The 36th Issue of JEAN

東亞泉志

THE JOURNAL OF EAST ASIAN NUMISMATICS

中英雙語 - 電子季刊

Bilingual (English - Chinese) Digital Quarterly

千斯倉故事圖背印鈔版

NC Fung、Michael

Chou、Duan Honggang at the Currency Museum of the Bank of Japan

1926年（中華民國十五年）張作霖像銅鎳壹圓紀念幣，NGC MS62，張南琛收藏 1926 Chang Tso Lin 1 Dollar in Copper-Nickel, NGC MS62, NC Collection

TheQianSiCang Story Picture Paper Money Back Plate for the HuiZi of the Southern Song Dynasty (I) 『 本期精選 | HIGHLIGHTS』

南宋會子千斯倉故事圖背印鈔版（ 上篇 ）

新發現：NGC認證不為人知的張南琛舊藏張作霖像銅鎳壹圓紀念幣

霍華德·包克與耿愛德的通信（1951年7月- 12月）

Howard F. Bowker – Eduard Kann Correspondence（1951.7-12）

Showing a Strong Regional Flavor: The Handbook for the Design of the 2021 Lunar New Year Gold and Silver Commemorative Coins

上海錢幣:"遠東之都"歷史上的未譜篇章（III）

The Coins of Shanghai: An Unwritten Chapter in the History of the "Capital of the Far East" (Part III)

New Discovery: NGC Certifies Previously Unknown Chang Tso Lin Dollar in Copper-Nickel from Famed NC Collection 展現濃郁的地域風貌——2021年賀歲金銀紀念幣設計手記 精品薈萃——《東亞泉志》30周年特別拍賣擷萃

Highlights of the Special Auction or the 30th Anniversary of the JournalofEastAsianNumismatics

《東亞泉志》

2025免費訂閱 JEAN

中英雙語 - 電子季刊

Bilingual (English - Chinese) Digital Quarterly

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

《東亞泉志》于1994年7月份問世，1999年停刊，發行了18 期。2015年5月，周邁可先生決定于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。

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。

INeverDreameditWouldComeTrue 做夢都想不到的竟然成真

Bilingual(English-Chinese)DigitalQuarterly

上海烚赤金條在臺灣 ShanghaiXiaChiGoldBarinTaiwan

Oil,Gold,andtheDollar SaudiArabia'sThree-in-oneCurrencySystemwithGoldCoinsastheNationalCurrency

ofTheCommemorativeCoinCelebratingthe55thAnniversaryoftheIssue TheLegendofChuLiuXiangandItsLaunchinBeijingandHongKongTheHistoryofMintinginChina(PartI) 中国造币史（上篇）April2024HongKongCoinAuctionReturnstotheHolidayInnGoldenMile中德和约之中的抵偿债券香港钱币拍卖会将于2024年4月回归金域假日酒店 ofOffsettingBondsintheAgreementRegardingtheRestorationoftheState PeacebetweenGermanyandChina

1985年精製版壹圓熊貓紀念銅幣探源 CopperAnExplorationofthe1985One-YuanProofPandaCommemorative Coin 27HowardF.Bowker–EduardKannCorrespondence(1950.1-4) YearsinAsianNumismatics 亞洲錢幣界的27年霍华德·包克與耿愛德的通信（1950年1月-4月）

TheExperienceofNationalSalvationBondsfromSingaporeandMalaysia

TheHistoryofMintinginChina HowardF.Bowker–EduardKannCorrespondence(1950.5-6) 霍華德·包克與耿愛德的通信（1950年5月-6月）

SIANNUMIBilingual(English-Chinese)DigitalQuarterly PaperTheAppearanceandDestinationoftheQiansicangStoryPicture MoneyBackPlate（Ⅰ） 千斯倉故事圖背鈔版的出現與流向（上）

AReflectionontheFoundingofPMGandtheEarlyDaysofPaperMoneyGrading PMG創立及早期紙幣評級回顧雜談一個跨世紀的中國錢幣收藏 ACross-CenturyChineseCoinCollection臺灣金業傳奇——高天成及其《金銀細工實用圖畫大全》 ATheLegendofTaiwan'sGoldJewelryIndustry——GaoTian-ChengandHisBook CompleteWorksofDrawingsof WorkmanshipinGoldandSilverFineJewelry 九天四國——海外資料搜集成果分享 NineDaysinFourCountries-TheProcessofSearchingInformationOverseas絲路風雲·倭馬亞王朝貨幣改革與唐幣開元 Abdal-Malik'sCurrencyReformandtheKaiyuanTongbaooftheTangDynasty 愛國僑領司徒美堂與“勳勞卓著”金質勳章 PatrioticOverseasChineseLeaderSituMei-Tangandthe"OutstandingService"GoldMedal“勳勞卓著”金質勳章/"OutstandingService"PureGoldMedal

波士頓唐人街/BostonChinaTown

往期電子雜誌 1994-2024

Reader are welcome to contribute articles

歡迎投稿!

Chinese /中文/ jeanzg1994@163.com

English /英文/ championghka@gmail.com

Advisors

顧問

Che-lu Tseng

曾澤祿

Technical Advisor

技術顧問

Gu Jun

顧軍

Senior Editor

高級編輯

Bruce W. Smith

史博祿

Honorary Senior Editor

資深名譽主編

Yuan Shuiqing

袁水清

Advertising & Circulation Manager

廣告與發行經理

Esther Zhao

趙婷婷

Hans-Henning Goehrum

漢斯 -亨寧 · 格魯姆

Marketing Advisor 市場顧問

Mark Sutton 馬克·修頓

Steve Feller

史蒂夫·費勒

Chinese Editor 中文編輯

Jia Lizhi

賈理智

Publisher & Editor in-Chief

出版人&總編輯

Michael H. Chou

周邁可

US Correspondent

美國通訊員

J. Matthew Brotherton

馬修 · 布拉澤頓

Design Director

美術設計

Tan Wanmei

譚婉梅

European Correspondent 歐洲通訊員

Oliver Strahl 奧利弗·斯特拉爾

Li Tingting

李婷婷

New Media Coordinator

新媒體协调员

Constance Hao

郝嘉薇

「 中英雙語 · 電子季刊 | Bilingual (English - Chinese) Digital Quarterly」

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FOREWORD

Welcome to the 36th issue of the Journal of East Asian Numismatics

The printed version of the issue will be distributed at the Beijing International Coin Exposition in November, and we will also attend the show at Booth A039 from November 1st to 3rd. You are welcome to meet us.

On September 13th, Michael Chou, the publisher and editorin-chief of the journal visited the Currency Museum Bank of Japan with researcher Alex NC Fung from Hong Kong and Guan Hong Gang, the general manager of China's leading third-party grading company GBCA. Michael Chou scrutinized the Qian Si Cang paper money plate which had not been seen by any Chinese in the past century. He also took color photos of the plate. Mr. Duan brought an Olympus metallic tester from Beijing to test the composition of the plate. Both Michael Chou and Duan Hong Gang wrote to share this unforgettable experience after the visit. Alex NC Fung wrote the article The Qian Si Cang Story Picture Paper Money Back Plate for the Hui Zi of the Southern Song Dynasty after getting the data. The first part of the article is released in this issue. The color photos, weight, and composition of the plate will be released at the reception lunch before the Champion Macau Auction on December 1st.

Another important feature article is contributed by Ben Wengel, NGC Senior Vice President of World Coins. He introduces the newly discovered Chang Tsao Lin CopperNickel Coin which has been recently certified by NGC.

Stephen Tai contributes the article The Portuguese Escudo

Silver Coins Circulating in China during the Late Ming and Early Qing Dynasties in this issue. In addition, Mr. Tai's new English book The Gold Bars of the Central Mint, 1945-1950 will be released soon.

We also have an article about the 1949 Sinkiang gold coins by Cheng Bin, which illustrates the reason why these rare gold coins were not finally issued.

We also continue in this issue with the correspondence between Howard Bowker and Eduard Kann in 1951 and the last part of The Coins of Shanghai: An Unwritten Chapter in theHistoryoftheCapitaloftheFarEast.

The book reviews by Zhou Bian in this issue are about Pogrebetzky's Currency and Finance of China.

In terms of modern coins, we have an article about the overseas market of Chinese gold and silver coins by King Chan.

Champion and Matthew Brotherton, the US correspondent of the JEAN review the ANA World's Fair of Money from different aspects in this issue.

We republish the first part of Famous Romans You Can Collect by David Vagi.

Champion Winter Auction will be held at Sofitel Macau at Ponte 16 on December 1st. To celebrate the 30th anniversary of the JEAN, the auction will have no buyer's commission. This issue introduces the highlights of the auction. The

FOREWORD

ancient coin part features four-character and five-character knife coins from the Nai-Chi Chang Collection (both GBCA EF85). Also, there is a Heaton Shensi Half Dollar coin from the Chinese Family Collection (NGC SP63), the finest Known 8-Tail and 6-Tail Kiangnan Circlet Scale Dragon Dollar coins from the YIF Collection (NGC MS61 and NGC MS66), a reeded edge Old Kiangnan Dollar coin from the YIF Collection (NGC AU58) and an ornamental edge Old Kiangnan Dollar coin from the NC Collection (NGC MS62), the finest known 1900 Peking Dollar Restrike coin (NGC MS64), a unique 1914 Dragon and Phoenix Dollar Coin manuscript with L. Giorgi signature form the NC Collection, the finest known Taiping Rebellion Half Tael Silver coin from the NC Collection (NGC AU58). As for modern coins, we have some Shanghai Tourist Commemorative Medals with original outer box from the BWS Collection (NGC MS69), and chopmarked coins from the Frank Rose Collection which was last auctioned 30 years ago.

In addition to the new articles, we have selected some excellent articles from past issues.

We are republishing articles to introduce the large cash coins of the Southern Song dynasty and the large Kai Yuan Tong Bao iron coin from the Nai-Chi Chang Collection. There is also an article TheTaipingSilverCashCoins.

In terms of the vintage coins, we chose representative articles, including Centennial of a Shanghai Coin, Chinese Minting Tools from Germany, Chopmarked Coins – China's Most Underappreciated Numismatic Field, Allan Gokson and His Collection of Chinese Gold Coins, Wu Ta-Ch'eng and the Ancient Dragon Coins of 1884, The Peking Coins of 1900

and its notes,The Last Silver Dollar of the Government of the Republic of China in 1949, R.B. White Chinese Copper Coin Collection, and Mr.LiHongZhang'sTriptoGermanyRecord theGrievancesbetweenChinaandGermanyLeftontheBank of the River Rhine.

There are also articles about modern coins, foreign coins, and banknotes, such as Rich History of ANA China Pandas, Vietnamese Anti-French Phan Poi Chau Bonds, and The TaChing Government Bank Redeemable Notes Bearing the PortraitofLiHungChangwiththeBankofChinaOverprint.

In addition, we review some news and market analysis, including Berlin Panda Issue Highlights 2016 World Money Fair, Champion 2016 Summer Hong Kong Auction Draws TopBiddersandRealizesRecordPricesforChineseCoinage, 45YearsofSino-GermanFriendship:CommemorativePandas Struck, East Asian Coins on Display at National Museum of American History, Champion Auction and Chinese Coin Grading, A Legacy of Collection: The NC Collection of Chinese Coins Won the NLG 2021 Best World Coin Book of the Year, 2024 Chinese Market Review, and Zhou Xiang's AcademicStudyofChineseCoins

We hope that every reader will find an article of interest in this issue. We are looking forward to seeing you at the Beijing International Coin Exposition from November 1st to 3rd and the Champion Macau Auction on December 1st.

Michael Chou Publisher & Editor-in-Chief

歡迎大家閱讀《東亞泉志》第36期。

前 言 qian yan

本期雜誌紙質版將在11月的北京國際錢幣博覽會上發 行，我們也將於11月1日至3日在 A039展位參展，歡迎 各位前來交流。

9月13日，《東亞泉志》發行人兼總編輯周邁可先生與 從香港趕來的學者馮乃川先生和中國領先的第三方評 級服務機構公博評級的總經理段洪剛先生一起前往了 日本銀行的貨幣博物館。周邁可先生見到了近百年未 曾有國人見過陣容的“千斯倉鈔版”，並拍攝了彩色照 片。段洪剛先生還專程從北京帶來奧林巴斯金屬測試 儀，用於測試鈔版的金屬成分。周邁可先生和段洪剛先 生皆在博物館之行後撰文分享了此次具有特殊意義的 難忘經歷。馮乃川先生則在收到相關資料後撰寫了《南 宋會子千斯倉故事圖背印鈔版》一文，千斯倉鈔版的 彩色照片、重量、金屬成分測試結果將待貨幣博物館 審批後正式發佈，敬請期待！

本期雜誌另一篇重要的專題文章由 NGC 世界錢幣高 級副總裁本 · 文格爾（Ben Wengel）撰寫，介紹了 NGC 最新鑒定的張作霖像銅鎳紀念幣，這也是錢幣界 的一項新發現。

戴學文先生為本期雜誌供稿了《只知其名，未識其 物》一文，介紹明末清初流通中國的葡萄牙埃斯庫 多（Escudo）銀幣。戴學文先生的英文新書《廠條：

1945-1950》即將正式面世，敬請期待！

本期的另一篇專題文章是成斌先生撰寫的《一九四九 年新疆金幣發行始末》，介紹了這一珍稀金幣最終未能 正式發行背後的故事。

我們還在這期繼續刊載了包克與耿愛德在1951年的通 信，以及《上海銀幣：“遠東之都”歷史上的未普篇章》 的第三部分。

我們還在本期轉載了大衛 · 瓦吉先生的《你可以收藏的 著名古羅馬人物》一文（第一部分）。

本期的書評由周邊先生撰寫，是一本俄國人撰寫中國 錢幣與金融的著作——波格列別茨基著《中國幣制考 與近代金融》。

陳景林先生撰寫的《中國金銀幣海外市場》回顧了對 中國金銀幣在海外發展起到了重要作用的公司和機構。

冠軍研究室和本刊美國通訊作者馬修 · 布拉澤頓從不同 角度對2024年8月舉辦的 ANA 美國國際錢幣展銷會進 行了回顧。

冠軍拍賣將於12月1日在澳門十六浦索菲特大酒店舉辦 拍賣，本次拍賣是為了慶祝《東亞泉志》創刊30周年 而舉辦的無傭金特別拍賣。拍品囊括了張叔馴舊藏四

前 言 qian

yan

字刀（GBCA EF85）、五字刀（GBCA EF85）、華 人家族舊藏喜敦版陝西省造庫平三錢六分銀幣（NGC

SP63）、已知最高分 YIF 收藏八尾版和六尾版珍珠龍

銀幣（NGC MS61和 NGC MS66）、 YIF 收藏齒

邊版和 NC 收藏人字邊版老江南銀幣（NGC AU58

和 NGC MS62）、已知最高分的庚子京局銀元重鑄

版（NGC MS64）、 NC 收藏孤品1914年 L. Giorgi 簽字龍鳳銀幣手稿、已知最高分的 NC 收藏太平天 國半兩銀幣（NGC AU58）、 NC 收藏文曹壹圓紀念

幣（NGC MS64）、帶原包裝的 BWS 收藏上海風景 紀念章（NGC MS69）、時隔30年再度集中上拍的 Frank Rose 舊藏戳記幣等。我們也在本次雜誌進行了 介紹。

除了新文章外，我們還從往期的雜誌中，挑選了多篇 精彩的文章。

古錢方面，我們重刊了介紹“古錢大王”張叔馴舊藏的 《南宋瘦金體大錢二品》和《五代十國閩錢——大開 元背大星銅鐵錢》。此外還有一篇《太平天國銀幣》。

機製幣相關文章中，我們選取了《上海百年銀餅記》《源 自德國的中國幣模具》《戳記幣——中國最受“冷落” 的錢幣領域》《郭值芳及其中國金質幣章收藏》《吳大 澂與1884年吉林廠平龍銀》《1949年民國政府的最後 銀元》《懷特 中國銅幣收藏》《李鴻章出訪七國亮點、 中德恩怨及作者收藏的博斯佩戴和獲贈的勳章》《庚子

年（1900年）京局製造銀幣》及評注，都是頗具代表 性的文章。

此外還有《歷史悠久的美國錢幣協會中國熊貓紀念章》 《越南反法運動領袖潘佩珠發行的軍用銀票》《大清銀 行李鴻章兌換券加蓋中國銀行兌換券》這三篇現代幣、 外國幣和紙鈔方面的文章。

此外，我們還回顧了一些新聞和市場分析，包括《柏 林世界錢幣展覽會熊貓紀念章驚豔2016年世界錢幣展 覽會》《冠軍2016夏季香港拍賣引激烈競標——包克中 國錢幣藏品創歷史新高》《賀中德45年友誼：熊貓紀念 章首打儀式》《美國國家歷史博物館東亞錢幣展——來 自私人藏家包克的新捐贈》《冠軍拍賣與中國錢幣評級》 《< 收藏傳奇——張南琛中國錢幣收藏 > 榮獲錢幣公

會2021年最佳世界硬幣書籍》《周祥先生中國錢幣學術 研究述記》《2021年中國錢幣市場回顧》等。

我們希望每位讀者都能在本期找到自己感興趣的文章。 我們也期待與各位在11月1日至3日的北京國際錢幣博 覽會以及12月1日的冠軍澳門拍賣上與再次相見！

《東亞泉志》總編輯兼出版人 周邁可

01 News·Interviews

A Russian book on Chinese coinage and finance: Pogrebetzky Wrote CurrencyandFinanceofChina

Inspection on the JiaoZi Plate Which had Not Been Seen by a Chinese Native for a Century

A Visit to the Japanese Currency Museum in Tokyo and Participation in the Study of the HuiZi Paper Money of the Southern Song Dynasty

Highlights of the Special Auction or the 30th Anniversary of the JEAN

Review on the 2024 Chicago ANA World's Fair of Money: There is a Need for Better Non-Traditional Coin Products to Retain Strong Sales

Summer 2024 ANA World's Fair of Money in Chicago Show Report

2021 Chinese Coin Market Review（Part I）

2021 Chinese Coin Market Review Part II ——Market Outlook of 2022

Berlin Panda Issue Highlights 2016 World Money Fair Show Commemoratives Regaining Popularity

Champion 2016 Summer Hong Kong Auction Draws Top Bidders and Realizes Record Prices for Chinese Coinage

Zhou Xiang's Academic Study of Chinese Coins

45 Years of Sino-German Friendship: Commemorative Pandas Struck

East Asian Coins on Display at National Museum of American History: New Donation From the Family of Private Collector Howard F. Bowker

Champion Auction and China Coin Grading

A Legacy of Collection: The NC Collection of Chinese Coins Won the NLG 2021 Best World Coin Book of the Year

02 Ancient Coins

Five Dynasties Ten Kingdoms Min State "Kai Yuan Tung Pao" 500-Cash (large star on Rev.) in Copper and Iron

Southern Song Dynasty Slender Golden Script

The Taiping Silver Cash Coins

03 Vintage Coins

New Discovery: NGC Certifies Previously Unknown Chang Tso Lin Dollar in Copper-Nickel from Famed NC Collection

The Coins of Shanghai: An Unwritten Chapter in the History of the "Capital of the Far East" (Part III)

Howard F. Bowker – Eduard Kann Correspondence（1951.7-12）

The Whole Story of the 1949 Sinkiang Gold Coin

Chopmarked Coins – China's Most Underappreciated Numismatic Field

Centennial of a Shanghai Coin

Chinese Minting Tools from Germany—— A Mystery has been Solved

Allan Gokson and His Collection of Chinese Gold Coins

Wu Ta-ch'eng and the Kirin Coins of 1884

The Peking Coins of 庚子 (1900)

Notes on the Peking Mint

The Last Silver Dollar of the Government of the Republic of China in 1949

The R.B. White Chinese Copper Coin Collection

Mr. Li Hong Zhang's Trip to Germany: Record the Grievances between China and Germany Left on the Bank of the River Rhine

04 Modern & Foreign Coins·Banknotes

TheQianSiCang Story Picture Paper Money Back Plate for the HuiZi of the Southern Song Dynasty (Part I)

Showing a Strong Regional Flavor: The Handbook for the Design of the 2021 Lunar New Year Gold and Silver Commemorative Coins

The Portuguese Escudo Silver Coins Circulating in China during the Late Ming and Early Qing Dynasties

Overseas Markets of Chinese Gold and Silver Coins

Famous Romans You Can Collect（Part I）

Rich History of ANA China Pandas

Vietnamese Anti-French Phan Bội Châu Bonds

The Ta-Ching Government Bank Redeemable Notes Bearing the Portrait of Li Hungchang with the Bank of China Overprint

目 錄

01 新聞·採訪

一本俄國人寫中國錢幣與金融的著作——波格列別茨基《中國幣制考與近代金融》 一睹國寶之芳容——消失百年的“千斯倉鈔版”訪勘記

訪問東京日本貨幣博物館並參與考察南宋會子鈔版小記 精品薈萃——《東亞泉志》30周年特別拍賣擷萃

2024年芝加哥ANA國際錢幣展銷會回顧——市場亟需非傳統錢幣產品保持強勁銷售勢頭 2024年ANA芝加哥夏季國際錢幣展銷會掠影

2021年中國錢幣市場回顧 第一部分

2021年中國錢幣市場回顧 第二部分——2022年市場展望 柏林世界錢幣展覽會紀念熊貓驚艷2016世界錢幣展覽會——紀念熊貓風潮再度來襲 冠軍2016夏季香港拍賣引激烈競標——包克中國錢幣藏品創歷史新高 功崇惟志 業廣惟勤——周祥先生中國錢幣學術研究述記 賀中德45年友誼——熊貓紀念章首打儀式

美國國家歷史博物館東亞錢幣展——來自私人藏家包克家族的新捐贈 冠軍拍賣與中國錢幣評級

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五代十國閩錢—大開元背大星銅鐵錢 南宋瘦金體大錢二品

03 機製幣

新发现：NGC认证不为人知的张南琛旧藏张作霖像铜镍壹圆纪念币 上海錢幣:“遠東之都”歷史上的未譜篇章（III） 霍華德·包克與耿愛德的通信（1951年7月- 12月）

1949年新疆金幣發行始末 戳記幣—中國最受“冷落”的錢幣領域 上海銀餅百年記

源自德國的中國幣模——揭開中國珍稀錢幣百年之謎 郭植芳及其中國金貭幣章收藏 吳大澄與1884年吉林廠平龍銀 庚子年（1900年）京局製造銀幣

京師銀元局評注 1949年國民政府的最後銀元

R.B.懷特中國銅幣收藏 李鴻章出訪七國亮點：中德恩怨及作者收藏的博斯佩戴和獲贈的勳章

04 現代/外國幣·紙 鈔

太平天國銀幣 南宋會子千斯倉故事圖背印鈔版（ 上篇 ） 展現濃郁的地域風貌：2021年賀歲金銀紀念幣設計手記 只知其名，未識其物——談明末清初流通中國的葡萄牙埃斯庫多Escudo銀幣 中國金銀幣海外市場 你可以收藏的著名古羅馬人物幣（Ⅰ） 歷史悠久的美國錢幣協會中國紀念熊貓 越南反法運動領袖潘佩珠發行的軍用銀票

大清銀行（李鴻章像）兌換券加蓋中國銀行兌換券

A Russian book on Chinese coinage and finance:

POGREBETZKY WROTE CURRENCY AND FINANCE OF CHINA

work, through the trajectory of the author's work and life, and through the reminiscence of the political situation and the circumstances of the time.

Alexander Pogrebetzky was born in Irkutsk in 1892 in the Irkutsk merchant family of Jewish origin. He graduated from a Russian high school, and he was a renowned economist, financier and numismatist.

President Michael Chou of the editorial board of the Journal of East Asian Numismatics handed me a thick book and asked if I would be interested in writing an article about it.

This is a Russian book, but a line in Chinese characters on the title page, Currency and Finance of China, 1929, edited by Alexander Iliych Pogrebetzky, piqued my interest. I then took it home, and the entire book was in unintelligible Russian, except for a few names of coins and writings related to Chinese coins, which were noted in Chinese characters. Thus, it was only possible to search for some biographical data on Pogrebetzky, with a view to bringing the reader closer to Pogrebetzky and to understanding the external factors that enabled him to complete this magnificent

Note：

Pogrebetzky was attracted to the Social Revolutionary Party since his youth.1 Pogrebetzky was exiled to Irkutsk due to his revolutionary activities. In October 1913, Pogrebetzky returned to Irkutsk. After that, Pogrebatesky worked in journalism for some time. Before the outbreak of the Russian Revolution, Pogrebetzky was one of the activists of the East Siberian cooperation. During this period, he became more aware of the economic situation in the region. In July-August 1917, in the provincial conference of the Social Revolutionary Party held in Irkutsk, Pogrebetzky was nominated as a candidate for membership of the Russian Constituent Assembly.

In 1917 (or 1918, exact year unknown), Pogrebetzky married Margarita Fadeevna Wolska ( Маргарите Фадеевне Вольской ). They had two daughters after marriage. Subsequently, Pogrebetzky was thought to have served as the governor for the Irkutsk Branch of the People's bank of Soviet Russia. However, according to the records of the Bureau of Pseudo-Manchurian Diaspora Affairs, Pogretsky was working for the anti-communist provincial government in Omsk southwestern Siberia led by Aleksandr Vasilyevich Kolchak (адмирала Колчака).

On December 19, 1919, immediately after an anti-Kolchak

1 The Russian Social Revolutionary Party was founded in 1902. It advocated the overthrow of the Tsarist regime and the introduction of a federal democratic republic, a liberal national policy and the separation of church and state, and the socialization of land and factories. The party believed that the "socialist revolution" should be carried out by the peasants, mainly the rich peasants, opposed the leading role of the proletariat in the democratic revolution, and supported the imperialist war. After the February Revolution of 1917, had been the majority in the soviets, along with the Menshevik, in favor of a compromise with the bourgeois Provisional Government, whose leaders served as ministers and prime ministers of the Provisional Government. The party was opposed to the October Revolution and had been politically active against the Soviet regime for a long time after its establishment. It was banned by the Soviet government in 1920.

uprising broke out in Irkutsk, the Political Centre of the Social Revolutionary Party and Menshevik seized local power. Subsequently, Pogrebetzky was appointed as Finance Minister of the Political Centre. In view of the frequent work

communications with the archival department, he gradually became interested in research documents. On January 25, 1920, the Political Centre, which had been established for just over a month, was replaced by the Bolshevik-controlled Military

2 中東鐵路 (Russian: Китайско-Восточная железная дорога, referred to as КВЖД) is the abbreviation of the "China Eastern Railway", also known as the "Eastern Qing Railway" or "East Province Railway". After the end of the Russo-Japanese War, called the China Eastern Railway, that is, China Eastern Provincial Railway. China Eastern Railway was a "丁" shaped railroad, which was built by Tsarist Russia in the late 19th and early 20th centuries to seize the resources of northeastern China and

Revolutionary Committee. In February, Kolchak, the leader of the White Army was shot. On April 6, 1920, after Soviet Russia established the Far East Republic, Pogrebetzky left Irkutsk and came to the coastal border area of the Far East Republic to serve as the finance minister of the Far East Provisional Government.

Since the Far East Republic was merged into Soviet Russia in November 1921, Pogrebetzky left for Harbin China to serve as head of the board of the Chinese Eastern Railway (CER) that linked Chita with Vladivostok in the Russian Far East, 2 he was in charge of the company's financial and accounting departments. It was during this period that the peak of his writing occurred. He wrote three books and more than 20 articles in 10 years. He also wrote some articles for the Russian edition of Manchuria Monitor (Russian: «Вестник Маньчжурии»), a monthly magazine edited and published by the Chinese Eastern Railway Administration in Harbin. It mainly published articles about the economy of the Pseudo-Manchuria State and the local historical records. In 1924, Pogrebetzky wrote Money and Banknotes of the Far East during the Period of War and Revolution (19141924), which became one of the first reference books on Chinese banknotes and coins by a Westerner. In 1929, Pogrebetzky wrote Currency and Finance of China. It is an important document for studying modern Chinese currency and finance.

The 436-page book, Currency and Finance of China, is divided into three parts, the first of which has ten chapters.

The first three chapters provide a more detailed introduction to the origins of Chinese currency and the varieties and styles of coins minted in successive dynasties and Republican vintage coins. The next three chapters provide a more detailed account of silver ingots and coins from the Qing Dynasty to the Republic of China, their mintage and composition. Chapters seven through ten describe the banknotes issued by national and local banks from the Qing Dynasty to the Republic of China, as well as foreign coins that have circulated in China. The second part of the book contains analyzed information such as bills and paper money issued by money shops around the world from the Qing Dynasty to the Republic of China. The book contains a number of color photographs of actual Chinese Warring States commemorative coins distinguished from traditional

round coins, ancient circular coins with a square hole, modern vintage copper and silver coins, banknotes, silverware stores, and banknotes with a value in silver. As Pogrebetzky was in charge of the company's finance and accounting department in Northeast China and elsewhere and through his work and travels, Pogrebetzky was able to create an important collection of Chinese and Asian banknotes and coins. There is no way to prove that the pictures in the book are from his collection.

In March 1935, after the Japanese army seized the Chinese Eastern Railway administered by the Republic of China and the Soviet Union, the Pogrebetzky family moved from Harbin to Tianjin. He co-founded a commercial bank with others there. As Pogrebetzky didn't return to the Soviet Union, his Soviet passport was revoked, thus he purchased a Portuguese passport and continue to live in China. In 1942, Pogrebetzky's elder daughter was admitted to Shanghai University, and the family moved to Shanghai.

During his stay in China, Pogrebetzky had close ties with Jewish organizations. He was a member of the board of directors of Harbin Jewish National Bank (1925-1934) and Far East Jewish Commercial Bank, and also a member of Tianjin Jewish Club "Kunst" and Shanghai Jewish Club. In 1948, Pogrebetzky and his wife left China to settle in the newly established Israel. Early in 1953, Pogrebetzky died in Tel-Aviv.

In the 1960s and 1970s, part of Pogrebetzky's collection was given to the Smithsonian's National Numismatic Collection (NNC) by his family, totally more than 4,500 Chinese paper notes and banking documents and including many unique sample prints. The rest of his collection was auctioned respectively in May and December 2015 at Archives International Auctions.

Few modern Chinese are aware of Pogrebetzky and his book, Currency and Finance of China, because it has not been translated. Much of the text in this article about his life and experiences is also taken from English and Russian websites. But we need to know that there was a Russian, and a book written by him, and that much of the information in the book may be useful and helpful in the study of modern Chinese coinage and finance.

書 評 評 書

一本俄國人寫中國錢幣與金融的著作

波格列別茨基《中國幣制考與近代金融》

在《東亞泉志》編輯部周邁可總裁遞給我一本厚厚的書， 問有沒有興趣寫一篇有關 這本書的文章。這是一本 俄文書，但扉頁上的《中 國幣制考與近代金融》，亞 曆山大·波格列別茨基編著 的一行漢字引起我的興趣。 遂取回家，全書除個別與 中國錢幣相關的幣名和著 作用漢字注明外，都是看 不懂的俄文。於是，只能 搜些波格列別茨基的生平

資料，以期通過對作者工作和生活的軌跡，對當時政局與 時代的環境的追憶，使讀者能貼近波格列別茨基，瞭解他 能完成這本洋洋大觀著作的外在因素。

亞曆山大·伊裏奇·波格列別茨基（俄語：Погребецкий Александр Ильич），1892年，出生在俄國伊爾庫茨克的 一個猶太商人家庭，在當地一所私立高中畢業。是著名的 經濟學家、金融家和錢幣收藏家。

波格列別茨基在青年時期就加入了社會革命黨1。1909年， 他在伊爾庫茨克參加政治反對派活動，被流放到西伯利亞 的托木斯克。直至1913年才流放結束。之後，波格列別茨 注釋：

1 俄國社會革命黨於1902年成立。該黨主張推翻沙皇政權，實行聯邦制的民主共和國；實行自由的民族政策、政教分離；主張土地社會化，工廠社會化。該黨認為應由農民主要是富農 來進行“社會主義革命”，反對無產階級在民主革命中的領導作用，支持帝國主義戰爭。1917年二月革命後，曾與孟什維克一起成為蘇維埃中的多數派，主張與資產階級臨時政府妥協， 其領導人曾出任臨時政府的部長和總理。該黨反對十月革命，蘇維埃政權成立後曾長期進行反對共產黨和蘇維埃政權的政治活動。1920年被蘇維埃政府取締。

◎ 周 邊〔上海〕

基從事過一段時間的新聞工作。俄國十月革命前夕，波格 列別茨基活躍於東西伯利亞合作組織。使他對於東西伯利 亞的經濟形勢有了敏銳的認知。1917年7月至8月，在伊爾 庫茨克舉行的社會革命黨會議上，波格列別茨基被提名為 俄國立憲會議成員候選人。

1917年（或1918年），波格列別茨基與瑪格麗特·法傑耶芙 娜·沃爾斯卡婭（Маргарите Фадеевне Вольской）結 婚，婚後育有二女。其後，有人認為他擔任蘇俄人民銀行 伊爾庫茨克支行行長。而據偽滿洲國俄國僑民事務局記載， 波格列別茨基當時在西伯利亞西南部的鄂木斯克市，為以 高爾察克（адмирала Колчака）為首的反共主義臨時政 府工作。

1919年12月19日，伊爾庫茨克爆發了反高爾察克起義，社 會革命黨和孟什維克的政治中心（Political Centre）隨即 奪取當地政權。波格列別茨基則被任命為政治中心財政部 長，鑒於工作他需要跟檔案部門打交道，由此對研究檔和 相關材料產生興趣。1920年1月25日，成立僅一個多月的 政治中心被布爾什維克控制的軍事革命委員會取代，次月， 白軍首領高爾察克被槍決。1920年4月6日，蘇聯建立遠東 共和國，波格列別茨基離開伊爾庫茨克，來到遠東共和國 的濱海邊疆區，擔任遠東臨時政府的財政部經理。

1921年11月，遠東共和國併入蘇聯。次月，波格列別茨基 來到中國哈爾濱，擔任中國中東鐵路（俄國赤塔-海參崴鐵 路中在中國境內的一段鐵路系統總稱）的董事會成員2，主 管公司財務和會計部門。工作期間，波格列別茨基達到創 作巔峰，共撰寫專著3部，文章20餘篇。他為俄語版的《東 省雜誌》（俄文名：Вестник Маньчжурии，英文名： Manchuria Monitor）撰寫金融文章。該雜誌是由中東鐵 路管理局在哈爾濱編輯出版的月刊，主要刊載偽滿洲經濟、 地方史志有關的文章。1924年，波格列別茨基撰寫的《蘇 俄內戰和革命時期（1914-1924）遠東的貨幣流通與紙幣》 一書面世。該書是西方人筆下最早收錄中國紙幣和硬幣的 書籍之一。1929年，波格列別茨基撰寫了《中國幣制考與 近代金融》這本研究中國近代貨幣和金融的巨著。

《中國幣制考與近代金融》全書436頁，分為三部分，第一

前三章比較詳盡地介紹了中國貨幣起源與歷代鑄幣、民國 機製幣的品種與式樣。其後三章對清至民國的銀錠、銀幣， 發行量與成分等都有比較詳細的記載。第七章至第十章敘 述清至民國國家和地方銀行發行的紙幣，以及中國境內流 通過的外國錢幣。第二部分內容有清至民國各地錢莊票號 發行的票據錢帖等分析資料。書內有不少中國戰國異形幣、 古代方孔圓錢、近現代的機製銅元、銀幣，紙幣、錢莊、 銀號票等實物彩色圖片。由於波格列別茨基在中國東北等 地主管公司財務和會計部門，工作便利和自身的經歷，他 收藏了一些中國和亞洲的重要紙幣和硬幣。書中圖片哪些 是出自他的藏品則無從考證。

1935年3月，日軍武裝攫取由中蘇共管的中東鐵路後，波格 列別茨基一家從哈爾濱遷至天津居住。並與人在天津合辦 了一家商業銀行。由於沒有返回蘇聯，其蘇聯護照被撤銷， 於是私下購入一本葡萄牙護照繼續在華生活。1942年，他 的大女兒伊戈麗娜考入上海大學，於是全家又搬到了上海。

在中國期間，波格列別茨基與猶太組織關係密切，他曾 是哈爾濱猶太國民銀行（1925-1934年）和遠東猶太商業 銀行的理事會成員，同時也是天津猶太俱樂部“康斯特” （Kunst，意為“藝術”）和上海猶太俱樂部的成員。1948年， 波格列別茨基與妻子離開中國，前往剛建國的以色列定居。 1953年初，61歲的波格列別茨基病逝於特拉維夫。

20世紀60至70

年代，波格列別茨基的部分藏品由其家人贈 予美國史密森尼學會博物館，總計超過4500張中國紙幣及 銀行券，其中包括許多獨特的樣幣。其餘藏品於2015年5月 和12月在美國檔案國際拍賣公司（Archives International Auctions）分兩次拍賣。

2 中東鐵路（俄語：Китайско-Восточная железная дорога，簡稱КВЖД）是“中國東方鐵路”的簡稱，亦作“東清鐵路”、“東省鐵路”。日俄戰爭結束後稱中東鐵路，即中國東 省部鐵路之意。中東鐵路為19世紀末20世紀初沙皇俄國為攫取中國東北資源，稱霸遠東地區而修建的一條“丁”字形鐵路。 部分有十章。

對波格列別茨基及他的著作《中國幣制考與近代金融》，因 為沒有翻譯，現代中國人很少有人知道。這篇文章中有關 他的生平與經歷的文字，大部分也是從英文與俄文網站中 攝取的。但我們需要知道有一個俄國人，有一本他寫的書， 書中的許多資料對研究近代的中國錢幣與金融或許有裨益 和幫助。

Inspection on the JiaoZi Plate Which Had Not Been Seen by a Chinese Native for a Century

◎ Michael Chou〔Shanghai〕

It was great honor to publish the Alex Fung's article about the history of the oldest paper money Jiao Zi in the 33rd and 34th issues of the Journal of East Asian Numismatics and to present the journals in April 2024 to the curator of Currency Museum of the Bank of Japan.

After visiting the museum, I meet Winston Koike, whose father Xavier Koike was a famous collector of Japanese coins, British crowns, and US banknotes and helped the first curator of the museum Isao Gunji on purchases for the currency museum. Mr. Gunji was the curator of the Tanaka's Sempeikan Collection until the collection was donated to the Bank of Japan in 1944, which he joined the Bank of Japan as a researcher. Mr. Gunji was also a friend of Norman Jacobs who was stationed in Japan working for the US GHQ and helped Norman in building his Japanese collection.

I met with and consulted with Ellen Feingold, the Curator of Smithsonian National Numismatic Collection, during my July visit to the NNC and asked her assistance in contacting the Currency Museum in a possible inspection of the jiao zi plate which had not been seen by a Chinese native since it left China for Japan in the 1930s. Ellen wrote an excellent reference letter and helped coordinate the communications with the museum.

I also consulted with my friend Ulf Drago, the curator of the Germany Saxony Anhalt Moritzburg Museum about visiting Japan to view the plate together on September 13th, 2024. Unfortunately, Ulf could not visit Japan on September 13th, but he wrote an excellent reference letter for me to the museum and supported my visit to the museum. On September 13th, I visited the Currency Museum of the Bank of Japan with Alex Fung, the author of the articles, who came in from Hong Kong, and Mr. Duan Hong Gang, the President of China's leading 3rd party grading service GBCA, who brought the Olympus metallic tester from Beijing.

Duan showed me how to operate the Olympus tester and Alex

told me what kind of images would be helpful for the upcoming research article.

At 10a.m., I went to the entrance next to the Currency Museum of the Bank of Japan to meet two additional Bank of Japan research institute staff members to go to a conference room to inspect the jiao zi plate. I took many photographs which Alex had suggested, and after I finished, I did several tests of the metallic content of the plate which I shared with the museum. I found the plate in excellent condition and also very heavy.

Again, I would like to thank the Currency Museum of the Bank of Japan and I also would like to express my appreciation to Ellen Feingold and Ulf Drago for their help in arranging the viewing of the jiao zi plate and for doing research on this the 1000th-year birthday of this extremely important financial document, the world's first paper money.

On September 13, 2024, Alex NC Fung、Michael Chou、 Duan Honggang at the Currency Museum of the Bank of Japan

Mr. Duan showed how to operate the Olympus tester

一 睹 國 寶 之 芳 容

消失百年的“千斯倉鈔版”訪勘記

◎ 周邁可〔上海〕

非常榮幸，我們《東亞泉志》曾在第33期、第34期上發表 了業內資深專家馮乃川先生關於世界最古老的紙幣——中 國交子的歷史的文章，並在2024年4月將雜誌贈送給了收藏 着珍貴的交子“千斯倉鈔版”的日本貨幣博物館。

事件的緣由是這樣的，2024年是世界最早紙幣中國交子發行 1000周年，為了紀念這一特殊時刻，我們希望能夠去日本一 睹國寶之芳容，近距離勘察幾乎消失百年的“千斯倉鈔版”。

因此早在2024年7月，我在訪問美國史密森國家歷史博物館 國家錢幣收藏館期間會見了該館館長艾倫·費因戈爾德女士 （Ellen Feingold），並與她進行了磋商，請她協助聯繫日 本貨幣博物館，能允許我們去查看“千斯倉鈔版”。因為該 交子鈔版自20世紀30年代從中國流入日本後，就幾乎消失 百年，再也沒有中國人見到過它。艾倫很熱情地寫了一封內 容豐富的介紹信，幫我們積極與日方溝通協調。

此外，我還與我的朋友，德國薩克森-安哈爾特州-莫裏 茨堡博物館館長烏爾夫·德拉戈先生（Ulf Drago）商量， 希望他能在2024年9月13日與我一起訪問日本，共同去欣賞 “千斯倉鈔版”。然而遺憾的是，烏爾夫未能成行，但他為 支持我訪問該館，也寫了一封非常有幫助的介紹信給博物館 方面，以玉成此行。

就這樣，2024年9月13日，我與從香港趕來的馮乃川先生和 國內著名第三方評級服務機構“公博評級”的總經理段洪剛 先生一起，訪問了日本銀行的貨幣博物館。段洪剛先生還特 地從北京帶來了奧林巴斯金屬測試儀。由於日方只允許我一 人近距離接觸文物，因此段先生向我演示了如何操作奧林巴 斯測試儀，馮先生則告訴我需要拍攝什麼樣的照片才能對即 將發表的研究文章有所幫助。

13日上午10點，我來到日本銀行貨幣博物館的入口處，與 兩名日本銀行研究所的工作人員一起前往會議室，見到了 “千斯倉鈔版”。我按照馮先生的建議拍了很多照片。拍完 之後，我又對鈔版的金屬成分進行了幾次檢測，並與博物館 分享了這些檢測結果。我看到，鈔版目前的保存狀況非常好， 鈔版的手感很重。

參觀完博物館後，我見到了溫斯頓·小池（Winston Koike），他的父親澤維爾·肯·小池（Xavier Koike）是日 本錢幣、英國克朗銀幣和美國紙幣的著名收藏家，曾幫助日 本博物館第一任館長郡司勇夫（Isao

Gunji）為貨幣博物館 進行採購。1944年，在田中啟文（Tanaka Keibun）的錢 幣館（Sempeikan）的藏品被捐贈給日本銀行之前，郡司 勇夫一直是該館的館長，之後他進入日本銀行擔任研究員。 郡司勇夫還是諾曼·雅各仕（Norman Jacobs）的朋友， 後者當時駐紮在日本，為美國政府總部工作。郡司勇夫幫助 諾曼·雅各仕完善了他的日本錢幣收藏。

最後，我要再次感謝日本銀行貨幣博物館，以及艾倫·費恩 格爾德和烏爾夫·德拉戈，感謝他們在交子千年之際幫我安 排了“千斯倉鈔版”的訪勘活動，使我得以見到極為珍貴和 重要的貨幣金融史實物資料——世界上現存最早的紙幣鈔 版，並對其拍照和檢測金屬成分，為進一步研究“千斯倉” 鈔版打下基礎。

2024 年 9 月 13 日，馮乃川、周邁可、段洪剛合影於 日本銀行金融研究所貨幣博物館 段洪剛先生詳細講述光譜儀使用方法

A Visit to the Japanese Currency Museum in Tokyo and Participation in the Study of the HuiZi Paper Money of the Southern Song Dynasty

◎ Duan Honggang〔Beijing〕

The year 2024 is truly a magical year. It's been 80 years since any information about the Qian Si Cang paper money plate was released. On September 13, 2024, when I stood before the Japanese Currency Museum in Tokyo, I was very excited to see the color photographs of the Qian Si Cang story picture paper money back plate! This is the plate closest to the truth of the printing of the world's earliest paper money jiao zi and the subsequent hui zi (there are also other views in the academic community to be further studied). This is one of the only two surviving plates of the Song dynasty paper money. The plate is named the Qian Si Cang paper money plate as it is inscribed with three characters Qian Si Cang ( 千斯倉 , a warehouse named Qian Si). The other plate has the inscription Hai Zai Hui Zi Ku ( 行在會子庫 , the Hui Zi issued in Hang Zai, where the emperor went on an inspection tour), so it is called the Hang Zai Hui Zi Ku paper money plate. These two plates must have appeared at the same time. The Hang Zai Hui Zi Ku paper money plate was in the collection of Chen Ren-tao ( 陳仁濤 ), and is now in the house of the National Museum of China. The timeline for the disclosure of the plate is as below.

In 1024, Jiao Zi, the first paper money in the world was officially issued, exactly 1,000 years ago.

In 1924 , the Qian Si Cang paper money plate was first mentioned in Ma Heng's ( 馬衡 ) An Introduction of the Chinese Archaeology (《 中國金石學概要 》), and 100 years have passed since then.

In 1928, the rubbing of this plate was first published on the 10th issue of YiLinTen-DayJournal (《藝林旬刊》) by the Chinese Painting Research Society.

Around 1938, the plate went to a Japanese collector and was brought to Japan.

In 1944, it was donated by the Japanese collector to the Japanese Currency Museum in Tokyo.

Since then, no one has ever published an image of the plate. There is only an early rubbing is known to exist. The

images used in Chinese textbooks for secondary schools and universities, as well as Chinese and foreign writings and articles, all come from the rubbing.

The Japanese department which has collected the plate has kept it a secret.

Eighty years later, as a collector and researcher of Chinese coins, I was invited by Mr. Michael Chou, President of Champion Auction, Macau, to participate in the photographing and testing of this national treasure together with my friend Alex NC Fung, a well-known collector of banknotes and president of the Chinese Antique Paper Money Association. Unfortunately, Alex and I were not approved to view the plate. Only Michael Chou was approved to test and photograph the plate. I told Mr. Chou how to use the metallic composition tester to get accurate results. Mr. Chou then entered the conference room of the museum. In the meantime, Alex and I viewed coins and related cultural relics and works of art in the museum, and we gained a lot of insights. The museum is also considered to be one of the major numismatic collection institutes in Asia, and there are many things worth learning.

About an hour later, Mr. Chou gained the test result and photos, and he went out with the staff of the museum. He immediately told us about the condition of the plate and showed us the color photos and test results. According to the confidentiality agreement, all data and color images cannot be released until Champion officially announces its findings at the Macau Numismatic Annual Show in November.

Standing in front of the Japanese Currency Museum in Tokyo, I cannot help but be overwhelmed by the thought that this national treasure had been stranded in a foreign land for 80 years before people from our hometown were approved to scrutinize it for the first time. Therefore, I would like to write a poem to commemorate it.

ThoughtsonaTriptoJapantostudytheQianSiCang PaperMoneyPlateoftheSouthernSongDynasty

Theplatehasbeenheardofforathousandyears,butonly recordedfor100years. Itissomysteriousandwecanfinallyseeitstrueappearance today.

Sadly,itdriftedfromplacetoplaceinachaotictime. ItwenttoJapanthousandsofmilesaway. Eightyyearshavepassedintheblinkofaneye,andChinahas undergonetremendouschanges. Fortunately,therearescholarsandexperts,workinghandin hand with the bank.

Wecanobservetheplateanddiscussittogether. Everyoneislookingforwardtoseeingit.Afterall,thisisthe plateofpapermoneythatrepresentsChinesecivilization!

訪問東京日本貨幣博物館並參與考察 南宋會子鈔版小記

◎ 段洪剛〔北京〕

神奇24，闊別80載！這一刻，公元2024年9月13日，站在東 京的日本貨幣博物館裏，我第一時間看到“千斯倉”鈔版的 真品實物彩照，心情十分激動！這可是最接近全世界最早面 世的紙幣“交子”印製真相的鈔版（不過學界另有其他看法， 有待進一步研究），也是當今世間僅存的兩件宋代紙幣相關 遺存物之一。本件因側面有“千斯倉”三字，故稱“千斯倉” 版。另一件中間有“行在會子庫”字樣，故稱“行在會子庫” 版。兩件應屬同一時期的歷史遺存，後者先由陳仁濤收藏， 後轉藏中國國家博物館。

該“千斯倉”鈔版相關歷史線索大致如下：

公元1024年，世界上第一張紙幣“交子”正式官方公告發 行，至今整整1000年。

1924年，該鈔版首次被提及、披露（馬衡《中國金石學概 要》），至今已100年。

1928年，該鈔版拓片首次面世（中國畫學研究會《藝林旬 刊》第十期）。

約1938年之前，“千斯倉”鈔版由日本藏家收藏並流入日 本。

1944年，該鈔版被日本藏家捐贈給東京日本銀行。

從那之後，不再有人發佈過該版實物圖片，傳世僅有早期拓 片。當下中國的中學、大學等教科書及中外相關著作文章中 所用圖片，也都是就其拓片的反復印刷使用和解讀。而日本 的收藏部門對這件鈔版則始終秘不示人。

然而遺憾的是，我和馮先生到館後，卻未能獲准入室！該館 僅允許周邁可（申請人）一人入室上手親測及拍攝。我和馮 先生雖然十分遺憾與不解，無奈客隨主便，勉強不來，只 好現場教會周先生如何使用金屬成分檢測儀，以確保正確操 作，並得出準確結論。

隨後周邁可先生進入該博物館內室保管區，我和馮先生則在 外認真參觀該館館藏歷代錢幣及相關文物藝術品，也頗有收 穫感悟。畢竟該館也算是亞洲地區主要貨幣收藏單位之一， 有不少值得學習借鑒的東西。

約一小時後，周先生與博物館人員完成檢測拍攝出來，當即 向我們講述了所見實物情況，並展示了彩色照片和檢測資 料。唯所有數據及實物彩色圖片，根據保密協議，須等貨幣 博物館批准後方可正式公佈，此前私下不得公開。

此時此刻，站在東京的日本貨幣博物館前，想着這件流落異 國80年的國寶，第一次被允許來自故鄉的人探望，禁不住 感概萬千，遂仿古風，吟五言詩一首以紀之！

赴日參與研究南宋紙幣“千斯倉”鈔版有感 誕生已千載，面世一百年。

迷霧起伏間，今日睹真顏。

悲乎逢亂世，顛沛不得閑。

遠渡扶桑去，相隔萬里遠！ 嗚呼八十載，神州已桑田。

幸有高賢士，攜手銀行間， 觀摩復切磋，悲喜歎紅顏， 期盼見天日，畢竟中華錢！

段洪剛記 時在甲辰中秋前四日

整整80年之後的今天，我作為中國錢幣收藏與研究者，受 澳門冠軍拍賣公司總裁周邁可先生之邀，與老友、著名紙幣 收藏家、中華古鈔學會會長馮乃川先生一起前往拍攝、檢測 這一國寶級文物。

Highlights of the Special Auction or the 30th Anniversary of the JEAN

◎ Champion〔Shanghai〕

In 1994, the Journal of East Asian Numismatics was launched and a mail auction was held in the inaugural issue. To celebrate the 30th anniversary of the journal, we will hold a special auction with no buyer's commission on December 1st at Sofitel at Ponte 16 Macau!

Prior to the auction, a special coin show for the 30th anniversary of the Journal of EastAsian Numismatics will be held during the Annual Show of the Macau Numismatic Society from November 29 to 30 at the Sofitel at Ponte 16 Macau.

地址：澳門內港巴素打爾古街索菲特酒店六樓會議室

無買家傭金（No Buyers Commission Auction） 《東亞泉志》30周年拍賣會（1994-2024）

11/28—— 澳門錢幣學會年會开幕式暨澳門錢幣學會熊貓紀念章首發儀式 (索菲特酒店六樓會議室)

澳門錢幣學會年會晚宴暨《中國機制幣精品鑒賞》（銀幣版）第四版活動發佈會 （嘉年華大酒店）

11/29——冠軍拍賣會預展、澳門錢幣學會年會展 (索菲特酒店六樓會議室)

11/30——冠軍拍賣會預展、澳門錢幣學會年會展 (索菲特酒店六樓會議室)

12/01—— 冠軍澳門《東亞泉志》30周年拍賣會、冠軍拍賣會預展 (索菲特酒店六樓會議室)

12/02—— 取貨 (索菲特酒店六樓會議室)

郵箱：championghka@gmail.com

Rick Stezler, one of the founders of PMG, had attended the Macau show every year from 2014 to 2020. This year, Rick, along with many other international numismatists, will return to the Macau show.

2024 Macau Numismatic Society Annual Show Medal in Commemorative of the 25th Anniversary of Macau's Return to China

From left: Michael Chou, Rick Stezler, panda coin collector King Chan, Macau Numismatic Society Chairman David Chio, and Denny Huhn of House of Coin Germany at the 2019 Macau Numismatic Society Annual Show

This year coincides with the 25th anniversary of Macau's return to China, so the Macau Numismatic Society Annual Show Panda Medal takes this as its theme. Also, a large 25 ounce medal has been made to commemorate the occasion. This year, the medal is still designed by Mr. Yu Min, winner of the COTY Lifetime Achievement Award and former senior designer of Shanghai Minting Co., Ltd. and will be released at the Opening Ceremony of the Annual Show of the Macau Numismatic Society on November 28th.

Highlights

1. Heaton Shensi Silver Coins

In the 1930s and 1940s, the Shensi Dollar was the most important silver coin in the Chinese numismatic community. At that time, the Hunan Dollar only had records in the catalogs, and the Fengtien Tael was not even recorded. Both of them only appeared overseas and Chinese people had not seen them. There was a saying in Shanghai where gathered half of Chinese collectors, "A great Chinese silver coin collector must have Shensi and Fukien Dollars." This shows the preciousness and importance of the Shensi Dollar.

In this auction, we have a Shensi Half Dollar Silver from the Chinese Family Collection, NGC SP63, starting price: USD 200,000. The Shensi 10 Cent Silver in this auction comes from the Nelson Chang Collection, NGC SP66. In addition, we have a 5 Cents Silver Fantasy from the Chinese Family Collection which was purchased by the Chinese Family from the 1991 Goodman Collection Auction.

Heaton 1898 Shensi 50 Cents Silver NGC SP 63, Chinese Family Collection

Starting Price: $200,000

Heaton 1897 Shensi 10 Cents Silver NC Collection, NGC SP66

Starting Price: $60,000

Heaton 1898 5 Cents Silver Fantasy Chinese Family Collection, NGC MS63

Starting Price: $10,000

2. 1900 Peking Dollar Silver Restrike

The 1900 Peking Dollar Silver has also been popular among collectors for its legendary background. In the first edition of Top Chinese Coins, published in 2010, the coin was voted second, just behind the 1901 Fengtien Tael. In the following updated edition of silver coins, the coin was ranked first. In the third edition in 2021, the coin also performed well, ranking third.

There is the finest known 1900 Peking Dollar Restrike graded NGC MS64, with a starting price of $200,000.

3. Kiangnan Silver Coins

1900 Peking One Dollar Silver NGC MS 64, Restrike Starting Price: $200,000

One of the biggest highlights is the 1898 Kiangnan Dollar Silver. The 1898 Kiangnan Circlet Scale Dragon Dollar Silver is known as "Pearl Dragon" as the dragon's scales on this variety are quite unusual, consisting of a dot within a ring. The Circlet Scale Dragon Dollar is of great rarity due to its small mintage.

Champion Auction has sold 3 NGC MS65 graded Circlet Scale Dragons and 2 PCGS MS65 graded Circlet Scale Dragons. One of the two PCGS graded Kiangnan silver coins was bought by Michael Chou in the United States in 1992 and was later graded PCGS MS65+. There will also be two Kiangnan Circlet Scale Dragon coins in this auction. Both were purchased by the consignor over 30 years ago. One is the finest known 6-tail variety graded NGC MS66, with a starting price of $120,000. In the Champion 2021 Auction

1898 Kiangnan Circlet Scale Dragon Dollar Silver 6 Tail, NGC MS66, the finest known Starting Price: $120,000

1898 Kiangnan Circlet Scale Dragon NGC MS65, 6 Tail, NC Collection Realized $996,000 at the Champion Macau Auction in May 2021

1898 Kiangnan Circlet Scale Dragon 8 Tail, NGC MS 61, the finest known Starting Price: $60,000

of the Nelson Chang Collection, a rainbow toning 6 tail variety graded NGC MS65 realized $996,000, and the one in this auction is in even better condition. The other coin in the auction is a very rare 8-tail variety graded NGC MS62, which is also the finest known of this variety, with a starting price of $60,000. There is also a Circlet Scale Dragon with 8 Tail in the NC collection, but it is graded NGC UNC DETAILS due to an ink stamp. It may be available at a coming auction.

In addition to the Circlet Scale Dragon, the Old Kiangnan coins are also popular among collectors. In this auction, there are two Old Kiangnan Dollar coins. The reeded edge variety is from the YIF Collection, NGC AU58, and the ornamental edge variety is from the Hsi/NC Collection, NGC MS62, both starting at $60,000.

Starting Price: $60,000

Starting Price: $60,000

There is another Old Kiangnan coin in the NC collection that is graded as high as NGC SP67, which may also come to a future auction.

1898 Kiangnan Circlet Scale Dragon 8 Tail, Hsi/ NC collection, NGC UNC DETAILS

1897 Old Kiangnan Dollar Ornamental Edge, NGC MS62, NC Collection

1897 Old Kiangnan Dollar Reeded Edge, Proof, NGC MS64 NC Collection

CHINA-KIANGNAN 1897 1 Dollar Silver YIF Collection, NGC AU58, Reeded Edge

4.Kirin 5 Mace Silver

In 1884, the Kirin Armory produced a series of One Tael silver coins, opening the new era of machine-struck dragon dollars in China. Therefore, the Kirin series takes an important place among the Chinese numismatic community.

There is an 1884 Kirin 5 Mace silver coin, NGC AU DETAILS, starting at $60,000.

1884 Kirin 5 Mace Silver, NGC AU DETAILS

Starting Price: $60,000

5. Yuan Shih-Kai 50 Cents Silver with L. Giorgi Signature

1914 Yuan Shih-Kai 50 Cents Silver with L. Giorgi Signature L. Giorgi Signature, NGC MS 63 Starting Price: $20,000

6.Manuscript of Dragon and Phoenix Dollar with L. Giorgi Signature

The only known original artist's manuscript of a Chinese coin in private hands is that of the 1923 Dragon and Phoenix One Dollar, which was previously believed to have been issued to commemorate the grand wedding of Puyi, the last deposed emperor of China. This mysterious manuscript first appeared in November 1993, when the original drawings appeared at a Money Company auction, and were purchased by Chinese researcher Bruce W. Smith for Mr. Nelson Chang (NC Collection). The drawing is signed by L. Giorgi and dated 29-1-14, January 29, 1914.

1914 Manuscript of Dragon and Phoenix Dollar with L. Giorgi Signature NC Collection Starting Price: $10,000

7.Bowker Collection

This auction will include three-character knife coins from the Bowker/ Fang Yaoyu Collection.

8．NC Collection

Other fine coins from the NC collection include the popular 1914 dual flag copper coin with L. Giorgi signature (NGC MS64BN), and the finest known Taiping Rebellion 1/2 Tael Silver (NGC AU58), 1912 Sun Yat-Sen Birth of Republic of China Memento 1

Dollar Silver, (NGC MS66), and 1923 Tsao Kun Civilian Clothes One Dollar Silver (NGC MS 64).

1914 Dual Flag 10 Cash Copper coin NC Collection, with L. Giorgi Signature, NGC MS64BN

Starting Price: $20,000

1912 Sun Yat-Sen Birth of the Republic of China Memento One

Dollar Silver, NC Collection, NGC MS66

Starting Price: $10,000

9. Chinese Family Collection

Taiping Rebellion 1/2 Tael Silver NC Collection, NGC AU58

Starting Price: $10,000

1923 Tsao Kun Civilian Clothes One Dollar Silver, NC Collection, NGC MS 64

Starting Price: $10,000

The highlight from the Chinese Family Collection includes a 1907 50 Cents Silver (PCGS MS62).

1907 50 Cents Silver

Chinese Family Collection, PCGS MS 62

Starting Price: $10,000

10. T.C.L. Collection

This highlight from the T.C.L. Collection includes a 1906 Kirin One Dollar Silver, graded NGC AU58, with a starting price of $10,000.

11. Knife Coins from the Nai-Chi Chang Collection

Nai-chi Chang brought his collection of ancient coins to the United States in the 1940s, but there are still some ancient coins left in China. Occasionally, whether it is a rare one worthy of tens of thousands of dollars or an ordinary one worthy of hundreds of dollars, as long as it is from his collection, it will arouse the great interest of the numismatic community. The auction will have two knife coins from Nai-chi Chang collection.

1906 Kirin One Dollar Silver

T.C.L. Collection, NGC AU58

Starting Price: $10,000

Five-Character Knife Coin

GBCA EF 85, Nai-chi Chang Collection Starting Price: $3,000

Four-Character Knife Coin GBCA EF 85, Nai-chi Chang Collection Starting Price: $3,000

12. Chopmarked coins

A number of Frank Rose's chopmarked coins will be included in this auction. Many of these were purchased in the 1960s. Champion Auction purchased the entire Frank Rose Collection with over 3,000 chopmarked coins in 1994. The Frank Rose chopmarked coincollection also won the Best Exhibit Award at the 100th ANA World's Fair of Money in 1991. It has been 30 years since the last time the Frank Rose Collection of chopmarked coins was auctioned in 1994 in the Journal of EastAsian Numismatics Mail Auction.

PHILIPPINES-PERU 1832-1834 Philippine 8 Reales T5 Counterstamped on Peru 8 Reales KM-83 Silver, NGC CHOPMARKED, Collected by F.M. Rose on Jan 2, 1967 Starting Price: $1,000

PERU 1846-LIMA MB 8 Reales Silver, NGC XF DETAILS, Chopmarked, F.M. Rose Collection Starting Price: $300

SPAIN 1761-M JP 4 Reales Silver, NGC VF DETAILS, Chopmarked, Collected by F.M. Rose on Oct 28, 1970 Starting Price: $300

13. BWS Collection Part III

Chinese vintage coins, tokens, and modern Chinese medals from the BWS Collection will be included in this auction.

In 1979, the Shanghai Tourist Commemorative Medal manufactured by the Shanghai Mint was issued, becoming the first set of brass coin-shaped medals publicly issued by China, famous among Chinese brass medals. In two books introducing coin-shaped medals in the 1980s, this set of medals was listed as the first set and was included in the catalog as a rarity. It has a high reputation among collectors, as a rarity in the pursuit of collectors. However, it hardly appear in auctions. Four medals in the set have four different themes, including the Bund, Longhua Temple, Yu Garden, and Jade Buddha Temple, with eight different patterns. During his time in China, collector BWS also collected a set of Shanghai Tourist Commemorative Medals in original hand-woven brocade package which also shows the importance that the country attaches to this type of medal. This set of medals now graded as NGC MS69 will be auctioned this time.

CHINA-SHANGHAI ND 39mm Brass Tourist Commemorative Medal, Manufactured by Shanghai Mint: Yuyuan Garden, The Bund, Jade Buddha Temple, Longhua Temple, Total 4 Pieces with their original outer boxes and certificates, NGC MS 69, BWS Collection

Starting Price: $1,000

Contact:

Phone: 852-61650618 (Mr. Chou)

Tel: 13701793363

Wechat: 1026841006 / 19514623548

Email: jeanzg1994@163.com

◎ 冠軍研究室〔上海〕

（左起）周邁可、瑞克

斯特拉爾、熊貓幣章收藏家陳景林、澳門錢幣學會理事長趙 康池、德國 House of Coin 公司 Denny Huhn 於2019年澳門錢幣學會年會合影

1994年，《東亞泉志》創刊，並在創 刊號上舉行了郵寄拍賣。2024年是 《東亞泉志》創刊30周。為紀念這一 特殊時刻，我們將於12月1日在澳門 十六浦索菲特大酒店舉辦《東亞泉志》 30周年特別拍賣，且該場拍賣將不收 取買家傭金！

拍賣開始前，我們還將於11月29~30 日在澳門十六浦索菲特大酒店舉辦 《東亞泉志》30周年錢幣特別展暨澳 門錢幣學會年展。

地址：澳門內港巴素打爾古街索菲特酒店六樓會議室

無買家傭金（No Buyers Commission Auction） 《東亞泉志》30周年拍賣會（1994-2024）

11/28—— 澳門錢幣學會年會开幕式暨澳門錢幣學會熊貓紀念章首發儀式 (索菲特酒店六樓會議室)

澳門錢幣學會年會晚宴暨《中國機制幣精品鑒賞》（銀幣版）第四版活動發佈會 （嘉年華大酒店）

11/29——冠軍拍賣會預展、澳門錢幣學會年會展 (索菲特酒店六樓會議室)

11/30——冠軍拍賣會預展、澳門錢幣學會年會展 (索菲特酒店六樓會議室)

12/01—— 冠軍澳門《東亞泉志》30周年拍賣會、冠軍拍賣會預展 (索菲特酒店六樓會議室)

12/02—— 取貨 (索菲特酒店六樓會議室)

今年恰逢澳門回歸25周年，今年的錢幣展上我們還會推出 回歸主題的25盎司的大規格澳門錢幣學會年會熊貓紀念章。

今年的紀念章繼續由世界硬幣大獎賽終身成就獎得主、原上

海造幣有限公司高級工藝美術師余敏先生設計，將在11月28日澳門錢幣學會年會開幕儀式上首發。

PMG創辦人之一的瑞克·斯特拉爾（Rick Stezler）2014年至2020年，每年都會參加澳門的錢幣展。今年，瑞克以及其他 很多國際錢幣界友人也都將回歸澳門錢幣展。

以下是本次拍賣的亮點介紹。

拍 品 亮 點

1.喜敦版陝西銀幣

20世紀三四十年代，湖南省造光緒元寶七錢二分銀幣雖出現在譜上，但一直流傳在外，不為國人注意；而奉天癸卯一兩未 見於國內文獻記載；此兩者國人是只聞其名不見其蹤。而當年中國泉界份量最重的銀幣是陝西省造光緒元寶。當時，在堪 稱中國泉界半邊天的上海流傳着這樣一種說法：“藏銀幣大家，輒以有無陝西福建銀元為斷。”可見陝西省造銀幣的珍貴與 重要程度。

本次拍賣將有兩枚出自華人家族收藏的陝西省造光緒元寶。其中一枚是1898年喜敦版陝西省造庫平三錢六分銀幣（NGC SP63），起拍價為200,000美元。另一枚是出自張南琛收藏的喜敦版陝西省造七分二厘銀幣，經評為NGC SP66，起拍價為 60,000美元。此外，本次拍賣還有一枚1898年喜敦版陝西省造庫平三分六厘銀幣臆造幣（NGC MS62），是華人家族1991 年在古德曼舊藏拍賣會上買到，並收藏至今的。這枚幣的起拍價為10,000美元。

喜敦版 1897 年陝西省造庫平三錢六分銀質樣幣 NGC SP63，華人家族收藏

起拍價：200,000 美元

喜敦版 1897 年陝西省造庫平七分二厘銀幣 NGC SP66，張南琛收藏

起拍價：60,000 美元

1991 年古德曼舊藏拍賣上的 LOT 266 - 1898 年喜敦版陝西省造 庫平三分六厘臆造銀幣，華人家族收藏，NGC MS62

起拍價：10,000 美元

2.重鑄版京局七錢二分

1900年庚子京局銀元一直因其傳奇的誕生背景而廣受藏家 們的喜愛。在2010年出版的《中國近代機製幣精品鑒賞》 第1版中，該幣經票選名列第2，僅次於1901年奉天省造癸 卯庫平銀一兩銀幣。在次年的新版中，該銀幣則榮登榜首， 排名第1。在2021年更新的第3版中，該幣依舊表現不俗， 排名第3。

本次拍賣就將推出一枚重鑄版的1900年（庚子）京局製造 庫平七錢二分銀幣，經評為已知最高分——NGC MS64， 起拍價為200,000美元。

3.江南銀幣

1900 年（庚子）京局製造光緒元寶庫平七錢二分銀幣 重鑄版，NGC MS64

起拍價：200,000 美元

本次拍賣還將有多枚江南銀幣上拍。首當其衝的是1898年戊戌江南省造光緒元寶“珍珠龍”版庫平七錢二分銀幣。該種銀 幣因龍鱗設計獨特，鱗片間嵌有顆顆圓珠，猶如珍珠散落其中而得名。珍珠龍作為過渡品種，生產時間短暫，數量稀少， 夙為江南龍銀名品。冠軍拍賣曾經手過3枚NGC MS65分的珍珠龍和2枚PCGS MS65分的珍珠龍。兩枚PCGS評分的江南 銀幣中，有一枚是周邁可先生1992年在美國買下，後經評為PCGS MS65+。

本次拍賣的兩枚NGC江南珍珠龍皆是賣家在30多年前買下的。其中一枚是六尾鰭版的1898年戊戌江南省造庫平七錢二分 珍珠龍銀幣，經評為NGC MS66，是該版別的最高分，起拍價120,000美元。2021年，在冠軍拍賣“張南琛收藏專場”中， 曾有一枚幻彩包漿六尾鰭版珍珠龍以99.6萬美元的價格成交，當時那枚幣評級為NGC MS65。顯然，本次拍賣的這枚品相

1898

年戊戌江南省造庫平七錢二分珍珠龍銀幣，六根尾鰭版， NGC MS66，該版別最高分

起拍價：120,000 美元

戊戌江南珍珠龍，NGC MS65 六根尾鰭版，張南琛收藏

2021 年 5 月冠軍澳門拍賣上以 99.6 萬美元的價格成交

1898 年戊戌江南省造庫平七錢二分珍珠龍銀幣 八尾鰭版，經評 NGC MS61，該版別最高分

起拍價：60,000 美元

另一枚張南琛收藏中的八尾鰭版江南珍珠龍，因有墨戳，評級為NGC UNC DETAILS。該枚可能會在之後的拍賣中與各位 見面。

1898 年戊戌江南省造庫平七錢二分珍珠龍 凹眼龍，八根尾鰭版，NGC UNC DETAILS 席徳柄 / 張南琛收藏 更勝一籌。另一枚則是非常少見的八尾鰭版1898年戊戌江南省造庫平七錢二分珍珠龍銀幣，經評為NGC MS61，也是該種 版別的最高分，起拍價60,000美元。

除了珍珠龍外，老江南銀幣也廣受藏家喜愛。本次拍賣中有2枚老江南銀幣，齒邊版出自 YIF 收藏，經評 NGC AU58，人 字邊版出自席德柄 / 張南琛收藏，經評 NGC MS62，起拍價為60,000美元。

1897 年老江南庫平七錢二分銀幣 NGC AU58，齒邊版，YIF 收藏

起拍價：60,000 美元

1897 年老江南庫平七錢二分銀幣 人字邊，NGC MS62，張南琛收藏，

起拍價：60,000 美元

張氏收藏的另有一枚評分高達NGC SP67的老江南銀幣，本場暫時缺席，可能會在今後的拍賣中與各位藏家見面。

1897 年老江南庫平七錢二分銀幣 齒邊，鏡面，NGC MS64，張南琛收藏

4.吉林廠平五錢

吉林機器局是開創中國機製幣先河的錢幣鑄造機構。1884 年在國內首次製造面額為壹兩、七錢、五錢、三錢、一錢等 以兩為單位的銀幣。吉林廠平銀幣也因此得以在中國錢幣珍 品中佔據一席之地。

本次拍賣將有一枚1884年（光緒十年）吉林廠平半兩銀幣 上拍，經評為NGC AU DETAILS，起拍價為60,000美元。

1884 年（光緒十年）吉林廠平半兩銀幣，NGC AU DETAILS 起拍價：60,000 美元

5. L. Giorgi簽字版袁像中圓

1914 年（民國三年）袁世凱像中圓銀幣，L. Giorgi 簽字版，NGC MS63 起拍價：20,000 美元

6. L. Giorgi簽字龍鳳銀幣手稿

目前已知的中國錢幣的設計師原始手稿中，只有1923年龍鳳壹圓的手稿在私人手中，之前人們一直認為這枚銀幣是為紀念 中國末代皇帝溥儀大婚而發行的。這張神秘的原始圖稿1993年11月現身於金錢公司（Money Company）的拍賣會，中國 研究者史博祿（Bruce W. Smith）為張南琛先生（NC收藏）買下了這張圖稿。這張圖稿上有L. Giorgi簽名，同時簽有 日期29-1-14，即1914年1月29日。

簽字龍鳳銀幣手稿 張南琛收藏 10,000 美元

7.包克收藏

本次拍賣會將有出自包克、方藥雨收藏的三字刀幣，以及諸多大型布幣和刀幣。

8．張南琛收藏

本次出自張南琛收藏的其他精品錢幣有最受藏家喜愛的L. Giorgi簽字版銅元——1914年中華民國共和紀念雙旗嘉禾圖簽 字版（NGC MS64BN），已知品相最好的天國聖寶半兩銀幣（NGC AU58）、1912年孫中山像開國紀念壹圓銀幣（NGC MS66）、1923年曹錕文裝像壹圓銀幣（NGC MS64）等。

1914 年中華民國共和紀念雙旗嘉禾圖

張南琛收藏，L. Giorgi 簽字版，NGC MS64BN 起拍價：20,000 美元

1912 年孫中山像開國紀念壹圓銀幣，NGC MS66

張南琛收藏

起拍價：10,000 美元

9. 華人家族收藏

1850-1864 年太平天國聖寶，銀，正“天國”，反“聖寶” NGC AU58，該版別最高分 起拍價：10,000 美元

1923 年曹錕像壹圓銀幣，NGC MS64，張南琛收藏

1907年丁未大清銀幣伍角（PCGS MS62），出自華人家族收藏。

起拍價：10,000 美元 1907 年光緒年造大清銀幣丁未伍角，PCGS

10. T.C.L.收藏

本次上拍的T.C.L.收藏的有1906年丙午吉林省造光緒元寶庫平七錢二分銀幣，經評為NGC AU58，起拍價10,000美元。

1906 （丙午）吉林省造光緒元寶庫平七錢二分銀幣，NGC AU58, T.C.L. 收藏

10,000 美元

11. 張叔馴收藏刀幣

張叔馴在20世紀40年代攜其收藏的古錢至美國，但還有部分古錢留諸國內。偶爾出現時，無論是幾萬、幾十萬元一枚的珍品， 還是幾百、幾千元的普品，只要是他的舊藏，莫不引起泉界的興趣與追憶。本次拍賣也將有2把張叔馴舊藏刀幣亮相。

先秦四字刀 齊之法化 GBCA 美 85，張叔馴收藏 起拍價：3,000 美元

12. 戳記幣

多枚出自Frank Rose的戳記幣將亮相本次拍賣。其中很多是其在20世紀60年代購買的。Frank Rose收藏的戳記幣上次 集中上拍還是在1994年的《東亞泉志》郵寄拍賣，距今已有30年。Frank Rose戳記幣收藏還曾贏得1991年ANA國際錢 幣展銷會100周年展最佳展覽獎。冠軍拍賣1994年買下了整個Frank Rose收藏，其中有超過3,000枚戳記幣。

(1832-34) 菲律賓 - 秘魯 8R，NGC CHOPMARKED

F.M. ROSE 收藏

起拍價：1,000 美元

1846 利馬 MB 秘魯 8R，NGC XF DETAILS CHOPMARKED，F.M. ROSE 收藏

起拍價：300 美元

1761 M JP 西班牙 4R，NGC VF DETAILS CHOPMARKED

F.M. ROSE 收藏

起拍價：300 美元

13. BWS收藏第三部分

BWS收藏中的中國機製幣、代用幣、現代中國紀念章也將亮相此次拍賣會。

本次BWS收藏拍賣中最值得一提的是一套1979年上海風景紀念章。上海造幣廠出品的“上海風景紀念章”是中國對外公 開發行的第一套銅質幣形章，同時也是中國幣型銅章中的大名譽品。“上海風景紀念章”一套4枚，由上海造幣廠的3位大師 設計，主題分別為外灘、龍華寺、豫園和玉佛寺，8個面圖案均不相同。當年發行時，這一套紀念章的價格不過十幾元，如 今已是翻了千倍。本次拍賣的這套是BWS在中國期間收藏到的，帶有原始包裝。

上海 39mm 黃銅旅遊紀念章，上海造幣厰精製：豫園、外灘、玉 佛寺、龍華古寺，共 4 枚，帶原包裝和證書 NGC MS 69，BWS 收藏 起拍價：1,000 美元

參拍諮詢： 手機：852-61650618（周先生） 電話：021-62130771 微信：1026841006 / 19514623548 郵箱：jeanzg1994@163.com

Review on the 2024 Chicago ANA World's Fair of Money:

There is a Need for Better Non-Traditional Coin Products to Retain Strong Sales

◎ Champion〔Shanghai〕

The ANA World's Fair of Money is the most important numismatic event every year, and the 2024 ANA show was held in Donald E. Stephens Convention Center, in Rosemont, Illinois, from Aug. 6th to 8th.

This year's show was as lively as ever, with mints, coin dealers, and collectors from all over the world gathered together. There were many large exhibitions, various coin club activities, and grading services on site.

This year, the ANA show started early for the JEAN and Champion Auction.

Michael Chou, the publisher and editor-in-chief of the JEAN and the president of Champion Auction, went two hours north of Chicago to visit JEAN founder and senior editor Bruce Smith to get his numismatic files.

This time, the visit focused on Bruce's activities and records with Nelson Chang and 1991 Goodman auction where Bruce was bidding for many leading collectors such as Nelson Chang, Dr. Tseng Che-lu, Norman Jacobs, and famous Tibetan coin collector Dr. Wesley Halpert. Also, some research files for

Chinese banknotes and Howard Bowker were found.

Michael Chou met Gu Jun ( 顧軍 ), former director of Shenyang Mint and former party secretary of Shanghai Mint, and Sun Rong-Kui ( 孫榮奎 ) former head of sales of the Shanghai Mint's marketing division, who arrived on Saturday. They delivered the NGC-holdered panda medal in commemorative of the 30th anniversary of the JEAN. Also, he met Chicago friend Danny Spugen, the host of the Panda Dinner. He delivered the printed English edition of the 30th anniversary journal at his hotel.

The medals and journals were distributed at the Coin of the Year ceremony and the Panda Dinner on August 8th. This is the first time for us to produce a special issue in English of over 200 pages. The issue received an exceptionally positive response for its information and as a channel to promote international marketing of coins, shows, and auctions in its English format.

Monday began with an international meeting lunch at the Hyatt and dinner with long-time friend Andy Reiber at Gibsons restaurant where many colleagues in the numismatic industry were also present.

Opening Day

The show officially started on Tuesday, Aug. 6th.

Michael Chou had meetings with the Mint of Austria and China Gold Coin Inc. on the morning about future projects and the Beijing International Coin Expo.

He also met with Coin World's publisher Rick Amos and the head of advertising Brenda Wynn.

Many friends of the numismatic community appeared at the show, and we issued the 30th anniversary special edition to them.

There were also ANA commemorative medals given away on site free of charge. We helped Minted Assets' Chang Bullock with the planning of the medal at the World Money Fair, Berlin in February.

Aug. 7th

On Wednesday morning, Michael Chou met with Korean Hwadong Company and Coin World's editor Jeff Starck. He also visited the booth of Gus Wing of Teller Coins and Steve Fenton of Saint James Auction, London, and Joe Lang of Steve Album.

On the evening, the dinner of the Coin of the Year nomination committee was hosted by friend Donald Scarinci at the nearby Morton Steak House. Many topics were discussed before the Thursday morning ceremony.

Michael Chou awarded the Most Historically Significant Coin - Cameroon's SUMERIAN Civilization – 7 Groundbreaking Ancient Civilizations 2,000 Francs CFA Silver. Image Source: Coin World

Aug. 8th

It was the third day of the show. The winners of the 2024 Coin of the Year were announced this morning.

The award ceremony started with the opening remarks by the COTY coordinator Thomas Michael, ANA President Tom Uram, nomination committee member Donald Scarinci, and Michael Chou.

The first award announced was the Most Historically Significant Coin. Cameroon's SUMERIAN Civilization – 7 Groundbreaking Ancient Civilizations 2,000 Francs CFA Silver Coin won the award. The coin was minted by the French Art Mint company. Michael Chou presented the award to Leandro Fernandes, the CEO of the mint.

Gu Jun accepted the award for Best Circulating Coin China won by Sheng Role – Chinese Peking Opera Art 5 Yuan Coin for CBPM.

The Coin of the Year award was won by the Liberty

From Left: Active Interest Media Advertising Advisor April Krueger, COTY coordinator Miggie Pahl, COTY founder Clifford Misher, Michael Chou, COTY nominating committee member Donal Scarinici, COTY coordinator Thomas Michael

through Perseverance – American Liberty High Relief 100 Dollar Gold Coin, which was also the winner of the Best Gold award. The US Mint director Ventris C. Gibson accepted the Best Gold and the Coin of the Year awards.

There was a reception sponsored by the World Money Fair, Berlin, after the ceremony.

After the ceremony, Michael Chou had a meeting with Alex Wagner, Oscar, and Stefanie of the B.H. Mayer, Germany, and Goetz of World Money Fair about the 2025 World Money Fair 10th anniversary panda coin and a new distribution plan for 2025. As the 2024 WMF panda medal was sold out in 30 minutes, allocations will be made available all three days of the show by the distributor Künker Auction next year.

At 6 p.m., the National Numismatic Collection Curator Ellen Feingold shared the Smithsonian's plan for updating the Gallery of Money exhibit in October 2024 at the

NNC reception. The Gallery is now 10 years old, and a new exhibit of Chinese coins from the Howard Bowker and Glover collection will replace the current Russian exhibit. A new digitalization project of the US coin collection best 15,000 coins which will start in the fall of this year. We are extremely pleased with the Bowker Numismatic fund and Champion Auction to provide the initial funding for this project.

The Panda Dinner was hosted by friend Danny Spugen. China Yon Ying and panda expert Ami Vitale were special guests. The dinner drew a crowd of over 70 people to the Hyatt ball room. Representatives from China Great Wall Coins Investments Ltd. also attended.

Michael Chou of the JEAN, PCGS President Stephanie Sabin, famous panda coin dealer Robert Mish, and North Bay Rare Coins sponsored the event. It was a great evening with many collectors and dealers of panda coins and medals.

COTY coordinator Thomas Michael anounce the winner Gu Jun accepted the trophy. Image Source: Coin World

Sheng Role – Chinese Peking Opera Art 5 Yuan Coin

US Mint Director Ventris C. GIbson (Middle). Image Source: Coin World

Michael Chou (1st from left), Rick Stezler (2nd from left), and Ellen Feingold (2nd from right)

United States of America $100 gold coin

Aug. 9th

On Friday morning, JEAN advisors Steven Feller and Ray Feller made a presentation about his article A Visit to the Jerome and Rohwer, Arkansas Japanese-American Relocation Camp Sites. Coin of the Year author Donald Scarinci talked about collecting COTY coins.

The 2024 ANA, Chicago, saw a full schedule of meetings with international partners. Next time, the meetings will be held during the Beijing International Coin Exposition from November 11th to 13th. The Austrian Mint will be the host of honor this year and we will have some upcoming exciting news about the show.

Market Review

Through the meetings at the ANA Chicago show with international partners, we discovered that the numismatic business environment is getting more challenging in the US, Germany, England, South Korea, Austria, and Canada. The only country that seems to be doing well is Japan, but in non-traditional coin products.

There seems to be a need for coins with a good story, artistic and technically advanced coins to retain strong sales.

We will be working with our German partners B.H. Mayer Mint again for the World Money Fair Berlin 10th

Anniversary Panda Coin with a first strike to be held at the Mint on Jan. 24th, 2025, and the release at the WMF Berlin 2025 show on Jan. 30th.

Starting in the summer of 2018, we began a partnership with Mark Sutton's Middle Earth Mint and Alex Wagner's B.H. Mayer Mint to produce new innovative coins by Magnico, a joint venture of Middle Earth Mint and Champion. Chinese senior designer Yu Min designed and made plasters for coins struck at Germany's B.H. Mayer. Mark and Alex visited Champion's Shanghai office every two months, and Michael Chou went to Germany or the US. to meet them every two months.

The first result of the cooperations with Champion, Middle Earth and B.H. Mayer was the 2019 Tanzania World Money Fair Polymer Panda Coin with a special light box to show the polymer, There were also 2019 Tanzania Polymer Ball Panda with a light box, 2019 Tanzania Nano Panda using nano particles to produce the world's first true black proof coin with a special porcelain round holder.

The 2019 Cook Island Space Panda, the first titaniumsilver coin in the world with a unique space lander packaging, was one of Alex's favorite coins and was nominated for the Most Innovative category of the Coin of the Year award. The coin was even offered on German TV shopping later in August.

In 2020, we produced the Niue Forever Rose and Everlasting Love 2 Ounce Silver Coin with Shanghai New Century Minting Co., Ltd. by using a real rose, which took over four years to be developed by the Middle Earth Mint. In 2021, the Tanzania Forever Rose and Mother's Day Panda Coin was produced. Both rose coins had been nominated for the Coin of the Year award.

From 2019 to 2021, we also partnered with Middle Earth Mint and B.H. Mayer to develop the Precious Sound Coin with the concept of a precious metal record with the same music quality as a real record which can be played on a record player.

For the first time, we will work with the Asutria Mint and its all-time COTY winner designer Helmut Andexlinger on a joint project with COTY lifetime winner Yu Min on a panda medal.

This is the second panda medal project of two COTY winning designers. The last was the Sino-German Friendship Panda in 2017 with COTY lifetime winners Hoyer and Yu Min. Its first strike was at the Berlin Mint with the Chinese Ambassador Shi Ming-De ( 史明德 ) and German Ambassador Norbert Riedel.

We are also supplying the Japanese market with our new Legend of Chu Liu Xiang Series III, a set of three colorful coins, and the new show pandas. The series III will be launched in Beijing on November 1st, the opening day of the Beijing International Coin Exposition. We are also planning to work on exclusive Japan coin and medals projects for 2025.

We will continue to support the US market with show panda products with our partner LPM Hong Kong. This November, an exclusive 100mm 25oz silver panda medal for the 25th year anniversary of Macau's return to China was struck at our long-time partner Shanghai New Century Minting Co., Ltd. with a first strike ceremony on September 4th.

We are looking forward to seeing more innovative and internationally competitive non-traditional coin products to inspire the market and lead a new round of growth.

2024年芝加哥ANA國際錢幣展銷會回顧 市場亟需非傳統錢幣產品保持強勁銷售勢頭

◎ 冠軍研究室〔上海〕

ANA國際錢幣展銷會（World's Fair of Money）是每年最 重要的錢幣盛會。今年的展銷會於8月6日至10日在芝加哥 唐納德·斯蒂芬斯會議中心舉行。

今年的展會一如既往的熱鬧，世界各地的造幣廠、幣商、收 藏愛好者彙集於此。現場有許多大型展覽、各種錢幣俱樂部 活動、評級服務。

今年的ANA展會對《東亞泉志》和冠軍拍賣來說開始的比 往年更早一些。

《東亞泉志》發行人兼總編輯、冠軍拍賣總裁周邁可先生在 展會前，造訪了家住距芝加哥2小時車程的《東亞泉志》創 辦人及高級編輯史博祿先生（Bruce Smith），進行資料的 收集。

此次的造訪主要是為了解他與張南琛先生的交流活動及 相關記錄，以及1991年古德曼舊藏拍賣的相關資料。在 1991年古德曼舊藏拍賣會上，史博祿先生代當時的多位著 名藏家競拍，包括張南琛先生、曾澤祿醫生、諾曼·雅各 仕（Norman Jacobs）、著名西藏幣藏家衛斯理·哈爾伯

特醫生（Wesley Halpert）等等。此外，周邁可先生還收 集到了史博祿先生關於中國紙鈔和霍華德·包克（Howard Bowker）的研究資料。

周邁可先生在展會開始前見到了原瀋陽造幣有限公司總經 理、原上海造幣有限公司黨委書記顧軍先生，以及原上海造 幣有限公司市場經營部門負責人孫榮奎先生。二人在8月3日 （週六）便已抵達芝加哥，並將經NGC打盒的《東亞泉志》 30周年熊貓紀念章交付周邁可先生。同日，好友丹尼·司普 根先生（Danny Spugen），亦即展會期間熊貓晚宴的主辦 人，也交付了《東亞泉志》30周年特刊英文版。

周先生在8月8日的世界硬幣大獎賽頒獎典禮及熊貓晚宴上， 向嘉賓們贈送了這些紀念章及特刊。這是我們首次發行數量 超過200頁的英文特刊，其內容豐富，是推廣錢幣、展會、 拍賣進行國際市場推廣的有效管道，反響熱烈。

在展會正式開始的前一日，周邁可先生在凱悅酒店參加了 一場國際午餐會，晚上還與好友安迪·雷厄貝爾（Andy Reiber）在吉布森餐廳共進晚餐。此時，他們便已經在這 家餐廳見到了很多錢幣界同行。

開幕日

展會於8月6日（週二）正式拉開帷幕，現場熱鬧非凡。

開幕日一早，周邁可先生與奧地利造幣廠及中國金幣 總公司開會商討了未來的合作項目，以及北京國際錢 幣博覽會期間的相關活動事宜。

周邁可先生還與《硬幣世界》發行人瑞克·阿莫 斯（Rick Amos）及廣告經理布蘭達·溫（Brenda Wynn）進行了會面。

我們也在展會首日見到了眾多錢幣界的好友，並向他 們發放了《東亞泉志》30周年特刊。

當日還有ANA國際錢幣展銷會紀念章在現場免費發 放。而我們此前也在2月的柏林世界錢幣展覽會上幫 助Minted Assets公司的Chang Bullock先生制定 了這枚ANA紀念章的相關計劃。

世界硬幣大獎賽提名委員會委員晚宴

第二日

展會次日，周邁可先生在早間分別與自韓國華東公司及《硬幣世界》編輯傑夫·斯 塔克（Jeff Starck）開會，還前往多個展位造訪好友，包括泰勒硬幣公司（Teller Coins）的古斯·溫因（Gus Wing）、倫敦聖詹姆斯拍賣（St. James Auction）的 史蒂夫·芬騰（Steve Fenton）、史蒂夫·阿爾博姆公司（Steve Album）的喬伊·朗 （Joe Lang）。

晚上，周邁可先生參加了世界硬幣大獎賽提名委員會委員晚宴。晚宴由好友唐納德· 斯卡林奇（Donald Scarinci）在附近的莫頓牛排餐廳組織舉辦。期間，大家討論了 很多關於週四（8月8日）上午舉辦的世界硬幣大獎賽頒獎典禮的話題。

周邁可先生為最具歷史意義幣—— 喀麥隆七大古文明之蘇美爾文明 2,000 西非法郎紀念銀幣獲獎代表費 爾南德斯先生頒獎 圖片來源：《硬幣世界》

第三日

進入第三個展會日，2024年世界硬幣大獎的結果在這 一天上午正式公佈。

頒獎典禮開始後，大獎賽協調人托馬斯·邁克爾先生 （Thomas Michael）、ANA主席湯姆·烏拉姆先生 （Tom Uram）、大獎賽提名委員會委員唐納德·斯 卡林奇先生、周邁可先生分別致開場詞。

第一個公佈的獎項是最具歷史意義幣。喀麥隆的七 大古文明之蘇美爾文明2,000西非法郎紀念銀幣獲 得該殊榮。該紀念幣由法國藝術造幣廠鑄造。周邁 可先生向該造幣廠總裁裏安德羅·費爾南德斯先生 （Leandro Fernandes）頒發了獎盃。

中國的京劇藝術之老生流通幣獲得了今年的最佳流通 幣。顧軍先生代中國印鈔造幣集團有限公司領獎。

今年的最佳硬幣大獎由美國堅持自由100美元紀念金 幣獲得，該幣也是最佳金幣單項獎的得主。美國造幣

左起：Active Interest Media 公司廣告顧問阿 普利爾 克魯格（April Krueger）、世界硬幣 大獎賽協調人麥吉 帕爾（Maggie Pahl）、 大獎賽創辦人克利福德 米什勒（Clifford Misher）、周邁可、大獎賽提名委員唐納德 斯 卡林奇（Donald Scarinici）、大獎賽協調人 托馬斯 邁克爾（Thomas Michael）

廠廠長紀布森女士（Ventris C. Gibson）領取了最 佳金幣和年度最佳硬幣大獎的獎盃。

頒獎典禮後，世界硬幣大獎賽在柏林世界錢幣展覽會 的贊助下舉辦了歡迎會。

周邁可先生則在頒獎典禮後與德國梅耶造幣廠的亞曆 克斯·瓦格納（Alex Wagner）、奧斯卡、斯蒂芬妮， 以及柏林世界錢幣展覽會總裁戈茨-烏爾夫（GoetzUlf），商討了2025年柏林世界錢幣展覽會10周年紀念 熊貓紀念幣相關事宜，以及2025年新的發行計劃。鑒 於2024年的柏林展會熊貓紀念章在30分鐘內便銷售一 空，明年的紀念幣章將分3天，在分銷商昆克拍賣的 展位發行。

下午6點，美國史密森國家歷史博物館國家錢幣收 藏館（NNC）館長艾倫·費因戈爾德女士（Ellen Feingold）在NNC的歡迎會上分享了2024年10月 的錢幣館更新計劃。NNC的錢幣館開館至今已有10

世界硬幣大獎賽協調人托馬斯 邁克爾宣佈獲獎者，並請周 邁可先生為其頒獎

顧軍先生代為領取獎盃 圖片來源：《硬幣世界》

年。錢幣館計劃開設新的霍華德·包克及喬治·格羅夫 （George G. Glover）中國錢幣收藏展，以替代目前 的俄羅斯錢幣展。另外，NNC將在今年秋天開始新 的數位化項目，將館藏的15,000枚最好的美國錢幣進 行數位化。該項目由包克錢幣基金和冠軍拍賣提供資 金支持。

熊貓晚宴由丹尼·司普根先生主辦，中國永銀文化 發展集團有限公司和熊貓專家阿米·維塔勒（Ami

Vitale）作為特別嘉賓與會，吸引了超過70名熊貓愛 好者前來凱悅酒店宴會廳參加。香港中國長城硬幣投 資有限公司亦派代表參加了此次活動。

《東亞泉志》和PCGS全球總裁斯蒂芬妮·薩賓 （Stephanie Sabin）、著名熊貓幣商羅伯特·米什勒 （Robert Mish）、北灣珍稀硬幣公司（North Bay Rare Coins）共同贊助了此次活動。眾多熊貓幣章收 藏愛好者和幣商共同渡過了一個愉快的夜晚。

美國造幣廠廠長紀布森女士（Ventris C. Gibson，中間）手捧獎盃 圖片來源：《硬幣世界》

左起：周邁可（左一）、瑞克 斯特拉爾（左二）、 艾倫·費因戈爾德（右二）

熊貓晚宴

市場回顧

第四日

8月9日（週五）上午，《東亞泉志》顧問史蒂夫·費勒（Steve Feller）和雷· 費勒（Ray Feller）就其文章《參觀阿肯色州傑羅姆-羅威爾日裔集中營》發 表主題演講，《世界硬幣大獎賽》著作唐納德·斯卡林奇也分享了關於收藏世 界硬幣大獎賽獲獎幣的相關經驗。

2024年芝加哥ANA國際錢幣展銷會期間與國際合作夥伴的會議日程被排的滿 滿當當。此後11月1日至3日舉辦的北京國際錢幣博覽會期間也將如此。奧地 利造幣廠是今年北京展會的榮譽嘉賓，我們也將與之在展會共同宣佈一些令人 振奮的消息。

我們在芝加哥ANA展會期間與眾多的合作夥伴開會

交流，感到目前國際錢幣業務面臨的挑戰日益增加， 美國、德國、英國、韓國、奧地利、加拿大等地的情 況皆是如此，只有日本市場的非傳統錢幣領域情況仍 保持在不錯的狀態。

我們發現，市場似乎亟需更具有故事性、藝術設計感

及工藝含量的非傳統錢幣產品，以此保持強勁的銷售 勢頭。

為此，我們將與德國梅耶造幣廠（B.H. Mayer）展 開合作，共同開展柏林世界錢幣展覽會10周年熊貓紀 念幣項目。該幣的首打儀式將於2025年1月24日在梅 耶造幣廠舉行，於2025年1月30日柏林世界錢幣展覽

會開幕日首發。

冠軍與Middle

Earth造幣廠的馬克·修頓（Mark

Sutton）及梅耶造幣廠的亞曆克斯·瓦格納自2018年 夏季開始合作，合資創立Magnico公司，生產新的 創意紀念幣。紀念幣由中國資深設計師余敏進行設計 並雕刻石膏，再由德國梅耶造幣進行生產。馬克和亞 曆克斯每隔2月便會來造訪一次上海辦公室，周邁可 先生也每2月前往一次德國或美國與他們開會。

三方合作的第一個產品2019年坦桑尼亞世界錢幣展覽 會聚合物環熊貓紀念幣。該幣帶有LED包裝盒，打 開盒子後，燈光可以經聚合物環，呈現出發光的效果。

之後還推出了帶燈盒的2019年坦桑尼亞福光映寶聚合 物球熊貓紀念幣。同年，我們還生產出了第一枚真正 的精製黑白熊貓紀念幣——2019年坦桑尼亞納米熊貓 紀念幣。該幣採用形似中國圍棋黑子的圓形陶瓷包裝。

在這一年的產品中，亞曆克斯最喜歡的產品之一是 2019年庫克群島太空熊貓紀念幣。這是世界上第一枚 銀鈦合金紀念幣，包裝呈獨特的太空登陸器造型。它 也提名了世界硬幣大獎賽的最佳創意幣獎項。該幣還 在8月下旬登上德國的電視購物節目。

2020年，我們和上海新世紀紀念幣製造有限公司合 作，用Middle Earth造幣廠研發多年的真玫瑰生產 了紐埃群島永生玫瑰與永恆之愛2盎司純銀玫瑰紀念 幣，2021年還推出了坦桑尼亞永生玫瑰與母愛永恆熊 貓紀念幣。這兩枚也均提名過世界硬幣大獎賽。

在2019年至2021年間，我們還和Middle Earth造 幣廠和梅耶造幣廠共同以“珍貴的聲音”（Precious Sounds）為概念，致力於研發出與真正的唱片具有 相同音樂品質，並且可以在唱片機上播放的貴金屬紀 念唱片。

除了與德國方面的合作外，我們也將開始與奧地利造 幣廠進行合作。奧地利造幣首席設計師，榮獲了多 項世界硬幣大獎賽獎項的赫爾穆特·安德斯林格先生 （Helmut Andexlinger），將與世界硬幣大獎賽終 身成就獎得主余敏先生合作，共同設計北京國際錢幣 博覽會熊貓紀念章。

這是第二枚由2位世界硬幣大獎賽獲獎設計師共同合 作的紀念幣項目。第一枚是余敏先生和同為大獎賽 終身成就獎得主的海因茨·霍爾（Heinz Hoyer）設 計的2017年中德友好熊貓紀念章。當時的首打儀式 在柏林造幣廠舉行，中國駐德國大使史明德先生及德 國外交部亞洲地區總管及大使李德仁博士（Norbert Riedel）參加了首打儀式。

我們也與日本代理商達成一致，將在日本市場銷售最 新的《楚留香傳奇》紀念幣系列III的全部三枚紀念 幣及新的展會熊貓紀念章。這一套3枚的《楚留香傳 奇》紀念幣系列III也將在今年11月1日的北京國際錢 幣博覽會開幕日舉行北京首發儀式。明年，我們還將 與日本合作展開獨家幣章項目。

美國市場方面，我們的香港合作夥伴LPM也將繼續 銷售展會熊貓紀念章產品。今年11月，LPM將向美 國市場獨家限量銷售25盎司100毫米的澳門回歸25周 年銀質熊貓紀念章。該紀念章的首打儀式將於2024年 9月4日在上海新世紀紀念幣製造有限公司舉行。

我們也期待見到更多具有創意和國際競爭力的非傳統 紀念產品，共同激發市場活力，引領錢幣市場產生新 一輪的增長。

Summer 2024 ANA World's Fair of Money in Chicago Show Report

◎ J. Matthew Brotherton〔USA〕

ANA 2024

The Summer 2024 American Numismatic Association's ("ANA") World's Fair of Money show returned to Chicago this year and was held at the Donald E. Stephens Convention Center from August 6th-10th. I am pleased to report that the coin and currency market remain steady as the gold, silver and precious metals bullion market remain strong and key-date better condition type coins continue to be in demand. The numismatic market has seen a cool down in lower priced, more common type coins and currency, however this is to be expected with the continuation of War in the Ukraine and Gaza, and a tight U.S. Presidential election taking place this November. Despite these global uncertainties, the 2024 Chicago Summer ANA show was a success and proved that the numismatic and collectibles markets remains steady as we head towards the Fall of 2024.

Chicago is the birthplace of the ANA which was founded in 1891 and is celebrating its 133rd birthday this year. This year's ANA World's Fair of Money show consisted of hundreds of

dealers and was attended by thousands of collectors over the five day event. Once again, I set up for the Summer ANA show with Rick Stelzer, my business partners at Vintage Collectibles Group out of Sarasota, Florida, Michael Chou, President of Champion Auction Macau, and Mark Kingsley, a bullion dealer from Fargo, North Dakota. Along with precious metals, sales of vintage and key date U.S. type coins continue to do well. As for U.S. currency, better condition large size federal paper money, U.S. fractional and colonial currency, and Confederate currency were particularly strong. For the international coins and currency market, vintage Chinese gold, silver and bronze coins as well as vintage Chinese currency continue to be in high demand. For other international coins, I received numerous requests for Mexican and Polish items, indicating to me an uptick in those respective markets.

Besides all the buying and selling of numismatic items, the Chicago Summer ANA Show offered grading service appraisals,

educational seminars, auctions, collectors meetings, events for young numismatists, and much more. The year marked the debut at the ANA of Ernie's Treasure Treehouse, an event for families for where children in grades K-12 can have fun playing arcade-style games and win fantastic numismatic prizes. Great Collections was this year's ANA Official Auctioneer, and had a specimen 66 graded 1794 U.S. Silver Dollar worth around $12 million dollars on display. The "Money Talks" educational presentations were excellent as always and included "The Great German Hyperinflation of the Early 1920's as Depicted by Karl Goetz" presented by Kurt Hyde discussing the wide range of Karl Goetz medals depicting specific German events and the exorbitant prices of essential goods at that time, a very timely presentation I thought considering the current inflation we are all experiencing. Steve and Ray Feller presented "Monies Used at Japanese American Internment Camps" outlining uncovered numismatic monetary items from these camps including paper scrip, event tickets, clothing/commodity coupons, tokens, lottery tickets, and co-op receipts. This was a very interesting presentation on a topic not often discussed as it relates to WWII numismatic items. Douglas Mudd gave a presentation on "Parthia: The Forgotten Empire" whose empire at its heights rivaled that of the Roman Empire and its control for the Middle East. Also very informative was Pierre Fricke's presentation on "The Fugio Cent-First U.S. Coin" which examined how the coin came about and their use in circulation.

The ANA Museum Showcase offers historical numismatic rarities and private collections from all over the world and this year's exhibits did not disappoint. This year's feature display included the Tyrant's of the Nile collection, containing some of the finest coins of Egypt. The first time ever on display, Dan O'Dowd's Tyrants of the Nile collection featured over 350 superb Egyptian coins produced over the past 24 centuries and valued around $5 million dollars. Highlights of the collection featured Egypt's first coin which was a gold slater of Pharaoh Nectanebo II (358-340 B.C., only known Egyptian coin to use hieroglyphic script), a tetradrachm of Cleopatra VII (41-40 B.C., 1 of only 4 known), and a gold 10 pound coin issued in 1980 to commemorate the anniversary of the Egyptian-Israeli Peace Treaty. This was a truly incredible collection to behold and a testament to the wealth, longevity (over 24 centuries!!!), and cultural significance of ancient Egypt. Also on display was

a unique experimental finish 1910 Saint-Gaudens $20 gold double eagle discovered in 2006 and described as "one of the most important recent discoveries in 20th century American numismatics." Another exhibit featured Zimbabwe inflation notes. If you think times are bad now as it relates to inflation, at its height in 2008-2009, Zimbabwe's hyperinflation was so bad that prices were doubling every 20 hours! This well-done exhibit outlined the history of Zimbabwe's ongoing national crisis by displaying its paper currency. An exhibit complimenting the ANA Money Talks presentation "Parthia: The Forgotten Empire" displayed an extensive overview of Parthian numismatic items throughout its 500 year history. On the currency side, an exhibit on the Bank of the United States Obsolete Notes included rarities of the first federally chartered American bank that acted as the de facto central bank for the early United States nation from 1792 to 1836.

A true highlight for me during this Chicago Summer ANA was being able to attend the Panda Dinner banquet hosted by Danny Spungen (who actually dressed up as a panda for the occasion). This event celebrated everything having to do with pandas, including all the coins, medals, and numismatic items depicting the lovable panda bear over the past 42 years since the Chinese Panda program was started in 1982. The Panda show medal was brought back to this year's Chicago ANA, and I am personally happy for that. In fact, the very first coin I ever purchased at my first ANA coin show was the 1988 Cincinnati ANA silver show panda … as a 10 year old boy, I remember really enjoying the panda design on the coin and it is a great memory that I still cherish today. The Panda Dinner was a great event sitting with my numismatic friends Michael Chou, Rick Stelzer, Patrick Sun, Danny Spungen and others talking about pandas and panda coins. The dinner presentation and slideshow was very informative from learning about the Chinese legends of how the Panda bear got its black color eyes, arms and ears, the symbolic ying-yang as represented in the black-white colors of the panda, to President Theodore Roosevelt's sons expedition to China to prove that the panda bear really existed to the rest of the world over 100 years ago, to learning about all the programs in China ensuring that the modern panda continue to thrive and be around in robust numbers for future generations to admire. It was just an amazing evening to celebrate all-things panda amongst friends and colleagues at the 2024 Chicago ANA.

Chicago again proved to be a great host city for the ANA. If you ever get a chance to attend an ANA numismatic show I highly recommend it, as there is truly something for anyone who enjoys numismatics. This year's Summer ANA Show in Chicago was a huge success and it appears that the numismatic industry will stay solid heading into the last half of 2024. I know Rick Stelzer and myself are especially looking forward very to seeing our good friends, Michael Chou, Jeffrey Wai, and others at the Macau Numismatic Society ("MNS") Coin Show towards the end of November. November 28, 2024 will be the opening ceremony for the MNS coin show at the Ponte 16 Hotel in Macau and the launch of the MNS panda medal. My business partner, Rick Stelzer, has attended every MNS show from 2014 to 2019, took a break during the pandemic, but Rick will be back this year and honored as a ribbon cutting VIP at this year's opening ceremony. The always amazing MNS reception dinner and announcement of the 4th edition of the Top Chinese Coins will be held later that same evening. Our company, Vintage Collectibles Group, will also be set up November 29-30 at the MNS so be sure to stop by and say hello. On December 1, 2024, Champion Auction will hold the Journal of East Asian Numismatics 30th Anniversary auction in Macau. Preview for this incredible auction will be held on November 29-30, and treasured highlights include two 1898 Kiangnan circlet scales dragon dollars (including a 6-tail variety and an 8-tail variety, both of which are the finest known), an Old Kiangnan dragon dollar with an ornamental edge from the famous NC Collection (NGC MS62) and an Old Kiangnan dragon dollar with a reeded edge from the YIF Collection (NGC AU58). Also in auction are coins from the Chinese Family Collection including an 1898 Heaton Shensi half dollar silver, an 1898 Heaton Shensi 5 cent fantasy from the 1991 Goodman Auction, a 1907 Empire half dollar, and an 1894 German New Guinea 5 Mark. Superb coins from the Nelson Chang Collection will also be in the auction highlighted by the finest known Taiping silver 1/2 tael, a unique 1914 L. Giorgi Drawing signed by L. Giorgi, an 1897 Heaton 1897 Shenxi 10 cents, a popular 1914 10 cash copper with L. Giorgi signature, and a 1928 Sun Yat Sun dollar. Other auction highlights include the finest known restrike variety of 1900 Peking Dollar, an 1884 Kirin 5 Mace Silver, a 1914 Yuan ShihKai Half Dollar Silver with L. Giorgi Signature, 3-character knife coins from the Bowker/Fang Yao-yu Collection, and chopmarked coins from the Frank Rose Collection, many of which were purchased in the 1960's and last sold by JEAN mail

bid sales in the 1990's. The Journal of East Asian Numismatics 30th Anniversary auction will be an excellent opportunity to find some real numismatic treasures and should not be missed. Until next time, I wish you all the best in your numismatic pursuits, and I hope to see everyone in Macau at the end of November!

ANA

2024年ANA芝加哥夏季國際錢幣展銷會掠影

◎ 馬修·布拉澤頓〔美國〕

2024年8月6至10日，美國芝加哥唐納德·斯蒂芬斯會議中 心，時隔兩年，美國錢幣協會（American Numismatic Association，以下簡稱ANA）夏季國際錢幣展銷會在這裏 再次舉行。我很榮幸能在現場向各位讀者發回報道。

通過為期五天的展銷會，我們看到硬幣和貨幣市場仍然穩 定，黃金、白銀和貴金屬鑄幣市場依然強勁，重要年份和好 品相的錢幣繼續受人們的追捧。然而，眾所周知，由於烏克 蘭和加沙戰事的持續，加之即將到來的美國總統大選，低價 位、常見品硬幣、紙幣的市場交易的確有所放緩。不過，儘 管外界存在諸多不確定因素，2024年ANA芝加哥夏季國際 錢幣展銷會還是取得了成功。這足以證明，在 2024 年金秋 到來之際，錢幣和收藏品市場依然保持穩定。

芝加哥是ANA的誕生地，該協會成立於1891年，今年將 迎來它的133歲生日。與往年一樣，本屆ANA國際錢幣展

銷會依然吸引了數百家幣商和數千名藏家參加。而作為生 意夥伴，我、佛州薩拉索塔市古董收藏品集團（Vintage Collectibles Group）的瑞克·斯特拉爾（Rick Stelzer）、 澳門冠軍拍賣公司總裁周邁可、北達科他州法戈的貴金屬交 易商馬克·金斯利（Mark Kingsley），也事先為本屆展銷 會做了充分準備。

我們在現場看到，貴金屬幣、古幣和美國重要年份幣的銷售 情況依然良好。至於美國紙鈔——品相較好的大面額聯邦紙 幣、小面額紙幣、殖民地紙幣的表現尤其強勁。在國際錢幣 市場上，中國機製金、銀、銅幣，以及近代紙鈔繼續受到人 們的追捧。而國際上的其他錢幣，如墨西哥和波蘭錢幣，開 始漸入佳境，人們對這些錢幣的需求正在上升。

除了錢幣交易之外，ANA芝加哥夏季展銷會還有評級服務、 教育研討會、拍賣會、收藏家會議，以及為年輕錢幣藏家舉

辦的系列活動。今年是“厄尼的寶藏樹屋”活動（Ernie's Treasure Treehouse）首次亮相ANA展會。這是一項面 向家庭的活動，中小學生可以在這裏盡情玩街機遊戲，以 贏取精美的錢幣獎品。今年ANA的官方拍賣商是Great Collections，他們展出了一枚價值約1200萬美元的1794年 美國銀質一元樣幣（MS66分）。

在每屆的固定環節“金錢論壇”（Money Talk）中，庫爾 特·海德（Kurt Hyde）的“卡爾·戈茨描繪的20世紀20年 代初德國超級通貨膨脹”主題演講尤其引人注目。該演講 探討了卡爾·戈茨（Karl Goetz）系列紀念章。這些紀念章 展現了德國的歷史事件，詳細呈現了當時生活必需品價格 過高的情況。考慮到我們當下正在經歷通貨膨脹，我認為 這是一次非常及時的講座。史蒂夫·費勒（Steve Feller） 和蕾·費勒（Ray Feller）則探討了“日裔集中營使用的貨 幣”，這是一場非常有趣的演講，主題是不常見的二戰代用 幣。包括從這些集中營發現的紙幣代金券、活動門票、服 裝/商品優惠券、彩票及合作社收據等代用幣。道格拉斯· 穆德（Douglas Mudd）發表了題為“帕提亞：被遺忘的帝 國”的主題演講。該帝國鼎盛時期可與羅馬帝國媲美，對 中東地區的控制力也與羅馬帝國不相上下。皮埃爾·弗裏克 （Pierre Fricke）就“美國獨立後第一枚官方一美分硬幣” 發表的演講也非常有啟發性，他探討了這枚硬幣的由來及其 在流通中的使用情況。

美國錢幣協會博物館展陳皆來自世界各地的歷史珍品和私 人收藏。今年的特色展品同樣引人注目，其中不少都呼應了 “金錢論壇”的主題演講。比如帕提亞帝國500年曆史中所 使用的各種貨幣物品，以及“辛巴威通貨膨脹時期紙幣”的 主題展覽。這個精心佈置的展覽通過展示辛巴威的紙幣，概 述了該國持續存在的國家危機與歷史。如果你覺得現在的通 脹情況很糟糕，那麼2008至2009年時辛巴威的通脹情況則 是讓人難以置信，當時的物價每20小時就會翻一番！此外還 有“20世紀美國錢幣學最重要的新發現之一”的1910年聖 -高登斯20美元雙鷹金幣試鑄樣幣（孤品，2006年發現的） 和1792至1836年間美國第一家聯邦特許銀行（早期中央銀 行）發行的稀有紙幣。

此外，今年的展覽首次展出了丹·奧多德（Dan O'Dowd） 的“尼羅河的暴君收藏”（Tyrant's of the Nile，由350多 枚製作精美的埃及錢幣組成），這些錢幣分別製作於過去的 24個世紀，價值約500萬美元。其中包括埃及的第一枚錢 幣——法老內克塔內布二世（前358年至前340年）時期的

ANA

金制鑄幣（這是已知唯一一枚使用象形文字的埃及錢幣）、 克利奧帕特拉七世（前41年至前40年）時期的四德拉克馬 錢幣（存世4枚中的一枚）、1980年發行的10英鎊金幣，以 及埃及-以色列和平條約簽署20周年紀念金幣。這真是一個 了不起的收藏，它既是古埃及的財富，也是超過24個世紀

的悠久歷史和文化的見證。

對我來說，ANA芝加哥夏季展銷會的一個真正亮點是丹 尼·斯潘根（Danny Spungen）主辦的熊貓晚宴（他在晚 宴上真的把自己打扮成了一只熊貓）。此次活動旨在慶祝與 熊貓有關的一切，包括自1982年中國熊貓紀念幣項目啟動 以來的42年中所有以可愛的熊貓為形象的錢幣、紀念章和 收藏品。今年的ANA芝加哥展銷會依舊發行了熊貓紀念 章，我個人對此感到尤為高興。因為，當年10歲的我第一 次參加ANA錢幣展時購買的第一枚藏品正是1988年ANA 辛辛那提錢幣展銷會熊貓銀章，其上的熊貓圖案讓我愛不 釋手，這是我人生的最美好回憶！晚宴上的演講和幻燈片 十分豐富，講述了源自中國的有關熊貓的黑眼睛、手臂和 耳朵是如何形成的古老傳說、熊貓黑白相間的顏色所代表 的陰陽象徵、100多年前西奧多·羅斯福總統（Theodore Roosevelt）的兒子們為向世界證明熊貓的真實存在而前 往中國探險的故事，以及如今中國人為確保熊貓種群壯大、 茁壯成長和繁衍生息而開展的所有措施。當晚，我與周邁可、 瑞克·斯特拉爾（Rick Stelzer）、孫奎榮、丹尼·斯潘根等 圈內友人圍坐一團，熱烈地談論着熊貓和熊貓幣。我們一 起慶祝有關於熊貓的一切，這真是一個令人難忘的夜晚。

事實再次證明，芝加哥是舉辦ANA展銷會的理想城市。如 果你有機會參加這個展銷會，我強烈建議你推薦給圈內外的 朋友，因為它確實適合所有喜歡錢幣的人。ANA芝加哥夏 季國際錢幣展銷會取得的巨大成功，也讓我和瑞克·斯特拉 爾特別期待下半年的澳門錢幣學會錢幣展。11月28日，澳 門錢幣學會錢幣展將在澳門十六浦酒店舉行開幕儀式（也有 熊貓紀念章發行）。從2014年起，我的生意夥伴瑞克·斯特 拉爾就一直在參加澳門錢幣學會舉辦的錢幣展，除了疫情期

間暫停外，今年他將會繼續回歸該展會，並將在今年的開 幕式上作為貴賓進行剪綵。澳門錢幣學會將在當晚舉行盛 大的招待晚宴，晚宴上還會公佈《中國近代機製幣精品鑒賞》 （第4版）的相關信息。我們“古董收藏品集團”（Vintage Collectibles Group）也將於11月29至30日在澳門設立展 位，屆時請務必來我們的展位看看。

特別值得一提的是，12月1日，冠軍拍賣將在澳門舉辦《東 亞泉志》30周年紀念拍賣會。11月29日至30日先行舉行預 展，其中的亮點包括兩枚1898年江南珍珠龍（一枚6根尾鰭 版、一枚8根尾鰭版，都是已知最好的品相）、一枚來自著 名藏家張南琛的人字邊老江南銀幣（NGC MS62），以及一 枚出自YIF收藏的齒邊版老江南銀幣（NGC AU58）。同時 亮相的拍品還有華人家族收藏的諸多錢幣：1898年喜敦版 陝西三錢六分銀幣、1898年喜敦版陝西三分六厘臆造幣（見 1991年古德曼拍賣會）、1907年丁未伍角銀幣；張南琛收 藏的已知品相最好的太平天國半兩銀幣、一份L. Giorigi 簽字1914年龍鳳銀幣手稿、一枚L. Giorgi簽字十文銅幣、 一枚喜敦版1897年陝西省造庫平七分二厘銀幣以及一枚 1928年孫中山像壹元銀幣。其他拍品還有品相絕佳的1900 年庚子京局重鑄版七錢二分銀幣、1884年吉林五錢銀幣、 L. Giorgi簽名的1914年袁世凱半圓銀幣、出自張叔馴收 藏、包克/方藥雨收藏的刀幣，以及弗蘭克·羅斯（Frank Rose）收藏的戳記幣（這些戳記幣中有許多是在20世紀60 年代購買的，上一次拍賣是20世紀90年代的《東亞泉志》 郵寄拍賣）。

總之，《東亞泉志》30周年紀念拍賣會將是一次藏家尋找錢 幣珍品的絕佳機會，不容錯過。我期待與各位11 月底在澳 門相見，也祝大家在錢幣收藏的道路上一帆風順！

CHAMPION AUCTION CHAMPION

Originally published in the JEAN 25

2021 Chinese Coin Market Review（Part I）

◎ Champion 〔 Shanghai

The Development of Chinese Vintage Coin Collecting

Before reviewing the 2021 market, let's take a look at the development Chinese vintage coin collecting.

Origins of the Chinese Vintage Coin Collecting

Chinese vintage coin collecting emerged in the 1930s, with Shanghai as the center.

On April 2, 1937, the China Numismatic Society held a special meeting in the reading room of the Royal Asiatic Society Building (now the Rockbund Art Museum in Shanghai), at which the Constitution of the China Numismatic Association was adopted and Eduard Kann was appointed to the position of Vice Chairman.

During the period, the Chinese and Western numismatic communities kept developing. The enlargement of Western

and Chinese coin collecting, the development of the Chinese Numismatic Society, publications such as Chuan Pi (《泉幣》), and articles written by Woodward, Kann, Rayburn, and Ros published by the Chinese Numismatic Society greatly added to the knowledge of Chinese vintage coins.

This is the first of six articles published in China Magazine (《中國雜誌》) which was in the collection of the Chinese Numismatic Society and originally collected by Howard Bowker. The next five articles deal with Chinese Soviet coins and notes, Shanghai coins, Chinese fantasy coins, the history of minting in China, and early Chinese silver coinage.

Another valuable tool is the correspondence from the period between the 1920s to the 1970s between Howard Bowker and collectors such as Eduard Kann and Arthur Coole, covering a number of detailed discussions on Chinese coin collecting between collectors in China and the United States, which gives

Royal Asiatic Society Building Constitution and Rules of the ChinaNumismaticSociety

Luo Bozhao

Chang Huang

TheHistoryofMintingIn China

EarlyChineseSilverCoinage

Chinese Soviet Coins and Notes Coins That Never Were

ACatalogueofChinese Silver Dollars and Silver Coins by Chang

The first edition of IllustratedCatalog of Chinese Coins signed by Eduard Kann to Howard Bowker

Correspondence between Eduard Kann and Howard Bowker, signed by Eduard Kann

insightful details about collecting in China and the USA and Chinese numismatics.

From these letters, we can see which rarities were owned by whom and the price at which they was acquired, and

the then-current market conditions for these rare Chinese coins. The Journal of East Asian Numismatics has published correspondence between Howard Bowker and Eduard Kann between 1939 and 1949, and we will continue with correspondence between Howard Bowker and Eduard Kann

Modern Coins of China by Kalgan Shih SilverCoinRubbings by Ching Tse Wei

The inaugural issue of Coins

Lee Wei shun（left）and Ma Dingxian（right）

Huang

written back in 1950 for the Journal of East Asian Numismatics in 2022.

We three great collections of vintage Chinese coins came up for sale in 1950.

The collection was handled by AM Tracey Woodward's widow after his death, and in 1938 she attempted to sell the collection to the Chinese government with the help of Eduard Kann, but was unable to do so. The sale may have been to the Central Mint or the Central Bank, as both institutions were associated with Eduard Kann. A letter written by Howard Bowker to Eduard Kann in 1950 reveals that a coin dealer offered AM Tracey Woodward's widow to buy the coins, but was refused. Eventually, she sold the old AM Tracey Woodward collection to Capitol Coins in New York.

Kalgan Shih also traveled to the United States to sell his collection for an expected price of $500,000 (a price comparable to the price at which the famous American collector Louis Eliasberg built his American coin collection), but his collection was eventually donated to the Shanghai Museum by his wife in the 1990s.

The Heyday of Chinese Coin Collecting

Chinese vintage coins were the most valuable in the 1940s to 1950s.

Eduard Kann had bought a 1902 Chekiang silver dollar for $2,500 in 1941 (see later in the letter). In the same year, King Farouk I

In 1950 and 1951, Ching Tse Wei was also in the United States, and he sold his collection with the help of Howard Bowker. It is believed that it was during this period that Ching Tse Wei sold his collection including his Heaton Shanxi silver pattern set, Kwangtung Longevity tael silver pattern, and 1911 Empire short whisker dragon silver dollar. The Kwangtung Longevity tael silver pattern, which went to the Eduard Kann collection, was purchased by the collector D.C. at the 1971 Kann Auction and was listed in the 1972 Jess Peters Sale List for $2,850; and the 1911 Empire short whisker dragon silver dollar in his collection was probably also purchased by Eduard Kann, as the famous New York coin dealer Hans Schulman sold a replica of the coin in the early 1950s for $500 in a sales catalog.

of Egypt bought a 1933 U.S. double eagle gold coin from Hans Schulman for $1,250, which sold at Sotheby's New York on June 8, 2021, for $18.9 million.

In 1949, the Chinese economy faced turmoil, and coin prices were greatly reduced. The auction of the King Farouk collection also

AM Tracey Woodward

Eduard Kann

Kalgan Shih

The Nameplate in the Shanghai Museum

Ching Tse Wei

verified this trend. King Farouk purchased a 1907 U.S. gold pattern from Hans Schulman for $10,000, which had sold for only $1,500 in 1945. The coin sold for only $3,444, 1/3 of the Farouk I purchase price, at the 1954 Palace Collection Auction, but the price recovered to $10,000 later. This shows that attention from the international market can lead to higher coin prices. According to the analysis of our good friend Jeff Garret, the coin could now be worth $20 to $25 million.

The Gradual Recovery of Chinese Coin Collection Market

The market value of Chinese coins did not recover until the 1966 Glendining Auction and the 1971 Eduard Collection Auction. In the 1991 Goodman Collection Auction, the 1903 Fengtien silver tael

became the first Chinese coin realizing more than $100,000, and in 2010, the Yunnan Spring silver dollar became the first Chinese coin realizing $1 million. But by 2010, more than 100 U.S. coins had sold for more than $1 million.

We can get an idea of the values and trends of Chinese coins

King Farouk I

1966 Glendining Auction Catalog

1971 Eduard Kann Collection Auction Catalogue

1903 Fengtien Tael Silver

King Farouk I Palace Collection Hans Schulman

Yunnan Spring Dollar Silver

at the time in Eduard Kann's Illustrated Catalog of Chinese Coins was published in 1954 and reprinted in1966, which also reported the market value of Chinese coins. We can have a good view of the Chinese coin market from the results of the 1971 Kann Collection Auction and the 1991 Goodman Collection Auction. Based on this historical information, we have added the coin sale prices after the 1991 Goodman Collection Auction to the third edition of Top Chinese Coins to provide a historical update of the prices.

Nelson Chang (top row, third from left) with Wall Street colleagues

Sandy Weill, second from the left in the bottom row, became chairman of Citigroup, and Arthur Levitt, third from the left in the bottom row, became chairman of the U.S. Securities and Exchange Commission

Prospects

According to renowned collector Nelson Chang ( 張南琛 ), as China's economy continues to grow, Chinese coins will once again become the most valuable coins. This view is perhaps supported by the acquisition of NGC's parent company, CCG Group, by Blackstone, the world's leading financial management company, in 2021.

Born into a famous family of collection, Nelson Chang was the son of Nai-chi Chang ( 張叔馴 ), the "king of ancient coin collecting", and his father-in-law was the director of the Central Mint of the Republic of China, Turpin Hsi ( 席徳柄 ). Chang's career brought him into contact with some of the most

legendary investors in the field at the time, including the Hunt Brothers. The Hunt Brothers attempted to manipulate the silver market from 1979-1980, and it was Chang who managed their trading account. Later, Chang became one of the pioneers in the field of hedge funds, launching innovative funds and financial instruments.

Nelson Chang has extensive experience in the financial field, which gave him a keen sense of the future of rare Chinese coins.

Nelson Chang laid down his six rules for collecting coins, especially rule 6 - be generous to all involved and be kind to other collectors and researchers, to be more beneficial to all parties.

Nelson Chang and his wife Edith Hsi

Turpin Hsi

Nai-chi Chang

The Six Criteria of the Nelson Chang Collection

Pay attention to the quality of the coin (extremely beautiful or better quality coins). Grades are very important, do not buy low grade coins to fill a gap in your collection. Therefore, many of the coins in the NC collection are not only very rare, but many are of the best-known quality.

Don't collect coins that you have any hesitation about owning, and don't collect coins that you don't know why you should collect.

If one is confident of a coin's long-term value, then it is okay to pay even a higher than market price. If a coin does not appear on the market often or is only available once or twice in a lifetime, then one can pay up to 40% above the market price.

Have some flexibility when collecting is how to deal with the fact that there will be coins that you can't buy, and more often than not, coins that have unaffordable prices. As an investor, it is important to look at the right time to make a move when the market is adjusting downward or when a large collection is emerging.

Review your wish list regularly and prioritize it. NC has a wish list of his own, which made it easy for some important coin dealers to contact him when they came across coins on his wish list. After acquiring some of the coins on the list, he would remove the coins he got from his wish list so that coin dealers will not go back to those coins.

Be honest and generous with everyone in the collecting community.

Nelson Chang has also said that he has had great fun collecting, meeting Chang Huang, Hans Schulman, Don Keifer, and many other interesting people. He also said that collecting is a marathon, not a sprint race, so one needs to take a long-term view. For example, Nelson Chang bought the Heaton Hunan silver dollar pattern coins in 1975 and held the set for nearly 40 years before selling it to Champion Auction in 2014 in a private transaction, which was one of his best numismatic investments. Just as location is important for real estate, the most important influencing factor for coins is first the condition, second the condition, and still third the condition. Nelson Chang focused on the rarity and quality of coins, which is why more than 60 of the 100 coins from his collection broke the auction record at the Nelson Chang Chinese Coin Collection Auction held on May 30, 2021. Among them, the 1911 Empire Long Whisker Dragon Dollar Silver, which is both scarce and in good condition, and one of the best coins in the popular 1911 Empire series, and eventually sold for a record $1,343,000.

Heaton Hunan Dollar Silver, NC Collection, NGC SP67

1911 Empire Long Whisker Dragon Dollar Silver, NC Collection, NGC MS64

The Blackstone Group

It is believed that with the joining of Blackstone, more financial institutions will take an interest in coin collecting, including Chinese vintage coin collecting. In the 1970s and 1980s, when third-party certification services were not yet available, leading New York investment banks set up funds to invest in coins. Now, with the support of third-party certification, financial institutions can more easily set up departments to invest in coins.

An important feature of Chinese coin collecting is that Chinese coins were collected by both Chinese and Western collectors Yet very few Chinese collect U.S. coins. So Chinese coins may become more valuable than U.S. coins one day because they have more collectors. It is also possible that the Chinese coin market will be similar to the American market, where popular varieties and series, and top condition coins will be more valuable than actually rare coins. Therefore, the rarest coins may not definitely be the most valuable coins, considering factors such as the popularity and preferences of collectors.

When studying historical value trends in the coin market, the use of authentic historical record documentation is probably the most valuable.

The highest price we can see in these letters between Eduard Kann and Howard Bowker is for a 1902 Chekiang silver dollar. Eduard Kann mentioned this in his letter to Howard Bowker on March 25, 1941, stating that he had bought the coin the day before for $2,500.

A

letter from Eduard Kann to Bowker

This is perhaps why many rare Chinese coins like the 1902 Chekiang silver dollar sold for as little as £320, or $800 (about $2.50 per pound at the time), at the 1966 Glendining & Co. auction of the Von Halle Collection Auction, far below the price Eduard Kann purchased at in 1941. However, the highest price for a rare Chinese coin by American collector D.C. in the 1972 Jess Peters Sale List was still as high as $6,000, while a Kwangtung Longevity silver tael pattern from the Ching Tse Wei/Eduard Kann collection was only priced $2,850 on the list.

A total of 626 lots were offered at the November 1966Von Halle Collection Auction held by Glendining. Prior to the 1971 Kann Collection Auction, this 1966 sale was the biggest sale of Chinese coins in the UK and possibly the world at the time, with nine coins selling for over £200: the 1902 Heaton Chekiang Kaishu silver dollar, (Lot 0567, £320); the 1931 Chinese Soviet silver dollar (Lot 801, £320) ; 1928 Chang Tsolin silver dollar (Lot 768, £320); 1926 Chang Tso-lin silver dollar (Lot 767, £250); 1927 Chu Yupu silver dollar (Lot 069, £ 260); Yuan Shih-kai flying dragon dollar with L. Giorgi signature (Lot 746, £275); Hupei Benshen silver dollar ( Lot 528, £230); 1868 Hupoo tael silver dollar (Lot 843, £280); 1866 Hong Kong proof silver dollar (Lot 1072, £245).

This 1902 Chekiang silver dollar and the 1903 Fengtien silver tael that sold for $3,000 at the 1971 Kann Collection auction are two of the rarest Chinese vintage coins. The auction record for the 1903 Fengtien silver tael was not broken until the 1975 Paramount Auction, where Nelson Chang purchased the Hunan silver dollar pattern coin for $15,500. According to renowned Hong Kong coin dealer Chang Huang, this was the first Chinese coin to sell for more than US$10,000, at either auction or a private transaction. In 1976, Chang Huang sold the 1866 Shanghai two mace silver pattern from the Eduard Kann Collection and the 1972 Jess Peters Sale List to Nelson Chang for $10,000, as well as the 1884 Kirin Arsenal Zinc Pattern Set from the AM Tracey Woodward and Eduard Kann collections for $10,000.

March 25, 1941

Two pages in total

From No.941 Fuxu Road

I now have a large collection of Chinese silver dollars. Unfortunately, all the varieties of coins that I didn't have to buy cost thousands of dollars. For example, yesterday I paid $2,500 for a 1902 silver dollar coin with the province inscribed "CHEKIANG" instead of CHEH-KIANG, with only 3 knowns.

100 Greatest U.S.Coins by Jeff Garrett and Ron Guth describes the minting background of many of the great rare coins and helps collectors build top American coin collections. The book won many awards, and some individuals and families began collecting U.S. coins due to its publication, some even spending over $100 million on their coin collections.

We compiled Top Chinese Coins inspired by the 100 Greatest U.S. Coins, hoping to facilitate collecting in the Chinese numismatic market. We believe that China's coin collecting market will also flourish with the development of the economy.

100 Greatest U.S. Coins Third and Fifth Editions

1972 Jess Peters Sales Catalog Lots 593 Shanghai Two Mace Silver

1902 Chekiang Dollar Silver

1867 Shanghai Two Mace, Eduard K./NC Collection, NGC PF66

1884 Kirin Arsenal zinc pattern set Former Eduard Kann Collection, Nelson Chang Collection, unique, single-sided, NGC PHOTOCERT

The Changes in the Numismatic Market in 2021

After understanding the development of the Chinese vintage coin collecting, let's take a look at the changes in the numismatic market in 2021.

Champion Auctions and the Journal of East Asian Numismatics

The Chinese numismatic market was thriving in 2021, and it was also a strong year for Champion Auction and the Journal of East Asian Numismatics

In May 2021, Champion Auction released A Legacy of Collection - The NC Collection of Chinese Coins (《收藏傳 奇 張南琛中國錢幣收藏》). This book is a great honor for our good friend, Nelson Chang. The book records his experience in collecting and shares some of his insights on his favorite coins.

We released the third edition of Top Chinese Coins at the end of the year, which could not have been possible without the support of the editorial team, staff, business partners, industrial colleagues, and collectors who all contributed to its release. It has been 10 years since the release of the second edition in 2011, so an update was necessary.

Chang's dedication to collecting top condition vintage coins was one of the reasons why the Nelson Chang Chinese Coin Collection Auction held in Macau on May 30, 2021, was a great success.

In addition, we published four issues of the Journal of East Asian Numismatics in 2021, which received excellent feedback. Together with the two books published with the support of our staff, 2021 was a great year for both Champion Auction and the Shanghai office of the Journal of EastAsian Numismatics

Records of Chinese Vintage Coins

ALegacyofCollection The NC Collection of Chinese Coins

Catalog of the 2021 Champion Macau Spring Auction - Nelson Chang Chinese Collection Auction

The Four issues of the Journal of EastAsian Numismatics in 2021

In 2021, the Chinese vintage coin market already surpassed the highs of 2011. A 1928 Chang Tso-Lin silver dollar from the Samsung Museum collection of South Korea was auctioned in April, becoming the first Chinese vintage coin to sell for more than the $2 million mark at an auction.

In May 2021, a 1911 Empire long whisker dollar silver pattern from the Nelson Chang Collection set an auction record of $1,344,000.

In December 2021, auction prices continued to rise, with a 1926 Chang Tso-Lin silver dollar realizing RMB 25.99 million.

The highest auction prices for coins of several major countries are also listed in the third edition of TopChineseCoins.

At the time of Top Chinese Coins publication in December, a 1933 U.S. $20 double eagle gold coin was the world's most expensive coin with an auction price of $18,872,250 in 2021; second place went to a Roman March 15 Brutus gold coin with an auction price of $4,188,393; third place went to a 1740 Russian ruble pattern coin from the Samsung Museum Collection with an auction price of $3,858,890. The fourthplace winner was a 1937 British Edward VIII £5 gold pattern coin from the Samsung Museum Collection, which auctioned for $2,280,000, and the fifth-place winner was a 1928 Chang TsoLin silver dollar from the Samsung Museum Collection, which sold for $2,280,000.

However, with the recent appearance of this 1926 Chang TsoLin silver dollar, which realized approximately $4,000,000, the above ranking has changed - the 1926 Chang Tso-Lin silver coin has jumped into third place.

Trend Forecasts of Chinese Vintage Coins

This positive trend has led to a change in our previous forecast for the market.

We believe that Chinese coins could reach the $5 million to $10 million mark in the next 5 to 10 years. As our friend Nelson Chang believes, investing is a marathon, not a sprint race, and

April

the long-term outlook for top Chinese coins is positive.

We believe that top Chinese coins could reach the $5 million to $10 million mark in the next 5 to 10 years. As our friend Nelson Chang believes, investing is a marathon, not a sprint race, and the long-term outlook for top Chinese coins is positive.

We hope that all collectors of Chinese coins will enjoy the

1928 Chang Tso-Lin One Dollar Silver auctioned off in

2021, PCGS SP64

1911 Empire Long Whisker Dragon Dollar Silver auctioned off in May 2021, NGC MS64

1926 Chang Tso-Lin Silver Dollar auctioned off in December 2021, PCGS SP62

J. P. Morgan

Saint-Gaudens

process of collecting as much as Nelson Changdid.

In the section on the world's great collectors that we have added to the third edition of Top Chinese Coins., we have the famous American coin collector Louis Eliasberg. He said something similar in an interview on November 7, 1975 interview: "If you are a numismatist or a coin collector, I hope you will gain the joy and happiness that comes from collecting." Eliasberg has also shared, "When making a purchase, you should buy through

a reputable dealer. If you are investing any significant portion of your assets in rare coins, then make sure you are familiar with all aspects of the business."

We can use the 1907 Indian Head Double Eagle gold pattern coin for comparison.

The 1907 Indian Head Double Eagle Gold Pattern Coin was struck by the United States Mint at the request of designer SaintGaudens. Let us look at it for comparison with the 1849 Double Eagle Gold Coin and the 1933 Double Eagle Gold Coin.

The 1849 Double Eagle Gold Coin and the 1933 Double Eagle Gold Coin are both coins that most numismatists can only dream of owning. J. P. Morgan reportedly offered $35,000 for the 1849 Double Eagle in 1909, which was an astronomical price at the time.

This remarkable 1907 Indian Head Double Eagle gold pattern coin was first owned by Charles Barber, chief engraver at the U.S. Mint. Waldo Newcomer bought the coin directly from Barber's estate. It was then sold to the famous collector F.C.C. Boyd, whose wife sold it to Abe Kosoff and Abner Kreisberg for $1,500 around 1945. The coin then changed hands being sold to King Farouk of Egypt for nearly $10,000. After the overthrow of King Farouk, his collection of rare coins was auctioned in 1954 in a special sale called the Palace Collection. Abe Kosoff repurchased it at this auction for $3,444 and exchanged the coin for one with Roy E. Naftzger Jr. Dr. J.E. Wilkison purchased the coin for $10,000 in 1956. Paramount International Coin Corporation auctioned it as part of the Wilkison gold vintage coin collection in 1973, and the entire collection was later bought by to A-Mark Financial Corporation.

1907 Indian Head Double Eagle Gold Pattern

1849 Double Eagle Gold Pattern

Louis Eliasberg

The coin was later sold in 1979 in a private transaction to Maryland coin dealer Julian Leidman for $500,000. Jack Hancock and Bob Harwell bought the coin at the American Numismatic Association auction in 1981 for $475,000, the last time the coin was publicly traded. A few years later, the coin was sold to a collector in the northeastern United States who specializes in collecting Saint-Gaudens design coins and is one of the leading collectors of Saint-Gaudens design coins today.

As mentioned above, this coin could now be worth $20 to $25 million, even more than the price of the 1933 Double Eagle gold coin.

Michael Chou and Jeff Garrett are pictured at the opening of the Numismatic Pavilion of the Smithsonian Museum. The coin in hand is a 1907 small-size $20 gold coin, of which only two are known to exist, both in the Smithsonian Museum and valued at more than $10 million.

Another masterpiece by Saint-Gaudens, the 1907 U.S. UltraRelief Double Eagle Gold Coin, has also sold for a very high price. A 1907 U.S. ultra-high relief double eagle gold pattern coin in the Norweb collection, graded NGC PR68, was acquired by K.I. Lee ( 李健一 ) in 2003 for $1.25 million. It had been in the collection of the Samsung Museum which acquired it through the hands of renowned Asian numismatist and author Michael Cummings. In April 2021, the coin was auctioned off for $3.6 million.

The price of the 1907 U.S. ultra-high relief double eagle gold pattern coin illustrates that popular varieties and series may sometimes be more valuable than those rarer coins.

As one of the rarest and most popular coins in the U.S. series, the Ultra High Relief Double Eagle Gold Coin stands out from the crowd of coin rarities for its classical beauty and artistic appeal. In the words of Jeff Garrett and Ron Guth, "There is perhaps no coin in the United States, or indeed the world, that is so visually appealing as the Ultra High Relief $20 Gold Coin." Today, there are approximately 20 known ultra-high relief gold coins, six of which are in the Smithsonian Museum, the American Numismatic Society (ANS), and the Harry Bass Core Collection of the American Numismatic Association (ANA).The historical price of the 1907 U.S. ultra-high relief double eagle gold pattern

Michael Chou and Jeff Garrett are pictured at the opening of the Smithsonian National Museum of American History's Numismatic Pavilion on July 15, 2015. The coin in hand is a 1907 small-size $20 gold coin, of which only two are known to exist, both in the Smithsonian National Museum of American History and valued at more than $10 million.

coin is clearly recorded, and we can make a comparison here between the historical transaction prices of the 1902 Heaton Chekiang silver dollar, the 1907 U.S. ultra-high relief double eagle gold pattern, and the 1933 U.S. ultra-high relief double eagle gold pattern.

In March 1941, Eduard Kann bought a 1902 Heaton Chekiang silver dollar in Shanghai for US$2,500, of which only three are known. In 1941, Farouk I of Egypt bought a 1933 U.S. $20 gold coin for $1,250, which was auctioned for $18.9 million in 2021.

Michael Cummings

The Paramount Collection of the Samsung Museum Collection contains a 1907 ultra-high relief gold coin once owned by Albert Holden. Holden bought the coin in 1907, the coin was later sold at Bowers and Merena's Rare Sale in 1997 for $660,000 (Lot 353), a staggeringly high price for the time. Since then, it has appeared twice at Goldberg auctions, both of which realized over $1 million.

Notably, Albert Holden's daughter, Emery May Holden Norweb, not only maintained but expanded the collection after Albert Holden's passing, making her one of the greatest female collectors of all time.

In 1917, she married R. Henry Norweb, a diplomat, and the two later became extremely keen collectors. From the mid-1930s to

the 1960s, they continued to participate actively in auctions and purchased many treasures privately. The Norwebs were among the American collectors who participated in the 1954 auction of the Farouk I Collection in Egypt.

2021 Market Review - Part I will compare the US and Chinese coin markets in 2021 and share more perspectives, so please stay tuned.

participated in the 1954 auction of the Farouk I Collection in Egypt.

2021 Market Review - Part I will compare the US and Chinese coin markets in 2021 and share more perspectives, so please stay tuned.

K.I. Lee

Mr. and Mrs. Norweb

1907 U.S. Ultra High Relief Double Eagle Gold Pattern, NGC PF68

原刊載於《東亞泉志》第 25 期

2021年中國錢幣市場回顧 第一部分

◎ 冠軍研究室〔上海〕

中國機製幣收藏的發展歷史

在回顧2021年錢幣市場前，不妨讓我們先從以下四個方面 來瞭解中國機製幣收藏的發展歷史。

中國機製幣收藏自20世紀30年代起，以上海為中心興起。

1937年4月2日，中華錢幣協會在亞洲文會大樓（現上海 外灘美術館）閱覽室內舉辦了一場特別大會，會議通過了《中 華錢幣協會章程》，並任命耿愛德先生（Eduard Kann） 擔任副理事長一職。

至1949年，中國機製幣領域著名的藏家有西方的伍 德華（AM Tracey Woodward）、 耿愛德（Eduard Kann）、鄧肯·雷伯恩（Duncan Rayburn）、羅斯（Giuseppe Ros）等，中國的施嘉幹、秦子幃、李偉先羅伯昭等，還有

著名的幣商馬定祥和記者張璜，張璜後來也成為了中國香港 的幣商巨頭。

在此過程中，中西方錢幣收藏領域不斷發展，錢幣學會不斷 壯大，推出了《泉幣》等相關刊物，伍德華、耿愛德、鄧肯·雷 伯恩以及羅斯等錢幣界的大師們也紛紛撰文著書，這些都大 大地提升了業界對中國錢幣領域的瞭解。

包克所收藏的中華錢幣協會文集中，刊發於《中國雜誌》的 文章共六篇，此為第一篇。後五篇文章分別涉及中華蘇維埃 硬幣與紙幣、上海硬幣、中國臆造幣、中國造幣歷史以及中 國早期銀幣。

另外，包克（Howard Bowker）與耿愛德、邱文明(Arthur Coole)等收藏家在20世紀20年代到1970年間的往來信 件也提供了一些彌足珍貴的資料，信中涵蓋了不少關於中美 兩地藏家探討中國錢幣收藏的詳細內容，其中透露出的信息 不乏真知灼見。

李偉先（左）與馬定祥（右）

《泉幣》創刊號

施嘉幹著《中國近 代鑄幣匯考》

張璜著《中國銀圓及

銀兩幣目錄》

《中國造幣廠歷史》

秦子幃所制《銀幣 拓集》第四冊

耿爱德签赠给包克的第一版《中国 币图说汇考》

我們從這些信件中瞭解到一些大珍錢幣的歸屬、當時的成交 價格，以及這些中國珍稀錢幣市場的具體狀況。《東亞泉志》 曾刊載過包克和耿愛德在1939年至1949年間的往來信件， 而在2022年出版的《東亞泉志》中，我們將繼續推出包克 和耿愛德在1950年時的溝通信件。

《早期中國銀幣》

《中華蘇維埃硬幣與紙幣》 《不存在的硬幣》

耿愛德與包克通信，右圖右下角有耿愛德簽名

值得一提的是，有三個著名的中國機製幣收藏在1950年面 世。

伍德華的藏品在他過世後由他的遺孀處理。1938年時，她 在耿愛德的幫助下試圖將伍德華的收藏出售給中國政府，但

未能如願。其出售對象可能是中央造幣廠或中央銀行，因為 這兩家機構均與耿愛德有所聯繫。包克1950年寫給耿愛德 的信件中曾透露，一位幣商向伍德華遺孀出價，意圖買下這 些錢幣，但遭到拒絕。最終，她將伍德華舊藏出售給了紐約 的Capitol Coins公司。

施嘉幹也曾前往美國出售他所擁有的中國機製幣藏品，當時 的預期價格為50萬美元（這個價格和美國著名藏家路易斯·埃 利亞斯伯格Louis Eliasberg建立其美國錢幣收藏的價格相 當），而他的藏品最終在20世紀90年代由他的妻子捐贈 給了上海博物館。

1950年至1951年期間，秦子幃也身在美國，他在包克的 幫助下出售了自己的收藏。我們認為，秦子幃正是在這個 時期出售了自己收藏的喜敦版陝西省造光緒元寶銀幣樣幣 套幣、廣東壽字壹兩銀質樣幣，以及1911年（宣統三年） 短須龍版大清銀幣。其中的廣東壽字壹兩銀質樣幣收歸耿

鼎盛時期

20世紀40年代至50年代也是中國機製幣最有價值的時期。

耿愛德曾在1941年以2 500美元的價格買下一枚1902年 浙江省造光緒元寶庫平七錢二分銀幣（信件內容見後文）。 同年，埃及的法魯克一世（King Farouk）以1 250美元的 價格從漢斯·舒爾曼那裏買下了1933年美國雙鷹金幣，這枚 幣在2021年6月8日以1 890萬美元的價格在紐約蘇富比 拍賣會上成交。具體內容我們將在第二部分中進行介紹。

愛德收藏，在1971年的耿愛德舊藏拍賣上被D.C買入，並 在1972年以2 850美元的價格被列於Jess Peters銷售目 錄上；而其收藏的宣三短須龍銀幣很可能也被耿愛德買下， 因為在50年代初，他在紐約著名幣商漢斯·舒爾曼（Hans Schulman）的銷售目錄上出售了一枚複製品，當時的價格 是500美元。

上海博物館中的銘牌

1949年，中國經濟面臨動盪，錢幣價格大大降低。埃及末 代國王法魯克一世收藏拍賣也驗證了這一趨勢。法魯克一世 曾從漢斯·舒爾曼那裏以1萬美元的價格購買了一枚1907年 美國金質樣幣 ，該幣在1945年時曾以1 500美元的價格成 交。在1954年法魯克一世收藏Palace專題拍賣上，這枚 錢幣的成交價格僅為3 444美元，是法魯克一世購買價格的 1/3，但此後價格又恢復到1萬美元。這表明，國際市場的 關注可以導致錢幣價格的上漲。根據我們的好友傑夫·加勒 特（Jeff Garret）的分析，這枚幣現在可能價值為2 000萬 到2 500萬美元。

伍德華

法魯克一世

法魯克一世

1966 年格蘭登寧拍賣目錄 1971 年耿愛德舊藏拍賣目錄

收藏 漢斯 舒爾曼

1903 年奉天省造庫平銀一兩銀幣

庚戌春季雲南造宣統元寶

逐漸恢復

中國錢幣的市場價值直到1966年格蘭登寧拍賣 （Glennding）和1971年耿愛德舊藏拍賣才有所恢復。

1991年古德曼舊藏拍賣上，1903年奉天一兩銀幣成為第一 枚成交價格超過10萬美元的中國錢幣；2010年時，庚戌春 季雲南造宣統元寶成為第一枚拍賣金額達到100萬美元的 中國錢幣。但在2010年，已經有超過100枚美國古錢幣的

成交價格超過100萬美元。

我們也可以在耿愛德1954年和1966年《中國幣圖說匯考》 中瞭解到中國錢幣當時的價值和趨勢，這本書也反映了中 國錢幣的市場價值。我們也能從1971年耿愛德舊藏拍賣和 1991年古德曼舊藏拍賣的成交結果對中國錢幣市場有一個 很好的回顧。我們基於這些歷史資料，在《中國近代機製幣 精品鑒賞 第三版》中增加了1991年古德曼舊藏拍賣後的錢 幣成交價格，對錢幣的價格做出了歷史性的更新。

張南琛與夫人席與時

張南琛（后排左三）與華爾街的同事 前排左二的桑迪 威爾（Sandy Weill）後來成為花旗集團董 事長，前排左三的亞瑟 萊維特（Arthur Levitt）後來擔任了 美國證券交易委員會主席。

前景展望

著名藏家張南琛分析認為，隨着中國經濟的不斷發展，中國 錢幣將會再次成為價值最高的錢幣。而世界領先的金融管理 公司——黑石集團在2021年收購NGC母公司CCG集團 (Certified Collectibles Group) 的行為或許也佐證了這一 觀點。

張南琛出生自著名的收藏之家，是古錢幣收藏大王張叔馴之 子，他的岳父是民國時期中央造幣廠廠長席徳柄。張南琛先 生的職業生涯讓他接觸到了當時該領域中最具有傳奇色彩的 投資者，其中便包括亨特兄弟（Hunt Brothers）。亨特兄

弟試圖在1979-1980年操縱白銀市場，而他們的交易賬戶 正是由張先生負責管理。後來，張南琛先生成為了對沖基金 領域的先鋒之一，推出了創新型基金和金融工具。

他在金融領域有着豐富的經驗，這使得他對中國稀有錢幣的 未來有着敏銳的嗅覺。

張南琛還制定了他在收集錢幣方面的6條規則，特別是第6 條——對所有參與進來的人都要慷慨大方，對其他的藏家和 研究者充滿善意，因為這會對各方都更為有利。

席徳柄 張叔馴

張南琛收藏的六大標準

要關注錢幣的品質（極美品或品相更好的錢幣）。品相非常重要，不要為了填補收藏中的空白而購買品相低的錢幣。 因此，NC 收藏中的很多錢幣不僅非常稀少，而且有很多都是已知品相最好的。

不對有所猶豫的錢幣下手，也不要對不知為何應該入手的錢幣下手。

如果自己對一枚錢幣的長期價值有信心，那麼即使付出更高的價格也可以。如果一枚錢幣不常出現在市場上，或 一生只有一兩次機會可以得到，那麼可以支付高出市場價格 40% 的價格。

收藏的時候要具有一定的靈活性，就是如何應對會存在買不到的錢幣，更經常的情況是有價格難以承受的錢幣。

作為投資者，要看準時機，在市場行情向下調整或有大收藏出現的時候出手。

定期回顧自己的願望清單，並確定其優先順序。

NC 有一張自己的願望清單，這便於一些重要的幣商在遇到其願 望清單上的錢幣時聯繫他。當購得清單上的部分錢幣後，他會將得到的錢幣從願望清單上移除，這樣幣商們就不會 再去尋找那些錢幣。

誠實且慷慨地和收藏界裏的每個人交往。

張南琛還曾表示，他在收藏的過程中獲得了極大的樂趣，遇 到了張璜、漢斯·舒爾曼、唐·基弗（Don Keifer）和許多有 趣的人。他還說，收藏就是一場馬拉松，而不是一場短跑 比賽，所以需持一種長遠目光。例如，張南琛在1975年買 下了喜敦版湖南省造光緒元寶庫平七錢二分銀質樣幣，在 2014年將這枚錢幣通過私人交易賣給冠軍拍賣之前，他持 有這枚錢幣近40年，這是他最好的投資回報之一。正如地 理位置對房產的重要性一樣，對錢幣最重要的影響因素第一 是品相，第二是品相，第三還是品相。張南琛專注於錢幣的 稀有性和品相，這也是為何2021年5月30日舉行的張南 琛收藏專場拍賣上，出自張南琛收藏的100枚錢幣中，有 60多枚打破拍賣紀錄。其中，1911年長須龍大清銀幣兼具 稀缺性和好品相，是廣受藏家喜愛的宣三系列銀幣中品相最 好的錢幣之一，最終創下了134.3萬美元的成交紀錄。

相信隨着黑石集團的加入，會有更多的金融機構開始關注 錢幣收藏，其中或許就會包括中國機製幣。20世紀70年代

喜敦版湖南省造光緒元寶庫平七錢二分銀質樣幣 張南琛收藏，NGC SP67

中國錢幣收藏的一個重要特徵是，歷史上中國錢幣既有本土 的藏家，也有來自西方的藏家。但卻很少有中國人收集美國 錢幣。所以有一天中國錢幣可能變得比美國錢幣更有價值， 因為它有更多的收藏者。但中國的錢幣市場也有可能會像美 國市場一樣，收藏家喜愛的品種和系列，以及頂級品相的錢 幣會比稀有的錢幣更有價值。因此，考慮到錢幣的受歡迎程 度和收藏者的喜好等因素，最稀有的錢幣可能不一定是最有 價值的錢幣。

在研究錢幣市場的歷史價值趨勢時，使用真實的歷史記錄文 獻可能是最有價值的。

我們從耿愛德和包克之間的這些信件中可以看到的最高價 格，是在1941年3月25日耿愛德寫給包克的信中提到了 一枚1902年浙江省造光緒元寶庫平七錢二分銀幣，耿愛德 表示，他在前一天以2 500美元的價格買下了這一枚幣。

耿愛德致包克的一封信

1941 年 3 月 25 日 來自福煦路 941 號 共兩頁

我現在收藏了大量的中國銀元。遺憾的是，所有我沒 必要購買的錢幣品種都要花費數千元。比如昨天，

我不得不花費了 2 500 美元才買到了一枚約為 1902 年的一元銀幣，這枚幣上面的省份刻的是浙江 CHEKIANG”而不是 CHEH-KIANG。我目前只知道有三 枚這樣的樣幣存世。

這或許也是為什麼在1966年格蘭登寧公司的馮·霍爾舊藏拍 賣會上，許多類似1902年浙江省造光緒元寶銀幣的珍稀中 國錢幣最高只賣到了320英磅或800美元（當時每磅約合2.50 美元），遠遠低於耿愛德在1941年購買的價格。但在1972年 Jess Peters銷售目錄中，美國藏家D.C的中國珍稀錢幣售 價中最高的仍然高達6 000美元，而目錄中秦子幃/耿愛德 和80年代，當時的第三方認證服務還未成熟，紐約領先的 投資銀行便設立基金進行錢幣投資。現在有了第三方認證公 司的加持，金融機構便可以更容易地設立機構來投資稀有錢 幣。這部分的展望將在第二部分具體展開。

1972 年 Jess Peters 銷售目錄 LOT 593 為上海貳錢

舊藏的廣東壽字壹兩銀質樣幣僅為2 850美元。

倫敦格倫丁拍賣公司在1966年11月舉辦的馮·霍爾舊藏拍 賣上共有626件拍品。在1971年耿愛德舊藏拍賣舉辦之 前，此次1966年拍賣是當時英國甚至有可能是全世界數 量最多的一次中國錢幣拍賣會，共有9枚錢幣的成交價在 200英鎊之上，分別是：1902年喜敦版浙江楷書龍洋（Lot 0567，320英磅）；1931年中華蘇維埃銀幣（Lot 801， 320英磅）；1928年張作霖像銀幣（Lot 768，320英鎊）； 1926年張作霖像銀幣（Lot 767，250英鎊）；1927年褚 玉璞像銀元（Lot 069，260 英鎊）；L. GIORGI簽名版袁 世凱像飛龍紀念幣（Lot 746，275英鎊）；湖北省造本省 銀元（Lot 528，230英鎊）；1868年庫平一兩銀元（Lot 843，280英鎊）；1866年香港鏡面精製銀元（Lot 1072， 245英鎊）。

這枚1902年浙江省造光緒元寶庫平七錢二分銀幣和在1971 年耿愛德舊藏拍賣上以3 000美元成交的1903年奉天一兩 銀幣，是最珍稀的中國錢幣之一。1903年奉天一兩銀幣的 拍賣紀錄直到1975年派拉蒙（Paramount）拍賣才被打 破。當時張南琛以15 500美元的價格拍下了湖南省造光緒 元寶庫平七錢二分銀質樣幣。中國香港的著名幣商張璜認 為，這不論是在拍賣還是私人交易中，都是第一枚成交價格 超過10,000美元的中國錢幣。1976年，張璜將耿愛德收藏 和1972 年Jess Peters銷售目錄上的1866年上海貳錢銀質 樣幣，以10 000美元的價格賣給了張南琛，還有伍德華和 耿愛德舊藏的1884年吉林鋅質樣幣套幣也以10 000美元 的價格成交。

傑夫·加勒特先生和古富（Ron Guth）所著《美國100枚

最偉大的錢幣》介紹了很多大珍錢幣的鑄造背景，並幫助藏 家建立了頂級美國錢幣收藏。該書贏得了許多獎項，部分有 一定財富積累的個人和家族在其出版後開始收藏美國錢幣， 一些甚至在錢幣收藏上花費超過1億美元。

1902 年喜敦版浙江省造光緒元寶楷書 庫平七錢二分銀幣樣幣

我們編著《中國近代機製幣精品鑒賞》便是受《美國100 枚最偉大的錢幣》啟發，希望借此助力中國錢幣市場。相信 中國的錢幣收藏市場也會隨着經濟的發展而蓬勃向上。

1867 年上海貳錢銀幣 原耿愛德收藏，張南琛收藏，NGC PF66

1884 年吉林機器官局監製廠平銀幣鋅樣一套 原耿愛德舊藏，張南琛收藏，孤品，單面，NGC PHOTOCERT

2021年錢幣市場的變化

在瞭解中國機製幣收藏發展歷史後，讓我們來看看2021年 相關領域經歷了哪些變化。

冠軍拍賣&《東亞泉志》

2021年的中國錢幣市場欣欣向榮，冠軍拍賣和《東亞泉志》 在這一年裏業績勢如破竹。

2021年5月，冠軍拍賣發行了《收藏傳奇——張南琛中國 錢幣收藏》。這本書對我們的好友張南琛而言是一份巨大的 榮譽。書中記錄了他的收藏過程，分享了他對自己最喜歡的 錢幣的一些見解。

我們在年底發行了《中國近代機製幣精品鑒賞 第三版》， 這離不開編輯團隊、工作人員、商業夥伴、行業同仁和各位 藏家的支持，他們都為第三版的發行貢獻了自己的力量。第 三版 編撰距2011年發行第二版已有10年之久，因此非常 有必要進行更新。

張先生致力於收藏品相上乘的機製幣珍品，這也是為何 2021年5月30日在澳門舉行的張南琛收藏專場拍賣會大獲 成功的原因之一。這場拍賣會創造了超過60項成交記錄。

此外，我們在2021年又出版了4期《東亞泉志》，得到了

冠軍

《美國 100 枚最偉大的錢幣》第三版和第五版

《收藏傳奇——張南琛中國錢幣收藏》

業界的良好回饋。加之在工作人員的支持下出版的兩本書， 2021年對冠軍拍賣和《東亞泉志》上海辦公室都是成績斐 然的一年。

2021 年 4 月拍出的民國十七年（1928 年）張作霖像紀念幣 PCGS SP64

2021 年 5 月拍出的 1911 年宣統三年長須龍壹圓大清銀幣 NGC MS64

2021 年 12 月拍出的民國十五年（1926 年）張作霖像紀念幣 PCGS SP62

錢幣價格紀錄

在2021年，中國機製幣市場已然超過了2011年的高點， 來自韓國三星博物館收藏的民國十七年（1928年）張作霖 像紀念幣在4月被拍出，成為首枚拍賣成交價格突破200 萬美元大關的中國機製幣。

2021年5月，一件出自張南琛收藏的宣統三年長須龍壹圓 大清銀幣，創造了134.4萬美元的拍賣成交記錄。

2021年12月，拍賣成交價格繼續上漲，一枚1926年的張 作霖像錢幣以2 599萬人民幣成交。

《中國近代機製幣精品鑒賞 第三版》中幾個主要國家的錢 幣的最高拍賣價格。

12月出版時，1933年美國20美元雙鷹金幣以其2021年時 1 887 2250美元的拍賣成交價格位居第一；第二名是羅馬三

月十五日布魯圖金幣，拍賣成交價格為4 188 393美元；第 三名是三星博物館舊藏的1740年俄羅斯盧布樣幣，拍賣成 交價格3 858 890美元；第四名是三星博物館舊藏的1937 年英國愛德華八世5英鎊金幣樣幣，拍賣成交價格2 280 000美元；第五名是三星博物館舊藏的1928年張作霖像錢 幣，拍賣成交價格2 280 000美元。

但隨着近期這枚以約4 000 000美元拍出的1926年張作霖 像銀幣出現，上述排名已經發生改變——這枚1926年張作 霖像銀幣拍賣成交價躍至第三位。

趨勢前景預測

這種向好的趨勢讓我們原先對市場的預測有所改變。

我們認為，中國錢幣的成交價在未來5到10年內可能會達

1907 年印第安人頭像雙鷹金質樣幣

路易斯 埃利亞斯伯格

J.P. 摩根

聖 高登

到500萬到1 000萬美元的大關。就像周邁可先生的朋友， 也是他的導師——張南琛先生所認為的那樣，投資是一場馬 拉松，而不是一場短跑比賽，中國頂級錢幣的行情長期前景 看好。

我們希望所有中國錢幣的收藏者都能像張南琛一樣享受收藏 過程中的樂趣。

1849 年雙鷹金幣

在《中國近代機製幣精品鑒賞 第三版》中，我們增加的關 於世界上偉大的收藏家的部分中，有美國著名的錢幣收藏家 路易斯·埃利亞斯伯格（Louis Eliasberg）。他在1975年 11月7日接受採訪中也說過類似的話：“如果你是一個錢 幣學家或錢幣收藏家，我希望你能獲得在收集藏品過程中獲 得快樂和幸福。”埃利亞斯伯格還曾分享過，“在進行購買時， 你應該通過有信譽的經銷商購買。如果你將你的資產的任何 重要部分投資於稀有錢幣，那麼請確保你熟悉這個業務的各 個方面。”

我們可以用1907年印第安人頭像雙鷹金質樣幣來與之做比 較。

1907年印第安人頭像雙鷹金質樣幣是應設計師聖·高登 （Saint-Gaudens）的要求，由美國造幣廠鑄造，與1849 年雙鷹金幣和1933年雙鷹金幣作對比之用。

1849年雙鷹金幣和1933年雙鷹金幣都是令大多數錢幣專 家夢寐以求的錢幣。據報道，摩根（J. P. Morgan）曾在 1909年出價3.5萬美元購買1849年雙鷹金幣，這在當時簡 直是天價。

這枚非凡的1907年印第安人頭像雙鷹金幣樣幣最早為美國 造幣廠首席雕刻師查爾斯·巴伯（Charles Barber）所有。 沃爾多·紐科默（Waldo Newcomer）直接從巴伯的遺產中 買下了這枚錢幣。之後它又被出售給著名藏家博伊德（F.C.C. Boyd），其妻子在1945年前後又以1500美元的價格賣給 了阿貝·科索夫（Abe Kosoff）和艾布納·克雷斯伯格（Abner Kreisberg）。這枚硬幣之後又轉手至埃及的法魯克王，價 格幾近1萬美元。在法魯克王的統治遭到推翻之後，其收 藏的珍稀錢幣在1954年進行了名為Palace收藏的專題拍 賣。阿貝·科索夫在這場拍賣上以3 444美元的價格將其拍回，

並用這枚幣和小羅伊·納夫茨格（Roy E. Naftzger Jr.）交 換了一枚錢幣。威爾克森醫生（J.E. Wilkison）在1956

年以1萬美元的價格將這枚幣收入囊中。派拉蒙國際錢幣 公司（Paramount International Coin Corporation） 在1973年將其作為威爾克森金質樣幣收藏的一部分進行 了拍賣，其後整個收藏收歸A-馬克金融公司（A-Mark Financial Corporate）。

這枚幣後來又在1979年通過私人交易以50萬美元的 價格出售給了馬里蘭州的幣商朱利安·萊德曼（Julian Leidman）。傑克·漢考克（Jack Hancock）和鮑勃·哈維爾（Bob Harwell）在1981年以47.5萬美元的價格從美國錢幣協會 拍賣上買下這枚幣，這是這枚錢幣最後的一次公開交易。幾 年之後，這枚幣出售給了美國東北部的一位藏家，這位藏家 專注於收藏聖·高登設計的錢幣，是當今聖·高登設計錢幣收 藏領域的大家。

如前文所述，這枚幣現在可能價值為2 000至2 500萬美元， 甚至高於1933年的雙鷹金幣的價格。

聖·高登的另一傑作——1907年美國超高浮雕雙鷹金幣，也 曾以非常之高昂的價格成交。有一枚諾維收藏（Norweb） 的1907年美國超高浮雕雙鷹金幣樣幣，經評NGC PR68， 在2003年時經著名亞洲錢幣學家、作家邁克爾·卡明斯 （Michael Cummings）之手，被李健一（K.I. Lee）收 歸三星博物館收藏，當時的成交價格為125萬美元。2021 年4月，該幣以360萬美元的價格被拍出。

1907年美國超高浮雕雙鷹金幣樣幣的價格情況說明，受歡 迎的錢幣品種和系列有時可能比存世量稀少的錢幣品種和 系列更有價值。

超高浮雕雙鷹金幣是美國系列金幣中最稀有、最受歡迎的 錢幣之一，其古典的美感和藝術魅力從一眾錢幣珍品中脫 穎而出。用傑夫·加勒特和古富的話說，“也許美國乃至世 界上都沒有向超高浮雕金幣這樣如此具有視覺吸引力的錢 幣了。”如今，已知的超高浮雕金幣大約有20枚，其中 6枚被收藏在美國史密森國家歷史博物館、美國錢幣學會 （ANS）、美國錢幣學會（ANA）的哈裏·巴斯核心藏集（Harry Bass Core Collection）中。

1907年美國超高浮雕雙鷹金幣樣幣的歷史價格記錄清晰， 我們在此可以對1902年喜敦版浙江省造庫平七錢二分銀幣、

周邁可與傑夫· 加勒特在 2015 年 7 月 15 日合影於史密森美 國國家歷史博物館錢幣展館開幕式

周邁可手中所持為 1907 年小規格 20 美元金幣，已知僅 2 枚， 均收藏於史密森美國國家歷史博物館，價值超過 1 000 萬 美元。

邁克爾 卡明斯

1907年美國超高浮雕雙鷹金幣樣幣和1933年美國超高浮 雕雙鷹金幣樣幣的歷史成交價格略作比較。

1941年3月，耿愛德在上海以2 500美元的價格買下了一 枚1902年喜敦版浙江省造庫平七錢二分銀幣，該幣已知僅 3枚。

1941年，埃及法魯克一世以1 250美元買下了一枚1933年

美國20美元金幣（2021年時以1 890萬美元的價格拍出）。

三星博物館收藏的Paramount藏集中有一枚1907年 超高浮雕金幣，曾為阿爾伯特·霍爾頓所有（Albert Holden）。霍爾頓在1907年買下了這枚錢幣，該幣後於 1997年在Bowers and Merena的珍品銷售拍賣上以66 萬美元價格成交（Lot 353），在當時的價格之高令人咋舌。 自那以後，它已經出現在兩次Goldberg拍賣會上，兩次拍 賣的成交額都超過了100萬美元。

1907 年美國超高浮雕雙鷹金幣樣幣，NGC PF68 1917年，她與外交官R.亨利·諾維（R.Henry Norweb）結婚， 後來兩人極其熱衷收藏。從20世紀30年代中期到60年代， 他們不斷積極參加拍賣，並私下購買了很多珍品。諾維家族 是1954年參加埃及法魯克一世收藏拍賣會的美國收藏家中 的一員。

另有一枚1907 年美國超高浮雕雙鷹金幣在1944年1月3 日以1 250美元出售；在1950年5月經馬克斯·梅爾（Max Mehl）以3 800美元拍出（Lot 626）；在1961年2月經漢斯·舒 爾曼以18 250美元拍出（Lot 1417）。

值得一提的是，阿爾伯特·霍爾頓的女兒埃默裏·梅·霍爾頓·諾 維（Emery May Holden Norweb）在阿爾伯特·霍爾頓過 世後，不僅對其收藏進行了保留，並且進行了擴充，成為有 史以來最偉大的女性收藏家之一。

《2021年錢幣市場回顧——第二部分》將對2021年的中 美錢幣市場進行比較，並分享更多觀點，敬請期待！

李健一

諾維夫婦

2021 Chinese Coin Market Review Part II Market Outlook of 2022

◎ Champion〔Shanghai 〕

In 2021, the Chinese vintage coin market hit a new high. Against this backdrop, the main question we are going to discuss is whether the Chinese coin market will continue to go up and reach new heights in 2022.

In this regard, we believe when the rarest coins appear on the market, new collectors and investors will enter, thus pushing the coin market to new highs.

Although record auction prices were recently achieved for Chinese vintage coins, no absolute great rarities appeared on the auction market.

In 1971, the 1903 Fengtien Silver Tael realized $3,000 at the Kann Collection auction, as the first traceable auction record for this Chinese coin; in 1975, the 1898 Heaton Hunan Silver Dollar broke the record, realizing $15,500 - more than five times the record set by the Fengtien Silver Tael, as the first Chinese coin to break the $10,000 mark. In 2010, the Yunnan Spring Dollar became the first Chinese coin to break the $1,000,000 barrier; in 2011, Champion bought the 1991 5 kg 10,000 Yuan Chinese Panda gold coin commemorating the 10th anniversary of its issuance for $1.6 million from Taisei Auction, Japan; in the same year, the 1992 1 kg 2,000 Yuan Chinese Compass coin commemorating ancient Chinese inventions, graded by NGC at PR69, realized $1,298,000. Champion Auction also sold a 1 kg Compass gold coin in 2013.

Among the above-mentioned coins, only 6 Heaton Hunan Silver Dollars are known; only 4 Yunnan Spring Dollars are known; and the mintage of both the 1991 5kg Chinese Panda Gold Coin and 1992 1kg Compass Gold Coin is 10 for each. All these can be considered great Chinese coin rarities.

There were also coins from other countries at the 1971 Eduard

Kann Collection auction. The top price of $6,500 was achieved by a Japanese Meiji Year 3 1870 20 Dollar Gold Coin purchased by Masamichi Oka, the founder of Taisei Coins of Tokyo and one of the leading buyers at the Kann Collection auction.

The second highest price of $4,400 was achieved by the Taisho Year 4 Dollar with the portrait of Manchukuo Emperor Puyi, and was purchased by Hans Schumann of New York. Hans Schumann had served and found many rare coins for King Farouk of Egypt - one of the most remarkable collectors.

Yunnan Spring Dollart

1898 Heaton Hunan Silver Dollar, NGC SP67, Nelson Chang Collection

1991 5 kg 10,000 Yuan Chinese Panda Gold coin commemorating the 10th anniversary of its issuancet

dollar

Only two are known, and this one is in better condition

1992 1 kg 2,000 Yuan Chinese Compass Gold Coin commemorating the ancient Chinese inventiont

Japanese Meiji Year 3 1870 20 Dollar Gold Coin

1903 Fengtien Silver Tael

AU55, Eduard Kann/Irving Goodman collection

Many years later, Michael Chou saw this coin at the New York International Coin Show and the widow of Hans Schulman had consigned it to a New York coin dealer, Jules Karp, who was also a close friend of Michael Chou, to sell it as a Chinese fantasy coin and wanted to sell it for $250. Michael Chou told Karp that the coin was in fact a great rarity. The coin was then consigned for auction at the upcoming Taisei Hong Kong auction. In the end, Michael Chou bought it for his friend, J.S. Lee ( 李振興 ), a

famous coin dealer from Taiwan, China, for nearly US$20,000.

The Fengtien Silver Tael, which sold for $3,000 and broke the auction record for Chinese coins at the 1971 Eduard Kann Collection auction, was purchased by Irving Goodman and then auctioned at the 1991 Goodman Collection Auction, where it was purchased by Chen Chi Mao ( 陳吉茂 ) of Taiwan for Haru Chang ( 張秀青 ) of Taiwan for $187,000.

Taisho Year 4 Dollar with the portrait of Manchukuo Emperor Puyi

PCGS

LOT 591 1867 Shanghai Silver Tael with rays

LOT 5921867 Shanghai Silver Tael without rays

LOT 593 1867 Shanghai Silver Two Mace

LOT 594 1884 Kirin Arsenal Series

LOT 599 1890 Shanxi Silver Dollar

LOT 600 Maritime Customs Silver Tael

After the Goodman Collection auction, the market for Chinese coins gradually declined, and many coins later traded hands between dealers below the original auction prices. This was also the case after the 1971 Kann Collection auction.

The American collector D.C. was one of the largest buyers at the 1971 Eduard Kann Collection auction (the other two large buyers at that auction were Masamichi Oka and Goodman), and all of his purchases at that auction were placed in the 1972 Jess Peters sale list along with his own collection. It is a truly amazing achievement for D.C., as he was only in his twenties at

1972 Jess Peters Sales List

LOT 8 1890 Kweichew "Qian" Silver Dollar

LOT 478 1929 Sun Yat-Sen Junk Silver Dollar

LOT 523-525 Yuan Shih-Kai Large Bearded Silver Dollar , three different varieties

the time. Michael Chou interviewed D.C. several times in 2016 and 2017 about his collection of Chinese coins from the 1960s to the 1980s. We will publish the interview in the following issues of The Journal of EastAsian Numismatics

This list is probably the most remarkable catalog since the Chinese coins officially entered the international coin market. It contains a 1902 Chekiang Kaishu Silver Dollar, a Kwangtung "Longevity" Silver Tael, two 1867 Shanghai Silver Tael coins (with rays and without rays), a Shanghai 1867 Silver Two Mace, 1929 Sun Yat-Sen Globe Silver Dollar, 1926 and 1927 Chang Tso Lin Silver Dollars, 1890 Kweichew "Qian" Silver Dollar, 1929 Sun Yat-Sen Junk Silver Dollar, Yuan Shih-Kai Large Bearded Silver Dollar of three different varieties, Maritime Customs Silver Tael, 1890 Shanxi Silver Dollar, 1884 Kirin Arsenal Series, etc. Unfortunately, the sale was not successful, and most of the coins in the catalog remained unsold years after the list was released. In 1975, Chang Huang helped D.C. to sell the rare coins in this list. Chang Huang sold many of the coins to Goodman and Nelson Chang ( 張南琛 ) at the newly opened McDonald's restaurant in Hong Kong, and D.C. also sold some of the coins to Liu Gaizao ( 劉改造 ) and Haru Chang in Taiwan, through J.S. Lee.

Nelson Chang once told Michael Chou that the two famous auctions in 1971 and 1991 were great opportunities to buy rare coins, because after many top-quality coins appeared at these auctions, they were rarely seen on the market again. As collectors were interested in these rarities, their prices were often higher than the expected market price.

In this way, if a collector or coin dealer bought some coins at the 1991 Goodman Collection auction but sold them between 1991 and 1995, he or she would have suffered a loss during that downward market period. Between 1995 and 1997, the Chinese modern coin market boomed, pushing coin market prices significantly higher, and Champion Auction was established in Hong Kong, China in 1996, as one of the largest market participants during this period. Champion Auction is the first independent auctioneer to sell Chinese coins in the Asian market, with auctions held in Hong Kong, Macau and Taiwan, China.

The Chinese coin market went downward from 1998 to 2006. During this period, the strongest buyer in the Chinese coin field

was the Samsung Museum Collection in Korea, to which we sold many rare Chinese coins through K.I. Lee, the founder of Hwadong. In 2021, the coins from the Samsung Museum Collection appeared at auction, setting many records.

The Chinese vintage coin market was strong again from the spring of 2007 to the summer of 2008, and then began to decline in 2008 due to the global financial crisis. By December 2008, prices were only 2/3 of those in April of the same year. During 2008, wonderful coins from the Chinese Family Collection and Norman Jacobs appeared on the market, so another wonderful buying opportunity appeared like the 1971 Kann Collection auction and the 1991 Goodman Collection auction.

Two years later in 2010, the Ultima Collection auction was held. At this auction, the 1910 Yunnan Spring Dollar broke the Chinese coin auction record and became China's first coin to sell above US$1 million. Driven by new investors, we had a huge growth in interest and prices of both Chinese vintage and modern coins towards the end of December 2011.

From 2012 to 2014, the Chinese coin market saw a sharp decline. However, Champion Auction sold coins from the Nelson Chang Collection to some important collectors during this period, many of which are rare coins in the best known condition, such as the Heaton Hunan Silver Dollar and Silver Half Dollar, 1929 Sun Yat-Sen Globe Silver Dollar, and the Italian variety of the 1929 Sun Yat-Sen Junk Silver Dollar with the A. Motti signature.

In 2015, Champion held an auction of the Nelson Chang Chinese coin collection and an auction of the Tanant Collection in Macau, and in August 2016, an auction of the Howard Bowker Collection in Hong Kong, which attracted many buyers who had

1902 Chekiang Kaishu Silver Dollar

not previously attended the auction. Many of the lots from these two auctions set price records.

From 2017 to 2019, the Chinese coin market showed slow growth; it started to increase in 2020; and by 2021, the auction and transaction prices of most coins started to break records.

Since 2021, many auction companies have begun to realize the

1971 Eduard Kann Collection Catalogue

1991 Goodman Collection Catalogue

1996 Champion Auction Catalogue

6/2008 Champion Auction Catalogue

2010 Champion Ultima Collection Auction Catalogue

Chinese Family Collection Highlights

1929 Sun Yat-sen Globe Silver Dollar

The Italian variety of the 1929 Sun Yat-Sen Junk Dollar with A. Motti signature

1911 Long-Whisker Dragon Silver Dollar, NGC MS64 Champion auctioned the coin for $1,344,000 on May 2021, breaking the auction record.

1908 Chihli Silver Dollar, NGC MS65 Champion auctioned the coin for $234,000 on May 2021, breaking the auction record.

growth of Chinese vintage coins and have started to enter the Chinese market. We believe that the prices of some coins with unusual growth in demand will adjust to a more reasonable range in 2022, such as the 1908 Empire Silver Dollar, the 1911 Empire Silver Dollar and the 1908 Chihli Silver Dollar, while rare coins will still have a bright performance at auctions.

There will also be more private transactions for rare coins, as both buyers and sellers want the process to be more private.

For example, more than two-thirds of Nelson Chang's coin collection was bought through private transactions, for which he paid significant prices to some of the top coin dealers who found the coins on his want list. His father Nai-chi Chang ( 張 叔馴 ), known as "the King of Ancient Coins" who built a huge collection, also liked to collect coins through top coin dealers and their networks. Also, the famous numismatist Howard Bowker once visited Nai-chi Chang's office in New York in the 1940s, which is evidenced by the relevant correspondence and the Bowker family later presented the correspondence to Nelson Chang as a gift.

For sellers who may face the challenge the turnaround time required for auctions, private transactions allow them to have immediate access to funds and protect the privacy of the transaction. The price of many great rarities can also be more reasonable in private transactions for both buyers and sellers based on historical data. It would not be surprising to see a single Chinese coin of great rarity to be sold for RMB 30 million or US$5 million in the next three to five years. Likewise, it would not be surprising to see private transactions begin to flourish in the future.

Taiwanese collectors have gathered many great Chinese rarities. In the past few months at the beginning of 2022, Michael Chou was in Taiwan and met and communicated with many collectors. Although the recent dramatic increase in coin prices, many collectors still keep enriching their collections with unabated enthusiasm, and they will be more selective in their purchases and may have a preference for coins from certain regions. For example, some senior collectors have started collecting coins used along the Silk Road and Japanese coins.

In the near future, some institutions will become interested in Chinese coins as the Samsung Museum in South Korea had previously done. These institutions, including the Bank of Shanghai Museum and the Tyrant Collection in the U.S., purchase coins and banknotes to show the financial history behind them. The owner of the Tyrant Collection hired one of the six founders of a major grading firm, and the former executive director of the American Numismatic Society in New York, as his advisor to build his collection. Blackstone Group of New York entered the collectibles market in 2021 with the acquisition of CCG of Florida. CCG's senior management team

8/2016 Bowker Collection Auction

members remained with the company to continue to drive their numismatic business, including NGC Chairman Mark Salzburg, who had worked with Michael Chou for many years, CEO Steven Eichenbaum, and President Max Spiegel. We expect that after this acquisition, the Chinese coin collecting will be better recognized by the domestic and international numismatic community. It is possible that a fund managed by Blackstone will also enter the numismatic market, which is certainly very exciting for both the Chinese numismatic and collectible markets.

In February 2021, Steve Cohen of New York acquired California Collector Universe and Nat Turner succeeded as president of sports card grading company PSA. Its newly formed Collector Holdings acquired Goldin Auction of New Jersey, the top U.S. sports card auction house with more than $500 million in annual sales, in July 2021. The artificial intelligence technology company Genamint, which grades sports cards, was also acquired by Collector Holdings. The acquisition intention of the company's executives was clear, that is, to expand its core sports card business, increase its investment in appraisal company PSA and add new employees.

For Champion Auction, we will continue to focus on the field of numismatic research and expand the support and cooperation with museums, banks and other institutions in the exhibition of coins. Also, we will give more assistance to numismatic research authors and collectors in the writing of numismatic articles and books. We are very optimistic about Chinese coin collecting and hope to continue to build a bridge between East and West in the field of coin collecting and to stimulate collectors' interest.

We look forward to seeing the Otto Beh Chinese coin dies on display at the Moritzburg Museum with the help of Künker Auctions. We also hope to work with Künker Auctions on more exciting projects in Germany, which will certainly make Chinese coins more interesting to the international market.

Prior to that, the National Numismatic Collection will hold the Big Money exhibition, which will officially open at the Smithsonian National Museum of American History on June 8, 2022. This newly launched numismatic exhibit, designed to promote understanding of coins among children ages 6 to 12, will be sponsored by the Howard Bowker Numismatic

Chinese coin dies made by Otto Beh were handed over to the Moritzburg Museum

Group photo on February 5, 2016

(From left:) Ulrich Künker, Wulf Dreger, curator of coins at the Moritzburg Museum, Robert Mish, Michael Chou, Christian Philippson, president of the Castle Foundation

Germany

Research Fund and Michael Chou. Michael Chou also plans to attend the opening of the Great Numismatic Exhibition in June

Tyrant Collection

Moritzburg Museum,

Michael Chou with John Gray, representative of the Bowker family and director of the museum, at the annual dinner of the Smithsonian National Museum of American History in May 2017

Mateo Zhao, NGC Vice President of Asian Business Development, speaking at the 2021 MNS Annual Show and Seminar, with grade school students, principal and teachers attending the event

Bowker family representatives at the National Numismatic Collection Vault, May 2017

Michael Chou (center) and David Chio (second from the right) with the principal and teachers of the grade school

with members of the Bowker family. Given that the Baltimore Whitman Coin & Collectibles Expo will be held immediately following this event and in close proximity to each other, it

is likely that the show will be filled with top coin dealers, collectors and researchers.

Also starting in 2022, Champion will start a 5-year partnership with the Macau Numismatic Society (MNS) for Champion to fund the promotion of numismatics to Macau grade schools, by purchasing numismatics material, making talks, and launching scholarships to each school. At the MNS Annual Show, the grade school children will be invited to attend the show and also the seminar. We hope this will help promote numismatics to the kids and they may become collectors in the future.

Finally, we look forward to seeing you all at the upcoming numismatic fair and the an MNS Annual Show in Nov. 2022.

The Opening Ceremony of the 2020 Macau Numismatic Society Annual Show

原刊載於《東亞泉志》第 26 期

2021年中國錢幣市場回顧 第二部分

——2022年市場展望

◎ 冠軍研究室〔上海〕

雲南省造庚戌春季宣統元寶庫平七錢二分樣幣 1898年喜敦版湖南省造光緒元寶庫平七錢二分 銀質樣幣，NGC SP67，張南琛收藏

2021年，中國機製幣市場創下新高。在此背景下，我們所 要探討的主要問題便是——中國錢幣市場行情是否會在 2022 年繼續升溫並達到新的高度。

對此，我們的觀點是，當最為珍稀的錢幣現世，便會有新 的藏家和投資者進入市場，從而將錢幣市場行情推向新高。

雖然中國機製幣拍賣價格屢破歷史紀錄，但是近期並沒有 真正具好品相且極為珍罕的錢幣出現在拍賣市場上。

1971年耿愛德舊藏拍賣會上，1903 年奉天省造癸卯光緒 元寶庫平重一兩銀質樣幣（“奉天一兩”）創造了第一個可溯 的中國錢幣拍賣紀錄，以 3 000 美元的價格成交；1975 年， 1898 年喜敦版湖南省造光緒元寶庫平七錢二分銀質樣幣打 破了這一紀錄，以15 500 美元的價格成交——超過“奉天 一兩”創造的價格紀錄的 5 倍，成為首枚突破10 000 美元 大關的中國錢幣；2010 年，雲南省造庚戌春季宣統元寶庫 平七錢二分樣幣成為第一枚百萬美元的中國錢幣；2011年，

冠軍拍賣為客人從日本泰星拍賣會上以160萬美元的價格買 下了1991年5 公斤10 000 元面值中國熊貓金幣發行十周年紀 念金幣；同年，1992 年1公斤 2 000 元面值中國古代發明發 現指南針紀念金幣也以超過100萬美元價格成交，該幣經 評 NGC PR69，以129.8萬美元的價格成交，冠軍拍賣也 曾在 2013 年拍出過一枚1公斤指南針紀念金幣。

以上提到的幾枚錢幣中，喜敦版湖南省造光緒元寶庫平七 錢二分銀質樣幣已知僅 6 枚；雲南省造庚戌春季光緒元寶庫 平七錢二分樣幣已知僅 4 枚；1991年5公斤中國熊貓發行十 周年紀念金幣和1992 年1公斤中國古代發明發現指南針紀念 金幣鑄造量各為10 枚，這些都可以被稱之為錢幣中的大珍。

而在1971年耿愛德舊藏拍賣上，還有一些來自其他國家 的錢幣，其中成交價格最高的是1870 年大日本明治三年 貳拾圓金幣，被來自日本泰星拍賣公司創辦者崗政道先生 （ Masamichi Oka）以6 500 美元的價格買下，他也是這場 拍賣最大的買家之一。

1991年5公斤中國熊貓金幣發行十周年紀念金幣

1992年1公斤中國古代發明發現指南針紀念金幣

1870年大日本明治三年二十圓金幣

1915年大日本大正四年溥儀肖像幣 已知僅兩枚，該枚品相較好

取得該場拍賣成交價格第二名的是1915 年大日本大正四年 溥儀肖像幣，被紐約的著名幣商漢斯 舒爾曼先生（Hans

Schumann）以4 400 美元的價格買下。漢斯 舒爾曼曾服 務於埃及法魯克王——最了不起的藏家之一，為他找尋到了 很多珍罕錢幣。

1903年奉天省造癸卯光緒元寶庫平重一兩銀質樣幣 PCGS AU55，耿愛德/古德曼舊藏

多年之後，周邁可先生曾在紐約國際錢幣展上看到過這 枚錢幣，漢斯 · 舒爾曼先生的遺孀將這枚幣委託給紐約 的幣商，亦是周邁可先生的好友朱爾斯 卡普先生（Jules Karp），作為中國臆造幣出售，並希望以 250 美元的價格成 交。而周邁可先生告訴卡普先生這枚幣實則是大珍。於是， 該幣被委託在即將進行的泰星中國香港拍賣上開拍。最終， 周邁可先生為其另一位好友——中國臺灣著名幣商李振興 先生，以近 20 000 美元的價格買下。

LOT 8 光緒十六年貴州官爐造黔寶銀幣

LOT 591 上海壹兩射線版銀幣

LOT 592 上海壹兩無射線版銀幣

LOT 593 上海貳錢銀幣

LOT 594 1884年吉林廠平銀幣

LOT 599 光緒十六年山西官爐造足紋一兩

LOT 600 中外通寶銀幣

LOT 478 中華民國十八年孫中山像帆船銀幣

LOT 523-525 3種不同的袁世凱大鬍子像 中華民國開國紀念幣樣幣

1972年Jess Peters銷售目錄

那枚以 3 000 美元成交並打破中國錢幣拍賣紀錄的“奉天一 兩”則在1971年耿愛德舊藏拍賣上被古德曼先生（Irving Goodman）買下，並於1991年的古德曼舊藏拍賣上再次 亮相，經由中國臺灣的陳吉茂先生為中國臺灣的張秀青先 生以187 000 美元的價格買下。

在古德曼拍賣結束之後，中國錢幣市場行情逐漸下滑，很 多錢幣不斷在幣商間轉手，價格則不及其原來拍賣成交的 價格。而這樣的情況在1971年耿愛德舊藏拍賣上也曾出現 過一次。

美國藏家 D.C. 是1971年耿愛德舊藏拍賣上最大的買家之 一（該場拍賣上另兩位大買家是崗政道和古德曼），他在這 場拍賣會上買到的所有藏品都被和他自己的藏品一起放入 了1972 年 Jess Peters 銷售目錄，而 D.C. 當時才二十幾歲， 如此成就確實令人驚歎。周邁可先生在 2016 年和 2017年對 其進行了幾次採訪，瞭解了其自20 世紀 60 年代至80 年代收 藏中國錢幣的故事。我們將在之後的《東亞泉志》中刊載。

這本目錄可能是中國錢幣自正式進入國際錢幣市場以來最 為了不起的一本銷售目錄，上面有1902 年楷書浙江省造光 緒元寶庫平七錢二分銀幣、廣東省造壽字壹兩銀幣、1867 年上海壹兩（有射線版和無射線版）和上海貳錢銀幣、

1929 年孫中山像地球銀幣、1926 和1927年張作霖像銀幣、 光緒十六年貴州官爐造黔寶銀幣、中華民國十八年孫中山 正面像帆船銀幣、3 枚袁世凱大鬍子像中華民國開國紀念幣、 中外通寶銀幣、光緒十六年山西官爐造足紋一兩、1884 年 吉林廠平銀幣，等等。遺憾的是，這場銷售活動並未取得 成功，目錄上的大多數錢幣在目錄面世多年後仍未售出。

到了1975 年，張璜開始幫助 D.C. 出售這本目錄上的珍稀錢 幣。張璜在中國香港新開的麥當勞餐廳裏將其中很多錢幣 賣給了古德曼和張南琛。D.C. 也通過李振興將部分錢幣賣 給了中國臺灣的劉改造和張秀青。

張南琛先生曾告訴過周邁可先生，1971年和1991年的那兩 場著名拍賣都是收穫錢幣的大好機會，因為在很多高品質 的錢幣那時亮相市場之後，便很少能看到它們再次出現， 但是藏家們都對這些珍罕品很感興趣，因此其價格往往高 於市場預期價格。

如此一來，如果一位藏家或者幣商在1991年古德曼拍賣會 上買下了一些錢幣，但是在1991年至1995 年之間將其賣出，

1902年楷書浙江省造光緒元寶庫平七錢二分銀幣

那麼很有可能會在那段向下的市場行情中蒙受損失。在 1995 年至1997年，中國現代幣市場蓬勃發展，將錢幣市場 價格大幅推高，冠軍拍賣也在1996 年於中國香港成立，成 為這一時期的最大市場參與者之一。現在，冠軍拍賣是最 早在亞洲市場拍賣中國錢幣的獨立拍賣商，在中國香港、 澳門和臺灣均有拍賣舉行。

中國錢幣市場在1998 年至 2006 年行情下行。期間，中國錢 幣領域最強勁的買家是韓國三星博物館收藏，我們通過華 東公司創辦人李健一先生（K.I. Lee）向該收藏出售了很多 珍罕的中國錢幣。2021年，三星博物館收藏的錢幣現身拍 賣，創造了多項紀錄。

2007年春至 2008 年夏，中國機製幣市場行情再度走強，至 2008 年因金融危機影響而開始下滑。2008 年12月時，類似 錢幣的價格僅為同年 4月的 2/3 。2008 年，華人家族收藏和 諾曼 雅克布收藏（Norman Jacobs）的精美錢幣亮相市場。 這幾場拍賣和1971年、1991年的那兩場拍賣一樣，都是購 買錢幣的大好時機。

時隔兩年至 2010 年，Ultima 收藏拍賣舉行。這場拍賣上， 1910 年雲南省造庚戌春季光緒元寶庫平七錢二分銀幣打破 中國錢幣拍賣紀錄，成為中國的第一枚百萬美元錢幣。至

2011年前，新投資者進入，驅使大家對中國機製幣和現代 金銀幣市場的興趣不斷高漲，價格不斷趨高。

2012 年至 2014 年，中國錢幣市場行情急劇下滑。但冠軍拍 賣在這段時間向一些重要藏家出售張南琛收藏的錢幣，其 中有很多是已知品相最好的珍品，如喜敦版湖南省造光緒 元寶庫平七錢二分銀幣和三錢六分銀幣、1929 年孫中山像 地球銀幣、1929 年意大利版 A. Motti 簽字銀幣，等等。

冠軍2008年6月拍賣目錄 華人家族收藏精品錢幣 冠軍2010年Ultima收藏 拍賣目錄

2016年8月包克收藏拍賣現場

1911年大清銀幣長須龍壹圓，NGC MS64

冠軍2021年5月拍賣以1 344 000美元成交，打破拍賣紀錄

1908年造幣總廠光緒元寶庫平七錢二分銀幣，NGC MS65

冠軍2021年5月拍賣以234 000美元成交，打破拍賣紀錄

和成交價格打破紀錄。

2021年，很多拍賣行已經開始意識到中國機製幣在收藏市 場中的增長態勢，並開始進入中國市場。我們認為，一些 需求增長異常的錢幣的價格在 2022 年會有所調整，如1908 年大清銀幣、1911年宣三銀幣和1908 年北洋局造一圓等錢 幣的價格會調整到更為合理的區間。而珍罕錢幣仍將在拍 賣會上有亮眼的表現。

但是，也會有更多針對珍稀錢幣的私人交易，因為買賣雙 方都希望交易過程能夠更為私密。例如，張南琛先生收藏 的錢幣中超過 2/3是通過私人交易買下的，為此他向一些 可以找到其願望清單上錢幣的頂級幣商支付了不菲的價格。 其父親——建立了龐大收藏的古錢大王張叔馴先生也喜歡 通過頂級幣商及其網路收藏錢幣。著名錢幣研究學者霍華 德 包克曾在 20 世紀 40 年代時到訪過張叔馴位於紐約的辦 公室，這一點有相關信箋可以佐證，之後包克家族將相關 信件作為禮物曾贈給張南琛先生以緬懷。

對於賣家而言，他們需要面對拍賣所需的周轉時間，而私 下交易可以讓他們立刻獲得資金，並且保護了交易的私密 性。很多錢幣大珍也可以在私人交易中基於歷史數據，達 成一個對於買賣雙方都更為合理的價格。如有單個中國大 珍錢幣的成交價格在未來 3至 5 年內達到 3000萬人民幣或 500萬美元，那也毫不令人意外。同樣地，今後私人交易開 始盛行不會是一件令人驚訝的事情。

中國臺灣聚集了很多中國錢幣大珍。在剛剛過去的 2022 年 開始的兩個月中，周邁可先生一直在臺灣地區，並和很多收 藏家見面交流。近期錢幣價格大幅度上漲，很多藏家豐富 自己收藏的熱情不減，但是他們在購買的時候會更加精挑 細選，可能會對某些地區的錢幣有所偏好，例如有一些資 深藏家已經開始收藏絲路沿線錢幣和日本錢幣。

2015 年，冠軍在中國澳門舉行了張南琛收藏拍賣和譚安收 藏拍賣，2016 年 8月，又在中國香港舉辦了霍華德 包克收 藏拍賣，吸引了很多此前未曾參加過拍賣的買家，這兩次拍 賣諸多拍品刷新成交價格紀錄。

2017年至 2019 年，中國錢幣市場行情呈現緩慢增長態勢； 2020 年開始增幅加大；至 2021年，大多數錢幣的拍賣紀錄

之後的一段時間裏，一些機構也會如此前韓國的三星博物 館一樣對中國錢幣感興趣。他們購買錢幣和紙鈔是為了展 示其背後的金融歷史背景，類似的機構包括上海銀行博物 館和美國的 Tyrant 收藏。Tyrant 收藏的所有者雇傭了某 主要評級公司的六位創始人之一，以及紐約的原美國錢幣 學會執行董事，作為其顧問，建立了自己的收藏。

紐約的黑石集團在 2021年進入收藏品市場，收購了佛羅里

達的 CCG 集團。CCG 的所有的高層管理團隊都留在了 公司，繼續推動他們的錢幣業務，包括曾與周邁可先生合 作多年的 NGC 董事長馬克 薩爾茨堡（ Mark Salzburg ）、 首席執行官史蒂文 艾森鮑姆（Steven Eichenbaum）和總 裁麥克斯 · 斯皮格爾（ Max Spiegel）。我們期待着在這場 收購之後錢幣收藏品會得到國內外錢幣界更好的認可。可 能黑石集團管理的基金也會進入錢幣市場，這一展望無疑 對中國錢幣和收藏品市場都非常令人振奮。

2021年2月，紐約的史蒂夫 · 科恩（Steve Cohen）收購 了加州 Collector Universe 公司，且奈特 特納（Nat Turner）繼任運動卡鑒定公司 PSA 的總裁一職。其新 成立的 Collector Holdings 公司在 2021年 7月收購了美 國頂尖的運動卡拍賣公司——新澤西州的戈爾丁拍賣公司 （Goldin Auction），該拍賣行年成交額超過 5 億美元，對 運動卡進行評級的紐約人工智慧科技公司 Genamint 也被 其收購。該公司高層的收購意圖非常明確，那就是要拓展 其運動卡核心業務，加大對鑒定公司 PSA 的投資，並增加 新的員工。

對於冠軍拍賣而言，我們之後將繼續專注於錢幣研究領域， 並擴大我們現在和多家博物館、銀行等機構在錢幣展出方 面的支持和合作，也會為錢幣研究作者和收藏者在錢幣文 章和書籍撰寫提供更多的幫助。我們對中國錢幣收藏品持 非常樂觀的態度，希望能夠繼續為東西方在錢幣收藏領域 構建起一座橋樑，激發收藏者的興趣。

我們期盼在昆克拍賣的幫助下，在莫裏茨堡博物館看到奧 托 · 拜赫德製中國幣模的展出。我們也希望能和昆克拍賣 在德國開展更多振奮人心的項目，這一定會讓國際市場對 中國錢幣更感興趣。

在此之前，美國國家錢幣收藏推出的大錢展（ Big Money） 將於 2022 年 6月8日在美國史密森國家歷史博物館正式開 幕。這場新推出的錢幣展旨在促進 6歲至12 歲兒童對錢幣 的瞭解，將由霍華德 · 包克錢幣研究基金和周邁可先生提 供贊助。周先生也計劃和包克家族成員共同在6月出席錢幣 大展開幕式。鑒於巴爾的摩錢幣場將緊接着這場活動舉行， 且場地相距不遠，想必這場展覽現場將會聚集很多頂級幣 商、藏家和研究者。

冠軍拍賣也將自2022 年起和澳門錢幣學會開啟為期 5 年的

奧托 拜赫德製中國幣模移交莫裏茨堡博物館 合影於2016年2月5日 （左起：）烏爾裏希 昆克、莫裏茨堡博物館錢幣館館長伍 爾夫 德雷格爾、羅伯特 米什、周邁可、古堡基金會會長克 裏斯蒂安 菲利普森

德國莫裏茨堡博物館

Tyrant收藏

2017年5月，周邁可先生與包克家族代表及博物館館長約翰 蓋 瑞（John Gray）合影於美國史密森國家歷史博物館年會晚宴

NGC 亞洲業務拓展副總裁趙振陽先生在 2021 年澳門錢幣學 會及研討會上發言，澳門的小學生和校長及老師一起參加 活動

2017年5月，包克家族代表在美國國家錢幣藏集保險庫

周邁可先生和趙康池先生（右2）與小學校長及老師合影

合作，在澳門的小學推廣錢幣知識，為學校購買錢幣和紙 鈔實物、相關書籍，舉辦講座，以及發放獎學金提供資助。

在一年一度的澳門錢幣學會年展上，這些小學生將被邀請 參加展覽和研討會。我們希望這些舉措有助於向孩子們普 及錢幣知識，因為他們將來都有可能會成為錢幣收藏家。

最後，我們期待在不久之後將要舉行的錢幣交易會和 2022 年11月的澳門錢幣學會年會上與各位再見。

2020年澳門錢幣學會年會開幕式

Berlin Panda Issue Highlights 2016 World Money Fair Show Commemoratives Regaining Popularity

◎ Robert Mish〔USA〕

Two floors. Several large rooms and halls. Over 300 booths, mostly with numismatic coins for sale. Auctions, new Mint issues, numismatic news releases, dealer and club meetings, coin awards, first class hospitality. Thirteen thousand people trying to take it all in with only three days. Booths and tables tended to be much larger at this show than we traditionally see at USA and Asian shows, affording dealers to display many more coins for public perusal.

The annual Berlin World Money Fair is to Europe what the ANA World's Fair of Money is to the USA. Berlin is certainly the most important coin convention in Europe and one of the major coin shows of the world, drawing noted dealers, collectors, and mints from numerous countries. What began in Basel, Switzerland in 1972 moved to Berlin in 2006 and expanded to accommodate the post-iron curtain numismatic boom.

Hunting for Chinese Coins

PRC modern Chinese coins were actively distributed in Germany, particularly by the Mint distributor MDM of Braunschweig. From the late 1980s until the late 1990s, MDM was the primary contractee for several series, including both the world and the traditional culture coins of 1990-1997, various sports issues of 1988-1996, the 1993 Marco Polo issues, and the Munich show pandas of 1988-1997. In addition, MDM sold quantities of numerous issues from Mint allotments and from other distributors, most notably large size silver pandas, historical series 1984-1992, Year of Peace coinage, and silver

Inventions & Discovery singles and sets.

When Chinese coins both vintage and modern caught fire in the home market from 2010-2013, China mainland coin dealers and independent local Chinese residents not only combed the floor of USA shows, but also traveled to the major German shows to find and recover the PRC rarities that were once sold primarily in Germany. Our German colleagues reported intense floor competition in recent years from these Chinese buyers. While pre-existing German dealer inventories were "cleaned out" in this period, Chinese coins steadily resurface from original MDM customers as well as from collections built by sourcing other modern world coin dealers in Europe. So, what doesn't wind up on German eBay, or in auction, can get brought to the Berlin show by some of the dealers with tables. Right from the show opening, I joined the hunt.

Hoping to stumble into some PRC rarities, I was somewhat disappointed. I did see numerous gold and silver pandas, however, the rare dates were either long gone, or were leftovers with imperfections. I bought some PRC sports coins at reasonable levels at more than a few tables, plus some but not as many older Munich show issues as I had expected to find. Again, so many of the China coins in German inventories were not of top quality. This was complicated by the general ask price levels being higher in Europe than in the USA, where we are used to "deals" on the PRC Chinese coins which have had a more "relaxed" market as of late.

Why is the quality generally lower in European inventories? One reason of course is that quality gets picked and sold first. But as one dealer explained, there is another factor. MDM marketed these coins by subscription to an audience of "investors" more so than collector numismatists. Non-numismatists and their heirs were more likely to mishandle the coins than would a serious collector.

1993 China's outstanding historical figures Mao TSe Tung commemorative gold coin

Where Did the Munich Pandas Go ?

One of the reasons I was unable to buy much in older Munich show pandas, and none at my "preferred" price was that, as one German explained, the previous steady supply of show pandas coming back from original buyers has subsided. In addition, with the "small-world" information age, the German dealers were already aware that these issues, hardly wanted two years ago, were among those being pursued by the mainland Chinese since their "re-discovery" of late. True, show pandas seem to be "a thing" again, but I wasn't going to tip my hand. I came to Berlin with multiple "old" orders to find Munich 12 oz. and Kilo silver pandas, bi-metal 1996, and any of the Munichs that might certify PF69 or better by NGC once we got them home. Unfortunately, I returned with none of the rare types, and only a handful of half-ounce gold that had a chance to 68 or 69.

2016 Berlin Pandas Sell Out

While a 2013 show Panda was the first to commemorate the Berlin WMF, the reintroduction of a WMF panda for 2016 had a purpose beyond. The Otto Beh dies, made in Germany for many of the provincial coins of the 1889-1911 Empire period, were being donated to the (Anhalt State) Kunstmuseum Moritzburg Museum in Halle, Germany to anchor a new section devoted to the history of Chinese coins as well as German participation in their manufacture, tying in with German-Chinese trade.

Forty-two of these original dies plus 36 die punches were recovered by Michael Chou of Champion Auctions (Shanghai/ Macau/Taiwan), who bought them for a healthy figure (multiples of the original auction estimate) to prevent them from going into auction, where he feared they could get into unscrupulous hands. With the assistance of Künker Auctions (Osnabruck, Germany), the ideal German museum was selected to receive the dies and protect them for eternity. The "Chinas Geld" exhibit will open on 18 September 2016 and complete its first run on 29 January 2017.

Mr. Chou exhibited the dies, leading to much fanfare at the Macau International Coin Convention in December 2015 where even collectors and scholars from mainland China came to view and study them. The dies of course were featured on the Macau Show Panda.

The dies then traveled to Berlin where they again were exhibited prior to a well-attended "hand-over" ceremony. Meanwhile, with the support of the WMF Administration and the Künker Company, the 2016 Berlin Pandas, also featuring the Otto Beh dies, had become the "buzz" of the show.

The obverse portrays the Berlin Dome, the famous artistic landmark and largest church in Berlin. The reverse features two of the dies, with the China panda bear and the Berlin bear connecting as they examine the old Anhalt bear coin from the 19th century.

The 300 one-ounce silver pieces allotted for strict one-perperson sales were moving steadily at 69 Euros with the sales flow actually increasing on the second day when they sold out. Another 1700 coins of the 2000 mintage were allotted among the

1996 Munich Int'l Coin Show Bi--metallic Panda, 30mm

1994 Munich International Coin Show Gold Panda 1Kg Ag, 100mm

1997 Munich Int'l Coin Show Sliver Panda 12oz Ag, 80mm

2016 World Money Fair Berlin Pandas 1oz Ag, 40mm

international distributors in Hong Kong, Macau, Japan, Korea, Germany, and the USA. Another 20 pieces were struck in twoounce gold, 10 pieces in one-ounce palladium, with 200 copper mostly handed out as gifts to Mint and Museum dignitaries, exhibit event attendees, and working show personnel. Also, 45 brass were struck as part of a two-piece copper & brass presentation set for distributors and for current and future museum events.

As was accomplished with the 2014 and 2015 Macau Show Pandas, each of the commemoratives have their sequential serial number struck on face, while the copper & brass have the number struck on the edge.

The Shanghai Mint considered this issue so important that they hand carried the original die plasters to Berlin for display at the show panda sales booth, where the Otto Beh dies were also displayed. This was the first time that show panda plasters ever left China.

Another "first" was the Berlin Panda being the only show panda ever made with lasering of the die. The workmanship can be seen in the background beneath the Berlin Dome, helping to highlight its magnificent details.

"This was the most beautiful, and well made show panda yet," commented Denny Huhn (House of Coins), a German dealer in Modern World coinage. That is saying a lot considering all the nice artistry and notable motifs in past show pandas, particularly the recent Macau issues. Regardless, such reactions were heard often whether I walked around the show or hung around the distribution booth. Perhaps that is in part why the market value for the silver one-ounce has tripled since the Berlin show, with demand still unfilled.

Auction of Berlin #1 Pandas

Künker Auctions are the official auctioneer of the WMF. As the largest numismatic auctioneers in Europe, they hold numerous events each year, which regularly include some of the most desirable German, and other world coins which come to market. Künker donated space in their auction for each of the Berlin gold & silver pandas with Serial #1. "We were overwhelmed by the interest and spirited bidding," Managing Director Ulrich Künker reported. The silver was bid up from issue price to 2200 Euros, while the gold brought 9250 Euros, both plus 20% buyer's fee and VAT. Call it US $2955 and US $12,430 at the time. The full proceeds were donated by the project partners, Michael Chou and myself, to help defray the costs of constructing the Museum's expanded China section.

Show Pandas Gain Status

Show commemorative Panda issues have also attained new recognition as a class of numismatics above merely "medals."

Pricepedia, NGC, and Chinese numismatists such as the renowned modern China coin scholar & author Chan King Lam have now categorized them as official panda show commemoratives. With identical specifications as the nominally denominated bullion pandas, these official commemoratives could not be monetized as they were struck exclusively in friendship for international coin events in foreign countries or in special administrative regions with their own currencies.

One retired China Mint official explained that when the show pandas were first struck, there was only two possible words in Chinese, one for monetized coins, and one for all other. Thus actual medals, medallions, badges, and non-monetized bullion and commemorative issues all shared one word "zhang" which was translated on the first certificates to "medals." Starting with the 2015 Macau show panda, all issues since no longer say "medal" on the certificate. NGC removed "medal" from new issues starting with the certification of 2014 Macau pandas, and now certifies new submissions of any show commemoratives as "Official Panda Issue" followed by the date and show name.

Impact of Terminology

The collecting community in the English-speaking world has

enjoyed the benefit of several words in the language making possible a more specific identity of numismatic related products. We recognize both circulating and non-circulating mediums of exchange, whether blessed with a "denomination" by a government entity or not. Often these denominations are meaningless or nominal when a product is not intended to circulate as a medium of exchange. In 1974, the Society for International Numismatics published a paper in an attempt to classify the various numismatic issues, many of which were of dual character. Umbrella categories included: Numia (circulating coins and bullion regardless of issuer), Mesonumia (noncirculating coins and commemorative bullion), Exonumia (tokens and merchant issues for redemption, coins altered for novelty, medallions, decorations, charms, etc.).

Today common usage terms include coins, bullion, commemorative bullion, tokens, medals, and medallions. Non-monetized issues as China 1982 gold Pandas and South Africa gold Krugerrands are among the famous bullion issues while China show pandas are among the world's most popular collected commemorative bullion. With government mints engaging in different practices worldwide as to monetization, redemption, and purpose of issue, it is understandable why there is so much confusion. In the end, it is the free market, not monetary authorities, that determines collectability.

Evolving Market

As both a dealer and collector who has been fond of the China Panda series since inception, and who has been involved in their design, distribution, or aftermarket, I am delighted to witness the successful revival of show panda issues (starting in 2012) after a 15-year interlude. The series, which began with the 1984 Hong

Kong International Show issue, honored dozens of worldwide numismatic events that the China Mint attended through 1997. In 2012 the second generation of show issues rebirthed at the Singapore International Coin Fair.

For the first time in many years, I have customer orders I cannot fill from inventory, so I will be combing the shows and soliciting my colleagues for help. If future show issues continue to be produced with design quality and workmanship, and with sensible mintages not exceeding current collector demand, they will continue to rise in value and respect as essential parts of all serious panda coin collections.

For referral to the Berlin Panda distributor for your area, readers can email robert@mishinternational.com

For a complete checklist of all China official international show commemoratives, readers can email office@mishinternational.com

Mr. Mish is the founder and President of Mish International Monetary Inc., a Menlo Park CA (USA) firm known to be among the world's most prominent market makers in modern Chinese coins. He is a past primary contributor to the Krause-Mishler Standard Catalog of World Gold Coins, and ongoing contributor to Friedberg's Gold Coins of the World, China Pricepedia, and the Standard Catalog of World Coins.

1984 Hong Kong Int'l Coin Exposition Silver Show Panda, 1oz Ag, 38.6mm

2012 Singapore Int'l Coin Fair Gold Show Panda 5oz Au, 60mm

原刊載於《東亞泉志》第 2 期

柏林世界錢幣展覽會紀念熊貓驚艷2016世界錢幣展覽會 ——紀念熊貓風潮再度來襲

◎ 羅伯特•米什〔美國〕

兩層樓，數間禮堂；300多個攤位，多是售賣錢幣藏品的； 拍賣會，鑄幣局新出的錢幣，錢幣信息，幣商和社團聚會， 錢幣獎，賓至如歸的服務…… 參加展會的13000人要在短 短三天內就把以上所有的訊息全部吸收掉。這次展會的攤位 比以往美國和亞洲錢幣展上的攤位要大得多，這樣一來，幣 商們便可以展出更多的錢幣藏品以供大眾鑒賞。

一年一度的柏林世界錢幣展之於歐洲就如同ANA世界錢幣 展之於美國一樣重要。柏林錢展不僅是歐洲最為重大的錢 幣展覽會，也是世界聞名的幾大錢展之一，全世界的知名幣 商、收藏家以及幣廠每年都會前來參加展會。柏林錢幣展始 於1972年，當時是在瑞士巴塞爾舉辦的，後來，為了順應 後鐵幕時代的錢幣繁榮浪潮，主辦方便於2006年將舉辦地 遷到了德國柏林。

尋找中國錢幣

中華人民共和國現代幣曾經在德國風靡一時，最出名的中國 現代幣經銷商就要數布倫瑞克的MDM錢幣經銷公司了。

在20世紀80年代末至90年代後期這一段時間裏，MDM 曾經作為主要簽約商銷售過好幾種中國現代幣，其中包括： 1990-1997年發行的世界文化名人及中國傳統文化系列紀念 幣；1988-1996年的體育薈萃系列紀念幣；1993年的馬可• 波羅紀念幣以及1988-1997年發行的慕尼黑錢展熊貓幣系 列。 另外，MDM公司還出售過大量從鑄幣廠及其他經銷 商那裏收到的其他類型的中國現代幣，這其中最出名的就是 1984-1992年發行的超大規格銀熊貓系列、國際和平年紀念 幣以及探索與發明系列的單枚或成套的紀念銀幣。

中國古幣和現代幣在2010-2013年期間成為了國內錢幣市 場的熱點。中國大陸的幣商和私人買家不僅將美國錢幣展購 買一空，還到訪了德國各大錢展以搜尋曾在德國售出的中華 人民共和國稀有錢幣。我的一位同事曾經發文報道了這股來 自中國買家的競爭浪潮。這段時期，由於德國幣商先前的存 貨已經被全部清空，所以中國錢幣開始不斷地從MDM先 前的買家以及從歐洲世界現代幣幣商那裏購買到中國錢幣 的收藏家手中流向市場。因此，那些未在德國eBay及拍賣 會上出售的錢幣才能被幣商帶到柏林錢展的攤位上。自本次 錢展一開幕，我便投入到了搜尋錢幣的隊伍中。

我本來打算淘幾枚中華人民共和國的錢幣珍品，但結果卻並 不盡如人意。雖然展會上有很多的金、銀熊貓幣，但稀有年 份的錢幣卻早已被別人買走，剩下的也都是帶瑕疵的錢幣。 我從幾家攤位上買到幾枚價格合適的中華人民共和國體育 紀念幣，還有為數不多的慕尼黑錢展熊貓幣，這些正是我想 要的。不過現在德國幣商手中已經鮮有頂級品質的中國錢幣 了。又因為美國市場的平均錢幣詢價要低於歐洲的緣故，所 以我們以往都習慣於在美國購買中華人民共和國錢幣，但是 這個市場最近開始疲軟，這也就使得展會上錢幣品質不高這 個問題變得更加錯綜複雜。

為何歐洲幣商手中的中國幣品質普遍不高？因為高品質的 錢幣總是在第一時間就被買走。另外，一位幣商告訴我說， MDM把更多的錢幣賣給了投資者而非專業的錢幣收藏者， 同會細心保存錢幣的收藏家相比，錢幣在這些非專業人士及 其傳人手裏更容易受到損壞，這也就是為什麼市面上錢幣品 質不高的另一個原因。

慕尼黑紀念熊貓都去哪兒了？

我未能買到年代更為久遠的慕尼黑錢展紀念熊貓，也沒能買 到價錢符合心儀的錢幣。一位德國人為我道出了其中緣由。

他告訴我，先前從原始賣家手裏回流的慕尼黑紀念熊貓幣現 在已經為數不多，而信息時代的到來縮小了國與國之間的距

1996 年慕尼黑國際硬幣展銷會 雙金屬紀念熊貓，36mm

1994 年慕尼黑國際硬幣展銷會 1 公斤銀質紀念熊貓，100mm

2016柏林世界錢幣展覽會紀念熊貓 被搶購一空

2013年的展會紀念熊貓是首次為紀念柏林世界錢幣展覽會 所鑄，2016年再次鑄造的展會熊貓紀念幣也有其目的所在。

德國製造的奧托（Otto Beh ）幣模在1889-1911年大清帝 國時期出產了許多地方錢幣，這些幣模現被捐獻給德國薩克 森-安哈爾特州哈雷莫里茨堡博物館用於新設一處展區，這 片展區將用來展示中德貿易紐帶下的中國古代錢幣的發展 歷史以及德國人在製造這些錢幣的過程中所作出的貢獻。

42塊原始幣模以及36個模用沖頭都由冠軍拍賣公司（上海 /澳門/臺灣）的周邁可先生所修復完成。他之所以買下這 些幣模和沖頭（價格是拍賣公司原始估價的幾倍）就是為了 防止它們被拿去拍賣進而落入到某些不法之徒的手中。在昆 克拍賣公司（位於德國奧斯納布呂克）的幫助下，周先生 將這些幣模捐贈給了一家心儀的博物館，並交由他們永久保 存。中國錢幣展示會將於2016年9月18日開幕，初次巡 展的結束時間是2017年1月29日。

周先生在這次展會上展示了自己所捐贈的幣模，進而引發了 與會者對於2015年12月舉辦的澳門國際錢幣研討會的熱 烈討論。這次會議還吸引了來自大陸的錢幣收藏家和專家學 者們前來視察和探討。此次澳門展覽會紀念熊貓自然就是用 這些模子所製作而成的。

之後，幣模被運到柏林，在召開了一場座無虛席的交接儀式 之後，幣模才被公開展出。與此同時，在世界錢幣展覽會管 理委員會以及昆克拍賣公司的協力之下，這些幣模被用於製 造了2016柏林錢幣展覽會紀念熊貓，一時在展會上引發了 熱議。

這枚紀念熊貓的正面是柏林大教堂，這座教堂是柏林最大的 教堂也是當地知名的地標性藝術建築。它的背面刻有兩個幣 模，還有一只中國熊貓同一只柏林熊共同檢視19世紀的老 版安哈爾特熊錢幣的圖案。

這批柏林世界錢幣展覽會1盎司銀質紀念熊貓共300枚， 單枚售價為69歐元，每人限購1枚。由於前來購買的人絡 繹不絕，所以到展會的第二天就已經全部售罄。另外一批發 行了2000枚的硬幣中的1700枚被分發給了來自香港、澳 門、日本、韓國、德國以及美國的錢幣經銷商。還有20枚 2盎司金質的紀念熊貓、10枚1盎司鈀金的紀念熊貓以及 離，德國幣商們知道自己手中這些兩年前無人問津的錢幣因 為中國“重新發現”的潮流，現在已經成為中國大陸幣商 們追逐的對象。雖然慕尼黑錢展熊貓幣的確又重新火熱了起 來，但是我並不打算就此甘休。我此次來柏林身上肩負着大 量訂單，都要求我尋找1996年雙金屬打造的慕尼黑錢幣展 覽會紀念熊貓12盎司銀幣及公斤銀幣，買回來的錢幣若能 被立即認證為PF69級別，并得到NGC的認證那就更好了。 但是遺憾的是，我此行並沒能買到任何的珍品錢幣，只帶回 少量有可能被認證為68或69的半盎司金幣。

1997 年慕尼黑國際硬幣展銷會 12 盎司銀質紀念熊貓，80mm

2016 柏林世界錢幣展覽會

1 盎司紀念銀貓，40mm

200枚的銅質紀念熊貓被作為禮品贈與了鑄幣廠和博物館的 高級官員、展會的嘉賓以及工作人員們。除此之外，展會還 鑄造了45枚黃銅紀念熊貓，黃銅、紫銅紀念熊貓兩枚一組， 以供經銷商和博物館以後的展示活動所使用。

同2014及2015年的澳門錢幣展紀念熊貓一樣，這些紀念 熊貓在製作完成之後都在表面打上了各自的序列號，黃銅、 紫銅紀念熊貓的編號則是被刻在了邊緣上。

上海造幣有限公司非常重視這些錢幣，所以特意攜原版幣模 石膏前來柏林參加展會，石膏同奧托幣模一起被擺在出售展 覽會金質紀念熊貓的攤位上，供人們參觀。這是展覽會紀念 熊貓的石膏有史以來第一次離開中國。

還有一個“第一次”即此次的柏林錢幣展覽會紀念熊貓是第 一批用激光在幣模上製造出來的錢幣。柏林大教堂地下的展 會後臺那裏可以見到這種工藝，它彰顯了鑄幣者對這批錢幣 巧奪天工的細節處理。

“這是有史以來外表最為精緻、製作最為考究的展覽會紀念 熊貓錢幣了。”一位德國的世界現代幣幣商丹尼•休恩（錢 幣之家）這樣評價道。考慮到以往尤其是最近這次澳門錢 幣展紀念熊貓的精巧工藝和各具特色，休恩此言可真算得上 是溢美之詞了。不過，這麼認為的人並不止他一個。無論是 參觀展會還是逛經銷攤位的時候，我都能聽見這樣的讚美之 言。雖然自柏林錢幣展覽會以後， 這種1盎司的銀質紀念 熊貓的市價整整翻了3倍，但依然還是供不應求，也許這 些讚美就是其中原因吧。

大的錢幣拍賣商，昆克拍賣公司每年都會舉辦多場拍賣活 動，其中通常就有流向市面的最搶手的德國以及世界各國的 錢幣。昆克拍賣公司在其自己的拍賣活動上，為此次拍賣 #1系列柏林錢幣展覽會紀念金、銀熊貓提供了會場。“許 多人對此次拍賣表示了興趣，大家都躍躍欲試，這讓我們 有點應接不暇。”昆克拍賣公司的總經理Ulrich Künker 如此說道。#1銀質紀念熊貓以2200歐元的價格成交，而 #1金質紀念熊貓則拍出了9250歐元的高價，另外還要加 上20%的買方傭金和增值稅，按當時的匯率來算就分別是 2955美元和12430美元。我和周先生作為這個項目的合夥 人，將此次拍賣的全部收益捐贈給了博物館，用以支付其擴 建中國展區所花費的開銷。

展覽會紀念熊貓獲得認可 展覽會紀念熊貓不光只是一種紀念章，新近也被認可為是錢 幣的一種。Pricepedia、NGC及以知名中國現代幣學者陳 景林為代表的中國錢幣學家們都將其歸類為官方展覽會紀 念熊貓。雖然名義上是計價黃金，但由於這種官方的熊貓紀 念幣僅僅是作為在國外或有各自貨幣的特別行政區舉行的 國際錢幣活動中表示友誼所鑄造的，所以紀念熊貓並不能作 為一種法定貨幣使用。

一位中國鑄幣廠的退休幹部告訴我，展覽會紀念熊貓剛出來 那會兒，漢語中只有兩個詞用來表示錢幣，一個用來表示法 定貨幣，而其他非法定貨幣都用另一個詞來表示。因此，所 有的獎章、徽章、胸章、沒有貨幣性質的金塊以及紀念幣在 證書上都會用“章”這個字來表示。 2015年澳門錢幣展覽 會紀念熊貓發行以後，所有的證書上都不再使用“章”這個 字來表示了。NGC自2014年澳門展覽會紀念熊貓以後就 把“章”字 從新發行的紀念幣證書上面移除了。現在除上 海造幣有限公司鑒定證書未用“幣”字，而用“紀念熊貓” 表述外，其餘展覽會紀念熊貓所頒發的證書中都標注為“官 方熊貓紀念幣”幾個字，後面還寫着日期和展會名稱。

術語的巨大影響

拍賣柏林展覽會#1紀念熊貓

昆克拍賣公司是世界錢幣展覽會的官方拍賣商。作為歐洲最

英語世界的錢幣收藏家們因為英語語言中的詞彙而在區分 貨幣相關產品時可以佔據更多的優勢。不論錢幣上有沒有官 方印刻的面值，我們都可以識別出來這是流通還是非流通性 的交換媒介。如果這種錢幣不是作為交換媒介而加以流通 的貨幣，那麼它上面的面值就是可有可無，沒有什麼意義。

因為很多錢幣具備雙重性，所以世界錢幣協會在1974年發

行了一份文件，目的就是將這些紛繁複雜的錢幣加以區分整 理。這其中傘幣一類就包括Numia（不分發行方，全為流 通性錢幣或金塊）、Mesonumia（非流通性錢幣及紀念金塊） 以及Exonumia（代幣、商業贖買用幣、新式錢幣、徽章、 勛章以及符章）。

現如今，日常所使以描述錢幣相關的產品的詞語包括硬幣、 紀念金條、代幣、紀念章以及徽章等。以1982年的中國熊 貓金幣和南非克魯格金幣為代表的非流通性的錢幣是當前 最出名的紀念金塊，而中國展覽會紀念熊貓則是全世界最熱 門的收藏性紀念金塊。錢幣名稱之所以如此地紛繁複雜、令 人困擾，就是因為官方鑄幣廠總是不停地在進行着將錢幣貨 幣化、贖回以及錢幣發行這些工作的緣故。到最後，真正決 定錢幣收藏價值的是自由市場而不是那些官方的金融機構。

不斷發展的熊貓紀念幣市場

作為幣商和收藏家，我自熊貓紀念幣剛上市開始就一直對這 一系列情有獨鐘，也曾參與過這些錢幣的設計、發行以及後 續市場的工作。在經歷了15年的沉寂期之後，展覽會紀念 熊貓現在又一次捲土重來成為熱銷產品（自2012年開始）， 這令我感到很欣慰。自1984年的香港國際錢幣展覽會紀念 幣開始，這一系列的紀念熊貓見證了中國鑄幣廠自1997年 開始所參加的全世界一系列的錢幣盛會。2012年，第二代 展覽會紀念幣在新加坡國際錢展再次出現在了世人面前。

這是我從事錢幣行業多年以來第一次未能完成顧客所託付

的訂單，所以我打算接下來繼續參加一些幣展並請我的同事 們祝我一臂之力。如果接下來的展覽會紀念熊貓仍然能保存 這樣的高水準和製作工藝，並且發行量不超過當前市場需求 量的話，那麼這一系列的紀念幣仍然會繼續增值，而且會被 尊崇為熊貓錢幣收藏中所不可或缺的一份子。

1984 年的香港國際硬幣展覽會

1 盎司銀質紀念熊貓，36.8mm

2012 年新加坡國際錢幣展銷會

5 盎司金質紀念熊貓，60mm

想查找您附近的柏林錢幣展覽會紀念熊貓的經銷商，請發郵件至 robert@mishinternational.com 想查找中國官方發行的國際錢幣展覽會紀念幣的完整清單，請發郵件至 office@mishinternational.com

Mish 先生是 Mish 國際錢幣有限公司的創始人兼總裁。Mish 國際錢幣有限公司是世界上最出名的一家位於加州門 羅公園（美國）的中國現代幣做市商。Mish 先生以前曾經是《Krause-Mishler 世界金幣標準目錄》的撰稿人，現在 是在為《弗裏德貝格世界金幣》、《中國幣價大全》以及《世界錢幣標準目錄》三本雜誌供稿。

Champion 2016 Summer Hong Kong Auction Draws Top Bidders and Realizes Record Prices for Chinese Coinage

Champion Auction is the oldest independent numismatic auction house in the greater China area, holding floor auctions in Hong Kong since 1996. Champion is also the only Asian Auction house which conducts auction lot viewing in the United States, Taipei, Shanghai, and the Hong Kong/Macau area. This policy allows more bidders to see the coins and then be confident of the high quality of the coins if they prefer to bid by phone or online. This policy also encourages a much stronger floor turnout, leading to top auction prices.

The August 23, 2016 Champion summer auction offered a range of choice numismatic material. Champion was honored to feature selections from the Howard Bowker Collection as part of the Howard Bowker Benefit Auction, which will use its share of the proceeds for the promotion of numismatics, including digitization and education projects. As part of this, a portion of the proceeds will be donated to the National Numismatic Collection at the Smithsonian's National Museum of American History.

Champion's 2016 summer auction sold 513 out of 554 lots for a 92.3% success rate, realizing USD 4,211,794.60 (all prices realized include the buyer's commission). Once again, Champion had the highest overall auction prices realized and the top auction lot sold. Lot 496, a 1994 Chinese Singapore Gold kilo, sold for USD 678,500. This was more than five time higher than other Hong Kong auction's top lots and marks the third consecutive time in the past auction period that Champion had the top auction lot sold in Hong Kong/Macau. Champion also sold the top Chinese vintage coin, lot 342 (1929 Sun Yat Sen Globe Pattern dollar) from the NC Collection, which sold for USD 472,000. The top six lots auctioned in the recent Hong Kong auction week were all from Champion. In addition, Champion sold the top four Chinese vintage coins and four of the top six Chinese modern coins.

The Hong Kong auction preview was held in a function room of the Hong Kong Hyatt Regency Hotel on August 22, 2016. The viewing room was packed with guests from the beginning to the end of the preview. The interest was so great that it was necessary to hold a private viewing afterward and an extra preview early the next day before the auction started. When the auction was about to begin, the Hyatt ballroom was packed and there was standing room only. Even more significantly, there were many collectors who had not been seen since the peak of the Chinese numismatic market in 2011.

Many top collectors came to Hong Kong to personally view and bid on the coins from the Howard Bowker Collection and other coins from the NC Collection. The top lot of the Bowker

Realized: US

Realized: US $472,000

Lot017 CHINA-CHIHLI 1896 One Dollar Silver, L&M439, NGC MS63. H. F. Bowker East Asia Collection

$354,000

◎ Champion〔Shanghai〕

Lot342 CHINA-REPUBLIC 1929 Sun Yat Sen One Dollar Silver Pattern, globe with 2 crossed flags, L&M88, K610, KMPn 106, NGC MS65. NC Collection

Lot496 CHINA 1994 Sino-Singapore Friendship 2000 Yuan 1 Kilo .999 Gold Proof, Mintage only 15, with Box and Cert #00009

Realized: US $678,500

Collection was lot 17 (a finest known Chihli 1896 one dollar silver coin, NGC MS63. Finest known). Bidding began at USD 65,000, and a Taiwan phone bidder went up to USD 230,000 before stopping. Two floor bidders, one from Taiwan and the other from Hong Kong, continued bidding. The Hong Kong bidder finally won with a record setting price of USD 354,000.

Other important coins included:

Lot 6 (a finest known Empire 1910 fifty cents, NGC MS-67) started the auction on a high note and was sold to a young Shenzhen buyer for USD 33,040.

Lot 9 (an Empire 1911 Dollar) sold to an online buyer from the western United States for USD 22,990.

Lot 28 (a finest known Chihli Province 1899 fifty cents, NGC MS-64) went to a Taiwan telephone bidder for USD 59,000.

Lot 31, a China-Chihli 1908 one dollar silver coin NGC MS-66, was won by a western American online buyer for USD 19,360.

Lot 32, a China-Fengtien 1898 one dollar silver coin NGC MS65, sold to a Taiwan floor bidder for USD 54,280.

Lot 33, the finest known 1898 Fengtien fifty cents NGC MS 65, was the focus of intense bidding between a floor bidder and a phone bidder, both from Taiwan. The phone bidder finally won the lot at USD 82,600.

Lot 49, the finest known 1941 Hong Kong cent NGC MS-64,

triggered a spirited bidding war between many Hong Kong floor and phone bidders and was bought by one of these Hong Kong floor bidders for USD 28,320.

Lot 65 (a finest known Kiangnan 1897 five cents silver coin) was estimated at USD 100 but ended up selling for USD 25,960 to a Chinese floor bidder from Beijing.

Lot 69 (a Kiangnan province 1902 ten cash copper coin NGC MS-66) was also estimated at USD 100 but sold for USD 10,620 to a top Chinese copper coin collector from Shenzhen, just across the border from Hong Kong.

Lot 93, a 1928 Kweichow province auto dollar NGC MS63 highest graded by grading service, first appeared as lot 779 at the Glendining's Von Halle Sale (November 24th, 1966) where it realized 125 pounds (USD 350). The title of this important auction of machine struck Chinese coins was "Silver Coins of China and the Colony of Hong Kong". The sale consisted of 1127 lots and was the most extensive sale of Chinese silver coins ever held in England before the Kann sale in 1971, and was probably the largest such sale held anywhere in the world. This finest known 1928 Kweichow auto dollar saw spirited floor bidding between two Taiwan bidders and a Hong Kong bidder who joined later. The lot was won by the Taiwan floor bidder for the record price of USD 135,700.

Sinkiang coins from the Bowker collection also did quite well.

Lots 94, 95, and 96 (all Sinkiang Yakub Beg Tilla gold coins) were bought by a telephone bidder from Sinkiang.

Lot 98, a Sinkiang 1878 one mace silver coin NGC AU-53, was won by a top Chinese collector from the city of Chongqing for USD 8,260.

Lot 107, a rare Sinkiang 1904 one mace silver coin, caused strong competition between a Shenzhen bidder and a Hong Kong floor bidder. It was finally acquired by the Hong Kong bidder for the record price of USD 17,700.

Lot 108, a Sinkiang 1905 five mace silver coin NGC MS-64, was won by a buyer from the eastern United States.

Republic coins, pattern coins, and medals received a lot of attention and strong bids.

Lot 139, a rare Republic 1914 Yuan Shi Kai five cents nickel pattern, received a lot of floor, phone and online bidding action before finally being won by a Shanghai floor bidder for USD 28,320.

Lot 206, the extremely rare Otto Beh China-Anhui 1897 one dollar brass silvered pattern PCGS SP-63+, was fought for by a top Chongqing collector on the floor and a senior from Anhui bidding by phone. It finally sold to the Chongqing floor bidder for USD 200,600.

Lot 249, a China Kirin 1884 1/2 tael silver coin, was bought by a Lanzhou phone bidder for USD 42,480 after strong bidding.

Lot 343, a very rare China-Republic 1929 Sun Yat Sen twenty cents silver pattern NGC MS-62, received intense bidding action by a phone bidder from northeast China competing with a Taiwan bidder on the floor. It was finally won by the Taiwan bidder for a price of USD 64,900.

Lot 357, a China-Republic 1912 Chang Xiluan (Governor of Chihli) first class medal NGC MS-62, was won by a Lanzhou phone bidder for USD 20,060 after spirited online biding.

Lot 359, a China-Republic 1920 Ni Si-Chong commemorative gilt bronze medal, was the subject of intense competition by floor and phone bidders. It was finally won by a phone bidder from Anhui for USD 23,600.

Chinese Modern coins were very strong too. A floor bidder won lot 497, a 1995 Taiwan Return Silver Kilo, for USD 64,900. The same bidder also won lot 511, a 2010 China year of the Tiger Gold Kilo NGC PF-69, for USD 141,600.

Senior collectors purchased most of the major coins of the Bowker Collection and the NC Collection. Many of them attended the auction in person, clearly demonstrating the respect the collectors had for the quality and rarity of both the Bowker East Asia Collection and the NC Collection.

Auction attendees included Li Dan, Xiong Hong, Zheng Li, (Chongqing): Lin Qinghe, Jeffrey Wei,(Singapore): Namchong Cho,

Auction attendees from Taiwan included Ch'en Li-Chang, Chang Ming-Ch'üan, Lin Hsien-Chang, Fan Wei-Tsu, Li Chia-Yin, Chan Ts'ai-Pin, Tseng Wen-Hung, James Chou

Those who attended the auction are Chen Jimao, Zhou Dawei, Jiang Liushen, Li Zhenting, Miao Jie, Sang Guoyi, Shen Xueming, Yuan Kaining, Hu Qinghe, (Shanghai): Zuo Jinghua, Cai Mao, Ye Jiye, Luo Lianqia, Liu Delong, Lin Kuncheng, Ding Lei, Su Lei (Beijing) and, Xie Shizhi (Fujian)

Hee Sung Kim (Korea)

Those who attended the auction were Mr. Huang, the honorary president of the Macau Numismatic Association: Xiao Zhijun, Zhen Xiong, Yao Yu, Zhang Wei, Dong Chenning (Shenzhen): Zhu Jun, Tam Tsze-Pak, Charlie Chang, Lee Xianmin, Kennth Yung (Hongkong): Osmun Chan, J C Lee, Raul F. Seymour, Dr. Frank, Peter Anthony (USA): Michael Otto (Germany): Herbert Dachs (Austria): Muriel (France)

Auction Live

Auction Live

原刊載於《東亞泉志》第 4 期

冠軍2016夏季香港拍賣引激烈競標

——包克中國錢幣藏品創歷史新高

◎ 冠軍研究室〔上海〕

拍賣現場

Lot017 1896 年（光緒二十二年）北洋機器局造壹圓銀幣， L&M439，Y65，K1881，NGC MS63。包克東亞藏品 成交價 354000 美元

1996年，冠軍拍卖公司（以下简称冠軍）在香港舉行了第 一屆拍賣活動，時至今日，冠軍已經成為了大中華地區歷史 最為悠久的獨立錢幣拍賣公司。除此之外，冠軍還是唯一一 家同時在美國、臺北、上海及港澳多地舉行拍賣活動的亞洲 拍賣公司。這也讓更多希望通過電話和網路進行競拍的顧客 能夠一睹拍品真容，從而進一步確定這些錢幣的上乘品質。

此外，多地拍賣的經銷策略還增加了現場拍賣的熱度，從而 促使拍品能夠以極高的價格取得成交。

本次夏季拍賣彙集了一批高質量的錢幣拍品。更为榮幸的是 將部分霍華德·包克的中國錢幣藏品進行義拍，義拍的全部 收入將會被用於推動錢幣學的研究上，如贊助錢幣資料數字 化以及教育計劃，此外，還有一部分收入會捐贈給美國國家 歷史博物館錢幣收藏館。

本次冠軍夏季拍賣共計554件拍品，成交513件，成交率 92.3%，總成交價4211794.60美元（含傭金），成交總價、 單品成交價以及包克藏品中国钱币再次創歷史新高。第496 號拍品，一枚1994年一公斤中國-新加坡友好紀念金幣的 成交價達到了678500美元，是其他香港拍賣行單件最高成 交價的5倍之多，這也是冠軍連續第三次在港澳地區單件 拍品成交價上面拔得頭籌。除此之外，冠軍同樣以高價出售 了一枚中國近代幣，即第342號拍品，一枚1929年孫中山 地球壹圆銀質樣幣（NC 藏品），成交价格为472000美元。 近期在香港成交的價格最高的6枚拍品全部出自冠軍。此外， 冠軍還成交了4枚最高價格的中國近代幣，6枚以最高價成

Lot342 1929 年（民國十八年）孫中山地球壹圓銀質樣幣， L&M88，K610，KM-Pn 106，NGC MS65。NC 藏品 成交價 472000 美元

Lot496 1994 年中國 - 新加坡友好紀念金幣，面值 2000 元， 重量 1 公斤，直徑 100 毫米，成色 99.9%，精質鏡面，發行 量僅 15 枚。原盒原證，證書 #00009 成交價 678500 美元

交的中國現代幣中也有4枚是由冠軍拍出。

冠軍2016夏季拍卖会8月22日在香港凯悦酒店预展，前 来参观的宾客络绎不绝。8月23日在该酒店宴会厅举行拍

眾多資深錢幣收藏家都親自出席了本次拍賣會，並就霍華 德·包克及NC的錢幣藏品展開了競價。包克藏品中品相最 為上乘的錢幣要數第17號拍品——大清光緒二十二年北洋 機器局造壹圓銀幣（NGC評級最高分NGC MS-63），该 拍品的起拍價為65000美元，隨之一位臺灣電話顧客將價 格報到了230000美元，在現場兩位分別來自臺灣和香港的 競拍者競相出價之後，這枚拍品最終以354000美元的破紀 錄價格被來自香港的買家競得。

其他重要的拍品還包括：

第6號拍品，1910年宣統年造大清銀幣伍角樣幣（NGC MS-67），被一位年輕的深圳買家以33040美元的成交價 買走。

第9號拍品，1911年宣統三年大清銀幣，被美國西部的一 位網路買家標到，成交價為22990美元。

第28號拍品，光緒二十五年北洋造光緒元寶庫平三錢六分 銀幣（NGC MS-64)，以59000美元的成交價被一位來自臺 灣的電話買家拍得。

第31號拍品，光緒三十四年北洋造光緒元寶庫平七錢二分 銀幣（NGC MS-66），被一位來自美國西部的網絡買家以 19360美元的價格買走。

第32號拍品，光緒二十四年奉天機器局造壹圓銀幣（ NGC MS-65），以54280美元的價格被現場的一位臺灣買家拍走。

第33號拍品，一枚1898年奉天機器局造五角銀幣（NGC 評級NGC MS-65，是目前評級最高分之機製幣），則引發 了現場一位臺灣買家和一位臺灣電話委託買家之間的激烈 競標，最終，參與電話競拍的那位臺灣買家以82600美元 的成交價競得這枚銀幣。

第49號拍品，一枚1941年香港一仙銅幣(NGC MS-64)， 受到了多位香港現場和電話買家的追捧，並最終以28320 美元的價格被其中一位香港買家拍走。

第65號拍品，1897年江南省造光緒元寶庫平三分六厘銀幣， 雖然估價僅為100美元，但最終仍以25960美元被現場一 位北京買家拍到。

第69號拍品，1902年江南省造光緒元寶當製錢十文銅幣， 其估價同為100美元，落槌價為10620美元，買主是一位 資深的中國銅幣收藏家，來自與香港僅有一河之隔的深圳。

第93號拍品，一枚NGC 評級最高分的1928年貴州“汽車幣” （NGC MS-63，原1966年11月24日Glendining Von Halle 拍賣會第779號拍品，當時的成交價為125英鎊即 350美元。這場中國機製幣拍賣會的主題為“中國及香港殖 民地時期銀幣”，共計有1127件拍品。 在1971年耿愛德 拍賣舉辦之前，此次拍賣是當時英國甚至有可能是全世界數 量最多的一次中國銀幣拍賣會），這枚貴州“汽車幣”引發 了現場的兩位臺灣買家競相出價，隨後又有一位來自香港的 買家參與到了這枚拍品的競標大戰中，最終，這枚備受矚目 的錢幣以135700美元的成交價被現場一位參與競拍的臺灣 客人收入囊中。

包克藏品中的幾枚新疆錢幣同樣表現不俗：

第94、95、96號拍品，三枚新疆阿古柏金幣，被一位來自 新疆的電話競標買家全部買走。

第98號拍品，一枚新疆省造光緒銀幣壹錢（NGC AU53），則被現場的一位來自重慶的資深錢幣藏家競標者以 8260美元拍到。

第107號拍品，一枚稀有的1904年新疆喀什壹錢銀幣（NGC MS-65），引發了現場一位深圳買家和一位香港買家的競爭， 最終香港的那位買家以17700美元的價格標到此枚拍品， 創成交價格新紀錄。

第108號拍品，一枚1905年新疆省造餉銀五錢銀幣（NGC MS-64），則被一位來自美國東部的買家拍走。

備受關注的中華民國錢幣、樣幣和紀念章同樣引發了與會者 的激烈競標：

第139號拍品，一枚稀有的民國三年袁世凱像五分鎳幣樣 幣（MGC MS-64)，引發了現場、電話及網絡多位買家的競 標，並最終以28320美元的價格被現場一位上海的買家拍得。 卖。拍賣當天，凱悅酒店宴會大廳裏擠滿了前來參拍的錢幣 藏家。如此空前的盛況，自2011年中國錢幣市場出现大熱 之後還是第一次出現。

第206號拍品，一枚極為稀有的光緒二十三年庫平七錢二 分黃銅鍍銀樣幣（PCGS SP-63+），由德國奧托拜赫公司 的幣模所打造，在經歷了現場的一位頂級的重慶錢幣收藏家 和一位通過電話競拍的資深安徽藏家之間的爭奪之後，此枚 拍品被現場的重慶買家以200600美元的成交價拿下。

第249號拍品，一枚光緒十年吉林機器官局監製廠平半兩 銀幣，在網上買家相繼出價之後，最終由蘭州的一位電話委 託買家以42480美元的價格成交。

第343號拍品，一枚非常稀有的1929年孫中山像貳角銀質 樣幣（NGC MS-62），引發了一位東北的電話競標者和一 位現場的臺灣買家之間的競爭，最終，這枚拍品被臺灣買家 以64900美元的截標價拍下。

第357號拍品，一枚民國元年直隸都督（張錫鑾）頭等紀 念牌（NGC MS-62），在經過激烈的網上競標之後，由蘭

參加拍賣會的有（重慶）：李丹、熊宏、鄭麗，（新加坡）：林青禾、 Jeffrey Wei，（韓國）：Namchong Cho、Hee Sung Kim

參加拍賣會的有（上海）：陳吉茂、周大為、姜柳申、李振亭、繆傑、 桑國裔、沈雪明、元凱甯、胡慶賀，（北京）：左京華、蔡茂、葉繼業、 羅聯恰、劉德龍、林坤成、丁磊、蘇雷，（福建）：謝世治

州一位電話委託買家拍得，最終的結標價格為20060美元。

第359號拍品，一枚1920年天津造幣廠制倪嗣沖像安武軍 紀念鎏金銅章（NGC MS-64），在經歷了現場和電話買家 的爭搶之後，最終以23600美元的價格被安徽的一位電話 委託買家拍下。

拍賣會上的許多中國現代幣同樣受到了熱烈追捧。第497 號拍品，一枚1995年臺灣光復回歸祖國50周年紀念銀幣 以64900美元的高價被現場一位買家拍走。除此之外，這 位買家還以141600美元的價格拍下了第511號拍品——一 枚2010年庚寅虎年一公斤紀念金幣（NGC Pr-69）。

此次拍賣的包克藏品及NC藏品大多都被來自香港和臺灣資 深收藏家買走，其中很多人都親自出席了本次拍賣會，由此 可見這些稀有而高質量的包克錢幣藏品和NC藏品在錢幣界 的人氣之高。

參加拍賣會的有（臺灣）：陳立彰、張明泉、林憲璋、樊慰慈、 李家銀、詹蔡濱、曾文鴻、周士傑

參加拍賣會的有：澳門錢幣學會名譽會長黃志成，（深圳）：肖志軍、 鄭雄、姚煜、張偉、董成甯，（香港）：朱軍、譚子柏、張文嘉、李 憲民、翁達，（美國）：Osmun Chan、李正民、Raul F. Seymour、 Dr. Frank、Peter Anthony，（德國）：Michael Otto，（奧地利）： Herbert Dachs，（法國）：Muriel

Zhou Xiang's Academic Study of Chinese Coins

◎ Zhou Yanling〔Shanghai〕

In April and May, 2016, I was commissioned by the Journal of East Asian Numismatics to interview Mr. Zhou Xiang of the Shanghai Museum. Here is that interview. (Pic. 1)

"A chair, a table, a stack of paper and a pen are all I need to do my work." This is what Mr. Zhou had said to a journalist of China Collection when he was elected as a member of the National Cultural Relics Appraisement Commission. Among fifty-five new members elected for the commission in September, 2005, Mr. Zhou, who was only 43 years old at that time, was the youngest selectee.

After graduating from Shanghai University with a degree in history in July, 1984, Zhou Xiang first went to work in the Shanghai Museum as a tour guide for seven months and then chose numismatics and monetary history study as his career.

After more than three decades of hard work Zhou Xiang has published many numismatic books based on the collection of the Shanghai Museum and relevant historical documents. Some of these books, like China Rare Coins; Mr. Shi Jiagan's [Kalgan Shih] Collection of Chinese and Foreign Coins; A Series of Studies on the Collection of Shanghai Museum: Paper Money of Imperial China; Sycee; Paper Money; The Essence of Li Wei's Collection of Paper Money and Rare Paper Money of

the Qing Dynasty were written by Mr. Zhou himself and others such as The Concise Numismatic Dictionary, and An Outline of Numismatics are collaborative works (Pic. 2). Mr. Zhou has won the first prize for academic achievements and the "Gold Coin Award" awarded by the China Numismatic Society many times.

As a researcher of the Shanghai Museum, a member of the Academic Committee of the China Numismatic Society, the vice president of the Shanghai Numismatic Society, the deputy director of the Academic Committee of the Shanghai Numismatic Society and also the editor of the Chinese Currencies in Previous Ages editorial board, Zhou Xiang has become a famous numismatic expert both at home and abroad and also a leading figure in the study of currency. Regarding study Wang Guowei once said in Poetic Remarks in the Human World "throughout the ages all those who have been highly successful in great ventures and in the pursuit of learning must of necessity have experienced three kinds of ching-chieh (states).

"Last night the west wind shriveled the green-clad trees, alone I climb the high tower, to gaze my fill along the road to the horizon. Expresses the first state (ching). (Vision and Talent); My clothes grow daily more loose, yet care I not. For you am I thus wasting away in sorrow and pain. Expresses the second state. (Efforts and Persistence); I sought her in the crowd a hundred, a thousand times.Suddenly with a turn of the head [I saw her], that one there where the lamplight was fading. expresses the third state. (Opportunity and Inspiration)" For Mr. Zhou has seen the marvelous scenery on the peak of study and knowledge after passing through steep hills and past dangerous cliffs.

China is one of the earliest countries to have used money.

The Shanghai Museum is renowned in Chinese cultural and numismatic circles today for its sizable high quality coin collection. More than four

Pic. 1 A group photo of Zhou Xiang and the author taken on May 6, 2016, in the offices of the Shanghai Museum

Pic. 2 Books written by Zhou Xiang

thousand coins are exhibited in a 730 square meter hall which is the only exhibition hall among large Chinese museums to have the theme of Chinese currencies from previous ages. These exhibits show the history of Chinese currency and the money culture along the Silk Road to the visitors. It is not easy to pick the right exhibits from tens of thousands of ancient coins and to display them in an interesting and orderly way. The design of the museum has been widely praised by both numismatic professionals and common visitors. This is all due to Zhou Xiang's talents and great knowledge.

What is the true meaning of academic research? Studying currencies is to explore the history and the artistic and cultural relic values of Chinese money, to find out the issuance, circulation, denominations and storage methods of coins, to research their forming and developing process and to investigate the guiding significance of ancient coins for today's study. Doing research is never to complete projects assigned by a higher department or to get a professional title. A real researcher and scholar should be creative and be able to bear bitter hardships and endure a lonely life of sitting at the table. Zhou Xiang is such kind of scholar. Like what Lu Xun said in his poem "Hiding in our little house, sufficient to ourselves, I care not what the season is outside". Mr. Zhou has devoted himself to study for more than thirty years and does not care too much of the‘outside' disturbances or his ‘loose clothes'. It is exactly this kind of persistence that guides him to go forward on his academic search.

Zhou Xiang is very serious about research. In the short article "A Study of the Newly Collected Sliver

Museum and the Age Determination of Sycee in Song and Yuan Dynasties he provided ninety footnotes from thirty-eight books to prove the Nie Qin Jia Fei Hua Yin (a kind of sycee of high grade) was made in the Song dynasty (Pic. 3). Research on Chinese money can be divided into three categories: ancient coin research, machine made coin research and paper money research. Mr. Zhou has not only studied all these different coin types but also has made achievements by using his particular views and methods.

As there are few (original) documents on pre-Qin coins, scholars have to put the research focus on the remaining pre-Qin coins.

Since 1978, as government has begun both economic reforms and the opening up of the development of land a strong demand for land has been produced, and a large quantity of pre-Qin coins have been unearthed. But since most of the pre-Qin coins have been purchased by private collectors there are still not many materials for scholars to study. Under this situation, Zhou Xiang has chosen to take a scientific attitude to those newly unearthed coins when doing research and has explored the historical and economical events according to archaeological records to draw objective conclusions.

In his article On Pointed Tip Knife Coins, Zhou Xiang divided the sharp knife coins into four large categories (twelve subcategories in total). From their shapes and unearthed positions he inferred that the straight pointed tip knives were mainly made in the north of Hebei, Shanxi and Shandong Province and that the curved pointed tip knives were made in the north of Hebei Province. In another article, A Study on the State of Qi Ming Knives of he speculated that the State of Qi Ming knives might have been struck between 284 BC and 279 BC as their shapes were affected by privately minted knife coins of the Qi state. This conclusion was a result of his careful observation of the shapes, inscriptions, dates and states of the B type State of Qi Ming knives.

In A Discussion on Wu-Yue Currencies During Pre-Qin Times, Zhou Xiang thought the dagger-like bronzes could not be the bronze coins of the state of Yue as the economy of the Wu-Yue area was very poor in pre-Qin times. At that time, cloth was used as physical currency while bronze was valued by weight. No wear marks from circulation were found on these dagger-like

Sycee" in the Shanghai Pic. 3 Zhou Xiang is examining banknotes

bronzes and there was no standard size for them. With all the evidence it is hard not to draw such a conclusion. In A Study of Round Foot Spades and A Restudy of Round Foot Spades, Zhou Xiang demonstrated the round foot spades were made after the state of Zhao occupied the Zhongshan state, judging from the technologies of the round foot spade, their relationship with three hole spades and pointed foot spades and also from their casting states and dates. Unlike other coins of the Zhao state, the weight of the round foot spades was evaluated in chu and liang The round foot spades did not evolve from the pointed foot spades but from the three hole spades. As to the casting technology, the round foot spades were made by both ceramic molds and stone molds which represented the highest technological level in the Sanjin region or at least in the state of Zhao. With his unique views and ideas, Zhou Xiang successfully dated the round foot spades after studying relevant archeological discoveries. In The Monetary System and the Currency Circulation during the Warring States Period he comprehensively analyzed knife money, spade money and the round coins in the Warring States Period. Through studying the denominations of the three hole spades, the round foot spades, the state of Qi Ming knives, the state of Zhao round tip knives and the state of Yan Ming knives, Zhou Xiang concluded that currencies of different countries at that time could be exchanged with each other.

Dating Wu Zhu coins has always been hotly argued in Chinese numismatic circles. Recently, with new archeological discoveries and research methods, Wu Zhu coins have become a hot discussion topic again. In his article, My Views on Jun Guo Wu Zhu, Chi Ze Wu Zhu and Shang Lin San Guan Wu Zhu, Zhou Xiang distinguished different inscriptions and marks on Jun Guo Wu Zhu, Chi Ze Wu Zhu and Shang Lin San Guan Wu Zhu respectively by studying unearthed molds of Wu Zhu coins, investigation reports about the sites where the Wu Zhu coins had been cast and materials unearthed in Han tombs at Manchen in Hebei Province. In the 1990s, a lot of circular square and elliptical lead coins were unearthed in many regions of China which were considered to be cast by the Emperor Wu of Han Dynasty. Zhou Xiang wrote an article about these coins entitled

A Discussion of Three Types of Coins Cast by the Emperor Wu of the Han Dynasty. In this article he compared the shapes, metal composition, designs, weights and inscriptions of these coins with historical records. Through comparison he found

that these coins contained no silver-tin alloy, their weights were different from the weight specifications of the Han dynasty and the inscriptions on the reverse were not characters. Therefore, he thought more evidence is needed to prove the authenticity of these coins.

The coin casting done in the Liang dynasty has always been a mystery. After studying the ceramic molds of the Xiao Liang Wu Zhu in the Shanghai Museum, the Tian Jian Wu Zhu and the Gong Shi Nu Qian, Zhou Xiang wrote an article The Ceramic Molds of Xiao Liang Wu Zhu of Pile Casting Collected in the Shanghai Museum Also Exploring Tian Jian Wu Zhu and Gong Shi Nu Qian which pushed research forward in this field. In 1984, some Wu Zhu coins were unearthed from Hou Yi's tomb in Hu Jia Gou, Xianyang, Shanxi Province. These Wu Zhu coins with a crossed "five" ( 五 is the Chinese character for‘five') cast in 544 AD, the tenth year of the Western Wei's Emperor Datong's reign, proved that the design of a crossed " 五 " on the Wu Zhu coins of the Sui dynasty must have appeared before these Datong coins were cast. In A Study on Wu Zhu Coins of the Sui Dynasty Zhou Xiang concluded that the Wu Zhu coins cast in the Western Wei's Emperor Datong period were modeled on the Yong An Wu Zhu in the Northern Wei dynasty while the Sui Wu Zhu coins were patterned after the late Datong Wu Zhu coins. In the article Yong Guang, Zhou Xiang classified the character designs on the Yong Guang coins into two types. After studying archeological materials Zhou Xiang found the first type of Yong Guang coins can only be found on old records and books while the second type had been unearthed in recent years.

Zhou Xiang has also written some articles about machine made coins based on abundant documents and materials. In A Study of Hubei Silver Coins, he found there were actually five and not three Hubei silver coins after studying the official notice signed by the Governor-general of Hu-Guang and the governor of the Hubei Province on April 2, 1896. The denominations of these coins are: one dollar, half dollar, 20 cents, 10 cents and 5 cents. He also came to three important conclusions based on the historical records. First, the Hubei silver coins were not firstly minted by the Hubei Coin Bureau. Second, these coins of different denominations were not made at the same time. And third, he fixed the value of the Hubei silver dollar against the standard copper coins. According to historical records, the

Shandong Coin Bureau started striking silver coins in October, 1904, but the Shandong silver coin has never appeared on the market. By looking up documents Zhou Xiang found the governor of Shandong Province was transferred in October 1904, therefore the plan of striking coins was delayed. In 1907, the governor of Shandong Province, Yang Shixiang, presented a request to mint coins to the court but the request was refused by the central government. Thanks to this article, the reason why the Shandong silver coin was missing finally came to light. A Research of Rare Silver Coins of the Qing Dynasty introduced some important representative silver coins, especially the Guangxu silver coin minted in Sichuan Province (with the character "Bao" written in the conservative way) and the one dollar Guangxu silver coin from Fujian's official mint, in the Shanghai Museum collection. Correction and Supplement of the Modern History of Currency is another interesting article. From two telegrams, he found materials about the one tael Hubei silver coin and its printed banknotes. These materials, especially the new discovery of the Hubei silver note filled a gap in banknote printing history.

Zhou Xiang has devoted great care and painstaking efforts to studying paper money in recent years. Apart from publishing several tomes like A Series of Studies on the Collection of the Shanghai Museum - Paper Money of Imperial China and The Essence of Li Wei's Collection of Paper Money , he has also written many essays about paper money. Thanks to the modern banking boom in Shanghai, a vast number of documents exist. When studying Republican paper money Zhou Xiang makes full use of these materials and continues to make new discoveries and achievements.

In the research of ancient paper money, Zhou Xiang concluded in his article, My View on the Printing Plates of Guanzi Discovered in Dongzhi County, Anhui Province the printing plates of Guanzi were made by later forgers after investigating the inscriptions, fonts and designs on these plates. In 1978 and 1979, two batches of paper notes were found in Ejin Banner, Inner Mongolia. Many scholars believed these notes were paper tokens from the Yuan dynasty. But Zhou Xiang in his article The Unearthed Documents from Khara-Khoto and the Reserve Money of Jiazi in the Yuan Dynasty offered his view that the notes unearthed in Inner Mongolia were just receipts not the

reserve money of Jiaozi after analyzing characters and designs on them. These unique views not only reflect his persistence and confidence but also show his rich knowledge of Chinese history and culture.

The National Industrial Bank is one of the eight commercial banks in modern China. In the article, A General Study of the Extant Paper Money Issued by the National Industrial Bank , through consulting relevant literature and records Zhou Xiang found out that the National Industrial Bank once issued fivedollar and ten-dollar circulating notes in 1920. Therefore there are a total of five versions of banknotes issued by the National Industrial Bank. This article corrected the traditional opinion that the National Industrial Bank only issued four versions of banknotes. In another article, The Printing of the China Industrial Bank Paper Money, Zhou Xiang detailed the amounts of banknotes printed by the National Industrial Bank, the printing of banknotes with place names, the additional signatures of the general manager and the branch manager of the National Industrial Bank printed on exchange certificates and the destruction of the banknote printing plates. With his careful analysis this article corrected the errors in many authoritative books like The Modern History of Chinese Paper Money and records of the American Banknote Company and showed the true history of the National Industrial Bank.

By comparing, Zhou Xiang distinguished the difference between the first and the second versions of the silver banknotes with the place names of Hankou, Hangzhou and Shanghai issued by the National Commercial Bank Ltd in his article A Study of the First and the Second Version of the Paper Money Printed by the National Commercial Bank Ltd. According to the packing list of the Shanghai Commercial Publishing House preserved in the Shanghai Archives, he calculated the amount of the fivedollar banknotes with the place names of Shanghai and Hankou issued by the National Commercial Bank Ltd and proved that there were copper banknotes in the first version of the banknotes issued by the bank. Zhou Xiang also found several forged banknotes issued by the National Commercial Bank Ltd. Some of these notes were listed in the Chinese Currencies in Previous Ages: Paper Money of the Qing Dynasty , others were in the Zhejiang Museum collection.

Nine types of banknotes issued by the Bank of Taiwan (founded on May 20, 1946) from May 22, 1949 to June 14, 1949, are known as the old Taiwan dollar. Among these notes only the 100-dollar (Pic. 4), 1,000-dollar, 10,000-dollar and 100,000-dollar notes were printed by the First Printing House of the Bank of Taiwan while the banknotes with other denominations were all printed by the Central Engraving and Printing Plant. There was no complete description of this period of history until Zhou Xiang published a series of articles ( The First Printing Factory and Its Old Taiwan Dollars, The Change of the Amount of the Taiwan Dollar Issued in 1946; The Patterns, Printing and Issuance of the 1946 Taiwan Dollar and The Issuance, Redemption and Handling of the Bank Notes Printed after Taiwan Was Recovered ) to comprehensively describe the designs, printing and issuance of the old Taiwan dollar issued after Taiwan was recovered in 1946. Besides these articles he has also written many excellent articles about paper money, like The Printing and Secret Marks of the Paper Money Issued by the Ningpo Commercial Bank; The Patterns, Printing and Issuance of the Paper Money Issued by the Land Bank of China; Tokens Issued by the Shanghai Commercial and Savings Bank and so on.

Zhou Xiang has written several articles about the Silk Road, such as Discussions of the Currency of the Turgis Khanate and Research of the Chahar Khanate's Money. In these articles, he systematically introduced currencies of the Turgis Khanate and the Chahar Khanate from many aspects, like the historical stage, coin marks, and the monetary systems in use at the time.

Without practice and study, no one can make any academic achievement. Only by standing on the shoulders of predecessors can we hand down our knowledge to the next generation. Zhou

Xiang once said, "It's an unwritten rule of our museum that it would be better if we antiquarians not engage in trade on the market. But we still need a proper channel to contact society.

As the forgery methods we are exposed to in the museum were all used in the past, we must learn about the latest forgery techniques to improve our identification skills. The Shanghai Numismatic Society holds a free identification activity for the public every month. By participating in this activity I have not only served the society but also learned a lot of new things."

Aside from identifying coins, Zhou Xiang also takes an active part in other relevant activities like teaching a numismatics class in a university for the elderly in the Huangpu District and participating in every academic activity held by the Numismatic Society of China. By taking part in these activities, he has learned about a wide range of new discoveries and results about unearthed coins. Actually, I regarded all these activities as a new kind of numismatic learning for me. Unlike Mr. Zhou, many scholars shut themselves in the ivory tower of the museum and do not want to engage society. Gradually, their sources of knowledge will dry up and their roads of academic research will become barren.

Pudong, Shanghai was an ocean thousands of years ago and now the embryonic form of a financial center has formed there. Lu Jia Zui is filled with skyscrapers of large banks. Bank offices, ATMs and POS terminals are all over the district. The methods of payment are changing radically. Zhou Yang's home is in Pudong. Every day, he takes the bus to the Shanghai Museum across the Huangpu River and on arriving at the office he devotes himself to the study of rusty ancient coins and worn-out ancient and modern banknotes. This new era gives him an opportunity to contribute histalents to society.

Pic. 4 Four types of old Taiwan dollars issued by the First Printing Plant of the Bank of Taiwan (the obverse and the reverse)

原刊載於《東亞泉志》第 4 期

功崇惟志 業廣惟勤

——周祥先生中國錢幣學術研究述記

◎ 周延齡〔上海〕

受《東亞泉志》總編周邁可、主編袁水清之委託，2016年四、 五月間，我對上海博物館周祥先生進行了採訪（圖1），特 撰此文。

“我給自己的定位就是一把椅子、一張桌子、一疊紙、一支 筆。”這是周祥先生在當選國家文物鑒定委員會委員時，《中 國收藏》記者採訪他時講的一句話。在2005年9月增聘的 國家文物鑒定委員會委員55人中，時年43歲的他是所有 委員中年齡最輕者。

1984年7月從上海大學歷史系考古與博物館專業畢業後， 周祥在上海博物館先做了7個月的講解員，之後就將錢幣學 和貨幣史研究作為自己的專業。30多年來，在他從事的專 業理論與實踐中默默地治學與耕耘，以館藏的錢幣為基礎， 結合歷史文獻，撰寫出版了《中國珍稀錢幣》《施嘉幹先生 舊藏中外錢幣》《上海博物館藏品研究大系·中國古代紙鈔》《銀 錠》《紙幣》《紙上繁華——李偉先先生舊藏紙幣掇英》和《清 代紙幣珍賞》等一批著作，另與他人合著《簡明錢幣辭典》 《錢幣學綱要》等（圖2）。多次榮獲中國錢幣學會學術成 果“金泉獎”和上海市錢幣學會學術成果一等獎。著述豐裕，

成績斐然。周祥現任上海博物館研究館員，中國錢幣學會學 術委員會委員，上海市錢幣學會副理事長，上海市錢幣學會 學術委員會副主任，《中國歷代貨幣大系》編輯委員會委員， 成了一位國內錢幣界知名的專家，錢幣研究的領軍人物。王 國維在《人間詞話》中說做學問有三種境界：“昨夜西風凋 碧樹，獨上高樓，望盡天涯路，此第一境界（眼光與天賦）； 衣帶漸寬終不悔，為伊消得人憔悴，此為第二境界（努力與 堅持）；暮然回首，那人卻在燈火闌珊處，此第三境界（機 遇與靈感）也。”周先生的錢幣學術研究，如登山攀峰，經 峻峭絕壁，已然見峰頂的風光無限。

圖 1 周祥與作者（左）合影於上海博物館工作室 2016 年 5 月 6 日 圖 2 周祥出版的著作

中國是世界上最早使用貨幣的國家之一。上海博物館的錢幣 收藏數量和品質在中國文博界與錢幣界享有聲譽，有國內大 型博物館中唯一以中國歷代錢幣為主體的730平方米的展 館，展出的近4000件錢幣文物，集中展現了中國貨幣的歷 史及絲綢之路錢幣概貌，引導參觀者去領略其中的精華，認 知它的起始和發展。從萬千古錢中挑選出展品，並生動有序 地展示給大家，要使專業人士和普通觀眾都能從中受益，絕 非易事。上海博物館錢幣館陳列與設計獲得各層次人們的廣 泛認可與好評，也充分體現了周祥先生的專業水準與才華。

探究中國錢幣的歷史、藝術與文物價值，它的發行、流通、 價值與貯藏手段，以及它的形成、發展和對今天的指導意義， 這就是錢幣學術研究。體悟學術的精神，不是上級部門指定 的課題與項目，也不是職稱評定中的點綴與擺設，而是從砂 礫中淘取真金，得為目標含辛茹苦，耐得寂寞，甘心與桌椅 紙筆相伴，得融入個人的思維與創造。周祥先生30餘年來 潛心於中國錢幣的學術研究，不為外面世界的紛擾所動，“躲 進小樓成一統，管他冬夏與春秋”。正是憑着這種對事業“衣 帶漸寬終不悔”的執着與韌勁，使其所思所想，一直引領着 學術的方向。

周祥先生在做學問上是極用心的。從《上海博物館新獲銀錠 考——兼論宋元時期銀錠的斷代》這篇將“聶秦家肥花銀” 銀錠考為南宋銀錠的不長的行文中，用了38本書籍與雜誌 中的90處注釋內容，可見其用功程度。中國錢幣的研究基 本上分為古錢、機製幣和紙幣三大板塊，先生對此不僅都有 涉獵，而且運用自己獨到的思想和方法，每有建樹（圖3）。

先秦貨幣文獻資料相對欠缺，存世的錢幣實物成了研究的重 點。改革開放用地劇增，先秦貨幣大量出土，一些全新的資 料也相繼出現，由於科學的考古資料很少，錢幣大都在群眾 或藏家手中。周祥先生在研究上採取的方法與態度是，科學 地對待民間新發掘的資料，綜合考古資料、文獻記載，將經 濟活動與民族歷史相結合，擷其精要，陳己之見，在許多方 面得出比較中肯客觀的結論。

在《試論尖首刀》文中，周先生將尖首刀分為甲乙丙三型 十二式，並從刀的外形、出土地，推論出首刃部呈平直狀的 尖首刀主要鑄行於北狄活動地區，刀首刃部呈弧線狀的尖首 刀主要鑄行於山戎活動範圍之中。條縷清晰，分析入理。《齊

明刀相關問題研究》通過綜合齊明刀的文字和形製，齊明刀 的屬國和鑄作年代的各種觀點，以及齊明刀乙型實物所反映 的信息來判斷，齊明刀在形製上可能更多的是受齊國自鑄 刀幣的影響，由此推論齊明刀的鑄作時間在公元前284-前 279年。

在《先秦吳越貨幣若干問題探討》文章裏，周祥認為先秦時 期的吳越地區，貨幣經濟發展是比較落後的，仍處在以布帛 作為實物貨幣、青銅塊作為稱量貨幣的階段。而仿戈青銅器 都不僅不具有流通和使用的痕跡，且大小上沒有定規，得出 紹興發現的仿戈青銅器不是越國的青銅鑄幣的結論。《圓足 布研究》和《圓足布再研究》兩文，從圓足布的屬國、鑄地、 鑄作時間，圓足布與三孔布、尖足布的關係，以及鑄造技術 等方面着手，得出圓足布是戰國時期趙國佔領中山國之後鑄 行的一種貨幣，與趙國其他貨幣不同，它可能採用了銖兩衡 制；圓足布並不是由尖足布發展而來，而是受到了三孔布的 影響；在鑄造技術上，圓足布採用陶石範合用，代表了三晉 地區、至少是趙國鑄幣的水準。周祥先生獨闢蹊徑的思路與 結論，對圓足布的斷代得到了考古發掘的證明。《戰國時期 的貨幣製度與貨幣流通》則全面分析戰國布、刀、圜錢的製 度，並通過對三孔布和圓足布，齊明刀與趙圓首刀、燕明刀 等各國貨幣幣值的研究，認為各國貨幣之間存在着幣值上可 以相互換算的關係。

五銖錢的分期斷代歷來是錢幣界重視的問題，前人為此作了 很大的努力。近年來,隨着考古資料的不斷出新和研究方法 的改進，五銖錢的探討再次掀起高潮。周祥先生《郡國五銖、 赤仄五銖和上林三官五銖錢管見》，依據出土的五銖錢範、 五銖鑄錢遺址考察及河北滿城漢墓出土五銖錢資料，區分出 郡國、赤仄、上林三官五銖文字與記號特徵，於研究每多啟 發和裨益。20世紀90年代，各地陸續發現了漢代的鉛質圓 形、方形、橢圓形物，被認為是漢武帝鑄行的白金三品，《白 金三品諸問題探討》從發現物品的形製、金屬成分、紋飾、 重量和文字等問題展開討論。將之與文獻記載相比較，其未 含銀與錫合金成分，與漢代規定重量不符，圓鉛餅背面的刻 符不是文字等全方位比對分析，認為白金三品的定論有待進 一步求證。

六朝蕭梁時期錢幣鑄造問題，一直不曾得以解決。周祥先生 在《上海博物館所藏蕭梁五銖疊鑄陶錢範——兼論天監五銖 與公式女錢》一文中，通過對館藏蕭梁五銖疊鑄陶錢範的研 究，兼論天監五銖與公式女錢，對此方面研究起了推動作用。

1984年陝西咸陽胡家溝西魏大統十年侯義墓出土的五銖錢，

表明原先所謂隋五銖中的“五”字筆直交叉形式的出現不會 晚於此時。周祥先生的《隋五銖芻議》文的結論是：西魏大 統年間鑄行的五銖錢是仿製北魏永安五銖而來的，隋五銖改 變錢文書體沿襲西魏大統年間後期鑄行的五銖錢，它們之間 具有前後繼承的關係。在《永光》文中，將永光錢從文字上 分為兩種版式，稽查考古資料，認為第一種版式除見之於著 錄外，不見有新的考古印證；第二種版式近年來卻屢有發現。

在機製幣研究上，周祥先生運用豐富的文獻材料，不乏提綱 挈領之論，也有小處着手，畫眉點睛之筆。《湖北本省銀元考》 文，通過湖廣總督和湖北巡撫簽署的光緒二十二年四月初二 告諭，對湖北本省銀元的鑄造與發行進行了考證。得出湖北 本省銀元不止3枚，而是5枚；有庫平七錢二分、庫平三 錢六分、庫平一錢四分四厘、庫平七分二厘和庫平三分六厘 五種面額。還得出本省銀元不是湖北銀元局的初鑄品；本省 銀元不同面額之間有鑄造時間上的先後關係；與製錢的比價 等極具史料價值的結論。史料記載山東銀元局在光緒三十年 十月開鑄銀元，但未見山東銀元的實物，周祥先生《山東銀 元鑄造考》的文中，經查閱分析檔案資料，發現光緒三十年 十月周馥被調離了山東巡撫一職，故未鑄銀元。光緒三十三 年時山東巡撫楊士驤再次上奏朝廷要求自鑄銀元又遭朝廷 否決，沒有山東銀元的真相大白於天下。《清代銀元珍品考 述》，將館藏清代銀元中具有標誌性和代表性的部分珍品， 做一一介紹，尤其對四川光緒缶寶銀元、福建官局光緒庫平 七錢二分銀元作了重點介紹與考述。《近代貨幣史實補正兩 則》很有意思，在發現當時電文中找到問題的癥結，補證了 歷史，使陝西為造銀元購買機器的過程與最終結果有了最好 的說明。通過兩則電文瞭解湖北一兩銀幣鑄造情況及其印製 銀幣票的資料，特別是光緒三十一年湖北銀幣票的新發現， 填補了銀幣票印製史一個空白。

周祥先生這些年來在紙幣研究上花費了大量的心血，除了出 版《上海博物館藏品研究大系·中國古代紙鈔》《紙上繁華—— 李偉先先生舊藏紙幣掇英》等大部分著作外，撰寫了不少有 關紙幣的論文，尤其是在民國紙幣的研究上，正確對待上海 近現代銀行業發達這份歷史遺產，充分利用上海晚清民國時 期錢幣資料繁多這個得天獨厚的優勢，並不斷有新的發現和 成果。

在古代紙鈔的研究上，《對安徽東至發現的關子印版的看 法》文，經對版上行文與錯字、印文字形和花紋圖案的辨識， 作出關子印版是後人偽做的結論。不少學者認為：1978年 和1979年，內蒙古額古濟納旗先後發現了兩批元代的文書

為“代鈔券”。而周祥在《黑城出土文書與元代鈔本的印造 和使用》文中，則通過行文及格式分析，力排眾議，認為它 不是鈔本，而應該是當時的收據。這些觀點的成立，一方面 反映了他作為研究者不人云亦云，堅持自我觀點的執着與堅 定；同時也看到他積累有良好的中國歷史知識與文化修養。

中國實業銀行是近代八大商業銀行之一，周祥的《現存中國 實業銀行紙幣的綜合分析》文章，通過細緻查閱有關檔案文 獻，找到了民國九年中國實業銀行還曾發行過面額五元、十 元的實業流通券的記載。加上這次，實際發行有五版紙幣， 糾正了中國實業銀行只發行四版紙幣的結論。在《中國實業 銀行紙幣的印製》文中，則詳盡考證了中國實業銀行的紙幣 印製數額、地名券的印製，對兌換券上加印的總經理簽字和 分行經理簽字的事宜，以及紙幣印版的銷毀情況都一一作了 詳盡的敘述。通過嚴謹的清理與細緻的分析，糾正了美國鈔 票公司、《中國近代紙幣史》等權威機構與書籍的記錄存在 錯誤，還原了中國實業銀行相關歷史的真面貌。

《浙江興業銀行第一、二版紙幣研究》則通過紙幣實物比較， 區分了浙江興業銀行第二版漢口、杭州、上海地名銀元票與 第一版的不同之處。從上海檔案館保存的上海商務印書館的 裝箱單上的記錄，計算出浙江興業銀行上海、漢口地名五元 券的數量，驗證了興業銀行第一版紙幣中有銅元票的事實。

查閱文獻記錄中關於浙江興業銀行的偽鈔記錄，發現了《中 國歷代貨幣大系·清紙幣》書中和浙江省博物館入藏的興業 銀行的偽鈔和假票。

舊台幣，指1946年5月20日成立的臺灣銀行於1946年5 月22日至1949年6月14日發行的九種台幣，臺灣銀行第 一印刷所舊台幣則僅印製有一百元（圖4）、一千元、一萬 元和十萬元四種面額，中央印製廠印製舊台幣涵蓋了其他所 有面額。對此國內外學術界迄今沒有一個完整的論述。周祥 先生撰寫的《第一印刷廠及其印製的舊台幣》《民國三十五 年台幣發行額的變化》《民國三十五年台幣的版式、印製與 發行》《臺灣光復後臺灣銀行券的發行、收兌及處理》等系 列文章，全面系統地敘述和反映了1946年臺灣光復及其後 時間段台幣的版式、印製和發行情況，猶如一幅市井長卷， 將這段歷史完整地展現在大家眼前。另外，他在紙幣研究上 值得一提的還有《四明銀行紙幣的印製與暗記》《中國墾業 銀行紙幣印製、版式及發行》《上海商業儲蓄銀行的代價券》 等文章。

他撰寫了《試論突騎施汗國錢幣》《察合臺汗國錢幣之研究》

圖 4 臺灣銀行第一印刷所四種面額舊台幣之一——壹百元圓券 等多篇絲綢之路方面的文章，通過對突騎施汗國和察合臺汗 國的歷史分期、錢幣上的徽記及錢幣製度等問題，較系統全 面地介紹了突騎施汗國與察合臺汗國錢幣。

任何學術成就，均來源於學習，躬行於實踐；將前人的認知， 當成肩膀；把自己的新識，薪火相傳。周祥曾說：“博物館 有個不成文的行規，即文物工作者儘量不要到社會上參與買 賣。但是我們需要一個合適的通道去跟社會接觸，掌握市場 的動態，因為在博物館做研究看到的都是過去的作假方法， 要增長鑒定知識，就必須瞭解最新的作偽手段。上海市錢幣 學會每月有一次面向社會的免費鑒定活動，我都會參加，在 為社會服務的同時也得到了知識。”除參加錢幣學會的鑒定 活動外，他還積極參加社會與錢幣有關的各類活動，如擔任 黃浦區老年大學錢幣班的教員，參加中國錢幣學會舉辦的各

專題學術活動等，使他廣泛獲取了錢幣出土與研究的新發現 與新成果，繼而為自己的研究廣開思路和增添新內容。其實， 這類接觸就是實踐。但是許多人沒有去做，他們關進博物館 的象牙塔裏，不與社會接觸，知識也因之而枯竭，學術因之 而荒蕪。

上海浦東這塊千年前還是海塗的地方，今天金融中心的雛形 已經形成，陸家嘴土地上世界各大銀行高樓林立。銀行營業 廳、ATM機和商場刷卡機遍佈大街小巷，人們使用的貨幣 與過去相比已發生了根本性的變革。而家住浦東的周祥，要 乘車穿越上海的母親河黃浦江，去上海博物館上班，埋頭在 綠鏽斑駁的古錢或破損殘缺的古代與近代紙幣中，這本身就 充滿了傳奇的色彩。而正是歷史與機遇賦予他的機會，使他 得以用自己的付出和才華回答了這個時代。

45 Years of Sino-German Friendship: Commemorative Pandas Struck

◎ Künker Auction〔Germany〕

July 6, 2017 – What would the friendship between states be if it was not lived by people? Ulrich Künker, Managing Director of Künker, has been a good friend of Michael Hans Chou, owner of Champion Leilo Co., Hong Kong, for years. Their personal friendship inspired the two of them to erect a numismatic monument to the friendship of their nations. And so the idea of a set of two Panda medals was born.

Both medals feature the same motif on their obverse. The reverses have a different design: for China by Yu Min, for Germany by Heinz Hoyer and Sneschana Russewa-Hoyer. The Staatliche Münze Berlin was won over to strike the German medal. This pair of panda has become a symbol for China, the Berlin Bear they face is much less popular. With the Chinese Embassy of the People's Republic of China in the Federal Republic of Germany's support, the initiators received the approval of the Chinese Ministry of Culture to use the official logo of the 45th anniversary of the establishment of diplomatic relations between the People's Republic of China and the Federal Republic of Germany for the production of the Panda medals.

Yu Min has designed more than 100 circulation and commemorative coins of the People's Republic of China, including over 40 Panda motifs. The talented engraver is highly esteemed not only in China but throughout the world. He received the ‘Krause Award' for his life's work as part of the COTY Ceremony early in 2017. He is the first Asian designer ever to be awarded this honor. The One Yuan coin with peony flower designed by him has mintage over 10 billion. Heinz Hoyer is also a ‘Krause Award' laureate. As the first German to receive it, he won it in 2016. His name is familiar to all collectors of FRG and GDR coins, for he has designed more than 20 circulation and commemorative coins. The most famous and widespread work of his are the German 1- and 2-euros circulation coins which, manufactured by the billions, are in use in the whole of Europe.

Yu Min designed the common obverse of the medal. At the center it features the logo of the 45th anniversary of the establishment of diplomatic relations between the People's

Chou

Ulrich

presenting Chinese Ambassador Shi Mingde with the very first set commemorating 45 years of Sino-German friendship

China Version - 45 Years of Sino-German Friendship: Commemorative Panda

Germany Version - 45 Years of Sino-German Friendship: Commemorative Panda

Republic of China and the Federal Republic of Germany; in the background one can see the Brandenburg Gate and the Great Wall of China, with ‘Sino-German Friendship' below.

On the reverse of the Chinese version one can see a bear on the left, standing with two playing pandas turning towards him and

Michael

(left) and

Künker (right)

a bamboo branch behind indicating a natural ambience. SinoGerman friendship in German and Chinese characters are placed in the bottom and the top. The version designed by Yu Min is produced by New Century Mint which is one of the leading private mints in China.

The German reverse features the Berlin Bear, welcoming two pandas with a bouquet of flowers, in the background one sees Berlin landmarks. And the inscription ‘Chinesisch-Deutsche Freundschaft' in English, Chinese, and German.

The version created by the Hoyer couple is produced by Germany's oldest mint, the Staatliche Münze Berlin, which started operation as early as 1280.

On June 30, 2017, the first-strike ceremony of the ‘German' medal took place in the Staatliche Münze Berlin. Dr. Andreas Schikora, head of the Berlin Mint, hosted a well-attended event. Speakers were the Chinese Ambassador Shi Mingde and the Ambassador and the head of the Asia section in the Foreign Minstry of the Federal Republic of Germany Dr. Norbert Riedel

who represented the German government. Aside from the official event, the two contemplated if 50 years of Sino-German friendship in 2022 would not constitute the perfect opportunity to issue official commemorative coins of the People's Republic of China and the Federal Republic of Germany.

When the Chinese panda couple MengMeng and Jiao Qing was officially handed over to the Berlin Zoo on July 5, 2017, a set of Panda medals made from silver plated brass designed by Yu Min and Heinz Hoyer, distributed by the Chinese Embassy in the Federal Republic of Germany, were given to the dignitaries from both China and Germany presented at the ceremony. This version is not available for sale. However, made from 1 ounce of .999 fine silver, a set of Panda medals will be offered, in a prestigious box accompanied by a certificate. The mintage amounts to 3,000 sets.

Together with Chinese Ambassador Shi Mingde, Dr. Norbert Riedel, official representative of the German government, is pleased with the German commemorative striking

Photos for this event: http://www.muenzenwoche.de/de/News/45-Jahre-Chinesisch-Deutsche-Freundschaft-Gedenk-Pandas-gepraegt/4?&id=4795

From left to right: Dr. Norbert Riedel, Ulrich Künker, Shi Mingde, Dr. Andreas Schikora, Michael Hans Chou

Chinese Ambassador Shi Mingde celebrates 45 years of Sino-German friendship

Dr. Andreas Schikora welcomes the guests in the Staatliche Münze Berlin

原刊載於《東亞泉志》第 8 期

賀中德45年友誼：熊貓紀念章首打儀式

◎ 昆克拍賣公司〔德國〕

如果沒有人民之間的友誼，國與國的友誼又如何存在呢？ Ulrich Künker是昆克拍賣公司的執行董事，周邁可是冠 軍拍賣公司的總裁，他們兩人是長達多年的好友。

他們的個人友誼啟發了二人為他們國家的友誼創造一個錢 幣文化的紀念物。因此，一套有兩隻熊貓的紀念章的構想誕 生了。

兩枚紀念章的正面有着同樣的主題，而背面的設計不同。

余敏設計了中國版的紀念章，德國版的由Heinz Hoyer和 Sneschana Russewa-Hoyer設計。柏林國家造幣廠贏得 了鑄造該章德國版的機會。這一對國寶大熊貓成了中國的代 表，而它對面的柏林熊受歡迎度遠遠不及它。經中國駐德國 大使館的支持，主辦方收到了中國文化部的授權，同意他們 在熊貓紀念章的製作中使用中德建交45周年官方標識。

余敏為中華人民共和國設計的流通幣和紀念幣達100枚以 上，其中以熊貓為主題的幣有40多枚。這位才華橫溢的錢 幣雕刻師不僅享譽中國，並且名揚世界。在2017年初，他 在世界錢幣大獎賽頒獎典禮上以他一生的作品榮獲“克勞斯 大獎”。他是第一個獲此殊榮的亞洲人。余敏設計的牡丹壹 圓鑄造量超過了百億枚。

Heinz Hoyer也是“克勞斯大獎”的得主。他於2016年受 選，成為第一個獲得該獎的德國人。他設計了德國的20多 枚流通幣和紀念幣，他的名字為德意志聯邦共和國及德意志 民主共和國硬幣的收藏者們所熟知。德國1歐元和2歐元 流通幣的設計是他最家喻戶曉、廣為流傳的作品，這些幣已 被鑄造了數十億枚，在全歐洲被人使用。

余敏設計了這套紀念章的正面，在它的中央是中德建交45 周年的標識。在背景裡可見勃蘭登堡門和中國萬里長城，在 底部是“Sino-German Friendship（中德友好）”的字樣。

在中國版的背面是一隻熊呈“r”字形站立，兩隻在玩耍的 熊貓正轉向它。在熊貓後面是一些竹枝，設計師以它表現了

周邁可（左）與 Ulrich Künker（右）同中國駐德國大使史 明德展示首套中德友好 45 周年紀念章

中德建交 45 週年紀念熊貓章——中國版

中德建交 45 週年紀念熊貓章——德國版

大自然的氛圍。在下方是“中德友好”的德語和中文。余敏 設計的版本是由中國的一家頂級的私人鑄幣廠——新世紀 造幣廠生產。

德國版的背面的一隻柏林熊，手持一束鮮花歡迎兩隻大熊 貓。在背景裡你可以看到柏林的城市地標，以及中德友好的 英文、中文和德語銘文。Hoyer夫婦設計的這個版本是由

德國最古老的造幣廠——柏林國家造幣廠生產，它的運營歷 史可追溯到1280年。

在2017年6月30日，德國版紀念章的首打儀式在柏林國 家造幣廠舉行。Andreas Schikora博士是柏林造幣廠的理 事長，他主持了這個高朋滿座的活動。中國駐德國大使史 明德以及代表德國政府的德國外交部亞洲地區總管及大使 Norbert Riedel博士在儀式上發表了演講。

除了這次官方活动，两人还讨论了在2022年——中德建交

從左到右：Norbert Riedel 大使， 昆克董事 Ulrich Künker， 史明德大使，柏林造幣廠理事長 Andreas Schikora，冠軍拍 賣總裁周邁可

的第50周年，是否是发行中华人民共和国与德意志联邦共 和国官方纪念章的绝佳时机。

在2017年7月5日這對大熊貓被正式轉交給柏林動物園的 交接儀式上，經由中國駐德使館傳播發行，中國國家赴德國 的代表團和德國的嘉賓有收到由余敏和Heinz Hoyer聯手 設計的黃銅和黃銅鍍銀的熊貓紀念章一套。這個版本的紀念 章是不出售的。然而，一套各含1盎司99.9白銀的熊貓紀 念章將附與鑒定證書，以精緻盒子包裝出售。這套銀製紀念 章的發行量是3000枚。

中國駐德國大使史明德慶祝中德友好 45 周年

Andreas Schikora 博士在柏林國家造幣廠歡迎來賓 代表德國政府的 Norbert Riedel 大使與中國駐德國大使史明 德共同為德國版紀念章的首打儀式感到欣喜 這次活動的照片可以在這網址看到： http://www.muenzenwoche.de/de/News/45-Jahre-Chinesisch-Deutsche-Freundschaft-Gedenk-Pandas-gepraegt/4?&id=4795

Originally

East Asian Coins on Display at National Museum of American History

East Asian Coins on Display at National Museum of American History

New Donation From the Family of Private Collector Howard F. Bowker

New Donation From the Family of Private Collector Howard F. Bowker

◎ Ellen Feingold〔USA〕

The Smithsonian's National Museum of American History

The Smithsonian's National Museum of American History will display selected numismatic objects recently acquired from the collection of Howard F. Bowker beginning Nov. 8. The New Acquisitions case within the "Value of Money" exhibition will show 19 items ranging from fifth? century B.C. Chinese bridge and knife money to 20th-century Chinese money minted in the U. S.

The selection is part of a recent donation of more than 380 objects from the Bowker collection of East Asian coins, banknotes and stamps. The collection includes rare modern Chinese coinage such as a 500 cash coin made from copper and tin in 1927 and a silver "Old Man" dollar from 1837, as well as a wide variety of 19th-and 20th-century Japanese and Korean coinage.

"The Bowker collection presents an ideal opportunity to explore what numismatic objects can reveal about the historic trade and technological connections between the United States and East Asia" said Ellen Feingold, curator of the National Numismatic Collection.

A set of 1902 gilt brass-proof pattern coins also are included in this acquisition. These coins were struck in the U.S. by the Ferracute Machine Co. of Bridgeton, N.J. The coins contribute to the understanding of that connection and further illustrate the ties between North American and Chinese numismatics, economics and trade.

The donation also includes 12 ancient Chinese knives and 20 pieces of ancient Chinese bridge money. Of the knives, seven are known as "Qi knives" and five are known as "Ming knives." The

1902 Szechuan Set of Gilt Brass Proof Patterns: One Dollar, 50 Cents, 20 Cents, 10 Cents, 5 Cents. Ex Ferracute Archive Collection

newly acquired knives and bridge money will help the museum to tell the full narrative of Chinese numismatics through material culture.

The Museum gratefully recognizes the generosity of the Howard F. Bowker Family and Michael Chou for their support to promote research and enhanced public access of the National Numismatic Collection through exhibition and digitization efforts.

Bowker's passion for collecting began when he was stationed

as a U.S. naval officer in Hànk ǒ u, Hubei Province, China, following the end of World War I, and he collected more than 10,000 historic East Asian artifacts.

East Asian monetary objects have been a part of the Smithsonian's National Numismatic Collection since the 19thcentury. Today, the National Numismatic Collection has strong East Asian representation and is a national resource for the study of East Asian money. The National Numismatic Collection opened the "The Value of Money" exhibition in July 2015, and it links American history to global histories of exchange, cultural interaction, political change and innovation. "The Value of Money" allows visitors to explore the origins of money, new monetary technologies, the political and cultural messages

money conveys, numismatic art and design and the practice of collecting money.

Through incomparable collections, rigorous research and dynamic public outreach, the National Museum of American History explores the infinite richness and complexity of American history. It helps people understand the past in order to make sense of the present and shape a more humane future. The museum is located on Constitution Avenue N.W., between 12th and 14th streets, and is open daily from 10 a.m. to 5:30 p.m. (closed Dec. 25). Admission is free. For more information, visit http://americanhistory.si.edu. For Smithsonian information, the public may call (202) 633-1000.

Bowker Donation Highlights

CHINA-TAIWAN ND (1837) Old Man Dollar, mint mark " 卍 "

CHINA-KWANGTUNG ND(1889) 50 Cents Silver Pattern, 7.3 reversed pattern

1936 Kwangtung One Cent Copper Pattern with five goats

CHINA-TAIWAN ND (1853) Ju-I Military Ration

JAPAN 1874 50 Sen Silver

CHINA-HONAN ND (1927-28) 500 Cash Copper Plated Nickel, T border

原刊載於《東亞泉志》第 9 期

美國國家歷史博物館東亞錢幣展

——來自私人藏家包克家族的新捐贈

◎ 艾倫·法因戈爾德〔美國〕

從2017年11月8日開始，史密森國家歷史博物館將精選出一批霍華德·包克捐贈的錢幣藏品進行展覽。展名为“錢幣 價值”的展覽中將展出本次新獲贈的錢幣藏品中19個錢幣，包括從公元前5世紀的橋形幣、刀幣，到20世紀美國鑄 造的中國試打樣幣一應俱全。

本次挑選的展品是最近接受的380多件包克藏品捐贈中的 一部分，這批藏品包括東亞硬幣、紙幣以及郵票。其中既 有罕見的中國近代幣，如1927年河南省由銅和錫製成的當 500文樣幣，及1837年台灣的老公銀，也有各種各樣的19 世紀和20世紀的日韓錢幣。

“包克藏品為探索錢幣是如何展現美國與東亞之間歷史悠 久的貿易與技術聯繫方面，提供了一個很好的機會”，國家 博物館錢幣收藏館館長艾倫·費恩高德如是說。

此次接受的捐贈中還包括一套1902年四川省造光緒元寶鏡 面黃銅鎏金樣幣。這套硬幣由美國新澤西州漢立克納浦廠鑄 造。它的入馆既有助於瞭解上面提到的那種聯繫，又進一步 展示了北美和中國的錢幣、經濟和貿易之間的關係。

另外，此次的捐贈中還包括中国古代12件刀幣及20件橋 形幣。刀幣中有7把“齊刀”，5把“明刀”。這些新獲得

美國國家歷史博物館錢幣收藏館之包克藏品展廳 包克藏品入館，圖中錢幣為 1902 年四川省造光緒元寶鏡面 黃銅鎏金樣幣一套

的刀幣和橋形幣將有助於博物館通過物質文化研究對中國 錢幣做出一個全面的描述。

博物館真誠地感謝霍華德·包克家族和周邁可先生，多虧他

們的支持，讓我們研究工作進一步得到推動，公眾也能通過 展覽及數字網路更多地接觸到國家歷史博物館的藏品。

包克對收藏的熱情始於一戰後他在中國湖北省漢口市擔任 美國海軍軍官的那段經歷。他收集的東亞歷史文物達1萬 多件。

自19世紀以來，東亞錢幣就成為了史密森國家錢幣收藏館 的一部分。如今，國家錢幣收藏館有着強大的東亞錢幣館 藏，是研究東亞貨幣的一項全國性資源。國家錢幣收藏館於 2015年7月開始舉辦“錢幣價值”展，此项展覽將美國的 歷史與全球交流、文化互動，政治變革與創新的歷史聯繫了

起來。通過這場展覽，遊客可以探索貨幣的起源、新的貨幣 技術、貨幣所傳達的政治和文化信息，錢幣藝術和設計以及 錢幣收藏的實踐。

通過無與倫比的館藏、嚴謹的調查研究和充滿活力的公眾宣 傳，美國國家歷史博物館探索了美國歷史的無限豐富性和複 雜性。通過幫助人們瞭解過去，讓人們理解現在，進而塑造 更加人性化的未來。博物館位於新南威爾士州十二至十四號 街道之間的憲法大街，每天營業時間為上午十點至下午五點 三十分（12月25日聖誕節閉館1天），免費參觀。欲瞭解 更多信息，請訪問http://americanhistory.si.edu。想要 瞭解史密森學會的相關信息，可致電（202）633-1000。

包克捐贈藏品的中部分珍品

1874 年（明治七年）日本五十錢銀幣 1927-1928 年中華民國河南雙旗伍百文鍍鎳銅質樣幣，

T 邊，直徑 45 毫米

1837 年臺灣老公銀，標記“卍”

1853 年臺灣如意軍餉

1889 年廣東省造七三反版光緒元寶庫平三钱六分五釐 1936 年（民國廿五年）廣東省造五羊壹仙銅質樣幣

Champion Auction and China Coin Grading

The problem of counterfeit Chinese coins was ever-worsening in the period leading up to 2006. Even though Michael Chou, the president of iAsure (the parent company of Champion Auction) was quite busy with his company‘s technology and marketing projects with eBay in Asia, he still had a strong interest in the well-being of the Chinese numismatic market. Michael thought one of the solutions which would help reduce this problem was to introduce the concept of third-party grading to China and the Asian market.

Fortunately, Ron Guth, a friend of Michael Chou, who had called Champion Hong Kong auctions in 1996 and 1997, had by 2006, become president of PCGS, one of the leading third-party grading companies in the world. After meeting with David Hall, the founder of PCGS, at the Collectors Universe headquarters in California, it was decided that president Ron Guth and consultant Karl Stephen would team up with Champion Auctions to have a 2007 PCGS China visit to Beijing, Shanghai, Hong Kong, and Taipei to introduce PCGS third-party grading and learn about market conditions and detection of counterfeit coins. They planned to meet leading auction houses and institutes like Beijing China Guardian, Beijing Chengxuan, China Gold Coin Inc, the Shanghai Museum, the Shanghai Mint, the Hong Kong Numismatic Society, and the Taipei Numismatic Society, and the Chu Hwa Numismatic Society.

Ⅰ The History of Third-party Grading in China

The history of third-party grading received a massive push in 2007 when then PCGS president Ron Guth agreed to make an official trip with Michael Chou to Hong Kong and China. His grading consultant Karl Stephen also came on a journey to visit Taiwan, China. During this trip, they visited Beijing and Shanghai and called in on the vault of the Shanghai Museum, where some of the most famous Chinese coins are held. They held a PCGS grading event in Beijing and visited China Gold Coin Inc. and its museum.

PCGS struck 50 sets of $1 commemorative coins featuring 4 American presidents for the 2007 PCGS China visit. 50 sets of 4 coins, 200 coins in total

PCGS Grading Seminar

On June 21, 2008, they held a PCGS grading seminar in Hong Kong with former PCGS president Ron Guth, Mr. Zhou Xiang of the Shanghai Museum, and Taipei Numismatic Society

president Chou Chien Fu, and PCGS set its first authorized dealership in Taiwan, China. In addition, Ron Guth was the auctioneer of the Champion 2008 Hong Kong Auction.

2009 Champion Hong Kong Auction Flyer Featuring the Chinese Family Collection

Champion Auction was the only authorized agent of PCGS and NGC in China.

In 2005, Rick Stelzer and Glen Jorde founded Paper Money Guaranty (PMG), and Rick Stelzer was the finalizer of the world paper money. On August 23, 2009, Champion Auction held the first PMG seminar in Hong Kong with PMG founder Rick Stelzer and Zhang An See. Mr. Stelzer introduced PMG and its services at the seminar, which provided an excellent opportunity for Asian paper money collectors and dealers. Michael Chou also spoke about the cooperation between auction houses and third-party grading companies and his experience of setting up the submission center in Taiwan with CCG.

Champion Auction also signed a deal with NGC CEO Steve Eichenbaum and Taipei Numismatic Society director Chou Chien Fu to set up the first NGC submission center in Taiwan, China. Later, it increased NGC services to include Hong Kong

2008 Champion Hong Kong Auction Catalog

Hong Kong Seminar held by PMG and Champion Auction

before NGC setup its own Hong Kong office.

Champion Auction also worked with NGC to bring the first onsite grading to Hong Kong, then later Shanghai, and participated in many grading seminars with NGC and PMG.

Champion Auction worked with Nick Brown and NGC to develop the oversized holders for modern Chinese coins and funded the development of the huge oversized NGC holders for the 1991 5 kilo gold panda and 10 kg gold coins. It worked with NGC to set up its first China submission center.

In 2013, the Champion Winter online auction featured a 1992 1 kilo seismograph and compass gold coin (LOT 10), NGC PF68 Ultra Cameo, realized at RMB 8,998,000

Champion also worked with NGC to grade to sell the first Chinese coin of valued at one million dollars, the 1910 Yunnan spring dollar from the 2010 Ultima Auction. It has since auctioned more million-dollar Chinese coins, all in NGC holders, than all of its auction competitors combined.

In 2010, Champion Auction co-held an NGC onsite grading

event in Hyatt Regency hotel, Hong Kong.

In 2011, NGC Shanghai oversaw the onsite grading of the Howard Bowker East Asian Coin Collections at the East Asia Hotel.

In November 2014, NGC Shanghai held a modern seminar

1910 Yunnan spring dollar, NGC AU55

The first Chinese coin valued at one million dollars

1991 5 Kilo Gold Panda

featuring the 1992 1 kilo Inventions and Discoveries China gold coin.

In December 2015, NGC held a Macau event, and NGC world finalizer Ken Krah presented.

Champion has also worked with NGC and PMG to grade and conserve coins and grade banknotes from the Howard Bowker

Hupoo 5 mace, Chinese family collection, PCGS SP66 Auctioned on the second Champion VIP Wechat auction (LOT 19)

Ⅱ Rating of Chinese Coin Graders

When Michael Chou visited Ron Guth's office when he was PCGS president, there was a monthly chart of the performance of each PCGS grader and what the grader's percentage of getting a final grade correct was.

Collection, which were donated to the Shanghai Mint Museum, Shenyang Mint Museum, Beijing China Banknote Printing and Minting Museum, Germany Mortizberg Museum, and Smithsonian National Numismatic Collection.

Michael Chou has served as a senior advisor to CCG, the parent company of NGC, NCS, and PMG in Sarasota, New York, and participated in the NGC 30th anniversary video.

Hunan dollar, NGC SP67 It was sold in a private transaction in 2014 for over USD 1 million

Hunan Half dollar, NGC SP66 Sold in a private transaction in 2013

Usually, two graders look at a coin. If both graders assign the same grade, the grade is final. If they assign two different grades, then a third-grader, the finalizer, assigns a grade, which is the final grade.

The higher percentage of grades correct, the more valuable the grader is, as the resources of the finalizer at each grading

Former NGC World Finalizer Ken Krah

service are limited.

At NGC for world coins, the finalizers were Ken Krah and NGC former president Mark Salzberg. Now, Scott Schechter has assumed the position. The PCGS finalizer used to be Ken Park but is now Mike Sargent.

ⅢTechniques for Top Grading Submitters

There are some techniques for some of the top grading submitters.

Jeff Garret is former ANA president, Smithsonian NNC director, and NGC consultant. He told Michael Chou a long time ago that when he visits NGC, he tries to come in on the weekend and then submit his coins early Monday morning when the graders were fresh. He also said that the worst day to submit was Friday when everyone was perhaps tired and maybe more conservative in assigning the grades. It is the same for show walkthrough grading, which means submitters must get the coins early to the grading service, so perhaps the graders will look at the coins when they are fresh.

Envelops of the Bowker Collection

Another tip Michael Chou received from his friend Ron Guth, former PCGS president, is that the graders like to look at nice coins as most of the time they look at generic commercial coins, which gets boring after a while. Therefore, if you have an excellent group of coins, it is better to put the best coins in the front of the box and on the invoice, as this improves the chance of getting good grades for the best coins. Famous world coin dealer, former PCGS consultant, and world grader Karl

Stephens told Michael Chou that Ron's theory was correct.

Former PCGS world coin grade finalizer Ken Park added that submitters should not add ugly or questionable coins in the same box with their nice coins. This might reduce the chance of getting a good grade from a grader and also increase the chance of a genuine coin being called questionable. All of these strategies have worked very well at both NGC and PCGS.

Former PCGS finalizer Ken Park also said that, for US coins, there are only two types of toning, nice attractive rainbow toning or white. In most cases, white coins were dipped by using a liquid to remove heavy toning, which would reduce the grade, as the graders could not see the surface below. But for world coins and especially Chinese coins, envelope toning, which develops over many years in a coin envelope, is preferred over white coins as the original toning protects the surface of the coin and gives it an authentic look, which helps the coin get graded. Even knowing the grade might be more conservative with the envelope toning, a coin that is AU58 with original envelop toning may outsell a white cleaned coin that is MS60 to 62. It is even more important when it is from a famous collection as graders like to see nice original coins fresh to the graders.

As many coins are submitted many times to try to get a higher grade or playing the grading lottery, the graders may get grading predictable after a while.

Also, fresh original toned coins often bring much higher prices when they come to market. Regarding those coins that appear many times over a short period, sometimes even with a higher grade, the price is still pretty average as they are seen many times by both dealers and collectors.

The coins from the Howard Bowker Collection meet many aspects of fresh original coins from a famous collection. The coins have been in the coin envelopes for at least 70 years, as the envelope has the catalog number and price of the first Kann's catalog from 1954 and not the 1966 version. Coins from the Chinese family and NC Collection also meet some of the criteria as these coins have been in the collection for a minimum of 20 years and most over 30 years. Besides, most of them are coming to the market for the first time.

原刊載於《東亞泉志》第 20 期

冠軍拍賣與中國錢幣評級

◎ 冠軍研究室〔上海〕

在2006年之前，中國錢幣市場上的假幣問題日益嚴重。

因此儘管周邁可先生仍在忙於冠軍拍賣母公司愛秀集團 （iAsure）與易趣（eBay）在亞洲開展的技術和行銷項目， 但他依然希望能夠積極促進中國錢幣市場的健康發展。為 此，周先生認為在中國和亞洲市場引入第三方評級的概念 可以有效減少假幣問題。

恰巧曾參加過冠軍1996年和1997年香港拍賣的好友古富 （Ron Guth）當時正是全球領先的第三方評級公司PCGS 的總裁。在加州環球收藏者公司(Collectors Universe, Inc.，為PCGS母公司)總部與PCGS創始人大衛·霍爾 （David Hall）會面後，大家決定由PCGS總裁古富和評 級顧問卡羅·斯蒂芬斯（Karl Stephens）與冠軍拍賣公司 合作，代表PCGS將於2007年造訪中國北京、上海、香港 和臺北，並對PCGS第三方評級進行介紹，同時還將瞭解 中國的市場情況和假幣檢測現狀。此外，PCGS還計劃與 中國頂尖的拍賣公司及錢幣相關組織機構會面，包括位於 北京的中國嘉德、北京誠軒、中國金幣總公司，上海博物館、 上海造幣廠，香港錢幣學會和臺北錢幣學會等等。

Ⅰ 中國評級公司歷史

2007年，冠軍拍賣總裁周邁可先生的好友，即PCGS總裁 古富（Ron Guth），同意代表PCGS官方造訪中國大陸和 中國香港，評級顧問卡羅·斯蒂芬斯（Karl Stephens）也 一同來訪，並前往了中國臺灣。由此，中國的第三方評級行 業大大地向前邁進了一步。一行人一起前往了北京和上海。

在上海期間，大家參觀了收藏着一些最為著名的中國錢幣 的上海博物館館藏。在北京則舉辦了評級會，並參觀了中國 金幣總公司及其博物館。

2008年6月21日，冠軍拍賣和原PCGS總裁古富、上海博 物館錢幣部門研究員周祥、臺北錢幣協會主席周建福一起 在中國香港的金域假日酒店舉辦了PCGS評級研討午宴，並 在中國臺灣設立了第一家PCGS授權代理。此外，原PCGS 總裁古富先生擔任了冠軍2008年香港拍賣的拍賣師。

2007年 PCGS 訪華時鑄打了50套精製一美元紀念幣， 每套紀念幣上有4名美國總統的頭像。每套4枚，共計200枚

PCGS 評級研討午宴

當時冠軍拍賣是大中華區唯一經PCGS和NGC授權的代 理商。

2009 年冠軍香港拍賣目錄內頁

2009 年冠軍拍賣華人家族收藏宣傳頁

2005年，我們的好友瑞克·斯特拉爾（Rick Stelzer）和 格倫·喬德（Glen Jorde）成立了PMG（Paper Money Guaranty，紙幣評級公司），瑞克擔任世界紙幣的終評評 級師。

2009年8月23日，冠軍拍賣和瑞克以及另一位好友——澳 門資深紙鈔藏家張安生一起舉辦了第一場PMG評級研討 會。瑞克在會上作了有關PMG公司及其提供的各項服務的 介紹，這為廣大亞洲紙鈔收藏家和經銷商提供了一個難得 的機會。周邁可先生也在會上發表了關於拍賣公司與第三方 評級公司相互協作以及與CCG共同在臺灣地區建立評級鑒 定提交服務中心等方面的演講。

我們還與NGC的總裁史蒂夫·艾森鮑姆先生（Steve Eichenbaum）、臺北錢幣協會理事長周建福簽訂協議，在 中國臺灣設立第一個NGC評級提交中心。在NGC設立香 港辦公室之前，我們增加了為香港提供NGC評級的業務。

冠軍拍賣還和NGC合作，在香港舉辦了第一場現場評級活 動，之後又將這一活動引入上海，並且參與了多場NGC和 PMG的評級會。

1991年5公斤熊貓金幣

我們還和好友尼克·布朗（Nick Brown）以及NGC一起為中國 現代錢幣研發了大號的NGC盒， 並且資助NGC為1991年5公斤熊 貓金幣和10公斤金幣開發超大號 的NGC盒。此外，還幫助NGC 在中國本土建立了第一家錢幣提 交中心。

庚戌春季雲南造庫平七錢二分，經評 NGC AU55 這是第一枚價值百萬美元的中國錢幣

冠軍拍賣還將一枚得自2010年 Ultima拍賣的一枚庚戌（1910年） 春季雲南造銀幣提交NGC評級， 並在評級後出售。這是第一枚價 值百萬美元的中國錢幣。自此， 我們拍賣過的經評級的錢幣價值 比其他所有拍賣行加在一起還要多一百多萬美元。

2013年冠軍冬季網路拍賣亮點——1992年1公斤指南針和地動儀金幣（ LOT 10）， 經評 NGC PF68 Ultra Cameo，成交價8 998 000元人民幣

2010年，冠軍拍賣與NGC一同在香港凱悅酒店舉辦了現 場評級活動。

2011年，NGC在上海東亞飯店對霍華德·包克東亞錢幣收 藏進行了現場評級。

2014年11月，NGC在上海舉辦了現代錢幣研討會，1992年 中國古代科技發明發現1公斤金幣亮相活動現場。

2015年12月，NGC舉辦澳門活動，NGC當時的世界錢幣

NGC

終評評級師肯·克拉（Ken Krah）亮相活動現場。

針對捐贈各大博物館的包克收藏，我們對其中的硬幣進行 了評級盒保養，對其中的紙鈔也進行了評級，捐贈對象包 括上海造幣博物館、瀋陽造幣博物館、北京中國印鈔造幣 博物館、德國莫裏茨堡博物館和華盛頓史密森美國國家錢 幣收藏。

冠軍拍賣總裁周邁可先生至今仍然擔任着位於紐約薩拉索 塔的CCG公司的高級顧問（CCG是NGC、NCS和PMG 的母公司），並且參與錄製了NGC成立30周年的紀念錄像。

戶部五錢，華人家族收藏，經評 PCGS SP66

該幣於8月23日冠軍第二次 VIP 精品微拍上進行拍賣， 拍品號 LOT 19

Ⅱ 錢幣評級師

當古富還是PCGS總裁的時候，周邁可先生曾造訪他的辦 公室，那裏有一張每個PCGS評級師的月度績效表——評 估評級師最終評級正確的百分比。

通常一枚硬幣會由兩名評級師共同評估，如果評分相同，則 該分數成為其最終評分；如果評分不同，那麼會有第三名終 評評級師進行最終評定，評出的分數即為最終分數。

因為每次評級服務可用的終評評級師是極為有限的資源， 因此一名普通評級師的評分正確率越高，他便越有價值。

NGC之前的世界錢幣終評評級師由肯·克拉和NGC主 席馬克·薩爾茨伯格（Mark Salzberg）擔任，現為斯科 特·舍希特爾（Scott Schechter）。而PCGS之前的終評評

湖南省造光緒元寶庫平七錢二分銀幣，經評 NGC SP67 2014 年冠軍拍賣私人交易，成交價超過一百萬美元

湖南省造光绪元宝库平三钱六分银币，经评 NGCSP66 2013年冠军拍卖私人交易

級師是肯·樸（Ken Park），現在則是麥克·薩金特（Mike Sargent）。

Ⅲ 錢幣送評技巧

有一些資深人士在將錢幣提交評級的時候會有一些小技巧。

如冠軍拍賣總裁周邁可先生的好友傑夫·加勒特（Jeff Garret），他是美國錢幣學會的前任主席，史密森美國國家 錢幣收藏的主管，也是NGC的顧問。很久之前他曾告訴過 周先生，他去造訪NGC的時候會選擇在週末前去，之後 再週一早上去提交錢幣，因為這個時候的評級師頭腦都比 較清楚。而提交硬幣最不好的時機是週五，因為這個時候， 每一位評級師都很累，評級的時候可能也更加保守。現場 評級也是這樣的，必須提前把錢幣送到評級服務處，這樣 評級師在評級時頭腦或許更加清醒。

另一位朋友，即前面提到的PCGS前總裁古富則給了另一 條提示，那就是評級師們更喜歡看到那些精美的錢幣。這 是因為他們大多數時候看到的都是普通的商業性錢幣，看 久了就會覺得很無聊。所以，如果你有一組看上去還不錯的 錢幣，那麼不妨把品相最好的那些放在前面，這樣可以讓這 些品相最好的錢幣獲得一個好分數。前面提到的世界著名 幣商、前PCGS顧問和世界錢幣評級師卡羅·斯蒂芬斯也 表示，古富的說法是正確的。

而我們的朋友，前PCGS世界錢幣終評評級師肯·樸則補 充道，不要把那些品相不佳或有問題的錢幣與你的精品錢 幣放在同一個盒子裏，因為這樣可能會讓評級師不願意輕易 評出高分，並且對其中的真幣也產生懷疑。所有這些策略在 我們將錢幣提交到NGC和PCGS評分時都很有效。

PCGS前終評評級師肯·樸還告訴了我們，美國錢幣上的包 漿有兩種，一種是漂亮又吸睛的幻彩包漿；另一種則是白的， 這種大多是被浸在特製的液體裏去除了原本厚重的包漿，因 為厚重的包漿會讓評級師難以看到包漿底下的錢幣表面， 這就會導致低評。但是對於其他地方的錢幣，尤其是中國 錢幣而言，有些在信封裏保存了很多年，這樣形成的包漿則 會比白色的幣更受評級師歡迎，因為這樣的原包漿可以保護 錢幣的表面，讓評級師可以看到錢幣的真實品相，會更有利 於評分。即使是在知道一枚有着保存在信封中而形成包漿的 錢幣評分只有AU 58，但是其價格可能會比一枚評分為MS 60至62的白幣更高，尤其是當這枚錢幣是出自名人收藏的 時候就更是如此。這也正如肯·樸告訴我的那樣，評級師更 喜歡看到那些原始的錢幣，這對他們來說更具新鮮感。

包克收藏信封

有很多錢幣都會送評多次，從而獲得更高分或對評分進行 競猜，但是這樣會讓評級師對錢幣的評分有了預見性。

另外，新面世的原包漿錢幣的價格通常也會高很多，因為大 多數錢幣都在短時間內多次出現在市場上，有時一些高分 的錢幣，其價格也不過平平，因為幣商和藏家都已經見過 這些錢幣很多次了。

霍華德·包克收藏的錢幣便滿足了上述的多個條件，它們既 是名人收藏，又因為在信封中保存了至少70年而有着原包 漿，存封它們的信封上還有1954年（而非1966年）的耿愛 德目錄編號和價格，之前也未曾出現在市面上。華人家族和 NC收藏也滿足其中的一些標準，這些都被收藏了至少20年， 大多都是被收藏了30年以上，並且其中的大多數都是首次出 現在市面上。

Originally published in the JEAN 24

A Legacy of Collection:

The NC Collection of Chinese Coins Won the NLG 2021 Best World Coin Book of The Year

◎ Champion〔Shanghai〕

A Legacy of Collection: The NC Collection of Chinese Coins

Chang

It was a great honor to receive a notice today from my friend and Executive Director of the Numismatic Literary Guild (The Oscars of the numismatic publishing) Charles Morgan that my great friend and mentor Nelson Chang ( 張南 琛 , or NC) has won the 2021 Best World Coin Book of the Year. This we believe

Nelson is the first ethnic Chinese author to win one of the NLG Best book categories. With the release of this A Legacy of Collection: The NC Collection of Chinese Coins (hereinafter referred to as NC book) and the follow-up NC Collection auction in Macau on May 30th, 2021, which set over 60 Chinese coin auction

records and the 100 NC Collection lots sold for over us 18 million, also setting a record for an individual Chinese vintage coin collection at auction. Nelson's book and auction reflect his extraordinary path of collection from one of the members of one of the most famous families of collectors in modern China. Working with Nelson Chang and his family on this book project, I was able to learn not only about Chinese numismatics but also about modern Chinese history and his fantastic adventures from this true Chinese gentleman. It was a great honor and a lifetime memory that will stay with me forever.

Literary Guild

Nelson

Numismatic

Back in 2015, our Howard Franklin Bowker book also with Ron Guth, Bruce Smith, and the Bowker family won one of the 12 NLG extraordinary merit books for 2015. It was an extreme privilege to work with Ron Guth, Bruce Smith, and the Chang family on the Nelson Chang book, and also I would like to thank our Journal of East Asian numismatics staff, Mr. Yuan, Mr. Zhou, Ms. Zhao, Ms. Tam, Ms. Tsai, our friend designer Mr. Deng who has typeset all of our numismatic books and auction catalogs since 2010, and the fantastic photos by NGC's Doug Plasencia for this great honor.

Our great friend and former PCGS president and executive director of the Numismatic Literary Guild, Ron Guth won the 2003 NLG book of the year for the 100 Greatest US coins with our friend Jeff Garrett.

it has been a great honor to work with Ron Guth and Bruce again on the NC book and previously on the 2010 Top Chinese Coins Silver edition, 2015 Howard Franklin Bowker, Rob Guth 2020 Standard Catalog of Chinese show pandas.

We plan to release a third edition of the Top Chinese coins this Fall again with Ron Guth and Bruce Smith and we hope we will have another chance at the 2022 Best World Coin Book and perhaps even the overall book of the year?

Many famous authors such as Q David Bowers, Roger Burdette, David Lange (NGC), Scott Travers, Ron Guth, Jeff Garrett, Kenneth Bressett, David Vagi (NGC), has won multiple NLG books of the year and best articles. It is an extreme honor for me to be in this

group of numismatic authors. From 2001 to 2020 many past winners were from the Krause Publications' catalog of World Coins and Paper Money, winning Best world coin or Paper money categories in 2001, 2004,2006,2008, 2009,2011,2013,2014,2015,2016, and 2018. It has been a great pleasure to serve on the Krause publications coin of year award nominating committee, many of the members are past winners of the NLG book and best article awards such as Clifford Mishler, George Cuhaj, Robert Van Ryan, David Harper, and

Online Awarding Ceremony

Chinese Show Panda Catalogue（1984-2019）

Howard Franklin BowkerNumismatic Pioneer

Top Chinses Coins (Silver Coinage)

Ron Guth

Tom Michael.

Our Journal of East Asian Numismatics senior editor Steve Feller with his daughter Ray Feller in 2007 win the Best Tokens and Medals book for Silent Witnesses: Civilian Camp Money of World War II. Many of our writers for the Journal of East Asian Numismatics have win-win past NLG awards such as Neil Shafer, Ron Guth, Jeff Garrett, David Vagi(2021) Fred Schwan(2021), Joe Boling (2021) Jeff Starck (2021), and Howard Daniel.

The best world auction catalog goes to Heritage auctions for its Paramount auction catalog of world coins, the Samsung collection formed the basis for both Paramount and pinnacle collection auctions which realized over

us 60 million, a record for a world coin collection which shows the vision of the Samsung chairman Lee and funded my friend KI Lee of Hwadong to help build this fabulous collection. it was a great honor to participate in the building of this fabulous collection in Seoul Korea. The NC collection of Chinese coins auction held on May 30th in Macau was after the April 30th deadline for this year's nomination, we hope to submit this NC auction catalog for NLG consideration in 2022.

The Numismatic Literary Guild (NLG) founded in 1968 is a nonprofit organization composed of editors, authors, writers, bloggers, and content producers who cover news and feature stories about all forms of money, medals, and tokens as collectible.

From left: Vicken Yegparian, Michael Chou, Ron Guth, Ellen Feingold

From left: Thomas Michael, David Vagi, Michael Chou

2021 Champion Macau Auction Catalog - NC Chinese Coin Collection

From left: Micahel Chou, Robert Van Ryzin, Fred Schwan, Clifford Mishler, Thomas, Michael, Mark Sutton

原刊載於《東亞泉志》第 24 期

《收藏傳奇—張南琛中國錢幣收藏》

榮獲錢幣文學公會2021年最佳世界硬幣圖書獎

◎ 冠軍研究室〔上海〕

《收藏传奇——张南琛中国钱币收藏》

张南琛年轻照

類獎項的華人作家。

錢幣文學公會成立於1968年，是由錢 幣、紀念章和代幣等收藏品新聞和專 題故事領域的編輯、作家、博客主、 內容生產者共同組建的非營利性組織。

《收藏傳奇——張南琛中國錢幣收藏》 於2021年4月30日出版；同年5月 29日在澳門首發；次日，即5月30日， 2021年冠軍澳門拍賣會“張南琛中國 錢幣收藏專場”拍賣在澳門十六浦索 菲特大酒店舉行，張南琛收藏的錢幣 中有100多枚亮相拍場且悉數成交， 其中60多枚打破拍賣紀錄，成交總額 超過1 800萬美元，這一成績也締造 了中國單個機製幣收藏的拍賣紀錄。

不論是張先生這本錢幣著作，還是其 收藏拍賣的結果，都反映了他作為現 代中國最著名的收藏家族成員的非凡 收藏歷程。

周邁可和張南琛及其家人共同完成了 該成書項目。在此過程中，周邁可對

月10日，周邁可先生從好 友——錢幣文學公會（Numismatic Literary Guild，簡稱NLG）執行董 事查爾斯·摩根（Charles Morgan） 處得知，他的導師張南琛所著《收藏 傳奇——張南琛中國錢幣收藏一書》 獲得了2021年最佳世界硬幣圖書獎， 張南琛也是第一位獲得NLG最佳圖書 錢幣文學公會

其所頒獎項堪稱錢幣出版業內的奧斯 卡獎。

中國錢幣、中國近代史，及這位華人 君子的傳奇經歷有了更加深入的瞭解。

這對周邁可而言是一項殊榮，也是值 得珍藏一生的記憶。

回顧2015年，我們與古富（Ron Guth）、史博祿（Bruce Smith）， 及包克家族合作完成了《霍華德·佛蘭 克林·包克——錢幣收藏先驅者》專著， 這本書也是12本榮獲2015年非凡圖 書獎的書籍之一。我們對此次能夠再 次與古富、史博祿一起，與張氏家族 共同完成這本《收藏傳奇——張南琛 中國錢幣收藏》倍感榮幸。在此，周 邁可也想感謝同人——《東亞泉志》 編輯部的袁水清、周邊、趙婷婷、譚 婉梅和柴慶慶，自2010年起為我們 所有錢幣著作及拍賣目錄進行排版設 計的鄭會群，以及為本書拍攝了精美 照片的NGC攝影師道格·普拉森西亞 (Doug Plasencia)。

周邁可的好友古富原是PCGS總裁， 也曾擔任錢幣文學公會執行董事。他 與周邁可的另一位好友傑夫·加勒特 （Jeff Garrett）合著的《美國最偉大 的100枚硬幣》曾獲得了2013年錢幣 文學公會年度圖書大獎。

線上頒獎典禮

周邁可很榮幸可以和古富以及史博祿 再次共同完成張南琛收藏書。此前我 們在2010年共同編著了《中國近代機 製幣精品鑒賞銀幣版》，在2015年完 成了《霍華德·佛蘭克林·包克——錢幣 收藏先驅者》。周邁可還和古富、陳 景林在2020年完成了《中國熊貓紀念 章目錄1984-2019》一書。

我們和古富、史博祿一起正在編撰的 《中國近代機製幣精品鑒賞》第三版， 預計於2021年秋出版發行。我們也 希望這本精品圖書有機會獲得2022

年最佳世界硬幣圖書獎，乃至年度圖 書大獎。

很多著名的作家也獲得了2021年 NLG的圖書獎項和最佳文章獎，包括 大衛·鮑沃斯（David Bowers）、羅傑·伯 代特（Roger Lange）、大衛·蘭格（David Lange, NGC）、斯科特·特拉弗斯（Scott Travers）、古富（Ron Guth）、傑夫·加 勒特(Jeff Garrett)、肯尼斯·佈雷塞特 (Kenneth Bressett)、大衛·瓦吉（David Vagi, NGC）等。我們對能夠和這些錢 幣作家共同獲獎倍感榮幸。

左起：斯達克· 鮑沃斯拍賣行 （Stack's Bowers）古錢幣部門副 總經理維肯 葉格帕裏安（Vicken Yegparian）、冠軍拍賣總裁周邁可、 古富、美國史密森國家歷史博物 館國家錢幣收藏館館長埃倫 費恩 戈爾德合影於 2018 年芝加哥美國 錢幣學會年會

左起：周邁可、羅伯特· 範· 裏津、弗雷德· 施萬、 克裏福德 米什勒、托馬斯 邁克爾、馬克 修頓， 合影於 2019 年芝加哥 ANA 年會官方晚宴

2001年至2020年間，很多獲獎圖書 乃是克勞斯出版社的世界硬幣和紙幣 目錄，它們在2001年、2004年、 2006年、2008年、2009年、2011 年、2013年、2014年、2015年、 2016年和2018年贏得了世界最佳硬 幣和紙幣目錄的獎項。而周邁可也有 幸擔任克勞斯世界硬幣大獎賽提名委 員會委員。提名委員會中的很多委員 都曾獲得NLG圖書類獎項和最佳文 章獎，如克裏福德 · 米什勒（Clifford Mishler）、喬治 · 古哈（George S. Cuhaj）、大衛·哈珀（David Harper）、托馬斯 · 邁克爾（Thomas Michael）、羅伯特 · 範 · 裏津（Robert Van Ryzin）。

《東亞泉志》高級編輯史蒂夫·費勒 （Steve Feller）及其女兒蕾·費勒（Ray Feller）所著《沉默的見證者——第二 次世界大戰平民營貨幣》贏得了2007 年最佳代幣和紀念章圖書獎。除此之 外，《東亞泉志》的很多文章作者也 曾獲得過NLG的獎項，如尼爾·謝弗

（Neil Shafer）、古富、傑夫·加勒特、 大衛·瓦吉（2021年）、弗雷德·施萬 （Fred Schwan，2021年）、喬伊·博 林（Joe Boling，2021年）、傑夫·斯 塔克（Jeff Starck，2021年）和霍華德·丹 尼爾（Howard Daniel）。

2021年的世界最佳拍賣目錄花落海瑞 得拍賣公司（Heritage Auctions）的 Paramount世界錢幣藏集拍賣目錄。 三星博物館收藏的Paramount藏集和 Pinnacle藏家拍賣成交額超過6 000 萬美元，創造了世界錢幣收藏的拍賣 紀錄，這足見三星集團會長李健熙的 眼光之獨到。而這一韓國頂尖收藏是 由周邁可的好友李建一（K.I. Lee）幫 助他建造完成的。

由於冠軍2021年春季澳門拍賣會《張 南琛中國錢幣收藏專場拍賣目錄》推 出的時間晚於2021年NLG提名的截 至時間，我們寄希望於這本目錄能夠 在2022年提交評選。

左起：世界硬幣大獎賽協調人托 馬斯 邁克爾、大衛 瓦吉、周邁可 冠軍 2021 春季澳門拍賣會 張南琛中國錢幣收藏專場拍賣目錄

Originally published in the JEAN 20

Five Dynasties Ten Kingdoms Min State "Kai Yuan Tung Pao" 500Cash (large star on Rev.) in Copper and Iron

Che-lu Tseng〔USA〕

Wang Shenzhi was the founder of Min State on the southeast coast of China during the Five Dynasties and Ten Kingdoms period. He claimed the title of acting military governor of Weiwu in 897 and held that position till 925 when he died. Wang Shenzhi followed the central court's order to strike "Kai Yuan Tung Pao" in copper, iron and lead. In 922, "Kai Yuan Tung Pao" 500-Cash was struck in iron.

Wang Shenzhi struck "Kai Yuan Tung Pao" iron coins in 500Cash large denomination, wide rim with heavy weight. This "Kai Yuan Tung Pao" 500-Cash iron coins circulated with minor denomination copper coins at the same time. If 1,000 pieces of one-cash (copper) equals to 500 pieces of 500-cash (iron), so one piece of 500-cash (iron) equals to 2 pieces of oneCash (copper).

This "Kai Yuan Tung Pao" 500-Cash coi, large star on reverse, official script (li 隸 ), is the prototype coin of Illustration of Ancient Coins of Different Dynasties by Ding Fubao. It is believed to be unique. Luo Bozhao noted in Quan Bi (10th issue) that the "Kai Yuan Tung Pao" 500-Cash copper coin with

large star on reverse is extremely rare. It is said that the coin was obtained from 鄭松館 . Such a large copper cash coin can be an iron-mold.

Tseng Che-lu

Dr. Tseng Che-lu is a senior collector and researcher. Dr. Tseng has 50 years of experience in collecting coins. He is one of the world's leading experts on Chinese cash coins and Taiwan coinage. In addition, Dr. Tseng is the senior consultant of the JEAN, and he has published the Spirit and Culture of Taiwan Coinage and other books of Chinese cash coins and Taiwan coinage.He was an advisor to American Numismatic Society of New York with J.C. Lee and also consultant to American Numismatic Association and its grading service ANACS.

Dr. Tseng, Mrs. Tseng and Michael Chou at Califonia, America

Dr. Tseing, J.C. Lee (left) and Michael Chou at Taipei, China

Dr. Tseng and Colin (English editor of the JEAN) at Taipei, China

原刊載於《東亞泉志》第 20 期

五代十國閩錢—大開元背大星銅鐵錢 ◎ 曾澤祿〔美國〕

曾澤祿、曾太太與周邁可合影於美國加州

曾澤祿與資深收藏家李正民（左）及周邁可合影於中國臺北 曾澤祿簡介

閩王王審知，自唐昭宗幹寧四年（897年）嗣威武節度使， 至後唐莊宗同光三年（925 年）歿，在位 29 年。奉中原正朔， 以開元通寶為文鑄銅鐵鉛錢。《十國春秋 閩太祖世家》載： “龍德二年（922 年），鑄大鐵錢，以開元通寶為文，仍以 500文為貫。”

宋朝洪遵在《泉志》中引陶嶽《貨泉錄》曰：“王審知鑄大 鐵錢，闊寸餘，甚蠯重，亦以開元通寶為文，仍以 500文為 貫，俗謂之‘銠處’（按此為反及力之合字，為閩語無正字， 指粗重之意）與銅（指小銅錢而言）並行。”如以一貫為制 錢小平1 000 枚來算，那麼以 500 枚大鐵錢為一貫，就是一 枚大鐵錢等於二枚小銅錢。

此枚開元通寶大銅錢背大星，隸兼楷意，是丁氏《歷代古 錢圖說》之原拓圖的相片，是孤品。羅伯昭在《泉幣》第十 期有文，雲：“齊齊有銅品背巨星，聞出鄭松館，絕罕。”按 此大銅錢或可當作個別鑄陶土笵之鐵母。

曾澤祿與《東亞泉志》英文編輯高林合影於中國臺北

曾澤祿醫生是資深錢幣收藏家及研究者，有着超過 50年收藏經驗。他是當今全球最瞭解中國古錢和臺 灣錢幣的專家之一。同時，曾醫生也是《東亞泉志》 高級顧問，曾編纂過《臺灣貨幣的精神和文化》等 諸多中國古錢和臺灣錢幣方面的書籍。曾經和李正民 先生共同擔任美國錢幣學會顧問，曾是美國錢幣協 會及其評級服務機構 ANACS 的顧問。

Originally published in the JEAN 20

Southern Song Dynasty Slender Golden Script

Che-lu Tseng〔USA〕

Nai-ChiChang'sbiography was introduced in An Encyclopedia of Old Coins by Ting Fu-pao. [Chang Chiung-po said, Fang Yao-yu and Nai-Chi Chang were the center figures in the ancient coins collecting zenith. There was a title "North Fang South Chang" at that time. Nai-Chi Chang was the youngest and the last to collect ancient coins, but he had outstanding appreciation on coins and had unique geographical advantage of collecting, so he soon became a counterpart in the South (Shanghai) of Fang Yao-yu in the North (Tianjin). Other famous numismatists such as Pao Tzu-nien and Li Tso-hsien were surprised at their unprecedented rare collections.

Nelson Chang, Nai-Chi Chang's son, noted that his father carried his favorite 1998 pieces cast cash coins to the USA in 1940s since the cast cash coins were easier to carry in a string. While the spade coins and knife coins were left to Chang's relatives in Shanghai because they were big and vulnerable to broken. After Nai-Chi Chang passed away, Mrs. Chang sold the collection to a fund in New York at the end of 1940s. They asked Frank Caro of C.T Loo & Company to take 48 blackand-white photos in archive. But the 2000 ancient coins were just shot one side, including 400+ Japan and Vietnam coins. So there are only 1600 Chinese coins. In recent years, Nelson Chang takes great efforts to track down his father's collection. It turn out that the collection is still in the fund's vault. So he asks a photographer to take color photos for all the coins on both sides. But compared to the 48 black-and-white photos, there are 300 coins missing, including the Ta Chi Tung Pao with 4 holes which makes Nai-Chi Chang famous, and other rare coins. It is our great pleasure to share the color photos here.

1 Southern Song Dynasty Ching Yuan Tung Pao 3 Cash ("Yong" on Rev.) 2 Shao Ting Yuan Pao 10 Cash

Chang Chiung-po saw these above Slender Golden Script large coins in Nai-Chi Chang Collection many times, and published one article on Chuan Pi (5th issue) magazine. [One is the Southern Song Dynasty Emperor Ning Zong Ching Yuan Tung Pao 3 Cash, "Yong" on Reverse; the other is the Southern Song Dynasty Emperor Li Zong Shao Ting Yuan Pao 10 Cash, no inscription on reverse. Both are Nai-Chi Chang Collection. I always marveled at these two coins when I saw them. According to the Southern Song Dynasty numismatic literatures, the coins lack eye appeal because of the calligraphy after Chien Yien and Shao Xing coins. But the above two Slender Golden Script coins follows the great calligraphy style, especially the two "Yuan Pao" are in great similarity. Since "Shao Ting" is 30 years later than "Ching Yuan", it is possible that the two "Yuan Pao" were written by one person. Lo Pochao thought the "Yong" character on reverse was struck by Rao Zhao Yong Ping governor.

These two coins both have clear origin. There is a nick at the seven o'clock on the Ching Yuan Tung Pao, which is 油潤熟坑 or may be cleaned. The underlying is black and brown, and the top rim has patina. The inner hole becomes smoothly due to the rub of the string. As for the Shao Ting Yuan Pao, there is gilt at the bottom of "Shao" and "Pao". There is also patina between the inscriptions. Gilt can be seen on the underlying on reverse. Yuan Hanyun (Yuan Shih Kai's son) said there are few "Shao Ting Yuan Pao" copper coins. There is only "Shao Ting Yuan Pao" 3 Cash recorded in numismatic books. This gilt "Shao Ting Yuan Pao" 10 Cash may be unique, ex-Fang Dishan collection.

The first issue of China Numismatics published one article by Tai Pao-ting, named Correction on An Illustration Talk on Old Dynastic Coins. The article mentioned "Shao Ting Yuan Pao" 3 Cash and 10 Cash fakes, which were struck by Zhang Baosheng, but the fakes were in high quality. "Shao Ting Yuan Pao" 10 Cash fake rubbing was published on China Numismatics 2nd issue, which is different from the rubbing in by An Illustration Talk on Old Dynastic Coins by Ting Fupao. In 1991, An Illustration Talk on Old Dynastic Coins was reprinted. Ma Dingxiang noted that Nai-Chi Chang has the genuine "Shao Ting Yuan Pao" 10 Cash. What Tai and Ma noted both were true.

Most of the rare Nai-Chi Chang Collection is traceable. The toning is mostly due to the owner's play and sweat in a long time. It will be controversial if the coin is cleaned or damaged. The above Ching Yuan Tung Pao and Shao Ting Yuan Pao had been examined by senior numismatists. Besides, the inscriptions on coins during 1195-1250 in the Southern Song Dynasty and the Tai He Tung Pao druing 1190-1208 in Jin Dynasty in the North follow a similar Slender Golden Script style. So these two Slender Golden Script coins are to be genuine.

Ching Yuan Tung Pao 3 Cash ("Yong" on Rev.)

Shao Ting Yuan Pao 10 Cash

南宋瘦金體大錢二品

先以丁福保《古錢大辭典》裏介紹張叔馴之生平如下 : “張 絅伯先生曰 , 自光緒中葉至今約四十五年 , 為古泉集大成 時期當以方藥雨張叔馴為中心人物 時有北方 ( 藥 雨 ) 南張 ( 叔馴 ) 之稱 , 張氏年最幼 , 好泉最晚 , 然嗜深力 強 , 近自江浙 , 遠及蠻荒 , 東南舊藏 , 西北新出 , 靡不羅而

致之 , 若百川匯海 , 萬流朝宗 , 不及二十年 , 竟與方氏分庭 抗禮 , 同輩斂手嘆服 , 二氏所藏奇珍異品 , 繁富夥頤 , 不勝 枚舉。向使鮑 ( 子年 ) 李 ( 佐賢 ) 諸公見之 , 將舌撟不下 , 謂為空前可 , 謂為絕後亦無不可 , 洵集古化之大成矣。”

依據張叔馴兒子張南琛先生的記述 , 他父親在20世紀40年 代帶他喜愛之古錢來美國 , 一共有1 998枚 , 全部是方孔 圓錢 , 因能成串容易攜帶不易拆斷。至於大型空首布、布 幣、刀幣等 , 或許是大型易斷損仍放在上海張家親族裏。

他父親過世後 , 在40年代末由他母親售給紐約某基金會 , 並有黑白照片留存 , 這共有48張黑白共照之相片是由一位 Frank Caro of C.T Loo & Company 拍照 , 但這共照近 2 000枚古錢相片僅照一面而己 , 背面是什麼無法瞭解。

這其中包括有400多枚是日本與安南錢，故屬於中國古錢 近1 600多枚。近幾年來 , 張南琛先生努力追尋他父親藏

品之着落 , 發現仍保存於基金會之保險箱裏 , 於是請一位 照相師拍照每枚正面、背面之彩色照。但是再經與40年代 末黑白照片對照仍尚缺許多 , 發現約缺有300枚之多。 這 300枚包括有張叔馴成名之“四眼大齊”, 及其他珍罕品。 今幸獲有尚留存古錢彩色相片二品 , 供諸位愛好古錢者共 賞研之。

慶元通寶背永

紹定元寶

其一，南宋慶元通寶背永折三；其二，紹定元寶折十。 此2枚均為瘦金體大錢。早年 , 張絅伯曾在張叔馴藏品

中見過多次 , 並寫一文考證（載《泉幣》第五期）：“右 南宋寧宗慶元通寶 , 大如折三 , 幕上永字。又理宗紹定 元寶 , 大如當十 , 幕無文。二泉皆叔馴所藏。曩日在其 齋中曾屢見之。每見輒歎賞不置。頃檢舊拓 , 得此二品 , 展閱之餘 , 若久別重逢 , 不禁神往 , 爰志數話 , 以供同好 共相欣賞。按南宋諸泉文字 , 自建炎紹興以還漸不措意 , 書風頓失 , 殊不足觀。獨斯二泉體仿瘦金 , 猶存崇寧大

觀遣風 , 至足愛玩 , 而元寶二字尤為酷肖 , 若出一人之 手 , 考慶元紹定首尾相距僅三十年 , 即為一人之筆亦意

中事。茲承伯昭代考宋史 , 斷定幕文永字系饒州永平監

所鑄 , 至為心契 , 原文錄左 , 以示不敢掠美。”

按此二枚均是傳世品，放大望之：慶元通寶在七鐘點邊 緣處有裂痕 , 呈油潤熟坑 , 或有洗過。肉面呈黑漆焦色， 上外緣有再生綠繡，內穿角或由昔藏者繩串摩挲而呈膩 滑內沉。紹定元寶折十在錢文之“紹”及“寶”二字底 下之鎏金尚細沉在，字間有再生之綠鏽。背面之黑漆焦 色底下之鎏金亦隱隱可見矣 ! 據袁寒雲曰：“紹定銅泉 , 鮮有元寶 , 泉匯有折三一品出舊譜外 , 此折十大錢製作 之精 , 已為南宋泉中所僅有矧為元寶之紹定耶鎏金 , 地 山師藏”或可推測此枚鎏金為方地山之舊藏。

曾澤祿〔美國〕

1983年《中國錢幣》創刊號有一篇戴葆庭遺著《歷代古 錢圖說校正》。在南宋部分有提及紹定元寶折三及折十之 偽品“是浙江嘉興平湖人張寶生偽作 , 但偽作枝術較精 , 肉薄字挺 , 銅質細糯 , 與此一手偽作還有大定通寶大錢 及阜昌通寶真書大錢。”並在《中國錢幣》第2期再補上 折十偽作之拓圖 , 此拓圖呈現字粗外緣寬，與丁氏圖說 拓圖不同。1991年丁氏圖說再版 , 馬定祥批註此枚紹定 折十“張叔馴有真品”。二位昔賢批註均可信。

按張叔馴之稀罕品以傳世品為多，傳世品之包漿是經把 玩者經久之摩挲及手漬層層沉澱殼面 , 呈滑熟幽光沉 , 這些是歲月留下之陳跡。如被沖洗或被磨損 , 就易成有 爭議性之藏品。中醫《難經》有句名言“望而知之謂之 神”，這表示個人經驗累集之能量與功力 , 又因經驗不同 而各有一把尺 , 此二枚巳被諸昔賢上手過又肯定。再加 上歷史宏觀的背景，如南宋寧宗及理宗年間（1195-1250 年）錢文與北方金朝章宗（1190-1208年）泰和通寶真 書帶有瘦金體文之味道是有息息相貫通，故此二枚南宋 瘦金文大錢是可信。

原刊載於《東亞泉志》第 20期

The Taiping Silver Cash Coins

◎ Bruce W. Smith〔USA〕

Though issued by the Taiping rebels more than 150 years ago, the Taiping silver cash coins were virtually unknown until the definitive article on them by Bruce W. Smith was published in World Coin News for April 25, 1978. These coins are unique in Chinese numismatic history because they are neither cast nor struck, but are hand-engraved. Both the inscriptions and the borders are carved by hand. Two denominations are known, based on their weights – half tael (32mm 17.5 grams) and quarter tael (28mm 8.3 grams) – though the size and weight varies from coin to coin. Smith's article not only introduced the series, but proved that they were genuine coins used in the Taiping capital of Nanking in 1860. These coins had never been published in China, and collectors there were reluctant to accept them as genuine, until another article (based largely on the first article) was published in Chinese by Dr. Che-lu Tseng in Zhongguo Qianbi (1989 #1). Afterward they were included in the second edition (1994) of Ma Dingxiang's definitive catalog on Taiping coins, Taiping Tianguo Qianbi. It should be noted that the Taiping silver cash illustrated in the Kann catalog (Kann 8k) is a fantasy, possibly an ordinary brass coin which has been silver plated. His listing for Kann 8, however, is the half tael coin, but Kann was unaware that the coin was engraved.

Chinese collectors had been unable to find any written references to Taiping silver coins, but such references do exist in western language writings of the 1800's. The earliest numismatic reference to Taiping silver coins is found in an article by P. O. Van der Chijs published in the 1863 issue of the Revue de la Numismatique Belge. Chijs reported that Gustave Schlegel, a government translator of Chinese in Batavia (now Jakarta in Indonesia) had presented to the coin cabinet of the University of Leyden (in the Netherlands) some Ch'ing dynasty copper coins. He also sent a drawing of a silver Taiping coin, which belonged to an American missionary in Canton. The illustration published in that issue clearly shows one of the engraved silver coins, and from the description, we know it was a half tael.

This same illustration appears in a four volume catalog of siege and necessity coins compiled by Prosper Mailliet, which was published over the years 1868-1873. A half tael coin was sold in the 1878 Berlin sale of the Fonrobert collection of world coins. In the 1880 issue of the Journal of the Royal Asiatic Society (North China Branch), the prominent collector of Chinese coins, Stephen W. Bushell (1844-1908), who lived in China from 1868 to 1899, published a long article on Ch'ing Dynasty coins. In that article he writes: "Silver coins of different denominations were issued by the Taiping rebels with the legend Tien Kuo Sheng Pao." The half tael and quarter tael coins were in the George Glover collection (now at the Smithsonian Institution in Washington, DC), and were illustrated in the catalog of that collection prepared by James H. Stewart Lockhart in 1895.

Among non-numismatic references to Taiping silver coins, in Mesny's Chinese Miscellany of June 18, 1896, William Mesny recounts his experience as a prisoner of the Taiping rebels during 1860. He ended up spending quite some time with them, and mentions that they minted coins in Nanking in copper, silver and gold.

In addition, there is the account of Robert J. Forrest, British consul at Ningpo, who visited Nanking in March 1861. In Lindsey Brine's 1862 book, The Taeping Rebellion , Forrest wrote:"...the Taipings have a silver currency of a very convenient size and value. The common coin is of the size of a shilling, but worth rather more; it is exactly like a copper cash, and has an inscription engraved on it. A large silver coin of the value of a sovereign exists, but I have seen none." The coin about the size of a shilling (about 25mm) must be the quarter tael. The coin of the value of a sovereign probably refers to the Taiping gold cash coin. The most convincing evidence, however, is a letter preserved in the British Museum written to the same Robert J. Forrest mentioned above. Forrest had asked Li Mingch'eng, a high Taiping official, for some samples of Taiping

coins. In a letter dated 19 June 1861, Li writes: "Herewith I am presenting to you the sacred money of our country, as you have requested. There are twenty dollars' worth of silver coins and ten dollars' worth of copper coins. Would you please kindly accept them and keep them for your pleasure." Li later sent Forrest some samples of the Taiping "flowery" money.

It is easy to understand why the Taiping silver coins are so rare today and why collectors in China were unaware of them. When Chinese government forces finally captured Nanking, the Taiping capital, they slaughtered the people there and left the city uninhabited. Afterwards it was too dangerous to possess Taiping coins, and they must have been melted. This would also explain why most of the known examples of these coins have been found outside of China, in the collections of foreigners.

Known Taiping Silver Coins

Museums

1) Smithsonian Institution (USA). ¼ Tael. Donated 1897.

2) Smithsonian Institution (USA). ½ Tael. Donated 1897.

3) American Numismatic Society (USA). ½ Tael. 17.07 grams.

4) American Numismatic Society (USA). ½ Tael. 17.64 grams.

5) American Numismatic Society (USA). ½ Tael. 18.45 grams. Purchased 1928.

6) British Museum (England). ½ Tael. 18.29 grams

7) British Museum (England). ½ Tael. 17.79 grams. Obtained 1906 from Weber Collection.

8) National Museum of Chinese History (China). ¼ Tael. Formerly in the collection of Ma Dingxiang.

Privately Owned

9) Howard F. Bowker collection. ½ Tael. Bowker displayed this coin at the Pacific Coast Numismatic Society meeting on 25

June 1952.

10) Money Company Auction (Hong Kong). ½ Tael. Sold September 1983. Present location unknown.

11) Garrett Collection Auction (USA). ½ Tael. Probably obtained in early 1900's. Sold May 1984 to Irving Goodman. Sold again in Goodman Collection auction (USA) June 1991. Present location unknown.

12) Bruce W. Smith Collection (USA). ¼ Tael. 8.34 grams. Obtained 1974.

13) Bruce W. Smith Collection (USA). ½ Tael. 17.98 grams. Obtained 1974. The two Smith specimens, purchased for $300 in 1974, were published in World Coin News 25 April 1978 issue in a front page article. The coins were exhibited at the 1979 ANA convention in St. Louis. In 1984 both were sold to Dr. Che-lu Tseng, who still has them today.

14) Ken Bressett Collection (USA). ¼ Tael. 9.12 grams. Obtained 1974 from coin dealer Holland Wallace. Appeared in Stacks – Bowers Auction April 2012 (Hong Kong), sold for US $25,000 (plus buyers fee).

15) Daniel K. E. Ching Collection (USA). ¼ Tael. Obtained 1976. Sold in Daniel Ching auction June 1991 to David Loh in Canada.

16) Dave Cannon Inventory (USA). ½ Tael. 18.05 grams. Sold 1984. Offered by coin dealer, Jeffrey Zairit, in 1991. Didn't sell; placed in Ponterio auction in spring 1992; didn't sell. Purchased December 1992 by Bruce W. Smith for a Chinese-American collector in Northern California.

17) Howard Simmons Inventory (England). ¼ Tael. 8.9 grams. Offered in 1984, but he still had it in June 1991, when it was consigned to Scott Semans. Semans returned it to him in December 1991.

18) Howard Simmons Inventory (England). ½ Tael. Obtained in England. Sold 1984.

19) Op den Velde Collection (Netherland). ½ Tael. 18.9 grams. Obtained in Europe in 1985 or earlier. Pictured on front cover of Scott Semans pricelist #53 (1988), and sold to Dr. Che-lu Tseng, who still has it today.

20) Taisei Auction (Singapore). ¼ Tael. Sold February 1993.

21) Taisei Auction (Hong Kong). ½ Tael. Sold June 1994, sold $4400.

22) Champion Auction (Hong Kong). ½ Tael. Sold June

1996,Sold $5000.

23) Taisei Auction (Hong Kong). ½ Tael. Sold September 1999.

Note: The author has images of all the privately owned coins except for the two Simmons coins. With these exceptions, all the other coins are different from each other. If these are not duplicates (they could be the Taisei coins or the Cannon coin), then there are only 23 known Taiping silver coins – 7 quarter taels and 16 half taels. Of these only 5 quarter taels and 8 half taels are in private collections today.

Taiping Rebel Tian Guo Sheng Bao 1/2 Tael Silver Coin Bowker Collection

Taiping Rebel Tian Guo Sheng Bao 1/2 Tael Silver Coin. Che-lu Tseng Collection

Taiping Rebel Tian Guo Sheng Bao 1/4 Tael Silver Coin. Che-lu Tseng Collection

Taiping Rebel Tian Guo Sheng Bao 1/2 Tael Silver Coin, NC Collection

原刊載於《東亞泉志》第 5 期

太平天國銀幣

◎ 史博祿（〔美國〕

雖然在150年前就由太平軍發行過太平天國銀幣，但太平 天國的銀幣幾乎是無人知曉的，直到有一篇關於此幣的權威 性文章發表，該文由史博録撰寫，發表在1978年4月25 日的《世界錢幣新聞》。這些銀幣在中國錢幣歷史上獨一無 二，既不是翻砂鑄成，也不是機器打製，而是用手工雕刻 而成。幣上的文字及邊框均是人工雕刻。目前僅知兩種面 值，是依據它們的重量分為——1/2兩（直徑32毫米，重 量17.5克）和1/4兩（直徑28毫米，重量8.3克）——雖 然每一枚錢幣的尺寸和重量實際都不盡相同。史博録的文章 不但對這些銀幣作了介紹，還證明了這些銀幣是真實性的存 在，在1860年太平天國於都城南京时就已使用了。這些錢 幣在中國從未公開發行過，中國的收藏家也不願意相信它們 是真品，直到曾澤祿撰寫的另一篇關於此幣的文章在《中國 錢幣》（1989 年1期）上發表（此文主要基於史博録的第 一篇文章）。之後，它們被編錄在了馬定祥的第二版《太平 天國錢幣》（1994年版）中。需要注明的是耿愛德目錄中 的那枚太平天國銀幣（Kann 8k）是假的，可能是由普通黃 銅幣鍍銀製成。耿愛德列出的Kann 8是一枚半兩銀幣，但 耿愛德並未意識到它是手工雕刻而成。

中國收藏家一直找不到有関任何此幣的参考資料，但是早 在19世紀的時候，這方面的資料就已經存在於西方文獻 中。最早關於此幣的記載是1863年P. O. Van der Chijs 在《Revue de la Numismatique Belge》發表的文章。

Chijs說，Gustave Schlegel是一位在巴達維亞（今印尼首 都雅加達）為中國政府擔任翻譯的工作人員，將一些中國清 代銅幣贈送給了荷蘭萊頓大學（University of Leyden）的 錢幣陳列館。一起贈送的還有一張太平天國銀幣的圖樣，本 屬於廣州一位美國傳教士。文中還清晰地刊登了一枚雕刻的 太平天國銀幣，從描述中我們得知這是一枚半兩銀幣。這部 分內容後來還被原封不動地刊登在了Prosper Mailliet編 譯的《catalog of siege and necessity coins》，此圖錄 共分4冊，1868-1873年間出版。1878年，一枚半兩太平 天國銀幣在德國柏林的Fonrobert世界錢幣專場拍賣會上 售出。在1880年出版的《皇家亞洲文會北華分會期刊》（the Journal of the Royal Asiatic Society）中，有位著名中國 錢幣收藏家Stephen W. Bushell（生卒：1844-1908年，

1868-1899年居住中國），發表了一篇有關清代錢幣的長篇 要文。他在文中寫道：“太平軍發行了‘天國聖寶’字樣 的各種面值的銀幣。”1/2兩銀幣和1/4兩銀幣是George Glover的藏品（現保存于華盛頓的史密森尼博物館）， 1895年被收錄在駱哈特（James H. Stewart Lockhart） 编寫整理的有關這個收藏的圖錄中。

太平天國銀幣在錢幣學以外的資料中也有記載，例如 在1896年6月18日Mesny所寫的《中國雜記》中， William Mesny詳細敘述了他在1860年身為太平軍囚犯 時期的經歷。他跟太平軍共處了相當長的一段時間，並提到 他們在南京鑄造金、銀、銅幣。

此外，還有一篇由英國駐寧波領事Robert J. Forrest 所寫的文章，他在1861年3月訪問南京。在1862年 Lindsey Brine出版的書《太平軍起義》（The Taeping Rebellion）中，Forrest寫道：“太平軍有一種大小和面 值都極易使用的銀質貨幣。常見的銀幣是一先令大小，但價 值要更高；確切的講更像是銅幣，其幣上之銘文是用手刻的。 還有一種大型銀幣如同一英磅的價值，但是我沒有見過。” 一先令（直徑25毫米）大小的那種錢幣應該是1/4兩。價 值一鎊的那種可能是太平天國發行的金幣。但是，最令人信 服的證據，是一封上面提到的Robert J. Forrest的信今尚 保存在大英博物館。Forrest請求李明成——一位太平天國 高級官員[注：忠王李秀成之胞弟]給他一些太平天國的錢 幣。在一封日期為1861年6月19日的信中，李明成寫道：“如 兹将我国圣钱如托付呈银钱贰拾元，青钱拾元，祈麾下哂纳， 留为粗玩，是所幸甚。”後來，李明成還送過一些太平天國“花 錢”給Forrest。

太平天國銀幣在今天為何如此罕見，為何中國的收藏家們都 未察覺到它們，這是很容易理解的。當中國政府軍最終佔領 太平天國都城南京後，他們進行了大屠殺，致使城中荒無人 煙。之後，又握有太平天國錢幣者也是太危險的，必須把它 們熔化掉。這也可以解釋為什麼大部分已知的太平天國銀幣 都是在國外被發現、而被外國人收藏。

已知的太平天國銀幣

博物館收藏：

1.史密森尼博物館（美國），1/4兩。1897年捐贈。

2.史密森尼博物館（美國），1/2兩。1897年捐贈。

3.美國錢幣協會（美國），1/2兩。17.07克。

4.美國錢幣協會（美國），1/2兩，17.64克。

5.美國錢幣協會（美國）， 1/2兩，18.45克。1928年購買。

6.大英博物館（英國）1/2兩，18.29克。

7.大英博物館（英國），1/2兩，17.79克。1906年獲得， Weber舊藏。

8.中國歷史博物館（中國），1/4兩。原馬定祥舊藏。

私人收藏：

9.霍華德•佛蘭克林•包克藏品， 1/2 兩。包克曾在 1952年6月25日太平洋海岸區錢幣協會（Pacific Coast Numismatic Society）的會議上展出過此枚錢幣。

10. Money Company Auction（香港）， 1/2 兩。1983 年9月售出。目前不知所蹤。

11. Garrett Collection Auction（美國），1/2兩。可 能是在20世紀早期獲得，1984年賣給古德曼（Irving Goodman），並在1991年6月的古德曼專場拍賣會（美國） 上被再次銷售。目前不知所蹤。

太平天國天國聖寶 半兩，銀質，包克藏品

太平天國天國聖寶 半兩，銀質，NC 收藏

太平天國天國聖寶 半兩，銀質，曾澤祿收藏

太平天國天國聖寶 1/4 兩，銀質，曾澤祿收藏

12. 史博録（Bruce W. Smith）藏品（美國）， 1/4兩，8.34 克。1974年獲得。

13. 史博録（Bruce W. Smith）藏品（美國），1/2 兩， 17.98克。1974年獲得。史博録的這兩枚錢幣是1974年以 300美元購得，曾刊登在1978年4月25日《世界硬幣新聞》 （World Coin News）的頭版文章中。在1979年這兩枚錢 幣在聖路易士的美國錢幣学會博覽會上展示過。1984年， 這二枚賣給曾澤祿，至今仍在其手中。

14. Ken Bressett藏品（美國），1/4兩，9.12克。1974 年從錢幣經銷商Holland Wallace處購得。並在2012年 4月的Stacks – Bowers 拍賣會（香港）上出現，最終以 25000美元賣出（含傭金）。

15. Daniel K. E. Ching藏品（美國），1/4兩。1976年獲得。 1991年6月在Daniel Ching 專場拍賣會中賣給加拿大的 David Loh。

16. Dave Cannon Inventory（美國），1/2兩，18.05克。 1984年售出。1991年由錢幣經銷商Jeffrey Zairit再次出售， 未賣出。之後被再次放在Ponterio 1992年春季拍賣會上 進行拍賣，依舊未賣出。1992年12月，史博録為加利福尼 亞北部的一位美籍華人藏家購得此幣。

17. Howard Simmons Inventory（英國），1/4兩，8.9克。 1984年曾被出售，但是直至1991年東西仍在Howard手 裡，當時這枚錢幣委託給Scott Semans進行銷售，但是 Semans在1991年12月把它返還給了Howard。

18. Howard Simmons Inventory（英國），1/2兩。在英 國獲得，1984年售出。

19. Op den Velde藏品（荷蘭），1/2兩，18.9克。1985 年或更早時在歐洲獲得。Scott Semans第53期（1988年） 價目單上，以此銀幣作為封面之圖片，並售給曾澤祿，至今 仍在其手中。

20. 泰星拍賣（新加坡），1/4兩。1993年2月售出。

21. 泰星拍賣（香港）， 1/2兩。1994年6月售出，售價 4400美元。

22. 冠軍拍賣（香港）1/2 兩。1996年6月售出，售價 5000美元。

23. 泰星拍賣（香港），1/2兩。1999年9月售出。

備註：本文作者持有以上所有這些私人收藏的照片，除了 Simmons 的兩枚錢幣。除了這兩枚，其他錢幣都各不相同。 如果這些錢幣不重復的話（Taisei 或 Cannon 的錢幣可能重 復），那麼我們目前知道的太平天國銀幣一共有 23 枚——7 枚 1/4 兩，16 枚 1/2 兩。其中有 5 枚 1/4 兩和 8 枚 1/2 兩至 今仍在私人收藏中。

New Discovery:

NGC Certifies Previously Unknown Chang Tso Lin Dollar in Copper-Nickel from Famed NC Collection

◎ Ben Wengel〔USA〕

Every so often, a coin comes into the grading room at Numismatic Guaranty Company (NGC) that is so enigmatic and unique that it requires extensive research, context and analysis. Recently, such a coin was sent in for grading that could have been wrongly dismissed as counterfeit if a thorough investigation had not been undertaken. However, after careful examination, testing and research, it was shown to be a previously unknown and undocumented rarity of the highest order: a Chang Tso Lin dollar of type L&M-868 struck in copper-nickel.

How such an unusual and undoubtedly groundbreaking coin was able to fly under the radar for decades, without being included in any Chinese reference works like Kann, L&M, Wenchao or others, is due to a mix of several factors, including the rarity of Chang Tso Lin coinage in general, the lack of access to metallurgical analysis until recently and the fact that this coin was held in the very strong hands of the Nelson Chang family for the past 40-plus years.

When Chang Tso Lin pieces enter the grading room, they are almost always counterfeit coins of varying quality made within the last 20 years or so that are easily detected as being not genuine because they have an incorrect texture, luster or collar, because they have repeating marks that match other known counterfeits, or because they were struck with fantasy dies in which the detail does not perfectly match up with genuine examples struck from actual Tientsin mint dies. Occasionally, fantasy coins made during the first half of the 20th century

imitating Chang Tso Lin pieces do come in for grading and are eligible for NGC certification, and these pieces can be worth thousands of dollars. However, these are not the real Tientsin mint coins of Chang Tso Lin, which would be worth well into the hundreds of thousands or millions of dollars, if genuine.

Indeed, genuine Chang Tso Lin coins are extremely rare, and even specialized numismatists working for top auction houses or grading services may only see an example once every decade or even longer. When NGC certified the L&M-870 Chang Tso Lin Dollar that was plate-matched to the 1971 Jess Peters price list with an accompanying pedigree from the Kann sale and Kann reference, it then sold in excess of $2 million in 2022. This was the first example graded by NGC in more than 20 years. Although that coin had a different reverse design, its certification by NGC proved to be an important reference piece in certifying the copper-nickel example.

Obverse of Ex. Kann L&M-870, same obverse die as L&M-868

When the copper-nickel example was first examined in the grading room (and graders were still unaware that the coin was copper-nickel) several unusual features were noted, despite it having seemingly proper die work, finish and texture. Especially pertaining to the reverse, the coin displayed unusual streaking that one would not expect on a commemorative silver dollar of China from this time period. Further, the luster was somewhat soft and unusual in appearance. The edge of the coin had several areas in which the reeded edge was not fully struck up, which was peculiar. Finally, the coin was seemingly thicker than it should have been, and upon being weighed, it was unusually

heavy, weighing just under 32 grams. It was clear that significant research and analysis would be required to understand what exactly this coin was and what accounted for these unusual features.

Fortunately, extensive images were taken of the aforementioned Kann example, including of the edge, which allowed NGC graders to compare the Kann example to the copper-nickel example and discover that these coins were struck with not only the same obverse die, but also the same collar; the latter being extremely helpful in making the determination that the coppernickel example was in fact genuine. However, this was just one data point in the process, and more analysis was necessary.

Part of the research and authentication process also included a metallurgical analysis using a machine that analyzes the surface composition of coins and medals using X-ray technology. This is where the most important discovery regarding the coin that was recently certified was made- that it was not actually silver and was, in fact, copper-nickel. Test results showed a composition of roughly 83% copper and 16% nickel. While this reading was highly unusual and unexpected, it explains almost all the unusual features that were initially noted about the coin.

Copper-nickel is generally more susceptible to having a streaking effect or texture than silver. Naturally, a copper-nickel coin will display a different, more muted luster than a silver coin. Also, since copper-nickel is a harder alloy than high-grade silver, this could reasonably explain why the reeding did not completely fill around the entire edge of the coin. Finally, the weight discrepancy and thickness disparity can also be explained by this variation in metallic composition.

The final corroborating information about this piece came from the coin's pedigree and acquisition history. While this evidence is circumstantial and the pedigree does not cover the entire history of this coin from the time it was struck, Nelson Chang had purchased this coin from a prominent Hong Kongbased dealer in the very early 1980s and had paid what was then considered fair market value for the coin.

Tracing the coin back further than this was not possible despite the best efforts of NGC, but this pedigree of more than 40 years shows that the coin was accounted for prior to most of the dietransfer struck counterfeit Chinese coins entering the market or being produced. While some International Bureau for the Suppression of Counterfeit Coins (IBSCC) reports from the late 1970s exist for various counterfeit Chinese commemorative dollars, they do not display the correct luster or texture as genuine examples, and they generally wouldn't have the patination or metal streaking found on this example. Further, a counterfeiter in the 1970s or earlier would almost certainly not have gone through the trouble of making a high-quality counterfeit with correct dies and the correct collar only to fall short at one of the easiest aspects of creating a counterfeit: striking it in the correct metallic composition.

Hopefully, future research can be done with respect to this coin to create additional insight. It is currently unclear whether the piece is a pattern, an off-metal strike or some kind of "mint sport" (although the die state, correct die marriage/collar and lack of undertype points to such a conclusion being somewhat unlikely). As such, NGC decided to list this coin as L&M-868 VAR and include its alloy on the label without speaking to why it was made in a different alloy.

When it sells at auction, the anticipation and bidding should be quite spirited, and rightfully so. It is an extremely rare opportunity to be able to own a numismatic discovery piece from a significant, storied collection of Chinese coinage.

Photos of L&M868 displaying edge weakness in areas

Edge photos of Ex. Kann L&M-870

Edge photos of L&M-868 in copper-nickel

NGC認證不為人知的張南琛舊藏張作霖像銅鎳壹圓紀念幣 新/發/現

◎ 本·文格爾〔美國〕

NGC的評級室不時會收到一些神秘且獨特的錢幣，對此我 們需要進行廣泛的研究，探究這些錢幣的背景，並進行分 析。近日就有這樣一枚錢幣被送來評級，如果不進行徹底的 調查，可能會將其誤認為贗品。然而，經過我們仔細地檢查、

測試和研究後，證明這是一枚此前不為人知且沒有記錄的大 珍——這枚幣的設計形同“林國明目錄”中868號的張作霖 像壹圓銀幣，但材質為銅鎳鑄造。

這枚不同尋常的錢幣無疑是一項突破性的發現，但其為何會 在過去數十年中不為人知呢？它甚至未曾見諸包括“耿氏目 錄”“林國明目錄”“董文超目錄”在內的任何中國錢幣參考 書。而這可能是由於多個因素綜合造成的。首先，張作霖像 銀幣總體來說可稱珍品；其次，因該幣過去40多年中一直 為張南琛收藏，直到最近才露面，使我們能夠對其進行金屬 成分分析。

很多被送入評級室的張作霖像銀幣幾乎都是過去20年間製 造的贗品，雖然品質各異，但它們的質地、光澤、模制套圈， 卻與其他已知贗品有類似的重復特徵。有的甚至是用臆造模 具鑄造，而使得細節與真幣有較大出入，因此很容易發現不 是真品。當然人們也會偶遇NGC認證的製作於20世紀上半 葉的張作霖銀幣的臆造幣，但這些臆造幣的價值僅僅只有幾 千美元，而天津造幣廠鑄造的張作霖像紀念銀幣真品，其價 值則高達數十萬或數百萬美元。

事實上，真正的張作霖像紀念幣極為罕見，即使是為頂級 拍賣行或評級公司工作的錢幣專家，也可能每10年甚至更 長時間才能看到一次。當年NGC認證“林國明目錄”編 號為870的張作霖像壹圓銀幣時，我們將其與1971年Jess Peters的銷售目錄進行了對照，發現兩者相匹配，同時參 考了耿愛德舊藏拍賣和“耿氏目錄”，最終確認其出自耿氏 舊藏。該幣於2022年以超過200萬美元的價格成交。那是 NGC 20多年來首次對張作霖像銀幣進行評級。儘管那枚幣 反面的設計有所不同，但它是NGC此次認證張作霖像銅鎳 樣幣的重要參考。

正面同耿氏舊藏 及林國明目錄第 870號，

背面同林國明目 錄第868號

當這枚銅鎳幣首次在評 級室進行檢查時（評級師當時還不知道這枚硬幣是銅鎳材 質的），儘管它的模具特徵、版底和紋理看起來都很正確， 但評級師發現了幾個不尋常的特徵。首先是其反面有不同 尋常的拉絲，因為這個時期的中國紀念銀幣上並沒有這種

拉絲。其次，其光澤略顯柔和，外觀也不尋常。再者，該 幣的齒邊有幾個區域鑄打不完全，這看起來很奇怪。最後， 這枚硬幣似乎比它應該有的厚度要厚；且稱重後，它的重 量異常的重，幾近32克。以上種種，明顯需要我們進行大 量的研究和分析，才能知道這枚幣到底是什麼，以及這些 不同尋常的特徵是由什麼造成的。

林國明編號為868 的照片顯示錢幣 邊緣部分 弱打

耿氏舊藏及林國明目錄第870號硬幣的邊緣照片

形同林國明目錄第868號的銅鎳幣的邊緣照片

耿氏舊藏的張作霖像銀幣有幸被我們拍攝過大量的照片（包 括其邊緣的照片），這使得NGC的評級師能夠將這枚銅鎳 幣與耿氏舊藏的張作霖像銀幣進行比較。結果發現它們不僅 使用了相同的正面模具，而且使用了相同的模制套圈。而這， 對於確定這枚銅鎳幣的真假非常有幫助。然而，這只是數據 分析過程中的一個點，除此之外還需要更多的分析。

研究和認證的過程中，我們還使用了X光機器對幣章版底 的金屬成分進行了分析，結果就有了認證這枚錢幣時最重要

的發現——它實際上不是銀，而是銅鎳材質。測試結果顯示， 其成分約為83%的銅和16%的鎳。雖然這個讀數非常不尋 常，且出乎意料，但它解釋了為何此前會發現這枚幣有一些 不尋常的特徵：

首先，銅鎳通常比銀更容易產生拉絲或紋理。其次，銅鎳幣 的光澤較之銀幣也自然有所不同，顯得更為柔和。再者，由 於銅鎳是一種比高純度銀更硬的合金，這可以合理地解釋為 什麼錢幣邊緣的齒邊沒有完全打出來。此外，金屬成分的變 化也可以解釋其重量和厚度為何會有差異。

而最後一項增強其為真品可信度的資訊，是其來源有緒（購 買的歷史情況）。雖然這一證據是間接的，而且來源並沒有 涵蓋這枚硬幣從鑄造時起的整個過程，但我們可以知道的 是，張南琛在20世紀80年代初從一位香港著名幣商那裏購 買了它，並支付了當時被認為是合理的市場價格。

儘管NGC盡了最大努力進行調查，但無法追溯到比這更早 時期的更早資訊。但這一40多年的淵源表明，這枚幣是在大 多數移模鑄造的假冒幣進入市場或被生產出來之前就已經 出現了。雖然國際取締假幣局（International Bureau for the Suppression of Counterfeit Coins，簡稱IBSCC）在 20世紀70年代末發佈了一些關於各種中國假幣的報告，但 其中的假幣並沒有真幣那樣恰當的光澤或質地，而且它們通 常沒有這枚銅鎳幣所具有的銅綠或金屬拉絲。此外，在20 世紀70年代或更早的時候，造假者幾乎肯定不會在不怕麻 煩地用正確的模具和正確的模制套圈製造高品質假幣的同 時，卻忽略了制假過程中最容易做到的方面，即用正確的金 屬材質進行打制。

我們希望此後可以對這種錢幣進行更多的研究，從而進一步 瞭解其具體情況。不過目前尚不清楚這枚幣是一枚樣幣，還 是一枚非正規壓制的金屬試鑄幣，擬或是某種“造幣廠戲鑄 幣”（但其有正確的模具狀態，採用了正確的模制套圈，沒 有潛在證據可以得出其是戲鑄幣的結論，因此它不太可能 是戲鑄幣）。因此，NGC決定將這枚硬幣的版別列為L&M868 VAR，並在標籤上注明其合金材質，但沒有說明為什麼 它是用不同材質的合金製成的。

我想，看完此文，藏家們必定會倍加期待，當這枚錢幣在拍 賣會上亮相時，對其的出價也應該會相當熱烈。因為，能夠 擁有這樣一枚新發現的、出自中國著名藏家收藏的重要錢 幣，是一個極其難得的機會！

Continued from the end of the 35th issue

THE COINS OF SHANGHAI:

AN UNWRITTEN CHAPTER IN THE HISTORY OF THE "CAPITAL OF THE FAR EAST" (Part III)

◎ M. Tracey Woodward〔France〕

TOKEN ISSUES

We now arrive at less well known "Token Issues." These are not only of a private nature, more varied and sometimes terse in their superscriptions, but are occasionally enigmatical. It would be difficult to decide which variety is the most interesting.

Types Q and R denote tokens good for 30 cash and 50 cash, respectively, issued by Messrs. Mustard & Co. On July 5, 1930, no European employee of the firm could supply me with any information or details concerning these pieces. The compradore, however, declared that they were issued by the firm over forty years 19 ago to meet a want that arose when paying coolie hire, and they were subsequently redeemed upon a certain quantity forming unit: more he did not know. We may, perhaps, conclude that the unit in this case may have been a standard of "big money" as this term is known in China. It will be observed

that the 30-cash token is holed similarly to the old cast cash pieces, to enable them to be threaded into strings or rolls. In the old days it was a common practice for firms to issue tokens in cardboard ticket form for a stated number of cash in payment to rickshaw pullers for subsequent redemption by the compradore, a procedure quite comprehensible in view of the fact that no minted copper pieces existed in those days, and I well remember using such tickets during 1896 and 7. Those were the days, also, when the various firms in Shanghai were not known as Kung Sze （公司） or "Company", but as Yang Hong （洋行） or "Foreign House," hence these tokens bear at the dexter the native script of Ching Lung Yong Hong（晉隆洋行） , which was the Chinese firm name of Mustard & Co.in those days. These two tokens table as follows:

The reverse, showing the horseshoe design, is from the same die in both denominations. At present these pieces are great rarities and the original stock appears to have been destroyed.

Type S shows a token for one loaf of bread issued by the bakery of H. Evans & Co., which has long since disappeared from Shanghai, leaving to posterity only the piece as a record.

Note：

19 No books or records existed by which the year of issue could be traced.

20 This is the well known name for "white copper"in the vernacular.

The one before me as I write is tolerably well minted, despite its well worn state, and we have good reasons to believe that the pieces were minted in England and shipped out to Shanghai. The Chinese characters are badly made, revealing an unpracticed hand, whilst the dragon of St. George and the legend FORTITER-IN-RE on the reverse are far from being Chinese emblems. The two top characters are 挨兒 (Ah Van; in the Shanghai dialect, Eh Veh), and doubtlessly were intended to render phonetically in Chinese the name of Evans. The next four characters underneath are mutilations of 乙個麵包 (Yi Ko Mien Pao), literally "One Piece Flour Paste," that is, One Loaf of Bread. The third character 面 is the contraction of the real one for flour (mien). The piece is of yellow brass, one millimetre in thickness, 29 millimetres in diameter, and weighs 83.4 grains

troy. It has smooth rims. Both the length of time these tokens were in use and the quantity of them that were in circulation remain unrevealed.

Coming down to more recent times, Types T, U, V and W represent tokens also of a bakery inaugurated by the well known firm of Hall & Holtz, Limited. During an interview on January 29, 1929, Mr. E. Barraclough, then Manager of the firm, informed me that these tokens had been procured from England about thirty to thirty-five years ago, but he regretted that he had not the records on hand as to who were the makers. He also declared that Hall & Holtz, Limited, never had more than Mexican $10,000 in bread value outstanding at one time. Their bakery business, however, was sold in 1925 to Mr. J. Neil, and, when the sale was made, in order to distinguish their outstanding tokens (Types T and V) from those issued by the latter, the hole in the tokens handed over with the business were punched square in place of the round holes of Types U and W. During January, 1929, Mr. Neil was selling seven one-pound tokens for $1, and fourteen half-pound tokens for the same value. Furthermore, his tokens were marked with the letter "N" on the obverse field as shown in types U and W. In response to my endeavour to illicit further particulars from Messrs. Hall & Holtz, Limited, during 1934, Mr. J.H.R. Faulkner, General Manager of the firm, says interalia: "There are no employees now working in the Company who know anything about the bread tickets. Unfortunately the old books, which would no doubt have shown something about same, were destroyed in a fire some years ago."

Some of the Hall & Holtz issues have certain cyphers impressed on the obverse field, but such impressions were evidently made in Shanghai subsequent to the minting of the tokens. I have seen a number as high as 3391. Very few pieces of the Neil issue had cyphers impressed.

These bread tokens table as follows:

It will be observed that the weights are rather irregular.

A piece which is neither a coin nor a token is shown in Type X, although regularly minted by machinery. Here, again, somewhat as in the preceding issues, we come across scanty particulars, it would almost seem that time has hurriedly obliterated most traces of originality, and has left posterior writers to struggle as best they can with deductions. During July, 1930, Messrs. Ilbert & Co., Ltd., informed me that there was no one in their firm at the time who had any knowledge of this piece. However, in October 1934, Messrs. Greenwood & Batley, Ltd., of Leeds answered my enquiries as follows, "These tokens, we believe, were stamped by us in 1904 to prove the capacity of ten coining presses which were ordered from us by Ilbert & Co., Shanghai, and were for the embossing of 10 CASH pieces. They would be produced by us in our factory at Leeds, and either sent out to Shanghai in advance or with the machines. We do not imagine that more than a couple of dozen would be produced, and from our records we do not think any other size was made beyond the 10 cash piece. The material would no doubt be a bronze alloy. We regret we cannot give you any further information as our records of transactions in 1905 have mostly been destroyed." Our illustration is from a rubbing, and I regret that I am unable to give its thickness or weight.

Diameter, 28 m.m; metal, bronze alloy. The flying dragon on it closely corresponds to the dragon we find on the 10 CASH pieces issued by the Kiangsu Mint during 1906, when it was operating at Soochow, and, later on, on the Kiangnan pieces after that machinery had been transported to the Kiangnan Mint in Nanking.

Type Y shows a copper piece, in which, for lack of plain discs, ordinary 10 CASH pieces were employed by flattening the inscriptions and designs. We have already seen how this process of defacing a minted coin was applied as far back as 1867 on the "Foreign Issue"one tael trial pieces that had been made by the Hongkong Mint. Our illustration shows a Hupei upstanding dragon type so treated. This tempts us to presume that the flattening process may have been indiscriminate and doubtlessly was not confined to Hupei pieces. Particulars regarding this token are wanting, except such as the piece actually reveals. Undoubtedly a token in itself, it confirms an old custom prevalent in Shanghai and one that has been adopted

by many institutions. The obverse reads above Ping Kong Chang ( 兵工廠 ), and purports to denote the Arms Department of the Kiangnan Arsenal; centre characters Shanghai ( 上海 ) below Zea Ping Shou ( 食品壽 ) meaning "Food Conductive to Lonevity," but it can also be taken in the sense of "Token for food." As no value is denoted, this piece probably served as a check for workmen at the arsenal for use at meal times.

Thickness, 1 1/2 m.m; diameter, 29 m.m; weight, 110 1/2 grains; metal, copper; rims, smooth.

A semi-foreign token is shown in Type Z, which represents a nominal value of 5 cents, but there were three denominations in all of One cent, Five cents and Ten cents. In the words of Dr. F.L Hawks Pott, President of St. John's University, "These token coins were issued by the University Cooperative Store in November 1928 to be used in place of coppers and dimes in order to avoid making change. They were in circulation for two years until the store was closed in 1930. The issue of token coins represented $230, and the coins were made by our own mechanics in aluminum." The five characters at the top of the obverse seem to be the transcript of Sheng Woh Han Ta Hsio（聖 約翰大學） , the Chinese name of St. John's University; in the centre "St. John's," and below, the three characters Mow Yi Shua （貿易所） , the combined or joint signification of which would be a store or a shop. The 5 cents denomination illustrated is 1 1/4 mm in thickness; diameter, 24 mm; weight, 22 grains; metal, aluminum. I have not been able to ascertain the details of the One cent and Ten cents pieces. It should be mentioned that these tokens represented denominations in "big money" values, such as 5 cents or one twentieth of a Dollar.

A curious piece is shown in Type AA. A very simple token which does not reveal any history at all. Just the value of 伍分 or "Five Fun" on one side and 榮記 , the name of a shop, pronounced "Yung Kee," on the other. This piece probably did service for an acknowledged value of 5 cents for the purchase of certain articles in a store, but the name of Yung Kee can, however, in itself, apply either to a pawn shop or may even represent a value recognized by a Chinese Exchange Bank. The only particulars I have been able to glean are that about sixty-five years ago there existed a Chinese Hong at the West Gate in the old walls of Shanghai City which employed this token. This may well be believed, considering that this piece is very crudely made and could be easily imitated in present times. The characters are

in relief as a result of having been engraved in the die which was impressed directly on the metal, in this instance plain lead, probably by striking it with a hammer. Thickness, 2 m.m; diameter , 24 1/2 m.m.; weight, 134 1/2 grains; metal, lead. The weight given is the average of several pieces weighed together.

Type AB is a tolerably well made piece showing much regularity. It was evidently minted by machinery. It served to denote 20 coppers or 20 cents, according to the ruling exchange rate of the day in regard to the number of coppers to the dollar. It was issued in 1925 by the Sze Zun Ing Kong Su Toe Whan Chung（ 集成銀公司兌換證 ） , possibly rendered as "Sze Zun Silver and Exchange Bill Company," giving as its address 福 州路三三二上海 , or "Foochow Road, No.332, Shanghai." The archaic seal characters in the centre of the obverse read: Fu mah chen (Rickshaw hire) Liang Poh Vun (200 cash) upon the assumption that 20 coppers at 10 cash each represent 200 cash. Thickness, 1 1/4 mm; diameter, 21 1/2 mm.; weight, 46 grains; metal, brass; rims, smooth.

Last, but not least, we arrive at the various tokens issued for a little while by the China General Omnibus Co., Ltd. The employment of these tokens commenced in October, 1924, at which time only a few of the 2 cents (Type AD) and 3 cents (Type AF) denominations were jointly placed in circulation. The 2 1/2 cents (Type AC) and 5 cents (Type AE) values were jointly issued later after the 2 and 3 cents pieces had been withdrawn. In 1928 the 2 1/2 and 5 cents denominations were still well in circulation, the 5 cents predominating. Tokens of the latter value could be obtained from the bus conductors at the rate of 2 coppers for 1, that is to say, ten coppers for each five cent piece. The balance sheet of the China General

Omnibus Co., Ltd for 1926 indicated that these tokens were then outstanding to the total value of Taels 12,514.83, chiefly in the 5 cent denomination. I have not been able to learn the number of pieces of each of the four values that were issued. They were all manufactured in the United States of America. They all bear foreign lettering, save for the Chinese characters 二 and 三 in the two and three cents values. The cyphers of these two and of the 2 1/2 cent piece are hollowed out in the metal, whilst the 5 cent token shows the cypher "5"in solid metal and hollowed around. These tokens table as follows:

（上接第 35 期）

“遠東之都”歷史上的未譜篇章（III）

◎ 伍德華〔法國〕

發行的代幣

現在，讓我們來看看鮮為人知的代幣。這些輔幣是私人發放 的，更加多樣，有時上面的銘文非常簡潔，但也偶有非常神 秘者。確定其版別頗為困難，但也是最有趣的事。

Q型和R型分別為晉隆洋行（Messrs. Mustard & Co.）發 行的錢三十文和錢五十文輔幣。1930年7月5日，該公司的 歐洲雇員尚無法向我提供任何有關這些代幣的信息或細節。

然而有買辦宣稱，這種代幣是該洋行在四十多年前為雇苦力

類型

兩種面額的代幣的背面是用同一種模具打制，上面有馬蹄的 圖案。這些代幣目前非常罕見，而其原始庫存似乎已經被毀。

S型代幣是H. Evans & Co.麵包店發行的代幣，一枚代幣 可以用來購買一個麵包。該麵包店早已從上海消失了，只給 後人留下了這種代幣。在我寫這篇文章的時候，我的這枚已 經破舊不堪，但鑄造得還算不錯。我們有充分的理由相信， 這種代幣是在英國鑄造的，然後運到了上海。因為上面的漢 字做得很差，手藝並不熟練，而背面出自聖·喬治屠龍傳說 的龍也遠不是中國龍。上面的兩個字是挨兒無疑是為了用中 文語音來表達麵包店的名字Evans。下面的四個字是乙個 麵包的變形，也就是一條麵包。第三個字“面”是麵粉的 縮略表達。這枚黃銅代幣，厚度1毫米，直徑29毫米，重量

注釋：

19 沒有追溯到關於發行年份記錄。

20 白話文稱之“白銅”。

而發行的，19發行到了一定的單位數量後又將這種代幣贖回。 更多的信息他就不知道了。我們也許可以得出結論，此處提 到的單位可能是一個主幣的標準。我們可以注意到，三十文 的孔洞與老式鑄幣的孔洞相似，以便能夠將繩子穿入。公司 過去通常會向車夫發放紙板票，代替規定數量的現金，隨後 由買辦贖回。鑒於當時公司沒有鑄造銅質代幣，這種程式是 可以理解的。我清楚地記得在1896年和1897年間使用過這 種紙板票。那時候，上海的各家公司不被稱為公司，而是稱 為洋行。因此，這些代幣正面印有晉隆洋行字樣這就是當時 Mustard & Co.公司的中文名稱。這兩種代幣詳情如下：

83.4格令，光邊。這種代幣使用的時間長短和流通的數量尚 未可知。

更近時期發行的T型、U型、V型和W型代幣是著名的英 商福利公司（Hall & Holtz）開設的麵包店的輔幣。當時的 公司經理巴拉科夫先生（E. Barraclough）在1929年1月29 日的採訪中告訴我，這些代幣是大約30至35年前從英國購 買的，但他很遺憾自己手頭沒有關於製造者的記錄。他還 稱福利公司在同一時間內未兌付的代幣價值不超過10,000 美元。然而，他們的麵包店在1925年被賣給了尼爾先生（J. Neil），而且在出售時，為了將他們未發行的代幣（T型和 V型）與後者發行的代幣區分開來，隨之移交的代幣上的孔 被打成了方形，取代了U型和W型代幣的圓孔。1929年1

月期間，尼爾先生以1美元的價格出售了7枚1磅的幣，以同 樣的價值出售了14枚半磅的幣。此外，如U型和W型所示， 其正面標有字母“N”。我在1934年向福利公司索請進一步 資料，該公司的總經理福克納先生（J.H.R. Faulkner）說： “現在公司工作的員工中沒有人知道任何關於麵包代幣的情 況。舊賬本無疑可以顯示有關情況，但在幾年前的一場火災 中被毀，對此表示遺憾。”

福利公司發行的一些代幣正面印有某些暗號，但這種印記顯 然是在鑄造輔幣之後在上海加上的。我曾見過一個數字有 3391之大。而麵包店在尼爾先生經營時期發行的代幣上鮮 有暗號。

這些麵包代幣詳情如下：

我們可以看到，這些代幣的重量是相當不規則的。

X型儘管通常由機器鑄造，但它既不是錢幣也不是代幣。這 種類型和前面的集中一樣，都非常稀少，幾乎可以說時間匆 匆抹去了大部分原始資料，而讓後世的作者們盡其所能地推 測其來源。1930年7月，公茂洋行（Messrs. Ilbert & Co., Ltd.）方面告訴我，當時他們公司裏沒有人知道這枚幣。然 而，1934年10月，英國格林活鐵廠（Greenwood & Batley,

Ltd.）對我的詢問做了如下回答：“我們認為，這些幣是我 們在1904年蓋的戳印，以證明上海的公司向我們訂購了10 臺壓幣機，用於壓印十文銅幣。它們由我們在利茲的工廠生 產，並提前發往上海，抑或與機器一起發往上海。其數量不 會超過幾十個，而且從我們的記錄來看，除了十文銅幣之外 別無其他面額。其材質無疑是青銅合金。我們很遺憾不能向 你提供任何進一步的信息，因為我們在1905年的交易記錄 大部分已經被銷毀。”本文的圖片來自於一個拓片，因此我

很遺憾無法給出它的厚度或重量。

其直徑為28毫米，銅合金材質。上面的飛龍與1906年江蘇 造幣廠十文銅幣上的龍非常吻合。當時造幣廠在蘇州運營， 機器被運到南京的江南造幣廠後，江南造幣廠幣上的龍圖也 是如此。

Y型是一枚銅質代幣。因為當時缺乏普通的圓形坯料，該種 代幣是將普通的十文銅幣被壓除銘文和圖案後打制的。我們 知道，早在1867年，香港造幣廠就在“外國發行”的壹兩 試鑄幣上採用了這種方法壓制方法。我們圖片上的這枚是將 一枚湖北立龍圖案的銅幣進行了這樣處理。由此推測，銅幣 在被壓扁的過程中可能是不加區分的，無疑不只是湖北的銅 幣被用來製作這種代幣。除了實際披露的內容外，我們並不 知道更多關於他的其他細節。該幣本身無疑就是一種象徵， 它證實了上海盛行的一種古老的習慣，而且這種習慣已經被 許多機構所採用。該幣正面印有“兵工廠”字樣，意為江南 的兵器製造部；中間的“上海”字樣在“食品壽”字樣的下 面，但也可以理解為“食品代幣”。由於沒有標明面額，這 枚錢幣可能是兵工廠的工人在吃飯時使用的飯票。該幣厚度 1.5毫米，直徑29毫米，重110.5格令，銅質，光邊。

Z型為一種半外國代幣，面額伍分。但該種代幣共有壹 分、伍分和壹角三種面額。聖約翰大學校長霍克斯·波特博 士（F.L Hawks Pott）表示，“這些幣是由大學合作商店於 1928年11月發行的，用來代替銅幣和壹角硬幣，以避免找 零。它們流通了兩年，直到1930年商店關閉。發行的代幣 總價值230美元。這些硬幣是由我們自己的機械師用鋁製造 的”。正面上方的五個字是大學的中文名稱“聖約翰大學”； 中間是英文“St. John's”，下面是一位商店或店鋪的“貿易 所”。圖中五分面值的代幣厚度為1.25毫米，直徑24毫米， 重22格令，鋁質。我無法確定壹分和壹角硬幣的細節。應該 提到的是，這些代幣對應主幣價值的面額為五分或1/20元。

AA型為一枚奇怪的代幣，他非常簡單，完全沒有展現出任

何歷史背景。一面鐫有“五分”，一面是商店名字“榮記”， 讀作“Yung Kee”。這枚代幣可能可以以5分的公認價值在 商店裏購買某些物品，但榮記這個名字本身可以是當鋪，該 幣的價值甚至可能為中國外匯銀行所承認。我能夠瞭解到的 唯一細節是，大約六十五年前，在上海老城牆的西門有一個 中國人的店使用這種代幣。考慮到這枚幣的製作非常粗糙， 我們相信，這種幣在當今的時代很容易被仿製。幣上的文字 刻於模具中，而模具直接用錘子在諸如鉛這樣的金屬上敲擊 進行印製。該幣厚2毫米，直徑24.5毫米，重134.5格令，鉛 質。此處的重量是幾枚一起稱重後得出的平均值。

AB型代幣鑄造的相當好，顯然是由及其鑄造，非常規則。 根據當時的匯率，它等於20個銅板或貳角，即銅板對鑄幣 的數量。它是於1925年發行的集成銀公司兌換證，該公司 地址為上海福州路三三二上海（上海福州路332號）。正面 中央的古篆字為“夫馬車”（人力車租賃），兩百文（200文）， 即一枚等於20個銅板，十枚為200文。該幣厚1.25毫米，直 徑21.5毫米，重量46格令，銅質，光邊。

最後，但並非最不重要的是，我們看到了中國通用公共汽 車有限公司發行的各種代幣。 這些幣的使用始於1924年10 月，當時只有少量2分（A D型）和3分（A F型）面值的幣 被共同投入流通。2.5分（A C型）和5分（A E型）面額的 代幣是在2和3分的錢幣被回收後發行的。1928年，2.5分和 5分的面額仍在流通，主要是5分。5分代幣可以從公共汽車 售票員那裏按1:2的比例兌換銅板，也就是說，每個5分錢的 幣可以換到10個銅板。中國通用公共汽車有限公司1926年 的資產負債表顯示，當時這些代幣的總價值為12,514.83元， 其中主要是5分面額的代幣。我未能瞭解到所發行的四種面 額代幣中每一種的數量。這些代幣都是在美國製造的。除了 2分和3分面值的代幣上有漢字“二”和“三”之外，其他 都是外國文字。這兩枚硬幣和2.5分幣的數字為中空的，而5 分代幣上的圖案“5”為純金屬，周圍則被挖空。這些幣的 詳情如下：

F. Bowker

Howard F. Bowker – Eduard Kann Correspondence

◎ Notation by Bruce W. Smith〔 USA〕

Kann

Dear Mr. Bowker,

All last week we had visitors from Canada, so that I did not attend to my private affairs. Until recently we had here average noon temperatures of under 75 degrees, but the last 3 days witnessed over 90.

Reverting to your letter of June 24 I am now returning with thanks the Sinkiang coin rubbings, feeling that, while I do not expect to have reached perfection, I have made a fairly clear tabulation of the ancient 5- fen pieces.

Regarding your remark that I forgot to enumerate the 1 and 2- mace Sinkiang in gold of 1912 (flags) I should like to say that, while I had them catalogued in silver and gold, I had to take them out, because they turned out to be "bogus". This is positively the case.

I fully realize that you will have to run my article on Chinese gold in installments; and I shall take care to transmit to you the epilogue, i.e. Chinese bogus and forgeries of gold coins.

The Sungarei gold piece came as a surprise to all the Shanghai collectors. I do not own it, but have seen it when in Shanghai. There the dealer Ma is an authority on genuine pieces, and I do not recall that he ever made a mistake.

Los Angeles

July 9, 1951

From the last "Numismatist" I learn that "the famous lecturer Dr. Lim Yik Li" will display his Chinese collection and give a talk at the next Convention on Chinese coinage. Who is Dr. Li? Do you know whether he really owns a good Chinese collection? If yes, do you know his address?

In the same number of the "Numismatist" I find amongst the new nominations of officers the remark: "Hollywood Academy of Numismatics." What is this?

I have received the July issue of the Calcoin News, kindly sent by you, and read with much interest your address on Chinese coins. One cannot emphasize enough the desirability of augmenting the ranks of collectors interested in the Far East, and I hope that continued "sales talks" will finally swell the ranks of recruits.

Very sincerely Yours, Kann

It is typical for Wayte Raymond that he does not reply for months.

Note: Sungareiingoldk1505,Catalogsaysfirstseenin1950.

M.K.

Dear Mr. Bowker,

Thanks for the reprints. I am now sending you herewith, as promised, the follow-up about forgeries and bogus Chinese gold coins.

Though Mr. Wayte Raymond has not thought it worth while to reply to your inquiry of the catalogue, I would suggest that it is wiser not to remind him. As a matter of fact, I never counted on his cooperation. But I wonder whether there would be any objections if I wrote to the printers of his catalogue, asking for an estimate re cost of illustration. This can be done without mentioning your or Whayte Raymond's name.

Dear Mr. Kann,

Many thanks for the supplemental article on the forgeries and bogus Chinese gold coins which accompanied your letter of the 33d. Please forgive my delay in acknowledging as we have had the house full of guests lately and when entertaining nothing else can be done.

I have had a reply from Raymond relative to my suggestion that he undertake the publication of your book. I regret to say that it is unfavorable. He says that he has at present a very large publishing program ahead as they are getting out a revision and 3d edition of his Coins of the World. Further he says he thinks it would be very worthwhile but rather expensive to publish as it will need a great many illustrations. He further states that "I think Mr. Kann's book will sell very much better if he holds it up until there is a

Los Angeles

July 9, 1951

We have had a very hot week here, but seemingly it now promises to get somewhat cooler.

Best regards from Yours very sincerely, Kann

Note:

ProbablyMargaretKann.

1716 Gouldin Road Oakland 11, Calif. 3 August 1951

semblance of order in China, since a very large part of the sale of such a publication would be in the home country." However, he extends his regards to you and offers any possible help in the way of illustrations or advice as to the form of printing that he may be able to give.

While on the subject of publications, yesterday I spent the afternoon with Mr. Harry Gibson, formerly of Shanghai, and had the pleasure of looking over his manuscripts of two books on his investigations of the Yin oracle bones. He also is trying, unsuccessfully, to get a publisher for either or both of his books. Says it is estimated it will cost $25,000 to get it out due to the large number of special characters and cuts of illustrations. His problem is somewhat more simple than yours, as all of his illustrations are line drawings and not half-tones, which are somewhat lower in cost. He also has a small collection of Chinese copper "cash" which he wishes

to dispose of, but is asking an outrageously high price. I could make up a better collection from my duplicates for less than a hundred dollars, while his is asking ten times as much! I saw only half a dozen varieties in his collection which I did not have, tho there may be more of a minor nature.

Can you tell me anything about a collection of Chinese stamps said to have been the "best to come out of China" made by a Mr. Emil Reiniger? His wife, from whom he is said to be separated, he being in Bolivia and she in San Francisco, is being offered for sale. I have learned from her son that it is a general collection, which interests me not at all, but he also says he has a very fine lot of Chinese stamps, which she might be induced to sell separately. Undoubtedly his collection is known to you if it was made in Shanghai, and you can tell me if it is worth while to investigate it further.

With regard to your suggestion that you should get into touch with Raymond's printer, he is a PRINTER ONLY, and has no facilities for making illustrative plates, all of which are furnished to him by Raymond for his publications. All he could do would be to suggest some plate maker in NY, and it would be much better to have them made in LA where you could supervise the work personally. Platemakers in

LA could do just as good work as NY platemakers, and I think the cost there would be less. If you intend writing to him about printing the book for you, I have no objections to your mentioning my name even tho I do not think he would remember me: and after reading Raymond's last letter I am sure that he would not object to your doing business with his printer, so I don ' t think he would have any objections to your mentioning his name. As a matter of fact it might be of a distinct advantage, and certainly not a disadvantage.

I should like to say here that your article on the Chinese gold was very well received by the membership of the PCNS as represented by those in attendance at their last meeting. Both Slobodchikoff and myself showed a lot of miscellaneous Chinese coins and both gave short talks about them. There was an attendance of about 60, which is about 50% more than we have been at meetings lately, so perhaps the members might be weakening and may take up Chinese numismatics. Anyhow we will continue to work on them.

I was somewhat surprised at the increase in attendance because it was vacation time, and I did not expect as many as usual.

Very truly, Bowker

Dear Mr. Bowker,

Thank you for your letter of 3rd inst. We also had guests from Chicago and from Canada; besides, excessive heat up

Los Angeles August 7,1951 to 93 degrees, so that I can understand the delay in attending to private correspondence.

I note what you say regarding the printer of Wayte Raymond'

s catalogue. He would be of no use to me, since I need Chinese insertions and since it is not difficult to attain this end. But what I was looking for was efficient reproductions of the illustrations. Mr. Raymond gave me permission, some time ago, to use his photos. If I should do so at all, it would be only in exceptional cases, as I spent already over $1,000 in photos, not all of which turned out well I am convinced that I shall have to do the publishing myself, from a toz.

Regarding Reiniger's: I know both; the Mrs. slightly, but him rather well. He has an excellent stamp collection which, years ago, he showed to me. I do not think it was a general collection, though know for certain that he was interested in China, Hongkong Indo - China , Manchukuo, etc.

I should be grateful if you could send me the address of Mrs. Reiniger, as I might to buy some Manchukuo, Mongolia and perhaps China.

Now, as regards the revision of the 3 rd edition of "Coins

of the World": I do not know whether you are destined to attend; if you prefer it, you might give Raymond my address. No charge is to be made at my end.

Mr. Raymond ' s suggestion to wait until a semblance of order returns to China is problematical. This might take decades or centuries.

My wife wants us to take a ten day vacation to Lake Tahoe; as we both are yet beginners in driving a car, we would have to move by airplane to Reno. If it depended upon me, I would much prefer to stay on here, where we have all comforts and where I succeed in keeping extremely busy.

Best regards from

Yours very truly, Kann

Dear Mr. Kann:

Yours of the 7th duly received, and noted.

Sorry that I cannot give you the address of Mrs. Reiniger, as I do not know it. I was placed in touch with her son by a collector friend. I talked to him and gave him my name and address, and he was to have his mother telephone to me to make an appointment to see the stamps. Up to date I have not heard anything further from either of them. I will try to

1716 Gouldin Road Oakland 11, Calif. 16 August 1951

see him again the next time I go to SF, in which case I will try to obtain her address and will let you know.

Nothing has been broached by Raymond regarding whether: he wishes me to do anything with the CofW listing of China. Thanks for your offer of assistance, and I will call upon you if and when something comes up regarding it.

Very truly, Bowker

Dear Mr. Kann:

Within the last couple of days I have received from a dealer in England, one each of the l - and 1/2- tael coins of Shanghai. Woodward ' s Type C and G according to his article on "The Coins of Shanghai".

I note that the 1/2- tael piece is the identical coin which is figured by Woodward in his article, and it is also noted that the l-tael piece is the same coin which Sebert had among the photographs of Chinese coins which I obtained from him. Neither of these coins could have come from the Woodward coins which Schulman sold last April, as those in that sale were Types B and X, while the coins I have received were Types C and G. I do not think either of them were among the coins Schulman included in a typed circular of l page which I received some months ago, tho one of those listed was of Type C, tho he asked $75 for the coin, and that is less than the London dealer now asks for his piece. This in itself should preclude it being the same piece. I note that he listed this piece under your number 903a, so it must have been one of the pieces you attributed for him, which were purportedly from Woodward's collection.

Now the question which I wish to ask you is whether the Type C taels you have in your collection have die flaws on the face of the reverse which cause a diagonal raised area running in a diagonal direction above and to the right of the uppermost Chinese character at the top of the 2d vertical row of characters, and an irregular wavy surface on the plain

1716 Gouldin Road Oakland 11, Calif. 31 August 1951

areas at the left of the last vertical row of characters?

I note that Sibert did now have a photograph of the 1-tael piece, Tsiang's number 81, but only a beautiful rubbing of a specimen. However, he did have a photograph of this piece which he characterized as a forgery, and in which I have no doubt but what he was correct, tho one could not be sure without having an opportunity to examine the specimen personally. It is a very close copy of other specimens of which I have rubbings, the only marked thing noticeable about it is that it is too good. I note that the long vertical stroke in the bottom character in the 1st line of the obverse runs over so slightly to the right at the bottom instead of ever so slightly to the left, as in the other rubbings. Can you tell me anything about this piece?

Hoping that you are enjoying your holiday, and in anticipation of hearing from you again soon, I remain.

Yours very truly, Bowker

Try writing to J.H. Purth Co., Baltimore, Md. about the publication of your book. They print Harvard Journal of Asiatic Studies quarterly and make use of Chinese type in the text.

Note:

ShanghaiTaelaHalfTaels

Shanghai1856Taels

Los Angeles Sept. 4,1951

Dear Mr. Bowker,

Your letter of 3lst August reached me today. I never took a deep interest in the Shanghai tael and am not an authority thereon. Neither is Woodward's article complete.

I thought it best to send you herewith either photos, or tinfoil rubbings of the Shanghai taels in my possession. There are one or two more 1/2 taels, but these I have in the bank. Being troubled with Colitis, I make as little exercise as possible, but what I am sending you today in the way of reproductions is fairly representative.

It remains only a question whether the tinfoil impressions won't be flattened whilst in the post. They are very clear and better than photos. Upon request I can produce them once more and dispatch by parcel post; in this event they will

arrive in original shape.

My No. 900 are not worth more than $20; my 903 is about $25.907=$40;908=$80;909=$100;910=$80. This means only amongst the 1/2 are expensive ones. Stack's will have a 1$ piece at auction on September 23, but I do not know which kind.

We shall probably leave here for a week ' s vacation, though I do not know yet where we shall land; probably in Lake Arrowhead, or La Jolla.

With kind regards I am,

Very sincerely Yours, Kann

Dear Mr. Kann,

I am very appreciative of the trouble you have gone to furnish the tin foil impressions of the several Shanghai taels, which reached me today. They arrived in good order, tho the transit the mails has caused the impressions to collapse somewhat so that the particular feature which I inquired about on the surface of the Type G field is not visible.

Several years ago I bought a supply of the foil for the purpose of making impressions of coins, but never did anything about experimenting with the stuff. In fact I

1716 Gouldin Road Oakland 11, Calif. 8 September 1951

still have the parcel unopened in its original wrappings. The Shanghai taels and fractions appear to make better impressions than the run of conventional coins by this method. I now find from your impressions, that if one gets the light reflected upon the surface of the coins from certain angles, the inscriptions are quite legible.

Today I received the catalog of Stack's Dollar sale, and noted the single specimen of the Shanghai tael in it as lot #301. Am not much interested in it tho, as I already have a very good specimen in my collection of that variety, which is Woodward's Type A, and is as a matter of fact the

commonest variety of all. The reproductions of the coins in this catalog are rather good, and you might wish to write to the Moss Photo Service, Inc. of N.Y., which appears to have prepared the catalog for plates for your forthcoming book. A firms like that would be much better than the printer who does Wayte Raymond's printing. It seems astonishing to me that a collector should have gotten to get her such a large number of dollar-sized coins with such a poor showing of those of China.

From the photos which you enclosed I see that you have obtained circular punches to cut out round coins. That is a much less tedious means than the making use of the scissors, and the work is better, assuming that one can obtain punches of the correct diameter. I have found it difficult to cut out the coin pictures with a scissors so that the edges are truly

circular, but have solved the difficulty by smoothing the irregularities in the cutting with an abrasive pencil sharpener such as are used by draftsmen.

In Sebert's notes I note that he says that only one specimen of the silver dollar of the 24th year is known in China. Do you know who owns this specimen? I hope it is you.

Very truly, Bowker

Note:

SYS dollar

Kannnames2ownersin11Oct,1951lettersayshedoesnot have one.

Gentlemen:

Having noted a number of publications printed by your firm which combined the use of English and Chinese characters, in particular Dr. Esson M. Gale's "Discourse on Salt and Iron", I am taking this opportunity to inquire if arrangements might be made for you to publish the manuscript of a friend on the subject of the minted coins of China.

In replying please advise the approximate cost per page, octavo size, for the preparation of the copy by the insertion of the Chinese characters directly in the text, and also by the insertion of the applicable characters in footnotes with indicating superior figures, similar to the method used in Dr.

10 July 1951

Leyden, Netherlands

Galess text. It is estimated that about 500 pages of text will be required, and an edition of from 1,000 to 2,000 copies will be wanted. As the illustrations for the work will most probably be produced in this country, the sheets of text will probably be required only, the folding and assembly with the plates being done in this country.

It is requested that you also furnish a sample sheet of the styles of Chinese type which are available to your firm, and also if you have facilities to produce a small number of Manchu characters which are also required by the text. It might also be well to furnish samples of the English letters which you use, and recommendations as to the qualities of book papers which are available there.

Should your reply be favorable I will arrange to have the text sent, or such part of the text as you will require for making an accurate estimate for the work. Four proofs of the galleys will be required to be furnished for the correction of the proofs, as several readers will be used in this work.

Thanking you in advance and in anticipation of your favorable reply at an early date, I remain.

Yours very truly, Bowker

Mr. Bowker, 1716 Gouldin Road Oakland 11, Calif California, U. S. A.

Dear Mr. Bowker,

I regret very much that your kind letter of July 10th could not be attended to earlier. The holidays and an abundance of work in our calculation department, prevented an early reply to your letter.

We have now finished our calculation of the book which you mention in your letter. The number of pages will be about 500, and the Chinese characters will be inserted in the English text.

Now it is difficult to make an exact estimate as we do not know, how many Chinese characters will be used. So I must say at once that my prices are approximate, and I can only give you definite prices when I have your manuscript in hand.

Our calculation was roughly based on the specimen sheet which I beg to enclose and which is from our review

LEIDEN 19 September 1951

T'oung Pao. The composition was made on the Monotype machine, a recent improvement on the former printing on the Linotype, which was used for Dr. Gale's book.

The prices are as follows: for one thousand copies delivered in plain sheets in New York, however without importduties,$3400.-; every one thousand copies more $950--

I beg to enclose a copy of my catalogue of foreign types, from which you will see, that we have the possibility to compose Manchu characters. The mixed composition of English and Chinese text does not permit to use another type for the english text than that of the specimen of T'oung Pao. This is however a very clear type, very suitable for the printing of scientific work.

Hoping to hear from you again, I am, dear Sir, yours sincerely,

N.V. BOEKHANDEL & DRUKKERIJ V/H E.J. BRILL

C. Wider Jr., Assistant-Manager

N.V. BOEKHANDEL & DRUKKERIJ V/H

Dear Mr. Kann,

On 10 June I wrote to E.H. Brill of Leiden, Netherlands, who appeared to have the facilities for printing manuscripts which require the use of a combination of Chinese and English type and enquired whether they might undertake the printing of your work. At long last under date of 19 September, I have received their reply.

As I have never even been vouchsafed a sight of your manuscript, I could not give them but a very vague idea of what it would be like, but because I thought that you would perhaps prefer to supervise the printing of the plates here in this country, I asked them to estimate of printing the text only and furnishing it in the unfolded sheets as is commonly done by publishers of American editions of books which are first published in Europe. They have furnished a few specimen sheets of their periodical T'oung Pao, as examples of the type face and paper which they use. From it I judge that their Chinese font is on a 16 point body, so that when it is used with English type it necessitates the casting of the type on 16 point body, which gives the appearance of a heavily leaded and hence widely spaced lines. This has a tendency to waste space, but makes a very legible text. They say that they are not casting the type my monotype instead of monotype, which they formerly used in the examples I have seen of their work, which seems to be a decided improvement.

1716 Couldin Road Oakland 11, Calif. 25 September 1951

They quote $3400 for 1,000 sheets delivered in New York, duty to be paid by you, and $950 for each additional l ,000 sheets, should a larger number be required. They also have facilities for setting Manchu and Mongol characters, should they be required by your manuscript. The above estimate is based on my assumption that your book would run to about 500 pages, which I think you stated at one time to me.

In addition to the above, I have a couple of feelers out to Japan for this work, and should have a reply from there soon, in which case I will relay any data to you.

Of course the above quotation is merely an estimate, without any firmness as to price, which they cannot fix until they have seen the manuscript.

If you wish to pursue this lead further, their address is as follows: N.V. Boekhandel en Drukkerij v/h E.J. Brill, Postrekening 13921, Beiden, Netherlands.

Am enclosing the sheets from T'oung Pao.

With best wishes, Bowker

Dear Mr. Bowker,

Your letter of 25th inst. reached me today. I am much obliged for your kindness in assisting me with the printing problem. However, owing to the great distance, freight & duty, difficulty of proof - reading, etc. I believe that Holland might not come into consideration. Besides I am now so very busy with preparing my lectures at Loyola, that I could not spare the time to proceed. Possibly I shall do so in the second semester, say February / March of next year, when matters go normally.

At your suggestion I wrote to Furst in Baltimore. While he does some printing for Yale and another University, with Chinese letters inserted, he and his staff have not got the slightest notion of that script. They obtain the type, duly set, from the universities. So, I cannot expect those institutions to act likewise for me. As far as I can see, the L.A. Japanese printer, or else Hongkong, will be the final choice.

I suppose you have not heard anything further from or about Reiniger? Formerly there was a stamp dealer in Market street

Dear Mr. Kann,

Receipt of your letter of 29 September has caused me to be hesitant to pursue the same subject further, but as I have two more of what I consider to be first class leads on a possible publisher I am going to mention them for what they are worth.

Los Angeles Sept. 28, 1951

of Frisco, named Ljungdahl. I am told that, due to illness, he has closed down and is keen to dispose of the balance of his stock. I suppose I could use some of his stuff. Do you know his present address? Or, if you see him, would you give him my address and ask him to write to me?

After 10 days of incessant heat (90) we now have cooler weather (75). We have not been away in summer, but plan to go to Palm Springs for Xmas / New Year, probably for a fortnight.

With kindest regards I remain,

Very sincerely Yours, Kann

P.S. I see that the new edition of "Coins of the World" is advertised at $5 for early issue.

Note:

KanntobelecturingatLoyolauniversityinto1952

Oakland 11, Calif. 9 October 1951

I wrote to two different organizations in Japan on the subject of securing a publisher or printer for your work by someone who was competent to do the necessary bilingual job. They are respectively, Japan Publications Trading Co. and C.E. Tuttle Co, the latter an American bookseller in the east who maintains an agent in Tokyo and specialize in books on Japan. I am enclosing herewith their replies for your perusal.

It is requested that you return the letters to me for my files after copying or making appropriate notes, if you consider them of interest. It is further requested that you give me your reactions to these leads at an early date in order that I may be in a position to make an appropriate acknowledgement of these letters.

With regard to your objection to the Leiden firm because of the distance involved, that seems to me to be a trivial objection in view of the fact that the air mails are operative. That firm has been doing publishing in many languages for over a hundred years, and of all the many books and periodicals which I have read which they printed I have never come onto an error which could be changed to the printer. I consider them the BEST FIRM IN THE WORLD on this sort of work. It would seem to me that the proper

thing to do would be to send a chapter or other small part of the manuscript to both Tuttle and Brill now so that there would not be any loss of time on getting the work started by one or the other of them. Of course, this is assuming that you really intend to get the book into print.

You have been misinformed about Ljungdahl being out of business. They are still operating in SF, but did close down their LA branch.

Next to Brill, I think Tuttle is your best bet, especially in view of the offer to set up sample pages in several different styles.

With best regards, Bowker

Dear Mr. Bowker,

I appreciate contents of your letter of 9th inst. It is very kind and helpful on your part to take so much interest in a matter which I should also like to see realized. As already mentioned, due to the inconvenience caused to me by colitis, coupled with too much work with Loyola, I am not as active as I should like to be, especially because the lasting heat here (90-96 degrees) is not inducive to "pep".

I have, however, immediately written by airmail to both the concerns you indicated and enclose copy of my letters (analogous) to both of them. It will be interesting to see how they quote.

Los Angeles October 11, 1951

From Brill's (Leyden) letter I cannot see whether he quotes for printing only, or whether he includes the illustrations in the estimate of $3,400, to which 10-15% duty would have to be added here. This is not attractive. However, after receipt of an answer I can always revert to Leyden.

In one of your previous letters you raised a question which I believe I overlooked in my answer. Namely, whether there is only one specimen of the Chinese Sun Yat- sen $l, 24th Year, and whether I own same? I know of two: one in possession of Kalgan Shih, who acquired it in 1948 from a former mint employee; the second one then in possession of a Mr. Chang, a former mint official. I do not have it myself.

Herewith I return the two Japan letters with specimen sample of printing. I am afraid that, since these people are not printers themselves, there must be two profits which are likely to make costs too high. We shall see. Shall let you know results. I believe that it is unessential for you to reply to them.

With renewed thanks and best regards I am,

Very truly Yours, Kann

Note: K625

SYS 24thYear Dollar - two known (owners named), Kalgan Shih 2nd ed ( 1951 ) says he found two examples of this coininUSA.ApparentlythemintofficialwasaPhiladelphia Mintofficial-notshanghaiMint.

Dear Mr. Bowker,

I did not realize that I would have to send you a third instalment on Chinese gold coins. But by peculiar coincidence I obtained reliable information as to hitherto unknown gold pieces; and simultaneously, Ritchie sent me the auction catalogue of Sotheby & Co. relative to an auction held in May last. There I saw magnificent photos of bogus gold coins, enough to fill columns. So, here you find all additions, as well as corrections.

When you write me next time, would you please indicate the exact address of Glendining & Co, the London auctioneers?

Los Angeles November 3,1951

Also, if you know it, what are their subscription rates for their catalogues?

Is there any sense to get into touch with Spink & Co? I never was able to buy anything from them; and very little from Seaby.

With best regards I remain,

Sincerely Yours, Kann

Dear Mr. Kann,

Receipt is acknowledged, with thanks, of the article for the NUMISMATIC BULLETIN which was enclosed with your letter of the 3d instant.

There will be a short delay in the publication of it as arrangements have previously been made for the contents of the next couple of issues. Am glad to have the contribution, nevertheless.

I had had the Sotheby catalog, but returned it to Ritchie, so cannot give you the information as to their subscription rates. I had intended to send off a subscription, as the rates were very reasonable as published in that catalog, but the matter slipped my mind and I did not do so. A SF dealer who receives the catalogs from them says that they are not received in time to bid at their sales unless one subscribes for them to be sent by air mail, and sends his bids the same way.

I have had a deposit with Spink for some years past, but the only thing I have been able to buy against it has been the subscription to their Circular, and that is scarcely worth while since they have been publishing nothing textually of late but that dreadful thing entitled "Valiant Company," which would be of interest only to a British medal collector. They almost never advertise Chinese coins in their circular,

1716 Gouldin Road Oakland 11, Calif. 7 November 1951

and those that are listed are usually incorrectly listed or are the common silver "dollar" types of fakes at an extremely high price. The last time I ordered anything from them what they had advertised as a set of the 1935 nickel coins of China turned out to be the 1936 set, and a copper piece of 10 cents, which is listed by Raeburn as a fake. So I think they are a total loss, as coin dealers.

Glendining & Co's address of 7 Blenheim Street, New Bond Street, London , W . l. They advertised some time ago that the subscription to the PRICED CATALOGS with printed prices obtained was 30 shillings per annum. What they ask for the advance catalogs, I do not know.

Did not attend the convention of the CSNS at Santa Barbara last weekend, as I find them uninteresting and rarely am able to even buy a few Chinese coins from dealers present.

I presume that you have received Mr. Wang' s work on "Early Chinese Coins" from the ANS. I have read it cover to cover and think if an outstanding contribution to Chinese numismatics. I have found only a minimum number of typographical errors by the printer, and it has occurred to me, as I presume it has also occurred to your that the German firm who printed it for the Society might also do your book.

Yours very truly, Bowker

Dear Mr. Bowker,

It is probably good that my last contribution on gold coinage in China could not be published immediately, for I have to make slight alterations and additions. Please note these:

Page 1 (add to etc)

Delete the following two lines, because there is no evidence that the two pieces referred to actually exist also in gold:

1929 1 $ Sun Yat-sen, essay with globe D3-6

1928 1 $ Chang Tso-lin E3-7

On the same page ( bottom ) after "Correction", add:

In No .9 of the Numismatic Bulletin (September ,1951) under (p) mention was made about the existence of a 20cent Republican coin issued in gold by the Canton mint, as well as of another Canton 20- cent piece, the first dated 13th Year, the second one 17th Year of the Republic. These two specimens in gold were considered at best "mint sports". Meanwhile it has been ascertained that they are not even such,butrankforgeries.

On October ll I wrote to the two concerns in Japan, giving full details and inquiring as to an estimate to my

Los Angeles 29 November 1951

catalog. From the Japanese party not a word to my airmail letter. From the American bookseller a much delayed acknowledgement, saying that all the time he was on a business tour in Japan (4 weeks?), that he is now making inquiries from Japanese printers and that I would hear within a few days. Since then 10 days have elapsed without further reaction. This procedure, combined with the fact that both are not printers or publishers, but importers or bookseller make me believe that nothing can come of the matter. Having to entrust to them advance payments of from $5,000 to 7,000, without knowing anything about their standing, makes it doubly hazardous to deal with them.

Meanwhile I have written to J.J. Augustin for an estimate (who has produced "Early Chinese Coins"). He lives ( since 1936) in Long Island, N . Y . as an American citizen, but is the owner of the printing establishment at Glueckstadt, Germany. He tells me that there they keep 14,000 Chinese characters in three sizes (also Indian, Arabic, etc); and I am now waiting for his estimate. I am alive to the fact that, in the event of a third world war, my investment would be endangered there too, for the Reds would overrun the district. I mean, of course, if the book is being printed during such an eventuality. However, we shall see.

Best regards from

Yours sincerely, Kann

Dear Mr. Bowker,

In transmitting to you the conventional X - mas card I deem it appropriate to accompany same by a few lines. I want to assure you that I appreciate your lively interest in my work and desire to thank you for same.

As hinted previously, I do not believe that Japan is an appropriate spot for considering the printing of my catalog. It is now more than 2 months, and I could not get even a hope for an estimate of printing and illustrating. So you can imagine, how many years they would drag on the actual work. This means that there would be plenty of anxiety and disappointments ahead.

On the other hand, I did get a clear and businesslike estimate from J.J. Augustin, whose plant is located in Germany and whose boss sits in Long Island, N.Y. These people do a good job and are trustworthy, but, for printing, illustrating and binding of 1,000 books he wants ................

$8,500

+1,000

+400

+1,000

$10,900

I spent during years for thousands of photos, minim. For review copies, advertising, postage, etc. ....... At least 20% comm. to booksellers or coin shops for selling, let us assume 400 books (price $12).

Los Angeles Dec 14,1951

This means my initial cost would be $ ll a copy. But since my principal market - China is out of the picture ( books from abroad or Hongkong cannot enter ), I cannot count, even being very optimistic, on a sale of maximum 500 copies, bringing say 36,000 at best. So, I start out with sure deficit of $5,000, not counting hard work for five years. Would this make sense?

I give you these facts, believing you will be interested. Probably I shall have to resume pourparlers with the Japanese printing shop here. His printing is good enough; but I don't be so sure about his reproducing the photos.

Recently I bought from Spink & Son the Tsao Kung l $ in gold ( with uniform ) for $231. Not cheap, I admit.

We are leaving here on December 16 for Palm Springs and plan to stay there until January 3 ( address: Villa Hermosa ).

With best wishes and kind regards I am,

Sincerely Yours, Kann

Note: KannbuysTsaoK'unDollaringoldfromSpink.

霍華德·包克與耿愛德的通信

（1951年7月- 12月）

◎ 編注：史博祿〔美國〕

霍華德 包克 耿愛德

尊敬的包克先生：

我們上周整周都在接待來自加拿大的客人，因此沒有處 理自己的私事。這裏中午的平均氣溫直到前不久都還在 75華氏度以下，但最近3天卻超過了90華氏度。

在此回復您6月24日的來信，並將新疆錢幣的拓片寄還 給您。非常感謝您寄來這些拓片。雖然我不指望自己整 理的五分古錢列表已經達到完美的程度，但也已比較清 晰了。

您指出我的文章中忘記提及1912年新疆一錢和二錢金 幣。我想說明的是，雖然我曾將它們編入金銀幣目錄， 但由於它們被證實是偽造品，我不得不將其剔除。情況 便是如此。

我完全理解您必須分期刊登我的關於中國金幣的文章的 事情。我會特別留意，確保將文章的結尾部分，即那些 偽造的中國金幣的內容，寄送給您。

這枚新疆金幣讓所有的上海收藏家都大吃一驚。它不是 我的，但我在上海時見過它。那裏的幣商馬先生是鑒定 真假的權威，我記得他未曾出過差錯。

我從上一期的《錢幣學家》（Numismatist）雜誌上得 知，著名講師李林玉博士（音，Lim Yik Li）將在下一

1951年7月9日

洛杉磯

屆中國錢幣展上展示他收藏的中國錢幣併發表演講。請 問這位李博士是誰？您知道他是否真的有很好的中國錢 幣藏品？若是果真如此，那您知道他的地址嗎？ 在同一期的《錢幣學家》雜誌上，我發現在新提名的 職員名單中出現了“好萊塢錢幣學會”（Hollywood Academy of Numismatics）。請問這是什麼學會？ 我收到了您寄來的《加州錢幣新聞》（Calcoin News） 的七月刊，並饒有興趣地閱讀了您關於中國錢幣的文章。

我們再怎麼強調擴大遠東古錢幣收藏者數量的重要性也 不為過，我希望持續的“銷售洽談”最終能增加新的收 藏者的數量。

此致敬禮

耿愛德

懷特·雷蒙德（Wayte Raymond）幾個月都沒回復（信 件）。他一貫如此。

備註：目錄上說編號為 K1505的新疆金幣首次出現於1950 年。

尊敬的包克先生：

感謝您再次刊載我的文章。我現在按照之前所說的，隨 函附上有關偽造和假冒中國金幣的後續內容。

雖然懷特·雷蒙德先生可能認為沒有必要回復您詢問的 出版我的目錄的事宜，但我建議您最好不要再提醒他此 事。實際上，我從未指望過他的合作。不過，如果我寫 信給印製他目錄的印刷廠，詢問估算的插圖費用，不知 您是否會有異議？我詢價時可以不提您或懷特·雷蒙德的

尊敬的耿愛德先生：

非常感謝您來信所附的關於偽造和假冒中國金幣的補充 文章。請原諒我遲遲沒有回信，因為最近家裏來了很多 客人。我在招待客人的時候，其他什麼事情都做不了。

我已收到雷蒙德對我建議他負責出版您的書的回復。我 很遺憾地告訴您，情況不容樂觀。他說目前有一個非 常龐大的出版計劃，因為他們正在出版《世界硬幣目 錄》（Coins of the World）的修訂版和第三版。他還 說，他認為您的書非常值得出版，但出版費用相當昂貴， 因為書中需要大量的插圖。他還說：“我認為，如果耿 愛德先生等到局勢更加穩定時再出版這本書，可能會賣 得更好，因為這類出版物的大部分銷售都在中國本土市 場。”不過，他還是向您致意，並表示願意在插圖方面 提供任何可能的幫助，或在印刷形式方面提供任何可能 的建議。

1951年7月9日

洛杉磯 M.K. 名字。

我們在這裏度過了非常炎熱的一周，但現在似乎有望變 得涼爽一些。

致以最誠摯的問候 此致敬禮 備註：信件左上角的 M.K. 可能是 Margaret Kann 的縮寫。

加州奧克蘭古爾丁路1716號 1951年8月3日

說到出版物，昨天下午我與來自上海的哈裏·吉布森先 生（Harry Gibson）共度了一個下午，並有幸翻閱了 他關於殷商甲骨文研究的兩本書的手稿。他還試圖為自 己其中一本或兩本尋找出版商，但都沒有成功。他說， 由於需要大量的特殊字元和剪切的插圖，估計需要花費 25,000美元才能完成。他的問題比您的要簡單一些，因 為他所有的插圖都是線描，而不是成本更低的半色調照 片。他還收藏了一些中國銅錢，他想脫手，但開出的價 格高的令人難以置信。我可以用我收藏中重復的部分組 成一個更好的藏集，價格不到 100 美元，而他的要價是 我的十倍！我只在他的收藏中看到了六七個我沒有的品 種，其中可能還有一些不太重要的品種。

您能告訴我有關埃米爾·萊尼格先生（Emil Reiniger） 手中那套據說是“中國最好的郵票”的情況嗎？據說他 的妻子和他分居了，他在玻利維亞，妻子則在舊金山。 這套郵票正在出售。我從她兒子那裏瞭解到，這只是一

個普通的收藏品，我對此一點也不感興趣，但他還說他 有一批非常精美的中國郵票，也許可以說服她單獨出售。

毫無疑問，如果他是在上海收集的藏品，您一定知道相 關情況，也可以告訴我是否值得進一步研究。

您建議與雷蒙德的印刷商聯繫，但他只是一個印刷商， 沒有製作插圖版的設備。雷蒙德向他提供了成書所需的 所有插圖版。該出版商所能做的只是向您推薦紐約的一 些製版商，但我想您的目錄在洛杉磯製作會更好，因為 這樣您可以親自監督製版商的工作。洛杉磯的製版師可 以做得和紐約的製版師一樣好，而且我認為那裏的成本 會更低。如果您打算給他寫信商談為您印刷書籍的事， 我不反對您提到我的名字，但我認為他不會記得我。讀 了雷蒙德的上一封信後，我確信他不會反對您和他的印 刷商做生意，所以我認為他也不會反對您提到他的名 字。實際上，提到我們可能是一個非常明顯的優勢，而

無弊處。

在此，我想說的是，您關於中國金幣的文章受到了出席 上次《錢幣簡報》會議的會員的喜愛。埃米爾·萊尼格 （Emil Reiniger）和我都在會上展示了很多各種各樣 的中國錢幣，我們都對這些錢幣做了簡短的介紹。該次 會議與會人數約為60人，比我們最近的參會人數多出約 一半的人。之後參會人數可能會減少，但參會的人可能 會開始研究中國錢幣。總之，我們將繼續努力。我對這 次出席人數的增加感到有些意外，因為現在是假期，我 沒想到出席人數會像往常一樣多。

尊敬的包克先生：

感謝您本月3號的來信。我們此前也接待了來自芝加哥 和加拿大的客人。此外，前一陣子氣溫高達 93華氏度， 因此我可以理解您未能及時回復私人信件。

我注意到您提到可尋找韋特·雷蒙德的出版商印刷目錄 的問題。這位出版商對我的目錄並無助益，因為我需要 插入中文頁，而且達到這個目的並不困難。但我此前正 在尋找可以有效高效複製書中插圖的方法。雷蒙德先生 不久前允許我使用他的照片。但我必須在極特殊的情況 下才會使用他的照片，因為我已經花了1,000多美元購 買照片，但並非所有照片都拍得很好。我確信我必須從 頭到尾親自監督這本書的出版。

1951年8月7日 洛杉磯

關於萊尼格夫婦，我認識他們兩人。我對他夫人的瞭解 比較少，對他的瞭解比較多。他有一部非常精美的郵票 收藏集，多年前曾向我展示過。我認為這不是一個普通 的收藏，可以肯定的是，他對中國、香港、印度支那、 偽滿洲國的藏品感興趣。

如果您能把萊尼格夫人的地址給我，我將不勝感激，因 為我可能要買一些偽滿洲國、蒙古和中國的藏品。

現在，讓我們聊聊《世界硬幣目錄》第3版的修訂工作。 我不知道您是否打算參加其中。如果您願意，可以把我 的地址告訴雷蒙德。我這邊不收取任何費用。

雷蒙德先生建議等待國家恢復秩序後再印刷出版，但這

此致敬禮

可能需要幾十年甚至幾個世紀的時間。

我的妻子希望我和她去太浩湖度假十天。由於我們都剛 剛開始學習開汽車，因此我們必須乘飛機前往裏諾。如 果由我來決定的話，我寧願呆在這兒，在這兒我們生活 得很舒適，而且我在這兒總是忙得不可開交，生活過得

很充實。

致以最誠摯的問候

真誠的問候

耿愛德

尊敬的耿愛德先生：

您7號寄來的信我已收到，並已知悉。

很抱歉，我不知道萊尼格夫人的地址，所以沒辦法告訴 您。一位藏家朋友幫我聯繫上了她的兒子。我和他談了 談，把我的名字和地址告訴了他，他讓他母親打電話給 我，預約去看郵票。到目前為止，我還沒有從他們那裏 得到任何進一步的消息。我下次去舊金山時會再去找他，

加州奧克蘭古爾丁路1716號 1951年8月16日

到時我會想辦法得到她的地址，然後告訴您。

關於雷蒙德是否希望我對《世界硬幣目錄》中的中國錢 幣進行任何修訂的問題，他還沒有提出任何意見。謝謝 您的幫助，如果有相關情況，我會聯繫您的。

此致敬禮

包克

尊敬的耿愛德先生：

在過去的幾天裏，我從一位英國幣商那裏買到了上海的 一兩和五錢銀餅各一枚。根據伍德華《上海錢幣》中的 分類一文，他們分別是C型和G型的錢幣。

加州奧克蘭古爾丁路1716號 1951年8月31日

我注意到，這枚五錢銀餅與伍德華在其文章中展示的完 全相同。我還注意到，在我從希伯特（Sibert）那裏獲 得的中國錢幣的照片中，這枚一兩銀餅與希伯特展示的 也完全相同。這兩枚錢幣都不可能來自舒爾曼去年四月 出售的伍德華收藏，因為那次出售的是B型和X型的錢

幣，而我買到的是C型和G型的錢幣。我認為它們也不 可能是在幾個月前我收到的舒爾曼的一頁列印出售清單 上列出的銀幣之中。儘管清單上有一枚C型銀幣，但他 要價75美元，比倫敦幣商現在開出的價格還要低。這本 身就足以排除它們是同一枚銀幣的可能性。我注意到他 在這枚銀幣下面標注了編號903a，所以這枚錢幣一定是 您鑒定過的錢幣之一，據說這兩枚銀幣來自於伍德華的 收藏。

現在，我想問您的問題是，您收藏的C類銀幣背面是否 有模具缺陷，導致在第二豎排字符頂部最上方漢字的上 方和右側有一個斜向凸起的區域，以及在最後一豎排字 符左側的版底平面上有一個不規則的波浪形？

我注意到，希伯特現在確實有一張蔣氏目錄第 81號一兩 銀幣的照片，但只是一張精美的錢幣拓片。不過，他確 實有一張上海一兩銀餅的照片，但他將其定性為贗品。

我注意到，該幣正面第一行底部字元的長豎筆劃在底部 向右稍稍偏移，而不是像我的拓片中那樣向左稍稍偏移。 您能給我講講這枚錢幣嗎?

希望您假期過得愉快，並期待不久後再次收到您的來信。

此致敬禮

包克

您可以嘗試給巴爾的摩的珀斯公司（J.H. Purth Co.） 寫信，詢問他們是否願意出版您的書。他們每季度會出 版《哈佛亞洲研究學報》（Harvard Journal of Asiatic Studies），並會在其中會使用中文字體。

注釋： 信中提到了上海的一兩和半兩銀餅。

我毫不懷疑他的說法是正確的，但如果沒有機會親自檢 查一下，就無法確定。他照片中的這一枚與我製作了拓 印的錢幣非常相似，它唯一明顯的特徵就是太完美了。

後面指的是1856年上海一兩銀餅。

尊敬的包克先生：

我今天收到了您8月31日的來信。我對上海銀餅並不感 興趣，也不了解這方面的知識。而伍德華的文章也不甚 完整。

我認為最好隨函附上我所收藏的上海一兩銀餅的照片或 錫紙拓片。此外我還有一兩枚五錢銀餅的照片，但它們 都放在銀行裏了。由於我目前正在為結腸炎所困擾，所 以我儘量減少活動。而我今天寄給您的拓印複製品還是

1951年9月4日

洛杉磯 比較有代表性的。

但有一個問題就是，制做拓片的錫紙在郵寄過程中會不 會被壓扁。這些拓片非常清晰，品質比照片更好。如果 需要，我可以再次製作拓片並通過包裹郵寄，這樣它們 送達時就可以保持原狀。

我的900號錢幣不超過20美元；903號大約25美元；907 號為40美元；908號為80美元；909號為100美元；910 號為80美元。這意味着我的錢幣之中，只有一半價格昂

貴。斯塔克拍賣行將於9月23日拍賣一枚上海一兩銀餅， 但我不知道是哪一種類型。

我們可能會離開這裏去度假一周，但還不知道會去哪里， 可能會去箭頭湖，也可能會去拉荷亞。

謹致問候

致以最誠摯的問候 耿愛德

尊敬的耿愛德先生：

我非常感謝您不辭辛勞地製作了幾張上海銀餅的錫紙拓 印。我今天收到了這些拓印。可惜的是郵寄途中導致印 痕有些塌陷，無法看到我所詢問的G類型表面銘文的特 殊特徵，但它們還是完好無損地被送到了我這裏。

我在幾年前買了一批鋁箔，用於製作硬幣拓印，但卻從 未試驗過。事實上，我還留着那個包裹，原封不動。這 種方法製作的上海一兩銀餅拓印效果似乎比傳統錢幣的 拓印效果更好。我根據您的錢幣拓印瞭解到，如果從某 些角度對錢幣版底打光，銘文就會非常清晰。

今天，我收到了斯塔克拍賣的目錄，並注意到其中有一 枚編號為301的上海一兩銀餅。不過，我對它的興趣不 大，因為我已經收藏了一枚品相很好的該種銀餅，它是 伍德華提到的A型銀餅，事實上它也是最常見的品種。 該目錄中的錢幣照片相當不錯。您不妨寫信給紐約的莫 斯照片服務公司（Moss Photo Service），該公司似乎 已經為您即將出版的新書準備好了印刷版目錄。這家公 司比韋特·雷蒙德的印刷商要好得多。讓我感到驚訝的

加州奧克蘭古爾丁路1716號 1951年9月8日

是，一位收藏家竟然能夠收集到如此多的壹圓規格錢幣， 而在他的收藏中，中國錢幣的數量卻是如此的少。

從您附上的照片中可以看出，您已經有了一臺圓形的衝 壓機，可以用來切割出圓形錢幣的形狀。這種方法比使 用剪刀省事得多，而且效果更好，前提是衝壓機的直徑 合適。我發現很難用剪刀把錢幣形狀的邊緣剪成真正的 圓形，但我會用繪圖員用的磨料卷筆刀把剪出來的不規 則部分磨平，從而解決這個問題。

我注意到希伯特的筆記提到，中國目前僅有一枚民國 二十四年的銀元。您知道誰擁有這枚銀元嗎？我希望是您。

此致敬禮

包克 注釋：

此處的民國二十四年銀元為一枚孫中山像壹圓銀幣。

耿愛德在1951年10月11日的信中提到了2位擁有這種幣的藏 家，但他說自己沒有這種錢幣。

尊敬的先生：

我注意到貴公司印刷的一些出版物結合使用了中英文字 元，特別是埃森·蓋樂博士（Esson M. Gale）的《鹽鐵論》 （Discourse on Salt and Iron）。我想借此機會詢問貴 公司是否可以安排出版一位朋友關於中國鑄幣的手稿。

請一併回復每頁大概的印刷費用。該書版面的大小為八 開本，在製作印刷品時需直接在正文中插入漢字或在註 腳中插入適用漢字（並用標注註腳數字），這種方法類 似於埃森·蓋樂博的書籍中所使用的方法。該書預計大 約500頁，印刷量為1,000至2,000本。由於該書的插圖 很可能在國內製作，因此可能只需要文字頁，裁切和裝 版工作則在國內完成。

懇請貴公司也提供一份您所擁有的中文字體樣式的樣本 表。同時，請問貴公司是否具備製作少量滿文字元的能

美國加利福尼亞州奧克蘭古爾丁路1716號

包克先生收

尊敬的包克先生：

我對未能及早回復您7月10日的來信深表歉意。節假日 和計算部門的大量工作使我無法及早給您回信。

我們已經完成了您在信中提到的那本書的計算工作。這 本書的頁數大約為500頁，中文字符將插入到英文文本 中。

1951年7月10日

荷蘭萊頓

力？書中也需要滿文字元。最好還能提供您所使用的英 文字母的字體，並就您可以所提供的書本紙張的品質提 出建議。

如果貴公司可以印刷，我將安排寄送文本給您，或者將 您所需的用於準確估算工作量的文本部分發送給您。至 於樣稿校對，鑒於會有多位審閱者進行校對，所以需要 提供四份校樣。

在此提前向您表示感謝，期待您早日給予肯定的答復。 我謹此候盼。

此致敬禮

包克

萊頓

1951年9月19日

現在很難做出準確的估計，因為我們不知道要使用多少 漢字。因此，我必須即刻指出，現在給出的價格只是大 概的，只有在拿到您的手稿後，我才能給您明確的價格。

我們的計算大致基於我隨信附上的樣本頁，該樣本頁來 自我們的雜誌《通報》。這本書的文字是用蒙納排字機 打出來的。蒙納排字機是萊諾排字機的改進版，後者曾 用於印刷蓋樂博士的書籍。

報價如下：在紐約交貨1,000冊普通印刷品，不含進口關 稅的價格為3400美元。每增加1,000冊，費用增加 950

美元。

謹隨函附上一份我的外文字體目錄。您從中可以看到， 我們有可能印刷滿文。但由於中英文混雜，除了《通報》 樣刊中所使用的字體外，我們無法使用其他字體來印刷 英文文本。不過，這種字體非常清晰，非常適合印刷科 學著作。

希望能再次收到您的來信，此致敬禮。

布裏爾公司

副經理小韋德

尊敬的耿愛德先生：

6月10日，我寫信給荷蘭萊頓的布裏爾公司，他們似乎 有印刷中英文混排手稿的設備。我詢問他們是否可以印 刷您的目錄。終於，我在9月19日收到了他們的回復。

由於我從未見過您的手稿，所以我無法準確地描述它的 內容。不過，考慮到您可能更希望在國內監督製版過程， 我讓他們估算一下只印製文本的價格，並按照通常的做 法將書頁展開裝訂成冊，這是美國出版商在歐洲首次出 版的書籍的印刷方式。他們提供了幾份《通報》的樣刊 作為所用字體和紙張的示例。從樣刊可以看出，他們的 中文字體大小是16磅。因此在與英文字體一起使用時， 英文也必須用16磅大小的字體，這會使得字體的線條看 起來像是鉛筆畫的線條，間距較大。這樣容易造成空間 的浪費，但會使文本非常清晰易讀。他們說現在不再使 用萊諾排字機而改用蒙納排字機（他們以前在我看到的 作品中使用過這種排字機），這似乎是一個明顯的改進。

他們的報價是，在紐約交貨1,000冊的價格為3,400美元，

加州奧克蘭古爾丁路1716號 1951年9月25日 關稅由您支付。另外，如果需要更多數量的話，每1,000 本增加950美元。如果您的手稿需要使用滿、蒙文字的 話，他們也有列印滿、蒙文字的設備。我記得您曾和我 說過，您的書大約有500頁，這是以此做出的報價。

此外，我已向日本方面發出了幾份關於這項工作的聯絡 函，並很快會收到回復。屆時我會將相關信息傳達給您。

當然，因為他們在看到手稿之前無法確定價格，上述報 價只是一個估價，並沒有確定價格。

如果您希望進一步瞭解，他們的地址如下：荷蘭N.V. BOEKHANDEL & DRUKKERIJ V/H 布裏爾公司，郵 編13921。

我隨信附上《通報》的幾頁內容。

致以最美好的祝願

包克

尊敬的包克先生：

您本月25日的來信已於今天送達到我手上。非常感謝您 在印刷問題上對我提供的幫助。然而，由於路程、運費、 關稅、校對困難等原因。我可能不會考慮在荷蘭印刷。

此外，我現在正忙於準備在洛約拉大學講課，沒有時間 繼續進行下去。我正常情況下可能會在下學期，即明年 2-3月，開始授課。

我根據您的建議，給巴爾的摩的弗爾斯寫了信。雖然他 為耶魯大學和另一所大學印刷了一些東西，上面還插入 了中文字，但他和他的員工對這種文字一無所知。他們 只是從大學獲得已經印好的字體。因此，我不能期望這 些機構也為我這樣做。在我看來，我最終會選擇洛杉磯 的日本印刷商或者中國香港的印刷商。

我想您還沒有從萊尼格那裏聽到任何進一步的消息吧？ 以前在舊金山的市場街有一位名叫榮達爾（Ljungdahl） 的郵票商。我聽說，由於他生病了，所以他已經關門歇

尊敬的耿愛德先生：

我9月29日收到您的來信後，猶豫是否要繼續探討同一 話題。但鑒於我另有兩家我認為是一流的出版商，我將 把它們列出來，供您參考。

我給日本的兩個不同的出版社寫了信，希望可以為您的 作品找一個能勝任雙語工作的出版商或印刷商。它們分 別是日本出版貿易公司和塔特爾出版社。後者是一家在

1951年9月28日

洛杉磯

業了，他現在很想處理掉剩餘的存貨。我想我可以用用 他的東西。您知道他現在的地址嗎？或者，如果您見到他， 可以把我的地址告訴他，讓他給我寫信嗎？

在連續10天的高溫之後，我們現在迎來了涼爽的天氣。

我們還沒有在夏天出過遠門，但計劃在耶誕節或新年期 間去棕櫚泉，可能會去兩星期。

謹致最誠摯的問候

謹啟

耿愛德

我看到新版《世界硬幣目錄》的廣告，預售價為5美元。

注釋：

信中提到耿愛德將於1952年在芝加哥洛約拉大學授課。

加州奧克蘭古爾丁路1716號 1951年10月9日

東方的美國書商，在東京設有代理商，專門出版日本書 籍。現隨函附上他們的答復，供您閱覽。如果您認為這 些信件對您有意義，請在複印或做適當記錄後將其交還 給我存檔。懇請您儘早告知我您對這些線索的看法，以 便我能對這些信件做出恰當的回復。

關於您因路途遙遠而反對選擇萊頓的公司的問題，在我 看來，鑒於可以空運，這不是一個大問題。該公司已從 事多種語言的出版工作一百多年，我閱讀過的許多書籍

和期刊都由他們印刷，我從未發現過可以歸咎於印刷商 的錯誤。我認為他們是全球做此類工作最棒的公司。在 我看來，最好的做法是現在就將書稿的一章或其他小部 分章節分別發送給塔特爾和布裏爾這兩家出版社，這樣 就可以避免他們中的任何一家浪費時間去啟動這項工 作。當然，這是假設您確實打算這本書出版了。

關於榮達爾停業的說法，您得到的信息是有誤的。他們

仍在舊金山經營，但關閉了洛杉磯的分部。

除布裏爾之外，我認為塔特爾出版社是您的最佳選擇， 尤其是考慮到它可以提供多種不同風格的樣頁。

致以最誠摯的問候

尊敬的包克先生：

我非常感謝您9日來信的內容。您對我關心的事情表現 出如此濃厚的興趣，這讓我感到非常親切。正如前面所 提到的，由於結腸炎給我帶來的困擾，再加上我在洛約 拉的工作量過大，我並不像我自己希望的那樣活躍，尤 其是因為這裏的持續高溫（90-96度）不利於“提神”。

不過，我已經立即用航空郵件給您所提到的兩家公司寫 了信，並附上了我給他們寫的信的複印件。看看他們會 如何報價，這將是很有意思的一件事。

從萊頓的布裏爾公司的信中，我看不出他是只報了印刷 費，還是把插圖也算進了3,400美元的估價中，此外還 得加上10-15%的關稅。這個價格毫無吸引力。不過， 在收到答復後，我可以隨時向萊頓方面回饋。

您在前一封信中提出了一個問題，我想我在之前的回信 中忽略了這個問題。具體來說，您問到是否只有一枚民 國二十四年孫中山像錢幣，而它是否為我所有。我所知 道的有兩枚。一枚由施嘉幹所有，他是1948年從一位前

1951年10月11日

洛杉磯 造幣廠員工手中購得。另一枚當時由一位張姓的前鑄幣 廠官員擁有。而我自己沒有這種錢幣。

隨函附上兩封日本信件和印刷樣本。恐怕由於這些人不 是印刷商，可能會產生兩筆額外費用，導致成本過高。

我們拭目以待，會及時告知您結果。同時，我認為您不 必回復他們。

再次致以最誠摯的感謝和問候，

謹啟

耿愛德 注釋： 此處提到的是編號為 K625的民國二十四年孫中山像銀幣。 該幣已知的兩枚幣。信中提到了擁有這種錢幣的人。施嘉 幹在他1951年出版的第二版目錄中說他在美國發現了兩枚這 種錢幣。顯然，造幣廠官員是費城造幣廠的官員，而不是上 海造幣廠的官員。

包克

1951年11月3日

洛杉磯

尊敬的包克先生：

我沒想到我還得給您寄第三部分關於中國金幣的文章內 容。但巧合的是，我得到了迄今為止不為人知的金幣的 可靠消息。與此同時，裏奇（Ritchie）給我寄來了蘇富 比拍賣公司去年五月份的拍賣目錄。我在目錄上看到了 大量偽造金幣的照片，足以寫滿整欄。因此，您可以在 這裏找到所有的補充信息以及更正信息。

下次寫信給我時，請告訴我倫敦格蘭登寧拍賣行的確切 地址。另外，如果您知道的話，請告訴我，訂閱他們目

錄的費用是多少。

您覺得與斯賓克拍賣公司聯繫有意義嗎？我從來沒能從 他們那裏買到任何東西；從塞拜那裏買到的東西也很少。

致以最誠摯的問候

此致敬禮

尊敬的耿愛德先生：

我們已經收悉您在3號來信中隨附供稿給《錢幣簡報》 的文章，謝謝。

由於之前已經安排好下幾期的內容，所以出版時間會有 短暫的延遲。儘管如此，我還是很高興能收到您的來稿。

我曾經有過一本蘇富比的目錄，但已經把它還給了裏奇， 所以無法向您告知他們目錄的訂閱費。我本來打算訂閱 的，因為那本目錄上公佈的訂閱價格非常合理，但後來 我把這件事忘了，所以沒有訂閱。一位從他們那裏收到 目錄的舊金山商人說，除非訂購航空郵寄，並以同樣的 方式寄出競投表，否則他們無法及時收到競投表。

我過去曾在斯賓克預存了一些錢，但唯一能用這筆錢買 的東西就是他們的雜誌，但這並不值得，因為他們最近

加州奧克蘭古爾丁路1716號 1951年11月7日

除了出版一本名為《勇敢的公司》（Valiant Company） 的作品外，沒有出版任何有價值的東西，而只有英國的 紀念章收藏家才會對這本書感興趣。斯賓克幾乎從不宣 傳中國的錢幣，而那些被列出來的錢幣通常說明有誤， 或者對常見的銀元假幣報以極高的價格。上次我從他們 那裏訂購了一套1935年中國鎳幣，結果他們卻給我1936 年的一套幣。此外還有一枚壹角的銅幣，雷伯恩認為它 是贗品。因此，我認為他們是一家完全不可靠的幣商。

倫敦格蘭登寧拍賣行的地址是倫敦新邦德街布萊尼姆街 7號。他們前段時間打出廣告說，印有價格的《定價目錄》 每年的訂閱費為30先令。我不知道他們對預售目錄的定 價是多少。

我沒有參加上周在聖巴巴拉舉行的中州錢幣學會 （Central States Numismatic Society，簡稱CSNS） 的錢幣展，因為我覺得這個展會很無趣，而且很少能從

在場的幣商那裏買到幾枚中國錢幣。

我想您已經從美國錢幣學會那裏收到了王先生關於《中 國早期錢幣》（Early Chinese Coins）的著作。我從頭 到尾讀了一遍，認為這篇文章是對中國錢幣學的傑出貢 獻。我只發現了印刷商極少量的排印錯誤，而且我想您

也想到了，為協會印刷這本書的德國公司可能也可以印 刷您的書。

此致敬禮

包克

尊敬的包克先生：

我上一篇關於中國金幣的文章未能立即發表，這也許是 件好事，因為我必須稍作修改和補充。請注意這些內容： 第1頁（“補充”部分）請刪除，下面兩行，因為沒有證 據表明所指的兩枚錢幣實際上也是金制的：

1929 壹圆 孫中山像地球 D3-6

1928 壹圆 張作霖像 E3-7

在同一頁（底部）“更正”之後，請添加：

在1951年9月出版的《錢幣公報》第9期第(p)頁上提到， 廣州造幣廠曾鑄造過一枚貳角的民國金幣，此外還有另 一枚廣州的貳角錢幣。第一枚幣的年份為民國十三年， 第二枚幣的年份為民國十七年。這兩種金幣被認為至多 只是“試鑄幣”。然而，現已查明它們甚至不是真正的 試鑄幣，而是贗品。

我10月11日給日本的兩家公司寫了信，詳細說明了我 的情況，並詢問他們對我的目錄的估價。日本方面對我

1951年11月29日 洛杉磯

的航空信件毫無回應。美國書商的回復則遲遲未到，說 他一直在日本出差。（出差了4周？）目前他正在向日本 印刷廠詢價，我將在幾天內收到答復。從那以後，又過 去了10天，仍未收到進一步的回復。這種做法，再加上 他們都不是印刷廠或出版社，而是進口商或書商，讓我 覺得這件事不會有什麼結果。而且我不得不向他們預付 5,000至7,000美元的費用，但我對他們的信譽一無所知， 這使得與他們打交道變得更加危險。

同時，我已寫信給奧古斯丁（J.J. Augustin，他出版了 《早期中國錢幣》一書），請他估價。他自1936年以來 一直居住在美國紐約長島，但同時他也經營着德國的格 呂克施塔特印刷廠，持有美國公民身份。他告訴我，他 那裏有三種字型大小的中文字體（也包括印度文、阿拉 伯文等），共14000個漢字。我現在正在等待他的估價。 我清楚地意識到，如果發生第三次世界大戰，我的書在 這種情況下印刷出版，那我的投資也會受到威脅，因為 軍隊會佔領該地區。不過，讓我們拭目以待。

致以最誠摯的問候

此致敬禮

耿愛德

尊敬的包克先生：

在寄給您一張傳統的聖誕賀卡時，我想順便說幾句。我 想向您保證，我非常感謝您對我工作的熱情關注，並想 借此機會向您表示感謝。

如前所述，我認為日本並不是適合印刷我的目錄的地方。 現在已經過去了兩個多月，我無法得到一點關於印刷和 插圖的估價信息。所以您可以想像，他們實際工作的進 度將會有多慢。這意味着未來會造成很多焦慮和失望。

另一方面，我確實從位於德國的奧古斯丁印刷廠那裏得 到了一份清晰而專業的報價，而他的老闆則是在紐約長 島。這些人工作出色，值得信賴。但是印刷、插畫、裝 訂1,000本書的費用要......

$8,500

我花了數年的時間拍攝了數千張照片，包括最小尺寸的 照片。這些照片用於查看、廣告、郵寄等用途。假設銷 售了400本目錄（價格為12美元），其中至少有20%的 費用將用於向書店或錢幣商店支付銷售費用。

這意味着我的初始成本將是每本11美元。但由於我的主 要市場——中國目前無法進入（來自國外或中國香港的 書籍無法進入）。即使我持非常樂觀的估計，最多也只 能賣出500本，最多只能賺36,000美元。因此，即使不 考慮五年來的辛勤工作，我一開始肯定也會虧損5,000 美元。這樣做有意義嗎？

1951年12月14日

洛杉磯

我告訴您這些事實，相信您會感興趣。我可能不得不繼 續與這裏的日本印刷廠合作。他的印刷做的已經很不錯 了，但我不太確定他能否做到印刷我的照片。

最近，我從斯賓克公司以231美元的價格買到了文曹壹 圓金幣。

我們將於12月16日離開這裏前往棕櫚泉，並計劃在那裏 住到1月3日（地址：赫默薩別墅）。

謹致最良好的祝願和最親切的問候

此致敬禮

耿愛德

注釋：

耿愛德從斯賓克處購買了曹錕文装壹圓金幣。

The Whole Story of the1949 Sinkiang Gold Coin

◎ Cheng Bin〔Urumqi〕

Abstract: In May 1949, the Sinkiang provincial government implemented a currency reform to get rid of the crisis of the "gold yuan" notes. However, silver-yuan notes could not be fully exchanged due to the insufficient minting of silver dollars, which led to the depreciation of the silver dollar. To improve the reserve and the credit, the Sinkiang government intended to issue Sinkiang Gold Coins and resume the circulation of the Tenga silver coins. By analyzing historical records, archives, and newspapers, this paper works to restore the story of Sinkiang gold coins. It is suggested that one of the reasons for the emptiness of the Sinkiang provincial treasury was that its provincial reserve had not been returned by the national government but to be shipped to Taiwan as the gold of the Republic of China. Sinkiang gold coins were originally planned to be released on September 1, but the plan was postponed until October 1 due to time constraints. However, they were not officially released in the end. There were 200 pieces of one mace gold patterns for the Sinkiang gold coins, a total weight of 20 taels. It is said that someone had seen the patterns in person in the early 1950s, but they have become a mystery.

Keywords: Sinkiang Gold Coin, 1949, Currency Reform, Coin Pattern, the Gold of the Republic of China

I Introduction

As the saying goes, "A thing is valued if it is rare". In terms of Chinese vintage coins, the variety and mintage of gold coins are much smaller than those of silver and copper coins. Therefore, All gold coins are of great interest to numismatic researchers and collectors.

Sinkiang was an important region along the ancient Silk Road.

According to the archaeological discovery, there were many ancient gold and silver coins from the east and the west found in Sinkiang. Since the end of the Qing dynasty, three kinds of vintage gold coins were issued together with corresponding silver coins by the local authorities. One is the Sinkiang Sungarei gold coin, which was issued with the Sinkiang Sungarei silver

coin. The only image of this kind of gold coin was a rubbing of a 2-mace gold one in SinkiangGoldandSilverCoins (《新疆金 銀幣圖書》) by Lin Kuo Ming ( 林國明 ) and Ma Tok Ho ( 馬 德和 ).1 The second kind is 1-mace and 2-mace gold ration coins issued together with Sinkiang silver ration coins.2 The last one is the Sinkiang Gold Coin issued together with the 1949 Sinkiang silver coin, which is the focus of this paper.

The Sinkiang silver coin has been recorded in the Illustrated Catalog of Chinese Coins by E. Kann and Krause World Coin Catalog, so it is widely known in the numismatic community. In contrast, the Sinkiang Gold Coin is hardly known.

Note:

1 Cai Jiehua, ExplorationonSinkiangSilverandGoldCoins, Sinkiang Coins, 2010 (4), p. 11-17. Tai Pao-ting Chinese and Foreign Coin Treasures (II), Beijing: Zhonghua Book Company, 1990, p. 566 (1459 Sinkiang Two-Mace Gold Coins).

2 Cheng Bin, RareGoldCoinsintheLateQingDynasty:AResearchonthe1907SinkiangGoldCoinsandtheRelevantHistoricalCoinageAnecdotes, The Journal of East Asian Numismatics, Issue 23. Cheng Bin, Research on the Transcripts of Illustrated Catalog of Sinkiang from the Arthur Coole Collection, The Journal of East Asian Numismatics, Issue 25.

II. Background

Speaking of the background of the 1949 Sinkiang gold and silver coins, we need to introduce the 6-billion-yuan gold-yuan note first. The note issued by the Sinkiang Bank on May 1, 1949 is known as the Chinese banknote of the largest denomination.3 However, its value was so small that it could only buy a box of matches, and it took 600 billion dollar banknotes to exchange for one silver dollar. For this reason, people plagued by the devaluation of banknotes and soaring prices preferred to use Tenga silver coins, silver ingots, or even tea bricks, clothes, and cigarettes as exchange mediums when receiving salaries and making transactions.4 Ten days after the issuance of the 6-billion-yuan gold-yuan note, the Sinkiang government implemented the second currency reform on May 20th, 1949, to get rid of the dilemma that resulted from the gold-yuan notes.5 The circulation of the silver dollar was resumed, and new silver dollars were made. At the same time, redeemable silver-yuan notes were issued. Sinkiang coins were adopted and the use of gold-yuan notes was stopped. However, there were too many redeemable silveryuan notes issued, and the redemption could not be guaranteed. The notes began to depreciate, and inflation began again. 6

In order to enhance the credit of the silver-yuan notes, the

Figure 1 The Sinkiang Printing Factory and the Dihua Mint are Negotiating on the Minting Sinkiang Silver Coins (Northwestern Daily News, March 15, 1949)

Sinkiang Mint began to mint Sinkiang gold coins. The mint was set up in the courtyard of Sinkiang Printing Factory (Banknote Printing Factory) at the West Bridge beyond Dihua City (presentday Urumqi). The mint used the original minting equipment of the Dihua Mint (originally located next to the Shuimo Gou Hot Springs) established at the end of the Qing dynasty, and it purchased additional equipment and hired technicians in Lanzhou and other places.7 (Figure 1)

III. Review of Academic Results

For a long time around 2000, the only written record of the Sinkiang gold coin was in the Record of Sinkiang - Financial Records (《新疆通志 金融志》, 1994): "In August 1949, one-mace gold coins were produced by the Sinkiang Mint. At first, twenty taels of gold were used to mint patterns. Each gold pattern weighs 1 mace. The purity of the pattern is 90%, with 10% copper. The gold patterns are sharp and lustrous. Then, the Financial Director Bai Wen Yu ( 白文昱 ) twice allocated 2,000 taels of gold to mint Sinkiang gold coins. These coins were originally planned to be issued on September 1. However, the gold coins were minted when Sinkiang was near liberation, so they were not minted."8 This record is cited in Dong Qingxuan's ( 董慶煊 ) Sinkiang Coinage in Two Hundred Years: Gold and Silver Coins (《新疆近二百年錢幣圖說：金銀幣部 分》, 1986), and the source of the record is the archives of the Sinkiang Bank.9 Mr. Wang Yongsheng ( 王永生 , 2009)10 and Mr. Bai Yunfeng ( 白雲峰 , 2013)11 also made ongoing research on the 1949 Sinkiang gold coins in their works.

3 Yuan Shuiqing, The Banknote of the Largest Denomination: The 1949 6-Billion-Yuan Sinkiang Banknote, Yuan Shuiqing, The Best of Chinese Currency History, Xi'an, Sanqin Publishing House, 2012, p. 311.

4 Zong Xinfu, UrumqiFinancialRecords, p. 18.

5 The first currency reform in Sinkiang province refers to "the reform in 1939, which abolished the tael and completely replaced it with the yuan as the unit of the currency". The second reform refers to "the reform in 1949, which adopted the silver standard currency system". Huang Zhigang, Ruminations on Currency Reform in Sinkiang During the Republican Period, Collected PapersandArticlesoftheAcademicSymposiumonSinkianginTheRepublicanPeriod, Sinkiang Records, 2013, p. 258, 260.

6 Sinkiang Numismatic Society, Illustrated Catalog of Sinkiang Coins, Sinkiang Photographic Art Publishing House, Publishing House of Culture and Education (HK) Limited, 1991, p. 168, 170.

7 The Two Sides are Discussing the Minting of Silver Coins on Behalf of Sinkiang, and Sinkiang is Recruiting Workers to Prepare for The Restoration of the Provincial Mint, Northwest Daily, March 15, 1949, p. 2.

8 RecordsofSinkiang-FinancialRecords, Urumqi, Sinkiang People's Publishing House, 1994, p. 89-90.

9 Dong Qingxuan, Sinkiang Coinage in Two Hundred Years: Gold and Silver Coins, Sinkiang Finance (Supplement 2), 1986 (8), p. 1-2 (The Sinkiang Gold Coins Unissued on the eve of Liberation).

10 Wang Yongsheng, AnOverviewofSinkiang'sCurrencyHistory,StudiesonChina'sFrontierPeoples(2ndseries), Central Nation University Press of China, 2009, p. 154.

11. Bai Yunfeng, SeveralNewlyDiscoveredCoinsandMaterialsfromSinkiang, Sinkiang Coins, 2013 (1), p. 16.

IV. Reappearance of the MeasuresfortheIssuanceofSinkiangGoldCoins

I read FinancialArchivesandHistoricalMaterialsofSinkiangin theRepublicofChina (《民國時期新疆金融檔案史料》, 2013) soon after its publication, and I found that the book contained the copy of the Measures for the Issuance of Sinkiang Gold Coins (《新疆省金幣發行辦法》, 1949)12 (Hereinafter referred to as the Measures). I realized that it is of great historical significance for the exploration of the origin of the 1949 Sinkiang gold coins. The handwriting of the record suggested that it was transcribed by the same person who transcribed the Telegram of the Sinkiang Currency Reform and the Measures of the Issuance of the Sinkiang Silver Coins (《省政府就進行幣制改革的代 電並新疆省銀幣發行辦法》) in the book.13 The copy of the Measures is as fellows.

MeasuresfortheIssuanceoftheSinkiangGoldCoins

Article 1 For the purpose of increasing the reserves and improving the credit of Sinkiang coins, the Sinkiang Bank shall issue Sinkiang gold coins on September 1, 1938, which shall be circulated and used together with the existing silver coins.

Article 2 The gold content of each Sinkiang gold coin shall be one mace of pure gold.

Article 3 One gold coin shall be exchanged for ten silver coins.

Article 4 Holders of all kinds of silver dollars and silver-yuan notes circulating in the province shall be allowed to exchange them for gold coins at the prescribed exchange rate with the Sinkiang Bank.

Article 5 After the promulgation of the Measures, the silver dollar shall remain the standard for the handling of public and private accounting and all transactions.

Article 6 Gold coins shall not be counterfeited, altered or destroyed, and violators shall be severely punished in accordance with the law.

Article 7 Gold coins shall not be taken out of Sinkiang, and violators shall be severely punished in accordance with the law.

Article 8 When the government levies taxes, taxes shall be paid in silver-yuan notes rather than gold coins.

Article 9 The Measures shall come into force on the date of its publication by the provincial government.

The above Measures are consistent with what is stated in the Record of Sinkiang - Financial Records. Since the Measures stated that the silver dollars shall still be the standard and the gold coins shall not be used to pay taxes, it can be seen that the purpose of issuing Sinkiang Gold Coins was not to increase the currency in circulation, but to improve the credit of silveryuan notes. Therefore, the role of the gold coins as a means of circulation and payment was limited, but to be used as a store of value.

When I reviewed the newspaper and magazine at the time of announcing the Measures, I found a report in the Sinkiang Daily (《新疆日報》) of August 19, 1949, Sinkiang Gold Coins to be Issued Next Month to Strengthen Provincial Currency Reverses and Improve Credit – One Mace Gold Coin Could be Exchanged for Ten Dollar Silver and the Measures for Issuance

Fig. 2 Sinkiang Gold Coins to be Issued Next Month to Strengthen Provincial Currency Reverses and Improve Credit (Published in Sinkiang Daily, August 19, 1949)

12 MeasuresfortheIssuanceofSinkiangGoldCoins (1949), Financial Archives and Historical Materials of Sinkiang in the Republic of China (II), Nanjing, Phoenix Publishing House, 2013, p. 570-571.

13 Telegram of the Sinkiang Currency Reform and the Measures of the Issuance of the Sinkiang Silver Coins (May 19, 1949), Financial Archives and Historical Materials of Sinkiang in the Republic of China (II), Nanjing, Phoenix Publishing House, 2013, p. 524-526.

Fig. 3 Sinkiang Gold Coins Will be Issued Next Month (Central Daily (Kunming), August 21, 1949) wereApprovedbytheProvincialGovernmentYesterday (Fig. 2). The news introduces the time and process of the implementation of the Measures: "The 25th provincial meeting which had been delayed for three weeks was held yesterday (August 18th) at 10:00 a.m. in the Zhongshan Room of the Provincial Government. Liu Mengchun, Wang Huishan, Liu Xiaoli, Qu Wu, Chen Fangbo, Liu Yongxiang, Bai Wenyu, Liu Deen, Er Dene, Liu Zerong, Jia Huanchen, Wei Xixi, and Zhang Fengyi attended

the meeting, presided over by the President Bao. The Measures fortheIssuanceofSinkiangGoldCoins proposed by the Finance and Economy Group was amended and adopted."14

In the Central Daily (Kunming) (《中央日報（昆明）》) published later on August 21, 1949, the news was published (Fig. 3). "[Urumqi, Central News Agency, August 20] The Sinkiang government adopted at its regular meeting on the 19th, that from September 1st, the Sinkiang Gold Coins would be issued by the Sinkiang Bank. A one-mace gold coin could be exchanged for ten silver dollar coins. All sorts of silver dollars circulating in Sinkiang and the silver-yuan notes can all be exchanged according to the regulations. It is stipulated that gold coins shall not be carried out of Sinkiang."15 In addition to excerpts of the main points listed in the Measures, the report also pointed out that "gold coins shall not be carried out of Sinkiang", which is to prevent gold and silver from flowing out.

V. The reasons why Sinkiang Gold Coins were eventually not issued

When the time came to September 1, 1949, as stipulated in the Measures, Sinkiang Gold Coins were not issued for the following reasons.

First, the gold reserves in the Sinkiang government were extremely limited. On June 10, 1949, the government had requested the national government to allocate the reserves submitted for the issuance of provincial currency previously, including 50,000 taels of gold and 400,000 taels of silver. 16 However, the National Government did not return the gold and shipped it to Taiwan.17 On September 7, 1949, the then vice president of Sinkiang College, Professor Tu Zhi ( 涂治 ), wrote in the introduction of the financial situation of the Urumqi, "Recently, the provincial government has decided to mint gold coins to save the emergency. It was decided that a one-mace gold coin could be exchanged into ten silver dollar coins. But

the provincial bank only deposits 3,000 taels of gold, together with the 6,000 taels of military gold brought back from Lanzhou by Tao Zhiyue in August, totaling 9,000 taels. The gold reserves will be exhausted in the short term ......"18

Second, the Sinkiang Mint failed to mint gold coins in time. Sinkiang Daily published the news Sinkiang Gold Coins Will be Issued Next Month on September 17, 1949 (Fig. 4). It reads, "The Financial Services Subcommittee held an emergency meeting in the Provincial Government Secretary General's Office at 11:00 a.m. yesterday. Qu Wu, Wei Xixi, Bai Wenyu, Liu Yongxiang, Liu De'en, Zhang Yu (represented by Wang Bangyan), and Liu Zerong attended as a nonvoting delegate, and Liu Mengchun hosted the meeting. After a two-hour exchange of views, the following seven major issues were discussed and adopted: (1) It is decided that the provincial government

14 Sinkiang Gold Coins to be Issued Next Month to Strengthen Provincial Currency Reverses and Improve Credit – One Mace Gold Coin Could be Exchanged for Ten Dollar Silver and The Measures of Issuance, Sinkiang Daily, August 19, 1949, 2nd edition.

15 One-Mace Sinkiang Gold Coins Exchangeable for Ten Silver Dollar Coins to be Issued Next Month, Kunming, Central Daily News, 1949-08-21, 2nd edition. The news was also reproduced in other newspapers, such as the first edition of the Xinshu Newspaper on August 21, 1949, and the first edition of the Kwok Wa Po on August 22.

16 Telegram from Baoerhan, Chairman of Sinkiang Province, to the Ministry of Finance that the Province is in Financial straits and Request for Allocation of the Reserves on June 10th, R.O.C. Year 38, Archive of Ministry of Finance, General Office of the Counselor of The People's Bank of China, Republic of China Currency History Materials (2nd Series 1924-1949), Shanghai People's Publishing House, 1991, p. 735.

17 "On May 17, 1949, Tang Enbo, the Beijing-Shanghai-Hangzhou police commander-in-chief, issued a receipt of No. 0351 notice" to withdraw "the gold reverses of the Sinkiang Bank kept in the Ministry of Finance, totaling 53,217.852 taels of gold in purity of 9.451%, which is equivalent to 50,298.305 taels of pure gold" from the Central Bank. Shi Tao, edited by He Pin, The Central Bank (Text Edition), Shanghai Far East Publishers, December 2014, p. 249.

18 Deng Liqun, ReportontheFinancialandEconomicSituationofUrumqi (September 7, 1949), Peaceful Liberation of Sinkiang, Sinkiang People's Publishing House, 1990, p. 210.

Fig.4 Sinkiang Gold Coins Will be Issued Next Month (Published in Sinkiang Daily, September 17, 1949)

will order all organizations not to exchange silver-yuan notes for silver dollars from this day on. Anyone who wants to exchange the notes for silver dollars must go to the Sinkiang Bank according to the bank's regulations. Everyone could only exchange six dollars per day. (2) The Sinkiang Gold Coins were planned to be officially released on September 1. However, because the gold coins had not been produced on time, they could not be released on schedule. It was decided to postpone the official release of the Sinkiang Gold Coins to October 1. ......"19

On September 25 and 26, 1949, the military and political

authorities in Sinkiang telegraphed a peaceful uprising. On October 10, 1949, "the currencies issued by the Sinkiang Bank or in its inventory are as follows: 510,600 silver dollars and 5,412 silver-yuan notes have been issued, and 12,900 silver dollars, 2,000 taels of gold and 150,000 taels of silver are in its inventory."20 It is evident that gold coins were still not minted in large quantities at this time. The remaining gold was more than 2,000 taels, which should have included the gold that had been planned to have been struck into gold coins. Thereafter, the Sinkiang Mint did not stop minting silver coins, but continued to mint them for a period of time, which is proved by two existing varieties of 1949 Sinkiang silver coins.

VI. Remarks and Conclusions

Regarding the whereabouts of the gold patterns of the Sinkiang Gold Coins, according to Dong Qingxuan (1986), "It is said that someone had seen the patterns of the gold coins at the beginning of the liberation period in person." This reminds me of what I heard from an old man when I was a child. "During a Labor Day holiday in the early 1950s, I visited an exhibition in Urumqi, where there were gold bricks, silver bricks, ingots and gold bars from the vaults of Sinkiang Bank." The Record of Sinkiang -

Financial Records (1994) further specifies that the gold patterns of Sinkiang Gold Coins "were handed over to the bank by the mint after liberation, and no patterns have been left." Due to the absence of gold patterns, the design of Sinkiang Gold Coins is unknown. Further research on the 1949 Sinkiang Gold Coins requires the disclosure of more archival historical materials. I believe that there are more historical details related to Sinkiang gold coins in the voluminous archives.

19 Sinkiang Gold Coins will be Issued Next Month, Sinkiang Daily, September 17, 1949, edition 2.

20 Deng Liqun, TelegramtoTheCentralGovernmentontheIssueandInventoryofTheSinkiangBankandtheFoodRequiredforourArmy'sEntryIntoSinkiang (October 10, 1949), Peaceful Liberation of Sinkiang, Urumqi, Sinkiang People's Publishing House, 1990, p. 295.

1949年新疆金幣發行始末

◎ 成 斌〔烏魯木齊〕

摘 要：1949年5月，新疆省政府為擺脫金圓券危機而實行銀本位制的幣制改革，由於銀元鑄造不足，銀元票無法十 足兌換進而貶值。為加強準備、提高信用，新省擬發行“新疆金幣”並恢復天罡銀幣流通。本文通過對相關史志、檔 案和報刊資料進行文獻分析，力圖還原新疆金幣的發行始末。文章認為導致新疆省庫空虛的原因之一在於新省先前繳 存的省幣準備金，未被國民政府撥還，而是充作“國府黃金”運臺。新疆金幣原計劃自9月1日發行，但因鑄造不及延 至10月1日，然始終未曾正式發行。新疆金幣曾鑄二十兩“一錢”金樣（約合200枚），據說1950年代初曾有人親睹該 金幣的陳列樣品，但最終下落成謎。

關鍵字：

新疆金幣，1949年，幣制改革，樣幣，“國府黃金”

常言道“物以稀為貴”，在中國近現代機製幣領域，金幣的 品種和製造量相比於銀幣、銅幣等硬幣而言要少得多，向來 受到錢幣學研究和收藏領域的重視。

中國新疆地處古代絲綢之路要道，從考古發現來看此地的歷 史貨幣中不乏東來西往的金銀幣。近代以來，由新疆省地方 當局發行的機製金幣就有三種，且均有與對應的銀幣。一是 與新疆省造光緒銀元（SUNGAREI銀幣）配套的新疆省造 光緒金元，僅見林國明、馬德和編著《新疆金銀幣圖書》所

刊“新疆省造光緒金元庫平重二錢”拓片一幅。1二是與新 疆“餉銀”銀幣配套的新疆“餉金”金幣，已知有餉金一錢、 餉金二錢兩種。2三是與1949年新疆省造銀幣配套的“新疆 金幣”，這是本文研究的對象。

1949年新疆省造幣廠鑄壹元銀幣，在錢幣學領域廣為人知， 耿愛德(E. Kann)所著《中國幣圖說匯考》及克勞斯《世界 硬幣目錄》均有著錄。與“新疆銀幣”形成鮮明對比的是“新 疆金幣”不但鮮為人知，且所知甚少。

說起1949年新疆金銀幣的發行背景，不得不提及1949年5月 10日新疆省銀行發行的“陸拾億圓”券，該鈔券被稱為“中 國面額最大的紙幣”3，但其“幣值極微，只能買一盒火柴， 需陸仟億圓才能換大洋1圓。”為此，人們備受紙幣貶值和 物價飛漲的困擾，在領薪和交易時更願意接受天罡（新疆銀 幣）、紋銀、元寶等和“磚茶、卡嘰布和紙煙作媒介”4。十 天後，“為擺脫（金圓券）困境，1949年5月（20日）新疆 省政府實行第二次幣制改革，5以銀元本位，造新銀元，恢

注釋：

1 蔡傑華：《新疆省造光緒銀元及光緒金元探秘》，《新疆錢幣》，2010(4)，第11-17頁。另見戴葆庭輯：《戴葆庭集拓中外錢幣珍品（下）》，北京：中華書局，1990年，第566頁（1459 新疆省造光緒金元二錢）。

2 相關研究文章有成斌：《晚清金幣大珍：新疆餉金金幣品種考辨——兼論中國近代機製幣的文獻輯佚與錢幣辯偽》，載於《東亞泉志》第23期。成斌：《邱文明舊藏〈新疆圖志〉金幣 抄本考論》，載於《東亞泉志》第25期。

3《面額最大的紙幣——1949年版新疆省銀行陸拾億圓券》，載於袁水清編著：《中國貨幣史之最》，西安：三秦出版社，2012年，第311頁。

4 宗新甫主編：《烏魯木齊金融志》，第18頁。

5 新疆省第一次幣制改革指“1939年以廢兩改元、發行新省幣為內容的改革”，第二次幣制改革指“1949年以銀元為本位的改革”。參見黃志剛：《民國時期新疆幣制改革芻議》，載於《新 疆通史》編撰委員會編：《“民國時期的新疆”學術研討會論文集》，《新疆通史》編撰委員會，2013年，第258、260頁。

圖1《代新省鑄造銀幣一事

雙方正進行商洽 》

（見於1949年3月15日《西北日報》）

復銀元流通；同時發行可兌現的銀元票；收兌省幣，停用金 圓券。但不久即因銀元票發行過多，無法保證兌現而開始貶 值，通貨再次膨脹。”6

為了提升銀元票信用，“新疆金幣”應運而生，其鑄造機構 為新疆省造幣廠。該廠設於迪化（今烏魯木齊）城外西大橋 橋頭的新疆印刷廠（印鈔廠）院內，使用創辦於清末的新疆 機器局附設迪化銀元局（原址在水磨溝溫泉旁）原有之造幣 設備，曾嘗試在蘭州等地添購設備、聘請技術人員。7（圖1）

三 學術史回顧

在21世紀前後的較長時間裏，讀者所能閱讀到的相關資料 主要是《新疆通志·金融志》（1994）的記載：“1949年8月， 由新疆造幣廠鑄造面值一錢的金幣。先用黃金20兩鑄造樣 品，每枚含金量為庫平一錢，並摻入10% 的銅，金幣聲音亮、 光澤好。然後由財政（廳副）廳長白文昱兩次撥出黃金2000 兩鑄造金幣，定名為‘新疆金幣’。原計劃9月1日發行，但

金幣鑄竣時新疆臨近解放，故未發行。

”8這段史料轉引自董 慶煊所著《新疆近二百年錢幣圖說：金銀幣部分》（1986）， 而董慶煊先生的資料來源則指向新疆省銀行檔案。9此後， 王永生（2009）10和白雲峰（2013）11等先生均對1949年新 疆金幣進行了持續的研究。

四《新疆省金幣發行辦法》的再度面世

筆者在《民國時期新疆金融檔案史料》（2013）面世後不久 便查閱此書，發現該書收錄了《新疆省金幣發行辦法（1949 年）》12（以下簡稱《辦法》）的檔案影印件，並意識到這對 於探尋1949年新疆金幣發行原委有着重要史料價值，從筆 跡來看此件與同書中《省政府就進行幣制改革的代電並新疆 省銀幣發行辦法》13系同一人謄抄。現將《新疆省金幣發行 辦法》抄錄如下：

新疆省金幣發行辦法

第一條 為加強省幣準備，提高省幣信用起見，自卅八年九 月一日由新疆省銀行發行金幣，定名為“新疆金幣”，與現

行銀元同時流通行使。

第二條 新疆金幣每元之含金量為內地赤金庫平壹錢。

第三條 金幣每圓兌換銀元十元。

第四條 持有本省流通之各種銀元及銀元票者，准按照規定 兌換率向新疆省銀行兌換金幣。

第五條 本辦法公佈後，關於公私會計之處理及一切交易仍 以銀元為本位。

第六條 金幣不得偽造，變造或損毀，違者依法嚴懲。

第七條 金幣不得攜帶出境，違者依法嚴懲。

第八條 政府徵收賦稅，仍一律以銀元票繳納，不得徵收金幣。

第九條 自省政府公佈之日施行。

6《新疆錢幣》圖冊編輯委員會編：《新疆錢幣》圖冊，新疆攝影藝術出版社、香港文化教育出版社，1991年，第168、170頁。 7《代新省鑄造銀幣一事 雙方正進行商洽 新省正在此延攬技術工人 預備恢復該省原有造幣廠》，《西北日報》，1949年3月15日，第2版。

8 新疆維吾爾自治區地方誌編纂委員會：《新疆通志·金融志》，烏魯木齊：新疆人民出版社，1994年，第89-90頁。

9 董慶煊：《新疆近二百年錢幣圖說：金銀幣部分》，《新疆金融》（增刊2），1986（8），第1-2頁（解放前夕未發行的新疆金幣）。

10 王永生：《新疆歷史貨幣概述》，載於達力紮布主編《中國邊疆民族研究》（第2輯），中央民族大學出版社，2009年，第154頁。

11 白雲峰：《幾種新發現的新疆錢幣實物和資料》，《新疆錢幣》2013（1），第16頁。

12《新疆省金幣發行辦法（1949年）》，載於《民國時期新疆金融檔案史料（下）》，南京：鳳凰出版社，2013年，第570-571頁。

13《省政府就進行幣制改革的代電並新疆省銀幣發行辦法（1949年5月19日）》，載於《民國時期新疆金融檔案史料（下）》，南京：鳳凰出版社，2013年，第524-526頁。

以上《辦法》與《新疆通志·金融志》所述相符。從“仍以 銀元為本位”“不得徵收金幣”等語可以看出，發行新疆金 幣的目的不是為了增加流通領域的硬通貨，而是為了提高銀 元票（紙幣）的信用，即限制其貨幣流通手段和支付手段的 發揮，而可作為貯藏手段。

筆者通過查詢同時期的報刊資料發現，1949年8月19日的 《新疆日報》載有《加強省幣準備提高信用 下月發行新疆 金幣 每元赤金一錢兌換銀元十元 發行辦法省府會議昨已通 過》（圖2），這則新聞介紹了上述《辦法》的出臺時間及過 程：“【本報訊】連延三周未能召開之省府委員會第廿五次 常會，已於昨（十八）日上午十時在省府中山室舉行，出席 劉孟純、王會善、劉效藜、屈武、陳方伯、劉永祥、白文昱、 劉德恩、爾德尼，列席劉澤榮、賈煥臣、魏錫熙、張鳳儀， 由鮑主席親自主持。修正通過財經小組擬具之《新疆省金幣 發行辦法》。”14

遂後出版的1949年8月21日，《中央日報（昆明）》便刊出 了《新省下月發行 新疆金幣 含金量為赤金一錢 每元兌換銀 元十元》（圖3）的報道稱：“【中央社迪化廿日電】新省府 十九日例會中通過，從九月一日起，有省銀行發行‘新疆金 幣’的新法，這種金幣的含金量，定為庫平內地赤金一錢， 金幣每圓兌換銀元十元，凡是在新省流通的各種銀元及銀元 票，均可按規定兌換，但規定金幣不得攜帶出境。”15這則 報道除摘錄了《辦法》所列要點外，還指出“但規定金幣不 得攜帶出境”一條，這是新疆省政府出於防止金銀外流出省 境的考量。

圖2《加強省幣準備提高信用 下月發行新疆金幣》

（見於1949年8月19日《新疆日報》）

圖3《新省下月發行新疆金幣》 （見於1949年8月21日《中央日報（昆明）》）

五 新疆金幣最終未能發行的原委

一是新疆省政府黃金儲備極為有限。1949年6月10日，新疆 省政府曾向國民政府提請撥還先前繳的發行省幣之準備金， 其中包括黃金五萬兩、白銀四十萬兩。16然而國民政府未予

撥還這批黃金，而是將其運往臺灣。171949年9月7日，時任 新疆學院副院長的涂治教授在介紹迪化方面財經情況的材 料中這樣寫道：“最近省政府又決定鑄造金圓（金幣）救急。 決定每元黃金一錢折合銀幣拾元。但省行存金僅三千兩，連 同陶峙嶽八月份從蘭州帶回的軍費黃金六千兩，一共也不過 九千多兩，短期內就會耗盡……”18

14《加強省幣準備提高信用 下月發行新疆金幣 每元赤金一錢兌換銀元十元 發行辦法省府會議昨已通過》，《新疆日報》，1949年8月19日，第2版。 15《新省下月發行 新疆金幣 含金量為赤金一錢 每元兌換銀元十元》，《中央日報》昆明，1949-08-21，第2版。此外其他報紙也轉載了這則消息，如1949年8月21日的《新蜀報》第1版 刊出《新疆省行 發行金幣》和1949年8月22日的《國華報》第1版刊出《新疆發行金幣》。

16《新疆省主席鮑爾漢致財政部電——本省財政困乏，請撥還準備金，民國卅八年六月十日》，載於《財政部文件》中國人民銀行總行參事室編：《中華民國貨幣史資料（第2輯19241949）》，上海人民出版社，1991年，第735頁。

17“一九四九年五月十七日，由京滬杭警備總司令湯恩伯出具平字第〇三五一號收條一紙”提去中央銀行“發行局代財政部保管新疆省銀行準備金黃金毛重五三，二一七市兩點八五二， 成色九四五一強，合純金五〇，二九八市兩點三〇四。”參見石濤，何品編：《中央銀行（文字版）》，上海遠東出版社，2014.12，第249頁。 18 鄧力群：《報去塗治所寫迪化方面財政經濟情況（一九四九年九月七日）》，載於《新疆和平解放》，新疆人民出版社，1990年第210頁。 當時間來到《辦法》規定的1949年9月1日，新疆金幣並未 發行，其原因如下。

圖4《本省金幣下月問世》

（見於1949年9月17日《新疆日報》）

二是新疆省造幣廠未及鑄造金幣。1949年9月17日的《新疆 日報》刊出《本省金幣下月問世》（圖4）稱“【本報訊】昨 （十六）日上午十一時，財經小組會在省府秘書長辦公室召 開緊急會議，出席屈武、魏錫熙、白文昱、劉永祥、劉德恩、 章裕（王邦彥代表），列席劉澤榮等，由劉孟純主持。經兩 小時之交換意見，討論通過要案七起如下：（一）關於銀元 票兌現問題，決定由省府通令各機關，即日起一律不准兌 現。凡個人欲要兌現者，必須按照省銀行規定，前往該行領 號兌現，每人每天六元。（二）關於本省金幣，前本決定於 九月一日起正式發行，惟因鑄造不及，未能如期趕出，故決 定延至十月一日正式發行……”19

1949年9月25日、26日，新疆軍政當局通電和平起義。 1949年10月10日，“新疆省銀行發行和庫存情況如下：鑄 造銀元五一〇，六〇〇元，發行銀元票五，二一四，〇〇〇 元，庫存銀元一二，九〇〇元，黃金二，〇〇〇餘兩，白銀 一五〇，〇〇〇兩。”20可見此時仍未大批量鑄造金幣。所餘 黃金二千餘，應包含撥省造幣廠未及鑄造金幣之數。此後， 新疆省造幣廠的銀幣鑄造並未停止，而是持續鑄造了一段時 間，1949年新疆省造銀幣的雙“四九”版別為此提供了錢 幣資料的證據。

六 餘論和結語

關於新疆金幣金樣的下落，據董慶煊（1986）稱“據說解 放初期有人曾親睹該金幣的陳列樣品。”這讓筆者聯想到了 兒時曾聽古稀老人口述：“1950年代初的一個五一勞動節， 曾在迪化參觀過一場展覽會，其中有出自新疆省銀行金庫的 金磚、銀磚、元寶、金條等。”《新疆通志·金融志》（1994）

進一步明確新疆金幣的金樣“解放後由造幣廠交銀行上解， 未留下樣品。”由於金樣無存，新疆金幣之“真容”便不得 而知。關於1949年新疆金幣的進一步研究尚需更多檔案史 料的披露。筆者相信在卷帙浩繁的檔案史料中，當蘊含着更 多與新疆金幣有關的歷史細節。

19《本省金幣下月問世》，《新疆日報》，1949年9月17日，第2版。

20 鄧力群：《關於新疆銀行發行和庫存情況及我軍入疆所需糧食等問題給中央電（一九四九年十月十日）》，載於《新疆和平解放》，烏魯木齊：新疆人民出版社，1990年，第295頁。

Chopmarked Coins – China's Most Underappreciated Numismatic Field

◎

Colin Gullberg〔Taipei〕

China has probably the longest uninterrupted numismatic history. Its coinage can be traced back over 3,000 years ago to the first use of cowrie shells and spade monies in the Shang and Zhou dynasties. Ant nose money and knife monies followed and the first round coins appeared around 350 BC, at the tail-end of the Zhou.

From the increasing acceptance of the round ‘ban liang' and 'Wang Mang' cash coins 2,000 years ago China entered a period unique in numismatics; an almost 2,000-year uninterrupted period in which round cast coins, and not hammered ones like in the West, reigned supreme. Not until the final dynasty was overthrown in 1911 was the final cash coin cast.

However, in addition to the cast cash coins in use for daily transactions in China outsiders like the Japanese and Europeans slowly introduced silver into China in their business dealings. The first-known Western coins used in China were Spanish cobs minted in Mexico which have been uncovered in numerous hoards in the Fujian coastal areas of China. The coins bear dates of the mid to late 1600s. Several of these hoards include coins bearing chopmarks, an early security device to verify the silver quality of the coins.

Marking or stamping coins to attest as to their quality and thus acceptance had been going on since Roman times in the West. The Chinese were no different. Trust was difficult to maintain between business people who, due to the great distances, may have experienced years of wait before meeting their Chinese counterparty for a second time (if ever). The large amounts of silver used in this trade required the need for to verify the quality of the silver and job of shroff was born. A shroff 's job was to weigh the silver coins, which were treated like bullion, and

assess the fineness. On each coin he applied his personal mark or ‘chop' which acted like a signature enabling the coins to be accepted and used in trade.

The cob period ended in the 1720s and was followed by the machine-made milled coins which were being minted in increasingly large numbers for use in trade in the Orient. These coins were unlike any the Chinese had seen before; perfectly round, of standard weight and fineness bearing the portrait of the king. The gradually increasing importance of the 'China trade' meant that increasing numbers of these coins made their way into Canton [Kuang Chou] and are easily found with chopmarks attesting to their widespread use and acceptance. These coins had a significant influence on Chinese coins as China's first silver coin – the Taiwan Old Man dollar – was modelled on the Spanish Carolus dollar which was the dominant trade coin at the time.

What is truly significant is the huge numbers of these coins in use in China at the time, almost all bearing chopmarks, making these foreign coins de facto Chinese ones and an important part of the history of money in China. Regardless of where these coins were minted the fact that they made it to China, were chopped, and entered into the channels of commerce in China makes them Chinese coins.

The number of coins that bear chopmarks is truly staggering. The vast majority were, of course, from the main trading nations of Europe (Spain, England, the Netherlands, etc.) but odd-ball coins from as diverse places as Hawaii, Brazil, Scotland and even the Papal States. Somehow these found their way in the pockets of sailors or in chests of silver to China where they were chopped.

It's a fascinating story and one that lasted for 300 years but,

somewhat surprising, it's a story that few Chinese collectors seen to get excited about. In fact, the vast majority of chopmark collectors are Westerners, particularly Americans. I'm not entirely sure why this is. America minted a trade dollar for use in China for a brief six years (1873-1878) but the story is really one of China and is central to China's economic and numismatic development so why aren't more Chinese interested in this very important part of their numismatic heritage? I think it's mainly because chopmarks are seen as 'damage' to the coin and not enhancing the historical 'story' of the coin. Little is known about the chops - who, when and where they were made – so the lack of information makes systematic collecting of chops almost impossible. The widespread introduction of third-party grading services, also known as 'slabs', is also a reason collectors shun these coins. Chopmarks lower the net grade of a coin and the chops must be included in the 'details' area of the slab – the area reserved for bad news. Nevertheless, chopmarks are a captivating area of Chinese numismatics. They involve trade,

opium, war, the sea and all the romance that holding an artifact of history in your hand encompasses.

For me, chopmarked coins are the most interesting field of Chinese numismatics. I edit a newsletter – the only one exclusively devoted to the subject – called Chopmark News This newsletter is the quarterly publication of the Chopmark Collectors Club (CCC), a group of collectors, dealers and researchers who love these coins and are eager to learn more about them. If you are interested in learning more please contact me and I'll email you a sample copy of Chopmark News Currently we publish in English-only but a future goal is to introduce a bilingual English-Chinese edition.

I hope to be hearing from you.

A Spanish ‘Carolus' 8 reales minted in 1807 in Mexico City. The ‘portrait' or ‘bust' dollar was the principal trade coin for much of the world for many decades and a complete date set is possible for the patient collector. Colin Gullberg collection.

Colin Gullberg

chopmarknews@gmail.com

A unique Hawaiian 1883 dollar with a single " 同 " [tung] chop on the reverse. Rich Licato collection.

An 1887-S USA trade dollar. Given the large number of collectors in the USA this coin is undoubtedly the most seriously collected of all chopmarked coins. Colin Gullberg collection.

An exceptionally rare Papal States 1684 Rome Piaster with a swastika chopmark. Rich Licato collection.

An ink chop on a Mexican 1879 AS 8 reales. Ink chops originated in Shanghai in the late 19th century and had the advantage of not damaging the coin. Colin Gullberg collection.

原刊載於《東亞泉志》第 1 期

戳記幣—中國最受“冷落”的錢幣領域

◎ 高林〔臺北〕

中國使用貨幣的歷史可謂源遠流長，從未中斷。這要追溯至 3000多年的商周時期，當時最早使用的貨幣是貝殼和空首 布。之後出現了蟻鼻錢和刀幣，公元前約350年周朝末期 出現了最早的圜錢。

2000多年前，隨着秦“半兩”圓形方孔錢和“王莽”錢幣 的使用日益廣泛，中國進入了錢幣史上一段獨特的歷史時 期：近2000年來，圓形鑄幣（與西方使用打製幣不同）一 統天下，且沒有中斷，直到1911年清朝被推翻，才退出中 國錢幣歷史的舞台。

除了中國日常交易使用的翻鑄錢幣外，日本和歐洲國家也在 貿易往來中向中國逐漸輸入銀元。中國使用的第一枚西方錢 幣是墨西哥製作的西班牙切割銀，中國福建沿海一帶發現了 很多窖藏的西班牙切割銀。銀幣上的紀年是從17世紀中期 持續到17世紀晚期。其中有幾個窖藏的切割銀錢上有戳記， 這些戳記是早期證實銀幣之成分品質的保証措施。

早在西方的羅馬時代，就有了採用標記或蓋戳證實錢幣質量 才能被市場接受的傳統。中國亦然。當時交通不便，外國商 人可能要等好久才能再次見到中國的合作夥伴（如果還能見 到的話），主要是商人之間的信任基礎不牢固。為此，貿易 中使用的大量銀元需要證實其質量，驗銀師應運而生。驗銀 師的工作就是銀圓（和銀塊一樣）稱重和成色評估。每枚銀 元上都有驗銀師獨特的標記或戳記，這就像是簽名，保證銀 元可以在貿易中被接受使用。

西班牙切割銀錢在18世紀20年代停止使用，之後開始使 用機製幣,並不斷增加鑄造量，為的是用於貿易于東方國家。

與中國以往使用的錢幣不同，這些機製幣呈全圓形，重量和 成色標準一致，幣面有國王肖像。隨着中國貿易地位日益重 要，這些機製幣也開始源源不斷地流入廣州，常見有被戳記 驗證之銀幣，目的是便於市場接受和廣泛使用。這些機製幣 對中國錢幣產生了重大影響，中國第一枚機製銀幣台灣老公

銀就是仿西班牙銀元（俗稱“本洋”）而製，西班牙銀元是 當時貿易往來使用的主要錢幣。

當時中國使用的西班牙銀元數量巨大，而且幾乎都有戳記， 這些外國幣實際上成了中國錢幣，成為中國貨幣史的重要部 分，這一點意義重大。且不論這些錢幣在哪里鑄造，事實是 他們都流入了中國，并被打上戳記，進入中國商貿交易活動， 成為了中國錢幣。

戳記幣的數量實在多得驚人。大多數錢幣當然是來自歐洲主 要的貿易國（西班牙、英國、荷蘭等），不過也有來自夏威 夷、巴西、英格蘭甚至教皇國的稀奇古怪的銀幣。這些銀幣 跟隨着水手或裝在銀箱柜裡而來到了中國，並在中國被打上 了戳記。

戳記幣的歷史非常有趣，至今已有300年歷史。然而，中 國收藏家卻鮮有對戳記幣感興趣，這有點奇怪。收藏戳記幣 者多是西方人，特別是美國人。筆者對此有點困惑。美國 的確曾鑄造過貿易銀元，但在中國僅使用了短短六年時間 (1873-1878)。不過，戳記幣關乎於中國歷史，對中國經濟 和錢幣學發展起過關鍵作用，為何中國人對這項重要的錢幣 遺產不感興趣？依筆者之見，主要原因或許是戳記被視作對 錢幣的一種“損壞”，也不會引起追蹤錢幣背後歷史的興趣。 其次，誰何時何地做了這些戳記，更是無從可尋。信息缺乏 更難以系統收藏。最後，第三方錢幣評級機構的“入盒”也 是藏家避開戳記幣的一個原因。戳記降低了錢幣評級分數， 如要入盒，評級盒上將會標註“細節描述”，這可不是利多 之好信息。雖說如此，戳記幣見證了當時中國的貿易發展， 經歷了鴉片戰爭，漂洋過海來到中國，頗具歷史傳奇色彩， 是中國錢幣學最“誘人”的領域。

對筆者而言，戳記幣是中國錢幣最有趣的領域，為此還 獨家創辦了戳記幣新聞通訊《戳記幣新聞》(Chopmark News), 這也是戳記幣藏家俱樂部季刊。戳記幣藏家俱樂部

西班牙 8 里亞爾銀元，1807 年墨西哥市鑄造。“人像幣” 曾是幾十年來世界貿易使用的主要貿易銀元。藏家若有耐 心，可能集齊完整一套。高林收藏。

1883 年夏威夷壹圓銀幣，可能是孤品。背面有單字“同” 字戳記。Rich Licato 收藏。

1684 年教皇國羅馬皮阿斯特銀元，帶納粹戳記，極罕見。 Rich Licato 收藏。

(Chopmark Collectors Club (CCC))會員有藏家、幣商和 研究學者，共同的愛好是戳記幣并迫切希望了解戳記幣更多 知識。若您感興趣，歡迎與筆者聯繫，屆時將會郵件發送您 一份《戳記幣新聞》。目前只有英文版，希望不久可以有中 英雙語版。

期待您的來信！

高林 chopmarknews@gmail.com

1887 年舊金山造美國貿易銀元。該品種在美國擁有龐大 的收藏群體。高林收藏。

1879 年墨西哥 8 里亞爾銀元，上有墨印。錢幣上的墨印源 自 19 世紀晚期的上海，優點是不會損壞錢幣。高林收藏。

Centennial of a Shanghai Coin

◎ Howard F. Bowker 〔USA〕

The present year [1956] marks the centenary of the issue of one of the most interesting and perhaps the least understood of the several series of coins issued in China in the endeavor to align its coinage with occidental monetary practices. It seems therefore appropriate to commemorate that event by the publication of some newly discovered literary evidence, which although originally published some 95 years ago, appears never before to have come to the attention of any of the several numismatists who have interested themselves in the tael and half-tael silver coins struck in Shanghai in 1856. The author has supplemented this by notes on the same subject which have been collected over the past decade.

The Shanghai coins of the 1856 issue appear to have been published first by Alexander Wylie in a paper laid before the Shanghai Literary and Scientific Society, the predecessor of the North China Branch of the Royal Asiatic Society, on November 17, 1857, which was subsequently printed in the first volume of the journal of the Society in June 1858. Only one denomination, the one-tael, and only one variety of that was known to Wylie, although he was then an active coin collector and was living in Shanghai. The information given by Wylie with respect to this coin was copied by J.H.S.Lockhart in his catalog and description of the Glover Collection (1895), where a specimen numbered 1237 is illustrated. This specimen is not now in this collection, the major portion of which was deposited in the Smithsonian Institution in Washington, D.C.

In an article entitled "The Coins of Shanghai, an Unwritten Chapter in the History of the 'Capital of the Far East'", by A.M.Tracey Woodward, originally published in the August 1937 issue of The China Journal and subsequently reprinted as Bulletin Number 3 of the Numismatic Society of China, he decried the meagerness of contemporary published notices of the earlier issues. It would appear that he had overlooked the writings of a keen observer of the passing scene in Shanghai in the late 1850's, Dr. William Lockhart, of the London Missionary

Society. Published in his book, The Medical Missionary of China; A Narrative of Twenty Year's Experience (London 1861), is truly an eyewitness description of the actual minting of these particular coins. As this does not seem to have been taken into account by anyone previously when writing on the subject of these coins, it is quoted in full:

Dollars are made occasionally for particular purposes, as lately in Shanghai, when the old Carolus dollars became so scarce that silver coin was wanted for the carrying on of trade. The local government resolved to coin money, of the weight of a tael, an ounce and a third of silver. This was pure sycee, or unalloyed silver,andprovedtobetoosoftforcontinueduse.Thiscoinwas first taken by the people, who, however, after all the trouble and expense of coining, when they received it in any large quantity, returnedittothecrucible,andmeltedintotheusualshoe-shaped ingots;inconsequenceofwhichthecoiningceased.

Discs of silver for the production of this coin were first made by running the metal into flat moulds on iron plates, which closed like common bullet-moulds, each set of plates having three moulds. These discs, after the weight was proved – if over or under weight they were at once returned to the melting pot –were hammered flat, and made as true as possible by the use of the file, so that when finished they were perfectly smooth, and of one size. The pieces of silver were now taken to the stamping press, where they were impressed with rows of Chinese characters, stating the weight, place of coinage, the maker, and the name of his bank or assay office, the local officer, the date, andthenameoftheemperor.

Thediefortheseimpressionsconsistedoftwoparts,theobverse and reverse, which are cut on the faces of two pieces of steel, square, and a little larger than the silver discs. The reverse has steel sides made to it, in the form of a square box, with the corners open, into which box the obverse die exactly fits, being kept in its place by the sides. The press had a large block of Originally

granite for a stamping stool, and affixed to it a perpendicular slide about ten feet high, across the top of which is a piece of wood, well oiled, and, some little distance off, a powerful winch. The stamping weight consists of a block of granite about 200 pounds in weight, and beveled off at the top so that a hole may be bored through. A strong rope attached to the winch and passing over the slide is fastened to the top of the stone, which, when hoisted to its place, is held there until it is required by a pegintheslide.

A thick piece of folded paper is laid over the lower stone, upon which is placed the box-like die, with a silver disk inside. The obverse (die) is then fixed, covered on the top or outside with another thick piece of folded paper. When all is ready, the peg is drawn out from the slide, and the stone mass falls on the die, impressingthecoinveryefficiently.Thestoneisthenhoistedfor another disk to be placed, and so the work of stamping the coins proceeds.

The coins were milled (reeded) at the edge with a cross pattern, in a very simple manner. The pattern, cut on a narrow slip of steel eight inches long, is fixed at the bottom of an angular iron groove of the same length, to enable the coin to run readily along the groove on the slip of steel. A man, with one of the finished coins between his thumb and finger, as it rolls along the groove, strikes its upper edge with a light wooden hammer. In this way the pattern on the steel is impressed on the edge, and the coin, now complete, is taken to the office for examination and distribution.

There can be no doubt but that Lockhart was actually present to witness the processes of their manufacture in the 6th year of Hsien Feng (Feb.6, 1856-Jan. 25, 1857), as it is related in Memorials of Protestant Missionaries to the Chinese, a publication of the American Presbyterian Mission Press of Shanghai, 1867, that "In the beginning of December 1857, Mr. Lockhart left Shanghai for his native land, and… reached England on the 29th of January 1858." It is regretted that even so meticulous an observer as Lockhart failed to record exactly where in Shanghai the coining was done, as the location of the hong which made the coins and whether or not it was located within the confines of the walled native city of Shanghai or inside the foreign Settlement, would be of great interest. Woodward believed that it was located inside the walled city.

This is open to question as the walled city had been captured by the Triad rebels on September 4, 1853, and remained in their possession until February 17, 1855. The Chinese custom house, located inside the Settlement, was looted and burned by the Triads in a sortie on September 7, 1853. The custom house was thereafter temporarily located on board a junk moored opposite the Settlement until February 9, 1854, when it relocated ashore inside the International Settlement near Soochow Creek. It seems highly improbable that the Lu Fang delegated by the Chinese authorities to make these coins would have removed to the native city so soon after it was reoccupied by the imperial forces, and particularly so as at the time the T'ai-p'ing rebel forces were still operating in the environs of Shanghai. Having already lost a half million taels of silver to the Triads when the native city was first captured, it seems improbable that the treasury would have been returned to the city, where they would no longer enjoy the safety provided by the warships and armed forces of the European powers.

As the original article by Woodward, mentioned above, may not be available to all interested readers, the pertinent portions are quoted herewith, with minor changes in his orthography. For those who refer to the original article it will be noted that the romanization of the Chinese characters in some instances differs from that given by him. Woodward's romanization of the Chinese characters which are principally those found on the coins, appears to be in the Shanghai dialect rather than Mandarin, and this is probably due to his having employed a Chinese scribe who was not proficient in Mandarin. All Chinese characters in this article, however, are transliterated according to Giles in the Wade system.

The 'native issues' came into existence toward the close of 1856, and it is regretted that Wylie, writing at so close a date as the middle of 1857, gave but little attention to them. I may be pardoned for quoting him in full 80 years later, considering that he is apparently the only foreign authority who can be reliably consulted. However, he refers only to the coin here designated as Type A, as, indeed does Lockhart in describing the Glover collection, and Ros in his lecture read in Hankow on December 3, 1921, whilst every writer who took part in the controversy published in the "North-China Daily News" of October 1919, refers to the same coin only. All that Wylie says in describing the coin is that it is of a tael weight, produced in Shanghai

under the direction of the Intendant of Circuit, about the end of the year 1856. It is struck from a steel die, and tolerably well executed;butithadscarcelymadeitsappearance,whenspurious imitations of baser metal were put in joint circulation with it, so that confidence in the new coin was speedily at an end, and it is nowonlytobefoundasanumismaticspecimen.

Woodward's text, quoted above, is misleading in that it is not "all that Wylie says in describing the coin. "Wylie went on to quote completely the Chinese inscriptions on both faces of the coin and to give a quite adequate translation, as follows:

The inscription on the obverse is Hsien feng liu nien / Shang hai hsien hao / shang Wong Yung-sheng / tsu wen yin ping (Hsienfeng 6th year; a cake of pure sycee silver, from the firm of Wong Yung Sheng, in the district of Shanghai). The reverse has Chu yuan-yu chien / ch'ing ts'ao ping shih / chung yi liang yin / chiang Wan Ch'uan tsao (one ounce of silver, true weight by the ordinary balance, cast under the inspection of Chu Yuan-yu, and executedbyWanCh'uan,silversmith).

I have taken the liberty of modifying Wylie's romanization of the Chinese characters to conform to the Wade system, which had not been invented at the time he wrote, 98 years ago. I have my own personal regrets to record now that I am interested in Chinese coins, as I note that Woodward mentions a lecture given before the Union Church Literary Guild in Hankow on the subject of "Modern Chinese Coinage "by Giuseppe Ros on December 3, 1921. A diligent search for the text of this lecture, which may have been published in either the local press or in one of the omnibus publications which were so popular at that time among literary clubs in China, has failed to produce any results. I was a resident of Hankow during the years 1923-24, and could without doubt have obtained this item (if it was printed) so soon after its delivery.

Continuing to quote Woodward's article:

The coin alluded to by earlier authorities was not the only one that was made in the sixth year of Hsien Feng (1856), and although all the varieties were produced under the auspices and inspection of one Chu Yuan-yu, who was sometimes given the rank or title of Intendant of Circuit, Intendant of Mint, and even Intendant of Finance, the coins were, nevertheless, not all issued

by one hong, nor made by the same engraver. I have searched in vain among native annals for details and records bearing on these coins. No trace appears to have been preserved of the number issued, nor the reason for their appearance (we only know the fact that they were mostly employed for payment of the military), nor is it even known in what precise localities in Shanghai the authorized issuing hongs were located, although it is generally admitted that they were situated within the now destroyed city walls of Shanghai City. Indeed, time seems to have erased all traces that today would be considered so precious. We have only the coins, of which, even so, very few are in existence, owing to the constant activities in the last thirty yearsofthesyceecastinghousesknownastheYinLu.

The coins were issued by three hongs, and the preparation of the dies was also done by three engravers, although no proof exists that each hong had its exclusive engraver. (I say three hongs, basing my statement on the names so far revealed from the coins, but in China where surprises in numismatics are constant, itlieswithintheboundsofpossibilitythatmorehongsmayhave also caused an issue. The same remarks may be applied to the engravers but with greater probability.). Quite the contrary, for it will be observed that two hongs, Ching Cheng Chi and Yu Sen Sheng, employed the same engravers, Feng Nien and Wang Shou. As to the number of dies employed, it may be said with some degree of assurance, that not more than one was made for each of the one tael varieties, the differences in engraving markingtheforgeriesmentionedbyWylie.

The native script on the good coins is on a plain field without milling. The rims are grained (reeded) with a mosaic pattern, the whole giving the coins a true touch of dignity in its serene simplicity. It is certainly typically oriental. Type A denotes the coin which has heretofore always been referred to by writers, and the piece here illustrated [in the Woodward article] is the actual one which adorned the collection of the late S. W. Bushell for many years .. Its weight is 563.3 grains, but I have scaled some pieces as high as 566.24 grains ….. There is a good illustration of this piece in cast formation by means of the galvanic battery and impressed on silver paper in "The Current Gold and Silver Coins of All Countries", wherein the weight of thepieceisgivenas565grainstroywiththeremarkablefineness of 990 milliemes, thus making it a 15-5/8 "betterness" than the British standard purity of silver coins [which is 11 ounces 2

pennyweightor37/40fine,theequivalentof925milliemes.]

Past publications of the half-tael varieties seemingly have been inadequate. There is a marked distinction between two varieties of these coins, aside from the differing texts of inscriptions, which does not seem to have been given cognizance by previous commentators. These are characterized by the lack of the thick broad rims which are found on all of the one tael pieces and on most of the half tael denominations. The inscriptions on these two varieties are bounded by an area with overall dimensions of 25x25 mm, as in the one tael pieces, while the comparable dimensions of the texts of the rimmed half-tael varieties is only 21x21 mm. These were struck by using the identical obverse dies, la and b, which were used for the one-tael pieces, together with new reverse dies, one of which has the engraver's name, Wan Chuan, and the character of denomination in the hsiao k'ai form, while the second has the engraver's name, Wang Shou, and the character of value in the ta k'ai form. Both of these varieties were struck on flans somewhat thinner and slightly greater in diameter than those used for the rimmed varieties having similar inscriptions. It seems probable that these were the earliest halftael pieces coined, and being found unsatisfactory due to the difference in appearance as compared with the concurrently circulated one tael pieces, and because the lack of the outer rims, which inhibited undue wearing of the Chinese characters composing the inscriptions. Other obverse and reverse dies were made by the same engravers with similar inscriptions measuring 21x21 mm.

The Yu Sen Sheng variety of the half-tael was figured by Woodward as "Type G" (column 3, figure 2). The identical Woodward specimen is now in my collection. Woodward published a picture of what he termed another variety of this type, as "Type F," but failed to establish definitely the type of its reeding, his text stating it to be his ZA style reeding while his tabulation indicates by means of a dash that he did not know what style of reeding was on the coin. He further stated that his illustration for this "Type F" specimen was "from a good rubbing." A careful examination fails to confirm this statement, as there is every indication that the illustration was not from a rubbing but from a handmade copy made with a Chinese brush. It is just possible that it was made from an indistinct rubbing which had the Chinese characters touched up with a brush, but even this seems doubtful. It is accordingly concluded that he

never even saw this particular specimen, but relied upon the statement of some collector, probably a Chinese, that he had such a coin, which in the nature of things is perhaps the world's worst evidence and worthy of no consideration.

With respect to the Wang Yung Sheng variety of the rimless half-tael denomination (column l, figure 2), when Kalgan Shih visited the United States in 1947 he had in his possession and gave me a photograph of the specimen he had in his collection. It is noted that he has not included it in either edition of his Modern Coins of China [1949; 2nd ed. 1951], although he has included the Yu Sen Sheng specimen, described above, as his number C10-4.

Theories have been advanced to the effect that these coins were made by separate hongs because of the three different names, Wang Yung Sheng (column l, figure 2), Yu Sen Sheng (column 3, figure 2), and Ching Chung Chi (column 5, figure 2), which appear on the obverses. After considering the somewhat elaborate and expensive, though crude, machine and accessories which Lockhart so fully described, and the well-known facts which characterized the operations of trade guilds in China, it is believed that such a project would most probably have been carried out on a cooperative basis. It is therefore concluded that all of these coins were made in one plant or mint, and that the different names appearing on them are indicative of the responsibilities of the respective hongs with respect to the touch of the silver entering into the manufacture of the coins. This is borne out by the fact that the three hongs appear to have used several of the reverse dies indiscriminately. Such a use of the dies could only have taken place if the coins all were minted in one place.

figure 1 d c b a

商 上 鹹 紋 王 海 豐 銀 永 縣 六 餅 盛 號 年 I obverse I 正面 h g f e 匠 重 傾 朱 萬 壹 曹 源 全 兩 平 裕 造 銀 寶 監 II reverse II 反面

1

figure 2

2 4 6 8 1 3 5 g1 g2

匠 匠 匠 匠 商 商 商 重 重

萬 豐 平 王 王 郁 經 伍 五

全 年 正 壽 永 森 正 錢 錢

造 造 造 造 盛 盛 記 銀 銀

ENGRAVER HONG VALUE

銀 匠 商 號 面 值

The description given by Lockhart of the method employed in the applying of the reeding on these coins, was done in a simple fashion, which is typically Chinese in its employment of handwork assisted by the simplest tools. In this case the tools consisted of a wooden mallet and a grooved steel channel, with the simple zigzag pattern of the reeding desired, in relief at its bottom. The blows of the mallet driving the edge of the coin into the interstices of the reeding die caused a series of short flat surfaces to be impressed on the edge of the coin, rather than the smooth even circle resulting from the conventional collars employed by mechanical minting machinery.

These surfaces have the impressions of the reeding die impressed upon them, and taken together give the impression of continuous triple zigzag lines. However, if the coin is revolved between the thumb and fingers, the intermittent character of the finished edge is readily apparent. Usually there is a slight overlapping of the pattern at the place where the contact with the die started and finished, which causes a doubling of the pattern over the length of the overlap.

The tactile test, described above, of rotating the coin between the thumb and fingers, is believed to be one of the simplest and surest ways of detecting forgeries which are other than of the crudest sort. If the coin's edge does not have the flat facets but

is smoothly circular, the chances are that it is not a genuine specimen.

Reeding dies of different gauges were employed in finishing the tael and half-tael coins, which vary in the length of each component part of the meandering pattern, as well as in the width. These have an average width of 3 mm for the tael and 2 mm for the half tael, while the average length of each segment of the pattern is respectively 5.8 mm and 4.0 mm.

It will be perceived that the flat raised marginal rims of the coins served a practical purpose in the reeding process, acting as guides while the reeding was applied. The grooves were not tight enough to hold the coins in a precisely vertical position while the hammering was being done, as is evidenced by the fact that the finished edges are sometimes not exactly at right angles to the face of the coin throughout its circumference, due to their having been held at a slight angle while the blows of the mallet were being struck. It will also be noted that the impressions of the grooved reeding die does not always obliterate the marks of the files which were used on the edges in truing up the cast silver planchets and bringing the slightly overweight pieces within the wanted tolerance with respect to their passing weight.

Figure 1 (obverse and reverse), represents the dies from which the first published specimen was reported by Wylie, and also Woodward's Type A, the one tael denomination. The characters are read from top to bottom commencing with the right hand columns a and e.

The obverse is considered to be the side with four Chinese characters Hsien Feng Liu Nien, indicating the date of issue, 1856, in column a. The names of the hongs under whose cognizance the coins were made appear in the second, third and fourth characters of column c. These consist of the combinations Wang Yung Sheng, column 1; Yu Sen Sheng, column 3; or Ching Cheng Chi, column 5, as shown in figure 2.

The reverse inscriptions vary as to the characters of denomination which appear in the second and third characters of column g, which reproduces that of the one tael; and in the same column of the half-tael in which the inscriptions of columns g1 and g2 appear. Variations also are to be found in column h, where the names of the engravers appear in the second and third

figure

characters as Wan Ch'uan, column 2; Feng Nien, column 4; P'ing Cheng, column 6; or Wang Shou, column 8 of figure 2. These numbers and letters are arbitrarily assigned in this study to indicate the several variations found in the inscriptions, the odd numbers being assigned to the obverses and the even numbers to the reverses. In no case are they indicative of any sequence of issue.

Nothing is known as to what has become of Wylie's specimen, although it is conceivable that it might have passed into Bushell's collection and thus be the identical coin pictured by Woodward as Type A in his "The Coins of Shanghai", wherein he stated it "is the actual one which adorned the collection of the late S. W. Bushell for many years." While Wylie's specimen does not appear to be definitely identifiable, Bushell's specimen may be easily identified by a comparison with Woodward's plate. Due to the manner in which the planchets for these coins were prepared, they frequently have small air bubbles on their surfaces which were not removed by the impact of the dies in the striking of the inscriptions. Woodward's illustration shows a group of pits below the lower right hand Chinese character of its reverse. Further, no two specimens have the outlines of the raised rims in the same relative position. By noting these features, together with the characteristic file marks near the margins, nicks and other abrasions which were present on the planchets before they were minted, one can usually determine if any particular specimen is one which has been published previously. The one tael specimen in my own collection has thus been identified definitely by such markings as the identical specimen which was sold in J. Schulman's Amsterdam auction in January 1931 (lot 1418), although I purchased it some years later from a London dealer.

One constant characteristic of the reverse die of the Type A one tael coins, present in all genuine specimens, but which does not seem to have been noted in print previously, is to be found in the lower left hand Chinese character tsao of column h. This character is customarily written with the upper right hand element composed of three strokes. However, in this instance, due to a slip of the engraver's tool, an additional stroke appears directly to the left of the center vertical stroke, just above the upper hooked stroke. From an examination of several specimens it has been noted that as the die became worn in use, this extra stroke almost fills the entire space between the two regular strokes, becoming

wider and wider until in the latest strikings it almost fills the entire space between the two conventional strokes. The marginal rim of this die has an inside diameter of 37 mm.

Woodward concluded with what he termed "some degree of assurance, that not more than one die was made for each of the tael varieties, the differences in engraving marking the forgeries mentioned by Wylie." This conclusion is open to grave doubt. The examination of quite a number of specimens has caused the writer to wonder upon what basis he reached this conclusion, which does not seem to be substantiated by the evidence now available. In the collections of the late Eldon C. Keefer of Chicago and Edward Kann of Los Angeles, are two similar specimens of the Type A taels, which, although differing in many minor particulars from the norm for these coins, are most probably genuine. I do not have all of the particulars relative to Kann's specimen, which he numbers 900a in his collection and in his volume Illustrated Catalog of Chinese Coins, other than a good photograph and the plate in the book. I have examined Keefer's specimen, numbered 2 by him, and can state with assurance the following:

(a) The inside diameter of the outer rim is 38 mm and not 37 mm.

(b) The extra stroke, described above, is lacking in the last character of the reverse.

(c) It is heavier than it should be, weighing 37 grams, or 570.9 grains, instead of approximately the 565 grains average.

(d) The center dot of the obverse is not located in the same relative position to the four immediately adjacent characters, being equidistant from the ends of the nearest strokes instead of nearer the upper character to the right.

(e) None of the defects present in the Type A are present, such as the dot in the field at the left and 2 mm below and to the left of the lowest point of the 13th character of the obverse.

Summing up, although the reading of the inscriptions is the same in both coins, they were struck from different dies. The specimens appear to be made from silver of equal purity, being soft as they should be to comply with the contemporary

statements that they were made from "pure unalloyed silver." If they were counterfeits they would most probably have been made from metal of inferior quality, or they would weigh more than the average. It is my considered opinion that both sets of dies from which these coins were struck were engraved by the same artisan. There are many minor points wherein the strokes making up the 32 Chinese characters differ slightly in the two sets of dies but these are only the small variations which are characteristic of two examples of the same text engraved by the same man. If the inscriptions had been copied by another individual the differences would have been greatly exaggerated.

ADDENDUM

At the foot of page 81 of Lockhart's The Medical Missionary in China, second edition, 1861, the following cryptic footnote appears: "The steel die from which these coins were made is now in the Museum at Jermyn Street." This intriguing footnote called for further investigation, for it seemed that Lockhart must have acquired the set of dies and had taken them to London when he returned to England in 1857 and had deposited them in an unnamed museum.

After the dispatch of many letters addressed to numismatic and museum periodicals and fellow collectors, both in this country and abroad, it was learned that Lockhart's note referred to the Museum of Practical Geology of the Geological Survey which was located in Jermyn Street in London since 1851, but was removed to a new building in South Kensington in 1935. However, the dies were no longer in that institution, having been transferred in 1901 to the Victoria and Albert Museum, where they are now deposited. At last the problem of their possible survival and present location is solved and we are enabled to reproduce herewith, after a full century, photographs of both original dies from which these coins were struck, through the courtesy of B. W. Robinson, Deputy Keeper of the Department of Metalwork of the Victoria and Albert Museum.

It is regretted that the grooved device for applying the reeding is not present, and no information was obtainable that would establish whether or not it ever reached England. It is believed it might have, but has since become separated from the dies during the several changes in the depositories.

Although the steel dies show some rust on their surfaces, they are otherwise in an excellent state of preservation. The photographs confirm many of the conjectures which had been made based on Lockhart's narrative and the examination of a number of specimens struck from this set of dies, especially with regard to the die defect which appears as an extra stroke in the 16th character of the reverse, as indicated by the arrow in the accompanying illustration.

The steel collar of the reverse die appears to be simply shrunk onto the square die. There is no sign of welding or riveting to secure it to the die and one can actually see daylight between the die and the collar at one or two places. The collar is in one piece, the attached ends being welded together with a diagonal joint half way along the upper side. The weld is clearly discernible from the underside.

At the center of the back of the obverse die is a large Chinese character Cheng, in an inverted position, and at the four corners are the characters Chin Sheng Li Shui (figure 3). These when read in a somewhat unconventional Chinese manner of 1: upper left, 2: lower right, 3: upper right, 4: lower left, are the 41st, 42d, 43d, and 44th characters of "The Thousand Character Classic," and are apparently here used as a serial number to identify the die. This usage of a series of characters from this, to the Chinese, universally known work, is a quite common practice, but there may be some more obscure significance in them which is not at once apparent. The above-mentioned character Cheng is repeated on the side of the collar, probably to facilitate the proper pairing of the dies when they were placed in use for striking the coins. A single character, Chin, is faintly scratched on the back of the reverse die, seemingly for the purpose of pairing it with the first character of the four-character inscription which appears on the back of the obverse die.

The utility of the vertical markings in the middle of the top and bottom recessed areas of the collar is not apparent, unless they were intended to facilitate the placing of the silver planchets in a proper position on the lower die during the process of striking the coins.

The most complete publication of the 1856 series of Shanghai coins is to be found in Edward Kann's Illustrated Catalog of Chinese Coins, published in 1954. However, several

typographical errors appear to have crept into this otherwise excellent presentation, as follows: In the table at the head of page 316 are two errors in the Chinese characters. Under type D the third character should be the same as the third character in Type H; and in Type E the second character of the engraver's name should be as in Types A and H. Also on page 317 under 907 it is described in the text as being Type G, whereas the illustration under this number in Plate 131 actually depicts a Type H specimen. No Type G coin is illustrated and the specimens numbered 907 and 909 in this plate are both Type H.

The writer would be pleased to hear from any collector who possesses any of the several varieties of the taels and half taels discussed here.

Editor's Note: Originally published in The Numismatist for September 1956 and October 1956. Photographs of the obverse and the reverse dies, supplied by the Victoria and Albert

Museum, appear in the second installment, but none of the actual coins were illustrated. This is arguably the most important single article written by Howard F. Bowker. It should be noted that Chu Yuan-yu (incorrectly given by Kann as Chow Yuenyu) named on the coins was not the taotai of Shanghai, but simply the supervisor for the minting project. The acting taotai during 1855-1857 was Lan Wei-wen, on behalf of the real taotai, Chao Te-ch'e, who refused to take up office out of fear of rebels. An article about these coins, with an illustration (Kann 900), appeared in the North China Herald for 29 November 1856. The article confirms that the Shanghai taotai authorized the coins, and notes that the crude mint was only able to produce 3,000 coins a month. This no doubt is the source of the mintage given by Lin Guoming of 3,000 pieces for all the one tael types. However we do not know how many months the mint was in operation, so the 3,000 mintage is a minimum. Some collectors in China consider all the half tael pieces to be fantasies because there is no record of them before Woodward's 1937 article. [BWS]

the four corners

19th century drawing of a primitive coining machine

figure 3 Chin Sheng Li Shui at

上海銀餅百年記

◎ 霍華德•佛蘭克林•包克〔美國〕

為與西方國家貨幣制度接軌，中國于1856年發行了上海銀 餅，至今（1956年）已是百年歲月。上海銀餅是一個非常 有趣的錢幣系列，而且可能是為人所知最少的系列。因而， 值上海銀餅誕辰百年之際，特將新近發現的文獻資料整合發 表，以此志之。其實早在約95年前就有人發表過相關文獻 資料，只是從未引起對1856年上海壹兩和五錢頗感興趣的 幾位錢幣學家的注意。筆者經過過去十年的收集，在文末以 備註的形式對上海銀餅做了補充。

1856年上海銀餅系列首次公佈于世，源於偉烈亞力 (Alexander Wylie) 於1857年11月17日發表在上海文 理學會(Shanghai Literary and Scientific Society，后 改為皇家亞洲文會北華分會(North China Branch of the Royal Asiatic Society))上的一篇文章，并載於1858年 6月分會會刊第一卷中出版。偉烈亞力當時住在上海，積 極收藏錢幣，不過據他所知上海銀餅僅壹兩面值，且只有 一個版式。偉烈亞力關於上海壹兩的信息後又被駱哈特 (J.H.S.Lockhart)在其1895年為吉羅福（G.B.Glover，曾 任職上海海關稅務司）收藏編纂的目錄和描述中引用，樣幣 編號為1237，并配圖。不過，目前這枚樣幣已不在吉羅福 收藏中。吉羅福收藏的大部分藏品現存放在華盛頓特區的史 密森尼學會(Smithsonian Institution)。

像無人注意，故在此整段引用：

上海鑄造銀圓是有特殊目的的。當時，西班牙鷹洋銀圓漸少， 為保證貿易如常進行，當地政府（上海道）決定鑄造銀圓， 重一兩，約 1 又 1/3 盎司白銀，為純銀，或稱高純度銀，因 硬度過軟而不宜長久使用。上海銀餅發行初期，人們還能接 受，不過由於鑄造麻煩和成本過高，一旦大量鑄造就難以承 受，因此上海銀餅也難逃被融化的命運，后被鑄造成銀錠， 隨後上海銀餅就停鑄了。

為鑄造上海壹兩，首先要將銀在鐵板上碾壓成平模即銀坯片。 鐵板開合與普通的子彈模類似，每套鐵板有三個模具製做這 些銀坯片。銀坯片稱重（過重或過輕都會立即回爐）後，再 經捶打平整、銼平等工序拋光，最終表面光滑，大小統一。 然後用壓印機在銀片上壓印漢字，紀重量、商號、銀匠、錢 號或化驗所、當地長官姓名、鑄造年份、帝王年號。

伍德華(A.M.Tracey Woodward)曾撰文《上海銀幣： 遠東之都不為人知的歷史》(The Coins of Shanghai, an Unwritten Chapter in the History of the 'Capital of the Far East')，最初載於1937年8月刊的《中國雜誌》(The China Journal)，隨後重印為“西人泉幣會”(Numismatic Society of China)的集刊第3輯，文中伍德華譴責當代出 版刊物對早期發行的錢幣關注不多。不過伍德華好像忽略了 有位敏銳觀察家一直密切注視着19世紀50年代晚期上海 的情景，那就是倫敦傳道會(London Missionary Society) 的雒魏林博士(William Lockhart)。雒魏林博士的著作 《在華行醫傳教二十年》（The Medical Missionary of China: A Narrative of Twenty Years’Experience，倫敦， 1861年）真實描述了上海銀餅的鑄造過程。只不過之前好

壓印模具分為正面模及背面模兩部分，比銀坯片略大，在兩 塊方形鋼上剪切而成。背面鋼模呈方形，四角有豁口，這樣 可將正面模塞入並固定之。壓印機有一塊大花崗石作為壓印 工具，其上是約十英呎（約三米）長的垂直滑道，滑道頂端 有一塊已上好油的木塊，距其不遠處有個強大絞盤。花崗石 約重 200 磅，其頂部成斜角並有個鑽孔。一條系在絞盤上、 穿過滑道的繩索牢牢地綁在花崗石頂部的鑽孔處，當花崗石 被吊起到相應位置時，滑道中的釘栓將花崗石固定住。

石下面的石頭上放着厚厚一疊折紙，上面放着方形幣模（背 面模），幣模內放入一塊銀坯片。之後固定正面模，再在其 頂部或週邊覆蓋另一疊厚紙。一切準備妥當後，拔出釘栓讓 花崗石滑落，巨大的沖擊力壓在模具上從而很有效地壓印出 銀幣圖案來。之後，花崗石被吊起，等待另一銀坯片放入， 壓印銀幣之工作就如此繼續進行。

這些銀幣的邊齒是用一種非常簡單方式作成的交叉型花紋。 這種圖案先雕刻在一個長八英寸（約 20 釐米）的窄鋼條上， 底部固定在同是八英寸長的角鐵槽上，以便銀幣能順着溝槽 原刊載於《東亞泉志》第 1 期

滾動。銀匠用拇指和手指捏住壓印完成的銀幣，在其沿着溝 槽滾動時，使用一個很輕的木槌敲打銀幣邊緣。通過這種方 式，就將鋼條上的花紋印到銀幣的邊齒上，鑄造銀幣就完成 了，再被送去化驗所檢驗和分批。

毫無疑問，雒魏林其實親眼目睹了咸豐（1856年2月 6日至1857年1月25日）六年上海銀餅的鑄造過程。 在1867年上海美國長老教會(American Presbyterian Mission Press of Shanghai)出版的《在華傳教士回憶錄》 (Memorials of Protestant Missionaries to the Chinese) 中記述：“1857年12月初，雒魏林離開上海返回故鄉， 於1858年1月29日抵達英格蘭。”不過遺憾的是，即使 細心如雒魏林也沒有精確記錄鑄造上海壹兩的確切位址。鑄 造銀餅的商號是在上海租界內還是上海老城廂內，這一點非 常重要。伍德華認為，商號位於老城廂內。這個觀點值得商 榷，因1853年9月4日，太平天國起義軍佔領了老城廂， 直到1855年2月17日統治才結束。中國海關位於租界內， 於1853年9月7日被洗劫一空，最後在大火中化為灰燼。

隨後海關暫移至一艘停泊在租界對面的帆船上辦公，直到 1854年2月9日移至蘇州河附近的公共租界內。因而，當 時奉中國當局之命鑄造銀餅的爐房不太可能在清軍收復老 城廂後不久就搬到了老城廂內，而且當時太平天國起義軍仍 佔據着老城廂以外的區域。太平天國起義軍佔領老城廂時， 繳獲了約50萬銀兩，清廷國庫不太可能再返回老城廂，此 時的老城廂也不再太平，歐洲列強駐紮的軍艦和部隊已無法 保證安全。

感興趣的讀者可能不是都讀過上文提到的伍德華原文，因而 在此引用主旨部分，只在拼寫上略作修改。參考他原文的讀 者會發現：此處漢字的羅馬拼法與他原文中不盡相同。伍德 華的漢字（主要來自銀幣雙面）羅馬拼法似乎是上海方言而 不是普通話，這可能與他當時雇傭的抄寫員不精通普通話有 關。本文中的所有漢字已根據韋式拼音(Wade system)中 翟理斯拼法做了修改。

發行當地銀幣是接近在 1856 年底。然而可惜的是，偉烈亞 力在 1857 年年中發表相關文章，卻對上海銀餅的關注不多。 請恕我在 80 年後引用他的文章，因他是唯一可靠提供鑄幣 信息的外國權威人士。不過，他只是將幣稱為“類型 A”， 雒魏林在描述吉羅福收藏時也是如此，意大利外交官羅斯 (Giuseppe Ros)1921 年 12 月 3 日在漢口演講時也使用了同一 說法。參與發行 1919 年 10 月刊《字林西報》(North-China Daily News) 的每位作者雖有爭議，但卻都是參考了同一枚

銀幣。偉烈亞力對上海銀餅的描述僅有如下內容：幣重一兩， 上海鑄造，道台督辦，時間約是 1856 年底。採用不銹鋼鋼模， 鑄造精良，但卻鮮見於市，當時還有大量賤金屬模仿鑄造的 偽造品流通於市，壹兩銀餅信用全失，因而上海壹兩很快消 失蹤跡，現僅有幾枚樣品存世。

上文引用的伍德華文章對“偉烈亞力對上海銀餅的描述”理 解有誤。偉烈亞力對上海銀餅的描述不僅限上述內容，而是 全部引用了幣正背兩面的文字，并給出了恰當的翻譯，如下：

正面文字是“咸豐六年 上海縣號 商王永盛 足纹銀鉼”（意 為：咸豐六年銀餅，商號王永盛，上海鑄造）；背面則是“朱 源裕監 傾曹平實 重壹兩銀 匠萬全造”（意為：實重一兩銀， 漕平計重，朱源裕監造，銀匠萬全）。

筆者擅自更改了偉烈亞力對漢字的羅馬拼法，根據韋氏拼 法重新拼寫。98年前偉烈亞力寫這篇文章時，韋氏拼法 還未創立。我對中國錢幣很感興趣，注意到伍德華曾提及 過1921年12月3日羅斯在漢口協和公共禮拜堂(Union Church Literary Guild)發表演講，主題是《中國近代錢幣》 (Modern Chinese Coinage)。這篇文章可能在當地出版社 或當時文學界炙手可熱的綜合性刊物上發表過，不過筆者多 次努力搜尋這篇文章最後卻無果，不得不說是個遺憾。筆者 曾在1923-1924年間在漢口住过，如果這篇文章印刷出版 了的話我絕對能很快拿到一份。

下面繼續引用伍德華的文章：

早期的幾位錢幣權威人士提及的這枚幣僅是咸豐六年所鑄 錢幣中的一枚。儘管所有版式均是在朱源裕（位至道台、造 幣廠長或甚至財務長）監管督導下鑄造，但由於不是出自一 家商號，亦不是出自同一雕刻銀匠之手，因而還是有版式之 分。我查閱了當地地方年志沒有任何收穫，也沒有找到這些 銀幣的相關記錄。鑄造的銀幣數量更是無跡可尋，為何鑄造 這些錢幣（我們只知道它們大多用於軍用）、商號位於上海 的精確位址也不得而知（普遍認為是位於上海老城廂內，現 城牆已廢棄）。好像時間擦除了所有的線索，而這些線索是 如此珍貴。我們手頭僅有區區幾枚幣。過去三十年來銀爐不 斷地改鑄銀錠，因而上海銀餅存世極少。

銀餅由三家商號發行，鋼模的準備工作也是由三位銀匠完成 的，不過沒有證據證明每家商號都有自己的專用銀匠。（作 者注：作者指出有三家商號，是根據銀餅上所披露的信息所

得。不過中國錢幣界向來不乏驚奇。商號太多可能也有問題， 很有可能是同一標記用於不同的銀匠）。事實是，兩家商號 經正記和郁森盛雇用了相同的銀匠豐年和王壽。至於使用的 鋼模，據說（有一定可信度）各种不同版式的壹兩銀餅都只 有一种鋼模而已。如有不同之雕刻錢文筆画就表示為偽品， 這一點正如偉烈亞力所述。

品相精美的銀餅上的漢字區域光滑平整，無壓印花邊。幣的 邊緣是鑲嵌圖案，簡單素樸中透着一絲高貴氣質。這是典型 的東方錢幣風格。類型 A 是目前為止寫文章時作者提及之幣， 【伍德華文章】此處插圖實為已故的布歇爾 (S. W. Bushell) 藏品的亮點，多年來一直為人所津津樂道。幣重 563.3 格令， 我曾稱過一些重達 566.24 格令的幣。《近代世界金銀幣》(The Current Gold and Silver Coins of All Countries) 書中有一枚此 幣的插圖，該幣為機製幣，蓄電池提供能源動力鑄造，並在 銀片上壓印，重量是 565 格令，成色 990 毫克銀，超过英國 標準銀幣（重 528 格令，成色 925 毫克銀）成色標準的纯度 15-5/8。

之前的出版刊物中對上海五錢的版式論述似乎不充分。除了 幣文不同之外（之前的評論者中鮮有提及），上海壹兩與五 錢有着顯著的不同。壹兩銀幣均有外廓，而大部分五錢銀幣 則是缺乏外廓而呈現錢文之凸顯。壹兩銀幣幣文尺寸面積是 25x25 mm大小，而五錢銀幣幣文周圍只有21x21 mm大 小。可見上海壹兩是用了同一個正面幣模，而背面幣模則有 兩個版式：一個是銀匠萬全，幣值字體為小楷；另一個是銀 匠王壽，幣值字體為大楷。上海壹兩和五錢所用的坯餅比有 類似幣文的銀幣略薄、直徑稍大。很有可能這是最早的上海 五錢，只是與同時流通的壹兩銀幣相比，五錢銀幣圖案設計 不得人心，再加上沒有外廓，使得漢字銘文易被过度磨損。

其他正面和背面幣模都是出於同一銀匠之手，幣文類似，大 小為21x21 mm。

上海五錢中寫有“商郁森盛”的幣被伍德華稱為“類型G” （圖2第3列）。伍德華當年手中的樣幣現在已是筆者的藏品。

伍德華還刊出過一幅照片，照片中的幣稱之為“類型F”， 但他未明確該幣的齒邊類型，只是在其文章中稱“ZA類型” 齒邊，不過從他表格中使用短劃線解釋來看，伍德華也不確 定該幣為哪種齒邊類型。後來他又稱“類型F”樣幣插圖來 自“一張清晰的拓印”。

然而，仔細核對後卻發現非然。種種跡象表明，該插圖不是 拓印而是用毛刷手工複製的圖片。或者是拓印模糊、漢字用

毛刷潤色，這種情況也有可能，但仍有疑點。因而，可以推 斷伍德華從未親眼見過這枚樣幣，而是依靠一些收藏家（可 能是中國人）的聲明，而稱他有枚這樣的幣，这在事物的本 質上來講，或許是世上最糟糕的證據，不值得考慮。

至於“商王永盛”的無齒邊半兩銀幣（圖2第1列），施 嘉幹(Kalgan Shih)在1947年訪問美國時曾給我看過此枚 樣幣的圖片（他藏有一枚樣幣）。值得注意的是，施嘉幹 雖然將“商郁森盛”的樣幣編號為C10-4，但卻未將此枚樣 幣收錄在他的《中國近代鑄幣匯考》（Modern Coins of China ，1949年第一版；1951年第二版）書中。

不過，理論上的研究有了進展，這些銀幣由三家商號鑄造： 王永盛（圖2第1列）、郁森盛（圖2第3列）和經正記（圖 2第5列），均是在幣的背面。綜合考慮以下因素：雒魏林 詳細描述的工序精細、價格昂貴的造幣機器（儘管有些簡陋） 和配件以及中國當時各個貿易行會的各自為政，然而上海銀 幣應是合作項目。因此可以斷定，所有銀幣是在一家銀鋪店 或造幣廠鑄造的，幣上的不同商號則是明確鑄造銀幣的商號 應負起應有的責任。這也證明了三家商號在鑄造時隨意使用 了不同的背面幣模，這僅有在同一個地方鑄造所有銀幣時才 會出現這種情況。

圖 1

d c b a

足 商 上 咸

紋 王 海 豐

銀 永 縣 六

餅 盛 號 年

I 正面

h g f e

匠 重 傾 朱

萬 壹 曹 源

全 兩 平 裕

造 銀 寶 監 II 反面

圖 2

2 4 6 8 1 3 5 g1 g2

匠 匠 匠 匠 商 商 商 重 重

萬 豐 平 王 王 郁 經 伍 五

全 年 正 壽 永 森 正 錢 錢

造 造 造 造 盛 盛 記 銀 銀

銀 匠 商 號 面 值

圖 1

雒魏林提到的壓印銀幣邊緣的方法非常簡單，這是中國人在 簡易工具輔助下進行手工工作的典型做法。壓印銀幣邊緣時， 需要的工具有一個木槌和不銹鋼凹槽，事先雕刻好簡單的鋸 齒線圖案，底部浮雕設計。用木槌輕輕捶打，將銀幣邊緣滑 過鋼板範本平面，在木槌的捶打作用下，壓印出銀幣的邊緣 圖案，這與常規式機械造幣機器一氣呵成的平滑均勻壓印有 所不同。

這些平面經過鋼模壓印後出現了圖案，整體來看像三重鋸歯 線條。然而，如果硬幣在拇指和食指中間滾動旋轉時，就會 出現明顯的間隙特性。通常在鋼模開始和結束的地方有略微 的重疊，因而圖案也就會出現疊影。

上文所說的在拇指和食指之間轉動銀幣的觸感檢測是最簡 單、最可靠的檢驗偽造品方法，因这是最原始的排序方法之 一。如果銀幣邊緣沒有平坦面而是順暢的圓弧，就可能不是 真品。

上海壹兩和五錢銀幣用了不同大小的邊緣鋼模，蜿蜒的圖案 各部分長度不同，寬度也不同。其中壹兩銀幣的平均寬度是 3 mm，五錢銀幣的平均寬度是2 mm；圖案的每個節段分 別是5.8 mm和4.0 mm。

由此可以想見，銀幣邊緣凸起的外緣在齒邊處理過程中有其 實際作用，壓印齒邊時起着導向作用。由於凹槽空間略大， 不能使銀幣精確垂直，致使木槌敲打時，邊緣有時角度傾斜。

值得注意的是，凹槽齒邊鋼模壓印時不能全部擦去銼刀的印 記。銼刀用在銀幣邊緣糾正銀幣範本位置，並將略微超重的 銀幣重量調整到誤差允許範圍內（相比承受的超載量而言）。

圖1（正面和背面）偉烈亞力公佈的第一枚樣幣鋼模，也就 是伍德華所指的“類型A”，壹兩銀幣面值。漢字排列自上 而下，從右側a列和e列開始。

有“咸豐六年”四個漢字的面為正面。咸豐六年即1856年， 是銀幣發行的年份，a列。負責鑄造銀幣的商號名字即c列 第二、三、四三個漢字。商號名字有王永盛、郁森盛和經正記， 分別見圖2第1列、第3列和第5列。

背面幣文面值不同，漢字也不同，壹兩銀幣背面g列第二、 三個字表面值“壹兩”，而伍（五）錢銀幣則有g1和g2 列之分。h列銀匠的名字（第二、三個漢字）也不同，分別 是萬全、豐年、平正和王壽，見圖2第2列、第4列、第

6列和第8列。本文中的編號和字母只用于標示幣文內容的 不同，奇數用於正面，偶數用於背面，不是前後相繼發行的 意思。

偉烈亞力的樣幣從何而來不得而知，儘管如此，可以想像 的是這枚樣幣可能流入了布歇爾(Bushell)的手中，因而應 與伍德華在其《上海銀幣》(The Coins of Shanghai)文中 所指的“類型A”為同一枚幣，伍德華稱這枚幣為“已故的 布歇爾藏品的亮點”，只不過偉烈亞力的樣幣不能確定， 而布歇爾的樣幣通過與伍德華的鋼模對比很容易就可鑒別。 由於這些銀幣的預製金屬板製作方式不當，導致其表面不 斷有小氣泡出現，鑄造幣文時鋼模的衝壓也無法將其移除。 伍德華的插圖顯示背面右下角的漢字下面有些凹坑。此外， 在同一相對位置，兩枚樣幣沒有凸起的外緣。結合上述特 徵，再加上邊緣附近的銼刀印記、刻痕和鑄造前就已出現在 金屬板上的磨損，通常可以斷定之前公佈的樣幣是哪一枚。 因而，根據幣上的標記，可以確定我手中的壹兩樣幣就是 J. Schulman阿姆斯特丹拍賣會（1931年1月）上拍出的 lot 1418拍品，只不過我是後來從倫敦一位幣商手中購得。

上海壹兩“類型A”真品樣幣的背面鋼模中有個顯著特徵， 在之前發表的文章中卻無人提及。h列左下角最後一個字 “造”的右上角通常應是三個筆劃，但在幣上卻是中間的一 豎左邊、撇折上面多了一撇，這可能是銀匠使用工具刻印時 滑移所致。檢查幾枚樣幣後發現，鋼模在使用中逐漸磨損， 這多出來的一撇漸漸佔據了豎和撇折之間的部分，變得越來 越寬，直到最後一批時已完全填滿了這部分空間。此种有邊 缘環的模具其內径是37 mm。

伍德華得出的結論是“某種程度上可以確定只有一個鋼模用 於鑄造不同版式，區別在於，正如偉烈亞力所說，根據雕刻 可鑒別偽造品。”這個結論值得懷疑。仔細對比多枚樣幣後， 作者很好奇伍德華得出上述結論的依據在哪，目前尚無證據 可以證明。在已故的芝加哥藏家基佛(Eldon C. Keefer)和 洛杉磯收藏家耿愛德的藏品中有兩枚相似的“類型A”樣 幣，雖然在諸多細節上與標準版式有所不同，但很可能皆是 真品。耿愛德在他的《中國幣圖說匯考》一書中將這枚樣幣 編號為900a，除了一張清晰的圖片和書中所刊的金屬板外， 我對此枚樣幣的信息所知不多。我也核實過基佛的樣幣（基 佛將其編號為2），可以肯定的是以下內容：

(a) 外緣的內徑為38mm，而非37mm。

(b) 上文所述多出來一撇，在背面最後一個字中卻沒有。

(c) 平均重量不是565格令，而是37克，即570.9格令。

(d) 正面中心的點不是位於四個漢字周圍的同一相對位置， 而是最後一筆的等距位置，也不是靠近右上方的漢字。

(e) 類型A上未發現任何缺陷，如正面第13個漢字最低點 左側、左側下方2mm處的點。

綜上所述，儘管銀幣上的漢字讀起來都一樣，但卻是用的不 同鋼模鑄造。樣幣貌似是同等純度的銀鑄造而成，比較軟， 按照現代的說法應是“純銀”製造。若是贗品，可能是用低 劣的金屬鑄造，否則會比平均重量重。我的觀點是這些銀幣 鑄造所用的鋼模是同一銀匠雕刻的。這兩套鋼模上的32個 漢字筆劃多少有些不同，但這也只是同一銀匠雕刻的兩個版 式而已。若是有他人複刻了這些漢字，相信差別就会更為誇 大了。

的樣幣而做出的諸多猜測，特別是關於幣背面第16個漢字 上多出的一撇，根據隨附的插圖立見分曉。

背面鋼模的模圈墊套好像只是擠進了方形的鋼模內，沒有跡 象表明墊套經過了焊接或鉚釘固定，在墊套和鋼模之間一兩 處甚至可以看到光線。套環墊圈是在一塊的，附加式末端與 對角線上方中間處的交叉節點焊接到一起。焊接處從下方清 晰可辨。

雒魏林在其《在華行醫傳教二十年》（1861年，第二版） 一書中第81頁出現了一條語意不詳的註解：“鑄造這些銀 幣的鋼模現在在英國傑明街(Jermyn Street)上的一家博物 館內。”這條註腳令人費解，需要更多查證。字裡行間好 像表明雒魏林1857年返回英格蘭時已獲得了這些鋼模，並 帶到了英格蘭，將其存放在一個不願透露姓名的某家博物 館內。

通過與國內外的錢幣學會和博物館刊物和諸多收藏家通信， 我瞭解到雒魏林註腳中所指的博物館應是英聯邦地質調查 和實踐地質博物館(Museum of Practical Geology of the Geological Survey)，自1851年起就坐落於倫敦傑明街上， 1935年該博物館移至倫敦南肯辛頓(South Kensington) 一幢新大樓。不過這些鋼模早已不在這家博物館，而是於 1901年存放至倫敦的另一家博物館維多利亞阿爾伯特博物 館(Victoria and Albert Museum)。最後這些鋼模是否 保存完好以及保存地點都已找到答案，我們因此也可以在 跨越一個世紀之後翻拍這些原版鋼模的照片，在此十分感 謝維多利亞阿爾伯特博物館金屬製造部代理保管員B. W. Robinson先生的友情幫助。

遺憾的是，壓印齒邊的凹槽設備未見其蹤影，也無信息表明 它是否被帶至英格蘭。或許也被一併帶至英格蘭，後在幾次 遷址過程中與鋼模分開了。

儘管鋼模上已現鏽跡，但不可否認它們仍保存良好。而照片 的出現則可以印證根據雒魏林所說、檢查使用這些鋼模鑄造

正面鋼模的背面中間是一個大大的、反寫的“正”字，四周 是“金生麗水”四個字(图3)。讀這四個字的順序與傳統順 序不同，順序是左上、右下、右上、左下，正好是《千字文》(The Thousand Character Classic)裡面的第41至44個字， 不過此處明顯是用於區分鋼模的編號。對於中國人來說，引 用古典名著中的字是很常見的做法，但如果不是一目了然， 恐怕也會令人覺得晦澀難懂。前面提到的“正”字也出現在 墊圈側，或許是為了鑄造銀幣時方便鋼模配對。背面鋼模的 背面上的單字“金”筆劃有些模糊，似乎是為了與正面鋼模 背面的四個漢字中的第一個字“金”呼應。

墊圈正中間的頂端和底部的垂直標記不明顯，除非是鑄造銀 幣過程中，為了便於銀金屬板的位置固定得當。

對1856年上海銀餅最完整的記錄應是1954年耿愛德的《中 國幣圖說彙考》。這本書整體不錯，只是有幾個排版錯誤： 316頁上面的表格中有兩個漢字拼寫錯誤：類型D中第三 個漢字應與類型H的第三個漢字相同；類型E銀匠名字 的第二個漢字應與類型A和H中第二個漢字相同。317頁 907下面的描述是類型G，但Plate 131頁上的907插圖卻 是類型H樣幣。類型G實際上無插圖，在Plate 131頁編 號907和909的插圖都是類型H樣幣。

哪位藏家手中如有本文中所討論的上海壹兩和五錢銀幣，歡 迎與泉友分享。

編者注：本文最初發表於 1956 年 9 月刊和 10 月刊的《錢幣 學家》雜誌。正面和背面鋼模照片由維多利亞阿爾伯特博 物館提供，發表在 10 月刊，但沒有上海銀餅的真實照片。

可以說，這是包克先生最重要的一篇著作。值得注意的是， 銀餅上的“朱源裕”（耿愛德錯寫為周源裕）不是當時的上 海道台，只是監督鑄造銀幣之人。1855-1857 年間代理道台 藍蔚雯（暫時代理趙德轍的職務，趙德轍當時害怕小刀會起 義而不願履職）。1856 年 11 月 29 日的《北華捷報》(North

China Herald) 刊發了一篇關於上海銀餅的文章，並配有插圖 （即耿愛德書中的編號 900）。 這篇文章確認了上海道台授 權鑄造銀餅，並指出由於設備粗糙，一個月僅能鑄造 3000 枚銀幣。毫無疑問，林國明稱所有類型的壹兩銀幣鑄造量都 是 3000 枚，可能也是來源於此。然而，我們不知道上海銀 餅流通了多久，但至少有 3000 枚。中國的一些藏家認為所 有的五（伍）錢銀幣都是臆造幣，因為 1937 年伍德華發表 相關文章之前對此無任何記錄。【史博祿】

圖 3 四周有《千字文》中的“金生麗水”四字

附圖 19 世紀造幣機器圖

Chinese minting tools from Germany A mystery has been solved

◎ Künker Auction〔GER〕

Foreword

In June of 2012 Künker Auction House offered minting tools and patterns from the archives of Otto Beh's company in Esslingen at its auction. Even though all of the objects had been published by Gerhard E. Kümmel in a Festschrift in 2009, it was this auction with its catalogue that would finally make them known internationally and solve the mystery of modern Chinese coin minting. For modern Far East numismatics this offer was a sensation.

This collection presents an important document of Chinese numismatics. It contains 42 dies and 36 punches and will be donated to the Foundation of Domes and Castles in SaxonyAnhalt for the state coin cabinet in the art museum of Moritzburg Halle (Saale) in Saxony-Anhalt, Germany. The key objectives of the endowment are long time preservation, as well as public and academic access. The museum already owns the extraordinary "Prof Dr Joachim Krüger" collection of Chinese coins, which is the second biggest of its kind in Germany and

it pursues a remarkable concept to mediate the history of the world of money. Especially through the patronage of Michael Hans Chou, owner of Champion Auction House in Hong Kong, Künker Auction House was able to arrange the donation of this important convolute. The support of numismatic academia presents an important part of the philosophy of Künker Auction House.

The World Money Fair will set the perfect background for the ceremonial hand over of the collection and the first presentation in Germany.

Chinese dies from Germany

For China's rise to modernity, the establishment of a sophisticated and modern currency system acted as an important catalyst. Many of the big coin producing firms, such as in Philadelphia, Birmingham and also Germany, like L. Schuler from Göttingen, competed for this new market in the last decade of the 19th century. After the installation of mints using English machines in Tientsin (Tianjin) and Canton (Guangzhou) in 1887, more provincial mints were to be established. Schuler delivered its first friction presses to China in 1895.

In 1884 Otto Friedrich Immanuel Beh (1859-1944) founded an engraving company in the city of Esslingen. He produced 40 Chinese dies for Schuler in 1897. In 1898 and 1899 he earned more commissions, for example, from the Magdeburg merchant Heinrich Knape. This is how the coin designs for the provinces of Cheh-Kiang (mint of Hangzhou, Zhejiang), AnHwei (mint of Anqing, Anhui), Feng-Tien (Fungtian/Fengtian, today's Liaoning, originally Fengtian Machinery Bureau, today's Shenyang mint) and Sinkiang (Sungarei, today's Xinjiang) were

The photo shows how Otto Beh has stored the dies in a wooden box over the years

Otto Beh silver-plated brass 1 dollar pattern for China's Anhwei Province, year 23 (1897).

Künker Auction 211 (2012), Lot 2529.

Estimate: 5,000 euros, hammer price: 145,000 euros.

Otto Beh brass 20 cent pattern for China's Hei-lung-kiang Province, no date.

Künker Auction 249 (2014), Lot 460.

Estimate: 5,000 euros, hammer price: 75,000 euros.

Cheh-kiang/Che-kiang Province 3 Mace and 6 Candareens (50 Cents) Year 23 (1897): Matrix of reverse die with name of province in Latin-alphabet letters. L./M. die of 272 Kwang Hsu (1875-1908) Value 10 cash obverse die, no date.

created. Also, for Knape, Beh produced five sets of 1 dollar, 50, 20, 10 and 5 cents, as well as 30 patterns for the northeastern province of Hei-Lung-Kiang (Hēilóngjiāng), where no mint had yet been established. His specialization on Chinese coins brought Otto Beh the biggest commissions in the history of engraving companies in the 19th century. All together, he delivered more than 200 dies.

The Chinese numismatics community gradually became aware of the German patterns after 1944 through articles and auctions. By now though, the prices for these extreme rarities are mindstaggering. The many assumptions about their origin have become part of scholarship and the mystery of modern Chinese

coin history has been solved.

Chinese minting tools of the engraving company

Otto Beh, Esslingen

Extract of Künker Auction Catalog No. 211, June 2012

This portfolio of coining dies from the Otto Beh company in Esslingen is an important document of Chinese numismatic history and of the close economicties between Germany and China at the end of the 19th century. Even at that time German engineeringproductshadanexcellentreputationabroad.

Closely linked with the Otto Beh company (established in 1884) was the firm of Louis Schuler (established in 1839) from neighbouring Göppingen. Today a worldwide operating full public company (AG) and a leading producer of coining machines, Schuler specialized in the 19th century in manufacturing sheet metal working machines – and presses in particular. Schuler obtained the order to supply coin presses in 1895 - in all probability at the Leipzig Trade Fair. Schuler, in turn, commissioned Otto Beh, who specialised in the production of seals and dies, with manufacturing the coining dies. Cooperation between the two companies fromWürttemberg was highly successful with Beh supplying Schuler with over 200 dies for Chinese coins in 1897 and 1898. At the time this was by far the largest order for Otto Beh - a company principally operating today in manufacturing identification plates signs and in the digital printing field.The company celebrated its 125 year anniversaryin2009.Tomarkthisoccasion,numismatistGerhard E. Kümmel from Esslingen drafted a history of the company with a catalogue of the medals, badges and pins brought out by Beh (Gerhard E. Kümmel; 125 Jahre Gravier- und Prägeanstalt Otto Beh, Esslingen, Medail-len-Plaketten-Anstecknadeln, Esslingen2011).

Still in Beh's possession was this stock of male moulds, die plates and letter chasing tools as well as the two test rounds of the Anhwei and Sin Kiang provinces (Sungarei). It was the Beh family‘s wish that the future owners of these items – as documented in the Künker catalogue No. 211 - are collectors verymuchinterestedinnumismatichistory.

Great rarities of Chinese numismatics given to the state coin cabinet of Saxony-Anhalt of the art museum Moritzburg in the city of Halle (Saale)

The rarities are comprised of 42 Chinese dies and 36 punches, displaying Chinese characters. They derive from the engraving firm of Otto Beh of Esslingn on the river Neckar and were produced for the Chinese provinces of Anhwei, Chekiang, Fengtien (Fungtien), Heilungkiang and Sinkiang (Sungarai). On the one hand these coin striking tools present an extraordinary document of Chinese numismatics and on the other they

illustrate the close business relationship between Germany and China. Even back then, German products already enjoyed an exceptional reputation.

On June 18th, 2012 the collection was supposed to be auctioned off during Künker Auction 211. But due to the responsibility towards the dies' exclusiveness and the fact, that only a few coins had actually been minted with them, Künker withdrew the dies from auction. It was to be suspected that not only collectors would be interested in the dies, but also clients with possible criminal intentions. Together with Michael Hans Chou, owner of Hong Kong Auction House Champion, Künker was able to convince the consigner to withdraw the dies from auction. But this had to take place under one condition: the tools were to be marked in order to forego misuse. The punching was carried out by Foba of Lüdenscheid using microscopic laser engraving.

The tools, because of their historic importance, were to be given to a museum in China or Germany. Again, in cooperation with Michael Hans Chou, Künker was looking for such a renowned institution, which would give the dies and punches their deserved attention. After years of considerations, it was the art museum of Moritzburg in the city of Halle (Saale), which would be chosen to house this incredible gift. The museum already owns an extraordinary collection of Chinese coins, which is the second biggest in Germany today, and it pursues a remarkable concept to mediate the history of the world of money. Additionally, it also oversees an unique museum of the technology of coins in

Die with the punch "OB" for Otto Beh

In December 2015, the exhibition of the dies was ceremoniously opend in Macau

View into the exhibition "Coinage of Magdeburg" (2011) of the state coin cabinet in the art museum of Moritzburg Halle (Saale) in Saxony-Anhalt

Stolberg (Harz). The coin cabinet of Saxony-Anhalt, part of the art museum Moritzburg Halle (Saale), will receive the dies as a donation with the obligation to present them in a future permanent exhibition. But first, starting on September 17th, 2016, Moritzburg will be hosting a special exhibit on the topic of Chinese coin and currency history.

In the beginning of December 2015 the numismatic rarities were exhibited at the Macau Numismatic Society Annual International

Show in Macau, China. For a few days, the pieces were on view in the presence of Michael Hans Chou, Ulf Dräger and Petr Kovaljov as a representative of Künker. The enormous public interest assured the organizers of this exhibit that they made the right choice.

On Saturday, February 6th, 2016, in a celebratory ceremony, Michael Hans Chou and Ulrich Künker will hand over the extraordinary pieces to the director of the Foundation of Domes

2016 World Money Fair Berlin Silver Panda Commemorative

and Castles of Saxony-Anhalt, Dr Christian Philipsen, and the chief curator of the state coin cabinet of Saxony-Anhalt, Ulf Dräger.

In commemoration of this event, the Shanghai Mint produced two Commemorative Pandas. The first commemorates the exhibit of the dies in Macau and was already presented and sold at the show. The second piece, commemorating the ceremony in Berlin, displays the Berlin Dome and the logo of the World Money Fair on the obverse, whereas the reverse displays the Berlin bear, the Chinese panda, a coin showing the Anhalt bear and two dies. This edition documents a historic moment in German numismatics. The "Berlin-Panda" coins will be available for 69 euros at the World Money Fair at booth D6.

The state coin cabinet of Saxony-Anhalt

The state coin cabinet of Saxony-Anhalt, part of the art museum of Moritzburg Halle (Saale), was founded in 1950. Its collection contains more than 100,000 coins, medals and paper notes, which makes it to one of the biggest German coin cabinets. The origin of the collection goes back to the 19th century. From the beginning the idea of a universal numismatic collection was stressed, which would facilitate an overview of the world of money from all cultures and continents.

The museums' collection of Chinese coins is one the largest in Germany. It consists of objects from the first beginnings of currency to the latest emissions. The first important convolute, the estate of the explorer Adolph Riebeck (1859-1889), was given to the museum in 1895. In 2014, the museum received another important donation: the Prof Dr Joachim Krüger collection, which contains 2337 objects. These holdings allow the museum to present an outstanding overview of the historical development of Chinese numismatics from the beginning to the present. It includes many specimen of great rarity and international relevance for numismatic scholarship.

With the generous gift of Otto Beh's dies, Michael Hans Chou will certainly go down in German museum and numismatic history books. And having been given these tools, the museum will be able to act as a catalyst for displaying the modern history

of coins. They not only verify the close business relationship between China and Germany in the 19th century, but also display a powerful document of the beginning of China's transition into the modern era.

At the moment a new permanent exhibit is being developed in Halle. It will be on display at the art museum Moritzburg Halle (Saale), in the rooms of the old mint of the archbishopric of Magdeburg. This very special and representative location is also where the donation will find its place. But beforehand, there will be a special exhibit about the history of Chinese coins, which will include the donation. It will open on September 17th, 2016 and we would like to extent our invitation to everybody interested in this topic.

Silver bar (yinding/yuanbao), first half of the 10th century. Means of payment during the last phase of the disintegrating Tang-Dynasty from the shipwreck Intan, sunk between 917-942, salvaged 1997. Silver bars were used in China until 1933 as a means of payment for example for the payment of taxes or duties from wealthy families. The inscription refers to the amount of silver and details of the mint and warning against counterfeiting. Silver, 897 gramm, MOMK62229, ex collection Prof. Joachim Krüger.

源自德國的中國幣模——

揭開中國珍稀錢幣百年之謎

◎

前言

2012年6月，德國昆克拍賣(Künker Auction)會上有一 套來自奧托拜赫公司(Otto Beh)檔案室的造幣工具和樣幣 拍品。儘管2009年埃斯林根市錢幣學家柯米爾在奧托拜赫 公司產品目錄中就已經介紹過這套拍品，但是直到本屆昆克 拍賣會和它的目錄出版，這套拍品才被國際錢幣界所知，特 別是遠東錢幣界更引起了一陣轟動。這套拍品的出現也揭開 了中國近代造幣的一個謎團。

這套拍品是中國錢幣歷史的重要見證，有42個幣模和36 個漢字沖頭，屆時將會捐給德國薩克森—安哈爾特州哈雷莫 里茨堡藝術博物館下屬的古堡基金會錢幣陳列館。幣模捐贈 的關鍵目的是長期保存幣模，同時也希望便於公眾參觀和學 術研究。該博物館不僅有德國第二大中國錢幣收藏（Joachim Krüger教授收藏），而且該館一直致力於展現世界錢幣歷 史。冠軍拍賣總裁周邁可先生將這套幣模和樣幣慷慨捐贈給 該館，昆克拍賣從中積極協調，最終促成了幣模的捐贈。這 也體現了昆克拍賣支持錢幣學術研究的理念。

2016年2月上旬在柏林舉行的世界錢幣展覽會是這套幣模 在德國的首次展示， 2月6日在展覽會上舉行了幣模交接 儀式。

多年來，奧托拜赫公司將幣模一直保存在木箱里

來自德國的中國錢幣幣模

在中國的近代化歷程中，建立完善的近代貨幣體系是至關重 要的催化劑。19世紀90年代，世界各大造幣廠，如美國費 城、英國伯明翰和德國舒勒廠等都想在新興的中國錢幣市場 分一杯羹。1887年，隨着安裝英國造幣機器的天津和廣東 造幣廠的建立，中國更多地方造幣廠亟待建立。舒勒廠于 1895年向中國交付了第一批摩擦壓印機。

1884年，Otto Friedrich Immanuel Beh (1859-1944年) 在埃斯林根市創建了奧托拜赫公司，從事錢幣雕刻。該公 司于1897年為臨近的舒勒廠製作了40個中國錢幣幣模。 1898-1899年，該公司接到了更多委託訂單，其中有一個來 自馬格德堡(Magdeburg) Heinrich Knape（專營中國錢 幣）的訂單，這正是製作中國浙江、安徽、奉天和新疆錢 幣幣模的訂單。此外，奧托拜赫公司還為Heinrich Knape 生產了一套七錢二分、三錢六分、一錢四分四釐、七分二釐 和三分六釐的銀幣，也為黑龍江省造了30枚樣幣（當時黑 龍江省還沒有造幣廠）。Heinrich Knape為奧托拜赫公司

安徽省造光緒元寶七錢二分鍍銀銅樣，奧托拜赫公司雕刻幣 模，2012 年 211 屆昆克拍賣會，拍品號 2529，估價 5000 歐 元，成交價 145000 歐元。

黑龍江省造光緒元寶一錢四分四釐銀幣銅樣，奧托拜赫公司 雕刻幣模，2014 年第 249 屆昆克拍賣會，拍品號 460，估價 5000 歐元，成交價 75000 歐元。

帶來了該公司在19世紀最大的一個訂單。當時Heinrich Knape共交付了200多個幣模。

1944年以來，德國製造的中國錢幣樣幣逐漸通過文章和拍 賣會的渠道為中國錢幣界所知，到現在，這些珍稀樣幣的價 格高得驚人。關於這些樣幣的鑄造產地的猜測成了錢幣學術 研究的一部分。這套幣模的出現揭開了這一謎團。

德國埃斯林根市奧托拜赫雕刻公司

製作中國錢幣的幣模

摘自2012年6月211屆昆克拍賣會目錄：

位於內卡 (Neckar) 河畔的埃斯林根市的奧托拜赫公司造幣 工具是中國貨幣歷史的重要證件，也是中德兩國在 19 世紀 末就已有緊密的經濟聯繫的見證。那時，德國的技術產品就 已經享譽國際。

德國先進造幣技術鑄造中國珍稀機製幣

巧合的是，這些幣模都保存下來了。一共是42枚幣模，用 於鑄造安徽、浙江、奉天、黑龍江和新疆五省的錢幣。此外 還有36個漢字沖頭，用於壓印幣模上的漢字。

這套幣模和漢字沖頭原本于2012年6月18日第211屆昆 克拍賣會上拍賣，但出於強烈的責任感，最終幣模撤拍，僅 剩幾枚樣幣進行拍賣。奧托拜赫公司製作的這些樣幣是中國 錢幣界的寶貴財富，拍賣成交價定會高達數萬歐元，因而應 防止復刻錢幣的企圖。於是，昆克拍賣與香港冠軍拍賣公司 總裁周邁可先生說服出品人不要出售幣模。為防止誤用幣 模，這些造幣工具全部請FOBA公司激光鐫刻上了標記， 這樣就不能再用於製造假幣。

1897 年（光緒二十三年）浙 江省造光緒元寶庫平三錢六 分背面陰模，書英文紀地文 字，LM272

臨近的格平根市的舒勒公司（成立於 1839 年）和奧托拜赫 公司（成立於 1884 年）有着密切的業務聯繫。今天的舒勒 公司業務遍及全球，是業界領先的鑄造機器製造商。舒勒 公司在 19 世紀專門生產金屬片加工機器，尤其是壓印機的 生產。1895 年舒勒公司可能是在萊比錫貿易博覽會上得到 了一份交付硬幣壓印機的訂 單。舒勒公司又轉而委託專 門生產印章和圖章的奧托拜 赫公司生產幣模。這兩家公 司合作得很成功。1897-1898 年間奧托拜赫公司共向舒勒 公司交付了 200 多個幣模， 這是當時奧托拜赫公司最大 的訂單。2009 年值奧托拜赫 公司成立 125 週年之際，埃 斯林根市錢幣學家柯米爾撰 寫了一部公司歷史并附有公 司產品目錄。

光緒通寶十文銅幣正面陰模

奧托拜赫公司不僅存有這些 陽模、陰模和漢字沖頭，而 且還有安徽和新疆省的兩枚 試樣鑄模。拜赫家族期望對 錢幣歷史感興趣的收藏家能 獲得這些幣模和漢字沖頭。

鑒於這些幣模具有重要的歷史價值，決定將其捐給博物館。 昆克拍賣與周邁可先生合作，最終決定將幣模和漢字沖頭捐 給哈雷莫里茨堡藝術博物館。該館已收藏了很多中國珍稀錢 幣，規模在德國屬於第二大收藏，而且該館致力於展示錢幣 歷史。此外，該館還負責（哈爾茨）施托爾貝格造幣技術博 物館。薩克森—安哈爾特州錢幣陳列館（隸屬於哈雷莫里茨 堡藝術博物館）將會接收這些幣模和漢字沖頭，前提是需為 這些錢幣和漢字沖頭設立永久展櫃。不過，永久展示前，這 些幣模和漢字沖頭先在2016年9月17日開幕的中國錢幣 和紙鈔歷史特別展上進行展出。

2016年2月6日，柏林世界錢幣展覽會上舉辦了交接慶祝 儀式，周邁可和Ulrich Künker把幣模轉交給古堡基金會 會長Dr. Christian Philippsen和薩克森—安哈爾特州錢 幣陳列館館長Ulf Dräger。

之前，這些幣模和漢字沖頭已于2015年12月4-6日澳門 錢幣學會舉辦的國際錢幣展期間在澳門展出。展出期間，參 觀者眾多，引起廣泛關注。

FOBA 公司激光鐫刻上了“OB”(Otto Beh) 標記

2015 年 12

月徳製幣模澳門特別展

柏林世界錢幣展覽會紀念熊貓

薩克森—安哈爾特州錢幣陳列館

船形銀鋌，10 世紀上半葉，897 克，Joachim Krüger 教授舊藏。 唐朝末期流通，來自 917-942 年的印坦沉船，1997 年被打撈。 1933 年之前，銀錠一直被富人階層用於付稅。 銀錠上的銘 文包含銀錠重量、造幣機構以及防偽信息等。

為紀念這些幣模和漢字沖頭，上海造幣廠鑄造了兩種紀念熊 貓。一枚是紀念澳門錢幣學會國際年展，并在年展期間發售， 備受歡迎，很快售罄。第二枚將在世界錢幣展覽會上亮相， 正面是柏林大教堂，上方是世界錢幣展覽會標誌。背面是中 國熊貓和柏林熊，中間是一枚安哈爾錢幣，這枚錢幣上也有 一隻熊。此外，背面還有兩枚幣模，這些幣模將在展覽會期 間交接。銀質紀念熊貓將在柏林世界錢幣展覽會期間昆克拍 賣展位D6有售，價格69歐元。

薩克森—安哈爾特州錢幣陳列館

薩克森—安哈爾特州錢幣陳列館隸屬於哈雷莫里茨堡藝術 博物館成立於1950年，現館藏10萬枚錢幣、紀念章和紙鈔， 是德國最大的錢幣陳列館。館藏錢幣要追溯到19世紀。最 初的構思就是期望涵蓋錢幣收藏各個領域，便於宏觀了解各 大洲各種文化的世界錢幣。

該館館藏涵蓋從貨幣產生初期到現在的錢幣。博物館第一次

接受的捐贈是1895年探險家Adolph Riebeck (1859-1889) 慷慨捐贈的不動產。2014年，該館又接受了Joachim Krüger教授收藏捐贈，共有2337件物品。該館館藏很多 珍稀樣幣以及學術研究探討各國關係的錢幣物證，該館也有 信心更好地宏觀展示中國錢幣從古至今的發展歷史。

此次，周邁可先生將這些幣模慷慨捐給薩克森—安哈爾特州 錢幣陳列館，他的名字定會載入記載德國博物館和錢幣學歷 史的著作中。藉助這些幣模，博物館也將會更好地展示近代 造幣歷史。它們不僅是19世紀中德兩國經濟密切往來的重 要物證，也是見證中國進入近代化歷程的有力證明。

目前，哈雷莫里茨堡藝術博物館正在緊鑼密鼓地規劃一個永 久展櫃，計劃將它們設在馬格德堡大主教管轄的老造幣廠的 房間展示。這是當地一個具有特殊意義的代表性地點，將 會是展示這些幣模的絕佳地點。不過，在幣模永久展示前， 它們將先在展示中國錢幣歷史的特別展上展出，特別展將於 2016年9月17日開幕，歡迎參觀！

Originally published in the JEAN 3

Allan Gokson and His Collection of Chinese Gold Coins

◎ Howard F. Bowker〔USA〕

Editor's Note: Allan Gokson was a prominent Shanghai collector of Chinese stamps who moved to Hong Kong about 1949. According to letters from Bowker, Gokson began collecting Chinese gold coins as a hedge against inflation. Within a relatively short time he had assembled an impressive collection of Chinese gold.

CHINESE GOLD COINS

(1862) T'ai P'ing Rebellion 5 taels silver (Kann 1483)

Note: This is a 20th century fantasy.

1906 Kuang Hsu 1 tael (K. 1540) 2 specimens (Pic. 1)

1907 Kuang Hsu 1 tael (K. 1541) 2 specimens (Pic. 2) (1914) Yuan Shih-kai die of silver dollar struck in gold (K. 1558) (Pic. 3)

(1919) Yuan Shih-kai $20 (K. 1530)(Pic. 4) (1919) Yuan Shih-kai $10 (K. 1531) (1919) Yuan Shih-kai $10 die of gold struck in silver (K. unlisted; 1531z)

1920 Yuan Shih-kai die of silver dollar struck in gold (K. 1562)

1923 Wedding dollar die of silver dollar struck in gold (K. 1575) (1927) Sun Yat-sen die of silver dollar struck in gold (K. 1550 or 1553)

(1927) Sun Yat-sen die of silver 20¢ piece struck in gold (K. 1551)

1934 Sun Yat-sen die of silver dollar struck in gold (K. 1554). Kann (1954) says first seen in 1951; only 1 or 2 known, one owned by Allan Gokson. (1907) Sinkiang 2 mace (K. 1507) (Pic. 5) (1907) Sinkiang 1 mace (K. 1508) (Pic. 6)

(1919) Yunnan $10 Tang Chi-yao (numeral 1) (K. 1524) (1919) Yunnan $5 Tang Chi-yao (numeral 2) (K. 1527) (1925) Yunnan $10 Tien, plain edge (K. 1528) (Pic. 7) (1925) Yunnan $5 Tien, plain edge (K. 1529)

Yunnan $10 plain reverse (K. 1520)

Yunnan $5 plain reverse (K. 1521)

1922 Hunan die of silver dollar struck in gold: double struck (K.

1571). Kann (1954) says the only known example belonged to Allan Gokson.

1926 Shantung $20 (K. 1535) (Pic. 8)

1926 Shantung $10 (K. 1536) (Pic. 9)

1950 Taiwan (Formosa) (4 mace) plain edge "A "mintmark (K. 1583)

1950 Taiwan (Formosa) (2 mace) plain edge "A "mintmark (K. 1584)

Pic. 1 Kuang Hsu 1 tael, NGC MS63, Chinese Family Collection

Pic. 2 Kuang Hsu 1 tael, NGC MS61, Chinese Family Collection

Pic. 3 Yuan Shih-kai die of silver dollar struck in gold, NGC MS64, Ultima Collection

MEDALLIONS

(1916) Hung Hsien (Yuan Shih-kai) proof (K. 1560a)

(1916) Hung Hsien (Yuan Shih-kai) (K. 1560)

(1921) Hsu Shih-ch'ang (K. 1570)

(1923) Ts'ao K'un in civil dress (K. 1572)

(1923) Ts'ao K'un in military uniform (K. 1573)

(1925) Tuan Ch'i-jui (K. 1577). Kann (1954) lists Gokson as one of three known owners of this coin.

Note: Dates in parentheses are not indicated in the design. Others are dated by Chinese chronology.

Allan Gokson (Kwok Chih-fong 郭植芳 ) Obituary

It is with a feeling of great personal loss that I report the demise of my good friend of almost 30 years, and a long-time member of the China Stamp Society, Allan Gokson. He was born in Sydney, Australia on 21 April 1911, and died in his sleep in San Francisco on 25 November 1967, having been in ill-health for several months. He is survived by his father, William Gockson (who uses this spelling) of Hong Kong, his widow, Mrs. Glennis Gokson, a son, Captain Lincoln Gokson, U.S. Army, recently returned from a tour of duty in Viet Nam; and daughters Mrs. Li of Hong Kong, Mrs. Mar and Miss Victoria Gokson of San Francisco, and two grandchildren. As is well known he was perhaps the most knowledgeable and best informed expert in the classic stamps of China, having specialized in those issues. His collection included at one time or another most of the outstanding rarities of those issues, most of which were disposed of since coming to the United States. While in Shanghai he was manager of the number 3 Mill of the Wing On Textile Manufacturing Company, having previously attended the School of Technology of the University of Manchester, England, in 1930-1934. Before that he had attended schools in Shanghai and San Francisco. I first made his acquaintance in Shanghai in 1939 when on a trip to China and Japan, while stationed in Guam. I visited him at

his home with James N. Wong, a former member of the China Stamp Society, who had originally introduced him to Chinese philately through the sale of his collection of Chinese stamps. Gokson was a member of the Chiu Chin Shan [San Francisco] Chapter of the China Stamp Society since coming to San Francisco in 1958.

In Shanghai he was prime mover in the local philatelic societies, and in May 1948 was host to the members and friends of The New Light Philatelic Society in connection with the Shanghai Stamp Exhibition at his extensive garden estate at Hung Jao. Photographs of this event are to be found in volume 15, number 3, of the New Light Philatelic magazine.

Editor's Note: The listing of Gokson's coins was published in Numismatic Bulletin August 1952. The obituary was written by Bowker following Gokson's death in November 1967. The mandarin version of his name would be Kuo Chihfang (pinyin Guo Zhifang). His father, William Gockson (note different spelling), was general manager of the famous Wing On Cotton Mills and vice president of Wing On Company (better known for its department stores). His biography appears in "Men of ShanghaiandNorthChina"secondedition1935.[BWS]

Pic. 4 Yuan Shih-kai $20, NGC MS61, Chinese Family Collection

Pic. 5 Sinkiang 2 mace, NGC MS64, NC Collection

Pic. 6 Sinkiang 1 mace, NGC MS62, NC Collection

Pic. 7 Yunnan $10 Tien, plain edge, NGC MS62, Chinese Family Collection

Pic. 8 Shantung $20, NGC MS64, Ultima Collection

Pic. 9 Shantung $10, NGC MS65, Ultima Collection

原刊載於《東亞泉志》第

郭植芳及其中國金貭幣章收藏

◎ 霍華德•佛蘭克林•包克〔美國〕

編者按：郭植芳（英文名 Allan Gokson）是上海著名的中國郵票收藏家，1949 年左右移居香港。他除收藏郵票外，還收藏 有中國金幣和金貭紀念章，且主要是清末和民國早中期的，非常稀少、珍貴。據包克信中所說，郭植芳收藏這些高檔錢幣 的目的，是為了保值以抵補通貨膨脹造成的損失。以下是包克所記的郭植芳金貭幣章收藏簡況；為使讀者更多地瞭解郭植 芳的身世及郵票收藏活動，將包克撰寫的“郭植芳訃告”一併刊發。

郭植芳所藏中國金幣 （1862年）太平天國金寶五兩（Kann 1483），

注：這是 20 世紀的臆造幣； （1906年）光緒丙午年造大清金幣庫平一兩（K.1540），樣幣， 2枚；（圖1）

（1907年）光緒丁未年造大清金幣庫平一兩（K.1541）， 樣幣 ，2枚；（圖2）

（1914年）袁世凱像民國共和紀念幣壹圓銀模金鑄幣 （K.1558）；（圖3）

（1919年）袁世凱像民國八年造貳拾圓金幣（K.1530）；（圖 4）

（1919年）袁世凱像民國八年造拾圓金幣（K.1531）；

（1919年）袁世凱像民國八年造拾圓金模銀鑄幣（K.無此幣； 1531z）；

（1920年）袁世凱像民國九年造壹圓銀模金鑄幣（K.1562）； （1923年）民國十二年造龍鳳壹圓銀模金鑄幣（K.1575）；

（1927年）孫中山像民國開國紀念幣壹圓銀模金鑄幣 （K.1550或1553）；

（1927年）孫中山像民國開國紀念幣貳角銀模金鑄幣 （K.1551）；

（1934年）孫中山像民國二十三年壹圓銀模金鑄幣 （K.1554），《中國幣圖說彙考》（1954）稱在1951年首 次見到此幣，僅知1-2枚，其中1枚為郭植芳所有；

（1907年）（新疆）餉金二錢（K.1507）；（圖5） （1907年）（新疆）餉金一錢（K.1508）；（圖6） （1919年）（雲南）唐繼堯像擁護共和紀念幣（當銀幣拾圓） （數字1）（K.1524）；

（1919年）（雲南）唐繼堯像擁護共和紀念幣（當銀幣伍圓） （數字2）（K.1527）；

（1925年）（雲南）“滇”字拾元金幣，光邊（K.1528）； （圖7）

（1925年）（雲南）“滇”字伍元金幣，光邊（K.1529）；

（1922年）（

雲南）“當銀幣拾元”金幣，光背（K.1520）； （1922年）（雲南）“當銀幣伍元”金幣，光背（K.1521）； （1922年）湖南省憲成立紀念幣壹圓銀模金鑄幣，重打 （K.1571）；

（1926年）民國十五年山東省金幣貳拾圓（K.1535）；（圖8） （1926年）民國十五年山東省金幣拾圓（K.1536）；（圖9） 1950年臺灣（四錢）金幣，光邊，造幣廠標記“A”（K.1583）； 1950年臺灣（二錢）金幣，光邊，造幣廠標記“A”（K.1584）。

郭植芳所藏中國金貭紀念章

（1916年，一說1919年）袁世凱像中華帝國洪憲紀元金章， 鏡面（K.1560a）；

（1916年，一說1919年）袁世凱像中華帝國洪憲紀元金 章（K.1560）； （1921年）徐世昌像民國十年九月紀念金章（K.1570）； （1923年）曹錕像憲法成立紀念金章，便裝（K.1572）； （1923年）曹錕像金章，戎裝（K.1573）； （1924年）段祺瑞像民國執政紀念金章（K.1577）， 《中國幣圖說彙考》（1954年版）上說郭植芳是擁有此幣 的三大著名藏家之一。

注：括弧內的年份表示錢幣上对應的公元紀年，其他文字則 表示幣名称。

圖 1 光緒丙午年造大清金幣庫平一兩，NGC MS63， 華人家族藏品

郭植芳訃告

相交近30年的摯友、中華集郵會永久會員郭植芳的逝世， 讓我覺得是一種巨大的損失。郭植芳1911年4月21日生 於澳大利亞悉尼；1967年11月25日，在舊金山病了幾個 月之後，在睡夢中過世。他遺下的親人，包括在香港的父親 郭順，他的遺孀Glennis Gokson，他的兒子，最近剛從越 南服役回來的美國陸軍上尉Lincoln Gokson；他的女兒們， 香港的李太太，舊金山的馬太太和Victoria Gokson小姐， 以及兩個孫子女。

眾所周知，他可能是中國經典郵票方面最有學識、消息最靈 通的專家，在郵票界極有權威。中國發行過的郵票中，大部 分的珍品在他的收藏中都能見到，自從來到美國後，其中的 大多數收藏都被出售了。

在上海的時候，他擔任永安紡織公司第三廠的經理。19301934年期間，曾留學英國曼徹斯特大學學習紡織技術。在 這之前他曾在上海和舊金山求學。

圖 2 光緒丁未年造大清金幣庫平一兩，NGC MS61， 華人家族藏品

NGC MS61，華人家族藏品

圖 7 雲南“滇”字拾元金幣，光邊， NGC MS62，華人家族藏品

駐扎關島期間，我於1939年前往中國和日本，在上海跟他 結識。我和中華集郵會前會員James N. Wong一起到他家 拜訪，Wong是最初將郭植芳帶入郵票收藏領域的人，其藏 的郵票也是賣給了郭植芳。郭植芳自1958年來到舊金山後， 就成為了中華集郵會舊金山分會的會員。

在上海，他是當地集郵協會的主要推動者，1948年5月， 他在自家寬闊的虹橋公館內宴請同上海郵票展相關的新光 郵票研究會的會員和朋友。這次宴會的照片在新光郵票研究 會出版的會刊第15卷編號3中可以看到。

編者注：郭植芳的錢幣收藏曾發表在 1952 年 8 月的 Numismatic Bulletin。訃告文的忘者是 1967 年 11 月包克 用中文國語版郭植芳 [ 拼音郭植芳 ] 名字來寫的。他的 父親郭順是赫赫有名的永安紡織廠的總經理、永安公司 （以百貨公司出名）的副董事長。他的個人簡介在 1935 年第二版的《Men of Shanghai and North China》中可以 找到。【史博祿】

圖 3 袁世凱像民國共和紀念幣壹圓銀模金鑄幣，

圖 5 新疆餉金二錢 ，NGC MS64， NC 藏品

圖 8 民國十五年山東省金幣貳拾圓，

圖 6 新疆餉金一錢， NGC MS62，NC 藏品

圖 9 民國十五年山東省金幣拾 圓，NGC MS65，Ultima 藏品

Wu Ta-ch'eng and the Kirin Coins of 1884

◎ Bruce W. Smith〔USA〕

NGC Certifies Extremely Rare 1884 Kirin Uniface Spelter Coins

Editor's note: We know that Eduard Kann had a set of uniface splashers of the Kirin 1884 coins. In a letter of 30 November 1950 to Howard Bowker, Kann indicates that he had just

bought this set from Hans Schulman, who was breaking up the Woodward collection on behalf of Woodward's widow. When Kann's collection was sold, the Kirin splashers appeared in the first Kann sale in 1971, where incredibly they were broken up into 5 lots (Lots 1039-1043).What happened to them afterwards is unknown, but the most likely explanation is that someone

(L) 1884 Kirin Pattern Set of Uniface Spelter Strikings (R) Standard Issue

purchased all five lots to keep the set together, and it ended up in the hands of Hong Kong collector Chang Huang. In 1976 he sold the set to NC Collection for USD 10,000. This set was the second Chinese auction item to reach USD 10,000. At that time the set was housed in a special box (probably made for H. Chang), but the box has been lost. It seems virtually certain that Chang'ssetisinfacttheonepreviouslyownedbyEduardKann. The first Chinese numismatic item to cross the USD 10,000 barrier was the HeatonArchive Hunan Dollar purchased by NC collection at the 1975 Long Beach ParamountAuction for USD 15,500. This Hunan Dollar was certified by NGC as SP-67. It was later purchased by Champion in a private treaty transaction for over USD One Million in 2014.

NGC, the world's leading third party numismatic certification service, and American senior Chinese numismatic researcher Bruce Smith collaborated over a one year period to collect numismatic information and verify the letters between Kann and Bowker, in addition to conducting a NGC metallurgy analysis. A final conclusion was reached: the NC Collection 1884 Kirin Spelter coins were from the Woodward-Kann Collection, which also were used for the original plate photos of Kann's 1954 Illustrated Catalog of Chinese Coins (K915a, 916a, 917a). The metallurgy analysis report revealed that they contained 1% of very rare Iridium. This set was displayed at Champion Special Numismatic Display in Hong Kong during August 2014 and received great interest due to its historical heritage. Champion will plan to hold another tour exhibition inAsia in the latter half ofthisyear.

Determining which coin was China's first struck coin depends on the definition of the term. The Chinese style coins of Tibet made in the 1790's and early 1800's and the Moslem style coins of Sinkiang made in the 1870's were struck by hand, without machinery. The 1856 Shanghai taels, as well as the Old Man and other early dollars of Taiwan, were made on a crude lever press or drop press operated by a winch. The Chekiang struck cash made at the Paris Mint in 1866 was only a sample, made overseas and never circulated in China. The first Chinese coins produced in China by modern steam powered machinery were the 1884 Kirin dragon coins. These coins, in values of 1, 3, 5 and 7 ch'ien or mace, and one tael, are decorated with long, very

thin dragons (almost like snakes with legs) typical of those seen in art of the Han Dynasty, two thousand years earlier. According to Eduard Kann, the designer of these unique coins was Wu Tach'eng.

Determining which coin was China's first struck coin depends on the definition of the term. The Chinese style coins of Tibet made in the 1790's and early 1800's and the Moslem style coins of Sinkiang made in the 1870's were struck by hand, without machinery. The 1856 Shanghai taels, as well as the Old Man and other early dollars of Taiwan, were made on a crude lever press or drop press operated by a winch. The Chekiang struck cash made at the Paris Mint in 1866 was only a sample, made overseas and never circulated in China. The first Chinese coins produced in China by modern steam powered machinery were the 1884 Kirin dragon coins. These coins, in values of 1, 3, 5 and 7 ch'ien or mace, and one tael, are decorated with long, very thin dragons (almost like snakes with legs) typical of those seen in art of the Han Dynasty, two thousand years earlier. According to Eduard Kann, the designer of these unique coins was Wu Tach'eng.

Wu Ta-ch'eng (1835-1902), also known as Wu Ch'ia-chai; Wu Heng-hsuan; and, Wu Ch'ing-ch'ing (Kann's Wu Chin-chin), a native of Soochow, was a prominent calligrapher, antiquarian, coin collector and government official. Receiving the chin shih degree in 1868, in 1870 he was sent to Wuchang, Hupeh as secretary to Li Hung-chang. In 1880 he was sent to Manchuria as part of a government effort to improve defenses along the border with Russia. In 1881 he began the establishment of a modern, machine equipped arsenal at Kirin, which was completed in 1883. In 1886 he was appointed governor of Kwangtung province, and later, in 1892 became governor of Hunan. He compiled numerous books on bronzes, jades and seals, and a major work analyzing some 5,700 ancient, pre-Ch'in characters found on bronzes and coins. His biography can be found in Hummel's "Eminent Chinese of the Ch'ing Period" and in Ting Fu-pao's encyclopedia of Chinese coins.

Due to a chronic shortage of copper coins in Kirin, the Mongol, Hsi-yuan, who was military governor of Kirin from April 1883 to June 1888, reported in a memorial dated 9 January 1885,

that he had sent 5,000 taels from the military rations fund to the Kirin arsenal to be made into silver coins of 1, 3, 5 and 7 mace and 1 tael as an experiment. They are described as having the date on one side and the weight in ch'ang p'ing taels on the other side. The ch'ang p'ing scale was the local weight standard, and is so called from the Chinese name of the city, Ch'uan Ch'ang (literally "boat factory"). The city was founded by the Manchus about 1670 as a shipyard to make boats to defend the area from the Russians. As the capital of Kirin Province it is also known as Kirin City, because it sits on the Kirin River (also known as the Sung Hua or Sungari).

Though Kirin at that time was a remote and backward area, the arsenal was staffed with workers from south China and managers with experience at other modern arsenals. The manager during the 1880's and 1890's was Sung Ch'un-ao, who had been trained at the Kiangnan Arsenal in Shanghai, and later worked at the Peiyang Arsenal in Tientsin. The assistant manager was Hsu Hua-feng, who was also trained at the Shanghai arsenal. An Englishman, H. E. M. James, visited the arsenal during the summer and fall of 1886, and left this account in his book, "The Long White Mountain":

"The principal thing of interest at Kirin is the arsenal, which has recently been established under the management of a gentleman named Sung, who received his training under foreigners in the arsenals of Tientsin and Shanghai. He was exceedingly courteous and friendly, and showed us over the place. It was very interesting to see a large establishment filled with foreign machinery, some German and some English, with boilers and engines and steam hammers, just such as one might see at Woolwich or Elswick, all erected and managed by Chinese without foreign assistance of any kind. It would open the eyes of those Europeans who think that western nations have a monopoly of mechanical and administrative ability. Most of the artisans were from Ningpo, and had also practical experience before they came. They can turn out anything, from a gingall to a repeating rifle. The Chinese verdict on English compared with German machinery was that the latter worked more quickly and did delicate work better, but the English was more solid, and couldalwaysbedependeduponforaccuracy."

Though work on the Kirin arsenal began in 1881, the arsenal was not completed until 1883. The North China Herald for 11 October 1882 reports that a stone wharf was being built at Newchwang (the port for Manchuria) to receive the heavy machinery, which was expected to arrive in November. This machinery could not have been set up and working till sometime in 1883. For this reason, the 8th Year (1882) Kirin tael (Kann 914) could not have been made at the Kirin arsenal – at least not in 1882.

The 10th Year (1884) coins, dated incorrectly in Kann as 1885, all have the same design, differing only in size and denomination. The obverse has a border of circles, each with a dot in the center. The tael has 48 such circles while the smaller coins have correspondingly fewer circles. In the center is a box containing 12 seal script characters stating that the coin was made in the Kirin arsenal in Kuang Hsu Year 10. Above the box is the seal script character "shou" (long life) in a circle, and to the left and right a long thin dragon stretches around the box. The reverse has a similar border of circles, with a smaller box in the center containing four characters in ordinary script, stating the weight according to the ch'ang p'ing tael. A Manchu word appears on each of the four sides of the box, with wispy clouds separating the words. The Manchu word on the left is "gilin" (Kirin); that on the right is "teherebuku" (ch'ang p'ing scales weight). The top and bottom words give the denomination, with the numeral above and the weight below. Amazingly, mintage figures for these coins survive in a memorial quoted in "Chi Lin Chu Pi" (1996): 1 tael 198 pieces; 7 mace 1,071 pieces; 5 mace 1,420 pieces; 3 mace 866 pieces; 1 mace 825 pieces. This totals only 2,000 taels indicating that the full 5,000 taels sent to the arsenal was not used.

This brings up the question of who made the dies for the 8th Year and 10th Year coins? There were no other modern mints in China then – the Canton Mint had not even been thought of yet. Engraving a steel die requires special skills and special tools, both of which were not readily available in China at that time. It is possible the dies were made in Germany or England, where the machinery was produced, but the coins look too crude to have been made from European dies. Another possibility is that

a model of each coin was carved in relief in stone or copper, and from this an iron die was cast. Such a die likely wouldn't last very long, but this could explain the die varieties which exist in the 1884 coins, despite their low mintage. Kann records 18 varieties of these 5 coins, not including the spelter pieces. Or perhaps there was someone in China, perhaps in Shanghai, with the skills to make a die.

This brings us to the set of uniface spelter coins seen here. The technical term for such pieces is splasher, a word I have been unable to find in any English dictionary. Prior to the 19th century every working die was engraved by hand. It was time consuming and the die had to be examined from time to time to make sure the wording and designs were in the correct locations and proportions and that the carving was deep enough where it needed to be so. To check the die, the engraver would melt a small amount of lead or tin or zinc or some combination of these metals. If it was primarily tin and lead, it was called pewter; if it was primarily zinc or zinc with some alloy, it was called spelter. All of these metals and alloys have one thing in common – very low melting points, under 800 degrees fahrenheit. A small burner on the work table would melt the metal and a small puddle of the metal would be poured on a piece of paper. While the metal was semi-liquid, the unfinished die would be pressed into the cooling metal and a relief impression would be revealed. The engraver could then examine the cooled "splasher" carefully to see where he needed to alter or strengthen his design. After each examination, the splasher would be thrown back into the pot to be melted, ready for its next use. Because the splashers are destroyed after examination, they are extremely rare among

collectors. If any at all survive, there should only be a single splasher for each die, perhaps retained by the engraver as a souvenir. It is also possible that a set of die splashers would be prepared for examination by an official before the dies or the equipment were ready for actually striking the coins. All of the few known Chinese splashers appear to be unique.

We know that Eduard Kann had a set of uniface splashers of the Kirin 1884 coins. In a letter of 30 November 1950 to Howard Bowker, Kann indicates that he had just bought this set from Hans Schulman, who was breaking up the Woodward collection on behalf of Woodward's widow. When Kann's collection was sold, the Kirin splashers appeared in the first Kann sale in 1971, where incredibly they were broken up into 5 lots (Lots 10391043). What happened to them afterwards is unknown, but the most likely explanation is that someone purchased all five lots to keep the set together, and it ended up in the hands of Hong Kong collector Chang Huang. In 1976 he sold the set to NC Collection for US $10,000. At that time the set was housed in a special box (probably made for H. Chang), but the box has been lost. It seems virtually certain that Chang's set is in fact the one previously owned by Eduard Kann. The ten piece uniface set has piedfort (double thick) coins without reeding on the edges. This makes perfect sense because the splashers would not have been made inside a collar (which puts on the reeding), and the pieces could be struck in any thickness of metal desired. We will probably never know whether this unique uniface set of splashers was made for presentation to a government official or was retained by the engraver – or perhaps by Wu Ta-ch'eng himself – as a souvenir of China's first modern coinage.

原刊載於《東亞泉志》第 3 期

吳大澄與1884年吉林廠平龍銀

◎ 史博祿〔美國〕

NGC鑒定珍罕之品1884年吉林廠平龍銀

編者按：我們知道，耿愛德有一套 1884 年吉林廠平單面鉛 錫合金（spelter）樣幣。中國錢幣收藏大師耿愛德在 1950 年 11 月 30 日給美國著名錢幣收藏家 / 研究學者霍華德 • 包 克的信中透露，他手中的這套樣幣買自美國知名幣商 Hans Schulman，他代表伍德華的遺孀將伍德華的收藏出售。耿愛 德手中的吉林樣幣套幣在 1971 年首次出售，而且分成 5 個 拍品（Lots 1039-1043）拍賣。之後這 5 個拍品去向無人可 知，最有可能的解釋是有個人購買了這 5 個拍品，以保持套 幣完整，最後這套幣轉到了香港收藏家張璜手中。1976 年， 張璜將這套幣以 1 萬美元的價格賣給了 NC Collection。這 也是第二枚（實為一組）超過 1 萬美元的中國錢幣。當時， 這套幣又存放在專門的盒子裡（可能是為張璜所制），但後 來盒子丟失了。實際上，可以肯定的是張璜手中的這套樣 幣就是耿愛德的舊藏。第一枚超過 1 萬美元的中國錢幣是 1898 年喜敦版湖南省造七錢二分銀質樣幣，1975 年由 NC Collection 在長灘派拉蒙（Paramount）拍賣會上購得，NGC 鑒定分數為 SP-67。2014 年，冠軍拍賣通過一次私人交易以 超過百萬美元的價格購買了此幣。

目前，世界最大型第三方錢幣鑒定機構 NGC 和美國著名錢 幣學研究學者史博祿先生經過一年多的學術研究，并廣泛 搜集國內外相關信息，對耿愛德和包克的通信進行了核實， 并進行了錢幣成分專業檢測。最終認定這套 1884 年吉林廠 平單面鉛錫合金樣幣為伍德華 - 耿愛德 -NC 遞藏，係耿愛 德書中圖片 915a、916a、917a 原物，且鑒定成分中含有 1% 的銥金屬（Iridium，銥係過渡金屬，非常稀有）。2014 年 8 月， 冠軍拍賣香港錢幣特別展上展出了這套珍稀樣幣，受到高度 重視。今年下半年，冠軍拍賣計劃將這套幣在亞洲進行巡展。

若要確定中國第一枚機製幣，首先應瞭解機製幣之定義。在 1790年代及1890年代初,中國方孔製式風格的西藏硬幣和 1870年代穆斯林風格的新疆硬幣均是手工敲成而非機器製 造。1856年上海銀餅、臺灣老公銀和早期其他臺灣銀幣則 是用絞盤衝壓製作而成，工藝較為粗糙。1866年巴黎造幣 廠製作的浙江方孔形之銅幣僅是一枚樣幣，它是在國外製 造，且從未在中國流通。中國首枚採用蒸汽動力機鑄的錢幣 是1884年吉林廠平銀幣，面值有壹兩、七錢、五錢、三錢

鉛錫合金樣幣（左）與正常發行的廠平銀幣（右）

和一錢，雙龍環繞，龍細而長，如添足之蛇，仿2000年前 漢代古風遺韻，與其他龍銀風格迥異。耿愛德認為，此枚獨 特龍銀的設計者是吳大澄。

吳大澄[澂]（1835-1902年），也被稱為吳清卿，號恒軒， 晚年又號愙齋，江蘇吳縣（今蘇州）人，清代官員、著名書 畫家、古籍文物研究學者、錢幣收藏家。1868年中進士， 1870年前往湖北武昌，當李鴻章秘書。1880年被派往滿 洲，改善政府與俄羅斯邊界的部分之防禦。1881年在吉林 開始建立一家現代化的機器局，1883年完工。1886年升任 廣東巡撫，1892年調任湖南巡撫。他編寫了許多青銅器、 玉石和印章等書籍，並對秦代之前的青銅器和錢幣上發現的 5700多個漢字加以分析及研究。吳大澄的傳記在Hummel 編寫的《清代名人傳記》(Eminent Chinese of the Ch'ing Period)和丁福保的《古錢大辭典》中均有記載。

由於吉林省銅元缺乏，時任吉林將軍的蒙古人希元（任期：

1883年4月至1888年6月）於1885年1月9日向朝廷奏報， 從軍餉中提取白銀五千兩，交吉林機器局試製面值為壹兩、 七錢、五錢、三錢和一錢銀幣。一面銘年號，另一面書廠平 計重輕重之銀兩。廠平是當地慣用的衡量標準，來自中文的 “船廠”一詞。船廠由滿洲人在1670年左右建立，用於造 船抵禦俄羅斯。吉林省省府是吉林（滿語，意為“船廠”）， 吉林因位於吉林河（又稱松花江）而得名。

儘管當時的吉林地處偏遠，相對落後，但機器局的工人卻是 來自南方，管理人員擁有現代化兵工機器局管理的豐富經 驗。19世紀80-90年代的經理是宋春鼇，他曾在上海的江 南機器局受過培訓，後在天津的北洋機器局工作。助理是

Hsu Hua-feng，他也曾在上海的江南機器局受訓。1886 年夏秋之際，英國人H. E. M. James曾參觀兵工機器局， 並在其書《長白山》(The Long White Mountain)做了記述：

當時，在吉林最感興趣的是兵工廠。它在經理宋春鼇的領導 管理下剛剛建立，他曾在天津和上海的兵工機器局受過外國 人的培訓。宋春鼇先生彬彬有禮，為人友好，帶我們參觀了 機器局。寬敞的機器局內，機器有德國或英國的，還有鍋爐、 發動機和蒸汽錘等設備，與在 Woolwich 兵工廠或 Elswick 兵工廠內的設備差不多，不過沒有外國人協助，都是中國人 安裝和管理。當時很多歐洲人認為西方國家才有機械管理能 力，而吉林機器局的管理情況讓持有此種觀點的歐洲人大開 眼界另眼看待。機器局的工人大多來自寧波，並且已擁有實 際操作經驗。從抬槍到連發槍，他們都能製造出來。中國人 對德英兩國機器的裁定如下：德國的機器速度快，更適於做 精細工作；英國機器較堅固，精確度很可靠。

雖然吉林機器局的籌建工作在1881年就開始了，但直到 1883年才建造完成。1882年10月11日的《北華捷報》報 道稱滿洲牛莊正在建造碼頭，以接收11月份即將運抵的重 型機器。而這台重型機器的安裝和工作要等到1883年了。 因此，光緒八年（1882年）吉林銀幣（Kann 914）不可能 在吉林機器局製造，至少在1882年不能。

光緒十年（1884年）吉林銀幣（耿愛德書中將年份錯標為 1885年）均採用同一圖案，只是尺寸和面值不同。正面飾 以圓形花邊，中心各有一個圓點。壹兩銀幣有48個這樣的 圓形，而較小面值之銀幣，圓形花邊也相應減少。中列方格， 內書“光緒十年吉林機器官局監製”三行12個篆書漢字， 上刻正圓形“壽”字，左右雙龍環繞。背面也有類似的圓形 花邊，內有略小的方格，依不同廠平計重兩值而書之；四周 各有一個滿文，由卷雲紋分隔開來，左為“吉林”，右為“平

[廠平計重]”，上為“壹”字，下為“兩”字，標示面值。 1996年《吉林泉幣》書中一篇文章中記述了這些銀幣的發 行量：壹兩198枚，七錢1071枚，五錢1420枚，三錢866枚， 一錢825枚。共計2000兩，因而提交給機器局的五千兩並 沒有用完。

那麼，問題是，光緒八年和光緒十年吉林銀幣的幣模是誰製 作的呢？當時，中國沒有其他的現代化造幣廠，也還沒有想 過要籌建廣東造幣廠。雕刻鋼模需要使用特殊的技能和專門 的工具，而當時的中國還不具備這兩個條件。這些幣模可 能是在德國或英國製造的，因造幣機器就是這兩個國家製造 的。可是銀幣看起來很粗糙，也不像是使用歐洲國家幣模製 造出來的。另一個可能就是每枚銀幣的幣模在石頭或銅上高 浮雕雕刻，然後使用鐵澆鑄而成。這樣製造出來的幣模不能 使用太久，但或許可以解釋1884年吉林廠平銀幣的幣模各 不相同的原因，儘管發行量並不高。耿愛德歸納出這5枚 銀幣有18個版別之多，還不包括鉛錫合金樣幣。或者，可 能是上海或中國其他地方的一個人技能高超，製作了幣模。

這又涉及到了鉛錫合金單面樣幣套幣。這種材質的技術術語 應是splasher（鉛錫合金），我在所有的英文詞典中都沒 有找到這個單詞。19世紀前，幣模都是手工雕刻，非常耗時， 並且需要經常檢查以確保幣模上的字和圖案位置正確，比例 得當，雕刻深度達標。為了檢查幣模，雕刻師將會熔化少量 的鉛、錫、鋅或這些金屬的混合物。如果主要成分是錫和鉛， 則稱為鉛錫合金；如果主要成分是鋅或鋅合金，則稱為鉛鋅 合金。這些金屬和合金有個共同點，即熔點很低，不到800 華氏攝氏度。工作臺上的小火爐先熔化金屬，少量溶液倒到 紙上。在金屬熔化到半液體狀態時，未完成的幣模被壓印到 冷卻的金屬上，這樣就顯現出了凸出的壓印。然後，雕刻師 將會仔細檢查冷卻的鉛錫合金，找出需要改變或加強圖案的 地方。每次檢查完後，鉛錫合金就會回爐熔化，以備下次使 用。由於檢查完之後鉛錫合金就被熔化，因而藏家認為鉛錫 合金錢幣極為罕見。如有倖存者，也只能是單個幣模的一枚 鉛錫合金，或許是雕刻師留作紀念物之用。也可能一組鉛錫 合金幣模在幣模或設備鑄造錢幣之前準備給官員查看的。僅 知的中國鉛錫合金錢幣都可謂孤品。

這10枚單面套幣為加厚幣，邊緣無齒邊。這就正好解釋了 鉛錫合金錢幣不會在有齒邊的軸套環內製造的事實，而可能 使用任何厚度的合適金屬製造。我們可能永遠無法知道，這 套單面鉛錫合金樣幣是為了向官員展示而用還是雕刻師（或 許吳大澄自己）保留下來當做中國首枚機製幣的紀念品。

Originally published in the JEAN 5

THE PEKING COINS OF 庚子 (1900)

◎ James O. Sweeney〔USA〕 © All Rights Reserved

There exists in the hands of a very few fortunate collectors a family of coins bearing the Chinese sexaginary cycle date 庚子 (Geng Zi) and Chinese characters translating to "Made by the Capital Mint" on their obverses, and the English word PEKING (literally "North Capital") on their reverses. The sexaginary date corresponds to the period 31 January 1900 to 18 February 1901 - a time of chaos and confusion in Imperial China, and especially in Peking (Beijing), the capital of the Middle Kingdom.

Description of the Series

There are five denominations in this series 1 . The five nominally silver pieces are usually referred to in terms of their corresponding US denominations, but the coins' legends give only their weights in relation to the Kuping tael (1 tael = 10 mace = 100 candareens = 37.31 grams). The reeded edge Dollar and the 50- cents pieces are known in both gold and silver; the reeded 20-cents, 10-cents and 5-cents in silver only. There are also two sets of plain edge silver specimen strikes of each of the five denominations, one set having stamped serial numbers on the edges of the coins.

These very rare pieces constitute a first magnitude numismatic puzzle enclosed within an enigma and surrounded by confusion and contradiction. Elements of the puzzle include all of the following: Where were they struck? When? By whom? For what purpose? In what quantities? Who made the dies? Divergent views exist regarding each of these. Two views were expressed by a longtime resident of China, Eduard Kann (1880-1962), in his Illustrated Catalog of Chinese Coins 2 . On pages 99-100, Kann says:

"For years the author endeavored to obtain the authentic story relative to the creation of the set of PEKING silver pieces, until finally he has cause to believe that he has unravelled the facts, namely: The Boxer Trouble of 1900 was synonymous with wholesale destruction and extensive looting, especially in Peking itself. One of the many instances goes to show that a worker of the PEKING mint saved the original master of 4 values and brought them down to Tientsin. There, he offered these steel dies to 2 well-known Chinese collectors of antiques, a Mr. Fang and a Mr. Yo, who in later years (1912) ran the ChinesenewspaperTheDailyNewsatTientsin.

"These2collectorswereintroducedbyaMr.ChangTong-poto a well-known native numismatist (since 1947 resident of Hong Kong), to whom Fang and Yo offered to sell valuable ancient bronze coins, as well as Chinese Sycees from the Tang, Sung and Ming dynasties; also the master dies for 4 values of the 1900 PEKING dollar and subsidiary coins, together with 8 sets of PEKING silver coins. The steel punch [sic] for the 10-cents

coin was not made available; the vendors retained 2 sets for themselves.

"Generally the belief exists among collectors of Chinese coins that only the 10-cents and 20-cents values of the PEKING set are Sextant, and that consequently all other denominations must be forgeries or bogus pieces. As a matter of fact, forgeries of the 1-dollar and the 50-cents specimens do exist, though easilyrecognizableassuchwhencomparisonswiththegenuine coins are made. However, in the light of actualities, there is a probabilitythatatleast10setswerestruckinthePEKINGmint by way of essays. Certainly some more of the 10 and 20-cent coinswereproduced.

"That a small mint existed in Peking in 1900 is proved by an official mint report from Hangchow (Chekiang), stating that in 1898 that city was ordered to despatch its minting plant to PEKING. During the Boxer Rebellion of 1900/01 the Peking mint is said to have been destroyed in common with numerous otherbuildings.

"One of the author's Chinese numismatic friends holds a somewhat different opinion regarding the Peking series. He agrees that a small quantity of the 10 and 20-cent pieces of the Peking series was struck in the capital's mint, but work had to be suspended owing to the outbreak of the Boxer Rebellion. He furthermore agrees that the original steel dies were saved and sold to curio dealers, who resold the punches to a Chinese Shanghai collector, since 1947 resident of Hong Kong. According to my friend's opinion, a moderate quantity of the 1 $, 50, and 5 cents was privately coined (at Shanghai) from the original dies. He admits that these are not forgeries in the accepted sense of the word, but restrikes in a civilian machineshop."

There has been much speculation as to whether known pieces are genuine coins, pattern issues, restrikes, fantasies or outand-out forgeries. This article will bring together in one place what is known about these "coins" , and attempt to deduce their likely provenance from both facts and logic.

The Peking Mint

As stated previously, the first part of the puzzle has to do with where the coins were made. Their legends claim that they are products of the Peking Mint. Without doubt, a Peking mint did exist in 1900. Its justification and history, gathered from a variety of sources, is as follows.

Until the time of the emperor Kuang Hsu, China's coinage generally consisted of cast copper coins. Those so-called "cash" coins had apparently served China's essentially agrarian economy well throughout its history, but were quite inadequate if China were ever to become an active member of the international community. Recognizing the potential advantages of foreign trade, and desiring to move China into the modern world, Emperor Kuang Hsu in 1887 approved a memorial by the viceroy Chang Chih-tung for the construction of China's first modern mint for silver coins. It was built in Canton by an English firm, The Mint, Birmingham Limited 3 , and began operations in 1889 under the direction of Edward Wyon, a member of the famed Wyon family of England and previously an employee of the Birmingham Mint4

During the next ten years, quite a number of other provincial mints sprang up in China. With no central mint exercising overall control, this soon resulted in many coinage abuses in the provincial mints. Finally, recognizing the need for firmer control over the nation's coinage, the Empress Dowager Tz'u Hsi, who meanwhile had usurped the throne and placed Kuang Hsu in house arrest, on 5 June 1899 ordered her

ministers, the Tsungli Yamen, to consider establishing a mint in Peking5

There is a very remote possibility that her ministers anticipated her decree by ordering the transfer of the Anhwei (Anking) mint to Peking 6. Kann7 says that " ..the old mint of Anking was opened in November, 1897....But after having been in operation for less than two years, the Mint was permanently closed in August 1899 by order of the Imperial Commissioner Kang Ⅰ." 8 The English language newspaper Peking

1 There is also a sixth coin, a 10 cash piece known in both copper and brass, that is, however, generally believed to be a fantasy. The coin is 28mm in diameter and weighs about 6½ grams. It was first referenced in The China Journal, Vol. XXIII, No. 6, 1935, wherein it was listed in one of a series of articles by A.M. Tracey Woodward titled "Notes on the Minted Coins of China." Woodward said about it: "A neat coin, ostensibly having been made for circulation in Peking, but which, after a few trial pieces had been minted, was discarded as unsuitable....n Its great rarity, and the fact that this was the earliest published reference to any of the Peking issues, would seem to give some credence to Woodward's description. Those who doubt its authenticity do so only on the basis of logic - no known evidence proves either conclusion.

2 Originally published in Hong Kong in 1954, and issued in reprint in 1966 by Mint Productions of Riverside, NY.

3 James O. Sweeny, A Numismatic History of the Birmingham Mint (Birmingham, The Birmingham Mint, Ltd., 1981), p.78. See also R.N.J. Wright, "The Silver Dragon Coinage of the Chinese Provinces," Numismatic Chronicle, Vol. XVI, 1976.

4 Ibid., Appendix II.

5 As reported quite a bit after the fact in the North China Herald of 17 January 1900, the Tsungli Yamen had by June of 1899 already come to a conclusion that "...the establishment of a large mint with foreign machinery in the capital [Beijing] would be really a great benefit to people of all classes, while the manner of working such a mint would be a protection against dishonesty and fraud now only too common in the older mints." The June 5th decree ordered them to now deliberate "...as to What regulations shall be required for the establishment of a foreign-modeled mint in Peking, which shall supersede the older mints...." The term "older mints" apparently referred to the relatively new provincial silver mints.

and Tientsin Times on 17 June 1899 had reported, perhaps prematurely, that "The coinage of cash and silver by machinery willbecommencedintheCapitalonthe23rdinstant," implying that facilities were on hand for so doing. On 29 July 1899 it further reported that "Cash coining by machinery has been

commenced in Peking." The explicit use of the term "cash" in the newspaper announcement might just conceivably relate to the Peking 10 cash piece referred to in footnote 1 on page 1. The timing of these newspaper announcements is consistent with the possibility of the Anking mint having been moved to Peking some time around the middle of 1899.

It has not previously been reported exactly where, in Peking, the new mint was located.9 From a study of many diaries of persons who were in the legations during the Boxer Rebellion of 1900, it develops that it was apparently sited on one side or the other of the new Imperial Bank of China, which was located as shown on the above map (an enlargement of the area enclosed by dashed lines on the map on page 3).

It has usually been assumed that the Peking mint came about only through the transfer of the Hangchow mint machinery to the capital, and this is probably correct. Records show that in 1899 a mint with German machinery10 was ordered dismantled in Hangchow and re-erected in Peking11. It thus appears that by the end of 1899, there was an incomplete mint in Peking, with China proper: The modern mints of 1888-1900.

The Inner City in Peking

6 No records known to this author confirm the eventual destination of the Anking mint machinery, leaving open Peking as a speculative possibility. However, a statement in the British Royal Mint report of 1900 saying that "This mint has been closed-the machinery to be sent to the Wuchang Mint," suggests otherwise, and is supported by the logic of geography and need.

7 Eduard Kann, "The History of Minting in China," China Journal, Vol. 30, 1939.

8 Kang I was a Grand Secretary in the court of Her Imperial Majesty the Dowager Empress.

9 In fact, the only known details of the mint facility appear in the March 1900 order for equipment, wherein it is stated that the six rolling mills "...are intended to be erected in a factory measuring 80 ft. long x 30 ft. wide x 14 ft. high," Note that a complete facility the size of the 1887 Canton Mint (627 feet by 424 feet) built by Heatons' would have required almost two-thirds of the entire block in which the Peking Mint was located.

10 The Peking and Tientsin Times of 2 December 1899 reported that "The Board of Revenue has purchased a German Minting plant which reached Peking a few days ago." Despite the time discrepancy, it is assumed that this refers to machinery from Hangchow, as documented in footnote 11. The British Royal Mint report for 1900, page 41, states as follows: "Hangchow.-This mint was closed on Aug. 3rd, 1899, and converted into an arsenal. The machinery, of German manufacture, was sent to Peking." The US Mint report of 1899-1900, page 320, states: "During the year [1898-99] the erection of the mint [undoubtedly Hangchow] for the coinage of silver dollars and subsidiary coins was completed, and work actually commenced, but later on orders were received to discontinue operations here and forward the machinery to Pekin. The foreign expert, who arrived in the autumn of 1898, was transferred to Nanking."

11 Imperial Maritime Customs Decennial Report of 1892-1901, Vol. H p. 9: "In October 1899 the Hangchow Mint was dismantled and the machinery sent to Peking; the services of the foreign Superintendent had already been dispensed with."

additional machinery required. Negotiations began in January, and on 6 March 1900 the Chinese Minister in London placed an order on The Mint, Birmingham, Ltd. It required delivery by August 6, 1900 of six lathes, six rolling mills, one coin press suitable for striking all five coin denominations, and a 150 HP steam engine (possibly the original steam engine was retained in Hangchow for use in the arsenal). Birmingham Mint records show that the order was shipped on time, but its arrival in Peking is highly doubtful; more than likely it was diverted to Tientsin. Five additional lathes were ordered on June 6th, 1900, and were probably similarly diverted to Tientsin.

In the year 1900, anyone or anything foreign, including facilities equipped with foreign machinery, was at great risk. Early that year the Boxer society, a grass-roots organization dedicated to ousting all foreign influences from China, began its operations, first in Shensi province but rapidly expanding northeastward into other provinces. By May of 1900 the Boxers had infiltrated Peking itself, and on June 9th, with the tacit approval of the Empress Dowager, they began concerted attacks on the foreign legations in the Tartar City, and on foreign churches in both the Tartar and Chinese Cities. These two, together with the Imperial City, constituted the walled city of Peking, as seen on the contemporaneous map of the city shown on page 3.

The unsuccessful siege of the legations continued until the arrival of a large contingent of troops of eight foreign powers12 on August 15. The mint, however, did not survive the first two weeks of the siege. Coltman13 reported that: "On June 13, a Boxer attack on the new mint and the Imperial Bank of China was checked by rifle-fire from the east corner of the legation." Smith14 goes on to say that: "During all that night [June 13] the heavenswereaglowwiththeluridglareofburningbuildingsin every part of the city, and in the course of the next two or three daysitbecameknownthatwiththeexceptionofthosedefended byforeigntroopseveryplaceinPekinbelongingtooroccupied by foreigners was destroyed." Although the mint may have received some protection on June 13, it was only temporary. Nine nights later, on June 22, the Boxers torched the new mint and many other foreign buildings near the legations.

Later on in his account, Smith15 amplifies thusly: "The amount of property destroyed in this vast organized attack upon

foreigners in Peking cannot be accurately ascertained. Many private individuals owned dwellings in various parts of the city. A large compound in the Kou Lan alley, belonging to the Imperial Maritime Customs, was fired with the rest, involving immense loss to the Chinese Government. The electric light works fared no better than the unfinished Imperial Bank of China and the new Imperial Mint." From these and other corroborating accounts, we learn that the Imperial Mint on about June 22, 1900 suffered the same fate as did many other government facilities, including, tragically, the Han Lin Academy with its magnificent library of priceless ancient Chinese books and dynasty records.

In summary, it can be definitely stated that in mid- to late1899 construction was begun on an Imperial mint in Peking, involving equipment from the discontinued Hangchow Mint (and possibly from the Anking Mint). It was located in the Tartar City adjacent to the Imperial Bank of China, probably at the south-west corner of Ha-Ta Men Street and Tung Ch'ang An Street (at the northern extremity of the Tung Tan Park). Two orders for additional machinery were placed on the Birmingham Mint, but the equipment probably did not arrive in China before the Boxers destroyed the Peking mint on about June 22, 1900.

Mint Operations

There is a very real question as to whether the Peking Mint, in its short existence, actually struck any coins for circulation. Not considering the coins that are the subject of this article, there are no known coins that can be positively identified as issues of the Peking Mint, either on the basis of their legends or from existing records - despite the probably premature report of 17 June 1899 in the Peking and Tientsin Times.

It is apparent that early steps had been taken by the Board of Revenue to provide the new mint with operating personnel. An interesting account of one such step appeared in the May 1944 issue of Ch'uan Pi ( 幣泉 or "Quan Be" in the Pinyin system), Volume 24, which was a Chinese language numismatic journal published in Shanghai. Written by Wang Chun-fu and titled 湖 北紫銅樣幣始末記 ("The Fate of the Hupei Bronze Pattern Coins"), it reads (in a free translation16) as follows:

12 The nations that, in a rare show of international cooperation, put down the Boxer Rebellion in 1900 were the United States, Great Britain, Japan, Germany, Russia, Italy, France and Austria.

13 Robert Coltman, Jr., M.D., Beleaguered in Peking (Philadelphia: F. A. Davis Co., 1901), page 210.

14 Arthur H. Smith, China in Convulsion (New York: Fleming H. Revell Co., 1901), Vol. One, page 237.

15 Ibid, page 238.

16 The author is indebted to Dr. T.W. Liao for this translation, who cautioned that it may contain some mistakes because of his unfamiliarity with the history of the period.

17 Personal correspondence with a curator in the Chinese History Museum confirms that these five coins are those described by Kann as copper essays and numbered 40x to 44x. Their reverses were all similar to the dollar, which had the English legend HU-PEH PROVINCE 7 MACE AND 2 CANDAREENS around a Heaton-style dragon. The identical obverses had the Chinese legend 造省北湖 around the four characters 光寶緒元 within a beaded circle and surrounding four Manchu characters. A set of these patterns was in the Kann sale (Schulman Coin & Mint, Inc. & "Quality Sales" Corp.) of June 18, 1971 as Nos. 44-48. The patterns may well have been struck in 1899, but it seems likely that the dies were actually made in 1896 for the regular issue coins. This is more or less confirmed by another article in the same issue of Ch'uan Pi, written by a Mr. Wang In-cha. He states that the wooden box for the Hupeh copper patterns is labeled with 10 characters, meaning "THE FIVE SILVER COINS OF THE HUPEH MINT." He said that he owns a set, adding, "It is easy these days [1944] to find silver coins with the same design, but copper patterns are extremely rare."

"Five denominations of coins made from phosphor-bronze dies were produced at the Hupeh Silver Dollar Mint [in Wuchang] (a set consists of a dollar, half-dollar, twenty-cents, ten-cents and five-cents piece). Each set was encased in a rosewood box. Some people believe that the dies were made when the Hupeh mint was first established [in 1893-4], but I must correct that impression here, and reveal the fact that the die project was initiated in the 25th reign year of Emperor Kuang Hsu (1899)17

In July of that year, the Honorable Wang Yin-chia (father of the author) was ordered [to Peking] to establish the Capital Silver Coinage Mint. [Thereupon], a total of forty sets of [these] die specimens were designed and produced with the intention of [his] presenting a number of the specimen sets to three [Peking officials having responsibilities regarding the Imperial Peking Mint]; Honorable Minister Hsing and Vice-Ministers Li and Kuo, and other dignitaries.

"However, just prior to the planned fall journey for Peking, my grandmother became very ill and died in September. The trip was therefore postponed18. In the month of October, another order was received from the Empress Dowager, granting him a mourning period of one hundred days, after which my father must betake himself to Peking as soon as possible. Since the role of establishing a mint is an unusual undertaking that requires special techniques, the Empress Dowager urged his early presence to establish the mint.

"When the waterway opened in the spring [of 1900], my father started his trip to Peking. Upon arriving at Shanghai, he was informed that a rebellion by the Boxers had started. By then, however, several [mint] officers and technicians had already left for Tientsin by sea19. Their ship was sunk by the so-called Allied Forces of eight nations at the Tientsin seaport.

"Having learned that both Emperor Kuang Hsu and the Empress Dowager had left for Sian for a hunting trip20, my father decided to return [to Hupeh]. Therefore, only a few sets of the die specimens, which were not taken to Peking by the vessel, were left in the family's possession.

"It is to make known that the design of the dies was actually made by a Mr. Huang who was hired from Shanghai to work in the Mint at Hupeh (he died with the destroyed vessel). My father was to present these specimens to the various responsible officials for the purpose of convincing them that there was no

reason to hire any die-draftsman from abroad. And the reason for using bronze [for the specimen coins] instead of silver was to avoid the possibility of a suspicion that these coin sets were a means of offering a bribe [to the Peking officials]. But in order to accent the value of these specimens, the silk linings of the rosewood boxes were most exquisitely made. All these considerations by my father had contributed to the fine quality of the specimens.

"After the death of my father, the family finally moved away [from Wuchang]. During the move my family members thought little of these sample boxes and used them for fire wood. Even the few left-over specimen sets were traded for other items from the neighbors. At the time of this writing there are only a few pieces of the specimens left as mementos of the affair. Not even a complete set is in my possession. For this reason I wish to put in writing these transactions for a permanent record.

"As to the official correspondences and telegrams, they are posted separately in another book."

Although some parts of this account may have been a bit inflated, it can be reasonably concluded that it had been intended to staff the new Imperial Mint with experienced mint personnel from Wuchang, one of the best of the provincial mints. The actual supervision of the new mint, however, was apparently offered to a foreigner. The Peking and Tientsin Times of 9 September 1899 carried the following rather cryptic report: "The Manager of the Canton Mint [Edward Wyon] has been recommended to take charge of the mint in Peking." Mr. Wyon may indeed have been given that responsibility. His obituary21 stated as follows:

"Mr. Wyon was held in high esteem by the Chinese Government and his services [as Chief of the Operative Department of the Canton Mint] were recognized by the conferment upon him of a distinguished order. While at Canton, he went to Pekin on behalf of Messrs. Heaton to conduct some negotiations in connection with the proposed establishment of a mint there. This was during the Boxer disturbances and Mr. Wyon who was accompanied by his wife entered Pekin shortly before the European Legations were besieged. He and his wife were locked up in the city through-out the siege and Mrs. Wyon died during that trying time. Mr. Wyon escaped without injury although on one occasion he was reported as dead and his death

18 According to ancient custom, one must remain home in mourning for three years when a parent dies.

19 The trip from Wuchang to Peking involved a voyage down the Yangtze River to Shanghai, then a sea voyage through the Yellow Sea, the Gulf of Chihli and the Pei River to the port of Tientsin, and finally a railroad connection to Peking - in all about 1400 miles, the start of which had to await the spring high-water stage of the Yangtze River.

20 Actually, they had fled Peking to escape capture by the Allied Forces. The departure of the Royal Court from Peking took place just before the Allied Forces arrived on August 15, 1900.

21 Birmingham Daily Post, 24 August 1906.

22 The brothers J.S. and A.B. Wyon were partners in the private die-engraving firm that was established by Thomas Wyon in London in the first decades of the nineteenth century. On the death of his father Thomas in 1830, the firm passed to Benjamin Wyon, and then to his two sons. Under their proprietorship, it was known as J.S. & A.B. Wyon, and the firm was joined by brother Allan Wyon in 1872, It was undoubtedly Allan who made the Peking dies.

23 According to a report in the London Graphic of 19 May 1888, the dies for the first coinage of the Canton (Kwangtung) mint, operating under Edward Wyon's supervision, were engraved by Allan Wyon on order from The Mint, Birmingham Ltd.

24 The author is indebted to Mr. Philip Attwood for copies of those pages of the Wyon die register that show the Chinese dies.

was recorded in the home [English] press."

Wyon's arrival in Peking in probably late 1899 was almost certainly at the request of the Board of Revenue rather than on behalf of the Birmingham Mint. It is true that the Birmingham Mint began negotiations with the Chinese legation in London in early 1900 to supply equipment to the Peking mint, but a study of the personal correspondence between Wyon and Ralph Heaton V in that period discloses no mention of Wyon having had any part in those negotiations, nor of his having been asked by Heaton to undertake any work on their behalf. Neither is there any mention in any of the diaries written by foreign legation personnel in Peking in 1900 of the death of Mrs. Wyon, nor of the Wyons being among those foreigners who had taken refuge in the legations. It would therefore appear that Wyon was indeed seeing to the startup of the mint in Peking, and was either incarcerated by or provided with safe haven by the Chinese during the period of the rebellion.

That Edward Wyon was brought in to take charge of the new mint is supported by two relevant events. Orders placed on the Birmingham Mint in March and June of 1900 are consistent with what Wyon had done at the Canton mint, there always sourcing that mint's needs from Birmingham. The events suggest that when Wyon arrived in Peking in 1899, he first surveyed the equipment from Hangchow and made a list of needed additional equipment. This was sent to the Chinese Embassy in London for procurement from Birmingham.

More significantly, it turns out that despite Kann's understanding, a set of dies for the Peking coins of 1900 were ordered from a die-engraving firm in London 22 . This too is what Edward Wyon, with no die-makers on hand, would most likely have done, just as he did when he set up the Canton Mint

in 188823. This is proved by a document now in the British Museum 24 listing a group of 308 dies, made by the Wyon firm, that were acquired by the London firm of John Pinches in February of 1933. The list includes complete sets of dragon punches and working dies and an almost complete set of matrices for the Peking coins of 1900.25

From these facts, it can be inferred that on Edward Wyon's order, Allan Wyon of the London firm of die-engravers made a set of matrices for the Peking coinage, from which he produced a set of working dies that were sent to Peking26. Whether these dies were ever used while in the Peking Mint is speculative. It is inferred from the nature of the equipment orders of March and June 1900 that the machinery transferred from Hangchow was insufficient to allow any significant production to be undertaken. Certainly, however, those working dies were somewhere to make some quantity of coins. All observed specimens of Peking coins exhibit die characteristics so similar as to indicate their descent from a common set of dies.

The Peking Silver Coins of 1900 – Total Population

Kann (see page 1) says, "… these is a probability that at least 10 sets were struck in the PEKING Mint by the way of essays. Certainly some more of the 10 and 20-cent coins were produced."He goes on to quote a friend (Kalgan Shih) as agreeing regarding the 10 and 20 cent coins, but claiming that "… a moderate quantity of the 1$ , 50 and 5 cents was privately coined (at Shanghai) from the original dies." In personal correspondence with the author, one other well-known Hong Kong (but not Chinese) numismatist stated that "everybody

25 Also included are matrices, dies and punches for the undated first Kwangtung silver coinage issue (7 mace 3 candareens, etc.) from the Canton Mint in about 1889.,

26 He retained the matrices, from which he made another set of working dies that he used to strike at least two sets of silver plain-edge specimen coins for the firm's own reference collection. Those two silver sets are now in the collection of Mr. Haru S.C. Chang of the Chang Foundation in Taipei, having been sold from a Wyon estate to Spink & Son in the 1980s, from where they found their way into the Chang collection. The edges of the coins of both sets are without reeding, and those of one set are stamped with serial numbers 950 to 954, which identify them as having come from the Wyon firm's collection of their own coins and medals. That edge-marked set is illustrated in Rare Gold and Silver Coins of the late Qing Dynasty, published by the Chang Foundation in 1990, and also in An Overview of...the Gold and Silver Coins and Medals of Modern China, Dong Wenchao, China, 1992. That the markings were for the purpose stated above is inferred from a talk, titled "The Private Medals of the Wyon Family" given to the British Art Medal Society by Laurence A. Brown in about 1989.

27 In this chart, no information disclosed to the author as confidential - either expressly or implied - is being published. Only material in the public record, or material for which releases have been obtained, is shown. Note that dealers, public auctions, and published Fixed Priced Lists, are shown italicized. Dates shown are consignment or sale dates.

28 In letters to the author, Mr. H. Chang, a leading Chinese numismatist of his times, expressed opinions regarding the Peking coins exactly in agreement with those attributed by Kann to "One of the author's Chinese numismatic friends...." Mr. Chang stated as a fact that only the 10 and 20-cents pieces were struck in the Peking Mint, and that of those original strikes, he "...estimated about 10 pairs were in collectors' hands." He added that unofficial strikes were made from J.D. Chen's (see footnote 30) four dies, and thus the number of extant 20-cents pieces was somewhat more than that of the 10-cents pieces.

29 The auction catalog description reads as follows:

"Between 1962 and 1967, Mr. Goodman made approximately 15 trips to Hong Kong. There he purchased many coins from a Mrs. Wong, including three sets of the elusive Peking coins. Mrs. Wong had two coin display tables on the ground floor of a large antique store owned by T.Y. King in the old Alexandria House Building on the Hong Kong side (now demolished).

"Mr. Goodman learned to his surprise that Mrs. Wong, a warm respectable woman about 60 years old, was none other than the widow of the coin collector [this is in error] ... who had bought the Peking dies and eight sets of Peking coins mentioned by Kann! Mrs. Wong's friend, T.Y. King (since deceased), had been a collector friend of her husband's. When King's two sons took over their father's antique store on his death, they kept his promise to let Mr. Wong's widow continue to have her space rent-free for the rest of her life.

"Mrs. Wong confirmed to Mr. Goodman that she and her husband had owned all 8 Peking sets, minus several minor pieces, and that no more could be struck because the dies had been broken. It seems a civilian shop had been trying to use them when they shattered. Goodman sold two of these fascinating Peking sets in Japan around 20 years ago, and kept one for his collection (which is in this sale)."

30 Wong So-chaine operated his coin shop in Shanghai prior to the communist take-over in China. Along with the antique dealer T.Y. King and a wealthy speculator Chen Jen-dau, he made his way to Hong Kong in about 1947. There he continued to operate a coin dealership on the premises of a new antique shop established by T.Y. King. Wong and King both died in the 1950s. King's family continued to operate the antique business, and allowed Mrs. S.C. Wong to carry on the coin dealership on the ground floor of their establishment - at least into the 1960's.

31 Dr. Coole, in his A Bibliography on Far Eastern Numismatics (Peking: California College in China, 1940), page 245, says that Raeburn was employed in Shanghai by the English firm of Jardine, Matheson & Co.

agrees that the former owner of the dies must have at least made a shoebox full of restrikes."

Between these two extreme views, the evidence seems to support the Kann conclusion regarding quantities. The author has tracked every published and unpublished sale he could find of all five denominations of the Peking coins, from the earliest sales in the 1950's until well into the 1980's. The total observed transactions of 20-cents pieces are representative of all the denominations, and were as follows.27

Woodward (Shanghai) <1951> Schulman <1951> Keefer? <?>

Spink? <?> Bowker <1970> ?

Seaby 1961 FPL <1977> English collection

Mrs. S.C. Wong <1962-7> Goodman <1988> Superior <1988> ?

Mrs. S.C. Wong <1962-7> Goodman <?> Japan <?> ?

Mrs. S.C. Wong <1962-7> Goodman <?> Canapero <1971> Spink <1972> Japan <?> Spink <?> O'Conner <?> ?

Von Halle (Hong Kong) <1966> Glendining <1966> ?

Kann <1971> Quality Sales <1971> New York collection <?> ?

Canapero <1971> Peters FPL <1972> Carolina collection

Superior <1973> ?

Money Co. <1976> Elman <1976> Lepczyk <1977> Texas collection

Spink Australia <1978> Spink England <1978> C.C.Liu <?> ?

Chang Foundation (Taipei)

Here, then, is a record of some 30+ transactions involving no more than twelve different coins - and possibly as few as seven different pieces, based on initial and final sale dates shown. None of the other denominations have experienced this much activity, and their records all indicate fewer extant pieces. Of course, there are undoubtedly some pieces that have been buried in private collections throughout this period, so that the total number of extant pieces may be larger than indicated by the sales activity.

Based on the sales records, and allowing for a reasonable number of additional unrecorded pieces, this author estimates the population of Peking silver issues of 1900 to be approximately 10-15 pieces of each denomination except the 20-cents piece, which is estimated at 20-25 pieces. These numbers are consistent with both Kann's and his Chinese friend's (Kalgan Shih) conclusions, also with an opinion privately expressed to the author by Mr. H. Chang 28 of Hong Kong, and is not significantly inconsistent with the description that accompanied the Goodman sale by Superior in 198829

The Peking Coins of 1900 - When and where they were struck

Published references to the Peking silver coins gives some indication as to when they were first observed, and therefore to the latest dates when they could have been produced. Here is a summary of significant references known to the author.

1. The first reference to Peking coins of 1900 was in a book dated 8 February 1935 and titled Rare Chinese Coins by Mr. S.C. Wong30, proprietor of Universal Coins & Stamps Co. of Shanghai. This priced compilation of Chinese coins included these entries relating to the Peking series:

Page 20 Subsidiary Coinage #39 Pe King 10 cent - $5 #40 Pe King 20 cents - $10

Page 24 Coppers Coins #19 Peking 10 cash copper - $ 3

2. The first reference to the fake Peking silver coins of 1900 was in a paper titled "Coins That Never Were," presented by G. Duncan Raeburn 31 to the Numismatic Society of China on 10 November 1937, and published in The China Journal in June 1938. The published edition included a clear photograph of a Peking 50 cents coin of the type described by Kann (Kann 234F) as a fake.

3. The next reference to Peking silver coins was in M. Comencini's 32 Coins of the Modern World, 1870 - 1936,

32 According to Dr. Coole (ibid, page 230), Comencini was a coin collector who served with the Shanghai-based International Settlement Police from 1905 to 1934, after which he retired to England.

33 C.C. Tsiang was a brother-in-law of S.C. Wong. The plates for this book, some of which had also been used for Wong's earlier book, eventually passed into the hands of Eduard Kann, who seriously considered using them for his 1954 book but finally decided to use photographs instead of line drawings.

34 In the 1947 edition of this frequently up-dated book, Mr. HSü listed five denominations with no qualifications as to their legitimacy or source. The illustrations in the last (1991) edition are identical with those in the first (1947) edition, but the text identifies all as "restrikes". Two unillustrated entries for 10 and 20-cents pieces identified both as "original".

35 There is also a fake dollar coin which, like the fake 50-cents piece, is ornamented with arabesques corresponding to those on the 20-cents coins rather than those on the genuine 50-cents and dollar coins - an anomaly that must be considered significant.

(London: Methuen & Co. Ltd, 1937). In it are illustrated and described the Peking 20 and 10-cents coins. Comencini said: "These two coins were minted to relieve scarcity after the relief of the besieged Foreign legations by the Expeditionary Force." As has already been shown, the number of extant specimens does not support this contention, nor did the destruction of the mint admit of such timing.

4. Only shortly thereafter, C.C. Tsiang33, in his Illustrations of Chinese Gold Silver and Nickel Coins, published by Universal Stamp and Coin Co. of Shanghai in 1939, pictured the same Peking coins, and described them as follows: "These 20-cent and 10-cent coins were the last mintings of the Peking Mint in the 26th year of 'Kuang Hsu' because of the Boxer Uprising. They were good in model and percentage, and only few in circulation. They are now rare and valuable."

5. The first reference to the full set of silver coins was made by T.K. HSü in his Illustrated Catalog of Chinese Coins, published in Shanghai in 1947. In it on page 27 he illustrated and listed all five denominations of the silver Peking coins, but included no comments relative to them.34

6. Kalgan Shih's Modern Coins of China

匯考）(Shanghai: June, 1949) illustrated two Peking coins, and said: "In 1900 the Metropolitan Mint struck 20 cent and 10 cent pieces. When the Boxer Uprising broke out, its plant was partially burned down and it was forced to suspend its operations. These subsidiary coins were not circulated. At one time a plan to strike one dollar and fifty cents were contemplated as it is shown by the existence of the dies therefore." This is apparently the first reference to the Peking dies.

7. The next significant reference to the Peking issues was in E. Karin's Illustrated Catalog of Chinese Coins, originally published in 1954. Kann's description of the series is given in full on page 1 and 2. In it he illustrates the five pieces he considered official, as well as a fake 50-cents piece.

8. The first reference to the gold strikes of the Peking series appeared in the first (1954) edition of a book by P'eng Hsin-wei titled Chung Kuo Huo Pi Shih (A Monetary History of China). In the English translation of the third (1965) edition is this statement: "In Guangxu 26 [1900], Beijing's Capitol Mint made

a test minting of a two dime and a one dime. These were minted for it in Tianjin [Tientsin], They cast dies for five denominations from one dollar to five cents, but only test minted two of these. This set of dies later fell into private hands, and several sets were minted, as well as a gold version." Gold specimens of the $1 and 50-cents pieces, with reeded edges, appeared as Lots 578 and 579 in the Superior Stamp and Coin Company auction of June, 1973.

Several conclusions can be drawn. Most importantly, the fact that references to the 10 and 20-cents pieces significantly preceded those to the other three denominations lends credence to the belief that those two were struck in an official mint. Whether they were made in Peking, as was generally believed, or in Tientsin as stated by Peng, would not affect their legitimacy, since both were "official" mints. This author is inclined to accept the Peking mint theory, only because it conflicts less with the whole body of evidence.

Based on publication dates, the 10 and 20-cents pieces came into being some time before 1935 - twelve years before the first reference to the complete Peking silver series appeared. Furthermore, the fact that the fake 50-cents piece was known by 1937 - before there were any published references to the dies or to the three larger denominations of the Peking seriessuggests that its design was based on the design of the already then known 20-cents piece.35 Finally, the reference to the dies in Kalgan Shih's 1949 book, and to the full set of Peking coins in T.K. HSü's 1947 book - but not in the T.S. Tsiang's 1939 update of Wong's earlier book, would argue for the birth date of the Peking dollar, 50-cents, and 5-cents to be in the 19391947 period. It might also be no coincidence that all three publications came out of Shanghai.

According to recent Chinese publications36, the belief exists in China that after the Peking Mint was burned in 1900, a worker salvaged four of the Peking dies (less the 10-cents die) along with several 10 and 20-cents pieces, all of which were sold to a Tientsin collector named Fang Yau-yü. He later sold his entire numismatic collection to a Shanghai collector named Chen Jen-dao. The dies were loaned to Mr. S.C. Wong, a local coin-shop proprietor, who in about 1940 had several sets of the Peking coins struck from them. After Chen moved to Hong Kong, he sold his numismatic holdings to the Chinese History Museum in Beijing.

36 See particularly a 1983 article by Jie Qian in the 1st edition of Chinese Numismatics (Zhongguo Qianbi) titled 京局製造七錢二分銀幣是後鑄幣 (Dollar Coins "Made by the Peking Mint" are Restrikes).

37 Coole, Bibliography, page 110.

38 Arthur Braddon Coole, An Encyclopedia of Chinese Coins (Denver: A.B. Coole, 1967), p. 23.

39 This information was contained in personal letters to the author in the period 1972-73. Mr. Smith, author (with Brian Matravers) of Chinese Banknotes, graduated from Yale in 1939, received his MA from Columbia, and was a Ph.D. candidate at Harvard, specializing in the Chinese language. He spent some twenty years in the Far East as a journalist/correspondent, where he became close friends with most of the participants in this drama, including Eduard Kann, T.Y. King, and S.C. Wong.

40 Mr. Qian also stated in his recent letter to the author that in the 1960's he had personally talked to the brother of S.C. Wong, who told him that he had assisted Wong in getting "restrikes" made from the four Peking dies owned by J.D. Chen. This final bit of information seems to this author to be the piece de resistance in verifying major conclusions of the study.

Parts of this account are supported by a good evidence. First, the dates are fully in accord with the references cited previously. Furthermore, the persons involved can be otherwise identified. According to Dr. Coole37, Mr. Fang Yao-yü, whose self-chosen name was Jo Fang (which probably accounts for Kann's mistaken reference to a Mr. Fang and a Mr. Yo), was a prominent collector and author who lived in Tientsin. Interestingly, and perhaps pertinent to this story, he was a close friend (but not a relative) and collaborator of Mr. Fang Yü-Lou, whom Coole describes as a coin collector and a dealer in old curios, living in Peking at "16 Ch'iu Lu Hutang, a few blocks north of the Ch'ien Men." Elsewhere38, Coole says of this man, "He was an old-time Chinese scholar and had sworn that he would never allow a foreigner inside his house...." It is not proved, but it seems likely that Mr. Fang Yü-lou was the deus ex machina whereby those dies were saved and came into the possession of Mr. Fang Yao-yü.

Coole goes on to say that in 1939 he was told by personal letter from his friend Chang Chiung-po of Shanghai (this is Kann's Chang Tong-po) that Chang's close relative Mr. J.D. Chen (Chen Jen-dao, or Chen Jen-tao) had bought all of Fang Yauyü's coin collection. Chen was the anonymous person referred to by Kann as "since 1947 resident of Hong Kong." According to Ward Smith 39, who knew the man, Mr. Chen "...was not really a [coin] collector — just a speculator [apparently a very astute one] in many fields, e.g. antiques, real estate, etc...." That being the case, it is reasonable that he would have consulted a prominent Shanghai coin dealer, S.C. Wong, about the dies he had acquired from Fang Yao-yü.

Wong would have known where to have "coins" struck from them. That this was done is supported by the fact that Peking 20-cents pieces exist with two different reeding counts, 114 and 126 ridges, although both have the same number of denticles and beads. Apparently the original collars were not saved when the dies were salvaged from the burned mint - if, indeed, the salvaging took place after the burning. It is to be noted that the Peking dollar also exists with two different reeding counts, 144 and 152, suggesting the possibility that additional strikes were later made in Hong Kong.

Some time after 1947 Chen and Wong moved to Hong Kong, where Wong set up shop and again sold coins. After he died in the late nineteen fifties, his widow continued the business, although perhaps on a smaller scale, at a stand in the antique store operated by the T.Y. King family. In any event, Goodman (see footnote 29, page 9) says that he bought three sets of the

Peking coins from her in the nineteen sixties. H. Chang told the author in 1973 that the Peking sets were no longer available from Mr. Chen's family - suggesting that the sets sold by the Wong's were ones that actually belonged to Chen.

There remains the question of what happened to the dies. Goodman told the author that when he tried to buy a fourth set of the Peking coins from Mrs. Wong, she told him the dies broke while being used to make restrikes. Mr. H. Chang, in a personal letter to the author, said that in about 1950 or 1951 Chen sold his entire collection of Chinese coins, as well as the four dies, to the People's Government of China for HK$800,000. Ward Smith stated positively in a personal letter to the author that Chen sold his collection to agents of the Chinese government, whom Smith knew personally, for about US$200,000 [approximately HK$800,000], although he did not know if the dies were part of the sale.

The Jie Qian ( 錢傑 ) article referred to in footnote 35 says that Chen sold his coins to the History Museum of China, "...hence the set of steel dies are in Peking now." In correspondence in 1980-81 with the Museum of Chinese History in Beijing, this author was unable to confirm or deny their presence in Beijing. However, Mr. Jie Qian stated in late 1994 in a personal letter to this writer that he had visited the Museum, where he met with the curator of the numismatic collections. He was told by the curator that the dies are in fact in the museum's collections, having been acquired from Mr. J.D. Chen. He was also told that the die for the 10-cents piece is in the Shenyang City Museum in Liaoning Province, and that the Beijing Museum had tried to purchase the die for its own collection, but had not been successful. Although Mr. Qian was not actually shown the dies, there can be little doubt that his information is correct.40

This would appear to confirm not only the broad conclusions already arrived at herein, but it explains the absence of any 10-cents restrikes. Apparently the 10-cents die was never made available to Mr. Fang Yü- lou, but nevertheless does still exist. How it got to Shenyang remains a mystery.

In summary, the body of evidence supports this version of the story: Some time before 1935, a small number of the Peking 10 and 20-cents coins were struck – possibly in the Peking mint –from legitimate dies. Perhaps through his Peking friend Fang Yü-lou, Fang Yao-yü of Tientsin eventually acquired four of the dies (lacking the 10-cents die) which he sold in 1939 to Chen Jen-dao of Shanghai. The fifth die followed a separate, still unknown, route to the Shenyang City Museum. Through the

41 H. Chang, in personal correspondence with the author, stated that Kann bought his set in 1946. If so, this would have been when Wong and Chen (and the restrikes) were still in Shanghai. Chang also stated that Chen came to Hong Kong in 1948.

42 This view was expressed by Mr. Chang to the author in these terms: "No Chinese collectors here [Hong Kong] would care to collect the $1, 50¢ & 5c pieces because they know these are all unofficial strikes from genuine dies."

43 The author is indebted to Mr. Graham P. Dyer, Librarian and Curator of the mint, and to his fellow employees, for their considerable expenditure of time and effort in this examination.

Shanghai coin dealer Wong So-chaine, the four dies were used in Shanghai to make some ten silver sets of Peking coins, one of which may have been acquired by Kann41, and at least two gold specimens. After moving to Hong Kong in 1948, the Wongs sold the remainder of the sets in their coin shop, and Chen sold the dies in about 1952, along with his accumulated Chinese coins, to agents of the Chinese Government.

Status of the Peking Issues

There has been much controversy as to the legitimacy of the Peking issues. Some accept the Kann belief that ten sets were struck in the Peking Mint - and that therefore all are legitimate

official coins. Others believe that only the 10-cents pieces and some of the 20-cents pieces were struck in the Peking mint, and that therefore those struck outside the mint are, at best, unofficial restrikes42. Then there is a middle group who believe that both official and unofficial strikes of all but the 10-cents piece exist, and that they can be distinguished by their strike characteristics.

To test this latter view, several specimens were submitted in 1981 to the British Royal Mint43 for examination. The group included two dollars, two 20-cents pieces, and one each of the other denominations. The coins were found to have the metallurgical and die characteristics shown in the following table.

Comments by the Royal Mint giving their observations can be summed up as follows. From a composition standpoint, the coins fall into two groups: Group A includes coins 5 and 6; Group B includes all others. The Group A coins have a lower specific gravity (hence lower silver content). The beading and the edges of both coins, always critical features, are good, bespeaking proper striking procedures. The spectrometer scans of the Group B coins indicate a higher silver content and a consistency of composition, with the uniform copper peak being more significant in this respect than the peaks for iron or silver. Comparing strike characteristics, there is less difference between the two dollar coins than between the two 20-cents coins. In both cases, observable differences indicate that each of the paired coins were struck on quite separate occasions, although nothing stands out to indicate which were struck earlier. The Kann $1 is rather better struck than the other coins in Group B, all of which exhibit some degree of doubling.

These technical observations clearly support the conclusions given on the previous page, although they do not speak to the question of where or when the coins were struck. Any

44 This is the Fang in Kann's account of the Peking coins.

assessment of their value in that regard, however, has to take into account the relatively small sample involved in the study. The most striking result of the study is the clear difference in composition between the Group A and Group B coins. Accepting that the 10-cents coins were not restruck (because of the missing die), then coin No. 5, with a ridge count of 114, has to be an original strike. This is consistent with a conclusion reached by Mr. H. Chang and reported to the author in private correspondence. The two varieties of the Peking $1 suggest the possibility that similar edge reeding varieties of the 50-cents and 5-cents coins also exist.

Overall Conclusions

The following account represents the author's conclusions based both on known or developed facts, as well as on logic and rationales that do not conflict with known facts.

In 1899 the Ch'ing government ordered the construction of a mint in Peking in order to provide more centralized control of

45 This is the Mr. Yo in Kann's account. Fang Yao- yü's personal name was Jo Fang, which an Austrian would pronounce Yo.

46 See Coole, Bibliography, page 59.

the many provincial mints scattered throughout the country. The management of mint operations was entrusted to Edward Wyon, previously from the Canton mint. Operating personnel from the Wuchang mint were conscripted, but never arrived on scene. Machinery from the Hangchow mint was shipped to Peking and installed in a 30' x 80' building located adjacent to the new Imperial Bank of China on Ch'ang An Chieh street. Dies for a new coinage were ordered from the Wyon firm of London, and supplemental machinery was ordered from The Mint, Birmingham, Ltd. The dies did arrive, but because of the Boxer Rebellion, the machinery necessary to enable operations to begin never showed up. Some quantity of the 10 and 20-cents pieces were produced in the still incomplete mint (perhaps to pay mint employees, or perhaps as a trial run). Eventually, a few of these pieces found their way into collector's hands, and through this channel into the coin shop of S.C. Wong of Shanghai.

After the mint was burned by the Boxers on June 22, 1900, looters retrieved the dies, one of which migrated to the Shenyang City Museum, and four of which were sold to a local coin collector and curio dealer, Fang Yü-lou44. Because his interest was in ancient cash coins, Fang sold the dies to his friend Fang Yao-yü45 of Tientsin, whose collection of Chinese coins included struck gold and silver as well as cash coins.46 In 1939 Fang Yao-yü sold his entire collection to J.D. Chen of Shanghai, who commissioned or allowed S.C. Wong to obtain specimen strikes from the four Peking dies. These were spurned by local collectors, but were taken along when Wong and Chen moved to Hong Kong in 1948, and eventually disposed of to foreign dealers and collectors. A few additional strikes were made in Hong Kong before the dies went back to China when Chen sold his numismatic holdings in about 1952.

All of which raises the question of how to regard those Peking coins. All were struck from legitimate dies, so they cannot be called fakes or counterfeits. The 10-cents pieces, and those 20-cents pieces with a reeding count of 114 were probably struck

in the Peking mint, but were probably not authorized by the government as circulation strikes, and so they cannot be called "official" strikes. The $1, 50-cents and 5-cents pieces were not struck in Peking, so the Shanghai and Hong Kong productions cannot be called "restrikes" (a term implying previous strikes). Perhaps the term "off-strikes" might apply to the $1, 50 and 5-cents coins, while "restrikes" might be applicable to those 20-cents coins that were struck outside the Peking Mint. The 10-cents coins and those 20-cents coins with a reeding count of 114, all struck in the Peking Mint, should be considered as "original strikes". The possibility exists that when the Wyon firm forwarded the dies to Peking, they also forwarded one or two sets of the five coins, made from the those same dies. If so, these coins would probably be visually indistinguishable from the offstrikes and restrikes. Their most likely distinguishing feature would be a uniform silver content of 0.925 (British sterling). No such pieces are known to the writer.

However they are regarded, all are examples of a coinage that was intended to serve as an official model for the nation's struck silver coinage, and so are perhaps best described as "unofficial specimen strikes." This same terminology would be equally appropriate for the plain edge pieces now in Taiwan, which were probably struck in London from working dies made from the same matrices that produced the dies sent to Peking.

Whatever they are called, all are rare examples of a coinage that was planned - but never took place. They are historically significant for two reasons. First, they speak of a time when there was much corruption in the operation of some of the provincial mints - which corruption was the Peking coins' sole reason for being. Second, they speak of a time when China was engulfed in a war to rid itself of the hated foreign incursion - which war was the reason the Peking coins never came into circulation. Thus because of what they represent all of the unofficial specimen strikes should be regarded by the numismatic fraternity as collectible and highly desirable.

Acknowledgements

During the twenty years that this paper has been researched, many correspondents have shared their considerable expertise with the author - sine qua non! A particular debt is owed to Richard Wright, whose knowledge of Chinese struck coinage is peerless, and who has been a never-failing source of support. Several others have already been mentioned in notes and footnotes throughout the text, to which names should be added Don Canaparo of Aptos, CA; Kwan R. Liu, Tsan-sheng Hsu and Haru Chang, all of Taiwan; Jianlin Zhai, temporarily of North Carolina; Patrick D. Hogan of Iowa City, 10; M.J. O'Brien of Aurora, IL; André de Clermont of London, England; Justin C. Wang of Houston, TX; and R.B. White of Sheldonville, MA. I would particularly thank Jack Qian of Shanghai for his generosity in sharing his personal knowledge about these coins - acquired by dint of much effort on his part. Finally, I thank my brother, Hale C. Sweeny of Durham, NC, for assisting with translations, and for his hours spent in my behalf weaving through the maze of the Internet.

Highlands, NC February 6, 1995

原刊載於《東亞泉志》第 16 期

庚子年（1900年）京局製造銀幣

◎ 文/詹姆斯•史成尼 譯/曾澤祿 〔美國〕 © 版權所有

有極少數幸運的藏家，他們藏有庚子年（1900年）京局製造的銀幣，正面有中國干支年份“庚子”及漢字“京局製造”字樣， 中間珠圈內有光緒元寶之中文與滿文，背面是英文“PEKING”（意為“北京”），下面以英文記述銀兩數目。干支庚子年 即西曆1900年1月31到西曆1901年2月18日，期間正是義和團之亂（亦即庚子之亂）與八國聯軍侵華之時，中國，尤其是 首都北京，正處在一片混亂迷惘之中。

銀幣幣值種類

這一系列幣值共有五種1。各銀幣幣值與美國幣值一樣，但 以庫平之銀兩為主（1兩 =10錢 =100分 =37.31公克）。已

知的齒邊7錢2 分（1元）及50錢（5角）有銀質及金質兩種。

齒邊2角、1角、5分僅有銀質。此外，五種幣值都各有兩套 光邊銀制試驗品，其中一套在其邊緣印有序列號。

這些硬幣非常罕見，也是現在錢幣界最大的疑問之一，包圍 在重重迷霧之中，既具神秘感又令人迷惑不清，主要疑問包 括：這些銀幣在哪里製造？在何時製造？由誰製造？目的又 何在？數目有多少？誰造鋼模？大家對於這些問題看法各 異。其中有兩項疑問已被長期生活在中國的耿愛德 (Eduard Kann)(1880-1962)，在他所著《中國銀幣目錄》2 中解決。 他在書的第99-100頁提到：

作者多年來一直在尋求有關京局製造銀幣的真相，直到最後， 他有足夠的理由相信自己已經揭開了真相，事實就是，1900年 發生了義和團之亂，破壞與劫掠四起，北京尤是如此。有位銀 元局工人搶救出四種鋼模，並將其帶到天津。他在天津將這些 鋼模出售給了中國知名的古董藏家方若（方藥雨）先生。方先生 曾於1912年在天津辦中文日報。

方先生後來經上海張絅伯介紹，認識了上海大藏家陳仁濤（自 1947年起定居香港），並將中國珍稀古代青銅錢幣、唐宋明銀錠、 4套庚子銀元及輔幣鋼模，以及8套京局製造銀幣出售給陳仁濤。

但其中不含1角的鋼模；而售者自己仍持有其中2套銀幣。

在錢幣界裏，一般認為京局製造銀幣中只有1角和2角是真品， 其他幣值的銀幣都是偽品或假幣。但事實上，確實有1元和5角 的偽品存在，不過只要和真品進行比較，便可以很容易地分別。 而實際情況則很有可能的是京師銀元局曾製造至少10套試驗品。 當然，製造的1角及 2角可能較為多一點。

而在1900年，北京確實有一家小型錢幣廠，這在1898年（浙江） 杭州造幣廠公文中得到了證明，公文表示要將杭州廠設備移轉 至北京。但因1900年1月的義和團之亂，京師銀元局也和其他 無數的建築一樣遭到破壞。

筆者（耿氏）的一位錢幣界朋友對京局製造銀幣之事持不同意 見。他認可京師銀元局鑄造了少量1角及 2角銀幣，但因義和團 之亂而未再繼續鑄造這一觀點。他也同意，原來的鋼模被搶救 了出來，並賣給古董商，後又轉售給上海收藏家，該收藏家在 1947年移居香港。但我朋友認為，有一部分1元、5角及5分硬幣 是由私人使用原模具（在上海）鑄造的。他表示這些都不能算 是真正意義上的臆造品，但卻是私人後鑄之品。

至於這些錢幣是真品、是試鑄品、是後鑄幣、是臆造品或是 完全的偽品，還有許多爭論。這篇文章是希望將關於這些 “硬幣”的已知信息集中起來，並試圖通過事實和邏輯推斷 出它們可能從何而來。

1 此外還有第 6 種幣值，即10 文，已知有銅幣及黃銅幣兩種材質。然而，人們一般認為這種幣值的僅為臆造品。該幣直徑 28 毫米，重6.5克。1935 年《中國研究》第23 卷第 6 期中首 次提到這種硬幣，列於伍德華 (A.M. Tracey Woodward) 題為《中國機製銅元》的系列文章中。伍德華說到，“這一小巧的硬幣似乎是為在北京流通而製造的，但在鑄造了幾枚試 鑄幣後，被認為並不合適流通而遭到放棄……”10 文銅幣數量極為稀少，而這又是所有資料中最早涉及北京發行錢幣的參考資料，因此伍德華的描述似乎頗為可信。有人基於邏輯 推論對其真實性表示懷疑，但沒有任何已知的證據可以證實兩種結論中的任何一種。 2 原在1954出版於香港，後由紐約河濱造幣廠於1966 年再次印刷。

京師銀元局

如前文所提到的，關於這套銀幣的第 一個疑問是其在何處鑄造。據說，銀 幣是由北京銀元局鑄造。1900年時， 確實已經有京師銀元局，這點毫無疑 問。各方數據來源都可以證明其存在 和歷史，具體如下：

直到光緒之前，中國貨幣一般都以銅 錢為主。顯然，這些“銅錢”硬幣基 本滿足了農業經濟的需要，但如果要 積極參與國際社會，那麼僅有銅錢是 不夠的。而光緒皇帝意識到和外國通 商所能帶來的潛在利益，並且希望中 國也能步入現代化，所以他在1887 年 批准了總督張之洞錢幣改革的奏摺， 允許在廣東興建第一座近代造幣廠， 製造銀幣。這所廣東造幣廠是由英國 伯明翰公司3建造，1889年，造幣廠由 愛德華 · 懷恩 (Edward Wyon) 負責開 始運作。愛德華 懷恩是英國知名的懷 恩家族成員，曾任職於伯明翰造幣廠4 。

之後的十年間，中國有幾個省也紛紛 興建造幣廠，但因為沒有中央政府造 幣廠進行總體控制，各省相繼建廠造 幣，出現銀幣氾濫。當時，慈禧太后 正垂簾聽政，軟禁光緒皇帝。最終， 慈禧認為必須要控制國家幣制，所以 在1899年6月5日命令總理衙門，籌劃 在北京建造造幣廠一事5 。

但當時的大臣不太可能按照慈禧的命 令將安徽（安慶）造幣廠轉移到北京6 ， 儘管耿氏7曾提到，“舊的安慶造幣廠在

1897年11月開廠，但在運營僅一年多之後，便在1899年8月按欽差大臣奕劻8的命 令停辦。”1899年6月17日，也有可能是在更早的時候，《北京與天津英文日報》 也曾提到，“ 北京即將在6月23日開工鑄造銅錢及銀幣”， 這樣做便說明當時設備 已經準備就緒。在1899年7月29日，日報進一步報道稱，“已經開始在北京用機 械製造銅錢”。這裏明確使用術語“銅錢”或許就是第1頁註腳1中提到的那枚有 爭論性的當10文京制銅錢，因為報紙上的報道和安慶造幣廠搬至北京的時間一 致，都在1899年年中。

3 詹姆斯 史成尼 :《伯明翰造幣廠錢幣史》（伯明翰，伯明翰造幣廠，1981年），第 78頁。也可參見賴特於1976 年出版的《錢幣編年史》第16 卷，《中國省造銀質龍紋硬幣》。

4 同上，附錄二。

5 其後不久，1900 年1月17日《北華捷報》進行了報道，總理衙門在1899 年 6月時已經決定，“……在首都建造配備有外國設備的大型造幣廠有益於各個階級，而且現在的舊造幣廠 不誠實和欺詐行為頻現，運行這樣一座造幣廠，可以防止這些行為。”6月5日，敕令總理衙門仔細考慮，“……在北京建造外國模式的造幣廠應該遵循什麼樣的規程來取代舊造幣廠 ……”“舊造幣廠”一詞明顯是指相對較新的省級造幣廠。

6 據作者所知，沒有任何記錄可以證實安慶造幣廠機械設備最終運往何地，因此京師銀元局究竟是如何建立的便只能推測其可能性。然而，1900 年英國皇家造幣廠報告中的一項 聲明稱，“這座造幣廠已經關閉，機器將被送往武昌造幣廠”，這一說法表明情況並非如此，並有造幣廠地理位置和建廠需求為證。

7 耿愛德：《中國造幣史》，《中國研究》，第39 卷，1939 年。

8 奕劻是慈禧太后把持朝政時的內閣大臣。

此前還沒有人報道過京師銀元局的確切地址9。但從1900年 在北京經歷了義和團之亂的外國使館員的記述中可以知道， 該廠明確位於新開的大清銀行隔壁，如上圖所示（虛線區域 的放大圖見第3頁）。

人們通常認為，京師銀元局只可能是通過轉移杭州造幣廠 的機械來建成的，而這種推測很有可能是正確的。1899年 12月2日，《北京與天津英文日報》在報道稱，“ 配備有德國 機器10的杭州造幣廠被下令拆除，並在北京重建 ”11。英國 皇家造幣廠在1900年的報告書中稱，“杭州廠在1899年8月 3日關閉而轉為兵工廠，這杭州廠的德國機器就被轉移到北 京去”，美國造幣廠在1899至1900年的報告書裏第320頁中 提到，“在1898-1899年已建立而成的杭州廠已停工，而其 機器被轉移到北京去”，所以北京鑄幣廠極可能是由杭州之 德國機器轉移到北京去。似乎在1899年年底前，北京便已 有一座造幣廠，但設備並不完全，需要再加一些裝備，所以 在1900年1月及3月6日，中國駐倫敦大使向伯明翰造幣廠訂 購，要求在1900年3月6日前運送6具鍛車床、6臺軋機、1

臺可以製造5種不同幣值的銀幣的硬幣壓印機，以及1具150 馬力蒸汽發動機（原來的蒸汽機可能留在了杭州，供兵工廠 使用）。伯明翰造幣廠的記錄顯示這批訂購的機器如期到達， 但此時正是義和團之亂，這些及其是否有到北京尚有疑問， 可能僅運送到天津而已。1900年6月6日可能還額外訂購了5 具鍛車床，也同樣轉運至天津。

1900年，任何外國人、外國物品都處在巨大的危險之中， 其中也包括工廠裏的外國設備。1900年初，義和團運動爆 發，該民間組織起於陝西省，致力於扶清滅洋，很快就蔓延 到東北部各省。在1900年5月發展至北京，6月9日，義和團 在慈禧太后的默許下，開始共同破壞北京韃靼城內的外國大 使館，以及韃靼城及漢人城內的各個教堂。當時的北京城地 圖如圖3所示，韃靼城和漢人城連同皇城一起，構成了北京 城圍城。

義和團對大使館的圍攻未能成功，但一直在持續，直到8月 15日八國聯軍抵達12。而銀元局在圍攻的頭兩周裏免不了遭

12 1900 年，由英、美、日、德、俄、意、法、奧組成的八國聯軍鎮壓義和團，這種國際聯合頗為少見。

9 事實上，已知的造幣廠設備詳情僅見1900 年3月的設備訂單，訂單中含有6 臺軋機，“計劃安裝在長80 英尺，寬 30 英尺，高14 英尺的工廠中。”其中指出完整的設備規格和希頓家 族在1887年建造的廣東造幣廠（627 英尺 × 424 英尺）一樣，這些設備占京師銀元局近乎三分之二的位置。 10 1899 年12月2日，《北京與天津英文日報》報道稱，“戶部已購買德國造幣設備，並於幾天前運抵北京。”儘管時間上尚存疑問，但可以推測，這裏的設備指的是注腳11中的杭州 造幣廠設備。1900 年英國皇家造幣廠報告第 41頁稱，“杭州造幣廠在1899 年 8月3日停辦，轉作兵工廠。造幣廠中的德國設備運送至北京。”美國造幣廠1899 年至1899 年報告的第 320頁指出，“這一年（1898-1899 年），製造銀元及輔幣的造幣廠（無疑是杭州造幣廠）竣工，正式投產，但之後接到命令，要求即刻停工，將機器轉移至北京。1898 年秋抵達造 幣廠的外國專家也轉移至南京。” 11 1892 年至1901年《皇家海關十年報告》第 8 卷第9頁稱，“1899 年10月，杭州造幣廠拆除，機器運送至北京；國外負責人也共同調派北京，提供服務。”

到了破壞，滿樂道 (Robert Coltman)13報告稱，“6月13日， 義和團攻擊新建的銀元局，大清銀行遭到來自大使館東角的 來福槍射擊。”明恩溥 (Arthur H. Smith)14報告稱，“6月13 日整晚，北京四處都有建築在燃燒，火光沖天，之後兩三天， 大家都知道了，除了有外國軍隊保衛的地方，北京所有屬於 外國人或被外國人佔領的地方都遭到摧毀。” 儘管銀元局可 能在6月13日當日得到了保護，但這只是暫時的。9天後的 6月22日，義和團再度攻擊新建的銀元局及大使館附近的外 國建築物。

之後，明恩溥15在其記載中由此闡發道，“在這次有組織的大 規模攻擊在京外國人的行動中，遭到破壞的財務數量難以準 確查明。首先，在北京各處有很多個人住宅。其次，位於口 欄巷（音）的皇家海關大院也與其他建築一起焚毀，給中國 政府造成了巨大損失。電廠的情況和未完工的大清銀行和新 建的京師銀元局同樣糟糕。

”根據上述內容，以及其他的確 鑿記載，我們可以知道，京師銀元局在1900年6月22日前後 遭遇了和很多其他國營企業一樣的命運，有無數無價中國古 代書籍和王朝記錄藏於其書庫內的翰林院也同樣遭此厄運。

總而言之，我們可以確定，京師銀元局在1899年年中至 1899年末在北京開工，其中便有來自停辦的杭州造幣廠的 設備（也有可能來自安慶造幣廠）。銀元局位於韃靼城，毗 鄰大清銀行，可能位於崇文門大街及長安街西南角（東單公 園最北邊）。曾兩次向伯明翰造幣廠訂購額外的機器，設備 可能未能在1900年6月22日義和團摧毀京師銀元局之前抵達 中國。

銀元局經營

京師銀元局存在的時間非常短暫，那麼它是否真的鑄造了 任何用於流通的硬幣？這是一個非常現實的問題。儘管《北 京天津英文日報》可能曾在1899 年 6月19日預報，“6月22日， 在北京將有機器之銅錢與銀幣”。但除本文所涉及的硬幣外，

目前尚未有任何一種已知的錢幣，可以根據其傳說或現存 的記錄，明確確定其為京師銀元局所發行的。

戶部明顯已經採取前期行動，向新建銀元局派遣運營人員。 對此，上海出版的中文錢幣期刊《泉幣》在1944 年5月發行 的第24 期中刊載了一篇由王君複所寫的《湖北紫銅樣幣始末 記》，其中有一項有趣的記載。內容如下（意譯16）：

湖北（武昌）造幣廠所鑄紫銅樣幣，五種為一套（一套由1元、 5角、20分、10分及5分組成），貯以柟合。或以為鄂局開辦時 所鑄（1893年至1894年）。

餘曰，此光緒二十五年（1899年） 17 7月， 先提法公（王秉恩）奉召入京開辦京師銀元局所鑄，以呈慶邸 軍機處王大臣，戶部六堂及那京卿（琴軒相國時尚為京卿），李 通正，郭太常（三人欽派銀局提調）諸人者。共鑄四十套。

政（正）束裝待發，而先王母許太夫人病劇18，至九月藥養18。

十月又奉懿旨，以此等局差與地方事務不同，令於穿孝百日後， 迅速來京，以資熟手，欽此。

次年（1900年）（是年北京鑄有“京局製造”各幣），開凍後北行， 甫至滬，拳亂已作，首批員司工匠及應用對象先行19。（樣幣及 湖北官佈局之布皆預備土物）抵津，為聯軍兵艦擊沉。

兩宮既西狩。先公仍折回湖北20。故僅餘樣幣數套之留藏篋笥未 攜赴京師者。

緣此樣幣之範，為鄂局所用滬匠黃某（此人歿於津沽）所鑄鐫， 先公攜之至京，陳之各堂，以示無須賃用洋匠之意。用銀鑄， 與通行者無別，且近賄賂，故以銅為之。麗以官布。皆先公在 鄂所辦理之成績也。

前歲移局，摒擋什物，家中人以木合無用，付之炊爨（cuan）。 年來則僅存樣幣之成套者，亦為人易去。今惟殘餘小品一二枚， 以為紀念。因記始末如右。

13 滿樂道：《北京被圍記》（費城：戴維斯公司，1901年），第210頁。

14 明恩溥：《動盪中的中國》（紐約：弗萊明瑞威爾公司，1901頁），第1卷，第237頁。

15 同上，第238頁。

16 感謝廖博士 (T.W. Liao) 進行翻譯，可能因為他不熟悉這一時期的歷史。該內容翻譯有一些錯誤。

17 在和中國歷史博物館的一位負責人的私人通信中可以確認，這 5 枚硬幣正是耿氏在其銅幣系列文章中所提及的編號為 40x 至44x 的那些硬幣。其背面和1元銀幣相似，在希頓風 格的龍紋邊上是英文“ HU-PEH PROVINCE 7 MACE AND 2 CANDAREENS ”字樣。其正面圖案也都相同，珠圈內的漢字直讀“光緒元寶”，周圍印有中文及滿文“湖北 省造”字樣。其中一套樣幣是由耿氏在1971年 6月18日出售（舒爾曼鑄幣公司及品質銷售公司），編號為 44-48 。該試鑄幣可能是在1899 年鑄造的，但其鋼模似乎是1896 年為常規發 行的硬幣所制。這點可以在同期發行的《泉幣》雜誌中由王君複所寫的另一篇文章中得到印證。他稱湖北銅幣樣幣的木盒上有10 個漢字作為標記，該標記意為“ 5 枚湖北造幣廠制 銀幣”。他提到自己擁有一套試鑄幣，並補充道，“那些日子裏（1944 年），想要找到有相同設計的銀幣是件很容易的事，但銅質試鑄幣極少。” 18 根據古代習俗，父母過世必須守孝三年。

19 從武昌到北京要沿長江行至上海，然後經黃海、直隸灣和培江至天津港，最後經鐵路至北京，全程約14 00 英里，而這段行程必須等到春季黃河水位高漲時才能啟程。

20 事實上，他們航行至北京以逃離聯軍追捕。1900 年 8月15日，聯軍抵京，皇室離開北京。

至往來函電公牘，另黏成冊，以為家乘雲。後四十有四年癸末 九月，華陽王文燾識於蘇城僦舍。

儘管這篇記載中的部分內容略為言過其實，但我們有理由 可以推斷，在光緒二十五年（1899 年），戶部已經開始着辦 京師銀元局，同時招募洋匠。文中提及到“以示無須賃用 洋匠之意”，即銀元局同時也從最好的省級造幣廠之一的武 昌造幣廠招募經驗豐富的造幣技術人員，但是實際上北京 製幣廠卻是由外國人作為總監技術主管。1899 年9月9日《北 京天津英文日報》有報道過，“廣東造幣廠的主管愛德華 懷 恩被推薦到北京造幣廠當主管”，由此可知，愛德華 懷恩在 1899 年年底到達北京，在北京的新式造幣廠中檢驗由杭州 轉來的機器，知道尚欠幾樣之機器，把所要的機件文書送 到在倫敦的中國大使館在1900 年1月再跟伯明翰交涉，所以 在1900 年3月及6月，伯明翰才把各種欠缺之機件送到中國 來，但當時已是義和團之亂，機件並未送達北京，僅到天 津而已。而懷恩先生可能確實曾經擔任該職務，這從其訃 告21中可見一斑。

懷恩先生頗受中國政府尊重，他曾擔任廣東造幣廠運營部 門主管，得到廣泛認可，並獲旨嘉獎。懷恩雖身處廣東， 但他代表梅斯 希頓先生 (Messrs Heaton) 前往北京，就 建立京師銀元局一事進行協商。此時正值庚子之亂，懷恩 先生曾與其夫人共同進入北京，其後不久，歐洲大使館便 遭圍攻。圍攻期間，懷恩夫婦受困城中，最終，懷恩夫人 在這亂時過世。雖然懷恩先生也曾被報道過去世的消息， 並刊登於其家鄉（英國）報紙上，但懷恩先生卻是有幸毫 髮無傷地脫險了。

而懷恩先生可能是在1899 年末應戶部要求前往到達北京， 而非代表伯明翰造幣廠前往北京。伯明翰造幣廠確實在 1900 年初開始就向京師銀元局提供設備一事與中國駐倫敦 大使館進行協商，但是根據一份對懷恩先生與拉爾夫 希 頓 (Ralph Heaton) 在那段時期的私人通訊的相關研究顯 示，懷恩先生並未參與任何協商事宜，也並非代希頓先生 承擔任何工作。而1900 年在京工作的外國使節人員所寫日

記中並沒有提到懷恩夫人之死，也沒有提到懷恩夫婦在那 些在大使館中避難的外國人之中。因此，懷恩似乎確實見 證了京師銀元局的開建，並在庚子之亂期間被中國人監禁， 或受中國人庇護。

愛德華 懷恩能夠負責新建銀元局得益於兩件事。1900 年 3月及6月，銀元局向伯明翰造幣廠訂購的設備和懷恩在廣 東造幣廠訂購的設備一致，而該造幣廠的設備也一直是來 自伯明翰造幣廠。這表明，懷恩在1899 年到達北京之後， 首先便是調查了從杭州轉移來的設備，並且列出所需的額 外設備。該清單寄至中國駐倫敦大使館，據此從伯明翰造 幣廠採購所需設備。

更重要的是，儘管耿氏所知甚多，但1900 年京師銀元局生 產硬幣所用的鋼模實則是從倫敦的一家鋼模公司訂購的。22 愛德華 懷恩當時沒有可用於供應的鋼模製造廠，於是他 和在1888 年建立廣東造幣廠時一樣 23，從倫敦訂購鋼模。

1888 年5月19日，《倫敦畫報》曾報告過，廣東造幣廠是由 愛德華 懷恩一手包辦興建而成，其鋼模是由伯明翰公司 造的，但鋼模是由懷恩家族裏一位份子艾倫 · 懷恩雕刻出 來的，這可以知道愛德華 · 懷恩和伯明翰的關係密切，所以 愛德華 懷恩到北京時，他想要的機器及鋼模當然便由伯 明翰公司訂購。在英國博物館24 的文獻記載中，列出了308 個由懷恩公司製造但在1933 年2月為約翰 平切斯 (John Pinches) 在倫敦的公司所獲得的鋼模，這便包括有1900 年 庚子北京製造銀幣的鋼模，其中便包括一整套的龍紋衝床 及鋼模，以及一套近乎完整的1900 年北京製造庚子銀幣母 模具。所以說北京製造庚子銀幣的鋼模是由艾倫 懷恩雕 刻是沒有錯的，1933 年2月，懷恩的遺產拍賣給約翰 平切 斯 (John Pinches) 在倫敦的公司。他用自己保留的原來的 鋼模再做了兩套光邊銀幣，這銀幣後來被英國斯賓克公司 買去，後來在1980 年再轉讓給臺北鴻禧美術博物館25 。 綜上所述，我們可以知道，艾倫 懷恩的倫敦鋼模公司根 據愛德華 懷恩的訂單，為北京庚子銀幣製造了一套母模 具，而且用此生產了一套鋼模，並寄往北京 26 。而這些模具

21《伯明翰每日郵報》，1906 年 8月24日。

22 懷恩兄弟是托馬斯 • 懷恩 (Thomas Wyon)19 世紀初在倫敦成立的私人鋼模公司的合夥人。托馬斯於1830 年過世，在他死後，本傑明 • 懷恩 (Benjamin Wyon) 繼承了公司， 之後再由本傑明的兩個兒子，即懷恩兄弟繼承。1872 年，艾倫 • 懷恩加入公司，而北京造幣廠所用鋼模正是由艾倫製造，這點毫無疑問。

23 1888 年5月19日，《倫敦畫報》報道稱，廣東造幣廠首批貨幣所用鋼模是應伯明翰造幣廠的訂單要求，在愛德華 • 懷恩 (Edward Wyon) 的監督下由艾倫 • 懷恩雕刻。

24 感謝菲利普 • 阿特伍德 (Pilip Attwood) 提供懷恩鋼模登記冊中涉及中國鋼模頁面的複印件。

25 包括在1889 年前後廣東造幣廠製造發行年份未明的第一批廣東銀元 (7錢 3 分等幣值 ) 的母模具、鋼模和衝床。

26 他保留了母模具，並用此製造了另一套鋼模，用該鋼模鑄造了至少兩套光邊銀質樣幣作為公司的參考藏品。這兩套銀幣現在臺北張氏基金的張秀青先生處收藏，曾於上世紀 80 年代被懷恩地產賣給斯賓克森公司，由此進入張先生的藏品之列。兩套硬幣均無齒邊，其中一套有 950-953系列號的戳記，以此確認它們是懷恩公司自己的硬幣及紀念章藏品。邊 緣有標記的套幣在張氏基金1990 年出版的《晚清珍稀金銀幣》及董文超1992 年出版的《近代中國金銀幣及紀念章概覽》中有所介紹。根據勞倫斯 • 布朗 (Laurence A. Brown) 於 1989 年在英國藝術獎章協會發表的題為《懷恩家族的私人紀念章》的講話，可以推斷，這些標記是出於上述目的。

庚子北京製造銀幣——數量有多少

依照耿氏的說法（見第1頁）：“ 京師銀元局至少鑄造了10套試 鑄品，其中1角及 2角可能多一點。”他繼續引用朋友施嘉幹所 言，同意鑄有1角及 2 角試鑄品的說法，但他認為，“……1元、 5角、5分是在上海由原模私鑄的。”在其與筆者的私人通訊中 可知，另一位知名的香港錢幣學家（非華人）稱，“大家一 致同意，鋼模的前任所有者必定製造了至少滿滿一鞋盒的 後鑄幣。”

關於庚子京局銀幣的數量有兩種截然不同的觀點，而現有 的證據似乎對耿氏更為有利。筆者追蹤了1950 年至1980 年 間，所有可以找到的 5 種幣值的庚子京局銀幣，不論其發行 與否。公開和私人知道的拍賣物中，撿取 2 角銀幣拍賣轉手 的記錄如下27 ：

伍德沃德 ( 上海 ) <1951> 舒爾曼 (Schulman) <1951> 基佛 （Keefer）? <?> 斯賓克 ? <?> 鮑克 <1970> ?

絲柏1961 佛羅里達照明公司 <1977> 英國收藏

王守謙夫人 <1962-7> 古德曼 (Goodman) <1988> 蘇佩裏歐 (superior)<1988> ?

王守謙夫人 <1962-7> 古德曼 <?> 日本 <?> ?

王守謙夫人 <1962-7> 古德曼 <?> 卡納佩羅 (Canapero) <1971>

斯賓克 <1972> 日本 <?> 斯賓克 <?> 奧康納 (O’Conner) <?> ?

馮 哈雷 (Von Halle)（香港）<1966> 格倫迪寧 (Glendining) <1966> ?

耿氏 <1971> 品質銷售 <1971> 紐約收藏 <?> ?

卡納佩羅 <1971> 彼得斯 佛羅里達照明公司 <1972> 卡羅來納 收藏

蘇佩裏歐 <1973> ?

金錢公司 <1976> 艾爾曼 (Elman) <1976> 萊普奇克 (Lepczyk) <1977> 德克薩斯收藏

斯賓克澳大利亞 <1978> 斯賓克英國 <1978> 劉先生 (C.C.Liu) <?> ?

張氏基金 ( 臺北 )

這些 2 角銀幣經過 30 多次拍賣轉手，數量不超過12 枚，但 根據上述買賣的起始與結束時間，甚至可能只有 7枚。而其 他幣值的銀幣並未有如此之多的買賣，其記錄均表明，它 們的現存數量更少一些。但有一點是毫無疑問的，在這段 時期內，有些銀幣已埋沒於私人收藏之中，這些私人間的 買賣無從得知，所以其他幣值的銀幣數目可能比買賣活動 中所知的還多。

根據買賣記錄，以及其他一定數量的未經記錄的銀幣，其 作者估計1900 年北京造幣廠發行的各幣值銀元數量可能在 10 枚至15 枚之間，但 2 角的數量可能在 20至 25 枚之間。這 一數字與耿氏及其中國朋友施嘉幹的結論一致，也與香港 張秀青先生 28 私下告知筆者的說法一致，但卻與1988 年蘇 佩裏歐與古德曼先生之間的買賣描述並不相符29 。

27 該表未向作者明示或暗示任何保密信息，僅顯示公共記錄中的材料或已獲得發佈的材料。請注意，經銷商、公開拍賣和公共的固定價格清單均為斜體。所示日期為寄售或出售 日期。

28 當時，張秀青先生是中國知名的錢幣藏家，在其與筆者通信中，就京局製造銀幣闡述了他自己的觀點，其觀點和耿氏向“筆者的一位中國錢幣藏家朋友”透露的觀點完全一致。 張先生闡述了這樣一件事實，只有1角和 2 角銀幣是在京師銀元局所鑄，這些是其中的官制幣，他“估計有約10 對銀幣在藏家手中。”他補充道，非官制幣是使用陳仁濤的 4 件鋼模鑄 造（見註腳 30），因此現存的 2 角銀幣比1角銀幣多了一些。

29 拍賣目錄中的描述如下：

“1962 至1967年間，古德曼先生前往香港約有15 次。在香港時，他從王守謙夫人處購買了諸多硬幣，包括三套難以覓得的京局銀幣。王守謙夫人在金先生位於香港舊亞曆山大大 廈（現已拆除）所有的大型古董商店底樓有兩張硬幣展示桌的位子。 王守謙夫人60 多歲，性情溫和，備受尊重，竟只是一位錢幣藏家的夫人（此處有誤），這讓古德曼先生頗為驚訝……耿氏提到，錢幣藏家王守謙先生買下京局銀幣鋼模及8 套京局銀 幣！金先生是王守謙夫人的朋友（已過世），也是她丈夫的藏友。金先生的兩個兒子在其過世後接管了他的古董店，他們信守金先生的承諾，讓王守謙遺孀免費使用鋪位，直至其過世。 王守謙的夫人向古德曼先生承認，他們夫婦共擁有全部 8 套京局銀幣，缺少了幾枚小幣值銀幣，因鋼模損毀，無法再進行鑄造。這似乎是在這家民間小店試圖使用這些鋼模鑄造時 損壞了。大約 20 年前，古德曼在日本出售了其中兩套迷人的京局銀幣，並保留了一套自己收藏（即該次拍賣中的這套）。” 是否在京師銀元局使用，仍有待商榷。從1900 年3月及6月 的設備訂單性質可知，從杭州造幣廠轉移機器無法滿足京 師銀元局任何重要的生產工作。但可以肯定的是，那些鋼 模也多少生產了一定量的硬幣。就所有已知北京庚子銀幣 的樣幣而言，它們都展現出非常相似的鋼模特點，這可以 表明它們都是使用同一套鋼模生產的。

庚子京局製造銀幣鑄造的時間與地點何 在？

京局製造銀幣相關出版物介紹了它們是在何時被第一次發 現的，以及它們最後的鑄造時間可能是在什麼時候。筆者 依據主要書本資料做出如下小結：

(1) 最早涉及京局銀幣的參考資料是1935 年2月8日寰球郵 幣公司出版的《中國稀見幣參考書》，作者王守謙 30 ，其中 中國貨幣的定價彙編涉及京局製造銀幣相關內容如下：

第20頁 輔幣 #39 京局1角 每枚5元 #40 京局2角 每枚10元

第24頁 銅幣 #19 京局10文 每枚3元

(2) 最早涉及庚子年京局製造銀幣偽品的是1937年11月10 日鄧肯 雷伯恩 (Duncan Raeburn) 31向中國集幣協會發表 的《臆造品錢幣》一文，該文刊登於1938年6月的《中國研 究》。文中耿氏（耿氏234F）介紹的京局5角銀幣照片當為 偽品。

(3) 之後一本關於京局製造銀幣的參考資料是 1937年科門 奇尼 (M. Comencini) 32所著《近代世界錢幣 (1870-1936)》 （倫敦：麥森公司，1937）。書仲介紹並描述了京局2角及1 角銀幣。科門尼奇表示，“在聯軍解救被圍困的外國大使館 之後，缺少2角及1角銀幣的情況未能緩解，為此鑄造了這 兩種銀幣。”但如上文所述，現存樣幣的數量並不支持這一 說法，而銀元局也非在這一時期遭到破壞。

⑷ 此後不久，蔣仲川33在1939年上海寰球郵幣公司出版的 《中國金銀鎳幣圖說》中的第140頁中對庚子京局製造銀幣

做了如下描述：“ 京局製造銀幣系光緒二十六年（1900年） 北京鑄造之銀幣，僅有2角及1角2種，鑄模精良，銀色亦好， 甫經鑄成，適值拳匪變亂，未能繼續鑄造，故流傳極少，足 亦名貴之品。”

(5) 1947年上海出版的徐先生所著《中國錢幣目錄》第27 頁第一次提到全部京局銀幣1套有5種。但書中未作相關評 述。34

(6) 1949年6月上海出版施嘉幹所著《中國近代鑄幣匯考》 指出，“ 京局鑄造2角及1角時，正當義和團之亂，銀元局部 分燒壞，被迫停工。但這銀輔幣並沒有流通使用，現存的1 元、5角均是用現存的原鋼模在近代再鑄造的。”這是第一次 明確提到京局銀幣的鋼模。

(7) 京局製造銀幣發行的另一重要參考資料是原來1954年耿 氏所著《中國錢幣目錄》，耿氏在書中第1頁至第2 頁完整地 介紹了該系列硬幣。並且提到他認為官方的京局全套有5種 銀幣，另有1枚5角的偽品。

(8) 1954年，彭信威 (P'eng Hsin-wei) 首版《中國貨幣史》 第一次提到京局系列幣有金質鑄幣；在1965年的英文版中 又說，“光緒二十六年（1900年），京局有試鑄2角及1角，是 在天津鑄造，有從1元至5分五種不同幣值的銀幣鋼模，但 僅試鑄了這兩種，這些鋼模後來轉手到私人手中，又私鑄 了幾套銀幣及金幣 ”。 京局金幣有1元及5角齒邊樣幣兩種， 1973年6月，在美國蘇佩裏歐郵幣公司拍賣時作為578號和 579號拍品出現過。

由以上文獻數據，我們可以得出幾點結論。其中最重要的一 點是，我們可以知道2角及1角比其他三種早一點出現，這 讓我們有理由相信，這兩種銀幣是在官方造幣廠鑄造的。並 且，不管是否它們如人們一般認為的那樣，是在北京鑄造 的，還是如彭信威所說的在天津鑄造，這都不會影響其合法

30 王守謙的夫人向古德曼先生承認，他們夫婦共擁有全部 8 套京局銀幣，缺少了幾枚小幣值銀幣，因鋼模損毀，無法再進行鑄造。這似乎是在這家民間小店試圖使用這些鋼模鑄造 時損壞了。大約 20 年前，古德曼在日本出售了其中兩套迷人的京局銀幣，並保留了一套自己收藏（即該次拍賣中的這套）。”30 在共產黨執政前，王守謙在上海經營硬幣商店。他和 古董商金先生以及投機富豪陳仁濤一起在1947年移居香港。在香港時，他在金先生新開的古董商店中做錢幣買賣。王守謙和金先生都於 50 年代過世。此後，金家繼續經營古董生意， 並讓王守謙夫人繼續在他們商店的底樓做錢幣買賣，至少持續到 60 年代才結束。

31 邱文明 (Arthur Braddon Coole) 在《遠東錢幣書目》（北京：中國加州大學，1940 年）第245頁中說到，雷伯恩 (Raeburn) 在上海受雇於英國怡和公司（Jardine ， Matheson&Co.）。

32 據邱文明所說（同上，第230頁），科門奇尼是一位錢幣藏家，在1905至1934 年供職於上海國際事件處理員警部門，退休後回到英格蘭。

33 蔣仲川和王守謙乃郎舅。這本書的鉛版中也有一些曾用於王守謙早先出版的書籍，這些鉛版最終交給了耿愛德，他曾仔細考慮是否要在1954 年的書中使用這些鉛版，但最終決 定使用照片替代白描畫。

34 該書經常更新，在1947年版中，徐先生列出了5 種幣值的銀幣，其製造不具備合法性或來源資質。最後一版（1991年）的配圖與第一版（1947年）的配圖相同，但文本將所有的 配圖都標注為“後鑄幣”。無配圖的1角和 2 角條目都標注為“官制幣”。

性，因為兩家都是官方造幣廠。而筆者傾向於北京製造的說 法，只不過是因為這種觀點和大量現有根據實品記述與參考 數據的矛盾之處更少。

就發行時間而言，2角及1角出現在1935年書籍出版之前， 12年之後，才出現全套京局銀幣相關的參考資料。除此之 外，5角銀幣偽幣出現於1937年，此時尚未有關於鋼模或 其他3種幣值更大銀幣的相關參考書籍出版，這表明5角銀 幣偽幣乃是根據當時已知的2角銀幣而仿製。35最後，施嘉

幹在其1949年出版書籍中提到銀幣鋼模，徐先生在其1947 年出版的書籍中提到了全套京局銀幣，而1939年蔣仲川更 新王守謙早期著作時卻未提及相關事宜，因此，我們可以 推論，京局1元、5角、5分是1939年至1947年之間鑄造的。

而這些提及京局全套銀幣的書本都是上海出版的，這點也不 無巧合。

根據錢傑在1983年《中國錢幣》創刊號中所發表的一篇文 章36，他認為在1900年北京造幣廠被焚之際，造幣廠工人搶 出4種鋼模（無1角的鋼模）及幾枚1角、2角的試鑄幣，當 時沒有1元、5角、5分的試鑄幣，以後工人將此套鋼模連同 幾個試鑄幣帶到天津，賣給方藥雨，而方藥雨又經過張絅伯 介紹，售給上海大收藏家陳仁濤。後來，鋼模借給了上海硬 幣鋪店主王守謙，他在1940年前後用這些鋼模鑄造了一些 京局銀幣。陳仁濤在1947年移居香港，後在1952年又將這 些藏品賣給位於北京的中國歷史博物館。

上述記載得到一項有力的佐證。首先，這些年份與所引資料 參考中的年份完全吻合。此外，涉及人物可以得到確認。根 據邱文明37(Arthur Braddon Coole) 所述，方藥雨，原名 方若（這也可能時為什麼耿氏為何錯提方先生及於先生的原 因），是著名的收藏家及作家，居天津。而 還對方先生作了 一段有趣的描述，可能與此事有關。邱文明38是方藥雨的密 友（但不是親戚）及合作夥伴，他形容方藥雨是一名錢幣藏 家和古玩商人，住在北京“前門北邊幾個街區的秋露胡同 （音）16號”。此外，他還說到，“他是一個老派的中國學者，

誓不讓外國人踏入他的家中……”這雖未得到證實，但似乎 方藥雨確是有扭轉乾坤之力的人，因此他才能救下這些鋼 模，並且收歸囊中。

邱文明還說到，1939年，在與其上海好友張絅伯的私人信 件中得知張絅伯的親戚陳仁濤買下方藥雨的硬幣收藏。陳 仁濤正是耿氏“自1947年移居香港”一句中所指的不具名 人士。但根據對陳仁濤有所瞭解的沃德 史密斯先生 (Ward Smith)(1939年畢業於耶魯大學）39與筆者的通信，陳仁濤 “ 並不是真正的（錢幣）收藏家，而是一位投機生意人，涉 及領域包括古董、房地產……。”這也難怪，他從方藥雨處 買下的鋼模要請上海著名的幣商王守謙鑒定。而王守謙就根 據原來的鋼模私鑄了幾套，通過這種方式私鑄的銀幣包括1 元、5角、5分三種。

王守謙當時應當已經知道可以從何處得到用這些鋼模所鑄 “硬幣”。因為儘管京局2角銀幣的內齒數和珠數相同，但有 兩種不同的齒邊數，即114齒和126齒，這便足以佐證。顯 然，如果這些鋼模確實是在失火後才救出的，那麼將鋼模從 被焚毀的造幣廠中救出時並未將原來的箍圈一起帶出。值得 一提的是，京局1元也有兩種不同的齒邊數，即144齒和152 齒，這表明有另外在香港鑄造的銀幣。

1947年後，陳仁濤和王守謙移居香港，後者在此又開了店， 並且重操硬幣銷售的生意。王守謙在19世紀50年代末過世， 在他死後，其遺孀繼續經營，但規模可能有所縮小，僅在金 家的古董店內有一個小攤位。不論如何，古德曼（第9頁注 腳29）表示，60年代末，他曾在王守謙遺孀處購得三套京 局銀幣。張秀青先生在1973年告訴筆者，陳仁濤家族不再 提供京局銀幣，這表明王守謙遺孀所售銀幣實則屬於陳仁 濤。

但是這些鋼模究竟有怎樣的遭遇？這點仍然存疑。古德曼告 訴筆者，當他想從王守謙夫人處購買第四套京局銀幣時，她 表示鋼模已經在後鑄過程中損壞。張先生在其與筆者的私人

35 和 5角偽幣一樣，也有1元偽幣存在，1元偽幣用阿拉伯花紋裝飾，該花紋與 2 角硬幣上的阿拉伯花紋一致，而不是採用5角和1元真幣上的阿拉伯花紋，這必然會被視為是非常重 要的反常現象。

36 詳見1983 年錢傑在第一期《中國錢幣史》中題為《京局製造七錢二銀幣是後鑄幣》的文章。

37 邱文明，《自傳》，第110頁。

38 邱文明 (Arthur Braddon Coole),《中國當代金銀幣圖錄》（丹佛：邱文明，1967年），第23頁。

39 該信息載於作者1972-1973 年間的私人信件。史密斯先生（和布萊恩 馬特拉弗斯 (Brian Matravers)）是《中國紙幣》的作者，1939 年畢業於耶魯大學，從哥倫比亞大學獲得文 學碩士學位，之後就讀於哈佛大學，專攻中文。他花了約 20 年的時間，在遠東地區從事新聞 / 記者工作，他在那裏和大多數參與了京局銀幣流轉過程的人成為了朋友，包括耿愛德、 金先生及王守謙。

信件中表示，在1950年到1951年左右，陳仁濤告訴他，自 己把全部的中國硬幣收藏及四種鋼模以80萬港元的價格賣 給了中國政府。沃德 史密斯在給筆者的私人信件中明確表 示，陳仁濤將其藏品賣給了中國政府的代理，就史密斯所 知，當時售價為20萬美元（約80萬港元），但他並不知道模 具是否也一同出售。

如注35所說，錢傑在其文章中表示，陳仁濤將其硬幣出售 給中國歷史博物館，“……因此鋼模現藏於北京。”但錢傑未 能在其1980至1981年間與中國歷史博物館的通訊中確認鋼 模是否存於北京。然而，錢傑在1994年末的私人信件中稱， 他造訪了該博物館，並且見到了錢幣藏品部的負責人。該負 責人告訴他，鋼模是從陳仁濤處獲得，確實藏於館內。他還 說，1角的鋼模現存於遼寧省瀋陽市博物館，北京博物館試 圖將其買下收藏，但是未能如願。儘管錢傑確實未親眼見到 模具，但他的消息無疑是正確的。40

這似乎可以印證本文的主要結論，也解釋了為何沒有1角後 鑄幣。方藥雨從未獲得1角鋼模，這點顯而易見，但是1角 鋼模確實存在，至於它是如何流轉到瀋陽市博物館的，這仍 然未知。

總而言之，有大量證據支持這一版本的說法。即1935年前，

有少量使用合法鋼模鑄造的京局1角及2角銀幣，這些銀幣 可能是在京師銀元局鑄造的。天津的方藥雨可能是通過其北 京的好友方雨樓最終獲得4件鋼模（缺少1角鋼模），這些鋼 模在1939年賣給了上海的陳仁濤。第五件鋼模則和其他幾 件分離，流轉至瀋陽市博物館，具體過程未知。上海錢幣商 王守謙使用4件鋼模在上海鑄造了10套京局銀幣，其中1套 被耿氏得到41，另外至少鑄有兩枚金幣樣幣。1948年，王守 謙移居香港後，將其硬幣店鋪內剩餘的銀幣出售，1952年， 陳仁濤將鋼模及其收藏的中國硬幣賣給了中國政府。

京局銀幣的發行情況

京局銀幣發行的合法性尚有諸多爭議。有人同意耿氏的觀 點，即京師銀元局鑄造了10 套銀幣，因此，認為這些全是 合法的官方制幣。而另一些人認為，只有1角和 2 角是在京 師銀元局製造，因此在造幣廠以外的地方鑄造的硬幣均為 非官方的後鑄幣42 。而還有一個中間派認為，現在1角銀幣 既有官方制幣，又有非官方制幣，可以通過其鑄造特點進 行區分。

為檢驗後一種觀點，筆者在1981年把 2 枚1元，2 枚 2 元及1 枚 5角，1枚1角，1枚 5分送到英國皇家制幣廠43 檢驗，其冶 金及鋼模特點如下表：

40 錢傑也在他最近寫給筆者的信件中說到，60 年代的時候，他親自和王守謙的兄弟進行交流，得知其曾幫助王守謙用陳仁濤的京局銀幣鋼模鑄造“後鑄幣”。最後的這一點信息似 乎在筆者驗證本研究主要觀點的過程中起到了點睛之筆的作用。

41 張秀青先生在其與筆者的私人信件中稱，耿氏在1946 年買下了自己的那一套銀幣。如果確實如此，當時王守謙和陳仁濤（及後鑄幣）應該還在上海。張先生還稱，陳仁濤實在 1948 年移居香港的。

42 “在這兒（香港），沒有中國藏家收藏 1元、5角及 5 分幣，因為它們知道這些都是用真的鋼模鑄造的非官方制幣”，張秀青先生如是向筆者表達了他的觀點。

43 感謝格雷厄姆 戴爾 (Graham P. Dyer) 、造幣廠圖書管理員和負責人以及其雇員，感謝他們花了大量的時間和精力進行檢驗。

英國皇家制幣廠意見如下。綜合來看，這些銀幣可以分成 2 種，第一種是第 5 、第 6 號；其餘則歸為第二種。第一種銀 幣比重較輕，表示其含銀量少。 5號和 6 號這兩枚銀幣有兩 樣關鍵特徵——珠狀緣飾和邊緣品相良好，表明其經過了 恰當的鑄造程式。而第二種是第1、第2 、第3 、第 4及第 7 號，經過光譜儀掃描發現其含銀較多，且 5 種硬幣成分一 致，其銅金屬的峰值明顯高於鐵金屬及銀金屬的峰值。比 較兩枚 1元硬幣及兩枚 2 角硬幣的鑄造特點， 1元硬幣之間 的差異要小於 2 角硬幣之間的差異。其中，觀察到的差異 顯示，兩對硬幣中的各枚均是在十分不同的情況下鑄造的， 但沒有明顯跡象表明哪一枚鑄造時間更早。耿氏1元硬幣 的鍛造水準比第二種中的其他硬幣更好，第二種硬幣多少 有些重壓的痕跡。

這些技術發現儘管未解釋這些硬幣是何時何地鑄造的，但 也明確支持了前面的結論。然而，如果想要估計其價值， 就不得不考慮本研究中所涉及的少量樣本。研究中最引人 注目的結果是第一種及第二種硬幣的成分有明顯不同。如 果認為第 6 號 1角銀幣不是後鑄幣（因為沒有鋼模留傳到外 面），則114 齒的第 5號便也是官制幣，其他都是後鑄的。

這和張秀青先生得出並在私人信件中告訴筆者的結論一 致。而且1元有 2 種不同的的齒邊數目，這表示可能也同樣 有兩種齒數版本的 5角及 5 分存在。

總結

筆者由以上已知或推論的事實，在不違背已知事實的前提 下，通過邏輯理性推論得出下列結論：

1899 年，清政府下令京局創建銀元局，集中控制分散在全 國各地的省級造幣廠。於是委託前廣東制幣廠總工程師愛 德華 懷恩管理運營銀元局，並徵募武昌造幣廠技術人員， 但這些人並未到達北京。杭州造幣廠的機械被移轉到北京， 銀元局毗鄰長安街上的北京大清銀行（見圖），占地 30 英 尺 x 80 英尺，這些機器便安裝於此。銀元局鑄造新幣所使 用的鋼模訂購自倫敦懷恩家族公司，並且從英國伯明翰公 司訂購了一些額外的機器，這些機器確實運抵了中國，但因 為義和團之亂，並沒有運至銀元局。尚未竣工的銀元局鑄

造了一些 2 角及1

角銀幣（或許是支付工資之用，或試鑄品）。 最終，一些銀幣流傳到外面來，落入藏家手中，並且由此 流轉入上海王守廉的硬幣商店。

1900 年 6月22日，京局造幣廠被義和團所燒，劫掠者搶出 鋼模，最後，其中1角鋼模成為瀋陽市博物館的藏品，其他 鋼模則出售給方雨樓 44 。但因方雨樓愛好的是古錢，因此將 其售給收藏金銀幣及銅錢硬幣等中國硬幣的天津好友方藥 雨45 。1939 年，方藥雨經張絅伯介紹，將全部古錢珍品 46 ， 包括金銀及這些鋼模再售給上海的陳仁濤，陳仁濤委託， 也可能是允許給王守謙用這4 套鋼模私鑄了幾套，其中包括 有1元、5角、5分3 種。而當地藏家拒絕收藏這些私鑄硬幣， 在1948 年陳仁濤及王守謙移居香港後，又後鑄有幾套，售 給了外國錢幣商及藏家。此後又在香港另鑄了幾套，最終， 陳仁濤在1952 年將其擁有的全部錢幣賣給了中國歷史博物 館。

這些都對我們就如何看待這些京局銀幣提出了疑問。這些 銀幣都是使用合法鋼模鑄造，因此不能稱之為偽幣或贗品。

1角及114齒邊的 2 角可能是在京師銀元局鑄造的，但是它們 可能是未經政府授權作為流通貨幣之用，因此它們不能稱 之為“官方制幣”。1元、5角及 5分銀幣並非在京師造幣局 鑄造，因此在上海及香港鑄造的銀幣不能稱之為“後鑄幣” （用原模在以後年代壓制的硬幣）。或許這些1元、5角及 5分 硬幣稱之為“非正式制幣”更為合適，而後鑄幣可以指非京 師銀元局所制 2 角。1角及114齒邊的 2 角都是在京師銀元局 鑄造，可認為是“官制幣”。而懷恩公司在將鋼模轉交至京 師銀元局的時候，有可能也將1或 2 套用這套鋼模鑄造的 5 種幣值的銀幣一同轉交。如果確實如此，則這些硬幣可能 無法憑肉眼將其與非正式制幣及後鑄幣區分開。最有可能 將其區分的特點劃在，其統一含銀量為 0.925（英國英鎊）。 而筆者並未聽聞有該類鑄幣。

然而不論如何看待這些銀幣，所有這些硬幣都被認為是將 用作國家鑄造銀幣的樣品，因此，其最好的形容應為“非 官方樣品鑄幣”。這一術語現在也同樣適用於臺灣的光邊鑄 幣，在倫敦鑄造這些硬幣的母模具可能和轉交至北京的母 模具是同一件。

44 這是耿氏關於京局銀元記載中的方藥雨。

45 這是耿氏記載中的於先生。方藥雨本名方若，“若”字在奧地利語中的發音類似“於”字。

46 見邱文明所編數目第59頁。

不論如何稱呼這些錢幣，它們都是珍稀的硬幣樣品，因為 這種硬幣雖計劃投產，但最終並未投入生產。它們極具歷 史意義，這主要歸因於兩點。其一，它們所在的時代裏， 省級造幣廠運營中充斥着腐敗，這種腐敗是成立京局銀元 的唯一原因。其二，它們所在的時代裏，中國捲入了一場戰 爭，試圖擺脫令人憎恨的外國入侵，而這場戰爭正是京局銀 幣從未流通的原因。因此，由於這些銀幣是所有的非官方 樣幣，錢幣界認為其值得收藏，並且非常值得擁有。

曾澤祿按京局銀元局籌建的原因與事實，在中文史料也有 提及到，例如光緒二十五年八月初九日，“戶部奏遵旨會議廣 用銀圓以維圜法情形折”的檔案中有提到，“……現在京師市面，

每銀一兩兌當十錢不足五百，未抵制錢一千之用，而物價仍一 切騰貴，官民交困。……獨京師為首善之區，而錢荒之弊年甚 一年，幾苦束手無可補救者，一則部款出納為書丁妍窟所在， 深感變通成法，則侵蝕克扣之伎倆頓無所施，一則士大夫到生 長北方，於南省龍圓便民之利與洋圓漏厄之害向所未睹，故於 鑄圓之議阻之甚力，又前年粵廣所解銀圓三十萬，戶部有搭放 無搭收，出入未能一律，故行之未著大勃也，今鑄圓一事已於 四月二十七日遵奉諭旨，命軍機大臣會同戶部試辦，惟設廠購 器為日尚長，而小民之困於錢者，實有迫不急待之勢……査京 城製造銀圓，雖已奉旨試辦，然創建廠屬安進機器，尚需時日 ……”

在本文調查研究的20 年間，有很多人和筆者通信分享了自己的大量專業知識——這些知識全都不可或缺！尤其要感謝理查德 · 賴 特 (Richard Wright)，他對中國鑄幣的瞭解出類拔萃，長久以來都在為我提供支持。此外還有加利福尼亞州阿普托斯的唐 卡納 帕羅 (Don Canaparo) ；臺灣的劉寬鎔、徐讚昇和張秀青先生；暫居北卡羅來納州的翟建林；愛荷華市的帕特裏克 霍根 (Patrick D. Hogan) ；伊利亞特州奧羅拉的奧 布萊恩 (M.J. O'Brien) ；英格蘭倫敦的安德烈 德 克萊蒙特 (André de Clermont) ；德克薩 斯州休斯頓的賈斯汀 王 (Justin C. Wang) ；及馬薩諸塞州謝爾頓維爾的懷特 (R.B. White)，他們的名字有的已經在注釋或注腳 中提到，在此再次表示感謝。我尤其要感謝的是來自上海的錢傑先生，感謝他慷慨的與我分享他對這些硬幣的瞭解——這些都 是花費了他大量精力才獲得的。最後，我想要謝謝我的兄弟——來自北卡羅來納州達勒姆的黑爾 史成尼，感謝他幫助我進行翻 譯，並且代我花時間在紛繁的互聯網中搜集信息。

1995年2月6日於 北卡羅來納高地

Notes on the Peking Mint

◎ RNJ Wright〔UK〕

I have read the excellent paper on 'The Peking Coins of 1900' with the greatest interest. Jim Sweeny has produced new facts - including most importantly the hitherto hidden origins of the dies for the coins - which provide a convincing framework for what actually occurred in a numismatic sense between 1900 and the 1950s. I would like now if I may to try to add some circumstantial evidence or theory, which may help to pad out the background to the setting up of the Peking mint itself.

A look at the mintage figures of the principal Chinese mints for the year 1898 shows an output along these lines:

North China Peiyang 3 million 1½ million

Central China Nanking 1½ million 15 million Wuchang 2 million 10 million

South China Foochow Nil 3 (or 6) million

Coast Canton ½ million 39 million

About 7 million About 7 million

(A limited number of 50-cents were struck, mainly at the Peiyang mint.)

As output was tailored to market requirements, it is evident from the above figures that while North China favoured the dollar coin, South China preferred small silver coin. (Similarly, when West China was equipped with mints the 50-cent coin became most popular there as it equated with the Indian rupee). While small silver coin could be struck on a medium size press (Heaton No. 2), dollars and 50-cents required a large press (Heaton No. 4). Two Heaton No. 4 presses would have been sufficient to strike the entire 7 million Chinese provincial dollar output for 1898.

Not much is known about the new Hangchow mint of 1898/9 except that it may have had an output of up to 200,000 coins pd, or 50-60 million coins pa. But from the evidence of the Chehkiang coins the mint clearly did strike a few dollars and 50-cents, and therefore must have been equipped with one No. 4 press. However, the bulk of its output in 1899 were the South China favourites, 20, 10 & 5-cent coins, and thus the remainder of its presses may have been No. 2s. As a British Foreign Office report of 1907 records that the Hangchow silver coins were 'light and inferior', this could provide a reason for the mint's downfall.

Originally published in the JEAN 5 In 1899 provincial silver mints were proliferating, and standards of design, weight and silver fineness deteriorating. Imperial decrees and newspaper reports of the period were confusingly contradictory as to official intentions. What probably did happen is that a decision was made to suppress any incomplete or 'bad' mints; and to establish a 'model' mint in Peking right under the eye of the Board of Treasury, which would become 'The Mint for North China', as well as providing an example for the selected mints of Central and South China. Logically, therefore, it would be primarily a dollar producer.

Thus it could be that the capacity of the officially undesirable Hangchow mint was mutilated by the simple process of removing just its coining presses and lighter machinery: and the sending of them to Peking, which served a double purpose. However, the presses seemingly included only one No. 4 press, which would have been insufficient for a potential dollar producer; and hence, possibly, the reason for the inclusion of a single No. 4 press in the order placed with The Mint, Birmingham, Ltd [Heaton] in March 1900; which was otherwise for lathes [for dies], and for the rolling mills and steam engine which would produce the all-important silver strip for the coin blanks. Jim Sweeny notes that delivery of this machinery was required 'by August 6, 1900': so despite the impression of haste in the newspaper reports of 1899, the Peking mint was apparently not due to come into mass production until late in 1900. On the other hand, once the Peking mint had become established in North China in 1901 it may be assumed that the neighbouring Peiyang Arsenal mint would have been closed down forthwith.

In the meanwhile the design of the high quality dies was going ahead at the workshops of J.S. and A. B. Wyon in London. While details are lacking, it appears likely that in the Spring of 1900 a set of working dies - together with, almost certainly, a set or two of specimen coins, although these seem to have disappeared - was sent out to Peking for approval of the design and to test the dies in the coining presses. Bearing in mind that the method of transport was by steamer, this would still allow time for London to make any changes, if required, before sending out the punches: after which the mint could commence making its own working dies in time for the end of year start up.

A curious feature of the limited number of 20- and 10-cents which appear to have been struck at the mint is that they are in substandard silver (660/693 fine, instead of 820). As the Peking mint was intended to set an example in coinage, it would be unlikely therefore that these coins were intended for circulation. More likely is that they were trial or test pieces, the coining blanks or silver strip having been obtained from the Peiyang Arsenal mint at Tientsin. One can only hazard a guess that it was the events at Peking in June 1900 as described by Jim Sweeny which terminated the process of testing the other denominations - after which the remaining dies started travelling.

原刊載於《東亞泉志》第 16 期

◎ 賴 特〔英國〕

我已看完了《庚子年京局製造銀幣》一文，十分精彩，並對 其很感興趣。詹姆斯·史成尼(James Sweeny)在文中提 出了一些新發現的事實，包括迄今為止仍然難以探尋的硬幣 鋼模來源，這為1900年到50年代間，錢幣界的實際情況提 供了令人信服的基本框架。現在，我想要補充一些間接證據 或理論，這可能會對充實京師銀元局的建立背景有所幫助。

根據1898年中國主要造幣廠硬幣發行數量顯示，各廠產量 如下：

區 域 造 幣 廠 1 元 2角/1角/5分

華北 北洋 1元 2角 /1角 /5分

華中 南京 300萬 150萬

武昌 150萬 1500萬

華南 福州 200萬 1000萬

沿海 廣東 0 300 萬 ( 或600萬 ) 50萬 3900萬 約700萬 約700萬

（鑄有少量5角硬幣，主要由北洋造幣廠鑄造）

造幣廠產量需要適應市場需求，因此，從上述數據可以明 顯看出，華北傾向於使用1元硬幣，華南傾向於使用小額銀 幣。（同樣，在華西建立造幣廠之後，雖然有與5角同等幣 值的印度盧比，但5角還是成為了最受歡迎的硬幣）。小額銀 幣可以使用中等規格的壓機鑄造（希頓2號），而1元及5角則 需要使用大型壓機鑄造（希頓4號）。兩臺希頓4號便足以在 1898年一年中，生產全部700萬枚中國省造銀元。

我們對1898年9月新建的杭州造幣廠所知甚少，只知道它日 產量達20萬枚，年產量在5000萬-6000萬枚間。但是當時 的浙江省造硬幣表明，造幣廠的確鑄造了一些1元及5角硬幣， 因此，該廠必然配備有一臺希頓4號壓機。然而，1899年， 杭州造幣廠量產的是華南喜歡使用的2角、1角及5分硬幣， 因此，該造幣廠可能還配備有幾臺希頓2號壓機。根據英國 外交部1907年報告記錄，杭州銀元“質地輕，品質次”，這 或許就是該造幣廠沒落的原因。

1899年，省級造幣廠數量猛增，設計、重量及銀質標準越 來越差。並且當時敕令及報紙報道所表現出的意圖與官方 意圖並不一致，這讓人頗為疑惑。而當時的真實情況可能 是政府決定禁止任何不完備或“劣質”造幣廠進行生產；同 時決定在戶部的監督下，在北京建立“模範”造幣廠，將該 造幣廠用作為“華北造幣廠”，並為華中及華南地區經篩選 後留下的造幣廠提供樣品。因此，從邏輯上講，該造幣廠 主要生產1元硬幣。

於是，可能由於官方不希望杭州造幣廠繼續經營，就簡單 拆除廠內的硬幣壓機和輕質機器，由此，杭州造幣廠的生 產能力遭到嚴重削弱：拆除的機器運往北京，供京師銀元 局使用，一石二鳥。然而，運往北京的壓機似乎只有希頓4 號，這不足以滿足一個潛在1元硬幣生產商的生產需要；因 此，這可能就是在1900年3月向伯明翰造幣廠訂購時，增加 了一臺（希頓）4號壓機的原因；此外，這也是訂單中訂購（鋼 模）鍛車床、軋機和馬力蒸汽發動機的原因，有了這些機器， 便可以生產所有硬幣餅坯所需的重要銀片。詹姆斯·史成尼 指出，機器要在“1900年8月6日”前送到，因此，儘管從 1899年的報紙報道來看，銀元局投入生產頗為匆忙，但其 顯然是直到1900年底才投入生產。另一方面，我們可以推 測，1901年，京師銀元局在華北一經建成，邊上的北洋兵 工造幣廠便立即停辦了。

與此同時，倫敦懷恩兄弟的工作室內正在設計高質量模具。 儘管我們並不知道具體的情況是怎樣的，但似乎早在1900 年春，便已經將1套鋼模寄往北京，呈交設計以獲批准，並 在硬幣壓機中進行測試，此外，還有另一件事幾乎可以肯定， 那便是有1或2套樣幣也一同寄出，但它們似乎已經不見了。 請注意，因為當時還是通過汽輪寄送，這讓在倫敦的懷恩 兄弟有時間在寄出衝床前，做一些必要的改變；在此之後， 銀元局便可以及時開始製造自己的鋼模，以便年底投產。

銀元局似乎也鑄有少量2角和1角硬幣，但它們有一個奇怪的 特點，即這些硬幣的銀質不合格（使用的是660/693精緻銀， 而非820銀）。而京師銀元局旨在提供硬幣樣品，因此這些 硬幣不太可能是鑄造來作流通之用。而情況更可能是，這些 硬幣實則是試鑄幣或測試幣，而其餅坯或銀片來自天津北 洋兵工造幣廠。人們只能大膽猜測，事實其實正如詹姆斯· 史成尼描述的那樣，1900年6月，北京的庚子之亂使得銀元 局停止試鑄其他面額的硬幣，此後，留下的模具開始在民間 流轉。

Originally published in the JEAN 27

The Last Silver Dollar of the Government of the Republic of China in 1949

◎ Stephen Tai〔Taipei〕

In mid-November 1948, the Chinese gold yuan note ( 金圓券 ) was on the brink of collapse. The government of the Republic of China (ROC) used executive actions to force the public to exchange gold and silver for the Chinese gold yuan note in an attempt to salvage the situation, which turned out to be a failure

in just two months. From that time, the Chinese gold yuan note was rejected in circulation, while the nickel coins that were previously used as the fiat currency and silver dollars resumed their circulation in the market, and gold could also be used for large purchases and sales.

The silver dollar, along with gold, became the main currency in the Chinese market, and the monetary system had shifted from a gold standard to a bimetallic standard in China.

Gold, despite being the base of the gold yuan note policy and the center of the fiscal reserves, was too high in value, and the silver dollar was relatively more suitable for daily transactions, so that the demand for the silver dollar was far greater than that for gold.

There was a huge amount of silver dollars in circulation in China, but they were withdrawn from the market at the end of November 1935 when the legal tender notes were issued. After the 1937 Sino-American Bullion Agreement was signed, the ROC government smelted the silver dollar inventory into silver bars and shipped them to the United States in exchange for US dollars and gold. Given the sharp decline of the number of silver dollars, the price of silver dollars kept rising in China,

Note

1 BankWeekly,Vol. 33, No. 21, May 23, 1949.

even surpassing the material resources and gold.

On May 23, 1949, Bank Weekly (《銀行週報》) published its last issue before it changed banner in Shanghai, which left a record for the long-simmering trend of the resumption of the silver dollar.1

The silver dollar returned to the market after the outbreak of the Chinese Civil War, and its price kept rising due to a mismatch between supply and demand. In the beginning of 1946, the ratio of gold to silver dollar was 1:110, and flour was priced at 2.1 yuan per bag; by May 1949, the ratio of gold to silver dollar ranged from 1:30 to 1:40, and flour was about 1.1 yuan per bag. Due to the huge demand, the silver dollar rose nearly three times against the value-preserved gold over the following three years, and its purchasing power over flour, which is essential for people's livelihood, almost doubled. In this situation, the price of silver dollar overrode all kinds of commodities.

Silver Dollars and Gold in Circulation after the Collapse of the Chinese Gold Yuan Note

How Much Do You Know About the Gold and Silver Dollar of the ROC Government?

At the time of the issuance of the Chinese gold yuan note2 , there was more gold and less silver in the government reverse, with few silver dollars left and very limited silver available for coinage.

As for the gold, there were about 2.7 million taels of pure gold deposited in domestic and foreign banks. In addition, it was conservatively estimated that about 1.67 million taels of miscellaneous gold were redeemed from the population with the Chinese gold yuan note.3 Therefore, a total of about 4 million taels of gold were under the control of the central bank.

In terms of the silver dollar, the amount in the central bank's accounts is actually a little more than the indicated integer. There were fewer than 40 million ounces of silver in China, with a small amount, just over 1.6 million ounces, deposited overseas, respectively at the Chase Bank in New York and the Samuel Montagu & Co. in London. Later on, the government redeemed the gold from the public with the Chinese gold yuan note. By the end of September, the government had redeemed 16.83 million silver dollars, more than 29,000 factional silver coins, and 8 million taels of silver.4 Yet, the actual figures could be larger.

Fig. 1 On September 29, 1948, the Guangdong Zhanjiang Bank issued a certificate of exchange for notes as a proof of redeeming 127 taels of silver bars with 365.76 Chinese gold yuan from Guo Rongbiao ( 郭榮標 ).

2 November 5, 1948, the Issuance Bureau of the Central Bank, Telegram No. 9275. Telegram about the adjustment of the reverse allocation for gold yuan notes.

US dollar that the Business Bureau deposited in Bank of China,

Source: Second Historical Archives of China, Compilation ofArchival Data on the History of the Republic of China, Fifth Series, Part III, Finance and Economy (III) p. 897.

3 Shanghai FinancialWeekly, November 17, 1948. The statistics are as of October 31 of the same year, but are clearly underestimated. See also: Stephen Tai, The Central Mint Minting Case and Mainland Gold Shipments toTaiwan, Chapter 5, pp. 204. Published by the Studio Potosi, November 2021.

4 Data source: Table of the amount of gold, silver, and foreign currency received and exchanged, from August 23 to September 30. Central bank file, cited from Data of the Monetary History of the Republic of China, Series 2. p. 863.

Measures in Response to the Chinese Silver Yuan Note Policy

On July 2, 1949, the ROC government reformed the currency system once again by issuing silver yuan notes ( 銀圓券 ). In response to the serious shortage of the silver dollar reserve, the Ministry of Finance took a series of measures ：

Allow to use both silver dollar and gold and have a wider definition of the silver dollar

First of all, the reserve for exchange is not only the silver dollar but also gold. 5

In addition, in order to increase the supply of silver dollars, the definition of silver dollars was also widened. Seven types of silver dollars previously used in transactions in Shanghai, including the Sun Yat-Sen silver dollars, Yuan Shih Kai silver dollars, dragon dollars, Mexican dollars, Australian dollars, and Szechuan dollars, could be used as long as their purity and weight meet the required standards.6

Shipped Silver Dollars from Taiwan Back to Mainland

The silver dollars under the custody of the central bank, along with gold and silver, were shipped to Taiwan before late May 1949. The dilemma faced by Finance Minister Xu Kan ( 徐堪 ), who was responsible for the issuance of the Chinese silver yuan notes, was the lack of available silver dollars.

Taiwan was a region where the Chinese silver yuan note was not planned to be circulated, so the silver dollars previously shipped to Taiwan became military expenses under the custody of the Budget and Finance Department of the Ministry of National Defense and did not come under the jurisdiction of the Ministry of Finance. Under the efforts of Xu Kan, the Ministry of Finance lent 12 million dollars on June 28 as the first batch of reserve for exchange, and these silver dollars were shipped from Taiwan to the mainland by sea and air. Among these silver dollars, 9 million dollars were shipped to Guangzhou and 3 million dollars to Chongqing, and then distributed to Fuzhou, Hengyang, Guiyang, Lanzhou, Kunming, Guilin and Chengdu from these two places.7

Another 3.5 million and 2.1 million silver dollars raised in Taiwan were purchased by the central bank from the air force headquarters in August and September respectively, and the payment was made by gold shipped to Taiwan from the U.S. These two batches of silver dollars were shipped to the mainland by the air force.8

Increase the production of silver dollars

More than 20 million silver dollars returned from Taiwan seem to be a drop in the bucket for all parts of the mainland, so the central bank must have raised more silver for exchange. Then,

5 Article 1 of the Silver Dollar and the Measures for the Silver Dollar Exchange Certificate Issuance: "The currency of the Republic of China uses the dollar as the unit. A onedollar silver coin weighs 26.6971 grams, and the purity is .88, containing 23.493448 grams of pure silver"; Article 7: "When there are not enough silver dollars minted, the gold can be used to exchange at the rate announced by the central bank."

6 On July 2, 1949, the central bank announced: "All kinds of silver dollars (including Sun Yat Sen dollar, Yuan Shih Kai dollar, junk dollar, dragon dollar, Mexican silver dollars, Australian silver dollars and Sichuan silver dollars, etc.) should be examined. As long as their weight and purity meet the standard set by the Ministry of Finance, that is, a weight of 26.6971 grams and a purity of .88, the coins can be circulated at the same value, and shall not be depreciated. Any violation will be seriously looked into......

7 Wu Songqing Diary (I), 1947-1950, p. 328, 6/22 and 6/28, Institute of Taiwan History, China Institute, published in June 2016, July 7, 1949, Guangzhou Telegram No. 2060: "A total of 8.3 million dollars have been transported from Taiwan to Guangzhou by air (including those transported to branch banks in Guangdong). 11 planes have arrived in Chongqing with about 120,000 dollars on each plane (including those transported to branch banks). 300,000 dollars has been transported from Taiwan to Guilin (via Guangzhou), 150,000 dollars to Hengyang (via Guangzhou), 100,000 dollars to Fuzhou (via Guangzhou), 100,000 dollars to Guiyang (via Guangzhou), 150,000 dollars to Kunming (via Chongqing), 300,000 dollars to Chengdu (via Chongqing), and 300,000 dollars to Lanzhou (via Chongqing)". On September 24, 1949, Guangzhou Telegram No. 3940: "At the beginning of the issuance of silver dollar notes, the first batch of silver dollar reserves were shipped from Taiwan by the United Nations Ministry of Finance, and the total amount of silver dollars shipped from Taiwan to Guangzhou was 9 million dollars (including the deduction of freight costs of 700,000 dollars, the actual amount was 8.3 million dollars) and 3 million dollars to Chongqing, totally 12 million dollars.... After the officers of the bank and the escort opened and inspected the boxes, there was a difference in the number of silver dollars with forged and rusted silver dollars mixed in... The total shortage is 4,310 dollars and the forged and unusable coins amount to 84,610 dollars ...." Central Bank Archives, Bureau of Records. 8 August 24, 1949, Secretariat Telegram No. 1873. "... The sale of 3.5 million silver dollars (for safekeeping) by the air force headquarters is paid by discounting the gold shipped back from the U.S., and the silver dollars are transported by the aircraft from the air force headquarters to Guangzhou for the delivery and allowed to deduct the freight cost of 150,000 dollars (the air force originally proposed to handed over at Okayama) ...". The second purchase of 2.1 million silver dollars from the air force headquarters, still paid by the gold shipped from the U.S. to Taiwan, with the 25,609.75 taels of pure gold allocated to the air force headquarters.

it purposed to mint a large number of coins.

At this time, the government had already lost the largest-scale mint in Shanghai, and many dies, machines and equipment had been moved from Shanghai to Chengdu and Taipei earlier to rebuild the production capacity. In addition, the government tried to gain the assistance of official and private institutions, such as the Chongqing No. 20 Arms Factory, Hong Kong Zhicheng Company, Limin Metal Manufacturing Factory, and Southwest Manufacturing Factory.9 However, because

of the time-consuming construction of the mint, the lack of machinery, equipment, technology and silver, the limited capacity of minting, and the unurgent need for supply, it was difficult to produce such a huge number of silver dollars to meet the demand in the domestic market in the short term.10 Therefore, the central bank had to seek help from overseas mints to fill the gap. Later, the mints in the United States and Mexico became the main foundry for silver dollars during the Chinese Civil War.

There are few records about the process that the government commissioned the oversea mints to mint silver dollars, and the relevant accounts are mainly derived from hearsay and foreign research. Until recent years, a large number of central bank files have been made public, disproving many previous misconceptions and claims, and the truth has gradually become clear.

The government purchased silver bars in the U.S. and Mexico and commissioned the mints in these two countries to mint silver dollars via the Bank of China in New York. The silver dollars were shipped to Hong Kong after the completion of minting and then transported to Guangzhou, Chongqing, and other mainland areas. During this process, Hsi Demao ( 席德 懋 ), the general manager of the Bank of China in New York, shuttled between the U.S. and Mexican mints and the central bank, and his name can be seen in many of the records of

overseas silver purchases and

June-July 1949: The U.S. Mints Struck Silver Dollars for the ROC Government

Hsi Demao, the General Manager of the Bank of China in New York

The first batch of silver dollars of 30 million pieces is all the junk dollar dated 23rd year of the Republic of China. The U.S. silver bullion were purchased to be struck into silver dollars by the San Francisco mint, Philadelphia mint, and Denver mint with the original coin dies. The minting was completed in June and all silver dollars were shipped to Hong Kong by the end of July.11

9 August 23, 1949, Central Mint, Guangzhou Telegram No. 170. "The Guangzhou Telegram No. 1059 0726 from your office has instructed to send special personnel to Hong Kong to investigate the case of minting for the Southwest Manufacturing Factory... The chief technician Chen Wencan ( 陳文燦 ) has been sent to Hong Kong from Chongqing on the 18th of this month to handle the case..." September 7, 1949, Central Bank, Guangzhou Telegram No. 3582. "The two methods to be approved by the Taiwan Mint to deliver the coins and to charge the minting fee...The minting fee is NT$75 per thousand coins...The fee for the commission by the bank to the Chongqing Arsenal for the minting is NT$25 per thousand coins, and the minting fee of Hong Kong Zhicheng Company is 80 silver dollars per thousand coins." Central Bank file, Archives Administration.

10 July 19, 1949, Central Mint Director Wei Xianzhang ( 韋憲章 ), Guangzhou Telegram No. 2270. "The Taiwan mint will open in August, with an initial daily capacity of 30,000-50,000 pieces; the Sichuan Mint will open in July, with an initial daily capacity of 40,000 pieces; the No. 20 Arsenal, with a daily capacity of 20,000, may increase its capacity to 40,000...." Central Bank file, Archives Administration.

11 July 26, 1949, Guangzhou Telegram No. 1060. "Hong Kong Representative Office... According to the Bank of China in New York on June 23, the mint said that the silver received in Philadelphia and San Francisco could be used to mint 27,185,700 silver dollars, and that a total of 11,450,000 pieces could be shipped in four batches before July 9." Also, on July 28, the Bank of China: "The 30 million silver dollars made in the U.S. were entrusted by the State Bank to the Federal Bank as intermediator, and have been shipped out one after another by the bank, and the last batch of 2,675 boxes, totaling 5,350,000 coins, have been shipped today..." Central Bank file, Archives Administration.

The Junk Dollar Mint by the U.S. and Mexican Mints

minting.

Fig. 2

August-October 1949: The Mexican Mint Struck Silver Dollars for the ROC Government

Fig. 3 The junk dollar dated the 23rd Year of the Republic of China minted by the U.S. and Mexican mints in June and July 1949

In August, the Bank of China in New York switched to purchasing silver bars from Mexico and commissioned the Mexican mints to strike silver dollars. However, the production process was constantly delayed, and the minting did not begin until August 26. The silver dollars were shipped in batches to San Francisco and then to Hong Kong after completion. Finally, by the end of October, only about 13 million pieces of silver dollars arrived in Hong Kong.12

In total, about 43 million pieces of silver dollars were minted by the U.S. and Mexican mints, all of which were junk dollars dated the 23rd year of the Republic of China with the Sun YatSen bust.

About the Hearsay "The ROC Government Commissioned the Mexican Mint to Struck the 1898 Eagle Dollar"

An author with the username BrianRxm, published the online article The 1949 San Francisco Mexico Peso Restrikes - Coins struck by the San Francisco and Mexico City Mints For the Nationalist Republic of China. (Author's Note: The 1949 San Francisco Mexico Peso Restrikes (brianrxm.com)).13 The article cited the study result of the Mexican numismatist Dr. Alberto Francisco Pradeau that the ROC Government commissioned Mexico to mint 10,250,000 pieces of the 1898 eagle dollar in the second half of 1949 (2,000,000 pieces were subcontracted to the San Francisco Mint in June and August, and 8,250,000 were minted by the Mexican Mint in August and November).

The article has been widely spread on the Internet due to its republication by Wikipedia. However, it is not difficult to find a number of discrepancies in the article when compared with the

central bank file.

The online article is summarized as follows.

"The American Numismatic Association (ANA) held its annual convention in San Francisco from August 21 to 24, 1949. During the convention, some members were given tours of the San Francisco Mint where they watched coins being struck.

Some recognized the design on the silver coins of an eagle sitting on cactus holding a snake, which could be identified as Mexicaneagledollars.

Dr. Alberto Francisco Pradeau, a Mexican numismatist, was one of the visitors, and when he returned to Mexico, he researchedthereasonsforthembeingstruck.

12 August 22, 1949, Hsi Demao, telegram (the telegram number is unclear): "The central bank of Mexico called to say that it had received the coin dies for the Chinese silver dollar, the mint can start work at any time, and the delivery can be made 20 days after the contract... If the contract cannot be signed before the end of the month, the contract will be terminated." September 2, 1949, Secretariat Telegram No. 3321: "The Mexican mint will start minting on August 26, with a capacity of 250,000 to 300,000 coins. According to the report of the Mexican Mint, the first batch will arrive in San Francisco on the 18th of this month." September 16, 1949, telegram. "First shipment of 250,000 coins from the Mexican Mint arrived in San Francisco, and 1.5 million will be sent from the Mexican Mint on September 15." September 21, 1949, telegram: "Received telegram from the Mexican Central Bank yesterday that the second shipment of 400,000 coins had arrived in San Francisco." September 23, 1949, Telegram No. 3869. "The first batch of 250,000 pieces can arrive in San Francisco today, the second batch of 400,000 pieces will arrive about the beginning of next week, and according to the present production, 400,000 pieces can be shipped every two days..." October 24, 1949, Central Bank, Chongqing Telegram No. 4292: "The silver dollars minted by the Bank in Mexico, about 13 million yuan or more, is being shipped to China one batch after another..." Central Bank file, Archives Administration. 13 Website address of the article: The 1949 San Francisco Mexico Peso Restrikes (brianrxm.com).

Prior to that, the three United States mints (Philadelphia, Denver, and San Francisco) struck 30,000,000 pieces of the 1934 junk dollar in June and July 1949 for circulation on the Chinese market. The United States mints used dies made from theoriginal1934motherdies,sothesedollarsseenodifference from the originals. Then, these dollars were shipped to Canton viaHongKong.

Later, China made another deal with the Mexican Mint: it commissioned the Mexican Mint to strike 10,250,000 Mexican silver eagle dollars. Due to the urgency of the matter, the Mexican Mint commissioned the San Francisco Mint to strike 2,000,000 pieces, and the Mexican mint minted the remaining 8,250,000pieces.TheMexicanMintpreparedthediesforthese Mexican silver eagle dollars by making slight modification on theoriginal1898coindie.

The easiest way to identify the coin is the difference of the letter O in the inscription "Mo" which is the mint mark of the Mexican Mint.

Alberto Francisco Pradeau's research revealed that the Mexican Mint produced 8,250,000 Mexican silver eagle dollars from August to November, of which 2,526,978 pieces were shipped to Guangzhou, China via Hong Kong, 1,942,000 were kept in the Mexican Mint, 3,779,000 were sent to Hermosillo, Sonora, in 1950 for melting, and the remaining 2,022 were kept at the Bank of Mexico.

A total of 2,000,000 coins minted by the San Francisco mint in

June-August1949weresenttotheneighboringBankofAmerica for shipment to China. Later, as the war in China was over, the Mexican silver eagle dollars were no longer needed. To avoid storage fees, they were all returned to the San Francisco Mint for minting U.S. coins after melting. Since the price of silver per ounce had risen from $0.50 to $0.75 at that time, the U.S. side madeaprofit.

The fact that the U.S. Mint produced 30 million pieces of the year 23 junk dollar in June and July 1949 is generally consistent with the Central Bank's records, and should be unquestionably true. However, the article is mainly to explain that the San Francisco and Mexico mints minted 10,250,000 pieces of the 1898 Mexican silver eagle dollars for the ROC Government jointly, which have many contradictions with the records of the Central Bank documents.

What is the basis for this claim? When did the two parties sign the contract? No explanation has been given.

From the description that 2 million pieces were minted by the San Francisco Mint from June to August and the remaining 8,250,000 pieces by the Mexican Mint from August to November, it is clear that the alleged "minting for the ROC government" took place from June to November 1949.

According to the records, the negotiations between Hsi Demao and the Mexican Mint for the minting began in August, 14 and the contract was signed at the end of that month, followed by the minting on August 26. The silver dollar minted by the

The restrike mint mark

The original mint mark

5 The restrike and original 1898 Mexican silver eagle dollars have different characteristics of the mint mark "Mo"

Fig.

Fig. 4 1898 Mexican silver eagle dollars (restrike)

The restrike mint mark

Mexican Mint was the Year 23 junk dollar, and the coin dies were provided by the San Francisco Mint.15 Before that, the Bank of China in New York had not commissioned the Mexican Mint to mint the coins.

By the end of October, the Mexican mint had shipped more than 13 million coins to Hong Kong via San Francisco and then transferred them to mainland China. The records of the Mexican Mint striking silver dollars for the ROC government are the same, with no mention of the 1898 Mexican eagle silver dollars being commissioned.

The government used a total of $7.15 million16 of the foreign exchange until mid-August to buy silver and mint silver dollars in the United States and Mexico. At that time, the Bank of China in New York and even the Chinese Central Bank had run out of their U.S. dollar reserves and had difficulty in operation.17 Against this backdrop, the general manager Hsi Demao resigned.18 Therefore, the financial situation of the ROC government did not allow it to commission the minting of Mexican silver dollars to the Mexican Mint.

Fig. 6 On August 16, 1949, Hsi Demao resigned from the post of General Manager of the Bank of China in New York to Xu Kan, the president of the central bank, due to a foreign exchange depletion.

14 See Note 12.

15 August 22, 1949, Hsi Demao, telegram: "The Mexican Central Bank called to say that it had received the coin dies for the Chinese silver dollar, and the mint can start work at any time..." September 26, Telegram No. 4014: "Telegram No. 4014 from New York: Why the Mexican Mint did not deliver according to the original quantity ... According to the bank's telegram, the effect of the die made by the U.S. mints was slightly different due to the pressure of the machine, and the technicians of the U.S. mints were invited to make modifications, and the capacity could be increased to 1.5 million pieces per week from next Friday. The Hong Kong side had someone to buy from it at the price of silver, that is, 76 cents per ounce, now willing to sell to our government according to the price on the New York market, that is, 73. cents per ounce, or US$ 0.5781 each piece, handed over in San Francisco. I told the ROC government that I was afraid that it would not be convenient to purchase foreign silver coins for the issuance in China and that the value of the Mexican silver dollar was lower than that of the silver dollar in China. Therefore, the best policy was to mint and ship it in a hurry. Are the Mexican silver dollars worthy of purchasing? Is the price appropriate? It needs to be discussed after being submitted to the Financial Advisory Committee. Yang. September 29. "Central Bank file, Archives Administration.

16 August 18, 1949, Song Hanzhang ( 宋漢章 ), telegram: "Your bank transferred 4.6 million U.S. dollars deposit to the New York branch for payment to the Mexican Central Bank... The New York branch is doing its best to raise funds for the withdrawal, but there is no way to recover the foreign currency loaned to government agencies and staterun institutions. In addition to the British gold of £1,573,000, the US dollar amounted to another $22,581,000. As a result, the Bank's foreign exchange is now stretched to the limit and is becoming increasingly short. Song Hanzhang (director)". August 25, Hsi Demao, telegram:" the amount used to purchase silver will be allocated from the specialized account of the ROC government in the Bank of Mexico to the account in the U.S. Commercial Bank. The total amount of silver coins delivered in San Francisco to USD 7.15 million. Only $3,000,000 is available under the remaining funds of the Bank of New York, and at present only a maximum of $2,000,000 can be set aside for the purchase of silver, the remaining $1,000,000 must be kept as a security deposit to avoid the risk of liquidation by the New York State Department of Banking..." Central Bank files, Records Administration.

17 August 23, 1949, Central Bureau of Industry and Development Bureau, Guangzhou Zhong No. 3288 Telegram. "The reserve for the temporary deposit of silver yuan notes allocated by the Bureau of Industry and Development has been exhausted due to the frequent transfer from various branches. Besides, there is no gold or silver available for allocation under the domestic treasury, and it will take time to transport them from abroad to Hong Kong..."

18 On August 16, 1949, Hsi Demao telegrammed Xu Kan: "Because of the shortage of dollars in the New York branch due to the purchase of Mexican silver for $4.6 million, I have resigned as general manager." Central Bank File, Archives Administration.

The Mexican Silver Eagle Dollars was Purchased by Someone Else

In this case, the silver eagle dollars struck by the San Francisco Mint seen by Alberto Francisco Pradeau and others in Mexico from August 21-24, 1949, as well as the Mexican silver dollars minted by the Mexican Mint from August to November, as stated in the article, were not commissioned by the ROC government. So, what is the real reason for this hearsay? In fact, Hsi Demao's report about the Mexican Mint to the Ministry of Finance on September 26th had already revealed the mystery.19

At the end of September, when questioned by the Bank of China in New York about the late delivery of the agreed quantity of Mexican silver dollars, the Mexican Mint changed the subject and marketed its Mexican silver dollar inventory to the Bank of China in New York instead. Hsi Demao reported: "The Mexican Mint... has 5,779,000 Mexican silver dollars in San Francisco and 1,900,000 in Mexico, totaling to 7,769,000 pieces. Someone from Hong Kong has purchased these silver dollars from the Mexican Mint at the spot price of silver, namely, 70.6 cents per ounce. He is willing to sell these silver dollars to our government at the New York market price, that is, 73.3 cents per ounce, each piece in the USD 0.5781, and the silver dollars can be handed over in San Francisco."

This was the first time that the Mexican Mint talked about the business of the Mexican silver dollars with the Bank of China in New York, and the report clearly explains that the coins marketed by the Mexican Mint were the finished Mexican silver dollars, not the coins being minted for the ROC government. The selling price was calculated at the market price of silver in New York, at $ 0.5781 per coin. According to the Mexican mint, there were 7,679,000 minted coins at that time, which were stored in San Francisco and Mexico.

In addition, it is noteworthy that the Mexican Mint mentioned that someone from Hong Kong had already purchased these Mexican silver dollars earlier. This may be true, as it seems that this batch of Mexican silver dollars struck by the Mexican Mint and is related to the ROC government's issuance of silver yuan notes in early July 1949 and its announcement that the seven types of silver dollars, including the Mexican silver dollars, would be allowed to circulate in equivalent value. Since China was in desperate need of silver dollars, the value of a silver dollar was much higher than that of the silver contained in the coin. As the Mexican silver dollar was one of the seven eligible silver dollars, Mexico, which was rich in silver, restruck the 1898 Mexican silver dollars with the intention of selling it to China for profit, which may also be the reason why Alberto Francisco Pradeau believed that the Mexican silver dollar was minted for the ROC government. However, the fact that they were struck for the Chinese market and the fact that they were commissioned by the ROC government are two different things, and should not be confused with each other.

Hsi Demao indicated in a telegram that he was not interested in the sale of the Mexican silver dollar from the Mexican Mint. After the Ministry of Finance was informed of the report, it was only submitted to the Financial Advisory Committee for discussion, and nothing was done afterward. However, a lot of the Mexican silver dollars went to China afterward, and the article does not make an explanation on the person who purchased these coins. Given the information revealed by the Mexican Mint that "someone from Hong Kong has bought silver dollars", it is indicated that the purchaser is not from the central government, but someone from the political or commercial circle.

19 See Note 15, September 26, message from Hsi Demao.

Some Eagle Dollars Flew into China

According to the aforementioned article, Dr. Alberto Francisco Pradeau stated that 2,526,978 Mexican silver dollars were shipped to Guangzhou, China via Hong Kong. The other 7 million were not delivered because the ROC government no longer needed them due to the "finalization of the war" and they were shipped to other places or used for other purposes. However, in fact, as mentioned before, the Bank of China in New York was still questioning why the Mexican Mint did not deliver the silver dollars until the end of September, and the ROC government still had an urgent need for the silver dollar. If the ROC government had intended to commission the minting of the Mexican silver dollars, it would have finished delivering most of them by then. Therefore, the mentioned 2.52 million pieces may be the number of Mexican silver dollars sold to China through other channels.

On the other hand, a large number of Mexican silver dollars did flow into China a little later; especially into Yunnan province.

The Yunnan authorities, who had been in disagreement with the ROC government, once again fought over the issuance of silver yuan notes. Yunnan insisted that the central government should first allocate 4 million silver dollars as a reserve for exchange, 20 but the Ministry of Finance was only willing to

allocate 150,000 dollars.21 Both sides were at a standstill.

Later, on October 1, Yunnan province made a public announcement and informed the central government 22 that the Mexican silver dollars would circulate at the same value as the Yuan Shih Kai silver dollar and be exchanged for the local silver coin at a ratio of 1:2.25 from October 1. Prior to this, Yunnan had apparently acquired a large number of Mexican silver dollars on its own, enough to circulate in large quantities in the province, but from what source? No one knows for sure.

More than 13 million silver coins commissioned by the ROC government to be struck in Mexico arrived in Hong Kong one after another by the end of October, awaiting instructions for domestic transportation. After the establishment of the People's Republic of China, the Sino-Hong Kong agreement was abandoned by Britain, and Hong Kong could no longer play the role of a transshipment station. Therefore, it was ordered to send a large number of silver dollars and silver bars to other places in advance, while the rest were temporarily unloaded at the Manila Transportation Bank, and then transferred to Kunming and Chongqing.23 At the end of the year, the ROC government lost its last stronghold on the mainland, and the extraordinary period of re-circulating silver dollars came to an end.

20 July 6, 1949, Kunming Branch, Secretariat Telegram No. 1574. "Since the reserve has not arrived, the issue has not yet been made. The silver dollar minted in Yunnan has become the provincial currency, and the representatives of the public are considering the need for a full reserve before issuing it, otherwise please delay the issue... Please quickly allocate a reserve of 4 million dollars to be transported to Yunnan, so as not to hinder the issuance ..." July 11, Kunming Branch, Secretariat Telegram No. 1715. "Chairman Lu still thinks that the matter is of great importance. The issuance of the gold yuan note is a lesson from the past, and the local governors have a serious responsibility. The reverse which has arrived is of a very small amount and absolutely cannot meet the requirement for issuance. It is advocated that the issuance of silver yuan notes in Kunming must be stamped with the placename of Kunming. If issued elsewhere, the notes absolutely cannot be exchanged in Kunming ..." Central Bank file, Archives Administration.

21 See note 7.

22 October 1, 1949, the Kunming Telegram No. 5 sent from the Kunxing Bank for the Kunming government to Chongqing. "Message sent to the Yunnan provincial government announcement on the use of Mexico eagle silver dollar ... The Yunnan provincial government with No. 2363 (38) announcement indicates that Mexican eagle silver dollar from now on (October 1) is also allowed to be circulated at a prescribed rate of 2.25 to the Yuan Shi Kai dollar." Central Bank file, Archives Administration.

23 September 19, 1949, Hong Kong Representative Office, telegram: "Deposit of silver dollars in Hong Kong, will be transported to Chongqing, Hengyang, Guiyang, Guilin, Haikou, Dinghai (later reallocated to Taipei), Xiamen, Liuzhou (arrange for shipment later), Wanxian county by air ..." September 27, Telegram No. 3927. "...the 1 million silver dollar to Guangzhou will arrive today, the 420,000 dollars to Hengyan will arrive tomorrow. Silver bullion shipped to Taiwan has handed over to the Zhadian Company and will arrive Taiwan on September 28..." October 24, Chongqing Telegram No. 4292. "The silver dollars minted by the Mexican Mint, amounting to about 13 million dollars, have been shipped back to China one after another, and the agreement between China and Hong Kong has been abandoned. Therefore, the bank has been transferred to Manila for safekeeping by the Bank of Communications... If the cost is lower, it will be shipped to Haifang by the Bank of Communications in Manila and transferred to Kunming, then to Chongqing." Central Bank file, Archives Administration.

原刊載於《東亞泉志》第 27 期

1949年國民政府的最後銀元

◎ 戴學文〔臺北〕

1948年11月中旬，金圓券崩潰之際，國民政府實施金銀存 兌，釋出黃金、銀元藉以挽回局面，但實施僅短短兩個月即

後金圓券時期流通的銀元與黃金

銀元與黃金，成為市場上的主要貨幣。實際上，中國已從金 本位轉變成一種金銀複本位的狀態。

黃金，儘管是金圓券政策的主角、財政儲備的重心，但價 值太高，相對而言，銀元比較適合日常交易，所以市場對於 銀元的需求遠大於黃金。

中國原本流通着數量龐大的銀元，但1935年11月底國民政 府發行法幣後，銀元即退出市場。1937年中美金銀協議簽 訂後，國民政府又將銀元庫存鎔鑄為銀條，運往美國換取

國民政府黃金、銀元知多少

盤點金圓券發行之際國民政府的庫存2，整體而言，金多銀 少，銀元早已所剩無幾，可供鑄幣的白銀數量亦非常有限。

黃金部分：存放國內外銀行約有純金270萬市兩，還有各 地央行以金圓券收兌自民間的雜金，保守估計約有167萬 市兩 3，央行可管控黃金總量約在400萬兩之多。

銀元部分：央行賬目竟是掛零。白銀在國內剩下不到4千萬

注釋：

1 《銀行週報》第 33 卷第 21 期，1949 月 5 月 23 日。

宣告失敗。此後，金圓券遭拒用，市面恢復流通法幣時期 的鎳幣與更早之前的銀元，大型買賣則兼用黃金。

美元及黃金，致使銀元從國內大量消失，價格不斷追漲， 大幅超越民生物資與黃金的價格指數。

1949年5月23日，《銀行週報》在上海易幟前刊出最後一期， 為已醞釀多時的銀元風潮留下記錄1。

內戰爆發以來，重回市場的銀元因供需失調價格不斷上漲。

1946年初，黃金與銀元的比價為1:110，同期麵粉1袋2.1元； 到了1949年5月，黃金與銀元的比價變成1:30-40，麵粉每 袋則降到1.1元左右。由於龐大的需求，三年多來，銀元對 保值性佳的黃金比價，漲了將近3倍；與民生必需的麵粉比 價，也上漲約1倍。銀元成為淩駕各種物價的天之驕子。

圖 1 1948 年 9 月 29 日，廣東湛江銀行開立鈔券兌換證， 作為以 365.76 金圓收兌民眾郭榮標銀條 127 市兩之證明。

2 1948 年 11 月 5 日，中央銀行發行局，發電字第 9275 號。調整撥交金圓券現金準備應洽辦事項代電。

發監會原繳存現金準備金

來源：中國第二歷史檔案館編，《中華民國史檔案數據彙編》第五輯，第三編，財政經濟（三）頁 897。

3 上海《金融週報》，1948 年 11 月 17 日。統計數字截至同年 10 月 31 日，但，顯有低估之嫌。另，參閱：戴學文，《中央造幣廠鑄金案與大陸運臺黃金》，第五章 歷次運臺黃金， 頁 204 以下。波多西工作室出版，2021 年 11 月。 黃金 2,389,493.638 盎司 白銀 39,690,539.74

盎司，另有少數寄存於海外，分別是紐約大通銀行、倫敦 Samuel Montagu & Co.兩處，僅160多萬盎司。後來，以

銀元券政策的因應措施

1949年7月2日，國民政府再次推行幣改，發行銀元券。為解 決手中銀元籌碼嚴重不足的問題，財政部採取了一系列措施：

並用銀元黃金與放寬銀元定義 首先，兌換準備金不只有銀元，而是銀元、黃金一併使用5。

此外，為了增加銀元的供應量，也將銀元的定義加以放寬。

先前已在上海市面交易的孫像（銀元）、袁像（銀元）、船洋、 龍洋、鷹洋、澳洋及川洋等七種銀元，只要成色重量符合 規定標準，均可等值行使6。

調回運臺銀元

因央行保管下的銀元，已連同黃金、白銀，在1949年5月下 旬前，先後運往臺灣。着手銀元券發行事宜的財政部長徐 堪，首先面臨的是無銀元可用的窘境。

臺灣並非流通銀元券地區，因此運臺銀元成為國防部預算 財務署保管下的軍費，不歸財政部管轄。在徐堪的力爭下，

美墨造幣廠代鑄船洋

國民政府在海外委鑄銀元的經過，國內罕見記錄，有關說 法，主要來自傳述與國外的研究。直到近年，大量中央銀 行文件的公開，推翻了不少先前的錯誤認知與說法，真相

金圓券從民間收兌（圖1），至9月底進賬銀元1 683萬枚，銀 角29 000多枚，以及白銀800萬兩4，而實際數字均應更多。

6月28日財政部借出其中的1 200萬元，作為銀元券的第一 批兌現準備金。從臺灣再以海、空運回大陸。其中，廣州、 重慶各900萬元與300萬元，再由兩地分撥福州、衡陽、貴 陽、蘭州、昆明、桂林與成都7 。

在臺籌集的銀元，尚有8、9月間由央行兩度向空軍總部洽 購的軍費銀元350萬元與210萬元，價款以自美運臺黃金支 付，銀元則由空軍運往大陸8。

增加銀元產量

自臺灣回流的兩千多萬銀元，對於大陸各地而言，猶如杯水 車薪，央行必須籌集更多數量。權宜之計，就是大量鑄幣。

在失去了最具規模的上海造幣廠之後，儘管許多模具、機器、 設備等已早一步從上海遷往成都、臺北兩地，重建產能，此 外，也嘗試重慶二十兵工廠、香港志誠公司、利民金屬製造 廠、西南製造廠等官方及民營機構的協助9。但因建廠耗時， 欠缺機器設備，技術不足與銀料短缺等因素，鑄數有限，供 應不急，短期內難以滿足國內市場對於銀元的龐大需求10。

在這種局面下，央行只好尋求海外造幣廠填補缺口。後來， 美國與墨西哥兩地的造幣廠，就成為中國內戰期間銀元最主 要的代鑄工廠。

自此逐漸分明。

國民政府主要是經由紐約中國銀行，調用大量美元外匯在 美墨兩國購買銀條、委鑄銀元，鑄成後則運往香港，再轉 運廣州、重慶等內地。過程中，紐約中行總經理席德懋穿 梭於美墨造幣廠與中央銀行之間，檔案之中有關海外購銀

4 數據源：收兌金銀外幣數額表，自 8 月 23 日起至 9 月 30 日止。中央銀行文件，轉引自《中華民國貨幣史數據》，第二輯。頁 863。

5 《銀元及銀元兌換券發行辦法》第一條：“中華民國國幣以銀元為單位，銀元 1 元總重為 26 6971 公分，成色為千分之 880，含純銀 23.493448 公分”；第七條：“銀元鑄造未充 分時，銀元兌換券之兌現得以黃金為之，其兌換率由中央銀行掛牌公告。”

6 1949 年 7 月 2 日，中央銀行公告：“查各版銀元（包括孫像、袁像、船洋、龍洋、鷹洋、澳洋及川洋等七種），凡合於財政部規定重量及成色，即每枚總重 26.6971 公分，含銀千分之 880 者， 應一律同值行使，不得低折貼水，如違，嚴加究辦 。”

7 《吳嵩慶日記（一），1947-1950》，頁 328，6/22、6/28 條，中研院臺史所，2016 年 6 月出版、1949 年 7 月 7 日，穗中第 2060 號簽呈：“廣州由臺灣機運船運來穗，共 830 萬元（包 括轉運各分行數字）、重慶由臺飛運已到 11 架每架約 12 萬元（包括轉運各分行數字）、桂林 30 萬元（由穗行轉運）、衡陽 15 萬元（由穗行轉運）、福州 10 萬（由穗行轉運）、貴 陽 10 萬元（由穗行轉運）。在運送中者，昆明 15 萬元（由渝行轉運）、成都 30 萬元（由渝行轉運）、蘭州 30 萬元（由渝行轉運）。”及 1949 年 9 月 24 日，穗中第 3940 號簽呈： “查銀元券發行之始，第一批由臺運來銀元準備金系聯勤部代運，計由臺運穗 900 萬元（內扣運費 70 萬元，實為 830 萬元），運渝 300 萬元，共銀元 1200 萬元。 經各該行主辦人 員會同押運員開箱點驗，內有差缺數目及攙入偽造啞版生銹等不能使用之銀元 共計短少 4,310 元，偽造不可用者 84,610 元 ”中央銀行文件，檔案管理局。

8 1949 年 8 月 24 日，秘書處發電 1873 號。“ 本行商由空軍總部讓售銀元 350 萬元（保管款）一案，…，以由美回運黃金折付，銀元由總部飛機代運廣州點交並准扣除運費 15 萬元（空 軍原建議在岡山點交）…”。第二次向空軍總部洽購銀元 210 萬元一案，仍在由美運臺黃金項下撥付空軍總部純金 25609 市兩 7 錢 5 分厘總共撥付純金 662。中央銀行文件，檔案管理局。 9 1949 年 8 月 23 日，中央造幣廠，穗鼎字第 170 號。“貴處廣秘字第 1059 號 0726 代電囑派專門人員赴港調查西南製造廠承代鑄幣一案， 已派總技師陳文燦於本月 18 日由渝飛 港辦理 ”。1949 年 9 月 7 日，中央銀行，穗中第 3582 號。“臺廠解送成幣及鑄費收取辦法兩項擬准照辦…鑄費每千枚收取新台幣 75 元…查本行委託渝廿兵工廠鑄幣鑄費每千枚 25 元，又香港志誠公司鑄費為每千枚銀元八十枚。”中央銀行文件，檔案管理局。

10 1949 年 7 月 19 日，中央造幣廠韋憲章廠長，穗中第 2270 號簽呈。“臺廠 8 月開工，初期日產 3-5 萬枚，蓉廠 7 月開鑄，初期日產 4 萬枚，二十兵工廠，日產 2 萬，可增至 4 萬…。” 中央銀行文件，檔案管理局。

圖 2 紐約中國銀行總經理 席德懋

1949年6-7月：美國造幣廠 代鑄

第一批銀元，3 000萬枚，均為 民國二十三年版船洋，系購買 美國銀條，委由舊金山、費城、 丹佛三家造幣廠以原幣模翻製 新模所代鑄。6月起陸續完成， 並於7月底前全數運抵香港。11

1949年8-10月墨西哥造幣廠代鑄

8月，紐約中行改向墨西哥洽購銀條，委鑄銀元。不過，生

有關“國民政府向墨廠委鑄 1898年版鷹洋”說法的辨正

一位網名為BrianRxm的作者，發表”The 1949 San Francisco Mexico Peso Restrikes - Coins struck by the San Francisco and Mexico City Mints For the Nationalist Republic of China”（筆者按：1949 年舊金 山、墨西哥造幣廠為中華民國政府重鑄銀幣）一文（The 1949 San Francisco Mexico Peso Restrikes（brianrxm. com））。13文中引述墨西哥錢幣專家埃布爾托·弗朗西斯柯 ·普雷德博士（Alberto Francisco Pradeau）的研究，謂 國民政府在1949年下半年曾委託墨西哥代鑄10 250 000枚 1898年版鷹洋（2 000 000枚系轉包美國舊金山造幣廠於6-8 月完成，8 250 000枚由墨西哥廠於8-11月鑄造完畢）。

由於被維基百科轉載的關係，該篇文章已在網路廣為流傳。 但，對照中央銀行文件相關內容後，不難發現其中有頗多 悖離事實之處。

圖 3 美國、墨西哥造幣廠於 1949 年 6-7 月間代鑄的民國 二十三年版船洋

產過程不斷延誤，8月26日起開鑄，分批運往舊金山再轉香 港。最後至10月底，僅運抵香港約1 300萬多枚。12

總計，美墨兩國造幣廠代鑄銀元約4 300萬枚，均為民國 二十三年版船洋。（圖3）

茲將該篇網文內容摘轉如下：

1949年8月21至24日，美國錢幣協會（American Numismatic Association (ANA)）正好在舊金山舉辦年會。會議期間，部分 會員參訪舊金山造幣廠，目睹了廠內鑄幣實況，其中部分銀幣有 老鷹站在仙人掌上抓着一條蛇的圖案，可辨識出為墨西哥鷹洋。

墨西哥籍錢幣專家埃布爾托弗朗西斯柯 普雷德博士是當時的 參訪者之一。回國後，他研究出這些鷹洋鑄造的原因。

在此之前，1949年6-7月，費城、丹佛、舊金山三家美國造幣廠 共鑄造了3 000萬枚1934年版帆船銀元，供作中國市面銀元流通 之用。這些銀元，都是美國造幣廠以1934年原幣模翻製的幣模 所鑄，與原版銀元並無差別。這些銀元，隨後經由香港被運到 廣州。

後來，中國又與墨西哥造幣廠進行了另一交易：委鑄10 250 000 枚墨西哥鷹洋。由於事出緊急，墨廠將其中2 000 000枚鷹洋轉 交舊金山造幣廠鑄造，墨廠鑄造其餘的8 250 000枚。這些鷹洋 鑄幣的記錄，其背後多可見其 身影。（圖2）

11 1949 年 7 月 26 日，廣秘字 1060 號。“香港代表處 美造幣廠承鑄銀元，前據 6 月 23 日紐約中國銀行節轉，該廠稱費城、舊金山兩地已收到之白銀約可鑄銀元 27,185,700 枚， 7 月 9 日以前可分 4 批運出約共 11,450,000 枚，茲查 4 批中之最後一批（丹佛）亦將於本月 31 日到港 ”。又，7 月 28 日，中國銀行：“查我國在美所造之 3 千萬枚銀幣，前經國 行委託聯邦銀行為經理人，業經該行陸續運出，末一批 2675 箱，計 535 萬枚，業於今日裝船 ”。中央銀行文件，檔案管理局。 121949 年 8 月 22 日，席德懋，電文（文號不清）： “墨國央行來電略稱我國銀幣模型已收到，廠方隨時可開工，簽約 20 日後即可交貨 如月底以前不能簽約即行作罷。”9 月 2 日， 秘書處 3321 號：“墨廠業於 0826 開鑄，產量 25 萬至 30 萬枚，據墨廠報告第一批約在本月 18 日或可抵舊金山。”9 月 16 日，電文： “墨廠第一批 25 萬枚運抵舊金山，9/15 墨廠 運出 150 萬枚”。9 月 21 日，電文：“昨接墨央行電，第二批 40 萬枚已運舊金山。”9 月 23 日，來電 3869 號：“第一批 25 萬枚今日可到舊金山，第二批 40 萬枚，約下星期初可到， 照目前產量，每兩日可運到 40 萬枚 ”10 月 24 日，央行，渝中字 4292 號：“查本行在墨西哥鑄造之銀元，約有 1 300 萬元以上，陸續啟運回國…”中央銀行文件，檔案管理局。 13 該文網址：The 1949 San Francisco Mexico Peso Restrikes (brianrxm.com) 。

（圖4），幣模由墨廠準備，是在1898版原模上微幅修改。

最明顯的辨識方法，就在幣面上代表墨西哥造幣廠的廠記 “Mo”，其中英文字母 O 的高低差別。（圖5）

圖 4 1898 年鷹洋後鑄版

圖 5 1898 年鷹洋後鑄版與原版，兩者的 Mo 廠記特徵不同

普雷德博士調查後發現，墨廠在8-11月間將8 250 000枚鷹洋鑄

造完畢。其中2 526 978枚經香港運往中國廣州，1 942 000枚保

存在墨廠中，3 779 000枚在1950年送往赫莫席羅（Hermosillo），

索諾拉（Sonora）鎔解，其餘2 022枚保存於墨西哥銀行（Bank of Mexico）。

舊金山廠 2 000 000枚鑄造於1949年6-8月，完成後被送往鄰近

的美國銀行（Bank of America）等候運往中國。後來，由於中 國戰事底定，不再需要鷹洋，為避免保管費，這些鷹洋全數被 送回舊金山廠鎔解，改鑄美國錢幣。由於當時每盎司銀價已從 0.5漲至0.75美元，美方因此獲利。

其中，有關美國造幣廠在1949年6-7月間代鑄3 000萬枚民國 二十三年版船洋一事，與中央銀行文件所載大致相符，應無 疑義。但該篇內容主要在於闡述舊金山與墨西哥造幣廠共同

為國民政府鑄造1898年版鷹洋10 250 000枚，此一說法與 中央銀行文件的記錄存在着諸多矛盾。

有關說法，其根據何在？雙方何時簽約？均未見交代。

從該篇略以事出緊急，其中200萬枚交由美國舊金山廠6-8 月代鑄完成，其餘8 250 000枚由墨廠於8-11月鑄畢的描述， 可知其所指稱“代鑄”的起訖期間約在1949年6月至11月之 間。

根據記錄，席德懋與墨廠洽商委鑄事宜，是從8月開始，並 於當月底簽約，隨即於8月26日開鑄14。墨廠所鑄銀元，為 民國二十三年版船洋，幣模則是由舊金山廠提供15。除此之 外，在此之前，紐約中行未曾委託墨西哥廠鑄幣。

直至10月底為止，墨廠總共運交1 300萬多枚船洋，經舊金 山到香港，再轉運中國內地。有關墨西哥為國民政府代鑄銀 元經過的記錄，大致如此，未見有委鑄1898年版鷹洋一說。

再從另一角度分析，席 德懋在與墨廠接洽之前， 紐約中行原有英鎊、美 元已奉令大批移交央行， 為了在美墨購銀鑄幣， 至8月中旬止，國民政府 共又動用該行外匯715萬 美元16。當時，紐約中行 乃至國內央行業已發現 兩局美元準備相繼耗盡 17，經營困難，總經理席 德懋為此甚至一度請辭 18。（圖6）所以，國民政 府不僅未向墨廠委鑄鷹 洋，當時的財務狀況也 不允許。

圖 6 1949 年 8 月 16 日席德懋 因外匯枯竭呈文向央行總裁徐 堪請辭紐約中行總經理一職影 印件

14 見注 12。

15 1949 年 8 月 22 日，席德懋，電文：“墨國央行來電略稱我國銀幣模型已收到，廠方隨時可開工…”，又，9 月 26 日，來電第 4014 號：“38.9.26 紐約來電第 4014 號：墨廠 何 以未能照原定數量交貨 該行電略稱：美造幣廠所制模型對該廠機器壓力略有出入，經請美廠技師前往改正，下星期五起，產量可增至每星期 150 萬枚等語，又據該行稱，現有老鷹 洋 577 萬 9 千枚存在舊金山，並在墨西哥存有 190 萬枚，兩共 767 萬 9 千枚。香港方面曾有人向其購買，價案白銀計算，每盎司 7 角 6 分，現願照紐約市價售予我政府，每盎司 7 角 3 分半，每枚合美金 5 角 7 分 8 厘 1，舊金山交貨等語。弟告以我政府恐未便購買外國銀幣在國內發行，且鷹洋價值在中國較我國銀元為低，仍以趕鑄趕運為上策。鷹洋是否值得洽購？ 價格是否相宜？似應提交金融顧問委員會商討。楊 9.29。”中央文件，檔案管理局。 16 1949 年 8 月 18 日，宋漢章，電文：“貴行將所存敝國外部之美金 460 萬元劃轉紐約分行備付墨銀 紐約分行盡力籌款備提，無如貸與政府機關及國營事業之外匯一時計無由收回， 而敝行移存於貴行之款，除英金 157 萬 3 千鎊外，美金又達 2258 萬 1 千元之巨，以致目下敝行外匯頭寸捉襟見肘，日趨短缺 宋漢章（董事）。”8 月 25 日，席德懋，電文：“國 行墨銀採購戶內撥付美國商業銀行墨央行專戶。在舊金山交付之銀幣總數至美金 715 萬元。紐行剩餘資金項下僅存 300 萬美元，目前最多僅能撥出 200 萬美元備購白銀，其餘 100 萬 美元必須留作安全保證金以免受紐約州銀行業務部清算之虞 ”中央銀行文件，檔案管理局。 17 1949 年 8 月 23 日，央行業局、發局，穗中第 3288 號。“業局所撥發局之銀元券暫存準備金，進以各分行調券繁巨，已動用殆盡，國內業庫項下既無金銀可資撥充，而自國外運港 尚需時日 ” 18 1949 年 8 月 16 日，席德懋電徐堪：“因 460 萬美元購墨銀以致紐約分行美元短缺，已辭總經理職。”中央銀行文件，檔案管理局。

購買鷹洋，另有其人

如此一來，1949年8月21-24日，墨西哥普雷德博士等人所目 睹舊金山廠鑄造的鷹洋，以及該文所稱，墨西哥廠於8-11月 鑄造的鷹洋，均應非出自國民政府所委鑄。那麼，真正原因 何在？其實，席德懋於9月26日向財政部的報告中所記錄墨 廠的說法19，已透露玄機！

9月底，墨廠因未按時交付約定數量的船洋，受紐約中行 質問時，轉移話題，改向紐約中行推銷其庫存的鷹洋成幣。 席德懋回報之“墨廠 現有老鷹洋577.9萬枚存在舊金山，並 在墨西哥存有190萬枚，兩共767.9萬枚。香港方面曾有人向其購 買，價按白銀計算，每盎司7角6分強，現願照紐約市價售予我 政府，每盎司7角3分半，每枚合美金5角7分8厘1，舊金山交貨” 等語即是證明。

這是墨廠首度向紐約中行談及鷹洋的生意，報告也已清楚 交代，墨廠所推銷的是鷹洋成幣，並非代鑄。售價是按紐

部分鷹洋流入中國

根據前述網文，普雷德博士稱，有2 526 978枚鷹洋經香港 運往中國廣州，其他的700多萬枚，因應“戰事底定”，國民 政府已無需要，而未交貨，移往各處或改作他用。但，實

際上，前已提及，直至9月底紐約中行仍在質問墨廠何以未 能交貨，國民政府對於銀元仍有迫切需求，若有意委鑄鷹 洋，也應已在此時大部交貨完畢。所以，252萬多枚，或許 就是代表着鷹洋成幣經由其他管道銷售到中國的數字。

另一方面，有大批鷹洋也果真在稍後流入中國，特別是雲 南省。

雲南省當局素與國民政府意見不合，為了發行銀元券之事，

19 見注 15 9 月 26 日，席德懋電文。

約白銀市價，每枚以5角7分8厘1計算。依據墨廠說法，當 時已有鑄有成幣767.9萬枚，分存舊金山與墨西哥。

此外，值得注意的是，墨廠提到，先前，香港方面已有人購 買；此一說法，或許屬實。因從時機看來，墨廠鑄造這批鷹 洋，理應與1949年7月初國民政府發行銀元券，宣佈准許包 含鷹洋在內的七種銀元等值流通有關。正因中國急需銀元， 價格高出含銀量不少，而鷹洋名列七種合格銀元之一，盛產 白銀的墨西哥因此重鑄1898年版鷹洋，有意銷往中國牟利， 這或有可能也是普雷德博士認定這批鷹洋是為中國政府而 鑄的緣故。但為了中國市場所鑄，與受國民政府委鑄，應屬 兩回事，不能混為一談。

席德懋於電文表示，對於墨廠之出售鷹洋，已回復並無興 趣，財政部獲報後，亦僅提交金融顧問委員會討論，事後 已無下文。但，事後，這批鷹洋卻有不少流入中國，至於售 予何人？網文並無進一步說明。從墨廠透露的信息“香港方 面曾有人向其購買”可知，客戶並非中央政府，可能是其他 政商人士。

再度杠上。雲南堅持中央應先撥交400萬元銀元作為兌換準 備金20，但財政部仍只願分配15萬元21，雙方僵持不下。

後來，雲南省於10月1日進行公告，同時知會中央22 ：自10月 1日起，鷹洋與袁像銀元等值流通，並以1:2.25的比率兌換 當地半開銀幣。在此之前，雲南顯然已自行取得不少鷹洋， 足以大量在省內流通，至於來源無人知曉。

國民政府委託墨西哥代鑄的1 300多萬枚船洋，到10月底前 已陸續運抵香港，等候內運指示。中華人民共和國成立後， 中港協議即遭英國廢棄，香港無法再扮演轉運站角色，所 以奉命提前將大批銀元、銀條分送各地，其餘則暫卸馬尼 拉交通銀行，隨後又轉昆明、重慶等地23。年底，國民政府 失去在大陸最後據點，一段重新流通銀元的非常時期，隨 之宣告結束。

20 1949 年 7 月 6 日，昆明分行，秘書處來電第 1574 號。“因準備金未運到，暫未發行，滇鑄半開銀元，事實上已成為省內之本位幣，民意代表正醞釀需有十足準備金始可發行 , 否 則請緩發行 請迅賜籌撥準備金四百萬元運滇，以免阻礙 ”7 月 11 日，昆明分行，秘書處來電第 1715 號。“盧主席仍以此事關系重大，金圓券實為前車之鑒，各地方長官有嚴重 之責，目前運到之準備金為數甚微，絕對不可發行，如果總行不能運濟四五百萬元銀元或等值之黃金，則難以考慮 且主張在昆明發行之銀元券，須加蓋昆明地名，他處發行者，絕對 不可在昆明兌現 ”。中央銀行文件，檔案管理局。

21 見注 7。

22 1949 年 10 月 1 日，昆行代電，發重慶，滇秘稽業電字第 5 號。“電送雲南省政府公告關於墨西哥飛鷹銀元使用辦理希察核由 雲南省政府以（38）合財金字第 2363 號公告墨西 哥飛鷹銀元准自即日起（10 月 1 日）與半開銀幣亦照袁像銀元規定比率 2.25 流通行使”。中央銀行文件，檔案管理局。

23 1949 年 9 月 19 日，香港代表辦公處，電文：“存港銀元，空運重慶、衡陽、貴陽、桂林、海口、定海（後改臺北撥發）、廈門、柳州（緩運）、萬縣…”9 月 27 日，來電 3927 號。 “…運廣州銀元 100 萬元，本日運竣，運衡陽 42 萬元，明日可運竣。運臺灣銀條，已洽交渣甸公司永生輪 0928 運臺 ”10 月 24 日，渝中字 4292 號。“查本行在墨西哥鑄造之銀元， 約有 1300 萬元以上，陸續啟運回國，中港協定既已廢棄，業經轉飭暫卸馬尼拉由交通銀行代為保管 如果所需合算，則飭轉馬尼拉交通銀行裝運至海防陸續轉運昆明再圖轉運來渝。” 中央銀行文件，檔案管理局。

The R.B. White Chinese Copper Coin Collection

◎ Michael Chou〔Taipei〕

With the 1906 Tsing Kiang 20 Cash Copper Pattern and the Yuan Shi Kai Large Face 10 Cash Copper Pattern from the R.B. White collection coming up for auction in Beijing on August 10, my memories of the R.B. White Chinese copper coin collection have been stirred up.

In the summer of 1997, Bruce Smith, the senior editor of the Journal of East Asian Numismatics, contacted me and told me that R.B. White wanted to sell his collection of Chinese copper coins, as R.B. White knew that Frank Robinson consigned his copper coins from the A.M. Tracey Woodward collection to Champion Auction, and these coins realized a high price in Hong Kong in November 1996. (Frank and I were both living in Albany, New York, when I was in graduate school. Frank Robinson had bought the copper coins in the A.M. Tracey Woodward collection from Capitol Coins as Norman Jacobs who worked part-time at Capitol Coins in New York) Therefore, R.B. White told Bruce Smith that I was likely to be the strongest customer among the buyers, so Bruce Smith contacted me.

We arranged to travel to R.B. White's home in New Hampshire in August. I drove from Albany, New York, and picked up Bruce Smith a few hours later at the Manchester, New Hampshire airport. Because Bruce Smith's flight arrived after 6 p.m., we stayed at the hotel for the first night before heading to R.B. White's home early the next morning, all the way up is a very winding and challenging mountain road. When I met R.B. White, I found that he was selling his collection in exchange for gold. He told me that he was going to trade in precious metals because banknotes would be devalued after the millennium. (Because the previous date setting on the calculator only went to 1999, R.B. White was very concerned that all the computers would be wrong when they entered the year 2000. But later it was discovered that the computer date setting did not cause problems. At midnight on January 1, 2000, the flight I was on to New York landed slowly and without any problems or delays.)

I was in Taiwan at the time when R.B. White offered to sell his coins, so I had a discussion with my good friend Chen Chi-mao ( 陳吉茂 ) at Howard Chen's ( 陳元和 ) home in Neihu District.

1906 Tsing Kiang 20 Cash Copper Pattern

Coinciding with the recent release of Jheng Ren-jieh's ( 鄭仁 傑 ) Chinese Copper Coins (《 中國銅元鑒賞 》), we found the highlights of the R.B. White collection in this book together.

We found a Szechuan 30 Cash Copper Coin in the R.B. White collection. The coin was originally purchased from the famous Hong Kong coin dealer Chang Huang ( 張璜 ), and it was also used by the famous Taiwan coin dealer J.S. Lee ( 李振興 ) on the cover of his magazine Coin World (《 錢幣天地 》). There

were also 1906 Tsing Kiang 20 Cash Copper Pattern, Yuan Shi Kai Large Face 10 Cash Copper Patter, a set of 1910 copper patterns, a set of 1911 copper patterns, and many other copper patterns from Anhwei, Kiangnan, and Szechuan.

Chang Huang gave his Kiangsi Ta Han Copper Coin to Ding Chang Kong Liao ( 丁張弓良 ), and later Chen Chi-mao bought this coin at an auction.

The list of the collection that Bruce Smith and I received at R.B. White's home had the cost of each coin he acquired at. We immediately noted that many of the highest-priced coins in R.B. White's collection were the Republican portrait cash coins he purchased at Money Company auctions in the 1980s, including a 1916 Yuan Shi Kai 20 Cash Copper Pattern, which he paid $4,000, a high price back then.

In addition, another 1916 Yuan Shi Kai 20 Cash Copper Pattern was sold at the Champion 1996 Hong Kong Auction, with a color photograph of the coin included in the catalog. I later found out that many of R.B. White's copper coins were consigned by Chen Chi-mao of Taiwan through his friend Ma Tok Ho ( 馬德和 ) of the Money Company.

Chen Chi-mao talked to Haru Chang ( 張秀青 ) of Taiwan about the R.B. White collection of copper coins. Although Haru Chang did not collect copper coins, Chen Chi-mao convinced him that this was the best collection of Chinese copper coins that had come up for sale in recent years, so Haru Chang agreed to buy the collection, just as he had bought the Eli Wallitt collection in 1989. Therefore, Chen Chi-mao planned to buy the R.B. White collection with me and then only sell the real rarities in the collection to Haru Chang.

Immediately after Chen Chi-mao and I received confirmation

from Haru Chang, we received a very high offer from him for the coins he wanted to obtain. Since Haru Chang was not interested in many of the coins in the R.B. White collection, the deal had a large potential payoff, as the other coins he did not buy would bring a handsome profit. Chen Chi-mao and I discussed which of the thousands of coins needed to be brought back to Taiwan, and finally we decided on about 100 two small Whitman single 2*2 coin boxes which hold about 50 coins each. In August 1997, Bruce Smith and I spent about a day and a half selecting 100 coins from the collection. I would have left first and taken 100 coins from the R.B. White collection to Hong Kong, while Bruce Smith would have stayed at R.B. White's house for another 3 to 5 days to look through the remaining 40

ChineseCopperCoins

Yuan Shi Kai Large Face

10 Cash Copper Pattern

Chang Huang and his sister Ding Chang

Kong Liao

boxes of double row boxes which hold around 200 coins each.

Because I made a very strong offer, the parties quickly agreed. Because the offer was high and R.B. White wanted to trade for gold, I called a friend in Chicago and arranged to have the gold shipped to this small part of New Hampshire.

However, the transaction was finally canceled due to a small misunderstanding. I restarted running Champion Auction in Hong Kong in 2007. Many years later, I asked Bruce Smith to contact R.B. White again. Sadly, R.B. White passed away in 2006. His wife stated that White had looked for me but could not find me, as I had moved from Albany to New York after completing my graduate degree in accounting at SUNY Albany and no longer used my previous phone number. We later found out that R.B. White had sold his collection for a very much lower price than in August 1997 to his friend David Bowers, who lived just 15 miles away from him.

The 1906 Tsing Kiang 20 Cash Copper Pattern and Yuan Shi Kai Large Face Copper Pattern in the R.B. White collection were purchased by my friend David Chau in 2018, and both coins would have gone to the Haru Chang collection.

Coincidentally, David Chau also had the Fengtian Tael that Haru Chang bought from the 1991 Goodman auction through Chen Chi-mao. This story of the R.B. White collection is known only by Chen Chi-mao, Bruce Smith, R.B. White, Haru Chang, and me. It is a great honor that the Fengtian Tael originally from the Haru Chang collection would be auctioned together with the 1906 Tsing Kiang 20 Cash Copper Pattern and Yuan Shi Kai Large Face Copper Pattern from the R.B. White collection.

Probably the largest transactions in Chinese vintage gold and silver coins were the sales of the Eduard Kann Collection to a doctor in San Diego in the 1950s, the sale of the A.M. Tracey Woodward Collection to Capitol Coins in New York in the 1950s, the sale of D.C.'s local Chinese provincial silver dollar to Eli Wallitt in the 1970s, and the sale of the Eli Wallitt Collection to Chen Chi-mao in 1989 (most of the top coins were resold to Haru Chang). The two transactions in the 1950s mentioned above are supported by a wealth of information in the correspondence between Eduard Kann and Bowker.

I still regret that I was unable to close the deal with R.B. White, because with Haru Chang's entry into the Chinese copper coin market, all the coins he did not own would have skyrocketed in price and would have gained more collectors' attention. Personally, if that deal had gone through, I think I would have had the opportunity to start some business with Haru Chang.

J.S. Lee had previously acted as an agent for Haru Chang in Taiwan. He said that Haru Chang was the most generous of all his customers and a very caring person, so we missed a great opportunity. But luckily, I met Neil Shafer, who had edited the Standard Catalog of World Banknotes, at the Daniel Ching Collection auction two days before the 1991 Goodman collection auction (the catalog for which was compiled by Bruce Smith), and he asked if I wanted to go to the American Banknote Company Banknote Archive auction at Christie's. I did not know the auction, and all the international coin dealers seemed to go only for the Goodman auction while ignoring this banknote auction. So shortly after the 1991 Goodman auction, with the help of J.S. Lee and Neil Shafer, I bought all the banknotes of the four major Chinese banks in the U.S. Banknote Company's banknote file at the June 1991 auction.

Many wonderful stories of the numismatic community took place in the 1990s. I was just starting in the numismatic business at the time. Looking back, I realize that I was very fortunate to have met the giants of the Chinese numismatic community early in my career and had a small part in it by founding the Journal of East Asian Numismatics and Champion Auction.

Bruce Smith, the senior editor of the Journal of East Asian Numismatics, also wrote an article about that loss to the R.B. White collection, originally published in No. 10 in the October 2018 issue of Journal of East Asian Numismatics

At the 2018 Stack's-Bowers sale, the top three coins were all the Chinese copper coins from the R.B. White collection. We also expect these Chinese copper coins from the R.B. White collection to have another auction success.

原刊載於《東亞泉志》第 28 期

R.B.懷特中國銅幣收藏

◎ 周邁可〔臺北〕

1906 年丙午年清江浦大清銅幣“淮”字（陽文）二十文樣幣

隨着1906 年丙午年清江浦大清“淮”字（陽文）二十文銅幣 和袁世凱大面像共和紀念十文銅幣樣幣這兩枚出自 R.B. 懷 特（R.B. White）收藏的珍品銅幣即將在8月10日北京拍賣 上亮相，勾起了我對懷特所藏中國銅幣的回憶。

1997年夏天，《東亞泉志》編輯史博祿 (Bruce Smith) 聯繫 我，告知懷特想出售他收藏的中國銅幣收藏。因為法蘭克 羅賓森 (Frank Robinson) 曾如當時在紐約 Capitol Coins 兼職的諾曼 雅各斯一樣，從 Capitol Coins 那裏買下了伍 德華收藏銅幣，懷特看到法蘭克 · 羅賓森將其買到的伍德華 收藏銅幣委託給冠軍拍賣，於1996 年11月在香港進行拍賣， 結果成交價格很高。（當時法蘭克和我都住在紐約奧爾巴尼， 我正在那裏讀研究生。）於是，懷特告訴史博祿，我有可能 是買家中最為強勁的客人，所以史博祿聯繫了我。

我們安排了在當年 8月前往懷特所在的新罕布夏州。我從紐

約奧爾巴尼開車過來，幾小時後在新罕布夏州的曼徹斯特 機場接了史博祿。因為史博祿的航班在下午六點之後才抵 達，所以我們在酒店住了第一晚，才在第二天一早前往懷 特的家，途中一路上都是非常彎曲且富有挑戰性的盤山路。 當我見到懷特時，發現他正在出售自己的收藏，以交換黃 金。他告訴我，他要用貴金屬進行交易，因為紙幣在千禧 年後會貶值。（因為之前計算器的日期設定只到1999 年，懷 特非常擔心進入 2000 年時所有電腦都會出錯。但是後來大 家發現電腦日期設定並不會造成問題。2000 年1月1日午夜， 我乘坐的前往紐約的航班緩緩降落，沒有發生任何問題， 也沒有延遲。）

當時懷特邀約出售時，我正身處臺灣，便在好友陳元和位 於內湖的家中和好友陳吉茂先生進行了一次討論。恰逢鄭 仁傑的《中國銅元鑒賞》剛剛面世，我們便一起瀏覽了懷特 藏品中的亮點。

我們發現其收藏中有“四川當三十”，這枚幣原得自香港著 名幣商張璜，臺灣著名幣商李振興也將這枚幣用在了他的 雜誌《錢幣天地》的封面上，此外還有“中心淮二十文”、“袁 世凱大面像十文”、一套1910 年和1911年銅樣，以及其他 很多安徽、江南、四川省造樣幣。

張璜將自己的那枚“大漢銅幣”贈予了丁張弓良，後來陳吉 茂在拍賣會上買下了這枚幣。

我和史博祿在懷特家中收到的藏品清單上有他購得每枚幣 的成本。我們立即注意到，懷特藏品中許多價格最高的錢 幣是他在 20 世紀 80 年代在金錢公司（ Money Company） 拍賣會上購買的民國肖像銅幣，包括1916 年袁世凱像二十 文銅幣，以4 000 美元的價格成交，當時堪稱天價。

此外，另有一枚1916 年袁世凱像二十文銅幣在冠軍1996 年 香港拍賣會上被賣出，當時目錄裏還刊載了該幣的彩色照 片。我後來發現，這些銅幣中有許多是由臺灣的陳吉茂經 委托，通過他的朋友，即金錢公司的馬德和賣出的。

陳吉茂曾向臺灣的張秀青提及懷特收藏的銅幣。儘管張秀 青並不收藏銅幣，但陳吉茂說服他相信，這是近年最好的 中國機製銅幣收藏，於是張秀青便同意買下這批收藏，正

如他在1989 年買下伊萊 瓦利特（ Eli Wallitt）收藏。因此， 陳吉茂計劃與我一起買下懷特收藏，並且只將其中真正的 大珍賣給張秀青。

我和陳吉茂收到張秀青的確認之後，便立即收到了他為自 己所想要得到的錢幣而給出的非常高的報價。由於張秀青 對懷特收藏中的許多錢幣並不感興趣，因此這筆交易有 很大的潛在回報，他沒有買下的其他錢幣將帶來豐厚的利 潤。我和陳吉茂討論了這數千枚錢幣中有哪些需要帶回臺 灣，最終決定分兩個單排惠特曼錢幣收納盒，每個盒子裝 50 枚錢幣，共計帶回100 枚錢幣。1997年 8月，我和史博祿 花了大約一天半的時間從收藏中挑選出100 枚錢幣。本來我 會先離開，並帶100 枚懷特收藏錢幣至香港，而史博祿將在 懷特家裏再呆 3到 5天，查看剩餘的40 箱雙排錢幣盒子（每 箱大約有200 枚錢幣）。

因為我給出了一個很給力的報價，因此雙方很快達成一致。 因為報價很高，懷特又想用黃金交易，我便打電話給一位 芝加哥的朋友，安排將黃金運到新罕布夏州這個小地方。

《中國銅元鑒賞》

張璜與胞妹丁張弓良

袁世凱大面像共和紀念十文銅幣樣幣

後來發生了一個小誤會，懷特取消了交易。我於 2007年在 香港重新開始經營冠軍拍賣。許多年後，我請史博祿再次 聯繫懷特。遺憾的是，懷特於 2006 年去世。懷特的妻子表 示，懷特曾找過我，但是找不到，這是因為我在紐約州立 大學奧爾巴尼分校完成會計研究生學位後，便從奧爾巴尼 搬到紐約，不再使用之前的電話號碼了。我們後來發現懷 特以比1997年 8月低非常多的價格將他的收藏賣給了他的朋 友大衛 鮑爾斯（ David Bowers），後者住在離他僅15 英里 遠的地方。

懷特收藏中的“中心淮二十文”和“袁世凱大面像”銅幣在 2018 年被朋友周大為（David Chau）買下，而這兩枚銅幣 本會收歸張秀青收藏。

巧合的是，周大為也收藏了張秀青經陳吉茂從1991年古德 曼拍賣會上買到的“奉天一兩”。這個故事只有陳吉茂、史 博祿、懷特、張秀青和我知道。這次原張秀青收藏的“奉 天一兩”將與懷特收藏的“中心淮二十文”和“袁世凱大面 像”一起拍賣，也是非常有幸的一件事。

中國機製金銀幣交易中最大的幾筆可能是在 20 世紀 50 年代 時耿愛德收藏被賣給聖地牙哥的一位醫生、50 年代時伍德 華收藏被賣給紐約的 Capitol Coins 、70 年代時 D.C. 的 中國地方省造銀元和銀兩幣被賣給伊萊 · 瓦利特（ Eli Wallitt），以及1989 年時伊萊 瓦利特收藏被賣給陳吉茂 （其中大部分頂級錢幣轉賣給了張秀青）。而上面提及的 20 世紀 50 年代的那兩筆交易均有耿愛德和包克通信中的大量 信息可以佐證。

我至今對未能完成與懷特的這筆交易倍感遺憾，因為隨着 張秀青進入中國銅幣市場，所有他未曾擁有的錢幣都會價 格激增，同時市場也會獲得更多藏家的關注。而對我個人 而言，若是那筆交易達成，想必會有機會和張秀青開啟一 些正式的生意。

李振興之前在臺灣擔任過張秀青購買錢幣的代理人。他表 示，張秀青是他所有客人中最為慷慨的一位，也是一個非 常有愛心的人，所以我們錯失了一個很大的機會。但幸運的 是，我在1991年古德曼拍賣前兩天的丹尼爾 陳收藏拍賣會 （該場拍賣目錄由史博祿編撰）上認識了曾編輯了《世界紙 鈔標準目錄》的尼爾 沙弗（Neil Shafer），他詢問我是否 要去 Christie's 的美國鈔票公司紙鈔檔案拍賣會。當時，我 並不知道這場拍賣會，而所有國際幣商似乎也都只沖着古 德曼拍賣會去，並不瞭解這場拍賣。於是在1991年古德曼 拍賣後不久，我在李振興及尼爾 · 沙弗的幫助下，於1991 年 6月的拍賣會上買下了美國鈔票公司紙鈔檔案中中國四家 主要銀行的所有紙鈔。

許多精彩的錢幣界故事都發生在 20 世紀90 年代。當時我才 初入錢幣行業，回首往事才發現，我非常幸運地在職業生 涯的早期就遇到了中國錢幣業的巨頭，後來創辦了《東亞泉 志》和冠軍拍賣，也算是小小的參與其中了。

《東亞泉志》編輯史博祿（ Bruce Smith）也曾就那次與懷 特收藏失之交臂的故事撰文講述，原文刊載於 2018 年10月 出版的《東亞泉志》第10 期。

冠軍 1996 年拍賣目錄

周大為

陳吉茂

奉天一兩

在 2018 年的斯塔克 - 鮑沃斯拍賣上，出自懷特收藏的中國 銅元大珍包攬了拍賣成交價格的前三名。我們也期待這些 出自懷特收藏的中國銅幣大珍再創拍賣佳績。

Mr. Li Hong Zhang's Trip to Germany: Record

the Grievances between China and Germany Left on the Bank of the River Rhine

◎ Chinan Fan/William Ho〔USA〕

To understand the grievances between China and Germany, we must look back more than a hundred years ago, to the late Qing dynasty during Mr.

Li Hong Zhang's ( 李 鴻章 ) unprecedented visit.

From March 18, 1896, to October 3, over a total of 190 days, 73-year-old Li Hong Zhang visited seven countries, including Russia, Germany, the Netherlands, Belgium, France, the United Kingdom, and the United States. (Fig.1) With his visit, a whirlwind of publicity followed him in Europe and America. The image of the Chinese was positive at that time, and he was given the title of "Honorable Manchu".

Li Hong Zhang's visit was initiated by the Sino-Japanese War. After China's defeat in the Sino-Japanese War of 1894-1895, Li went to Japan and signed the Treaty of Shimonoseki (《馬 關條約》). During the Sino-Japanese War, Britain supported the Japanese in order to contain Russian influence. Looking back at that time of all the foreign countries' interests in China, Britain realized the greatest economic benefits after the Opium Wars, France relied on the catholic church to strongly influence Chinese people, the U.S. government was reluctant and unwilling to get involved in disputes in other countries under

Monroeism - a policy that opposed European colonialism; at that time, Germany did not have any colonies bordering China.

Western countries were not happy when they saw Japan's benefits. First, the Russians, with the support of Germany and France, came forward to ask Japan to return to the Liaodong Peninsula. The Chinese supported the Russians because they needed the Russians to restrict the Japanese. During the SinoJapanese War, Russia's Tsar Alexander III died and his son Nicholas I became the new Tsar. Nicholas II was preparing to hold a coronation ceremony in May 1896. The Qing court planned to send Wang Zhichun ( 王之春 ) from Hubei, as the special envoy for the event, but the Russian minister at that time felt that Wang Zhichun's rank was too low. In the end, the court announced the intention to send Li Hong Zhang as the official and Shao Youlian ( 邵友濂 ). They would be accompanied by Li Jingfang ( 李經方 ) and Li Jingshi ( 李經述 ), the eldest and the second son of Li Hong Zhang. At the same time, Li Hong Zhang was appointed to visit Germany, France, Britain, the United States, and other countries. (Fig. 2)

Fig. 2 Li Hong Zhang (2nd from left) with his eldest son Li Jingfang (3rd from left), second son Li Jingshu (1st from left), and third son Li Jingmai (4th from left)

Fig. 1 The report about Li Hong Zhang's visit in a French newspaper in 1896

There were two very important diplomatic goals for Li Hong Zhang to accomplish at that time. The first one was to unite Russia with the Qing government to restrict Japanese invasion and the second goal was to persuade England from increasing the customs tariff to help pay the huge fines to Japan after the Sino-Japanese War. This was a groundbreaking move at the time, that is, the Qing royal court finally was involved in international politics. At that time, the tariffs were locked at 5% by the foreign countries, but in order to pay for the fines to Japan, the court hoped to increase it by another 5%.

Li Hong Zhang arrived in Shanghai on March 14, 1896, and set off on the 18th. He took the sea route, arrived in Russia in early May, and arrived in Moscow on the 18th. (Fig. 3) The Russians sent a commissioner to Port Said at the north end of the Suez Canal (in the Mediterranean Sea) to meet Li Hong Zhang in case he visited Germany or other countries ahead of Russia and would be politically influenced by them. Li Hong Zhang received the warmest welcome in Moscow and promised the Russians a way to build roads in a series of secret meetings. Then, the Russians borrowed land owned by China to build the Russian railway to approach Vladivostok, an Eastern port.

On June 13, 1896, Li Hong Zhang and his entourage entered Germany. The German Emperor William II personally accompanied Li Hong Zhang to watch military performances. (Fig. 4) A grand reception was given, similar to what happened in Russia.

While Li Hong Zhang was visiting Germany, Japanese military politician Yuken Yamaguchi ( 山縣有朋 ) was also visiting Germany, but he was not received with as much fanfare.

Fig. 4 Li Hong Zhang and German Emperor William II

Fig. 5 Excerpt from a report on the visit of Li Hong Zhang to Bismarck © Archive of the Otto von Bismarck Foundation, Friedrichsruch

During Li Hong Zhang's German trip, the reporters and the public were fascinated by his visit to Otto Von Bismarck. (Fig. 5)

An American journalist named William Francis Mannix called Li Hong Zhang the Eastern Bismarck. Although this statement may have been controversial, it shows the high opinion many had of Li Hong Zhang.

Li Hong Zhang's meeting with the Prince of Bismarck lasted about two hours. After that, Li Hong Zhang left by carriage.

One of the interesting things about Li Hong Zhang's visit to Germany was that they asked him to sing China's national anthem at the banquet. Because there was no Chinese national anthem, he sang a piece of Lu opera, an old opera from Hefei, Anhui, his hometown (which is much older than the Peking opera). In Berlin, he also visited the Charlottenburg Polytechnic and agreed to let Professor Adolf Karl Heinrich Slaby do X-ray experiments for him. At that time, the technology was called R. Ntgen Ray. The film showed he had a bullet in the cheek under the left eye, which was a result of an assassination attempt in Japan.

Fig. 3

Li Hong Zhang was warmly welcomed when he visited Russia

During the trip, Li Hong Zhang also visited the Krupp Company in Essen. He saw the three small houses built by the company in the exhibition hall, and he was very impressed by how the company had grown from a small iron shop into a large company that had global influence over previous hundred years.

Germany had become a unified country after the FrancoPrussian War.

The Kingdom of Prussia was established during the rule of Napoleon's nephew Louis Napoleon Il. It was also called the Second French Empire.

The Franco-Prussian War established Prussia's status as a European power. It lasted from 1870 to 1871 and paved the way for the unification of Germany. (Fig. 6)

Li Hong Zhang always had been suspicious of the French. However, he had been studying Germany since he witnessed the rise of the Germans.

After the Russo-Japanese War, Britain was in a neutral position. They could not sell weapons to the Chinese Qing Court, so they moved all arms purchases to Germany.

Later, even the Chinese naval warships were customized by the Germans, including the ironclads Dingyuan and Zhenyuan. (Fig. 7) The artillery on the ship was made by Krupp. The trust and influence towards the Chinese by the Germans has not changed until today.

When it came to merging Germany, we have to mention the Krupp Company and the city of Essen where the Krupp company is located.

Essen is located in the western Germany. The city of Cologne on the Rhine is just southwest of Essen. Today it is the second largest city in the Ruhr district, which is an area with plenty of resources. There are forests and lakes and also coal mines and iron mines. (Fig. 8)

When Krupp (1812-1887) was founded, there were only 4,000

Fig. 6 German Empire from 1871 - 1918

Fig. 7 The Ironclad Zhenyuan

Fig. 8 German Republic, 2007

Fig. 9 The Krupp cannon at the Hulishan Fort in Xiamen was one of 328 Krupp cannons that Li Hong Zhang purchased in 1871, and it is the oldest and largest 19th-century coastal cannons existing on the original site in the world

people in the city. Krupp was just an iron shop with three humble houses, doing some small local sales and making some agricultural tools. After developing steel technology, Krupp began building guns and cannons. From steel Krupp gradually became the largest arms manufacturer in Europe. Even the steel used in the original railroads in the United States was also made by Krupp.

As early as June 1866, the Qing government sent the first diplomatic mission to Germany. They visited the Krupp Company. At that time, Germany, which had not yet been unified, said that the country had no intention to invade China. In 1871 Li Hong Zhang purchased 328 cannons and artillery made by Krupp. He also invited a German military officer to China to guide the Huai Army and signed a treaty of cooperation.

On the Hulishan Fort in Xiamen, Fujian, built in the 20th year of Guangxu in 1894, there is a cannon made by Krupp, and it is still the largest and oldest coastal defense cannon in the world even today (2000 Guinness World Record). (Fig. 9)

In 1876, seven troops from the Huai Army went to Germany to study and in 1880, five more students were selected from the Beiyang Wubei School, which was established at that time. One of those who went to study in Germany was Duan Qiru ( 段祺瑞 ).

After the signing of the Treaty of Shimonoseki in the SinoJapanese War, Li Hong Zhang's reputation in the Qing court and

among the Chinese people declined greatly. However, because of the requirements of the Russian imperial household, Li Hong Zhang took his eldest son and second son to visit. The main goal of Li Hong Zhang's trip in 1896 was to persuade Russia to limit the influence of Japan. The trip to Germany was not the primary purpose, so he did not bring a gift to Germany. At that time, the new Germany was not as important diplomatically as Britain and Russia in international relations.

Even though he was given a warm welcome initially, Li Hong Zhang's visit did not carry a mission of purchasing arms, which disappointed the Germans which later turned into resentment. This can be seen in Germany's attitude towards China several years after 1896. Kaiser Wilhelm II (Fig. 10) said that Chinese people should not underestimate the Germans even after a thousand years. German newspapers at that time also used negative words (like yellow and junta) to describe Chinese people.

In 1897, the Germans opposed the nomination of Huang Zunxian ( 黃遵憲 ) as ambassador to Germany. After the killing of a missionary in Shandong, a large army was dispatched to seize the Jiaozhou Bay (Fig. 11) for Germany.

Fig. 10 Kaiser Wilhelm II

Fig. 11 Jiaozhou Bay map

Two years later, in 1900, German Minister Klemens Freiherr von Kettler was killed in China by a boxer while walking alone in Beijing. This finally caused the outbreak of the famous Boxer Rebellion.

In the Boxer Rebellion, the Germans arrived last, but at that time, the allied forces had already occupied Tianjin and Beijing. They ruined the prime minister's building and slaughtered many civilians. At that time, the coalition forces had decided not to harm the city of Beijing, but the German forces ordered the coalition forces to enter the city for three days. In fact, they robbed for eight days, including the Forbidden City. In order to humiliate the Chinese, they paraded in the Forbidden City. They made many demands when the treaties were signed after the war. (Fig. 12)

The grudges between China and Germany finally died out after the end of the Second World War, but the origins can be traced to the time of Li Hong Zhang and his Huai Army.

However, the two countries have always had a trade relationship. Before the Second World War, in order to build forts along the coast along the Yangtze River port, cement was imported from Germany. Today, one can see the influence of the Germans in the Chinese army such as the way they march during formal military parades.

In the modern history of China, the first student movement that happened on May 4th, 1919 was inextricably related to Germany and Japan.

During the First World War, Japan secretly contributed funds to help Beiyang warlord, Li Hong Zhang's student, Duan Qirui to

Fig. 12 A photo of soldiers from the Eight-Nation Alliance in 1900 in Peking (Beijing). The photograph shows soldiers of the Eight-National Alliance in 1900. From left to right: Britain, United States, Australia, British India, Germany, France, AustriaHungary, Italy, and Japan. It is worth noting that there were soldiers from more than eight countries, ranked in white priority (the top three are Britain, the United States, and Australia).

build an army that participated in the First World War in Europe. The war ended in 1918 and by 1919 defeated Germany needed to return all the land occupied in Jiaozhou Bay to China. However, at that time, China did not have a stable government. Also, during World War I, Japan and Yuan Shi Kai, who was emperor from 1915 to 1916, signed the 21 Demands. These allowed Japan to take over the property of Germany in Jiaozhou Bay.

This action led to the anger of the young students in China who participated in the May 4th Movement that influenced China's later generations. The author's father, Mr. He Mengwu ( 何孟吾 , also known as Ho Haoruo 何皓若 ), was a student at Tsinghua University. He was supposed to graduate in June 1919. Instead, he led Tsinghua students to march. Afterward, the school did not let him graduate in June. It was not until the spring of the next year that he was given a diploma and was able to go to the United States for further study.

The Germans' interests in China's land ended after Japan's actions during World War I, but their influence on China has not disappeared.

After Li Hong Zhang returned to China, he did not hold the same position in the Qing court. Although he admired Germany, he could no longer influence the policies of the Qing court. But it is not difficult for us to see the respect of the world for emerging Germany by the respect of the mayor of Essen, where the Krupp Company was located at the time.

This article introduces the medals worn by the mayor of Essen and the certificates issued to him by various countries. The mayor was named Gustav Poser. He was born to a prominent family in Europe and had considerable influence on the local area.

Mr. Poser's medals and documents were part of Draskovic's collection. ( Fig. 13-Fig. 20) These items were purchased at a European auction more than ten years ago. Based on these

medals, it is not difficult to see Germany's influence in the late 19th century. Many foreign states were afraid of Krupp and its powerful military capabilities.

Fig. 15 The Crown of Siam Order (the first Order from the right in Fig. 13) and relevant documentation

Fig. 14 Two documents in the Poser collection

Fig. 16 The Kaiser and King of Prussia Order (the second Order from the right in Fig. 13) and relevant documentation

Fig. 13 Medals in the Poser collection

17 The Grand Duke of Mecklenburg-Schwerin Order (the third Order from the right in Fig. 13) and relevant documentations

Fig. 18 The Grand Duke of Saxe-Weimar-Eisenach Order of East Germany (the fourth Order from the right in Fig. 13) and relevant documentation

Fig. 19 The Order of Saxony-Anhalt in the middle of Germany (the fifth Order from the right in Fig. 13) and relevant documentation

Fig.

Two of these documents were issued by the Chinese Embassy.

The first one was issued by Wang Zhichun, the ambassador to Russia, in St. Petersburg in 1895. It is dated May 25, 1895.

As the ambassador to Russia, Wang Zhichun did not seem to have much authority. He had less influence than ambassadors have today. Many of his duties were ceremonial and some did not see him as the representative of the Qing court. His lack of influence can be seen in Russia's resolute opposition to his presentation at the coronation ceremony of Nicholas II in 1896. This letter and the medal also show the relationship between the Krupp in Essen and the Qing court. The medal was obviously issued before Li Hong Zhang's visit in 1896. At that time, the Qing court did not let go of the dignity of his own celestial dynasty. This is just like the eighth-level second-class medal issued by Japan at that time. Levels of government were

very important. In ancient China, officials of the imperial court could not directly negotiate with officials below the county or city level. Sometimes, if necessary, they would upgrade some counties and cities to municipalities directly under the central government, and then the parties could negotiate.

The other document was issued by Luo Fenglu ( 羅豐祿 ) of the Chinese Embassy in Berlin on January 21, 1898. It is mentioned in the article that after Li Hong Zhang's visit in 1896, the Qing court decided to present the fourth-class Order of the Double Dragon Medal in 1898 to Mr. Poser. (Fig. 21)

Luo Fenglu was a native of Furan County, Fujian. He graduated from Fuzhou Shipping Academy. After studying in England in 1877, he entered the British Embassy as an interpreter. Later, he worked as an interpreter for the Embassy in Germany. After returning to China in February 1880, he became Li Hong Zhang's English secretary. In 1896, he was awarded the fourthgrade officer in Beijing as the ambassador of Britain, Belgium, and Italy. The fourth-class Order of the Double Dragon Medal was only issued to Mr. Poser two years after Li Hong Zhang's visit to Germany. It was probably caused by the Germans' disrespectful and unfriendly attitude towards China after Li Hong Zhang's visit. They hoped to improve international relations at that time by raising the ranks of Mr. Luo Fenglu and then the court could issue a higher-level medal to Mr. Poser. Because the Manchu government did not produce fourth-class medals at that time, they used third-class medals.

After the Europeans returned from the crusaders, they

Fig. 20 The Japanese Order (the third Order from the left in Fig. 13) and relevant documentation

Fig. 21 Orders of the Double Dragon Medal

established the Lutheran Church in Nuremberg in Germany. The church awarded medals to returning soldiers. Wearing medals became a symbol of fashion and social status. The medal is usually worn on the chest on the left. It can be worn on the right side of the chest if the medal was awarded to your father or brother. Many foreigners came to work in China at the end of the Qing dynasty. They all hoped to have Chinese medals to wear after returning home. However, at the time, the Qing did not have such a tradition. Some merit medals made by local officials were used in the beginning. (Fig. 22) The Qing court eventually began to have the idea of making orders. The Order of Double Dragon Medal was created. It was generally believed that the first version was made in Austria and later in Russia. The original form was either square or rectangular, very different from that of the European medal. Europeans sometimes added a star-like metal under the original medal after they returned home. Some large round-shaped medals were later made by Russian jewelry shops. The second version was probably made around 1896 for Li Hong Zhang's visit. This was seen in the pictures of the official records of the members wearing the Double Dragon Medals but it was not clear who made them at the time and there are no detailed records of the grades and the jewels used.

There were no Chinese medals in the Draskovic collection when we purchased all the documents and medals in Europe. They might have been separated during the auction or even before that. In our collection, there is no new fourth-class Double Dragon Order, so only third-class orders were awarded. It is generally believed that the final unified production was done after 1906 (Guangxu 33). With the decline of the Qing dynasty (1911), the Order of the Double Dragon Medal has also become a historical term.

In this article, we are showing a couple of the medals in our

collection, a third-class and a fourth or fifth-class Double Dragon Medal. It is obvious that the fourth or the fifth-class medal is very different from that of the third and is believed only made after 1906. The medal given to Mr. Poser in 1898 could not be the form as those made after 1906. It is believed that a third-class was used instead. It is unfortunate that we have never seen any official document with the Order of Double Dragon Medal in our collection. In this article, one can see that the granting of western medals was always accompanied by relevant official documents. Although the two letters sent by the embassies mentioned in this article had official seals and were signed by Wang Zhichun and by Luo Fenglu. The paper used also had a good watermark. It seemed that it did not have the same standard as other countries including Japan and Thailand, which only confirms the lack of experience of the Qing court at the beginning of diplomacy at that time.

In the Chinese lunar calendar, 2021 is the year of "Xin Chou" and it is the two Jiazi (a Jiazi is 60 years) after the signing of the Treaty of Xin Chou after the Boxer Rebellion was defeated by the Eight-Nation Coalition forces in 1900. The compensation was that every Chinese had to pay one silver dollar and every city, big or small, had to post the notice "Don't be Rude to Foreigners". It is not until today that we Chinese can stand on the same level as foreigners in diplomacy, which is much from the time when Li Hong Zhang visited other countries.

Looking back at Mr. Li Hong Zhang's life, his decisions on the policies of the end of the Qing dynasty, especially in foreign policy, are quite influential. Li Hong Zhang brought China to the international stage. Huang Zunxian, Wang Zhichun, Duan Qirui, and Luo Fenglu we have mentioned in this article were all students he brought out. These people have directly or indirectly affected China's administration and diplomacy for decades after him.

Mr. Li Hong Zhang's achievements were from his talents. His open personality and continuous learning attitude also helped him to in his career. According to the Chinese, he is a man of both civil and military skills and a scholar. He was a Renaissance man of his time.

Fig. 22 Chinese merit medal

About the Author

William Ho, one of the authors of this article, is a well-known scholar and was a senior scientist at the Rockwell International Science Center in the United States, where he was responsible for several projects, including research on aerospace materials. Ms. Chinan Fan, Ph.D. in Chemistry, was involved in the development of leukemia drugs. The 13th issue of the Journal of East Asian Numismatics contains Li Hung Chang: His Visit to America on His Grand World Tour, the 15th issue Charles Tong Sing and theArctic Expedition of the USS Jeannette, and the 18th issue the Macau Document, all of which are from the Ho's. Among these articles, the article Macau Document won the first Howard Franklin Bowker Coin Literary Award.

William Ho comes from a distinguished family background. His father, General Ho Haoruo mentioned in the article, was born in 1899. In 1913, Ho Haoruo entered the Tsinghua Academy in Beijing and became a classmate of Wen Yiduo, an early leader of the Chinese Democratic League and a representative poet and scholar, Sa Bendong, the first academician of the Academia Sinica, and Luo Longji, a former member of the State Council, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and a member of the first National People's Congress. During the May Fourth Movement, Mr. Ho led Tsinghua to launch a student movement, for which he was punished with a delay in graduation.

Wang Zuoshi, one of the pioneers of the modern democratic movement in China, one of the leaders of the May Fourth Movement, and one of the famous "Seven Gentlemen", had this to say about General Ho Haoruo:"It was almost dusk when Luo Longji and Ho Haoruo got the news that students from various

schools in the city held a demonstration and set fire to Zhao's building and many students were arrested, but they still rushed into the city to inquire further into the details of the situation. At that time, after learning that the schools had decided to strike in order to rescue the arrested students, they rushed back to school overnight and had an emergency meeting the next day, deciding to take concerted action with the schools.

As a student leader, Ho Ruohao walked at the forefront of the demonstration procession and became a brave May Fourth Movement fighter."

Later, Ho Ruohao received a scholarship to study at Stanford University in the U.S. In 1923, he transferred to the University of Wisconsin, where he received his doctorate in philosophy. After that, he transferred to the Norwich University – The Military College of Vermont to study cavalry and graduated in 1927. After graduating from the Norwich and returning to China, he joined the National Revolutionary Army, and served as a political instructor of the 4th class of the Republic of China Military Academy. Later, he served as the chief of staff of the 46th Army and the commander of the 59th Regiment of the 10th Division. Between 1935 and 1937, Ho served as a member of the Hunan Provincial Government and the Director of Finance of the Henan Provincial Government.

After the outbreak of the War of Resistance Against Japanese Aggression, he was ordered to investigate the finances of seven provinces, namely Hunan, Hubei, Guangdong, Guangxi, Sichuan, Yunnan, and Guizhou, and went to Chongqing in March 1939. In January 1940, he became the Director of the Third Department of the Political Department of the Military Council of the National Government and the Director of the Propaganda Division of the Three Ministers' Youth. He was the president of the Central Daily News and the deputy secretary general of the Economic Conference. He became the director of the Bureau of Materials in early 1942. From January 1943, he served as Deputy Secretary General of the National General Mobilization Committee, Deputy Director of the Political Department of the Military Commission, Standing Officer

The photo of General Ho Ruohao in Mr. William Ho's home

of the Central Committee of the Trinitarian Youth League, and Director of the Foreign Affairs Bureau of the Military Commission. In May 1945, he was elected as a member of the 6th Central Executive Committee of the Kuomintang. After the victory of the Anti-Japanese War, he served as the Secretary General of the Political Affairs Committee of the Suijing Area of the Executive Council. In 1948, he became a member of the Standing Committee of the Kuomintang Central Committee and then a member of the Executive Council. In December of the same year, he went to work in the United States as an advisor to the United Nations Mission to China.

In addition, General Ho held the position of Director of the Foreign Affairs Bureau of the Military Commission of the National Government and was responsible for the training of military interpreters in the Chongqing area. During the war period, Chongqing was the center of politics, economy, culture, and especially the military of China, and played a huge role in the recruitment and training of military interpreters. Including General Ho, key officials of the National Government such as Chiang Kai-shek, Chen Cheng, and Shang Zhen, as well as Admiral Wei Demai, commander of the U.S. Army in the Chinese Theater, spoke at the interpreter training course. On February 2, 1945, at the banquet for the graduating teachers and students, General Ho Ruohao and General Wei Demai gave a speech, wishing that the "Chinese Way" would always maintain world peace.

The Ho family was a family of scholars and lived on the same street as Chairman Mao Zedong's family. General Ho objected to the issuance of gold yuan notes when the policy was implemented from August 1948 to July 1949, so his promotion to Minister of Finance was opposed by Mrs. Chiang. He was

instead sent to New York as China's representative to the UN Security Council from 1949 to 1960. Mr. Qi Baishi, a master of Chinese painting, was also a good friend of the Ho family and gave a painting to General Ho Ruohao. It is worth mentioning that Chairman Mao, Master Qi Baishi, and General Ho all came from Xiangtan, Hunan Province.

General Ho Ruohao is the alumni of General Sun Liren, one of the ten most famous generals of the national army against Japan. They have worked together and have a close personal relationship. General Sun even accepted General Ho's son, Mr. William Ho, as his adopted son.

Ho Ruohao, the author William Ho's father, once worked in multiple universities and brought out a generation of domestic financial talents. His way of teaching made the knowledge easy for students to understand, witty and inspiring. After returning to China in his early years, he referred to the policies of the United States during the Great Depression of the 1930s and established a distribution system domestically before World War II, which maintained the stability of the economy in China for decades before and after the war. Throughout his life, he wrote numerous books on finance and economics. In his later years, he served as the dean of the National Defense Research Institute and trained officials. He published his work Our Responsibility in 1922. Taking historical trends as the background, he inspired a generation of young people to take the country and nation as their own responsibility by broadening their horizons and inheriting from the past. Mr. Ho enjoyed both literary and martial skills, contributing to the country and nation throughout his life, and he can truly serve as a model for generations to come.

原刊載於《東亞泉志》第 30 期

李鴻章出訪七國亮點

中德恩怨及作者收藏的博斯佩戴和獲贈的勳章

◎ 範治南/何緯渝〔美國〕

圖 1 1896 年時法國報紙對李鴻章 的報道

談起中德的恩怨，我 們必須回觀百餘年 前——從李鴻章先生 在滿清末年的一次破 天荒的出訪說起。

1896年3月18日到10 月3日，中間共190 天，李鴻章以73歲的 高齡訪問了俄國、德 國、荷蘭、比利時、 法國、英國和美國等 七個國家（圖1）。隨 他的造訪，一股中國 旋風隨之席捲了歐 美。當時，中國人的形象是正面的，人們對李鴻章以“滿大 人”稱之。

先生的這次出訪須由中日甲午戰爭說起。在中日甲午戰爭中 國慘敗後，李鴻章被派往日本，和日本簽訂了《馬關條約》。 回觀當時的西方國家在中國的局勢，甲午戰爭始于英日的聯 盟，英國人為了遏制俄國人，因而扶持了日本人。英國在鴉 片戰爭之後，占盡了所有的經濟利益；法國因為是天主教的 護教國，所以法國依靠着教會，強烈的影響中國的百姓； 美國政府在奉行門羅主義之下，不願意也不肯捲入他國的紛 爭；當時的德國沒有任何殖民地與中國接壤。

西方諸國見日本所得利益更是分外眼紅。首先，俄國人聯 合德國、法國，出面要求日本歸還遼東半島。對中國人而言， 親善俄國很自然地成為外交的首要政策，意圖用俄國人來 遏制日本人。在甲午戰爭進行時，俄國的沙皇亞歷山大三世 病逝，其子尼古拉斯二世繼位。這位末代沙皇準備在1896 年5月舉行加冕典禮。清廷打算派當時湖北布政使王之春作

為唁賀專使，但是當時的俄國公使認為王之春品位太低。 最後，朝廷以慈禧懿旨宣佈派李鴻章為正使，邵友濂為副 使，李之長子李經方和次子李經述隨行，同時指派李鴻章 出使並且訪問德法英美等大國。（圖2）

當時李鴻章出使俄國的外交任務有兩件事，第一是聯合俄 國，第二是增加關稅。這在當時是一個破天荒的舉動，朝 廷終於把自己以平等的地位而參與國際政治。當時的關稅在 列強諸國鎖定為5%，但是為了支付對日本的巨額賠款，清 廷希望能夠再增加5%，但是苦於無力自主。

李鴻章在1896年的3月14日到達上海，當月18日出發走海路， 5月初到了俄國，18日到了莫斯科。在莫斯科，李鴻章受到 最為熱烈的歡迎（圖3）。又在一連串的密室會議中，答應了 俄國人“借地修路"的請求，就是借用中國的土地修俄國人

圖 2 李鴻章（左 2）與長子李經方（左 3）、 次子李經述（左 1）、三子李經邁（左 4）

圖 3 李鴻章出訪俄國受到了熱烈的歡迎

圖 4 李鴻章與德皇威廉二世 圖 5 李鴻章拜會俾斯麥相關 報道節選 © 俾斯麥基金會檔 案

的鐵路，進而達到俄國佔領東方的不凍港符拉迪沃斯托克 的目的。當時俄國人出於私心，專門派專員到當時剛修好了 的蘇伊士運河北邊的出口塞得港（近地中海）去迎接李鴻章， 以防李鴻章先訪問德國或者其他的國家而受到他們政治上 的影響。

在1896年6月13日，李鴻章一行人進入了德國的國境，當時 的德國皇帝是威廉二世，皇室以國家元首的規格接待這一行 人（圖4）。德皇親自陪同李鴻章觀看軍事表演。

在李鴻章訪問德國的同時，日本軍事政治家山縣有朋也同時 在訪問德國，但是他就沒有能夠享受這些高規格的接待。

在李鴻章的德國行中，最引起當時記者和國人的興趣的，就 是他的訪問俾斯麥（圖5）。在美國記者曼尼克（Mannick） 的記錄中，他稱李鴻章為“東方的俾斯麥”。雖然此中爭議 甚多，但也不難看出當時世人的評價。

李鴻章拜會俾斯麥公爵，會見的時間大約有兩小時，之後俾 斯麥很客氣的把李鴻章送上了他的馬車。

李鴻章訪問德國時的趣事之一，是在宴會中他們唱國歌，問 中國的國歌如何唱。因為當時尚沒有中國國歌，他就唱了 一段廬劇，那是安徽合肥的老戲，比之京戲還要早得很多。

在訪問柏林的趣事，是他參觀了工業大學 (Charlottenburg Polytechnic)，之後他同意讓Professor Slaby為他做X 光的實驗——當時叫倫琴射線 (R. Ntgen Ray)。在X光片 上，可以看出他左眼臉頰上的中彈疤痕，這也證明了他當年 在日本確實遭人槍擊。

圖 6 1871-1918 年間的德意志帝國版圖

在訪問途中，李鴻章特地到埃森市的克虜伯（Krupp）公司 去參觀。他見到在陳列館中該公司起家的三間小屋。這個 小小的打鐵鋪，後來變成影響世界風雲百年的大公司，先 生非常的感慨。

德國在普法戰爭之後才逐漸的成為一個統一的國家。普魯士 王國是在拿破崙的侄子路易拿破崙二世時代成立，一般稱 為第二代法皇時代。

普法戰爭（從1870年到1871年中間）奠定了普魯士在歐洲的 強國地位，也為德國的統一鋪平了一條路。（圖6） 李鴻章一向對法國人的看法不是太好。他目睹了德國人的新 興，從那時候起便開始學習德國。

在日俄戰爭之後，英國處於中立的地位，他們不能夠賣武器 給中國人，清廷於是把所有的軍火採購都移向德國。

到後來連海軍軍艦也改由德國人定制，包括了定遠艦、鎮 遠艦（圖7）都來自於德國。艦上大炮自然也是克虜伯製造。 這種影響對德國人的信任，直到今天仍為國人深信不移。

在講到新興的德國，我們不能不提到克虜伯公司和這個公 司的所在地埃森城。

埃森城位於德國的中西部，在萊茵河畔，科隆城就在埃森 城的西南近方，今天是努爾區第二大城，有在歐洲廣大的幅 員，有森林和湖泊也有煤礦和鐵礦。（圖8）

在老克虜伯（1812-1887）成立的時候，城中只有4 000人。

圖 7 鎮遠艦

圖 8 2007 年的聯邦德國地區版圖

圖 9 廈門胡裏山炮臺的克虜伯大炮，是李鴻章在 1871

年購買的 328 門克虜伯所製造的大炮的一部分，是世界 現存原址上最古老最大的 19 世紀海岸炮

當時克虜伯只是一個有三間簡陋房舍的打鐵鋪，做些當地 所需要的小買賣，打造一些農具。一直到了克虜伯研發出鋼， 又用他制出槍和炮，克虜伯公司才逐漸成為了歐洲最大的軍 火製造商。後來，連在美國最初的鐵路所使用的鋼鐵也是 由克虜伯製造。

早在1866年6月，清政府便派了第一個外交使節團訪問德國， 得到了克虜伯公司的熱情款待和尊重。當時尚未統一的德 國表示並無侵略中國之心。李鴻章在1871年購買了328個克 虜伯所製造的大炮，並且由德國軍事教官，來華指導淮軍 並且定下了合作的條約。在福建廈門的胡裡山炮台，建在光 緒二十年(1894年)，其中有一門大炮，即使在今天，仍是 世界紀錄中最大的最古老的海岸防禦的大炮（2000年吉尼 斯世界紀錄）也是克虜伯製造的。（圖9）

1876年，中國送了第一批七名淮軍前往德國學習。到了1880 年，又從當時已設立了的北洋武備學堂選拔了五名學生前往 德國留學，其中一名就是段祺瑞。

在甲午戰爭簽訂馬關條約之後，李鴻章在清廷和國人的聲 望，已經大大的下降，但是因為俄皇室的要求，李鴻章方 能帶着長子、次子出使各國。他最大的目的只有一個，那就 是說服俄國人，並且使用他一向的政策，“以夷治夷”來限 制日本人的囂張。德國之行只是附帶的訪問，因而並沒有帶 給德國的大禮。當時新興的德國在外交上也遠不如英俄的 老道深沉。

李鴻章的出訪，並沒有 帶着採購軍火的使命， 這讓德國人大失所望， 進而轉為滿腔的怨恨。

這可以在1896年的若干 年後，德國對中國的態 度上看出來，德皇威廉 二世（圖10），更是說要 中國人在千年之後，仍 然不能小看德國人。德 國當時報上的文章也用 “黃貨”等（yellow and junta）字眼來形容中國人。

圖 10 德皇威廉二世

先是在1897年，反對黃遵憲的出使德國。到了1896年，又 藉口傳教士在山東被殺，出動大軍，強佔膠州灣（圖11）。

又過了兩年，到了1900年，德國駐華公使克林德（Klemens Freiherr von Kettler）也說為了德意志的尊嚴，隻身行走 於北京，因而和清朝的軍隊起了衝突，結果被殺。這終於 引起了有名的八國聯軍大戰的爆發。

在八國聯軍的作戰中，德軍是最後到達的，可是當時聯軍已 經佔領了天津和北京。當時聯軍已經決定不傷害北京城，但 德軍依然對京津地區做了最殘酷的掃蕩和屠殺，下令聯軍入 城，可搶奪三天，實際上他們搶奪了八天，包括在故宮。為 了羞辱中國人，他們又在紫禁城閱兵。在之後簽訂的條約中， 他們的要求更是苛刻。（圖12）

中德的恩怨，可以說是在二次大戰結束後，終於算是有了一 個了結。但是它的影響是自李鴻章的淮軍開始，就似乎和中 國結下了不解之緣。

即便如此，中德之間仍有貿易往來。在二次世界大戰之前， 為了要建設長江沿岸的炮臺，甚至連水泥都是由德國進口 的。今天中國的陸軍，仍然可見到他們當年德國人的影響， 例如行走正步的方法。

在中國近代史中，爆發的第一次以青年學生為主的運動是在 1919年的“五四運動”，這也不能不說是和德日兩國有着千 絲萬縷的關係。

當時正是第一次世界大戰的末期，日本暗中出資，幫助北洋 軍閥大臣李鴻章的學生段祺瑞建立了一支軍隊，參與了在歐 洲的第一次世界大戰。1919年的戰爭結束後，中國成了戰 勝國。依據《凡爾賽和約》，戰敗的德國需要把膠州灣所佔 領的一切士地歸還給中國，但是當時中國沒有穩定的政府, 加上日本和袁世凱先前簽訂的21條條約，戰前出資的日本很 自然地就堂而皇之地用軍隊搶佔了膠州灣。

這一舉動也就導致了當時青年學生們的憤怒，進而成了影響 中國後世的五四運動。當時作者的家父何孟吾（何皓若）先 生正是清華公學的應屆畢業生。他帶領清華學生，出外遊 行。事後學校為平息當時學生的動亂，沒有讓他在六月畢業， 一直到來年春天，方才給他頒發了畢業證書，之後才得以前 往美國深造。

德國人在中國士地上的利益也就是隨着日本的野心而完全 喪失，但是他們對中國的影響卻並沒有消失。

圖 11 膠州灣地圖

圖 12 八國聯軍在 1900 年所拍照片 這張歷史性的照片是在八國聯軍入侵中參與的軍人在北 京所拍。由左至右排列為英、美、澳、印、德、法、奧匈、 意、日。值得注意的是，參與之國多於八國，以白人優 先順序排列，前三人位英、美、澳。

李鴻章本人在回國後，一直沒有再為清廷重用。雖然他本人 對新興的德國十分佩服，但是卻不能再對清廷的政策有所 影響。但是我們也不難由當時的克虜伯公司所在的埃森市長 所受到世人的尊重，看出世人對新興德國的敬重。

本文中介紹的是當時埃森市長所佩戴的勳章，以及各國所 發給他的證書。當時的市長名為戈塞塔夫·博斯 (Gustav Poser)。他出生于歐洲有名的世家，對當地有相當的影響力。

博斯先生的勳章和文件，是Draskovic的收藏。（圖13至 圖20）這些東西是在十多年前一次歐洲拍賣中以近萬美元購 得。在眾多的勳章中，我們不難看出在19世紀末期歐洲大 多數的城邦國，對新興德國的支援，主要在於他們對克虜 伯公司的敬畏。克虜伯公司擁有的強大的軍事能力，使他們 不能不對新興德國稱臣。

13 博斯先生佩戴的勳章

圖 14 博斯先生收藏中的兩份文檔

圖 15 （圖 13 中）右 1 的暹羅之冠勳章及相關文檔

圖

圖 16 （圖 13 中）右 2 的德皇威廉二世勳章及 相關文檔

圖 17 （圖 13 中）右 3 的梅克倫堡 - 斯肯韋林 大公勳章及相關文檔

圖 18 （圖 13 中）右 4 的東德薩克森魏瑪艾森 納赫大公勳章及相關文檔

圖 19 （圖 13 中）右 5 的德國中部薩克森 - 安哈 爾特的勳章及相關文檔

在這些文件中，有兩件是由中國大使館所發出的。第一份是 在1895年，由駐俄大使王之春在聖彼德堡所發出的贈勳文 件，時間是1895年5月25日。

王之春作為駐俄大使，似乎並沒有太多的職權，並不如今 天我們認為大使所能代表的職權。他的贈勳儀式多為職業 外交所需，位格似乎並不能完全代表朝廷，這可以由俄方堅 決的反對由他代表中國出使尼可拉斯的加冕典禮得知。我們 可以在這份文件中不難看出，當時的滿清朝廷並沒有十分看 重克虜伯公司，勳章顯然是在李鴻章訪問之前就已經發出， 這似乎只能代表駐俄大使王之春當時為了建立個人社交關係 而贈予。當時的滿清朝廷並沒有放下他自己天朝的尊嚴。這 從當時日本所發出的為八級二等勳章便可看出。在古代的中 國，朝廷的官員，是不能直接和縣市以下的官員們商談的。 這中間有非常嚴格的品位關係。

另一份文件，是由羅豐祿在1898年1月21日在柏林大使館所 發出。文中提及在李鴻章1896年訪問之後，在1899年決定 贈予博斯四等雙龍寶星勳章（圖21）。

羅豐祿是福建閩縣人，他畢業于福州船政學堂，在1877年 赴英留學後，入英使館，擔任翻譯。之後又為駐德公使館 翻譯。在1880年2月回國後，入任北洋大臣李鴻章的英文秘 書。1896 年賞四品京卿，任駐英兼意比三國公使。在1899 年李鴻章才發給雙龍寶星勳章給博斯先生。這是在李鴻章 訪問後兩年才發出的。很可能是因為當時德國人在李鴻章 的訪問後對中國很多不恭敬又不友善的態度所引起。他們 希望能借着發給更高的等級的勳章給羅豐祿，從而清廷可 以頒發更高等級的勳章給博斯。進而改善當時的國際關係。 鑒於當時滿清政府並沒有製作四等的勳章，所以使用的都 是三等的勳章。

歐洲人在十字軍於10-13世紀末東征回來後，到16世紀初在 德國東部的紐倫堡又把原有的天主教堂改成了路德教會。教 會以頒發勳章給回來的軍人作為為獎勵。於是佩戴勳章成 為時尚和社會地位的象徵。勳章一般佩戴在左胸上。若非 本人的勳章而為父兄的可以佩戴在右邊。當時很多外國人 到中國工作，他們都希望在回國後能有中國的勳章可佩戴， 但是滿清並沒有這種傳統。初時只是一些地方官製作的功 牌（圖22）。受到這種外在因素的影響，清廷也開始慢慢的 有了製作勳章的意念，雙龍寶星勳章於是應運而生。勳章 最早的是在奧地利製造的，之後也有在俄國製造的。最初 的是方形或者是長方形的。因為和歐洲傳統的勳章形式很

不同，歐洲人有在勳章後面自己加上星芒形狀的金屬。一些 大型的圓形勳章是之後由俄國的珠寶店製作。雙龍寶星勳 章在李鴻章出訪時方才製造出一批，這可以算是第二版的勳 章。他出訪的官員也有佩戴的記錄，但是當時是由誰製作的， 並不十分清楚，等級和使用的珠寶都沒有詳細的記載。

作者在購得這批文件和勳章的時候並沒有中國的勳章，可 能在拍賣時被分開或者在更早的時候就已經分離，實不得 而知。在作者的收藏中，四等雙龍寶星的勳章並不存在，在 當時都是以三等賜之。一般認為一直到光緒三十三年（1906 年）後，方有統一的製作。隨着清朝的沒落，雙龍寶星也成 為歷史名詞。

在本文中有作者收藏的一枚三等雙龍寶星和一枚是屬於四 等或者五等的雙龍寶星勳章。在形式上有着明顯的不同，四 等以下的雙龍寶星勳章沒有星茫，相信這些都是在光緒末 年，就是在1906年之後製造的。因為沒有相伴的文件，很 難認定確實製作的時間。從本文中可知西方勳章的贈予都 是伴有相關正式的文件。但有關雙龍寶星勳章由正式朝廷 發出的文件一直未能見到。本文中介紹的兩份由大使館發出 的信件上雖然有大使館的官印和大使的簽名，信紙也有浮水 印，但這似乎沒有當時西方國際的規格，這也正好印證了初 開外交時滿清朝廷的缺乏經驗。

2021年，又是一個辛丑年，正是當年八國聯軍入侵，1901年 中國戰敗簽訂《辛丑合約》之後的兩個甲子。當時的賠款總 額相當於是每一個中國人都要給列強賠一個大洋，更加無 理的是所有縣市都要張貼告示：“不可對洋人無禮”，這導致 中國人對洋人不平衡的心理。中國人直到今天方能有抬頭 的機會，在外交上亦能平起平坐，“比之當年李鴻章出訪他 國之時己是大大的不同”。

回觀李鴻章先生一生，對滿清末年的政策，尤其是在外交 政策上，他的影響實在是非常深遠的。人們說李鴻章是“中 國外交第一人”，這除了說明他的成就和影響外，還不如說 他是第一個把中國帶入國際舞臺的創始人。我們在本文中見 到的黃、王、段和羅都是他一手帶出來的學生。這些人直 接或間接的影響到在他之後數十年中國的行政和外交。

先生的成就，除了得利於他本身的才氣外，他個人開放的性 格，和不斷學習的態度，也幫助他，成就了他一生的事業。 用中國人的說法他是一個“文武雙全”的人，也是一個無雙 的國士。

作者簡介

何緯渝先生家中 何浩若將軍的照片

本文作者之一的何緯渝先生是 知名學者，曾是美國洛克威爾 國際科學中心的高級科學家， 負責多個項目，包括航太材料 等方面的研究。范治南女士， 化學博士，曾參與白血病藥物 研發工作。《東亞泉志》第 13 期刊載的《欽差大臣驚世 之旅——記李鴻章訪美破冰之 行》、15 期刊載的《珍妮特號 極地遠征記——華人唐先榮獲美國國會獎章》、18 期 刊載的《澳門文件》也均是出自何氏夫婦。其中，《澳 門文件》一文獲得了第一屆霍華德 佛蘭克林 包克錢幣 文學獎。

作者何緯渝先生家世背景顯赫。文中提及的其父何浩若 將軍生於 1899 年。1913 年，考入北京清華學堂，與中 國民主同盟早期領導人、新月派代表詩人和學者聞一多 先生，中央研究院第一屆院士薩本棟先生，前政務院委 員、政協全國委員會常委、第一屆人大代表羅隆基先生 成為同學。五四運動期間，曾帶領清華發起學生運動， 因此而受到延期畢業的處罰。

王造時，中國近代民主運動的先驅之一，五四運動的領 導人之一，著名“七君子”之一，曾這樣評價過何浩若 將軍：“羅隆基與何浩若得到城內各校學生舉行示威， 火燒了趙家樓，學生多人被捕的消息後，天時已快到黃 昏，但他們還是趕進城裡進一步打聽詳細的情形。當時 知道各校為設法營救被捕的同學，決定一致罷課之後， 即連夜趕回學校，次日緊急開會，決定與城內各校取一 致行動。以學生領袖的身份，走在示威遊行隊伍的最前 列，成為一名勇敢的‘五四’戰士。”

何浩若先生後收到美國大學的獎學金，赴美國斯坦福大 學留學。1923 年，轉入威斯康辛大學，獲得經濟學博 士學位。而後轉入洛威治軍校習騎兵，1927 年畢業。 自洛威治軍校畢業回國後，加入國民革命軍。擔任黃埔 軍校第 4 期政治教官。而後，擔任了第 46 軍參謀長、 第 10 師第 59 團團長。1935 年至 1937 年間，何浩若先 生先後出任湖南省政府及河南省政府委員兼財政廳長。 抗日戰爭爆發後，奉命調查湘、鄂、粵、桂、川、滇、

黔七省財政金融。1939 年 3 月赴重慶。1940 年 1 月任 國民政府軍事委員會政治部第三廳廳長、三民主義青年 宣傳處處長，旋任《中央日報》社社長、經濟會議副秘 書長。1942 年初任物資局局長。1943 年 1 月起任國家 總動員委員會副秘書長、軍委會政治部副部長、三民主 義青年團中央常務幹事、軍事委員會外事局局長。1945 年 5 月當選為國民黨第六屆中央執行委員。抗日戰爭勝 利後，任行政院綏靖區政務委員會秘書長。1948 年任 國民黨中央常務委員，隨後任行政院政務委員。同年 12 月以聯合國中國代表團顧問身份赴美國工作。此外， 何將軍還曾擔任國民政府軍委會外事局局長一職，負責 重慶地區的軍事譯員培訓。而在抗戰時期，重慶是政治、 經濟、文化，特別是軍事的中心，在軍事譯員的徵調、 培訓方面發揮了巨大的作用。包括何將軍在內，先後有 蔣介石、陳誠、商震等國民政府要員及中國戰區美軍司 令魏德邁上將到譯員培訓班講話。1945 年 2 月 2 日， 譯員結業師生歡宴，何浩若將軍、魏德邁將軍等均興奮 致詞，願“中國大道”永維世界和平。

何家是書香門第，和毛澤東主席家就住在同一條街上， 加之 1948 年 8 月至 1949 年 7 月發行金圓券之事，何將 軍提出反對，因此他升任財政部長的任命遭到了蔣夫人 反對，轉而從 1949 年到 1960 年被派至紐約擔任中國在 聯合國安理會的代表。國畫大師齊白石先生也與何家交 好，曾贈畫予何浩若將軍。值得一提的是，毛澤東主席、 齊白石大師和何將軍均出自湖南湘潭。

何浩若將軍和國軍抗日十大名將孫立人將軍是校友，兩 人也曾共事，私交甚篤，孫將軍甚至收了何將軍之子， 即何緯渝先生為義子。

作者何緯渝先生的父亲何浩若先生曾在多所院校任職， 教導了一代國內的財經人才。先生教學深入淺出，風趣 而又能鼓舞人心。早年回國後，在二戰前，曾經參考美 國在 20 世紀 30 年代大蕭條時期的政策，在國內設立配 給制度，方才維持了戰爭前後數十年中國經濟的穩定。 一生著作等身，多為財經書籍，晚年任國防研究院院長， 培訓各處公職人員，最後著作 1922 年出版《我們的責 任》。用歷史時勢為背景，鼓舞一代青年人應以國家民 族為己任，放大眼光，由繼往而開來。先生集文治與武 功于一身，畢生貢獻國家及民族，實可為萬世之楷模。

The QianSiCang Story Picture Paper Money Back Plate for the Hui Zi of the Southern

Song Dynasty ( Part I )

◎ Alex NC Fung〔Hong Kong〕

【 Summary 】

A. A visit Japan to tappreciate the Qian Si Cang ( 千斯倉 , a warehouse named Qian Si) Story Picture Paper Money Back Plate of the Song Dynasty in Currency Museum, Bank of Japan.

B. The Qian Si Cang Paper Money Plate is identified as the "The Qian Si Cang Story Picture Paper Money Back Plate for the Hang Zai Tea Trade Office Hui Zi ( " 行在都茶場會子庫背印鈔版 " in Chinese, 行在 , the place where the emperor went on an inspection tour of the Southern Song Dynasty, 會子 , the name of a kind of paper money) Paper Money of the Southern Song Dynasty."

【Preface】

The birth of Chinese paper money resulted from the difficulty of transporting heavy iron coins to the Yizhou State in the Sichuan Basin. The merchants of Yizhou "used notes made from mulberry paper with obvious and hidden marks and printed in red and black." Later, the people of Szechuan made private notes which circulated freely. This is the background for the invention of paper money. As more people used paper money, 16 rich families set up private Jiao Zi ( 交子 , the name of a kind of paper money) shops to exchange paper money.1 However, the poor operation and management resulted in much litigation at the end of Emperor Taizong's ( 太宗 ) reign during the Northern Song dynasty.

During Emperor Taizong's reign, three officials in Yizhou, namely, Xue Tian ( 薛田 ), Kou Zhou ( 寇瑊 ), and Zhang Ruogu ( 張若谷 ), submitted a proposal to set up the Jiao Zi Bureau ( 交子務 , hereinafter referred to as‘the Bureau') to the imperial court separately. Eventually, the proposal was finally approved. At first, Yizhou transportation official Xue Tian, applied to the court for the establishment of the Bureau for the management of Jiao Zi, but the application was not adopted. Later, Kou Zhou, the governor of Yizhou, requested the court to abolish the private paper money and close Jiao Zi shops, but this was not approved. Later, after Xue Tian took over the position of governor of Yizhou from Kou Zhou, he applied together with Zhang Ruogu to set up the Bureau by explaining the pros and cons. Finally, the court issued an edict, ordering Wang Jiming ( 王繼明 ), the Chief Judge of Zizhou, to discuss the matter together with Xue Tian and Zhang Ruogu. Finally, the court approved the establishment of the Bureau.

On January 11, 1024, Xue Tian set up the Bureau in Yizhou (present-day Chengdu, Szechuan). On April 1, 1024, the plates were made to produce Jiao Zi, and the denomination of notes would be filled by hand ranging from 1 kuan ( 貫 , 1 kuan is equal to 770 cash) to 10 kuan, totaling 1,256,340 kuan. It is the earliest officially-issued banknote in the world.

Note：

1. There are 16 rich families who set up private jiaozi shops to exchange paper money.

Chapter I The Issuance and Survival of Paper Money from the Song Dynasty

Since April 1, 1024, when the plate was engraved for printing Jiao Zi in Yizhou with denominations filled by hands ranging from 1 kuan to 10 kuan, the Song dynasty mainly issued the following four types of widely circulated paper money:

1. Jiao Zi

2. QianYin ( 錢引 )

3. Hui Zi

4. Guan Zi ( 關子 )

In the Northern Song dynasty, the Jiao Zi and Qian Yin were issued. In the Southern Song dynasty, Hui Zi and Guan Zi were issued. After 1,000 years, very few examples of this paper money remain. Only plates for Hui Zi and Guan Zi survive, and all these plates are top national treasures. There are few

surviving plates of the Song dynasty paper money, and the available written records are incomplete, with few formal and informal records. All these make it hard to research.

Among the four surviving plates of the Song dynasty, the most mysterious and eagerly sought after is the Qian Si Cang Story Picture Paper Money Back Plate, which appears frequently in textbooks and numismatic books. There are three answers that the numismatic community most wanted to find out.

1. The whereabouts of the plate?

2. The real appearance of the plate?

3. What kind of paper money for the Southern Song dynasty was the plate used to print?

Chapter II The Discovery and a Visit to Japan to See the QianSiCang Story Picture Paper Money Back Plate in Person

1. An Accidental Discovery of the Whereabouts of the Qian Si Cang Plate on a Japanese Website

In the course of my research in Hong Kong, I came across the

"Ancient Coin Collector's Guide" ( 泉家 · 収集家覚書 ) on the website of Japanese Kosen Maru ( 浩泉丸 ) and my note, where I saw the information about Seigetsudo (" 清岳堂 ") of

Tanaka Keibun's ( 田中啟文 ) Sempeikan Collection and his relationship with the Bank of Japan.

"Ancient Coin Collector's Guide" ( 泉家・収集家覚書 ) on the website of Japanese Kosen Maru ( 浩泉丸 ), where I saw the information about Seigetsudo (" 清岳堂 ") of Tanaka Keibun's ( 田中啟文 ) Sempeikan Collection and his relationship with

My friend Mr. Duan Honggang ( 段洪剛 , right) and I ( 馮乃川 , left) were honored to participate in the visit for our friend, Mr. Chou Hans Lun ( 周漢倫 , middle) to inspect the plate. Mr. Chou also photographed the plate and tested its metal composition.

the Bank of Japan. According to Toa Senshi (《東亞錢志》, literally, A Numismatic Record of Eastern Asian Coins), the Qian Si Cang Plate is in his collection. (Referred to The Appearance and Destination of the Qian Si Cang Story Picture Paper Money Back Plate published on the JEAN 33 and 34,《東 亞泉志》) I was heartened by the news that the Qian Si Cang paper money plate, which had been missing for 80 years and which we knew from primary and secondary school textbooks, was about to appear again. I contacted the Currency Museum Bank of Japan and received official confirmation that the plate was in its collection. This is exactly as a poem says, "looking for him a thousand times in the crowd, and then turning around, only to find that person standing in the sparsely lit place."

2. A Visit to Japan to Appreciate the Qian Si Cang Story Picture Paper Money Back Plate in Person for the First Time Since its Appearance for Over 100 Years

On September 13, 2024, at the invitation of Mr. Chou Hans Lun, publisher and editor-in-chief of the Journal of East Asian Numismatics (《東亞泉志》), I went with our friend Mr. Duan Honggang ( 段洪剛 ) to make a trip to Japan, as Mr. Chou was given approval to photograph and make a metallic test on this national treasure.

It was a meaningful and long-awaited memorable experience. With great efforts, Mr. Chou got in touch with the Currency Museum Bank of Japan through the written introductions of Ms. Ellen Feingold, Curator of the National Numismatic Collection

at the Smithsonian National Museum of American History, and Mr. Ulf Drager, Director of the Moritzburg Museum in Germany. Finally, Mr. Chou was allowed to view the plate at 10:00 a.m. on September 13, 2024, to take photographs and test its metallic composition.

At 9:00 a.m. on September 13, Mr. Chou and I departed from the Royal Park Hotel and went to the Currency Museum Bank of Japan. Meanwhile, Mr. Duan, General Manager of GBCA, a well-known Chinese third party grading company, traveled from Beijing to the museum with an Olympus handheld spectrometer specially for the event. Unfortunately, Mr. Duan and I had not gotten the approval for viewing when arriving at the museum due to inadequate time to submit for approval. Only Mr. Chou was approved to scrutinize the plate, take photograph and make tests.

At 10:00 a.m., Mr. Chou went to the Bank of Japan and saw the thousand-year-old QianSiCang Story Picture Paper Money Back Plate in person. It is very good news that the plate is currently in excellent condition! Mr. Chou took the first color photo of the QianSiCang Story Picture Paper Money Back Plate.

The museum helped to measure the weight of the plate. At the same time, Mr. Chou took photos of the six sides of the plate and used a spectrometer to test the metallic composition of the plate and shared this information with the museum.

Mr. Duan and I had the great honor to join and witness the trip for our friend Mr. Chou to examine, photograph and test the plate.

Chapter III Three Answers about the Qian Si Cang Story Picture Paper Money Back Plate

1. The Whereabouts and real appearance of the Qian Si Cang Story Picture Paper Money Back Plate

The Qian Si Cang Story Picture Paper Money Back Plate first appeared in 1928, but it disappeared after its rubbing was published in the Toa Senshi in 1938. More than 80 years have passed since then. People have often discussed and wondered about this paper money plate. However, the whereabouts of the plate were unknown, with no further photos of the plate

published. On September 13, 2024, my friend Mr. Duan Honggang and I were honored to join and witness the trip for our friend Mr. Chou to examine, photograph, and test the plate. Mr. Chou Hans Lun has obtained and kept this valuable research data.

2. The Classification of the Paper Money of the Southern Song Dynasty Printed by Qian Si Cang Story Picture Paper Money Back Plate.

In 2000, a local family surnamed Zhang ( 張 ) in Fuqing County, Fujian Province ( 福建省福清縣 ), found an ancient book The Old ManuscriptsWritten at the Heng Shan Mountain (《南嶽舊 稿》) from the Southern Song dynasty on the beam of a room when renovating the old house. It was found that there was also a piece of paper money inside the book named Hang Zai Tea Trade Office Hui Zi. The paper money is relatively complete and most of the information on the plate can be seen clearly.

I did not have the opportunity to see a high-resolution image of the Hang Zai Tea Trade Office Hui Zi paper money until recent years. In combination with my early research, I came to the conclusion that the Hui Zi is exactly what the Zhang's found, the Hang Zai Tea Trade Office Hui Zi paper money of the 17th print

discovered in Fuqing County, Fujian Province.

I noticed that the reverse of the Hang Zai Tea Trade Office Hui Zi paper money discovered in the old house of the Zhang's looks familiar. Also, it has the characters Qian Si Cang, and the wooden house and figures on the paper money are similar to that on the Qian Si Cang Story Picture Paper Money Back Plate. There is only a small difference in size. The common points between the paper money and the plate show that the paper money was printed by a "sister" plate. The Qian Si Cang Story Picture Paper Money Back Plate is identified as the "The Qian Si Cang Story Picture Paper Money Back Plate for the Hang Zai Tea Trade Office Hui Zi (" 南宋行在都茶場會子庫背印 ") paper money of the Southern Song dynasty".

Chapter Ⅳ The HangZai Tea Trade Office HuiZi Paper Money of the Southern Song Dynasty

1. The Hang Zai Tea Trade Office Hui Zi Paper Money of the Southern Song Dynasty (Obverse)

2. The Hang Zai Tea Trade Office Hui Zi Paper Money of the Southern Song Dynasty (Reverse)

3. The Rubbing of the Hang Zai Tea Trade Office Hui Zi Paper Money printed by the Qian Si Cang Story Picture Paper Money Back Plate of the Southern Song Dynasty

There are 29 characters on the Qian Si Cang Story Picture Paper Money Back Plate for the Hang Zai Tea Trade Office Hui Zi paper money of the Southern Song dynasty. The text means "the note is allowed to circulate and to be used in all the prefectures and counties in both official and private transactions as 770 mo ( 陌 , a mo is equal to 1,000 cash coins) except for Szechuan" ( 除四川外許於諸路州縣公私從便主管並同見錢七百七十陌 流轉行使 ). There are 10 square-hole coins in two rows on the plate, and the design features a wooden house and figures.

4. The Copy of the 17th print of the Hang Zai Tea Trade Office Hui Zi Paper Money Printed by Qian Si Cang Story Picture Paper Money Back Plate.

There are 24 characters on the Hang Zai Tea Trade Office Hui Zi paper money printed by Qian Si Cang Story Picture Paper Money Back Plate of the Southern Song dynasty. The text states "the note is allowed to circulate and use in all the prefectures and counties in both official and private transactions except for Szechuan" ( 除四川外許於諸路州縣公私從便主管並同見錢 流轉行使 ). It does not mention the note can be used as 770 mo. The 10 cash coins on the plate is infused. Though the 17th print of the Hui Zi printed by the Qian Si Cang Story Picture Plate still features the wooden house and figures, the story presented has already changed.

5. The "Double-Vase Pattern" on the Cigarette Box in the Republican Period

The "Double-Vases Pattern" is used on the copper cigarette box in the Republic of China period, as the pronunciation of ping ( 瓶 , vase) is the same as that of ping ( 平 , safety).

6. The "Double-Vase Pattern" on the17th print of the Hang Zai Tea Trade Office Hui Zi Paper Money Printed by Qian Si Cang Story Picture Paper Money Back Plate

1. The obverse of the 17th print of the HangZai Tea Trade Office Hui Zi paper money of the Southern Song dynasty (noted by the author)

3. The rubbing of the QianSiCang Story Picture Paper Money Plate (9.1 x 16.1 cm) (The image is provided by the Currency Museum Bank of Japan)

2. The reverse of the 17th print of the HangZai Tea Trade Office Hui Zi paper money of the Southern Song dynasty (noted by the author)

4. The copy of the 17th print of the QianSiCang Story Picture Hui Zi Paper Money Back Plate (9 x 14.5 cm)

The series number and denomination are written on the "DoubleVase Pattern" on the "Double-Vase Pattern" on the Hang Zai Tea Trade Office Hui Zi Paper Money.

7. The Date on the 17th print of the Hang Zai Tea Trade Office Hui Zi Paper Money of the South Song Dynasty

The date on the reverse of the 17th print of the Hang Zai Tea Trade Office Hui Zi Paper Money and the text that can be identified (noted by the author).

8. The seal on the perforation of the 17th print of the Hang Zai Tea Trade Office Hui Zi Paper Money of the Southern Song Dynasty to Avert Risk

One the left top of the Hang Zai Tea Trade Office Hui Zi paper money, there is an unidentified seal on the perforation of the to avert risk. It is 14.5 cm in height and composed of 8-9 seal characters.

9. The Cypher on the perforation of the 17th print of the Hang Zai Tea Trade Office Hui Zi Paper Money of the Southern Song Dynasty to Avert Risk

One the left bottom of the Hang Zai Tea Trade Office Hui Zi paper money, there is an unidentified cypher on the perforation of the to avert risk. It is 4.5 cm in height and composed of 1-2 hand-written characters.

To be continued: The Qian Si Cang Story Picture Paper Money BackPlatefortheHuiZioftheSouthernSongDynasty(PartII)

5. "Double-Vases Pattern" on the copper cigarette box in the Republic of China period

6. The "Double-Vase Pattern" on the Hui Zi Paper Money

7. The date on the reverse of the 17th print of the Hui Zi paper money

【Appreciation】

1. Institute for Monetary and Economic Studies, Currency Museum, Bank of Japan.

2. Ms. Ellen Feingold, Curator of the National Numismatic Collection at the Smithsonian National Museum of American History.

3. Mr. Ulf Drager, Director of the Moritzburg Museum in Germany.

4. Mr. Chou Hans Lun, publisher and editor-in-chief of the Journal of East Asian Numismatics. (《東亞泉志》)

5. Mr. Duan Hong Gang, General Manager of GBCA.

8. Unidentified seal on the perforation on the reverse of the of the HangZai Tea Trade Office Hui Zi paper money to avert risk

Unidentified cypher on the perforation Height: 4.5cm

9. Unidentified cypher on the perforation on the reverse of the of the HangZai Tea Trade Office Hui Zi paper money to avert risk

南宋會子千斯倉故事圖背印鈔版（

◎ 馮乃川〔香港〕

【 提要 】

A.訪問日本銀行金融研究所貨幣博物館鑒賞“千斯倉鈔版”實物 B.“千斯倉鈔版”屬於南宋“行在都茶場會子庫千斯倉故事圖背印鈔版”

【前言】

紙幣的誕生，是因為身處盆地的北宋益州地區，使用鐵錢累重，難於運輸。使益州的商民、蜀民私自為券， “制楮為券，表裏印記，隱密題號，朱墨間錯，鋪戶押字”，輾轉流通之中發明了紙幣。後來，使用紙幣 的人多了，商民便成立私交子鋪做兌換業務1。因經營和管理不善，久而久之，導致訴訟四起。時在北宋 大中祥符末年以前。

大中祥符年間，益州有三位官員，薛田、寇瑊和張若穀，把設置交子務的建議，向朝庭提出，最後獲得 朝庭批准。起初，益州路轉運使薛田，奏請朝廷官置交子務，以權其出入，未獲採納。後來，益州知州 寇瑊奏請朝廷廢除私交子，並將交子鋪封閉，亦未獲批准。其後，薛田接任益州知州，聯合益州路轉運 使張若穀，再度奏請朝廷官置交子務，並陳說利害。於是，朝廷下詔，命梓州路提刑王繼明，會同益州 知州薛田與益州路轉運使張若穀共同相議。最終，獲得朝庭批准，置交子務。

北宋天聖元年十一月二十八日（公元1024年1月11日），薛田在益州（今四川成都）設置交子務。天聖二 年二月二十日（公元1024年4月1日），雕版印造交子，面額以書填方式，發行從一貫到十貫面額的官交子， 合共發行一百二十五萬六千三百四十貫，這是世界上最早的官方紙幣。

第一章 宋代鈔票的發行與存世

自天聖二年二月二十日（公元1024年4月1日），在益州雕版 印造交子，以書填面額方式，發行從一貫到十貫面額的官交 子起，宋代主要發行了以下四款流通廣泛的鈔票：

注釋：

1 有富民十六戶，成立私交子鋪，做兌換業務。

1. 交子

2. 錢引

3. 會子

4. 關子

其中，北宋發行交子及錢引，南宋發行會子及關子。如今，

1000年後，宋代鈔版存世實物稀少，鳳毛麟角，僅見會子、 關子的共四件鈔版存世，每一件都是國寶一級的珍品。宋代 鈔版存世的實物稀少，書籍記載的資料不完整，非常匱乏， 增加了對鈔版考證的困難。

目前存世的宋代四件鈔版中，最神秘且令人熱衷探索的，就

是一件經常出現在教科書上、錢幣書上的“千斯倉鈔版”。 然而有三個答案，是收藏界最想知道的：

1.“千斯倉鈔版”的下落； 2.“千斯倉鈔版”的真容； 3.“千斯倉鈔版”屬於宋代哪一種鈔票的印版。

第二章 發現“千斯倉鈔版”的下落與東渡鑒賞

日本浩泉丸網站內的“泉家 收集家覺 書”的截圖及筆者備註

筆者（左）與好友段洪剛先生（右），很榮幸能共同參與老朋友周邁可先生（中） 鑒賞千斯倉鈔版，並進行拍攝及金屬成分檢測

1.瀏覽日本網站偶然發現“千斯倉鈔 版”的下落

筆者在研究過程中，偶然發現日本浩泉丸 網站內的“泉家·收集家覺書”，在網站內 發現《東亞錢志》書中所列“千斯倉鈔版” 的收藏者“田中清岳堂”的訊息、“清岳堂” 主人原來是田中啟文，以及他與日本銀行 關係的訊息(詳情請參閱筆者在《東亞泉 志》第33期及34期發表的《千斯倉故事圖 背鈔版的出現與流向上篇、下篇》）。訊息 令筆者感到振奮，這是因為我們經常在教 科書上、錢幣書上看到的，已經80年音訊 全無的“千斯倉鈔版”顯然就要再度面世 了。為此，筆者聯絡了日本銀行金融研究 所貨幣博物館，獲得官方證實：“千斯倉 鈔版”是該館的其中一件藏品。這正是“眾 裏尋他千百度，驀然回首，那人卻在燈火 欄珊處”。

2.面世百年以來首次東渡日本鑒賞 “千斯倉鈔版”

2024年9月13日，應《東亞泉志》發行人 兼總編輯周邁可先生之邀，筆者與老友段 洪剛先生一起前往日本銀行金融研究所貨 幣博物館參與拍攝、鑒賞這一國寶級文物。

這是一次有意義且期待已久的難忘經歷。

經過周邁可先生的多方面努力，特別是通 過美國史密森國家歷史博物館國家錢幣收

藏館館長艾倫·費因戈爾德女士（Ellen Feingold ）和德 國莫裏茨堡博物館館長烏爾夫·德雷格先生( Ulf Drager )

的書面介紹，與日本銀行金融研究所貨幣博物館取得聯繫。

最後，周邁可先生獲准在2024年9月13日上午10:00查看該 鈔版，拍攝實體照片，並進行金屬成分測試。

9月13日上午9:00，周邁可先生與筆者從日本橋皇家花園酒 店出發前往日本銀行金融研究所貨幣博物館。同時，國內著 名的北京公博古錢幣藝術品鑒定有限公司總經理段洪剛先 生專程從北京攜帶奧林巴斯掌上型光譜儀趕至博物館匯合。 遺憾的是我和段洪剛先生到館後因審批時間有限，未能獲准 入室！該館僅允許周邁可一人入室上手親測及拍攝。

上午10:00，周邁可先生前往日本銀行，親眼見到了流傳千 年的“千斯倉鈔版”。一個令人振奮的消息是，鈔版目前保 存狀況非常完好！周邁可先生獲得了“千斯倉鈔版”的首張 彩色照片。

博物館館方幫忙測試了鈔版的重量。同時，周邁可先生拍攝 了鈔版六個面的照片，使用光譜儀對鈔版進行了金屬成分檢 測，並與博物館分享了測試結果。

筆者與好友段洪剛先生，非常榮幸地共同參與了老朋友周 邁可先生鑒賞“千斯倉鈔版”，進行拍攝及金屬成分檢測。

第三章 錢幣界對“千斯倉鈔版”最想瞭解清楚的三個答案

“千斯倉鈔版”自1928年以前面世以來，到1938年最後一 次被《東亞錢志》刊載後，便銷聲匿跡。就這樣，80多年 過去了，人們一直不斷地圍繞討論著這件鈔版，然而，鈔版 始終杳無音訊，無人知曉其下落，實物的圖像更是從未見發 表過。2024年9月13日，筆者與好友段洪剛先生，很榮幸能 共同參與老朋友周邁可先生鑒賞“千斯倉鈔版”，並進行拍 攝彩色圖像及金屬成分檢測，周邁可先生得以保存這些寶貴 的彩色圖像和研究數據。

二、“千斯倉鈔版”屬於宋代哪一種鈔票的印版

2000年之交，在福建省福清縣，當地有一戶張姓人家，要 翻修老宅，在清拆的過程中，在房梁上發現了一冊宋版古籍

《南嶽舊稿》，同時發現的，還有書內夾帶的一張名為“行 在都茶場會子庫”的會子，這張鈔票，保存比較完整，大部 分的訊息都能看清楚。

筆者直到近年，才有機會看到這張“行在都茶場會子庫”會 子的高清圖片。結合我早年保存下來的數據，可以得出結果， 即福建省福清縣張宅發現的是“第拾柒界行在都茶場會子庫 會子”。

筆者注意到，張宅出現的“行在都茶場會子庫”會子，其背 面有一個很面熟的印版，同樣是帶有“千斯倉”名字，圖案 與“千斯倉鈔版”的木屋人物相近，僅是尺寸大小有少許差 異。兩者之間的共同點，顯示出彼此是“姊妹關係”的印版。 可見“千斯倉鈔版”的身份正是南宋某一界的“行在都茶場 會子庫背印千斯倉故事圖鈔版”。

一、南宋第拾柒界行在都茶場會子庫會子正面 二、南宋第拾柒界行在都茶場會子庫會子背面 三、“千斯倉鈔版”（拓印本）

“千斯倉鈔版”有29個漢字：“除四川外許於諸路州縣公私

從便主管並同見錢七百七十陌流轉行使。”鈔版上下兩行排 列的10枚方孔錢為“陽刻”圖案，其下為木屋人物圖案。

四、南宋第拾柒界行在都茶場會子庫會子背印千斯倉 故事圖 (印本)

南宋第拾柒界行在都茶場會子庫會子正面內容 ( 筆者製圖 )

南宋第拾柒界行在都茶場會子庫會子 背印千斯倉故事圖鈔版有24個漢字： “除四川外許於諸路州縣公私從便主 管並同見錢流轉行使”，與上文的鈔版 相比，省略了“七百七十陌”5個字， 高度較29字的鈔版矮了1.6釐米。此外， 10枚方孔錢變為“陰刻”圖案，千斯 倉故事圖雖依然以木屋人物為圖案， 但內容已改變。

五、民國時期銅制煙盒上的“雙瓶 圖案”

民國時期銅制煙盒上的“雙瓶圖案”， 因“瓶”和“平”同音同聲，寓意平安。

六、南宋第拾柒界行在都茶場會子 庫會子主圖上的“雙瓶圖案”

南宋第拾柒界行在都茶場會子庫會子背面內容 ( 筆者製圖 )

“千斯倉鈔版”（9.1×16.1cm） （日本銀行金融研究所貨幣博物館供圖）

會子背印千斯倉故事圖（9×14.5 cm）

第拾柒界行在都茶場會子庫會子主圖的“雙瓶圖案”， 雙瓶內藏著料號、面額等訊息。

七、南宋第拾柒界行在都茶場會子庫會子背面的 年限界印

第拾柒界行在都茶場會子庫會子背面的年限界印，及 已能辨認到的內容。（筆者標注）。

八、南宋第拾柒界行在都茶場會子庫會子背面的 騎縫關防

拾柒界行在都茶場會子庫會子背面左上側還有一枚難 以辨識的騎縫關防，高14.5釐米，由八至九個九疊篆 漢字組成。

九、南宋第拾柒界行在都茶場會子庫會子背面的 騎縫花押

第拾柒界行在都茶場會子庫會子的背面左下側，有一 個未能辨識的騎縫花押，高4.5釐米，由一至二個手書 漢字組成。

【未完待續：南宋會子千斯倉故事圖背印鈔版（下篇）】

民國時期銅制煙盒上的 “雙瓶圖案”

會子主圖的“雙瓶圖案”

會子背面上的年限界印

【鳴謝】

1. 日本銀行金融研究所貨幣博物館

2. 美國史密森國家歷史博物館國家錢幣收藏館 及館長艾倫 · 費因戈爾德女士 ( Ellen Feingold )

3. 德國莫裏茨堡博物館及館長烏爾夫 德雷格 先生 ( Ulf Drager )

4.《東亞泉志》發行人兼總編輯周邁可先生

5. 北京公博古錢幣藝術品鑒定有限公司總經理 段洪剛先生

會子背面未能辨認出內容 的騎縫關防

會子背面未能辨認出內容 的騎縫花押

Showing a Strong Regional Flavor: The Handbook for the Design of the 2021 Lunar New Year Gold and Silver Commemorative Coins

◎ Zhu Xihua〔Shanghai〕

In the blink of an eye, another silver coin of the Chinese New Year series has been issued, which is the seventh in the series. Thinking about how fast time passes, it has been seven years since the first coin was issued, and looking back, I feel that it is just like unveiling the New Year's Eve dinner of each year, which is full of different flavors, but exudes a strong sense of warmth.

Since 2015, when I designed the " 福 " ['Fu'] coin (the nickname of the coin). The main focus was on the concept of "family". Because in Chinese sentiment, family is equivalent to good fortune, and looking around the world. Since ancient times, the concept of family has been particularly important to the people of China. The understanding of good fortune is the harmony and prosperity of the family. From our most important festival, the Spring Festival can be seen. In the New Year's Eve before the day comes, no matter where in the world, those who have left

their hometowns to work in the outside world will do whatever it takes to return to their hometowns to spend this unforgettable time with their parents, elders, brothers and sisters. Especially in the current society, too many people leave their hometowns where they grew up for career and development, and come to an unfamiliar city to start a whole new struggle and life. However, no matter how successful we are now and how high our social status is, there is an emotion for home in the heart of everyone, which may record our most innocent and happy childhood growing up without any worries, and those vivid scenes and respectable old people. From the very first piece, I wanted to convey this concept of home, from the opening of the door to see the good fortune to the later walls decorated with various reliefs, main hall of a building. Those typical Chinese symbols not only symbolize the family of the motherland but also a deep tribute to the traditional Chinese culture.

Coming to the 2021 " 福 " ['Fu'] coins, the theme of the picture seems to come out of the previous generalized concept of the Chinese family symbols. In fact, this is not the first series of the main regional style of fu coins. When we look back at the picture of 2019 has actually come to the north of Shensi Province, the style of the rich northern Shensi Province where the folk dwellings paint a decorative and cozy picture, which is like an article in general. When the general structure is finished, the narrative begins slowly. China has a vast area with splendid and rich folklore styles. If we can show them one by one in the future, it will be a spectacular tour of family cultures around the world. In the picture this time we can immediately feel the strong characteristics from the Northeast, a blanket of white snow, as thick as a cotton quilt covering the wooden houses, the smoke curled up from the cooking stove in every house. The house is steaming as if they were busy making fire and cooking to usher in the New Year, outside the frame on the fence are hanging corncobs, a rhythmic hanging as if the keys on the piano, a leaping splash of yellow brings life to the snowy world. In this seemingly quiet and peaceful picture I purposely arranged some small dynamic elements interspersed with it. Looking ahead, we could see the figures in their frolic, the silhouettes are small dotted in the background not only increases the atmosphere of the picture but also contrasts with the scenery in front of us, which elevates the depth of the picture. It highlights the vastness of the northeast region.

Designing this commemorative coin was a challenge to myself from the time I set the theme, because I am a native southerner, born and raised in Shanghai, and I could not have experienced such heavy snowfalls and scenes, but fortunately I was lucky enough to have been to the snowy townships of the Northeast, which originated from an exchange of designers of the industry in the early years, and the scenes I saw there left me with an extremely deep and shocking impression. So I took and recorded a lot of photos, and these have become the basis and source of my creation, in the creation of this painting, I did everything I could to recall that feeling at that time, those vicissitudes of the wooden gate and fence, the thick snow and jubilant local children. In the center of the picture I hung a huge 福 on a wooden frame, so that it can be blended with the surrounding scenery. In the picture, from the front fence to the rear undulating ground, the use of a large number of horizontal lines also conveys a sense of tranquility and peace.

Before this coin was unveiled, I more or less still had some apprehension. After all, what I've created is not what I'm familiar with. I was afraid that it would give the impression that it was not very accurate, but when a collecting friend from the northeast saw it, he said that this is his childhood memory of home, with smoke curling, children playing snow, and families hanging corn. I was very touched. I felt a sense of relief. There was a sense of empathy between the viewer and the creator's heart. H accurately captured the message I wanted to convey.

Yes, this was the original intention of my creation, home, this home in our memories, this home from all corners of the motherland retained in the deepest recesses of everyone's heart, this is no matter when and where, when we think of it we cannot help but smile, our eyes moist thinking of our hometown.

2021年賀歲金銀紀念幣設計手記

◎ 朱熙华〔上海〕

轉眼間賀歲系列銀幣又一枚發行了，這是該系列的第七枚， 想想時間流逝的實在是太快了，從第一枚開始已經走過了 七個年頭，回首過往我感覺就如同揭開每一年的一桌年夜 飯一般，各具風味但又散發出濃濃的思鄉與溫情。

從我設計的2015年開始，“福”字紀念幣（該幣昵稱）就主 打“家”這一概念，因為在中國人的情感中 家就等於是福，放眼世界，自古以來， 國人對於家庭這個概念就是尤為看重 的，對於福的理解就是家庭的和睦與 興旺，從我們最重要的節日，春節就 可以看出，在大年三十這一天來臨之 前，無論身處世界各地，離鄉背井在外 打拼的遊子們都會不計一切代價趕回老家， 與久違的父母長輩、兄弟姐妹歡聚一堂度過這一段難忘的 時光，尤其在當下的社會，太多的人們為了事業與發展離 開了從小長大的家鄉，來到了一個陌生的城市，開始了全 新的奮鬥與人生，但現在的我們無論有多麼的成功獲得多 高的社會地位，在每個人的內心深處都有這一份對於家鄉

的情感，它可能記錄着我們最純真最快樂無慮的童年成長 時光，還有那些歷歷在目的光景與可親可敬的老人們，於 是乎從第一枚開始我就想傳達着這份家的概念，從開門見 福一直到後來的影壁牆、廳堂等等，那些典型的中國符號 不僅象徵着祖國的家庭更是對於中國傳統文化的深深致敬。

設計這枚紀念幣從我定下這個主題開始就是對自己的一種 挑戰，因為我是一個土生土長的南方人，生在上海長在上 海，自打我有記憶開始就不可能經歷如此大雪與景象，但好 在我有幸去過一次東北的雪鄉，那是源於早年的一次行業設 計師交流，在那裏所見之景給我留下了極為深刻而又震撼的 印象，於是我拍攝記錄了大量的照片，現在就成了我創作的 基礎與來源，在創作這幅畫稿的時候，我盡一切所能追憶當 時的那份感受，那些滄桑的木門與籬笆，那些厚厚的積雪與 歡快奔跑的當地兒童，在畫面的正中我將巨大的福字懸掛於 木架之上，使得其能與周遭景物融為一體，畫面中從前方的 籬笆到後方層層起伏的地表，大量橫向線條的運用也傳遞出 一份寧靜與祥和的意味。

當這枚幣亮相之前，我多少還是有一些忐忑，畢竟我所營造 的並不是我所熟悉的環境，我生怕會給人一種不是很準確地 道的感覺，但當人們看到他的之時，有一位來自東北的藏友 微信我說這就是他兒時記憶中的家，炊煙袅袅，玩雪扒犁， 家家掛着玉米的時候，我的內心很是感動，這是一種如釋重 負之感，一種觀者與創作者的內心產生共鳴之感，他準確地 捕捉到了我所要傳遞的信息。

是的，這就是我的創作初衷，家，這個我們記憶中的家，這 個來自祖國五湖四海的留存於每一個人內心深處的家，無論 何時何地只要當我們想起，都會不禁會心微笑、眼眶濕潤的 老家。

來到2021年的福字幣，畫面的主題似乎一下子從以前具有 泛泛概念的中式家庭符號中走了出來，其實這也不是該系 列第一枚主打地域風格的福字幣了，當我們回顧2019年的 畫面其實就已經來到了陝北，風格濃郁的陝北民居撲面而 來，裝飾而又溫馨的畫面，這就像是一篇作文一般，當總 的結構鋪墊完之後，便開始了慢慢的敘述，我國地域遼闊， 民俗風格燦爛而又豐富，如果今後能將其逐一展現，那將 是蔚為壯觀的各地家庭文化之巡禮，而在這次畫面中我們 能馬上感受到來自東北的強烈特徵，一片銀裝素裹，猶如 棉被一般厚厚的積雪覆蓋在木結構的房屋之上，每家每戶 都炊煙袅袅，屋內熱氣騰騰仿佛在忙着生火做飯迎接新年的 到來，屋外的架子上籬笆上都掛着玉米棒，一個個有節奏的 垂掛着猶如鋼琴上的琴鍵，跳躍的一抹黃色給白雪皚皚的冰 雪世界帶來勃勃的生機，在這看似安靜祥和畫面中我特意安 排了一些小小的動感穿插其中，遠眺前方我們仿佛可以看到 在嬉鬧中的人影，小小的點綴在背景之中既增加了畫面的氣 氛又與前方的景物形成了對比，拉升了畫面的縱深感。凸顯 了東北遼闊的地域特徵。

ThePortugueseEscudoSilverCoinsCirculatingin ChinaduringtheLateMingandEarlyQingDynasties

◎ Stephen Tai〔Taipei〕

During the Age of Discovery, Portugal and Spain engaged in fierce competition at sea. In Asia, Portugal took the lead and reaped the most abundant rewards. It first occupied Cochin in India in 1503, gaining control over a steady supply of spices. In 1511, it reached Malacca, further controlling the maritime routes between the Indian Ocean, Southeast Asia, and China. While the Spanish swiftly followed, with Magellan leading a Spanish fleet to the Philippines in 1521, the Portuguese were already there, having reached China during the late Ming Dynasty period.

The Portuguese silver coins that entered China in the early 16th century

According to various researches,1 a group Portuguese intended

for long-term development in China. Starting from the 1620s, a group of them settled in Ningbo's port area, wandering around the regions of Zhejiang, Fujian, and Guangdong, engaging in trade and plundering for survival. It wasn't until the 27th year of Jiajing's reign (1548) that they were forced to relocate due to military sieges, eventually settling in Macau in 1553. During this period, the Portuguese brought their silver coins into China.

In maritime trades, silver coins are essential! They are both currency and a commodity, especially in the Chinese market, where silver is valued more highly than gold. Professor Peng Xinwei also mentioned in "A Monetary History of China" that starting in the Ming Dynasty, Portuguese traders came to places such as Macau, Guangzhou, Quanzhou, and Ningbo to do

Note：

Fig. 1 The world map drawn by Lopo Homem in 1554 witnessed the maritime competition between Portugal and Spain at that time. With the continuous discovery of new navigation routes, the flags of both countries were planted throughout various parts of the Americas, Africa, and Asia.

1 "The History of the Ming Dynasty, Volume 325, The Portuguese," and, Wang Mumin: "The Relationship between Portugal and Ningbo in the 16th and 17th Centuries," Macau Studies, Issue 10, 1999.

2 Peng Xinwei, "A Monetary History of China." Shanghai People's Publishing Co., August 1988 edition, pages 780-781.

Fig. 3 Portuguese silver coin from 1521-1555, 1/2 Tostão, weighing 4.5g, with a silver purity of 0.917.

Source: en.numista.com

The Chopmarked Portuguese Escudos recorded in the archives of the Dutch East India Company

The 1644 document states:

"To continue trading with China, we dispatched the following ships to the Penghu Islands and the Ta-Yuan Sea Route: On June 2nd, the Haerlem and the Casticum; On June 5th, the new chief officer of Ta-Yuan, along with the de Vreede, den Beer, de Brack, and de Visser ships, as well as a navigation ship. They carried cash coins, merchandise, supplies, weapons, ammunition, and other necessities, totaling 70,819,514.2 Gulden. The accounts include: silver coins and various other goods valued 500,000 Gulden. Among them are 44,000 cash Reales, including 8,262.5 chopmarked Spanish silver coins, 47,400 Dutch silver coins, 25,600 Dutch Ducatons, 137 chopmarked Portuguese Escudos, 5 silver plates, and a silver bar "

The mentioned silver coins were all transported to Ta-Yuan for trade. The variety and quantity of silver coins listed reflect the market demands and the status quo of various silver coins in the coastal regions of China and Taiwan at that time. The

list includes Spanish, Dutch, and Portuguese silver coins. The Spanish silver coins refer to Reales, also known as silver cobs in English, or what China called "Cross Money".

Dutch silver coins, according to other dutch documents, mainly included Rijksdaalders (Imperial dollars), Ducatons, Leeuwendaalers(Lion dollars), and various Kronen (Crown) coins, 4 as for the renowned Rijderdaalders (Rider dollars), they were not yet coined until 1659 . Spanish and Dutch silver coins accounted for the vast majority, with only 137 Portuguese Escudos, indicating their scarcity and near-exit from the market. Perhaps for the same reason, there is no further mentioning of Escudo or any other Portuguese silver coins In the Dutch East India Company archives.

It is worth noting that, however, despite the small number of Escudos found, their significance is profound. All the 137 Escudos recorded in the document were being chopmarked, which deliver a clear and strong message!

Apparently, during the circulation of Escudos in China, "Chopmarking" had already become a common practice, to the extent that merchants had to chop their coins when changing hands, and with almost no exceptions! This provides

4 For example, "…The above ships arrived in Ta-Yuan safely with cargoes. Those cargoes are in a value of f.733.372.-9.11, including 111,333 daalders, 31,200 leeuwendaalders, 35,255 reales, 5,000 silver ingots, and 1,193 Cronens, the cash totaled f.1,593.12." See, "A. van Diemen, A, Caen C. van der lijn, J. Maelsuyker, J. Schouten, S. Sweers, Cornelis Witsen Batavia, 1843.12.22 voc 1138, fol.1-116".

an important clue to the origin of chopmarked coins in China. Chopmarked Portuguese Escudos have been an overlooked fact. In the past, it was mostly believed that the appearance of chopmarked coins in China was related to the Spanish. Based on existing physical evidence, the chopmarking was assumed to have started in the 1680s or slightly earlier,5 even though following the historical facts, the Spanish silver coins would be likely chopmarked much earlier due to the re-export trades with China subsequent to the Spanish conquest of the Philippines in 1571. Now, this Dutch document overturns existing knowledge; the history of chopmarked coins might be pushed forward to the early sixteenth century when Escudos entered China.

Returning to the initial question of this article, what exactly are these Portuguese silver coins referred to as "Escudo"? Particularly, "Escudo" was adopted as the currency unit in Portugal only as late as 1911, replacing the "Real" that had been in use since the 15th century, and it was not until 2002 that it was replaced by the Euro. It is impossible for the modern Escudo to have traveled back in time from the year 1911 to the 16th century China! So why would early Dutch documents refer to them as Portuguese "Escudos" (Portuguese Escudos)?

We attempted to find a specimen to clear the doubt, but no literature and catalogs can help! If taking the 137 pieces of chopmarked Escudos recorded in the Dutch documents as an inspiration; there should have been more Escudos being chopmarked, and following this clue, it may be a way to get the answer. However, to this day, Portuguese silver coins with chopmarks have almost disappeared.

As such, we can only attempt to decipher the mystery from the name "Escudo" itself.

The Escudo referred to Portugal's Réis silver coin

Since the sixteenth century, the Portuguese brought various silver coins to China, primarily denominated in "Réis". However, the reason they are called "Escudo" evidently relates to the characteristics on the silver face. In Portuguese, "Escudo" means "shield," and Portuguese gold and silver coins mostly bore a shield-shaped emblem inherited from ancient Roman times. These coins, commonly referred to as "Escudo," are likely named for this reason.

If this speculation is correct, then the early inflow into China and the 137 Escudo countermarked coins transported by the Dutch to Da-Yuan in 1644, as recorded, should indeed be various sizes and denominations of Portuguese Réis silver coins, which naturally include the Crusado mentioned by Professor Peng.

Overall, the Portuguese Escudos in the Chinese market had been treated as a type of silver ingots, which had to be melted down and recast according to local standards of fineness and weight, before entering another stage where they could be chopmarked for continued circulation at their certified value. As pioneers of trade silver coins in China, the chopmarked Portuguese Escudos bear witness to this historical process.

Fig. 4 The 18th-century Portuguese "Crusado" as mentioned by Professor Peng Xinwei. The 1768 Portuguese 200 Réis silver coin, referred to as "Escudo," is named after the "shield" depicted on the coin's face.

5 See, Colin James Gullberg,"Chopmarked Coins – A History, The silver coins used in China 1600-1935". P.21, published by iAsure Group.

只知其名，未識其物

——談明末清初流通中國的葡萄牙埃斯庫多Escudo銀幣

◎ 戴學文〔臺北〕

大航海時代，葡萄牙與西班牙兩國在海上展開激烈競逐。在 亞洲賽道上，葡萄牙最早起步，斬獲也最豐碩。首先於1503 年佔領印度科欽（Cochin），掌握取之不竭的香料來源； 1511年攻陷馬六甲，又控制了印度洋通往南洋與中國的孔 道。西班牙人急起直追，當麥哲倫於1521年率領西班牙船隊 橫渡太平洋踏上菲律賓土地之際，葡萄牙人卻又捷足先登， 從伊比利半島出發，一路抵達正處於明代後期的中國。

明朝後期進入中國的葡萄牙銀幣

據記載，這群被稱作“佛朗基人”的葡萄牙人踏上中土後， 有意在此長期發展。一群人從1520年代就已駐紮長江口岸的 寧波雙嶼，長年混跡浙閩一帶，以經商、劫掠維生，直至嘉 靖二十七年（1548年）因遭重兵圍剿才轉移他地，1553年

轉進今日的澳門。葡萄牙人就是在這段期間將自己的銀幣帶 進了中國。1

帆船貿易，銀幣是必需品！既是貨幣，同時也是一種商品， 到了銀貴金賤的中國市場，更是如此。彭信威教授在《中國 貨幣史》中亦稱，明代起，葡萄牙人來到澳門、廣州、泉州 寧波等地經商，也同時運來銀幣。不過，對於這批目前所知 近代中國最早進口的洋錢，彭先生並不確定其類型，但文中 略有提及可能是像是十八世紀葡萄牙的十字錢（Crusado， 原文誤植為Erusado）。2所謂的Crusado，除了代表“十” 字之意，也是當時葡萄牙貨幣單位，每1 Crusado等於4 Tostáo；1 Tostáo又等於100 Réis。

然而，中國歷史對於後來的西班牙裏耳（Reales）、雙

注釋：

1《明史·卷三百二十五·佛郎機》，與，王慕民：”十六、十七世紀葡萄牙與寧波之關係”，《澳門研究》，1999年第10期。

2 彭信威，《中國貨幣史》。上海人民出版社 1988年8月版，頁780-781。

圖 1 公元 1554 年，羅伯歐 蒙（Lopo Homem）所繪 製的世界地圖，為當時 葡、西兩國的海上競賽 做了見證，隨着新航道 的不斷開闢，兩國旗幟 插遍美洲、非洲與亞洲 各地。

柱（Pillar Dollars）、佛頭（Portrait Dollars）、荷蘭馬劍

（Dutch Silver Riders）等銀元的文字記錄倒是頗多。不 僅如此，也有較多實物被保留至今，唯獨更早之前的葡萄牙 銀幣是一例外。我們只能從文字記載得知其存在，但只知其 名，未必識得其真面目。究竟埃斯庫多所指是哪種銀幣？至 今未有明確答案。這應該是距今久遠，相關數據幾近絕跡， 實物又多被鎔毀，以及從16世紀末起，被後繼的西班牙裏耳 與荷蘭銀幣所取代等因素所致。

因此，尋找這批早期葡萄牙銀幣的蹤跡，不得不改從中國 以外的來源着手。從荷蘭東印度公司治理臺灣（Formosa， 臺灣）期間（1624-1662）的文獻之中，筆者找到了1644年 12月23日的一份通聯記錄，3找到葡萄牙銀幣的蹤跡。不過， 卻稱之為葡萄牙Escudo（埃斯庫多），就藏身在從巴達維 亞運往大員（今臺南一帶）的銀元名單之中。這時，大員正 被荷蘭人當作對中國貿易的轉運港。雖然這只是Escudo出 沒中國的一個小場景，卻彌足珍貴，因為記錄內容在相當程 度上顯現出它已長期在中國社會流通，Escudo 也已成為葡 萄牙銀幣的代名詞。

荷蘭東印度公司檔案記載的埃斯庫多戳記幣

這份1644年文件是如此記載的：

為了繼續與中國貿易，我們分別派出以下船隻前往澎湖和 大員海道，6月2日，大海船Haerlem和貨船Casticum; 6 月5日，新任駐大員長官卡隆隨海船de Vreede、貨船den Beer、de Brack、de Visser和一艘導航船。隨船運去現 金、商品、貨物、補給、武器彈藥和其他必需品，價值70 819 514.2荷蘭盾（Gulden）。總賬包括：折合500 000荷蘭 盾的銀幣及其他各種貨物。其中44 000裏耳（Real）現金、 8 262.5個有戳記的西班牙銀元、47 400個荷蘭銀元、25 600 荷蘭杜卡通（Ducaton），137個有戳記的葡萄牙埃斯庫多 （Escudo）、5塊銀板和一根銀條......

檔中提及的銀幣，都是被運往大員作為交易之用。銀幣種 類及其多寡，反映的則是當時各種銀幣在中國沿海一帶與 臺灣市場的供需情形與競爭態勢。列名的有西班牙、荷蘭 與葡萄牙銀幣。其中西班牙銀幣，指的裏耳（Rael）銀

圖 3 1521-1555 年的葡萄牙銀幣 1/2 Tostáo， 重 4.5g，純度 0.917。

來源：en.numista.com

3 See, A. van Diemen A Caen, C van der Lijn, S. Sweers, Paulus Croocq, Simon van Alphen, Batavia, 1644.12.23 voc 1147. fol.1-102

幣，也就是英文的silver cobs，中國所稱的“十字錢”。至 於荷蘭銀幣，根據其他荷蘭東印度公司文獻顯示，4主要 是皇家銀元（rijksdaalder）、杜卡通（Ducat）、獅子銀元 （Leeuwendaaler）以各種克朗（Cronen）銀幣等。著名 的馬劍銀元，則是要等到1659年以後才開始鑄造。西、荷 兩國銀幣佔有壓倒性多數，葡萄牙埃斯庫多僅137枚，數量 之少，已瀕臨退出市場的邊緣。筆者後來在荷蘭東印度公司 檔案之中一直未再找到埃斯庫多或其他葡萄牙銀幣的文字記 錄，或許就是這個原因。

不過，值得注意的是，埃斯庫多的現身，數量雖少，意義卻 很重大。因為埃斯庫多最早來到中國，文件記錄的137枚， 數量不算多，但無一例外，全都是戳記幣。此一現象傳遞着 一種清楚且重要的訊息！顯然，埃斯庫多不僅已在中國流通 多時，而且流通過程中“加蓋戳記”已是一種常態，普遍到 了轉手之間商人都不得不加戳，無一豁免的地步！

這對於中國社會加蓋戳記習慣的形成，也就是戳記幣的溯 源，提供了一個重要線索。葡萄牙埃斯庫多戳記幣，是一個 以往一直被忽略的事實。過去多認為戳記幣在中國的出現與 西班牙銀幣有關。以存世實物為根據的保守觀點認為，起點 是在1680年代或稍早，5即便循着西班牙銀幣傳到中國的歷 史軌跡，也不可能早於1571年西班牙征服菲律賓之前。如今， 這份荷蘭文獻顛覆了既有的認知，戳記幣的歷史必須向前挪 移，往埃斯庫多進入中國的十六世紀前期靠近。

為何稱為“埃斯庫多”？

重新回到本文最早的問題，這些稱作“埃斯庫多”的葡萄牙 銀幣，究竟是甚麼樣的銀幣？尤其是，埃斯庫多是遲至1911 年起才被葡萄牙採用作為貨幣單位，以取代從十五世紀以來 就使用的雷亞爾（Real），並且一直到了2002年才又被歐元 取代。現代的埃斯庫多，不可能穿越公元1911年來到16世 紀的中國！又為何早期荷蘭文獻會稱之為葡萄牙“埃斯庫多” （Portuguese Escudos）？

我們試圖從文獻與圖錄之中找尋16世紀埃斯庫多的影子，但

圖4 彭信威教授所說的十八世紀葡萄牙十字錢。1768 年葡萄牙200雷亞爾銀幣，“埃斯庫多”所指，是幣面 上的“盾”

苦尋不着！前述荷蘭文獻所記載的137枚埃斯庫多戳記幣，是 一種啟發。過去理應還有更多埃斯庫多戳記幣，循着這個方 向尋找答案，或許也是個辦法。但時至今日，帶有中文戳記 的葡萄牙銀幣已幾乎消失殆盡。

最後，我們只能另從埃斯庫多（Escudo）的名稱本身嘗試 破解謎團。

十六世紀以來葡萄牙人帶往中國的，理因是當時以雷亞爾 （Real）為面額的各種銀幣。然而，之所以被稱為“埃斯庫 多”，顯然與銀面上的特徵有關。葡萄牙語的“埃斯庫多”， 代表“盾”（Shield）之意，而葡萄牙金銀幣大多帶有一種 傳承自古羅馬時代的盾型徽章，這些錢幣被通稱為“埃斯庫 多”，應該就是因此之故。

如果這個推測沒錯，那麼早期流入中國以及記錄中1644年荷 蘭人運往大員的137枚埃斯庫多戳記幣，應該是來自於葡萄 牙的各種不同大小與面額的雷亞爾（Real）銀幣，其中當然 也包括了彭教授所說的Crusado了。

整體來說，葡萄牙埃斯庫多歷經了中國市場以銀錠對待，必 須經過所在地按照各自成色重量標準重新鎔鑄的過程，然 後才進入了加蓋戳印後即可按市場認證的價值繼續流通的階 段。作為貿易銀元在中國的先驅，埃斯庫多戳記幣，見證了 這一段歷史。

4 For example,“…The above ships arrived in Ta-Yuan safely with cargoes. Those cargoes are in a value of f.733.372.-9.11, including 111,333 daalders, 31,200 leeuwendaalders, 35,255 reales, 5,000 silver ingots, and 1,193 Cronens, the cash totaled f.1,593.12.”See,“A. van Diemen, A, Caen C. van der lijn, J. Maelsuyker, J. Schouten, S. Sweers, Cornelis Witsen Batavia, 1843.12.22 voc 1138, fol.1-116”.

5 See, Colin James Gullberg,“Chopmarked Coins – A History, The silver coins used in China 1600-1935”. P.21, published by iAsure Group.

China has been issuing legal tender coins in gold and silver since 1979, for the purpose of promoting Chinese culture and earning foreign exchange through export. Before 2000, except major political theme commemorative coins, most of the commemorative coins were proposed and produced by overseas, Hong Kong and Taiwan coin dealers, who funded the production, promotion, and release on the world market. It can be said that these foreign investors brought in start-up capital and advanced marketing strategies for many popular themes such as the panda, Chinese Zodiac, Chinese historical figures, Kylin, unearthed artifacts, and ancient Chinese technological discoveries. Details of the distributors directly affiliated to the state and the overseas distributors are as follows.

Overseas Markets of Chinese Gold and Silver Coins

BANK

Banks Directly Affiliated to the State

The Po Sang Bank was the first to sell Chinese gold and silver coins in Hong Kong. It made a trial issuance of the Beijing scenery commemorative medal at first. Later, advertised in major newspapers in Hong Kong to sell gold coins for the 30th anniversary of the founding of the People's Republic of China, and the coin received quite a warm response. At that time, the price of gold was in an unprecedentedly sharp rise, so many patriotic people who were even not collectors, overseas Chinese and investors rushed to purchase them. The price of a set of gold coins was more than half a year's salary for an ordinary worker. After that, as the price of gold fell, a large number of 30th anniversary coins appeared in various gold stores or pawnshops in Hong Kong. It was not until 1996 that they were gradually bought back by mainland collectors and eventually disappeared from the Hong Kong market.

As a financial institution directly affiliated with the state, the Po Sang Bank has absolute authority and credibility, so all sales activities were very successful.

China Great Wall Coins Investments Ltd.

China Great Wall Coins Investments Ltd. is an organization directly affiliated with China Gold Coin Incorporation. It has been instrumental in the promotion of China's gold and silver coins. In addition to supplying coins directly to local and international dealers, the company has also actively participated in the Hong Kong international coin shows and cooperated in the issuance of the show panda coins. It exhibits the latest products at shows and distributes free books and materials. It has the "Friends of the Great

King Chan〔Hong Kong〕

Wall" membership, which provides local collectors with priority access to coins to ensure that they can be purchased at the issue price. After the return of Hong Kong, the company has expanded its commercial promotion activities in Hong Kong, and achieved good response and sales benefits. China Great Wall Coins Investments Ltd. also cooperates with Asset Marketing Company in the United States, and works jointly with Shenzhen Guobao Mint Co., Ltd., to issue the Mid-Autumn Festival and Space Panda commemorative medals every year, which are quite popular in North America.

As a window to the outside world, China Great Wall Coins Investments Ltd. fulfills the function of reflecting the market situation to the head office, and also balances and protects the interests of dealers and collection enthusiasts.

When it issues coins of major themes such as the Olympic Games and the Chinese Zodiac, China Great Wall Coins Investments Ltd. will cooperate with the Bank of China to promote the sale of these coins by drawing lots in order to expand influence and satisfy the needs of collectors.

Beijing Gold Coin News Limited

Located in the China Insurance Building in Sheung Wan, Beijing Gold Coin News Limited is a department of the shipping company in charge of selling coins. The company first approached the People's Bank of China with a proposal to issue Chinese Zodiac coins, and the first series of the Chinese Zodiac coins was the earliest to feature the characters 北京 (Beijing) rather than the name of the country, which is said to be owing to the fact that the contractor for the project is the Beijing Gold Coin Company.

It mainly deals with Chinese Zodiac gold and silver coins. Beijing Gold Coin News Limited has been committed to the issuance, project and sales of Chinese Zodiac coins. It focuses on the plum-shaped coins, which has a lower mintage than the other varieties and continues to be popular after several rounds of issuance. In addition, the 5-ounce and 12-ounce gold and silver Zodiac coins and the first series of one-kilogram Zodiac gold and silver coins managed by the company were quite popular.

Many of the original design and distribution concepts were also formed during this period, such as the design concept of famous zodiac paintings, local scenic spots and historic sites, with mintages of only 99, 21, and 18 pieces.

Taisei Coins

Taisei is one of the earliest companies to promote sales to Japan, the Hong Kong area, Taiwan Province and Southeast Asia. With a large network of branch offices, we regularly distribute leaflets to collectors, organize Hong Kong coin shows and publish magazines. Early sales of modern Chinese coins were notable, with notable successes being the Panda gold and silver medallions and the Romance of the Three Kingdoms gold and silver coins. The Singaporean company, Taisei, also issued commemorative coins to commemorate the friendship between Singapore and China in consultation with the Gold Coin Company, and promised to have the purchaser's name engraved on a monument at the Great Wall.

MDM is a German coin company. It also sells stamps and provides collectors with specialized albums and coin boxes. It has distributed some famous coins such as outstanding Chinese historical figures, outstanding world historical figures and the 5,000-year traditional culture coins.

Coins are sold by mail order in pieces rather than sets. A coin and instruction are sent to subscribers each month to reduce their financial burden and increase interest in collecting.

Because of this business model, most of the coins that it has sold will not be in a complete set. Since these coins are sold in batches, the coins are also minted in batches. The company is still minting coins of prominent figures in Chinese history, and even selling them to the Chinese market.

ING

INC was a Belgian coin dealer, engaging both wholesale and retail business. It focused on Silk Road gold and silver coins. However, it went out of business after it issued the third series of Silk Road coins. It had cooperated with MDM to distribute commemorative coins of outstanding Chinese and foreign historical figures by distributing and printing a variety of promotional leaflets.

M&T Bank

The M&T Bank is an investment bank that mainly sells investment-focused precious metal coins around the world, including panda gold and silver coins.

Panda America

Panda America is the most well-known gold and silver coin company in China. It provided China Gold Coin Inc. with considerable market experience and advice, and it actively promotes Chinese gold and silver coins in North America. Its Discoveries of Ancient Scientific and Technological Inventions series is still regarded as a classic series and is very valuable precious. It cooperated with Germany's MDM to produce the 1993 Marco Polo 5 oz. gold and silver coins. The company sells coins by mail order. It has a well-known story in the numismatic community. Mr. Martin, the founder of the company, purposed the Kylin gold and silver coins when he drank Kirin beer in a Japanese restaurant.

FRED WEINBURG

Fred Weinburg is an individual coin dealer mainly focused in the sale of error coins, and it has cooperated with Taiwan coin dealers to carry out projects and acted as an agent for famous series such as Dragon and Phoenix coins, Peacock coins and Children at Play coins. Its business has both mail order and retail operations. It often publishes articles promoting Chinese coins in numismatic newspapers. In the early 90s, it wrote an article analyzing and predicting that Chinese gold and silver coins had the prospect of significant appreciation. His prophecy came true.

ROBERT MISH

Robert Mish is the most famous coin dealer in the overseas Chinese community, known as owing the most complete inventory of Chinese gold and silver coins. As early as the 1980s, he went to Beijing and Shanghai to cooperate in minting panda commemorative medals. In the early 1990s, he spared no effort to promote Chinese gold and silver coins and published full-page price lists in coin newspapers. Although he did not directly invest and get involved with the minting of of the Chinese gold and silver coins, he was ultimately the purchaser of all of the coin inventory. Robert has been coming to Hong Kong six times a year for many years to participate in coin fairs, and his table is always among the most crowded and popular. Such an important coin dealer only operates a store, and it is very low-key.

ASSET MARKETING

Asset Marketing emerged in the 1990s, mainly targeting the TV shopping and mail-order channels in the United States in those years and achieving great success. It agented and successfully promoted Kylin commemorative coins, and later acquired the LPM, Hong Kong. Every year, the company plans to issue the Mid-Autumn Space Panda medal and the Smithsonian Panda medal.

In recent years, LPM has also soared to prominence in Hong Kong. It has begun to participate in the sale of Chinese gold and silver coins and put forward market recommendation. It is believed that Chinese gold and silver coins can be promoted to young people or those who have never contacted Chinese coins through this channel.

The 2015 Smithsonian Institution Commemorative

The 2015 Moon Festival Space Silver & Gold Panda Commemorative

新中國從1979年發行金銀材質法定紀念貨幣，其目的為弘 揚中國文化與出口創匯。

2000年以前，除重大政治題材紀念幣以外，大部分紀念幣 均由海外、港臺地區的錢幣經銷商建議題材並立項，其後出 資製造並推廣，最終向全世界投放市場。

可以說，這些外商帶來了啟動資金、先進的行銷推廣策略， 並建議立項了很多膾炙人口的經典題材，如熊貓、生肖、中 國歷史傑出人物、麒麟、出土文物和中國古代科技發明發現 等……

以下是對國家直屬經銷機構與海外經銷商的介紹。

香港地區最早銷售中國金銀幣的機構為寶生銀行。首先是試行發行北京風光紀 念章，後來銷售建國30周年金幣，並在香港各大報章刊登廣告，反應頗為熱烈。 當年亦正值黃金多年未見的大幅上升期，許多非收藏愛好者的愛國人士，華僑 和投資者均爭相購買。當年一套售價為一般工人半年以上工資。後來隨黃金價 格回落，大批30周年金幣湧現於香港各金鋪典當行，直至1996年後才逐漸被國 內收藏業界回購並最終消失於本地市場。

寶生銀行作為國家直屬金融機構，具有絕對權威與公信力，故當年各項銷售活 動均非常成功。

長城公司

金幣公司直屬機構，為推廣中國金銀幣功不可沒，除直接供貨予本地及國際經銷商外，積極參與香港國際錢幣展覽會，並 合作發行幣展加字熊貓紀念幣，在展會展出最新產品併發放免費相關圖書與數據，創立“長城之友”會員制，為本地藏家 優先提供錢幣，以確保能以發行價購買。香港回歸期間更加擴大在香港的商業推廣活動，取得較好的迴響和宣傳銷售效益。 長城公司也與美國Asset Marketing Company 合作，聯合深圳國寶造幣廠，每年發行中秋太空熊貓紀念章等……在北美 廣受好評。

長城公司作為一個對外窗口，做到了向總公司反映市場情況的職能，也平衡與保障了經銷商和收藏愛好者的利益。

每次發行重大題材如奧運、生肖紀念幣時，均與中國銀行合作推廣，抽籤銷售，務求擴大影響與滿足真正收藏愛好者的需求。

北京金幣

位於香港中上環中國保險大廈，是在主管人的船務公司中設立的一個部門， 以經營銷售錢幣的方式存在。該公司首先向中國人民銀行提出發行生肖幣的 建議。首輪生肖是最早沒有國號而出現“北京”字樣，藏界有兩種因由之傳說， 其一為該項目的承包商為“北京金幣公司”。

主要經營生肖金銀幣。北京金幣一直致力於生肖幣的立項、發行與銷售。主 要項目為梅花型幣，發行量相對其他品種更低，歷經數輪發行依然延續。此外， 其經管的5盎司和12盎司幣金銀生肖幣和首輪生肖幣發行完成公斤金銀幣，均 廣受歡迎。

很多首創設計發行理念也於此時期形成，如生肖名畫、地方名勝古跡合一的 設計理念與99、21、18枚的發行數量。

泰星錢幣公司

屬於最早向日本、香港地區、臺灣省及東南亞推廣銷售的企業。憑藉龐大的分公司網路， 定期向藏家發放宣傳頁、舉辦香港錢幣展銷會及出版雜誌。早期銷售中國現代錢幣不遺餘 力，特別顯著成功的項目為熊貓金銀幣章與三國演義金銀幣。新加坡泰星公司也為紀念中 新友誼與金幣公司協商發行過紀念幣，並承諾將購買者的名字刻在一塊位於長城的石碑上。

德國錢幣經營公司，也銷售郵票，為藏家提供專用郵冊和錢幣盒。較著名的項目為中國歷 代傑出人物、世界歷史傑出人物和5000年傳統文化等金銀幣。

郵購銷售錢幣是以“枚”而不以“套”為單位。每月向項目訂購者寄發一枚幣和說明書， 減輕消費負擔與提高收藏興趣。

也因為這個經營模式，導致銷售錢幣項目大多不能成套，而且因為分批銷售，幣亦分批鑄 造，以至2000年後仍在鑄打中國歷史傑出人物錢幣，甚至返銷國內市場。

ING公司

比利時錢幣經銷商，批發和零售業務，主要項目絲綢之路金銀幣，但經營至第三組時公司 倒閉。曾與MDM合作分銷中外歷史傑出人物紀念幣。發放和印刷多種宣傳頁。

美國MTB銀行

投資銀行主要銷售世界各國投資性質貴金屬貨幣，其中包括熊貓普制金銀幣。

$ $

美貓公司

國人最知名的公司。為金幣總公司提供了相當多的市場經驗與成功建議，並積極在北美 推廣。著名的項目有古代科技發明發現系列，至今仍奉為經典，並且十分珍貴。與德國 MDM有合作項目，如1993年馬可波羅5盎司金銀幣，而且互相銷售對方的項目。主要以郵 購形式經營。最為錢幣界傳頌的佳話為始創公司老闆馬丁先生因為在日本餐廳喝到麒麟啤 酒而構思到麒麟金銀幣的項目，他老人家堪稱是推廣中國金銀幣傑出貢獻者。

FRED WEINBURG

主要經營錯版幣的個體錢幣經銷商，因緣際會與臺灣省幣商合作立項，並代理過著名的龍鳳、孔雀開屏和嬰戲圖等項目。 屬於郵購與商店零售經營方式。在錢幣報紙經常有發表推廣中國錢幣文章，早於90年代初已撰文分析並預言中國金銀幣會 有大幅升值的前景，他的預言也已經實現了。

ROBERT MISH

是華人圈中最有名氣的幣商，堪稱中國金銀幣庫存最齊全者。早在80年代就遠赴北京上海合作鑄造熊貓紀念章，並在90年 代初就不遺餘力推廣中國金銀幣，在錢幣報紙刋登全版廣告價表。他雖然並沒有直接投資立項中國金銀幣，但最終卻是所 有項目存貨的購買者。羅伯先生至今每年6次來香港參加錢幣展覽會，而每次攤位均系最擁擠、最受歡迎的。這麼大規模和 實力雄厚的幣商卻只靠商店經營而已，低調得很。

90年代崛起的公司，主要針對當年美國的電視購物和郵購目錄管道取得重大成功，代理並成功推廣麒麟紀念幣，後來更收 購了香港頗為成功的LPM錢幣公司。每年均會策劃發行“中秋太空”和“美國史密森尼學會”熊貓紀念章。

LPM近年來亦飛速崛起，在香港獨當一面，開始參與銷售中國金銀幣並且提出市場建議。相信通過此管道能推廣到年輕人 或從未接觸過中國幣的群體當中。

BANK

Famous Romans You Can Collect

◎ David Vagi〔USA〕

David Vagi discusses ancient Roman coins in this first article of a multi-part series. Paring down the list of famous Romans who issued coins is a difficult task, but if narrowed down to 50, a good coverage of the story of Rome from the 1st Century B.C. through to the fall of the West in the late 5th Century A.D. can be achieved. Even a cursory review of Roman coin issuers would require a book or two. So, with the limited space of this

Julius Caesar, dictator, 44 B.C. Perhaps the most famous of all Romans, Julius Caesar is immortalized in the writings he composed while on campaign against the Celts in Gaul,

overview, we intend merely to whet appetites for the adventure that awaits those who begin to collect Roman coins. Instead of taking a purely chronological approach, these forty famous Romans will be distributed throughout five installments to assure that subjects from different periods in Rome's history will be present in each new column.

and in those of Roman historians such as Suetonius and the English playwright Shakespeare. An extraordinary general and statesman, Caesar did much to consolidate his power and defeat his enemies – be they Roman or foreign. In doing so he helped finalize the transformation of Rome into a state willing to be ruled by a charismatic individual rather than by an elected senate. After a costly civil war that followed his death, Caesar's political legacy was assumed by his great-nephew and heir, Octavian, better known as Augustus. Caesar appears on this silver denarius with a reverse type showing the goddess Venus, from whom he believed he was descended.

Tiberius, emperor A.D. 14-37 Before becoming Rome's second emperor, Tiberius distinguished himself as a general and administrator. Even so, he never got rave reviews in his own time, and posterity has not given him much more credit. He was dour, stingy, arrogant and sometimes cruel, but he was experienced, competent and strived to be fair – which is more than can be said for most of Rome's emperors. The achievements of his reign are strongly overshadowed by the dynastic struggles of the 20s and the perverse excesses attributed to him while residing on the island of Capri in the last decade of his reign. During his reign Christ was crucified in Jerusalem, an event that few if any Romans of the day could have imagined would

eventually transform their empire to a monotheistic state. Tiberius is portrayed here on a silver denarius that on its reverse shows his mother, Livia, seated; this coin type is generally described as the "tribute penny" of the Bible.

Vespasian, emperor A.D. 69-79 From A.D. 68 to 69 the Roman Empire endured a destructive civil war, and as the dust settled the general Vespasian (who along with his eldest son Titus had fought to suppress a revolt in Judaea) claimed the title of emperor. His reign lasted a decade, and unlike his most recent predecessors he died peacefully in bed. During his tenure Vespasian kept his focus on rebuilding his shattered empire, maintaining his famously dry sense of humor throughout. He founded a dynasty, led afterward by his sons, which endured 27 years. His practical nature and sharp wit are revealed in his portrait on this brass sestertius, which shows on its reverse the god Mars advancing.

Trajan, emperor A.D. 98-117 Trajan was a militant emperor with a massive ego; he devoted most of his reign to leading campaigns in person, and to overseeing enormous building projects that would remain after his death as testament to his achievements. To his credit, with his final campaign he expanded the empire to its greatest size, but his final gains were ephemeral, and his successor had to withdraw from newly conquered territories that were impossible to adequately defend. Trajan's campaigns in Dacia (principally modern Romania and Moldova) were commemorated by what is known as "Trajan's Column", a monument that survives to this day in the center of Rome; it appears opposite Trajan's portrait on this brass dupondius.

Commodus, emperor A.D. 177-192 Unfortunately for Rome, this emperor is famous for all the wrong reasons, and many historians consider the reign of Commodus the starting point

of the fall of the Roman Empire. Though his father Marcus Aurelius was one of Rome's best emperors, Commodus shared few if any of his father's fine qualities, and succumbed to the perils of absolute authority. A great fan of blood spectacles, this emperor became increasingly ill and paranoid until, near the end of his reign his insanity endangered his ability to retain power. Eventually he was murdered in a palace coup. A mature portrait of Commodus appears on this brass sestertius, which shows on its reverse Fortuna holding a caduceus and a cornucopia, and placing her foot on a ship's prow.

Septimius Severus, emperor A.D. 193-211 This emperor came to power in the midst of the chaos that followed the murder of Commodus, and he devoted much of the next four years to

consolidating his power and eliminating opponents. His reign was a success in the grand scheme of things, though the "Severan Dynasty" he founded cannot be judged in such a positive light. He hailed from a respectable family in Romanized North Africa and rose through a stellar service in the army and government. Finally, in April of 193, he pursued the ultimate prize by leading his soldiers into Rome to oust a man who – unbelievably – had purchased the right to be emperor at a public auction held by the praetorian guards. This billon tetradrachm of Antioch in Syria shows on its obverse the emperor with his "corkscrew" beard, and on its reverse an eagle standing on an animal leg.

Aurelian, emperor A.D. 270-275 Aurelian ranks among Rome's most energetic and accomplished emperors, for he helped lead the empire from near collapse to a rather miraculous recovery. He personally led his army from the Balkans to the desert oasis of Palmyra in Syria, then back across the empire to Gaul, and back to the Balkans again. He was victorious at every turn until he was treacherously murdered. A soldier's soldier, he earned the nickname 'hand-on-hilt' for being ever ready to draw his sword. He was especially devoted to the worship of the sun-god Sol, who was extremely popular among the legions, and he promoted a form of solar monotheism that in some ways paved the road

for the eventual acceptance of Christianity as the state religion. This billon aurelianianus shows Aurelian wearing armor and a "radiate"crown, and the reverse depicts Sol with two captives.

8. Diocletian, emperor A.D. 284-305 The two greatest reformers of the Roman Empire were the founding emperor Augustus, and the later emperor Diocletian, who introduced a form of mass socialism. In the end, however, the flexible system of Augustus endured far longer than the top-heavy, intricate

system of Diocletian. His utopian system was not sustainable, and collapsed in his own lifetime. He was a visionary in many ways, for he willingly shared power with a co-emperor and two Caesars and he abdicated his throne to pass authority to his juniors. His vehement opposition to Christianity as a rising force in the empire did not meet with success, nor did his attempts to manage the economy by setting maximum prices for goods and services. He did, however, defend the empire's borders and he greatly reduced (temporarily, at least) the destructive cycle of internal rebellion and civil war that was a constant threat to national security. His portrait appears on this silver argenteus which shows on its reverse Diocletian and his three co-rulers sacrificing before the fortified walls of a city or a military camp.

原刊載於 ngc.com

你可以收藏的著名古羅馬人物幣（Ⅰ）

◎ 大衛 · 瓦吉〔美國〕

要羅列出所有發行過錢幣的著名羅馬人物是一個困難的任務， 即使是對羅馬錢幣發行者進行粗略的回顧，也需要一兩本書 才能講完。就算將涉及的人數縮小到50人，也已經可以涵蓋 從公元前1世紀到公元5世紀晚期羅馬衰落的整個歷史。那麼 就讓我們在有限的篇幅內，來激起那些剛開始收集羅馬錢幣

的人們冒險的欲望吧。

以下我將通過五篇文章，組成一個專題，來介紹40位著名的 羅馬人物，但我並不想純粹按時間順序進行羅列，目的是為 了確保每篇文章中都能出現羅馬歷史上不同時期的主題錢幣。 1

愷撒大帝（Julius Caesar）。獨裁者，卒於公元前44年。 愷撒大帝可能是所有羅馬人中最有名的一位，他通過在 高盧與凱爾特人作戰，以及蘇埃托尼烏斯等羅馬歷史學 家和英國劇作家莎士比亞的作品得以不朽。愷撒作為一 名出色的將軍和政治家，為鞏固政權和擊敗敵人（無論 是羅馬人還是外國人）做出了巨大貢獻。他使得羅馬從 由選舉產生的元老院統治轉變為由有魅力的個人統治的 國家。愷撒死後爆發了一場代價慘重的內戰，其政治遺 產由他的侄孫屋大維（即奧古斯都）繼承。下圖的這枚 銀幣上有愷撒的頭像，背面的圖案是維納斯女神，因為 愷撒認為自己是維納斯女神的後裔。

2

提比略——皇帝

提比略（Tiberius）。羅馬帝國皇帝，公元14至37年在 位。提比略在成為羅馬的第二位皇帝之前，是一位傑出 的將軍和行政長官。即便如此，他在自己的時代從未獲 得過好評，後人也沒有給予他更多的讚譽。他沉悶、吝 嗇、傲慢，有時還很殘忍，但他經驗豐富、能力出眾， 而且努力做到公平——這一點比羅馬的大多數皇帝都要 強。公元20年左右的王朝爭鬥以及他在位最後十年居住 在卡普裏島時的反常行為，使他在位期間取得的成就黯 然失色。在他統治期間，基督被釘死在耶路撒冷的十字 架上，當時的羅馬人很少能想到這一事件最終會將他們 的帝國轉變為一個一神教國家。下圖這枚銀幣上有提比 略皇帝的肖像，背面是他的母親利維婭手持橄欖枝（穀 穗）的坐像。這種錢幣通常被描述為聖經中的“納稅幣” （tribute penny）。

維斯帕西安——皇帝

維斯帕西安（Vespasian）。羅馬帝國皇帝，公元69至 79年在位。公元68~69年，羅馬帝國經歷了一場毀滅性 的內戰。塵埃落定後，維斯帕西安將軍（他和長子提圖 斯一起鎮壓了猶太人的叛亂）稱帝，他的統治持續了十 年。與他之前幾任皇帝不同的是，他是安詳地躺在床上 去世的。他在任期間一直專注於重建支離破碎的帝國， 並始終保持着他那出了名的冷幽默。他建立了一個王朝， 後來由他的兒子們繼任，這個王朝持續了27年。他的務 實和敏銳的智慧在這枚塞斯特提銅幣上得到了體現。該 幣的正面是維斯帕西安的頭像，背面是年事漸高的馬爾 斯神。

圖拉真（Trajan）。羅馬帝國皇帝，公元98至117年在位。

圖拉真是一位好戰而又自尊心極強的皇帝。他在位期間 的大部分時間都親自領導戰役，並親自督造重大的建築 工程，這些工程在他死後仍是其取得成就的見證。值得 讚揚的是，他在最後一役中，把帝國的版圖擴大到了歷 史上最大的規模。但他的最後一次擴張所取得的成就只 是曇花一現，他的繼任者不得不從這塊新征服但難以有 效防禦的領土上撤退。圖拉真的達西亞戰役（主要發生 在今羅馬尼亞和莫爾達瓦）仍被銘記在“圖拉真紀功柱” 上，這座紀念碑至今仍矗立在羅馬市中心。下圖這枚都 龐第幣背面就是這根功績柱，另一面則是圖拉真的肖像。 康茂德——皇帝

康茂德（Commodus）。羅馬帝國皇帝，公元177至192 年在位。對羅馬來說不幸的是，這位皇帝以無視參議院 的建議而“出名”。許多歷史學家認為康茂德的統治是 羅馬帝國衰落的起點，雖然他的父親馬可·奧勒留是羅 馬最出色的皇帝之一，但康茂德幾乎沒有繼承父親的任 何優秀品質，最終淪為絕對權力的犧牲品。這位熱衷於 血腥場面的皇帝變得越來越多病和偏執。到其統治末期， 他精神錯亂以致其無力保住權力。最終，他在宮廷政變 中被謀殺。康茂德的肖像出現在下面這枚銅幣上，背面 則是腳踏船頭、手持節杖和豐饒角的幸運女神。

塞普蒂米烏斯·塞維魯——皇帝

塞普蒂米烏斯·塞維魯（Septimius Severus）。羅馬帝 國皇帝，公元193至211年在位。這位皇帝在康茂德被殺 後趁亂上臺。他在上臺後的四年中，將大部分時間用於 鞏固權力和剷除對手。雖然他建立的“塞維魯王朝”不 能以積極的眼光來評判，但從大局來看，他的統治是成 功的。他出身於羅馬統治下的北非的一個名門望族，在 軍隊和政府中表現出色，並因此獲得了晉升。他在公元 193年4月率領士兵進入羅馬，推翻了難以置信地通過近 衛軍“拍賣帝位”而成為了皇帝的尤利安努斯。下面這 枚敘利亞安提阿金幣正面是留着“螺旋形”鬍鬚的皇帝， 背面是一只站在獸腿上的鷹。

奧勒良——皇帝

奧勒良（Aurelian）。羅馬帝國皇帝，公元270至275 年在位。奧勒良是羅馬最有活力、最有成就的皇帝之 一。羅馬帝國在他的帶領下，從崩潰的邊緣奇跡般地 復蘇。他親自率領軍隊從巴爾幹半島出發，前往敘利 亞的沙漠綠洲巴爾米拉，然後穿越帝國回到高盧，再 回到巴爾幹半島。他屢戰屢勝，直到被人背信棄義地 殺害。他是軍人，因隨時準備拔劍而贏得了“手執寶劍 的奧勒良”的綽號。他尤其熱衷於崇拜太陽神索爾。索 爾在軍隊中非常受歡迎，而他提倡的太陽一神論在某 種程度上為基督教最終被接受為國教鋪平了道路。下 面這枚錢幣上的奧勒良身着盔甲，頭戴“太陽輻射狀” 的王冠，背面畫的是太陽神索爾和兩個俘虜的形象。

戴克裏先——皇帝

戴克裏先（Diocletian）。羅馬帝國皇帝，公元284至 305在位。羅馬帝國最偉大的兩位改革者是開國皇帝奧 古斯都和這位戴克裏先。後者推行了一種社會主義，但 最終，奧古斯都採用的靈活的制度比戴克裏先頭重腳輕、 錯綜複雜的制度要長久得多。他的烏托邦體系難以為繼， 在他有生之年轟然倒塌。他在許多方面都具有遠見卓識， 甘願與一位奧古斯都和兩位愷撒分享權力，建立了四帝 共治制，並讓位給後輩。他極力反對基督教在帝國中崛 起，但並沒有取得成功；他試圖通過為商品和服務設定 最高價格來管理經濟，也沒有取得成功。然而，他確實 保衛了帝國的邊界，並極大地減少了（至少在短期內） 對國家安全構成了持續威脅的內部叛亂和內戰。下圖這 枚銀幣上有他的肖像，背面是戴克裏先和三位共同統治 者在一座城市或軍營的堅固城牆前祭祀的畫面。

Rich History of ANA China Pandas

Robert Mish〔USA〕

Anticipation and growing excitement await the arrival of the China ANAheim Panda gold & silver issues honoring the ANA's 125th anniversary.

There is actually a rich history of previous China Mint issues made specifically to honor our organization. In 1985 China selected the ANA as the first overseas event to have an official China commemorative issue. It portrayed the ANA lamp logo on the obverse and the Great Wall of China on the reverse, with 500 pieces struck in 1-ounce .999 silver. It was sold at the Baltimore convention for the $20 issue price. Error collectors also love this issue due to ‘The Great Wall' being spelled backwards in English. Today, well preserved specimens can bring over $2000 each, making it the most valuable 1-oz. silver of all the China show issues through the present.

China returned to the 1986 ANA Convention in Milwaukee with a beautiful 5-ounce silver panda issue. The obverse showed a panda holding bamboo leaves, while the reverse portrayed the co-joined circles of The Great Wall of China and the Statue of Liberty, conceptualizing two important landmarks of two friendly countries. This time 2000 pieces were produced and they still sold out almost immediately.

By the time the China delegation returned for the 1987 ANA Convention in Atlanta, China panda coins were reaching their first peak wave of popularity and pursuit. The Mint again coined 2000 pieces of a 5-ounce silver commemorative, this

time showing a panda standing in the forest with the reverse portraying the flying flags of China & the USA. The inscription "Atlanta GA Sino-American Friendship" complements the theme. Another ANA, another "sold out" panda.

By late summer 1987, "pandamonium" was sweeping America.

The China Mint in its outreach mission began to participate in other USA coin shows. The first China 1-oz. gold show panda was issued for the San Francisco International Coin Exposition in September, a benefit event to fund the California Coin Dealers Association in its work to discourage punitive and discriminatory regulations and tax treatment with regard to numismatic and bullion transactions.

Even though 3000 pandas were minted, they sold out immediately. Collectors and souvenir seekers began camping outside the night before the show opened, with lines stretching for two blocks. The fortunate buyers at the $800 issue price were being offered as much as $2000 per coin the next day!

Pandas issued for subsequent events in Long Beach, Tokyo, New Orleans, New York, Basel, and Munich were received with similar enthusiasm. What started with the China Mint's mission to develop numismatic friendship through the ANA conventions became an international sensation.

Confident as a result of past and ongoing successes, China issued both silver and gold 1-oz. pandas for the 1988 Cincinnati ANA convention. The design portrayed a mother & child panda in a bamboo forest, with the reverse depicted the ANA logo on its 97th anniversary. Mintage for the silver was only 2000 pieces, while the gold had 1000 intended mintage. Unfortunately, there were production and marketing issues leading to the eventual mintage being only about about 300 pieces. The Cincinnati gold panda has since become one of the most prized panda show issues due to its scarcity.

1985 ANA World's Fair of Money Expo (Baltimore), 1oz. Ag

The 1989 ANA Convention in Pittsburgh was the site of another panda milestone. Instead of gold or silver, China issued a palladium show panda. Only 1000 pieces were struck. This time the panda was portrayed sitting in a tree.

After 1989, the China coin market and the show panda program were receding in the aftermath of the Tiananmen Square incident. The diminished popularity of modern China coins in the American market could no longer support special show commemoratives. This was complicated by a general overabundance of both bullion and collector product in the USA market from various world mints, including the new U.S. Mint Eagle program. Without a distributor willing to contract for another issue, we entered a period where no show pandas were struck for any USA event until 2012.

Come Philadelphia 2012 and pandas were again being struck for the ANA Convention. Endearing mother & child pandas graced the obverse, while the reverse portrayed the Liberty Bell and the Great Wall of China. Ambitious mintages of 10,000 pieces 1-oz. silver and 2500 pieces 5-oz. silver still sold well amid good response. However, it was the first ANA show panda struck in 5-oz. gold, with a mintage of only 99 pieces, that garnered the most enthusiasm. The demand was so strong that the distributors had to raffle the right to buy them. Hundreds of collectors and dealers put their coupons in a big see-through wind cage right on the bourse floor, where they were blown into a mix. The fortunate winners took home a true numismatic prize, which to this day remains the lowest mintage ANA panda issue.

The Anaheim 2016 World's Fair of Money will host the return of ANA pandas. To insure a healthy aftermarket that reflects well on the Association's prestige, only 2000 pieces of the 1-oz. silver, and only 125 each of a 1-oz. gold and a 12-oz. silver have been minted. Another 125 pieces of 50-gram gold and 625 pieces of 50-gram silver are being minted for direct marketing after the Anaheim event. For the first time, all of the pandas will be individually serial numbered. Sales of the live show allotment (table 733) will be limited to ANA members, and will be rationed over the first three days of the convention.

1988 ANA World's Fair of Money Expo Show Panda (Cincinnati) 1oz Au

2012 ANA World's Fair of Money Expo Show Panda (Philadelphia Gold) 5oz Au

2016 ANA World's Fair of Money Expo Show Panda (Anaheim) 1oz Ag

2016 ANA World's Fair of Money Expo Show Panda (Anaheim) 1oz Au

原刊載於《東亞泉志》第

歷史悠久的美國錢幣協會中國紀念熊貓

◎ 羅伯特·米什〔美國〕

隨着美國錢幣協會125周年金銀紀念熊貓在安娜海發行期 的臨近，人們對於這批紀念熊貓期待值也在不斷高漲。

實際上，中國造幣公司為美國錢幣協會特製紀念熊貓一事已 有多年的歷史。早在1985年，中國就在美國錢幣協會的年 會上發行了一批紀念章，這也是第一批在海外發行的中國紀 念章。錢幣的正面刻有美國錢幣協會的標誌——知識之燈， 反面則是中國長城，999純銀打造，重1盎司，共計500枚。

這些紀念章當年在巴爾的摩年會上的售價為20美元。由於 幣面上的英文“長城”二字出現了順序顛倒，所以這一版的 紀念章頗受錯幣收藏家追捧。如今，一枚品相良好的1985 紀念章樣幣可以賣到2000美元以上，這也是迄今為止價格 最高的1盎司中國展會紀念銀章。

美國錢幣協會第94屆年會（巴爾的摩）紀念1盎司銀章

在美國錢幣協會1986年密爾沃基年會上，中國又發行了一 種精緻的5盎司的銀質熊貓，正面是熊貓戲竹圖，反面是 兩個相交的圓圈，圈內分別刻着中美兩國的標誌性建築—— 長城和自由女神像。這2000枚紀念熊貓一經推出，很快便 銷售一空。

1987年，中國造幣公司再次參加了當年美國錢幣協會在亞 特蘭大舉辦的年會，中國紀念熊貓在當時迎來了第一次追捧 熱潮。這一次中國造幣公司發行了2000枚5盎司展會紀念 銀熊貓，正面竹林熊貓圖，反面是飄揚的中美兩國國旗，幣 面上刻着“喬治亞州亞特蘭大，中美友好”幾個顯示主題的 英文單詞。與之前一樣，這一次的紀念熊貓也是很快就被搶 購一空。

1987年夏末，美國掀起了一陣“熊貓熱”。中國造幣公司 派代表又接連參加了其他一係列在美國舉辦的錢展，其中第 一批1盎司中國展會紀念金貓就是為參加當年9月份的舊金 山國際錢展而特意打造的，當時鑄造這一批紀念熊貓的目的， 是為加利福尼亞幣商聯合會反對在錢幣和貴金屬幣交易中的 懲罰性稅收待遇和歧視性規章的抗議活動提供資金支持。

雖然這一次鑄造了3000枚紀念熊貓，但還是很快就銷售殆 盡。錢幣和紀念幣收藏家們在展會前夜便聚集到了門口，等 候的隊伍整整排了兩個街區。有幸以800美元買到的紀念 熊貓，到了第二天就有人把價格出到了2000美元。

隨後在長灘、東京、新奧爾良、紐約、巴塞爾以及慕尼黑發 行的紀念熊貓同樣受到了熱捧。中國造幣公司以美國錢幣協 會年會為開端舉行的這一係列錢幣友好交流活動，一時在國 際上引發了轟動。

紀念熊貓的成功發行增加了中方的信心，在1988年於辛辛 那提舉辦的美國錢幣協會年會上，中國造幣公司分別發行了 一套金、銀紀念熊貓，正面是一對栖息竹林的熊貓母子，反 面是美國錢幣協會成立97年紀念標誌。原本計劃鑄造2000 枚銀熊貓和1000枚金熊貓，但後來由於鑄造和銷售方面的 問題，最終的成品只有300枚。由於數量稀少，這種辛辛 那提金質紀念熊貓也成為了最為珍貴的展會紀念熊貓之一。

美國錢幣協會第97屆年會紀念熊貓（辛辛那提）1盎司金

1989年於匹茲堡舉行的美國錢幣協會年會上又發行了一批 具有里程碑意義的紀念熊貓。這一次，中國造幣公司除了使 用金、銀之外，還另外打造了一種鈀金質展會紀念熊貓，總

美國錢幣協會第121屆年會紀念熊貓（費城）5盎司金

數只有1000枚。這一次，幣面上的圖案變成了熊貓攀樹圖。

出於政治原因，1989年之後，中國錢幣市場及展會紀念熊 貓的熱度消退。中國現代幣在美國市場上風光不再，這也就 使得中方無法繼續生產特製展會紀念熊貓。

而且當時世界 各大造幣廠的錢幣大量湧入美國市場，其中還包括美國造幣 公司新鑄造的鷹係列硬幣。由於沒有經銷商願意接手紀念熊 貓，中方便停止了美國展會紀念熊貓的鑄造活動，這種情況 直到2012年才結束。

2012年，中國造幣公司為美國錢幣協會費城年會鑄造了一 批紀念熊貓，正面是憨態可掬的熊貓母子圖，背面是美國 自由鐘和中國的萬里長城。中方這次雄心滿滿，一共打造了 10000枚1盎司和2500枚5盎司的銀質紀念熊貓，這些熊 貓頗受市場好評，也取得了不錯的銷售成績。不過，最受歡 迎的還是首次為美國錢幣協會打造的5盎司金質展會紀念 熊貓，數量僅有99枚。由於需求量巨大，經銷商們只能以 抽籤的方式進行購買。當時，數百名收藏家和幣商拿着自己 的號碼券，把它們放到證券交易所裏面的一個巨大的透明風 箱裏面，然後打亂順序，進行抽籤，只要運氣好就能將這份 錢幣大禮帶回家。時至今日，這種紀念幣仍然是鑄量最少的 美國錢幣協會紀念熊貓。

2016年安娜海國際錢展將會迎來美國錢幣協會紀念熊貓的 回歸。出於保證美國錢幣協會後續市場的需要，這一次將只

美國錢幣協會第125屆年會（安娜海）紀念熊貓1盎司銀

美國錢幣協會第125屆年會（安娜海）紀念熊貓1盎司金 打造2000枚1盎司銀熊貓、125枚1盎司金熊貓和125枚 12盎司銀熊貓，另外還打造了125枚50克金熊貓和625 枚50克銀熊貓以便在安娜海年會上直接售賣。這些紀念熊 貓將會首次分別進行編號，直接出售的一批紀念熊貓將在展 會前三天進行售賣（733號攤位），僅限美國錢幣協會的會 員購買，逾期不候。

Vietnamese Anti-French Phan Bội Châu Bonds

Howard Daniel〔USA〕

Introduction

The following are pages 266 & 267 in the recently published 3rd edition of the French Southeast Asia Coins & Currency catalog, but they are slightly updated by myself and a new contributor. Type in "Daniel" in the Search at www.wizardcoinsupply.com and it can be purchased with or without an autograph.

From the first days of the French colonizing the Empire of Đại Việt (Việt Nam), there were Vietnamese working and/or fighting to expel them and regain their independence. Most of them were soldiers, officials, mandarins, and even several Emperors, but there were also many common people. Of these groups, only two issued financial instruments.

Both of these groups were the ideas of Phan Bội Châu, who was living in China. The first was created on the fifth day of the fifth month in the year of the Rat (1912). Its name was Việt Nam Quang Phục Hội, (Việt Nam Restoration Society). Châu went to see President Sun of China to receive aid, but Sun was too busy creating his new government.

The society's president was Prince Cường Để; Phan Bội Châu was Vice President and Minister of Foreign Affairs; Dang Tu Man was Minister of Finance; Nguyễn Hải Thần was Minister of the Armed Forces; and Hoàng Trọng Màu was the Secretary. Quang Phục Hội designed the national and military flags which appear on both of the pieces shown here.

In August 1912, Châu created the plans to defeat the French, which included an armed revolt, and "money notes" in denominations of 5, 10, 20 and 100 Piastres (D-VR1, 2, 3 & 4) to finance it. It took several months to design and print them in Hong Kong. They were not backed by hard currency but were redeemable if the revolution succeeded. If not redeemed, in his own words, it was a good way to soak the rich, but he did want to create a bank to redeem them.

Nguyễn Hải Thần declared he needed to start selling the "money notes" to build up the finances to create the Việt Nam Quang Phục Quân (Army for the Restoration of Việt Nam). In the spring

Courtesy of Bùi Manh Tuấn 100 Piastres (1913) D-VR4

of 1913, recruiting started in South China to create the army, and many of the "money notes" were also sold in the same area.

In June 1915, Hoàng Trọng Màu and Nguyễn Hải Thần led attacks on the French in Tonkin along the Chinese border. They sold more of the "money notes" in Tonkin, but only for a short time. The French easily defeated them and both men were captured. Mau was executed and Than died in prison. The back of the revolution was broken and it dissolved.

The French Surete made sweeps through all areas Châu's army operated and arrested everyone with any connection to him. When the people learned the French were looking for Chau's

bonds, most of the people burned them to not be caught with them. Thus, the bonds are extremely rare.

The only known surviving bond or "money note" was likely sold in China because of the markings on it. The surviving bond is a 100 Piastres denomination. None of the 5, 10 and 20 Piastres are known. Somehow it made its way From China to France where it was bought by a German numismatic dealer who eventually sold it to a Vietnamese numismatist living in Germany.

Châu went back into China and eventually back to Japan but he was not there for long because the French had signed a treaty with the Japanese which allowed the French to extradite him back to Hanoi. When Châu learned of this, he quickly returned to China. He again asked President Sun's government for assistance but they told him they had enough Chinese problems to solve.

By early 1921, he reorganized his old followers and found new ones in the Vietnamese living in China, to include some Chinese. Châu followed his earlier plans and had bonds printed in Canton. The organization was to create a Republic of Việt Nam but "Annam Republic" was put on the bonds' designs by the Chinese designer/printer in Canton.

This time, he made 1, 5 and 10 Piastres (VR 5, 6 & 7) denominations. He realized that if he sold only a few bonds to the few rich, the funds raised would not be great, but if he sold many of them to the poor and middle classes, his funds would be much greater. The serial number on the below unissued bond is 52793 so he might have sold a great number of them.

During the late summer of 1921, Châu's new army was assembled in China, just above the border with Tonkin. Their first attack was against the Tonkinese border village of Dong Dang, and it was successful. This must have raised their spirits and also the bravado to attack a larger target like the town of Lang Son, about 25 kilometers into Tonkin.

On October 9, 1921, they appeared near the town. The French military immediately responded with artillery fire on them. The artillery fire was very accurate and Châu's army made a quick retreat into China. They attacked smaller targets inside Tonkin but were easily repulsed by the French. Eventually, the Chinese

reported "President" Châu quickly retreated back into China and made his way to Canton and Hong Kong.

The one known surviving bond was in a Shing Lee auction/ mail bid sale in Hong Kong, so this one also came out of China. Before bidding on it, the author consulted with a numismatist who had much experience bidding in East Asian auctions and he suggested the winning bid. There appears to be no issue date written on the back?

Châu was eventually arrested in Hong Kong by the British and extradited back to Hanoi in 1925. He was tried and sentenced to death but it was commuted to a prison term, which was again commuted to house arrest. Châu passed away in 1940 and his funeral was a national event and attended by thousands of people.

The author is seeking assistance in completely translating the both bonds into English. If one or more readers can translate them, please contact the author. Since the above bonds are so important to Vietnamese history and only these two are known to have survived, it would be logical to give a value of priceless to them.

Daniel Collection 1 Piastre (1921) D-VR5

原刊載於《東亞泉志》第

越南反法運動領袖潘佩珠發行的軍用銀票

◎ 霍華德·丹尼爾〔美國〕

下文出自最新出版的《法國東南亞硬幣和貨幣輯錄》（書本原名：The Catalog and Guidebook of Southeast Asian Coins and Currency, Volume I, France）第三期，詳見該期刊第266 頁與第267頁。此篇在原文的基礎上略作增刪，由我與一名新作者改動完成。訪問www. wizardcoinsupply.com搜索“Daniel”即可購買本書紙質版，您可自行選擇是否帶作者親筆簽名版。

自法國開始對大越國（越南古代國號）實施殖民統治的第一 天起，成千上萬的越南人奮起反抗，企圖重獲獨立。他們中 的絕大多數是士兵和政府官員，除了平民百姓，幾位大越皇 帝也參與其中。浩浩蕩蕩的革命隊伍中，只有兩個組織發行 金融工具。

創建這些革命組織的想法均來自旅居中國的潘佩珠（Phan Bội Châu）。第一個革命組織於1912年（鼠年）5月5日 成立，名為越南光復會。潘佩珠為了獲得援助，前去拜謁中 華民國大總統孫文，但彼時孫文正忙於主持建立新政府。

強柢親王（Cường Để）任光復會總理，潘佩珠任副總理 兼任外交部長，党圖曼（Dang Tu Man）任財長部長，阮 海臣（Nguyễn Hải Thần）任武裝部長，黃崇茂（Hoàng Trọng Màu）任秘書長。光復會還自行設計了國旗和軍旗， 詳見下圖。

1912年8月，潘佩珠策劃發起包括武裝暴動在內的反法運 動，並以越南民國光復軍名義發行使用面值分別為5、10、 20、100元（皮阿斯特）的軍用銀票（D-VR1, 2, 3 ,4）作 為金融流通工具。這批銀票僅在香港的設計和印刷時間就長 達數月，且不發行硬幣，一旦革命勝利，這些銀票都是可贖 回的。潘佩珠認為，如若不贖回這些銀票，將是榨取富人的 一次良機，可他仍想創建一家銀行來贖回這些銀票。

阮海臣則表示需要通過出售銀票來籌集資金，從而創建越南 民國光復軍。1913年春，光復會開始在中國南方招募新兵 並創建了光復軍，許多銀票也在同一地區出售。

1915年6月，黃崇茂與阮海臣率部隊沿中國邊境北部灣 （Tonkin）對法國發起襲擊。他們還在北部灣出售這批銀 票，可惜好景不長，法國人很快就擊退了他們領導的軍隊， 這兩位革命先驅不幸被捕。黃崇茂被處死，阮海臣死於獄中。

革命的堅實後盾慘遭摧毀，軍隊分崩離析。

法軍以強大軍力掃蕩射殺潘佩珠組建的義軍，與潘佩珠有關 的所有人等均無辜被捕。當人們得知法軍正四處搜尋潘佩珠 發行的軍用銀票，幾乎所有持有該銀票的越南人燒毀了手中 的銀票以免受牽連。因此，存留的銀票變得稀有。

而唯一有可能留下的便是在中國出售過的銀票（因為銀票上 有標記）。迄今經發現面世的只有一張100皮阿斯特銀票， 5元、10元、20元銀票的蹤跡仍無處可覓。上圖這張佰圓 銀票從中國流入法國，之後由一名德國錢幣商在法國買下， 最後賣給了一名生活在德國的越南錢幣商。

潘佩珠回到中國後又轉道日本，但由於日本與法國訂下條 約，允許法國人一經發現潘佩珠即將其引渡回河內。聞知此 訊後，潘只能在日本做短暫停留，並立即動身返回中國，他 再次求助孫文政府，無奈孫文政府給的答覆卻是“中國已有 夠多的問題亟待解決”。

1921年初，潘重新組織了他過去的追隨者，並招募住在中 國的越南籍新兵，若干名中國人也加入其中。潘延續了早 期的計劃，在廣東印刷銀票。重建的組織旨在創建越南共 和國，但在廣東的中國設計師、印刷匠卻將之錯印為“安 南共和國”。

潘此次發行了面值為1皮阿斯特、5皮阿斯特和10皮阿斯 特（VR 5, 6, 7）的軍用銀票。他意識到，如果只向少數富 人售賣少量銀票，所能籌集的資金仍是差強人意的，但是如 果他向窮人及中產階級出售一些銀票，籌集到的將是更為理

想的數額。下張未及發行的銀票的序號為52793，由此可見 這批銀票已售的數額之多。

1921年夏末，潘在中國組建新軍，新軍駐地恰好在北部灣 邊境。新軍首戰襲擊北部灣邊境村莊同登（Dong Dang） 即告捷。此戰極大地提振了新軍的士氣，為新軍進一步深入 襲擊距離北部灣約25公里的諒山（Lang Son）壯大氣勢。

1921年10月9日，新軍出現在諒山附近，法軍快速回擊 並炮攻新軍。法軍射程極為精准，新軍立即撤回中國。潘領 導的新軍試圖襲擊北部灣較小的地區，卻總是輕易被法軍擊 退。最終，中國報道了潘“總理”迅速撤回中國並前往廣東 和香港的消息。

已知現存的是香港盛利（Shing Lee）拍賣、郵件招標出售 的銀票，因此該銀票也出現在中國。招標前作者曾征得一名 在東亞投標方面具有豐富經驗的錢幣學家的意見，專家建議 他中標。該銀票的背面似乎沒有發行日期。

潘佩珠最後在香港被英軍逮捕，1925年被引渡回河內。起 先，潘被判死刑，隨後減刑為監禁，並改為軟禁。1940 年，潘佩珠與世長辭，死後以國禮葬之，成千上萬人參加 了他的葬禮。

作者正在搜羅能將這兩張銀票完全譯成英文的人才，人數 不限，如果您是本刊讀者，具備相關翻譯能力，敬請聯繫 作者。鑒於上述銀票對於越南歷史進程意義非凡，且已知 僅有兩張存世。欲求無價寶，仰賴有心人，感謝您願意給 予幫助。

丹尼爾收藏

1 皮阿斯特銀票（1921 年）D-VR5

The Ta-Ching Government Bank Redeemable Notes Bearing the Portrait of Li Hungchang with the Bank of China Overprint

◎ Alex NC Fung〔Hong Kong〕

The Ta-Ching Government Bank redeemable notes bearing the portrait of Li Hungchang with the Bank of China overprint (hereinafter referred to as the overprinted Li Hungchang notes) were the earliest currency issued by the Bank of China. The Bank of China should have issued its first banknotes by itself, while it issued these notes by overprinting on the TaChing Government Bank redeemable notes bearing the portrait of Li Hungchang (hereinafter referred to as the Li Hungchang notes) in the vault of the main branch of the Ta-Cing Bank, as there were only twelve days from the approval by the newly established Ministry of Finance of the Republic of China Government to the opening of the Bank of China. At this time, the Bank of China had just opened and replaced the Ta-Ching Government Bank that had ended its business, so the banknotes printed by the Ta-Ching Government Bank could not be issued. Moreover, the market needed enough banknotes as a balance against the political situation which was not yet stable. Therefore, it was too late for the Bank of China to make new banknotes. The Bank of China was established on the basis of the Ta-Ching Government Bank, and it had taken over most of its resources, including the Li Hungchang notes that the Ta-Ching Government Bank commissioned the American Banknote Company to print. When the Qing Government was in power, only a portion of the printed Li Hungchang notes were issued and circulated in the northeast, with many unissued notes of this kind held in the vault. The quickest and most convenient way to meet the urgent needs in the market was to

issue the Li Hungchang notes held in the vault for circulation after overprinting.

The establishment of the Bank of China was prompted by the outbreak of the 1911 Revolution on October 10, 1911. After the outbreak of the revolution, revolutionaries and local officials made active responses. Many places were restored by revolutionaries, and a number of local officials came forward to take a stand and declare independence. The Ta-Ching Government Bank was a joint-stock bank between the government and private businesses with many branches and agencies throughout the country. The shareholders who owned commercial shares of the bank realized that the change of regime would pose the threat of significant losses to their investment in the bank, and this awareness of investment risk made these shareholders realize that they must take immediate action to protect their investment interests. On November 5, 1911, the shareholders of the TaChing Government Bank established an organization, Union of Shareholders of the Ta-Ching Government Bank, in Shanghai, to unite the power of the commercial shareholders of the Ta-Ching Government Bank and to protect their investment interests in the shares. Later, the commercial shareholders found that the name of the organization, Union of Shareholders of The Ta-Ching Government Bank, could not distinguish them from the Qing Government, and it could not show clearly that they are commercial investors. On December 4, 1911, the shareholders of

Li Hungchang

the commercial shares changed the name from the Union of Shareholders of the Ta-Ching Government Bank to the Union of Commercial Shareholders of the Ta-Ching Government Bank (hereinafter referred to as the Union), so that the name of the organization could not only draw a clear line with the Qing Government but also cater to the future policy arrangements of the new government.

On January 1, 1912, Dr. Sun Yat-sen ( 孫中山 ) was sworn in as the first provisional president of the Republic of China in Nanking and the capital was set up in Nanking. At this time, the Nanking Government, which had started everything from scratch, did not yet have a central banking institution belonging to the government. Against this backdrop, the members of the Union aimed at this once-in-alifetime opportunity, so they wrote to Dr. Sun Yatsen in the name of the Union in early January 1912, pointing out that since the new government had been established, while the market was still in a state of uncertainty, a government central bank should be set up immediately. They also stated that given the TaChing Government Bank was the central banking institution of the Qing Government, the original TaChing Government Bank was renamed the Bank of China which became the central bank of the new governmen. Moreover, the Ta-Ching Government Bank had many branches throughout the country, with a mature and stable business as well as good experience in acting as the Treasury, so it was the best basis for being restructured into the central bank of the new government. On January 24, 1912, Dr. Sun Yat-sen authorized the Ministry of Finance to reply to the Union, approving the change of the original Ta-Ching Government Bank into the Bank of China. At the same time, Wu Ting-ch'ang ( 吳鼎 昌 ) and Hsueh Sung-ying ( 薛頌贏 ) were appointed as the supervisor and deputy supervisor to establish the Bank of China in Shanghai. On January 28, 1912, the Union held a meeting in Shanghai. It was decided that the shareholders would form the Provisional

Board of Directors and Supervisors of the Bank of China, assisting Wu and Hsueh appointed by the Nanking Government in formulating the Liquidation Department of Ta-Ching Government Bank and that the Provisional Board of Directors and Supervisors would be given the authority to manage all the affairs of the Bank of China.

On February 1, 1912, the Bank of China published for the first time in the Shun Pao (《申報》), under the name of the Bank of China, an advertisement for a ceremony to be held on February 5, 1912, at the former site of the Ta-Ching Government Bank at 3 Hankow Road, Shanghai, and its commencement of business to the public. On the same day, the TaChing Government Bank also published in the Shun Pao that the Union of the Ta-Ching Government Bank shareholders had jointly resolved that the TaChing Government Bank would close its accounts, cease operations, and liquidate its business on February 2, 1912. At 10:00 a.m. on February 5, 1912, the Bank of China held its inaugural ceremony at the former site of the Ta-Ching Government Bank, 3 Hankow Road, Shanghai, with the Financial Minister Chen Chintao ( 陳錦濤 ) and Wu Ting-ch'ang, the first Supervisor of the Bank of China, presiding over the opening ceremony. Wu recommended Song Han-chang ( 宋漢 章 ), former manager of the Shanghai branch of the TaChing Government Bank, to be the first Manager of the Bank of China. On the same day, it was officially opened to the public.

It only took twelve days for the Bank of China to be established, from approval to preparation, from formation to the inauguration. Due to the rushed time, it lacked sufficient conditions to print new banknotes and retrieve the defunct Qing banknotes to balance the market. At the same time, merchants and citizens were worried that the banknotes they had would become waste paper overnight and they would suffer a loss when the old and new governments changed. They all asked to cash the banknotes they had or exchange them

for banknotes of the new government. Since the Bank of China had opened to the public as the central bank of the new government, it had the responsibility of being a high-level financial department, acting as the national treasury. The Bank of China must not make the merchants lose confidence in the new government's financial and currency exchange system. When the Bank of China first opened, it was imperative to issue new banknotes to balance the market in addition to dealing with the redemption of military banknotes, as it was the most effective way to prevent the collapse of the merchants' confidence in the financial and currency exchange system.

Confronted with such an urgent need, there was not enough time to print new banknotes. The Bank of China planned to overprint the unissued Li Hungchang notes in the vault to stamp for circulation as the Bank of China notes to meet the urgent needs of the financial market and to build the confidence of the merchants in the banknote exchange system. In order to issue the overprinted Li Hungchang notes to merchants and citizens, a full reserve was set up. In other words, if a merchant wanted to redeem the above-mentioned overprinted notes, the Bank of China would have full reserves to cash them at any time. Due to the full reserves and good cashability, the merchants were happy to accept and circulate the overprinted Li Hungchang notes, and the Bank of China thus had less pressure on the banknote redemption from the merchants.

The Li Hungchang notes were banknotes redeemable for silver dollars and printed by the American Banknote Company on behalf of the Ta-Ching Government Bank (1908-1909). The banknote was well printed with quality paper. At that time, the TaChing Government Bank was planning to put them into circulation throughout the country. This series of notes had five denominations, namely, 1 dollar, 5 dollars, 10 dollars, 50 dollars, and 100 dollars, and the size of each note was designed according

to the denomination. On the obverse, a bust of Li Hungchang, a minister of the Ching government, was printed on the left side, and different designs of famous buildings or sceneries were on the right. It was printed with "Ta-Ching Government Bank Redeemable Note" in Chinese at the center of the note, and "printed in the first year of Xuan Tung's reign" at the bottom of the center. As for the reverse, five different scenic spots of the Qing dynasty are in the center respectively, and the full name of the bank, "THE TA-CHING GOVERNMENT BANK", was printed above the center, with the date "1st October 1909" in English at the bottom of the center. The obverse of the note had corresponding denominations in Chinese in prominent places, while the reverse was in Arabic numbers and English letters. All Li Hungchang notes were finely printed on special banknote paper developed by the American Banknote Company, which is tough and durable. Paired with the engraved steel intaglio printing technology, it produced a clear and detailed printing effect, difficult to counterfeit. When the Ta-Ching Government Bank commissioned the American Banknote Company to print this series of Li Hungchang notes, it requested the American Banknote Company to reserve the place for Chinese and English place names to be printed as well as the place for Chinese seals and signatures of the issuers on both sides, considering the fact that there was no uniformity in the exchange market throughout the country at that time, and it would cause confusion due to the difference in financial exchange rates if the notes were not differentiated by places. The full set of Ta-Ching Government Bank Li Hungchang notes was printed in a variety of colors according to the denomination, being beautiful and colorful.

All Li Hungchang notes commissioned to the American Banknote Company were printed and shipped back to China, and the Ta-Ching Government Bank distributed them to its branches in each province to be stocked and ready for issuance. The banknotes were first used in the northeast region on a trial basis.

Although branches in other parts of the country had already received the Li Hungchang notes, they had not yet been approved by the Ta-Ching Government Bank for circulation. According to the existing Li Hungchang notes, it is known that the notes with the place names of Fengtien, Kirin, and Yingkou had been issued and circulated. After examining the numbers of existing issued and circulated notes and comparing them with the number of the existing notes overprinted with the Bank of China that have been found, it has been confirmed that only a small number of the Li Hungchang notes were issued and circulated in Northeast China at that time. Judging from the small number of issues and the few places where they were issued, the circulation period of the Li Hungchang notes must have been very short; the actual issue date must have been in the second half of the third year of Xuan Tung's reign, not immediately after the "first year of Xuan Tung's reign" as printed on the banknotes. When the banknotes circulated in Northeast China, they met the 1911 Revolution, which broke out on October 10, 1911, so their circulation had not been promoted to the whole country. As a result, the regional branches did not have the opportunity to issue the Li Hungchang notes but to keep them in the vaults. Therefore, the Bank of China established later had a considerable number of unissued Li Hungchang notes to be put into circulation after overprinting.

The Li Hungchang notes had five denominations, namely the 1 dollar, 5 dollar, 10 dollar, 50 dollar and 100 dollar. According to the needs of the situation, the Bank of China only used the notes of three denominations for circulation after overprinting, the 1 dollar, 5 dollar and 10 dollar, while the two other higher denomination notes were never used for circulation. On February 5, 1912, the Nanking Republican Government appointed Wu Ta-ch'an ( 吳 達詮 ) and Hsueh Hsien-chou ( 薛仙舟 ), as the chief supervisor and deputy supervisor, to Shanghai to take the lead in reorganizing the Shanghai branch of the Ta-Ching Government Bank into the Bank of China

in cooperation with members of the Provisional Board of Directors and Supervisors of the Bank of China. Therefore, Shanghai was the place where the head office of the Bank of China was first established, and Song Han-chang, the former manager of the Shanghai branch of the Ta-Ching Government Bank, was recommended for the position of manager of the Bank of China. In the beginning when there was no time to issue new notes, the unissued Li Hungchang notes in the bank's reverses were overprinted to be Bank of China notes and circulated in the market to solve the financial shortage in the market and fulfill the duty of the central bank of issuing banknotes. This was the earliest currency issued by the Bank of China, and the first phase for the overprinted Li Hungchang notes to be issued. The overprinted Li Hungchang notes are also known as the 'Li Portrait Banknote' due to its unique design of Li Hungchang.

From February 1912 to 1917, the Li Hungchang notes were issued seven times in two phases. To differentiate these notes, they were classified into three types according to their different forms of overprinting. Type A was issued in the first phase, during the peace negotiations between the Republic of China and the Qing Government. At the time when the Bank of China was just established, the Ta-Ching Government Bank in the areas controlled by the Qing government throughout the country were still running, while there were no branches of the Bank of China reorganized from the branches of the Ta-Ching Government Bank except for Shanghai where the Bank of China was set up and Nanking where the branch of the Bank of China was launched on February 14, 1912.

During the period from February 5, 1912, to August 1, 1912, before the Peking Head Office of the Bank of China was established in Peking, there were regional limitations led by the political situation and the division of the financial system. In these circumstances, Type A banknotes were issued not only to redeem military notes during the 1911 Revolution, but also to maintain the confidence of businessmen and people in

The Type A notes issued at the very beginning had a very limited scope of circulation, only in the provinces of Kiangsu and Chekiang. Later, the political situation gradually stabilized and more branches of the Bank of China were established in various places, so the Type A notes came to have wider circulation and perform their function as currency. The Type B and Type C notes were issued in the second phase. The initial issuance date should be August 1, 1912, when the Head Office of the Bank of China was established in Beijing. Since the Bank of China had a strategy to unify the banknote patterns and there was a common feature of the existing Type B and Type C notes that many of them had the name of places, these two types of notes were undoubtedly issued after the Republican Government unified the North and South and implemented the new policy. Moreover, the Bank of China had already set up branches in many places at this time. In this case, the overprinted Li Hungchang notes were issued for circulation in various places in the second phase. In this stage, the circulation period and scope of Type B and Type C notes, from August 1912 to June 1917 in cities of all sizes, was longer and wider than those of Type A. The most recent existing overprinted Li Hungchang note was an undated Peking 1-dollar Type C note with the signature of Hsu Enyuan ( 徐恩元 ), who served as President of the Bank of China from 1916 to 1917. This proves that at least some of the Type C notes issued in the second phase were still in circulation from 1916 to 1917. In addition to the overprinted Li Hungchang notes with names of common places, the 1912 Heihe 1-dollar Type B note was the note issued in the most remote place, a city located on the border between Russia and China. All these banknotes testify to the long circulation period and wide circulation range of the Type B and Type C notes in the second phase.

The three types of overprinted Li Hungchang notes issued in two different phases were divided into seven

different issues as follows.

1. [1912 Type A Note with the Name of Place] (Figure 1)

2. [1912 Ordinary Type B Note] (Figure 2)

3. [1912 Type B Note with the Name of Place] (Figure 3)

4. [1912 Ordinary Type A Note Overprinted to be the Note with the Name of Place] (Figure 4)

5. [1913 Type B Note with the Name of Place] (Figure 5)

6. [1914 Chilhi Type C Note] (Figure 6)

7. [Undated Type C Note with the Name of Place] (Figure 7)

8. [8A, 8B, 8C ,The repot of Type A, B, C records.]

The largest overprint on Type A notes is parallel horizon lines, Type B large ink flowers, and Type C small ink flowers. The overprint forms of Type B and Type C are similar, but the size of the ink flower is different.

Alex NC Fung

About Author

Position:

Member of the Standing Committee of the Banknote Committee of the Chinese Numismatic Society

Secretary of Chinese Banknote Exhibition Committee

President of Hong Kong Chinese Ancient Banknote Society

Academic Works:

In 2012, co-authored the Exhibition of Historical Chinese Paper Money (China Financial Publishing House)

In 2015, co-authored the Second Exhibition of Historical Chinese Paper Money (China Bookstore Press)

In 2016, co-authored A Catalog of Chinese Business Seals(Taiwan Strait Publishing Group)

In 2016, co-authored A Catalog of Chinese Business Seals (Swen edition)

Figure 1

Figure 2

Figure 3

Figure 4

Figure 6

Figure 7

Figure 5

8B The Numbers of Existing 5-Dollar Ta-Ching Government Bank Redeemable Notes Bearing the Portrait of Li Hungchang with the Bank of China Overprint

26 1051164

27 1051165

28 1051166

29 1051167

1912·Kankow (Punch Cancellation)

1912·Kankow (Punch Specimen)

1912·Kankow (Punch Specimen)

1912·Kankow (Punch Specimen)

30 2773100 1913·Shanghai 1913 Ordinary note overprinted with the name of place

31 1100004

1913·Chihli (Punch Specimen)

32 2620049 1913·Shanghai [Qi] 1914 Chihli note

33 2645913 1913·Shanghai [Bao] 1914 Chihli note

34 2650056 1913·Shanghai [Shun] 1914 Chihli note

35 2660002 1913·Shanghai [Shi] (Punch Cancellation)

36 2670008 1913·Shanghai [Cang] 1914 Chihli note

37 2604020 1913·Shanghai [Luan] (Punch Specimen)

B Shanghai·Shanghai Branch of the People's Bank of China

B Shanghai·Shanghai Branch of the People's Bank of China

B Beijing·Head office of the Bank of China

B Japan·former Mr. Isamu Morimoto ( 森本勇 ) Collection

B Hong Kong·Alex Fung Collection

B Beijing·Head office of the Bank of China

C Japan·former Mr. Isamu Morimoto ( 森本勇 ) Collection

C Hong Kong·Alex Fung Collection

Hong Kong·Cheng His-ming Collection

Beijing·Head office of the Bank of China

Hong Kong·Ni Ta-chang Collection

Hong Kong·Alex Fung Collection

38 2690011 1913·Shanghai [Tang] 1914 Chihli note C Hong Kong·Alex Fung Collection

8C The Numbers of Existing 1-Dollar Ta-Ching Government Bank Redeemable Notes Bearing the Portrait of Li Hungchang with the Bank of China Overprint As of May 1th 2003

1336500 1911·Bank of China/ Shantung 1912 Ordinary note overprinted with the name of place B Zhang Ansheng Collection

25 1336601 1911·Bank of China/ Shantung 1912 Ordinary note overprinted with the name of place B Beijing·Head office of the Bank of China

1600149 1914·Chihli[Qi] 1914 Chihli note

27 1750001 1914·Chihli[Shun] 1914 Chihli note C Shanghai·Shanghai Branch of the People's Bank of China

28 1750056 1914·Chihli[Shun] 1914 Chihli note

29 1850002 1914·Chihli[Cang] 1914 Chihli note

C Japan·Mr. Isamu Morimoto Collection

C Beijing·Head office of the Bank of China

30 1850009 1914·Chihli[Cang] 1914 Chihli note C Hong Kong·Ni Ta-chang Collection

31 1920403 1914·Chihli[Cang] 1914 Chihli note C

32 1950026 1914·Chihli[Luan] 1914 Chihli note

C Hong Kong·Cheng His-ming Collection

33 2109528 1914·Chihli[Tang] 1914 Chihli note C Hong Kong·Ni Ta-chang Collection

34 2370221 Beijing Undated note with the name of place C

35 2418396 Beijing 1914 Chihli note C Hong Kong·Alex Fung Collection

36 2467250 Beijing 1914 Chihli note C

37 2513452 Beijing 1914 Chihli note

C Beijing·Head office of the Bank of China

38 2535427 Beijing 1914 Chihli note C

39 2671366 Beijing 1914 Chihli note

C Japan·Mr. Isamu Morimoto ( 森本勇 ) Collection

40 2709958 Beijing (Punch specimen) C Shanghai·Shanghai Branch of the People's Bank of China

41 3291309 Manchuria 1914 Chihli note C Beijing·Chinese Numismatic Society

42 3342879 Manchuria 1914 Chihli note

43 3385367 Manchuria 1914 Chihli note

C Hong Kong·Alex Fung Collection

C Taipei·Prof. Hsu Yih-Tzong Collection

原刊載於《東亞泉志》第 29 期

加蓋中國銀行兌換券 銀行（李鴻章像）兌換券

◎ 馮乃川〔香港〕

大清銀行（李鴻章像）兌換券加 蓋中國銀行兌換券是中國銀行發 行的第一種紙幣。這種紙幣是中 國銀行將庫存中的大清銀行（李 鴻章像）兌換券加蓋改作中國銀 行兌換券後發行。中國銀行在第 一次發行紙幣的時候未能夠自行 印製，而是利用大清銀行（李鴻 章像）兌換券加蓋後發行，其原 因是中國銀行從獲得新成立的中華民國政府財政部批准建 立到開業，前後只有12天時間，加上當時的政局尚未穩定， 市面需要足夠的紙幣來平衡。大清銀行既已結束營業，取 而代之的中國銀行亦已開業，過去的大清銀行紙幣故然不 可以再發出。而且，中國銀行亦來不及趕制自己的紙幣。中 國銀行是在大清銀行的基礎上建立出來的，承接了大清銀 行的絕大部分資源，包括當年大清銀行向美國鈔票公司訂 印的大清銀行（李鴻章像）兌換券。這批已經印就的兌換 券在滿清政府的時候，只在東北地區簽發流通一部分，仍 有部分未經簽發的兌換券存放於庫。最快捷便利的方法， 就是將這批存於庫中的兌換券拿出來加印簽名，蓋章發行 流通，以應市面商民之急。

促使中國銀行的成立，是因為辛亥革命於1911年10月10日 的爆發。革命爆發後，各地革命人士和地方官員紛紛回應 這次革命；不少地方除了被革命人士克復外，多處地方官員 也站出來表態並宣佈獨立。大清銀行是一家官商合股的銀 行，全國各地的分行支構眾多。這時候，大清銀行商股的 股東們意識到：政權的更替將會對他們在大清銀行的股份 投資上構成重大損失的威脅，為窺避投資風險，必須立即 採取保障投資利益的行動。於是在1911年11月5日，大清銀

行商股的股東們在上海成立了名為“大清銀行股東聯合會” 的組織，以聯合眾多大清銀行商股股東的力量來保護自身 在大清銀行股份上的投資利益。後來，這批商股股東們察 覺“大清銀行股東聯合會”的名稱既未將他們與滿清政府 劃清界線，又未清楚地表明他們是投資者的商民身份，遂 於1911年12月4日更名為“大清銀行商股聯合會”。如此既可 以與滿清政府劃清界線，也迎合了將來新政府的政策安排。

1912 年1月1

日，孫中山先生於南京宣誓就職中華民國第一 任臨時大總統，同時設國都於南京。這時候的南京政府， 一切由頭開始，尚未設有屬於政府的中央銀行機構。大清 銀行商股的股東們也瞄準了這個千載難逢的機會，於1912 年1月初，以“大清銀行商股聯合會”的名義上書孫中山先 生，指出新政府既已成立，市面金融尚在彷徨階段，設立 一家國家性質的中央銀行已事不宜遲。並表示大清銀行是 清政府之中央銀行機構組織，政局既已有取而代之之勢， 理應承接正統，建議將原有之大清銀行改為中國銀行，並 重新組織作為新政府的中央銀行；況且大清銀行於全國的 分行支構眾多，遍佈甚廣，業務成熟穩健，又有代理國庫 業務的良好經驗，是改組成新政府中央銀行的最好基礎。

1912 年1月24日，孫中山先生授權財政部以書面批復“大清 銀行商股聯合會”，同意將原有之大清銀行改為中國銀行。 同時，委任吳鼎昌、薛頌贏為正副監督，前往上海辦理成 立中國銀行事宜。

1912 年1月28日，“大清銀行商股聯合會” 在上海召開股東大會，決定由股東會成員組成“中國銀行 臨時理監事會”，負責協助南京政府委派來的正副監督籌備 成立大清銀行清理處等事宜，並予“中國銀行臨時理監事 會”有管理中國銀行一切事務之權力。

1912 年2月1日，中國銀行首次以中國銀行的名義在上海《申

報》刊登廣告：定於1912 年2月5日在上海漢口路三號大清 銀行舊址舉行儀式，並同時對外開始營業。同一天，大清 銀行亦在上海《申報》刊登了一則經“大清銀行股東聯合會” 共同議決後，大清銀行將於1912 年2月2日起收賬，停止營 業，並且實行清理業務的廣告。1912 年2月5日上午10 時整， 中國銀行在上海漢口路三號大清銀行舊址舉行成立大會， 由財政總長陳錦濤及中國銀行首任監督吳鼎昌主持開幕典 禮，吳鼎昌推薦了前大清銀行上海分行經理宋漢章出任該 行第一任經理。1912 年2月5日 , 中國銀行在上海正式封外 營業。

中國銀行的成立，從批復到籌辦；從組成到對外營業，前 後歷時僅12天。時間的倉促，固然欠缺足夠的條件來印製 新的紙幣作為對已經結業的大清銀行紙幣的回收，及平衡 市面。與此同時，由於正值新舊政府交替，商民都擔心自己 手持的紙幣會一夜之間變成廢紙，招致損失，均會要求將 手上持有的紙幣兌現或兌取新政府的銀行紙幣。中國銀行 既然已經對外營業；又是新政府的中央銀行，更有高度金 融和代理國庫之責，決不能令商民對新政府的金融制度和 兌換貨幣失去信心。中國銀行開業之初，除了要應付軍用 紙幣兌現兌換外；當務之急必須立即印發新的紙幣來平衡 市面——這是防止商民對金融制度和兌換貨幣信心崩潰的 最有效方法。

面對如此急切的需要根本沒有足夠時間去印製新的紙幣。

中國銀行遂計劃將存放於庫中印就而未經簽發的大清銀行 （李鴻章像）兌換券拿出來進行加蓋“中國銀行兌換券”發 行流通，以應金融時局之急需，和建立商民對兌換紙幣制 度的信心。為了使商民對新發行的大清銀行（李鴻章像）兌 換券加蓋中國銀行兌換券信任，特別設立十足的發行準備 金。也即是說，商民如持上述的加蓋兌換券前往中國銀行 兌現，中國銀行將有十足的發行準備金可予以隨時兌現。

大清銀行（李鴻章像）兌換券加蓋中國銀行兌換券，既然 具備十足的發行準備金條件，見票如同見現的加蓋兌換券， 商民故然樂於接受和流通，中國銀行也因此減少了商民持 券兌現的壓力。

庫存於中國銀行的大清銀行（李鴻章像）兌換券是大清銀 行於光宣朝交替年間（1908 年 -1909 年）委託美國鈔票公 司所印造的一種銀元兌換券。大清銀行（李鴻章像）兌換 券是一種印製精美、紙質堅韌的紙幣。當時的大清銀行是 計劃使用大清銀行（李鴻章像）兌換券向全國各地投放流

通。這套兌換券共印製了壹圓、伍圓、拾圓、伍拾圓、壹 百圓五種面額。兌換券的規格的設計，是按照面額的大小 而從大至小排列。其正面圖案：中間是大寫面額，左邊均 為清政府大臣李鴻章的半身人像，右邊則按照不同面額分 別印有不相同的著名建築物或風景圖案，上方為“大清銀 行兌換券”、下方為“宣統元年印造”字樣。其背面圖案： 中心位置印有五處不同的大清國的名勝景點，上方為大清 銀行的英文全稱“ THE TA-CHING GOVERNMENT BANK”；下方為英文的印造日期“1st OCTOBER

1909”；用阿拉伯數字及英文字母組成的不同面額，也印在 多處顯眼的位置。全套大清銀行 ( 李鴻章像 ) 兌換券是採 用雕刻鋼凹板技術精印而成，鈔紙用的是美國鈔票公司研 製印鈔專用紙。這種特殊的紙幣紙質具有堅韌耐用的特點， 配上使用雕刻鋼凹版印刷技術印製，既能產生清晰細緻的 印刷效果，更有難以仿造的防偽手段的優點。大清銀行委 託美國鈔票公司印造這套大清銀行（李鴻章像）兌換券的 同時，考慮到當時全國各地有洋厘行市並不劃一，如果不 按地方區分，屆時兌換券在全國流通的時候，則會產生金 融上的匯水差異問題而引致混亂。故此，大清銀行特別要 求美國鈔票公司在紙幣的正面和背面，分別預留了在發行時 候需要加印上去的中英文地名位置和在發行時才簽發印上 去的中文印章和發行人員簽名位置，以便在不同地方由不 同的發行人員在發行時印上不同地名和簽署發行流通。全 套大清銀行（李鴻章像）兌換券按照面額的不同並配印多 種不同的顏色，繽紛豔麗，十分美觀。

所有委託美國鈔票公司印製的大清銀行（李鴻章像）兌換券 在印成後便悉數運返中國，大清銀行也將之分配到各省各 地所屬的大清銀行分行中庫存，以備發行之用。大清銀行 （李鴻章像）兌換券在東北地區首先試行使用，國內其他地 區的分行雖然已領有該兌換券，但仍未獲得大清銀行總行 批准簽發流通。根據目前所見之該兌換券存世實物的情況 來看，已知有奉天、吉林和營口等地名券被簽發流通。查 看這些已簽發流通之存世實物的號碼，將其與已被發現的 大清銀行（李鴻章像）兌換券加蓋中國銀行兌換券存世實 物的號碼作比較後，證實了當時在東北地區已被簽發流通 的大清銀行（李鴻章像）兌換券的數量為數不多。從發行 數量之少，發行地名不多的情況來看，大清銀行（李鴻章 像）兌換券的流通時期應該非常短暫；而實際發行時間應 該是在宣統三年的下半年，並不是如紙幣上所印就的“宣 統元年印造”後即作發行流通。當在東北地區發行流通期 間，正巧遇上“辛亥革命”於1911年10月10日爆發，導致尚

未向全國推行流通。因此，各地所屬的分行一直未能有機 會簽發已領的大清銀行（李鴻章像）兌換券而存於庫中。這 樣，給後來成立的中國銀行擁有相當數量未簽發的大清銀 行（李鴻章像）兌換券借用作加蓋流通提供了方便的條件。

如前所述，大清銀行所訂印的大清銀行（李鴻章像）兌換 券共五種面額，但中國銀行按照當時流通需要，僅利用了 壹圓、伍圓、拾圓三種面額進行加蓋流通，而伍拾圓和壹 百圓的兩種高面額券則始終未有被用作加蓋流通。1912 年

2月5日，南京的民國政府委派正監督吳達詮和副監督薛仙 舟到上海協同“中國銀行臨時理監事會”的成員，率先將大 清銀行上海分行改組成為中國銀行。因此，上海是為中國 銀行總行最初建立之所在地，原大清銀行上海分行經理宋 漢章應薦出任中國銀行經理一職。上海的中國銀行開辦之 初，為了解決市面貨幣短絀及履行中央銀行發行紙幣之職 責，在來不及趕制新版紙幣的情況下，將庫存中未簽發的 大清銀行（李鴻章像）兌換券加蓋成為中國銀行兌換券流 通市面。這是中國銀行第一次發行紙幣，也是大清銀行（李 鴻章像）兌換券加蓋中國銀行兌換券發行的第一個階段時 期。大清銀行（李鴻章像）兌換券加蓋中國銀行兌換券因 券面印有以李鴻章人像為主要圖案的獨特設計，故此按圖 稱之為“李像券”。［ 注：以下將已加蓋成為中國銀行兌換券 的大清銀行（李鴻章像）兌換券統一稱為“李像券”，以作 界別，避免混淆。］

李像券從1912 年2月至1917年流通期間，前後分為兩個階 段時期共加蓋了7次發行。為了容易劃分7次的不同加蓋發 行，按它們不同的加蓋形式而列分為甲種券、乙種券和丙 種券。甲種券是李像券第一個階段發行的一種紙幣，也是 處於民國與清政府對峙時南北議和時期形勢之下所發行的 一種紙幣。當時，中國銀行建行伊始，全國各地的大清銀 行，在清政府所控制的地區仍然是大清銀行；在民國政府 控制的地區，除上海一地已經將上海的大清銀行改組創建 成為中國銀行外；其他地區，除於1912 年2月14日南京成立 的中國銀行外，則尚沒有新的中國銀行分行設立或由其他 地方的大清銀行改組而成立的中國銀行。甲種券從1912 年 2月5日至1912 年 8月1日接近北京的中國銀行北京總行成立 的這段時期裏，除肩負起“辛亥革命”時期軍用紙幣的兌換， 更維繫了商民對金融制度信心的重要職責使命。

由於受到當時政局的領域限制和金融制度劃分的區限，最 初發行的甲種券所流通的範圍有着很大的局限性，大抵只

流通於江蘇、浙江一帶。到後來政局逐漸穩定下來及各地 新建立的中國銀行分行多了，甲種券才得以有機會進一步擴 大流通範圍，發揮其貨幣流通功能。乙種券和丙種券是李 像券在第二個階段發行的紙幣。最初發行的時間應自1912 年 8月1日中國銀行北京總行成立或以後，按中國銀行計劃 統一發行紙幣式樣的策略，和存世實物中的乙種券和丙種 券並存有多種地名券的共同特點來看，乙種券和丙種券無 疑是在民國政府完成南北統一施行新政後；而且，中國銀 行並且已在多處地方設有分行，在這樣的情況下，所發行 流通於各地的第二個階段的乙種券和丙種李像券流通時間 和流通範圍，與第一階段的甲種券作比較，流通時間較長， 範圍亦較廣。乙種券和丙種券的流通時間大概自1912 年 8月 至1917年 6月，而流通範圍遍及各大小城市。其流通最晚時 期的存世實物見有“丙種不署年份壹圓券”的北京地名券， 該券印有1916 年至1917年任職中國銀行總裁徐恩元的英文 署名。這樣，至少證明尚有第二階段所加蓋發行的丙種券 於1916 年至1917年仍然在加蓋發行流通。另外，存世實物 中除已見有多種不同加蓋地名券外，尚見有“乙種元年壹圓 通用券改作券”的黑河券為最偏遠的地名券。黑河，是位 於中俄邊境的一座偏遠城市。這些實物都印證了第二階段 時期的乙種券和丙種券的漫長流通時間和流通範圍的廣泛。

前後二個階段所加蓋發行的甲種券、乙種券、丙種券合共 劃分為七次不同的加蓋發行，分別是：

1. 甲種元年地名券（圖1）

2. 乙種元年通用券（圖2）

3. 乙種元年地名券（圖3）

4. 乙種元年通用券改作地名券（圖4）

5. 乙種二年地名券（圖5）

6. 丙種三年直隸冠字券（圖 6）

7. 丙種不署年份地名券（圖7）

8. 甲、乙、丙種券存世數量（附表 8A 、8B 、8C）

其中，甲種券的加蓋形式最大分別是使用“間條橫線”作為 蓋沒手段；乙種券以“大花墨球”作為蓋沒方式；丙種券則 以“小花墨球”作為蓋沒方法。乙種券與丙種券的加蓋形式 較為近似，主要是與使用蓋沒的墨球內的大小花紋有所異同。

圖1 ：甲種元年地名券

圖3 ：乙種元年地名券 圖4

圖5 乙種二年地名券

6 丙種三年直隸冠字券

圖7 丙種不署年份地名券

圖

作者履歷

馮乃川 ( Alex NC Fung )

職務 :

中國錢幣學會紙幣專業委員會 常委

中國歷代紙幣展委員會 秘書

香港中國古鈔學會 會長

學術編著 :

2012 年合編《中國歷代紙幣展圖集》( 中國金融出版社 )

2015 年合編《第二屆中國歷代紙幣展圖集》( 中國書店 )

2016 年合編《中國商印雅滙》( 海峽出版集團 )

2016 年合編《中國商印雅滙》( 線裝鈐印本 )

注：此存世量統計表是本文作者於 2003 年 5 月 1 日完成。

合編作品

附表

8A

大清銀行（李鴻章像）兌換券加蓋中國銀行拾圓券存世數量表

統計截止日期：2003 年 5 月 1 日

序號 紙幣號碼 年份·地名 券別及狀況 券種 保存狀況與源流

1 440052 元年 上海 元年地名券 甲 香港 馮乃川舊藏

2 456582 元年 上海 （帝像券製版呈樣券） 甲 香港 馮乃川舊藏

3 487076 元年 上海 元年地名券 甲 上海 上海市博物館

4 541485 元年 上海 （打孔見本）

甲 南京 中國第二歷史博物館

5 571959 元年 上海 （打孔註銷） 甲 日本·Mr. Isamu Morimoto （森本勇）舊藏

6 570777 元年 上海 元年地名券 甲 上海 馬定祥舊藏

7 655582 元年 天津 （打孔註銷） 乙 日本·Mr. Isamu Morimoto （森本勇）舊藏

8 662976 元年 天津 元年地名券 乙 《誠利郵鈔》

9 694396 元年 天津 （打孔註銷） 乙 上海 中國人民銀行上海分行

10 694398 元年·天津 （打孔樣本） 乙 北京·中國銀行總行

11 575158 元年 河南 （打孔樣本） 乙 日本·Mr. Isamu Morimoto （森本勇）舊藏

629852

8B

大清銀行（李鴻章像）兌換券加蓋中國銀行伍圓券存世數量表

序號 紙幣號碼 年份·地名

券別及狀況 券種

統計截止日期：2003 年 5 月 1 日

保存狀況與源流

1 700553 元年 上海 元年地名券 甲 上海 中國人民銀行上海分行

2 735936 元年 上海 元年地名券 甲

3 766213 元年 上海 元年地名券 甲

4 870231 元年 上海 元年地名券 甲 南京 第二歷史博物館

5 874586 元年 上海 （打孔見本） 甲

6 1218998 元年 上海 元年地名券 甲

7 1239976 元年 上海 元年地名券 甲 香港 馮乃川舊藏

8 1248874 元年 上海 元年地名券 甲 《世界紙幣目錄》

9 614783 元年 上海 元年地名券 乙 上海 上海市博物館

10 889259 元年 上海 元年地名券 乙

11 1309915 元年 上海 元年地名券 乙

12 833729 元年 北京 元年地名券 乙 臺北 許義宗舊藏

13 1188563 元年 北京 元年地名券 乙

14 1194364 元年 北京 元年地名券 乙

15 1409249 元年 北京 元年地名券 乙 香港 馮乃川舊藏

16 1498258 元年 北京 元年地名券 乙 日本·Mr. Isamu Morimoto （森本勇）舊藏

17 1000464 元年 天津 （印孔註銷） 乙 北京 中國銀行總行

18 1000466 元年 天津 （印孔註銷） 乙 上海 中國人民銀行上海分行

19 1005169 元年 天津 （印孔註銷） 乙 日本·Mr. Isamu Morimoto （森本勇）舊藏

20 460080 元年 河南 （印孔樣本） 乙

21 462655 元年 河南 （印孔樣本） 乙 上海 中國人民銀行上海分行

22 462657 元年 河南 （印孔樣本） 乙 上海 中國人民銀行上海分行

23 487611 元年 河南 （印孔樣本） 乙 北京 中國銀行總行

24 401344 元年 山東 （印孔樣本） 乙 北京 中國銀行總行

25 401400 元年 山東 （印孔註銷） 乙 上海 中國人民銀行上海分行

26 1051164 元年 漢口 （印孔註銷） 乙 上海 中國人民銀行上海分行

27 1051165 元年 漢口 （印孔樣本） 乙 上海 中國人民銀行上海分行

28 1051166 元年 漢口 （印孔樣本） 乙 北京 中國銀行總行

29 1051167 元年 漢口 （印孔樣本） 乙 日本·Mr. Isamu Morimoto （森本勇）舊藏

30 2773100 貳年 上海 貳年地名券 乙 香港 馮乃川舊藏

31 1100004 貳年 直隸 （印孔樣本） 乙 北京 中國銀行總行

32 2620049 三年 直隸 [ 祁 ] 三年直隸冠字券 丙 日本·Mr. Isamu Morimoto （森本勇）舊藏

33 2645913 三年 直隸 [ 保 ] 三年直隸冠字券 丙

34 2650056 三年 直隸 [ 順 ] 三年直隸冠字券 丙

香港 馮乃川舊藏

香港 鄭錫民舊藏

35 2660002 三年 直隸 [ 石 ] （打孔註銷） 丙 北京 中國銀行總行

36 2670008 三年 直隸 [ 滄 ] 三年直隸冠字券 丙

37 2604020 三年 直隸 [ 灤 ] （印孔樣本） 丙

38 2690011 三年 直隸 [ 唐 ] 三年直隸冠字券 丙

香港 倪達彰舊藏

香港 馮乃川舊藏

香港 馮乃川舊藏

8C

大清銀行（李鴻章像）兌換券加蓋中國銀行壹圓券存世數量表

序號 紙幣號碼 年份 地名

1 318243 元年 中國銀行

統計截止日期：2003 年 5 月 1 日

券別及狀況 券種 保存狀況與源流

元年通用券 乙 香港 馮乃川舊藏

2 318249 元年 中國銀行 元年通用券 乙 上海 中國人民銀行上海分行

3 373109 元年 中國銀行 元年通用券 乙 《中國嘉德 2003 年拍賣目錄》

4 400065 元年 中國銀行 （打孔註銷） 乙 日本·Mr. Isamu Morimoto （森本勇）舊藏

5 445679 元年 中國銀行 元年通用券 乙 《中國嘉德 2003 年拍賣目錄》

6 385669 元年 中國銀行 / 北京

7 471707 元年 中國銀行 / 北京

8 628340 元年 中國銀行 / 北京

9 681985 元年 中國銀行 / 北京

10 695627 元年 中國銀行 / 北京

11 712257 元年 中國銀行 / 北京

12 766155 元年 中國銀行 / 北京

13 823290 元年 中國銀行 / 北京

14 807002 元年 中國銀行 / 天津

元年通用券改作地名券 乙 北京 中國錢幣博物館

元年通用券改作地名券 乙

元年通用券改作地名券 乙 北京 中國錢幣博物館

元年通用券改作地名券 乙

元年通用券改作地名券 乙

元年通用券改作地名券 乙

元年通用券改作地名券 乙

元年通用券改作地名券 乙

元年通用券改作地名券 乙 上海 中國人民銀行上海分行

15 807003 元年 中國銀行 / 天津 元年通用券改作地名券 乙 北京 中國銀行總行

16 807008 元年 中國銀行 / 天津 元年通用券改作地名券 乙 日本·Mr. Isamu Morimoto （森本勇）舊藏

17 898304 元年 中國銀行 / 天津 元年通用券改作地名券 乙 《世界紙幣目錄》

18 1041755 元年 中國銀行 / 天津 元年通用券改作地名券 乙

19 1070298 元年 中國銀行 / 河南 （左“河南”加印黑色，右加印紅色） 乙 北京 中國銀行總行

20 1155845 元年 中國銀行 / 河南 元年通用券改作地名券 乙 上海 中國人民銀行上海分行

21 1155857 元年 中國銀行 / 河南 元年通用券改作地名券 乙 上海 中國人民銀行上海分行

22 1155872 元年 中國銀行 / 河南 元年通用券改作地名券 乙 上海 中國人民銀行上海分行

23 1205326 元年 中國銀行 / 黑河 元年通用券改作地名券 乙

24 1336500 元年 中國銀行 / 山東 元年通用券改作地名券 乙 澳門 張安生藏

25 1336601 元年 中國銀行 / 山東 元年通用券改作地名券 乙 上海 中國人民銀行上海分行

26 1600149 三年 直隸 [ 祁 ] 三年直隸冠字券 丙

27 1750001 三年 直隸 [ 順 ] 三年直隸冠字券 丙 上海 中國人民銀行上海分行

28 1750056 三年 直隸 [ 順 ] 三年直隸冠字券 丙 日本·Mr. Isamu Morimoto 舊藏

29 1850002 三年 直隸 [ 滄 ] 三年直隸冠字券 丙 北京 中國銀行總行

30 1850009 三年 直隸 [ 滄 ] 三年直隸冠字券 丙 香港 倪達彰舊藏

31 1920403 三年 直隸 [ 灤 ] 三年直隸冠字券 丙

32 1950026 三年 直隸 [ 唐 ] 三年直隸冠字券 丙 香港 鄭錫民舊藏

33 2109528 北京 不署年份地名券 丙 香港 倪達彰舊藏

34 2370221 北京 不署年份地名券 丙

35 2418396 北京 不署年份地名券 丙 香港 馮乃川舊藏

36 2467250 北京 不署年份地名券 丙

37 2513452 北京 不署年份地名券 丙 北京 中國銀行總行

38 2535427 北京 不署年份地名券 丙

39 2671366 北京 不署年份地名券 丙 日本·Mr. Isamu Morimoto （森本勇）舊藏

40 2709958 北京 （打孔樣本） 丙 上海 中國人民銀行上海分行

41 3291309 東三省 不署年份地名券 丙 北京 中國錢幣學會

42 3342879 東三省 不署年份地名券 丙 香港 馮乃川舊藏

43 3385367 東三省 不署年份地名券 丙 臺北 許義宗舊藏

2024 Champion Coming Shows/Auctions

China (International) Coin Expo (Beijing)

12.01 Consignment Deadline: 10.25 Auction 11/01-03 11/08-10

Asia Sports Collectors Convention

The Venetian Macao Cotai Expo, Hall D

Macau Numismatic Society Annual Show

China National Convention Center (6F, Sofitel Macau at Ponte 16)

Hong Kong Coin Show Table 6B (6F, Sofitel Macau at Ponte 16)

JEAN 30th Anniversary Coin Exhibition Table D22

(Holiday Inn Golden Mile）

Auction

11.02

Beijing WeChat Auction

Consignment Deadline: 10.15 Macao Auction

12.22 01.19

Hong Kong WeChat Auction Shanghai WeChat Auction Consignment Deadline: 12.06 Consignment Deadline: 12.30

12.01 Macao Auction Schedule

11/28 Macau Numismatic Society Annual Show Opening Ceremony and Macau Show Panda Medal Launch (Sofitel Macau at Ponte 16, 6/F Promenade)

Macau Numismatic Society Receptional Dinner & Top Chinese Coins - 4th Edition (Silver Coins) Announcement (Restaurante Ka Nin Wa)

Champion Auction Preview & Macau Numismatic Society Annual Show (Sofitel Macau at Ponte 16, 6/F Promenade)

No Buyers Commission Auction JEAN 30th Anniversary Auction（1994-2024） 11/29-30 02/12

Pickup (Sofitel Macau at Ponte 16, 6/F Promenade)

For more details, please contact us

Taipei Store

First Floor Room 50,163 NanKing West Road, Taipei

Tel： 886-903937338

Email：championghka@gmail.com

Shanghai Office Room 1808, Bao Hua Building No. 1211, Changde Rd. Putuo District, Shanghai

Tel：86-21-62130771

Email：jeanzg1994@163.com

Hong Kong Store

Rm. 219, 2/F Ho Mongkok Shopping Centre, No.169-173 Portland St. Mongkok

Kowloon, Hong Kong

Tel：852-61650618

Email：championghka@gmail.com

11/01-03

11/08-10

11/29-30

11/29

12/10-12

拍賣 活動

（如有委託，請聯繫我們） 拍賣 活動

北京國際錢幣博覽會 展位：A039

地點：北京國家會議中心

亞洲球星卡及體育藏品展

地點：澳門威尼斯人金光會展D館

澳門錢幣學會年會展

地點：澳門十六浦索菲特大酒店

《東亞泉志》創刊30周年特別錢幣展

地點：澳門十六浦索菲特大酒店

香港國際錢幣聯合展銷會 展位：6B

金域假日酒店

12.01 澳門拍賣活動行程表

無買家傭金（No Buyer's Commission）

《東亞泉志》30周年拍賣會（1994-2024）

11/28—— 澳門錢幣學會年會开幕式暨澳門錢幣學會熊貓紀念章首發儀式

澳門錢幣學會年會晚宴暨《中國機製幣精品鑒賞》（銀幣版）第四版活動發佈會

11/29-30——冠軍拍賣會預展、澳門錢幣學會年會展 12/02—— 取貨

索菲特酒店六樓會議室

更多詳情 請聯繫我們

臺北店鋪

地址：臺北市大同區南京西路163號1樓50室 手機：886-903937338 郵箱：championghka@gmail.com

上海辦公室

索菲特酒店六樓會議室

嘉年華大酒店

索菲特酒店六樓會議室

地址：上海市常德路1211號寶華大廈1808室 電話：86-21-62130771

郵箱：jeanzg1994@163.com

香港店鋪 地址：九龍旺角砵蘭街169-173號好旺角商場219室 電話：852-61650618 郵箱：championghka@gmail.com

Price: 1200 RMB/pc 3000 RMB/set

.999 Silver /1 oz 40mm

Available

Mintage: 200 pieces Li Hong Xiu

Contact

Shanghai Office

Add：Rm. 1808, Bao Hua Building No. 1211, Changde Rd. Putuo District, Shanghai

Tel：86-21-62130771

Email：jeanzg1994@163.com

Package of the Legend of Chu Liu Xiang Coin Series NGC PR70

Original Drawing by Hong Kong Leading Comic Artist Lee Chi Ching

Designed by Yu Min, Winner of the COTY Lifetime Achievement Award for Design

Taipei Store

Add：Rm. 50, 1/F, No. 163 Nanking West Road, Taipei

Tel: 886-903937338

Email: championghka@gmail.com Business hours: appointment only

Hong Kong Store

Add：Rm. 219, 2/F, Ho Mongkok Shopping Centre, No.169-173 Portland St. Mongkok Kowloon, Hong Kong

Tel：852-61650618

Email：championghka@gmail.com Opening Hours: Saturday (13:30 - 17:00 )

Su Rong Rong

Song Tian Er

售價：1200元/枚 3000元/套

.999 銀 /1 盎司40mm

鑄造量各 200枚

（現場銷售/接受新款預定）

NGC PR70 打盒纪念幣

人物造型出自香港著名漫畫大師 李志清之手

世界硬幣大獎賽終身成就獎得主、 中國頂尖硬幣設計師余敏設計

《楚留香傳奇》紀念幣系列III包裝盒展示

上海辦公室 地址：上海市常德路1211號寶華大廈1808室 電話：86-21-62130771 郵箱：jeanzg1994@163.com

臺北店鋪

香港店鋪

13:30-17:00

Top Chinese Coins (4th Edition) Survey

'100 Greatest US Coins' by Ron Guth, former president of PCGS and senior numismatic expert, selected top US coins based on survey, providing coin collectors and enthusiasts with a better understanding of the background of these US coins. Therefore, we are preparing to conduct an in-depth and extensive survey to select the top Chinese vintage coins with a similar concept. The selection will enable coin collectors to have a better understanding of Chinese coins and enhance public interest in coin collecting, research, and exploration, thus activating the coin market. After three selections in 2010, 2011, and 2020, we launched our fourth survey in March 2024, with a focus on silver coins.

To this end, a committee for the 'Top Chinese Coins' was established. The committee has an advisory committee composed of authorities in the numismatic community, as well as a selection committee composed of renowned numismatic experts, scholars, and collectors. The survey will be made first, and the final result will be published with an integration of the opinions of the committee.

The members of the committee and the activity plan will be announced online soon.

If you want to receive the survey, please contact：

Michael Chou

Tel：86-13701793363 (Shanghai) / 852-61650618 (Hong Kong) / 886-903937338

Email：mhlchou@yahoo.com

中國近代機製幣十大精選活動 第四版·銀幣版 （2024.11）

美國原 PCGS 總裁及資深錢幣專家古富（Ron Guth）所編輯的《美國錢幣百大精選》（100 Greatest US Coins

根據調查而評選出美國十大精選錢幣，使錢幣收藏家和愛好者們對這些美國錢幣的背景有更好的瞭解。因此我們準備用 類似的概念，在中國錢幣界內進行一次深入而廣泛的調查和評選活動，以評出公認的中國近代機製幣的十大精選，以此 使錢幣收藏者對中國錢幣有更多瞭解，並提升社會對錢幣收藏和研究、探討的興趣，活躍錢幣市場。自 2010 年、2011 年、2020 年的三次評選之後，我們在 2024 年 3 月启动第四次評選，且本次評選聚焦於銀幣。

為此成立“中國近代機製幣的十大精選”甄選委員會。委員會設有由錢幣界權威組成的組委會及顧問組，和由著名錢幣 界專家、學者以及收藏家組成的評選組。評選方法首先通過書面調查等方法，綜合評選組的見解後提交組委員會審核， 最後由網上向錢幣界公佈評選統計及評選出來的中國近代機製幣十大精選。為使精選的十大錢幣具有廣泛性。

組委會、顧問組和評選組成員，以及活動計劃，近期將在網上公佈。敬請各位錢幣愛好者關注及參與！ 如您想要參加第四版問卷調查，請聯繫：

微信：1026841006（DT）

電話：86-21-62130771/+86-19514623548

郵箱：jeanzg1994@163.com

2009中國近代機製幣競選活動

弘揚中國錢幣文化 推動市場健康發展

TOP 10 of the Greatest Chinese Struck Coins Survey

評選結果 前十名中國近代機製幣如下：

1903 年（癸卯）奉天省造光緒元寶庫平一兩銀質樣幣

1900 年（庚子）京局製造光緒元寶庫平七錢二分銀質樣幣 1898 年湖南省造光緒元寶庫平七錢二分銀質樣幣

1904 年廣東省造光緒元寶庫平重一兩銀質樣幣，背鑄字

1910 年 ( 庚戍春季）雲南造宣統元寶庫平七錢二分銀質樣幣 1896 年四川楷書（缶寶 ) 光緒元寶庫平七錢二分銀幣

1890 年廣東省造光緒元寶庫平七錢二分、七錢三分反版銀質樣幣

1911 年（宣統三年）大清銀幣壹元銀質樣幣，長須龍、短須龍、大尾龍、 反 龍、曲須龍

1906 年（丙午）和 1907 年（丁未）大清金幣庫平一兩樣幣 (1904-1905 年）四川省造光緒元寶當三十銅幣，試鑄幣

組織機構

主辦：愛秀集團

協辦：美國 MGC 冠軍拍資公司 廣州國標錢幣收藏鑒定評估有限公司 上海申泉工貿總公司組委會 主任委員：孫浩 資深錢幣收藏界專家學者

副主任委員：周邁可 愛秀集團董事長暨冠軍拍賣董事長

顧問委員會主任委員：戴志強 中國錢幣學會副理事長

顧問：

周 祥 上海博物館研究員中國文物鑒定委員會委員

沈鳴鏑 上海錢幣學會副秘書長

甄偉剛 廣東集幣協會理事

張明泉 中華錢幣協會理事長

周建福 臺北市錢幣協會理事長

郭俊勝 瀋陽金融博物館及張氏帥府博物館館長，遼寧省錢幣學會常務 理事

曾澤祿 美國著名中國錢幣收藏家

媒體宣傳

上海電視臺、新浪網、新民晚報、新聞晨報、錢幣報、新聞晚報、上海

熱線、東方網等媒體均對精選活動及結果進行了隆重報道，引起熱烈的 關注。

2009 年 12 月 18

日，精選活動嘉賓參觀上海造幣博物館

Guests of the Top Chinese Coin Survey Conference visited the Shanghai Mint Museum on December the 18th, 2009

2009 年 12 月 18

日，上海精選結果發佈會上，周邁可向林青禾頒獎

Michael Hans Chou awards certificate to George Lim at the Top Chinese Coins Survey Conference in Shanghai on December the 18th, 2009

2009 年 12 月 18

日，上海精選結果發佈會上，甄偉向陳吉茂頒獎

Zhen Weigang awards certificate to Chen Chi Mao at the Top Chinese Coin Survey Conference in Shanghai on December the 18th, 2009

2009 年 12 月 18

日，精選結果發佈會在上海舉行

The Top Chinese Coin Survey Conference in Shanghai on December the 18th,

TOP CHINESE COINS 3nd Edition

《中國近代機製幣精品鑒賞》第三版

Price(售價)：US $150 Plus Postage(加郵費)

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

2010 年 6 月，愛秀集團和《東亞泉志》出版了《中 國近代機製幣精品鑒賞》第一版。該書對60枚中國最頂 級的近代機製幣進行了全面、深入、系統的研究與展 現。其內容涵蓋高清錢幣圖像、流傳脈絡、拍賣紀錄、 市場趨勢、珍稀度解析和背景故事等，在錢幣業界引起 巨大的轟動和反響，備受讚譽，被譽為"全景式展現中國 珍稀機製幣的重要鑒賞書籍" 。

儘管因時間蒼促、經驗不足，書中存在一些缺陷和 錯誤，但仍得到讀者的肯定和欣賞。由于該書僅限量印 刷1000本，無法滿足廣大錢幣愛好者的需求。經多位資 深錢幣專家、學者、收藏家建議，愛秀集團決定在第一 版的基礎上出版第二版。第二版于 2011 年 6 月發行，相

If required, please contact Champion Auction

Frist Floor Room 50, 163 Nanking West Road, Taipei

Tel: 021-6213 0771 886-903937338

Email: jeanzg1994@163.com

web: http://jeandigital.asia/

Coins Survey, a landmark event held in the 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 was 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. Because 2010 is ancient history in numismatics and because so much has happened in the Chinese coin market in the past eleven years, it is high time for a revision. The third edition will be the same as the first edition to include gold, silver and copper coins. In addition, the new edition covers the information of top coin museums, the most expensive coin in the world, etc. This bilingual third edition will have the same beneficial effect on the market that the second edition had.

比第一版 60

枚錢幣囊括金幣、銀幣和銅元，第二版專注 于 60 枚中國近代機製銀幣，定名為《中國近代機製銀幣 精品鑒賞 銀幣版》 (簡稱《銀幣鑒賞》)。

由于2010年距離現在時間上已經非常久遠，對近代 機製幣收藏研究成果披露有限，而且中國錢幣市場在過 去 11 年發生了很多變化，現在有必要對這本書再次進行 更新。第三版將與第二版一樣採用雙語形式，而內容則 將和第一版一樣包括近代機製幣及其樣幣的金銀銅三大 類別，此外還增加了世界頂級錢幣博物館、世界上最昂 貴的錢幣等內容。相信該書第三版的出版將對讀者有所 助益。

如果需要請聯繫冠軍拍賣公司 臺北市大同區南京西路163號1樓50室

電話: 021-6213 0771 886-903937338

郵箱: jeanzg1994@163.com

網站：http://jeandigital.asia/

Mish International Monetary Inc.

Mish国际钱币公司

Specialists in 专营

Pandas since 1982 1982年起发行的熊猫币

China Modern since 1979 1979年起发行的中国现代金银币

World Coins since 1964 1964年起专营世界钱币

Looking To Buy?想买？

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年中国现代金银币首次进入国际市场后，Mish 国际的员工及其藏家客户积累了丰富的库存和专业 的钱币知识。

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.

想买中国币？我们或许恰好有；也许多年前我们卖过，现在或许还能从原始买家手中买回来。

Looking To Sell?想卖？

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. 瞬息万变的市场环境，Mish 国际仍是助您销售钱币的最佳选择。雄厚的资金实力，专业的钱币知识，出 色的协调能力，我们同时收购单枚币和大型收藏，价格合理，快速付款。

Since 1964 始于1964

Here today. Here tomorrow 携手今日 共赢明天 Mish International Monetary Inc Mish国际钱币公司

1154 University Drive

Menlo Park, CA 94025, USA

美国加州门罗帕克大学路1154号 ， 邮编94025

Phone(电话):(650) 324-9110

Email(邮箱):robert@mishinternational.com

30 Jan. – 1 Feb. 2025

Estrel Congress Center,

Berlin

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, and 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 Pavillion Medalswithengravednames and ThetruestoryofChina's1936and1937

Silver Dollars by Bruce Smith, TheApparentRelationshipbetween1897 Chekiang5CentsPatternand1899Anhwei5-CentsCirculationStrike by Tom Keener, andAForgeryofTaiwan'sOldManDollar 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 the 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 TheEliteofMonetaryHistoryofChina. Other distinguished contributors from home and abroad are numismatists, collectors and coin dealers, including Bruce Smith (author of Howard Franklin Bowker-Numismatic Pioneer), Colin Gullberg (Canada, author of Chopmarked Coins-A History), Chinese American senior numismatist Dr. Che-lu Tseng, Steve Feller former international banknote society 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 quarterly, bilingual e-journal, covering the latest numismatic researches, interviews with famous collectors, auction reviews, and general news. The Journal's distribution is now over 1,000, including over 3,000 in Greater China region.

Starting in 2017, The Journal of East Asian Numismatics is a co-sponsor of Krause's Coin of the Year Award Ceremony in World Money Fair, Berlin. You are welcome to subscribe, submit articles for publication, and advertise in the upcoming JEAN. The 2025 subscription is free of charge. Please send your email to jeanzg1994@163.com

The JEAN30th Anniversary Medal （1994-2024）

東亞泉志

《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 祿先生于1994年創辦，是一本學術性錢幣研究專業雜誌。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。

雜誌高級編輯史博祿先生1951年生于美國密蘇裏州聖路易斯市，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。

《東亞泉志》于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，如托馬斯·烏爾曼寫的 《1886-1888年間朝鮮首鑄機製幣——德國專家相助創建現代造幣廠》、 史博祿寫的《袁世凱像大鬍子開國紀念幣》、范治南與何緯渝寫的《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 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。

2015年5月，周邁可先生決定于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，西安市收藏協會常務副會 長。退休後，歷任《收藏》《古泉園地》《西部金融·錢幣研究》雜誌 的責任編輯，《中國錢幣界》雜誌主編。多年來他傾力于中國貨幣史和 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。

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、重要信息等。

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。

《東亞泉志》2025年免費訂閱，如果需要，請把您的郵箱發到： jeanzg1994@163.com 。另外我們雜誌的網址是：http://jeandigital. asia/，敬請關注，謝謝！

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2025年《東亞泉志》廣告現在接受預定！

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1898年喜敦版湖南省造光緒元寶庫平七錢二分 銀質樣幣，鏡面，NGC SP67，張南琛收藏，已 知品相最好的一枚，第一枚價格超過一萬美元 的中國機製幣

1898 HEATON HUNAN PROVINCE 7 Mace and 2 Candareens Silver Proof Pattern. NGC SP67, NC Collection,Finest Known, First Chinese Vintage Coin Sold for over USD 10,000 成交記錄:

2014年成交價超過1 000 000美元,私人交易 Auction Results： 2014 More than USD 1,000,000,Private Treaty

1896年四川省造楷書（缶寶）光緒元寶庫平 三錢六分銀幣，NGC PF66,冠軍拍賣/W&B Capital收藏，已知品相最好的一枚 1896 SZECHUAN PROVINCE 3 Mace and 6 Candareens Silver (缶寶) K141, NGC PF66, Champion Auction-W&B Capital Collection, Finest Known

成交記錄:

1996年11月冠軍拍賣，成交價55 200美元； 2019年冠軍拍賣，私人交易

Auction Results： 11/1996 Champion Auction,Realized USD 55,200 2019 Champion Auction,Private Treaty

1898 年（戊戌）江南省造光緒元寶庫平七錢二 分銀幣，凹眼龍，珍珠龍，龍尾 6 根尾鰭，NGC MS65，已知品相較好的一枚，原Hsi收藏 CHINA-KIANGNAN 1898 One Dollar Silver, Circlet-like Scales, NGC MS65, Hsi Collection, Finest Known 成交記錄: 2021年5月冠軍拍賣，成交價996 000美元

1856/1867年中外通寶關平五錢銀質樣幣， PCGS SP65，古德曼/華人家族收藏

1856/1867 SHANGHAI Customs 5 Mace Silver. PCGS SP65, Chinese Family Collection, from 1991 Goodman Collection Auction 成交記錄: 2023年冠軍拍賣，私人交易 Auction Results： 2023 Champion Auction Private Treaty

1910年庚戌春季雲南造宣統元寶庫平七錢二分 銀質樣幣，K177, NGC AU55，Ultima收藏/冠 軍拍賣，第一枚價格超過一百萬美元的中國機 製幣 1910 YUNNAN PROVINCE "SPRING" 7 Mace and 2 Candareens Silver Pattern, K177, NGC AU55, Ultima Collection-Champion Auction,First Chinese Vintage Coin Sold for over USD 1 Million 成交記錄: 2010年8月Ultima收藏，成交價1 035 000 美元, Auction Results： 8/2010 Ultima Auction,Realized USD 1,035,000

1916年中華帝國洪憲紀元袁世凱戎裝像飛龍 銀幣，L.GIORGI簽字版，L&M943，K663a， NGC MS64，耿愛德/張南琛收藏，已知品相最 好的一枚 1916 REPUBLIC YUAN SHI KAI HUNG HSIEN

One Dollar Silver, Flying Dragon, with L.GIORGI, L&M943, K663a, NGC MS64, KannNC Collection, Finest Known 成交記錄:

2021年5月冠軍拍賣，成交價642 000美元 Auction Results： 5/2021 Champion Auction,Realized USD 642,000

1911年（宣統三年）大清銀幣壹圓大尾龍銀質 樣幣，K226，NGC PF62，W&B Capitals/WL 收藏

1911 TA CHING Large-Tail Dragon Dollar Silver Pattern, K226, NGC PF62, W&B CapitalWL Collection

成交記錄:

2012年W&B-冠軍拍賣，私人交易 Auction Results： 2012 W&B-Champion Auction,Private Treaty

1898年喜敦版湖南省造光緒元寶庫平三錢六分 銀質樣幣，鏡面，NGC SP66，張南琛收藏

1898 HEATON HUNAN PROVINCE 3 Mace and 6 Candareens Silver Proof Pattern, NGC SP66, NC Collection 成交記錄: 2013年冠軍拍賣，私人交易 Auction Results： 2013 Champion Auction Private Treaty

1898年喜敦版湖南省造光緒元寶庫平三錢六 分銀質樣幣，鏡面，Kann中無記錄，PCGS SP66+，古德曼/華人家族收藏，已知品相最好 的一枚

1898 HEATON HUNAN PROVINCE 3 Mace and 6 Candareens Silver Proof Pattern, Kann Unlisted, PCGS SP66+, Goodman-Chinese Family Collection, Finest Known 成交記錄:

2020年11月冠軍拍賣，成交價540 000美元

Auction Results： 11/2020 Champion Auction Realized USD 540,000

1911年（宣統三年）大清銀幣壹圓長鬚龍銀質 樣幣，K223，NGC MS64，張南琛/WL收藏 1911 TA CHING Long-Whisker Dollar Silver Pattern, K223, NGC MS64, NC-WL Collection, Finest Known 成交記錄: 2021年5月冠軍拍賣，成交價1 344 000美元 Auction Results： 5/2021 Champion AuctionRealized USD 1,344,000

1907年北洋造光緒元寶庫平一兩銀質樣幣， L&M438，K938a，NGC MS63，張南琛收藏， 已知品相最好的一枚

1907 CHIHLI One Tael Silver Pattern,L&M438, K938a, NGC MS63, NC Collection, Finest Known 成交記錄:

2021年5月冠軍拍賣，成交價1 140 000美元 Auction Results： 5/2021 Champion Auction,Realized USD 1,140,000

1906 年光緒丙午年造大清金幣庫平一兩，光邊 大雲版，L&M1023，K1540，NGC MS64，張 南琛收藏，已知品相最好的一枚 1906 TA CHING One Tael Gold, Large Cloud, Plain Edge, L&M1023, K1540, NGC MS64, NC Collection, Finest Known 成交記錄:

2021年5月冠軍拍賣，成交價462 000美元 Auction Results： 5/2021 Champion Auction,Realized USD 462,000

2021.5.30

NC Collection Auction Highlights

(100 NC Lots Setting Over 60 Auction Records And USD 18 Million Sold )

CHINA-EMPIRE 1911 One Dollar Silver, LongWhiskered Dragon, NGC MS64, Incused Leaf, Finest Known

Starting: US $150,000

Realized: US $1,344,000

CHINA-KIANGNAN 1898 One Dollar Silver, Circlet-like Scales, NGC MS65, NC Collection, Finest Known

Starting: US $100,000

Realized: US $996,000

CHINA-KIANGNAN 1897 One Dollar Silver, herring bone edge, NGC UNC DETAILS, superb example, Hsi/NC Collection

Starting: US $50,000

Realized: US $612,000

CHINA-KIANGNAN 1898 One Dollar Silver, Reeded Edge, NGC UNC DETAILS, One of Two in Uncirculated, NC Collection

Starting: US $60,000 Realized: US $468,000

CHINA-EMPIRE 1911 (Year 3) Long Whisker Dragon Dollar Silver, Pointed Petals, PCGS SP61, WL Collection

Starting: US $200,000

Realized: US $1,164,000

CHINA-HUPEH 1904 One Tael Set of Three Patterns in Copper and Brass, Possibly Unique, NC Collection. ( ① Brass, Large Character, NGC MS64; ② Copper, Large Character, NGC MS62 BN; ③ Copper, Small Character,NGC AU50 BN)

Starting: US $200,000

Realized: US $912,000

CHINA-REPUBLIC 1914 Yuan Shi Kai One Dollar Silver with Signature L.GIORGI, NGC SP65, Finest Known

Starting: US $150,000

Realized: US $504,000

CHINA-EMPIRE 1906 One Tael Gold, large Clouds, Plain Edge NGC MS64, Finest Known

Starting: US $100,000

Realized: US $462,000

CHINA-CHIHLI 1907 One Tael Silver Pattern, 3 Tiny Dots On Flame-Ball Arranged in A Straight Line, NGC MS63

Starting: US $200,000

Realized: US $1,104,000

CHINA-REPUBLIC ND(1916) Yuan Shi Kai One Dollar Silver with Flying Dragon, with L.GIORGI, NGC MS64, Ex. Kann Collection, Finest Known

Starting: US $200,000

Realized: US $672,000

CHINA-REPUBLIC ND (1916) Yuan Shi Kai One Dollar Silver with Flying Dragon, hat touching rim, NGC MS64, Finest Known example, Kann/NC Collection

Starting: US $60,000

Realized: US $504,000

CHINA-REPUBLIC ND(1912) Yuan Shi Kai (Named Chin The Chuen before) One Dollar Brass Trial, NGC UNC Details, Ex. Kann Collection, Unique

Starting: US $60,000

Realized: US $462,000

1897 Heaton Shanxi 50 Cent Silver, NGC SP63, Chinese Family Collection

Starting Price: USD 200,000

1897 Kiangnan 1 Dollar Silver, Herringbone Edge, NGC MS 62, NC Collection

Starting Price: USD 60,000

CHINA-REPUBLIC 1923 Tsao

Kun Civilian Clothes 1 Dollar Silver, NGC MS 64, Hsi/NC Collection

Starting Price: USD 10,000

1900 Peking Dollar Silver, Restrike, NGC MS64, Finest Known

Starting Price: USD 200,000

CHINA-SHENSI ND(1898) 10

Cents Silver Proof Pattern NGC SP66, NC Collection

Starting Price: USD 60,000

CHINA-TAIPING REBEL (18501864) Silver Coin, Tian Guo Sheng Bao, NGC AU58, NC Collection, Finest Known

Starting Price: USD 10,000

Manuscript of Dragon and Phoenix Dollar Signed by L. Giorgi with the Date and Name 'Hsu Un Yuen' who was from the Mint Bureau

Starting Price: USD 10,000

1898 Kiangnan Circlet Scale Dragon One Dollar Silver, 6 tail, NGC MS66, Finest Known, YIF Collection

Starting Price: USD 120,000

1884 Kirin 5 Mace Silver, NGC AU DETAILS

Starting Price: USD 60,000

CHINA-EMPIRE 1907 50 Cents Silver, PCGS MS62, Chinese Family Collection

Starting Price: USD 10,000

CHINA-KIRIN 1906 1 Dollar Silver, NGC AU 58, TCL Collection

Starting Price: USD 10,000

1898 Kiangnan Circlet Scales

Dragon One Dollar Silver, 8 tail, NGC MS61, Finest Known

Starting Price: USD 60,000

1914 Year 3 Empire Half

Dollar Silver, with L. Giorgi Signature, NGC MS63

Starting Price: USD 20,000

CHINA-SHENSI 1898 5 Cents

Silver Fantasy Imitative Type, Heaton, NGC MS 63, Ex.Goodman/Chinese Family Collection

Starting Price: USD 10,000

CHINA-KIANGNAN 1904 1

Dollar Silver, HAH CH, NGC MS 64, YIF Collection

Starting Price: USD 6,000

1897 Kiangan Dollar With Reeded Edge, NGC AU58, YIF Collection

Starting Price:USD 60,000

1914 Republic 10 Cash Bronze Pattern, with L. Giorgi Signature, NGC MS 64 BN, NC Collection, Finest Known

Starting Price: USD 20,000

CHINA-REPUBLIC ND(1912) Sun Yat Sen One Dollar Silver, 5-Pointed Upper Star, NGC MS 66, NC Collection

Starting Price: USD 10,000

CHINA-SINKIANG 1905 5

Miscals Silver, Y-6, PCGS MS 62, YIF Collection

Starting Price: USD 3,000