博祿寫的《徐世昌刻字紀念章》和《民國二十五年和民國二十六年之中國銀元故事》、湯姆 · 基納寫的《1897年浙江三分六厘樣幣和1899年安徽三分六

《東亞泉志》2021年免費訂閱，如果需要，請把您的郵箱發到

jeanzg@163.com ！

厘流通幣的關係》以及曾澤祿寫的《臺灣老公銀偽品》等。

JEAN Online Links 《東亞泉志》線上閱讀

第1期第2期第3期第4期第5期第6期第7期第8期第9期第 10 期第 11 期第 12 期第 13 期第 14 期第 15 期第 16 期第 17 期第 18 期

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2020-2021 年《東亞泉志》廣告現在接受預定！ 2020-2021 年

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坦桑尼亞聚合物環熊貓帶 LED 燈的收藏盒照 2019 World Money Fair Berlin Polymer Ring Silver Co Panda with Ring of Light Box

Price 價格

USD 150 / EURO 129 / RMB 99 Design by Yu Min (China Shanghia Mint) / 餘敏設計 Produced by B.H. Mayer Mint / 德國梅耶造幣廠 1 oz / 40mm / 99.9% Silver Total 1000 pieces / 發行量 1000 枚

外包裝

內盒

聚 | 光 | 寶 | 盒底座內置 LED 燈

Ring of Light Box with light inside box to show the Red Polymer Ring

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European Distribution Fritz Rudolf Kuenker Inja MacClure (+49) 541 96202801 inja.macclure@kuenker.de

內盒

貓紀念幣照亮你的錢幣 mmemorative

外包裝

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LED 燈底座讓聚合物環更明亮

Asia Distribution Champion Auction Michael Chou (+86) 021 62130771 championghka@gmail.com

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