The 31st 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

2 th 周年 5

香港錢幣拍賣會即將回歸金域假日酒店 Hong Kong coin auction returns to Holiday Inn Golden Mile

第二次行龍樣/The seconddragonpattern

2024.4 第一次行龍樣/The frst dragonpattern

第

龍樣/The thirddrag tern

宣統三年壹圓銀幣設計師L.GIORGI手稿三張,邱文明藏品 CHINA-EMPIRE 1911 One Dollar Silver Coin Designer Luigi Giorgi Drawings from Arthur Coole Collection

『 本期專題 | FEATURES 』

香港錢幣拍賣會將于2024年4月回歸金域假日酒店

April 2024 Hong Kong Coin Auction Returns to the Holiday Inn Golden Mile

紐埃《楚留香傳奇》發行55周年紀念幣及其北京、香港首發紀實

The Commemorative Coin Celebrating the 55th Anniversary of the Issue of TheLegendofChuLiuXiang and Its Launch in Beijing and Hong Kong

中德和約之中的抵償債券

Offsetting Bonds in the Agreement Regarding the Restoration of the State of Peace between Germany and China

中國造幣史（上篇）

The History of Minting in China (Part I)

《東亞泉志》出版 JEAN Publications

CGC 10李志清簽名香港首發 紀念卡/CGC 10 Lee Chi Ching signed Hong Kong launch card

HongKongCoinAuctionReturnsto theHolidayInnGoldenMile

In 1984, Money Company held the frst Hong Kong auction at the Holiday Inn Golden Mile and released the first Hong Kong show panda. The first Champion sale was in 1994, and the first Hong Kong auction was in 1996 at the Holiday Inn Golden Mile.

Now, the 2024 40th Anniversary Show and Auction will be held at the legendary Holiday Inn Golden Mile where it all started. Prior to 40th Anniversary Show at the Holiday Inn Golden Mile, the auction will be jointly conducted by Hongkong International Coin Convention & Antique Watch Fair (HICC), Champion Auction and Collectibles Auction Asia (CAA). Please contact us for special consignmentratesforthisspecialauction.(Pleaseseeinformation below.)

There will also be an invitational 40th anniversary commemorative party at the Holiday Inn Golden Mile inviting participants from the original 1984 show.

April 2024 HICC/Champion/CAA Auction Highlights

Starting Price：US $1,000,000

Contact Us

Hong Kong (Hongkong International Coin Convention & Antique Watch Fair)

Mr. Simon Wong / Mr. Wayne Wong / Mr. Sam Hung

Add: Shop B-113A, Holiday Inn Golden Mile，50 Nathan Road, Kowloon, Hong Kong

Tel: 852-2366-9111

Email: info@hicc.hk

Mainland China, Macau, Taiwan, Japan, South Korea, USA, Europe

Mr. Michael Chou

Add: Avenida Da Praia Grande No.371 Edif. Keng

Ou 22 Andar A, Macau, China

Tel: 886-903937338

Email: championghka@gmail.com

◎ NGC Certification Labels

Singapore, Malaysia, Thailand, Indonesia, Vietnam

Mr. Jeffrey Wai

Add: 101 Upper Cross Street, #03-78A，People's Park Centre, Singapore

Tel: 65-9638-7225

Email: cauctionasia@gmail.com

◎ 1911 One Dollar Silver Coin Designer L. Giorgi's Drawings from the Arthur Coole Collection, 3 pieces in a set. (1) The first dragon pattern, with Arthur Coole collection label and the tie for tying to the memorial submitted to the emperor on the reverse; (2) The second dragon pattern, with Arthur Coole collection label; (3) The third dragon pattern, with Arthur Coole collection label

◎ 1984 Hong Kong International Coin Exposition Silver Panda Medal

◎ 1984 Money Company Auction Catalogue

◎ The Journal of East Asian Numismatics editor Bruce Smith and his wife Ruth Smith attending 1984 show opening party at the Holiday Inn Golden Mile

香港錢幣拍賣即將回歸金域假日酒店

1984年，金錢公司在香港金域假日酒店舉行拍賣，併發行了首枚香港國 際硬幣展覽會熊貓紀念章。2024年恰逢香港展會40周年，香港錢幣拍 賣將回到一切開始的地方——傳奇的金域假日酒店，舉辦盛大的拍賣活 動，併發行香港展會40周年熊貓紀念章。

◎《東亞泉志》編輯史博祿攜妻子魯思·史密 斯參加1984年金域假日酒店舉辦的展前開幕宴

此次拍賣將在香港國際錢幣展40周年展期間舉辦，由香港國際錢幣展 銷會暨古董 錶 交易會（Hongkong International Coin Convention & Antique Watch Fair）、冠軍拍賣（Champion

Auction）及亞洲藏品拍

賣（Collectibles Auction Asia），在香港金域假日酒店聯合舉辦。冠軍

自1994年舉辦拍賣以來，第一場香港拍賣便是于1996年在金域假日酒店 舉行。如有意進行委託，請聯繫我們以瞭解這場特別拍賣的委託費用相關

信息。上海辦公室電話：86-21-62130771/微信：1026841006/郵箱：jeanzg1994@163.com。其他 國家或地區請參見下方委託信息。

此外，我們還將在金域假日酒店舉辦40周年紀念特別邀請宴。宴會將邀請自1984年第一場拍賣 的參與嘉賓共襄盛舉，敬請期待！

2024.4 香港國際錢幣展銷會暨古董錶交易會/冠軍拍賣/亞洲藏品拍賣聯合拍賣亮點

◎ 宣統三年壹圓銀幣設計師L.GIORGI手稿一套三張,包括：（1）第一次行龍樣，面朝外，背面有邱文明收藏標籤和用于系至奏摺的系帶；（2）第二次行龍樣，立龍，面朝左， 右側貼有邱文明收藏標籤，龍面後用于壹角、貳角及伍角幣；（3）第三次行龍樣，面朝右，龍右側貼有邱文明收藏標籤，皆為邱文明藏品。

委 托 聯 系 信 息

香港地區·香港國際錢幣展銷會暨古董錶交易會

黃健輝 / 黃毅華/孔慶森

地址：香港九龍彌敦道50號金域假日酒店B113A

電話：852-2366-9111

郵箱：info@hicc.hk

中國內地、澳門、臺灣、日本、韓國、美國、歐洲 周邁可

地址：澳門南灣大馬路371號京澳大廈22樓A座 手機：886-903937338 郵箱：championghka@gmail.com

新加坡、馬來西亞、泰國、印度尼西亞、越南

魏亨泰

地址：101克羅士街上段珍珠大廈#03-78A室 電話：65-9638-7225

郵箱：cauctionasia@gmail.com

◎ 1984年第三屆香港國際硬幣展覽會紀念章 （設計師陳堅）

◎ 1984年金錢公司拍賣目錄

JEAN

《東亞泉志》

2023免費訂閱

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。

GoldOil,Gold,andtheDollar-SaudiArabia'sThree-in-oneCurrencySystemwith CoinsastheNationalCurrency

中英雙語-電子季刊 Bilingual(English-Chinese)DigitalQuarterly

LiHongZhang(2ndfromleft)withhiseldestsonLiJingfang(3rdfromleft),secondsonLiJingshu (1stfromleft),andthirdsonLiJingmai(4thfromleft)

The202355thanniversaryofissueofGuLong LegendofChunovelcommemorativecoin

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

Hans-Henning Goehrum 漢斯 -亨寧 · 格魯姆

Technical Advisor 技術顧問

Gu Jun 顧軍

Senior Editor 高級編輯

Bruce W. Smith 史博祿

Steve Feller 史蒂夫·費勒

Advertising & Circulation Manager 廣告與發行經理

Esther Zhao 趙婷婷

Marketing Advisor 市場顧問

Mark Sutton 馬克·修頓

Chinese Editor 中文主編

Yuan Shuiqing 袁水清

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

European Correspondent 歐洲通訊員

Oliver Strahl 奧利弗·斯特拉爾

Tan Wanmei 譚婉梅 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」

臺北辦事處Taipei Office

臺北市南京西路163號1樓50室

電話 ：886-2-25551761

手機：+886-903937338

郵箱 ：championghka@gmail.com

上海辦事處Shanghai Office

上海市普陀區常德路1211號寶華大廈1808室

電話 ：86-21-62130771

郵編：200060 郵箱：jeanzg1994@163.com

FOREWORD （

Welcome to the 31st issue of the Journal of East Asian Numismatics

This is also the first issue since the journal has obtained an ISSN.

First of all, we would like to share some exciting news. On the occasion of the 40th anniversary of the first coin show held at the Holiday Inn Golden Mile, the Hong Kong coin auction will return to the place where it all began - the legendary Holiday Inn Golden Mile Hotel - for a grand auction in April 2024. Prior to the 40th anniversary show at the Holiday Inn Golden Mile, the auction will be jointly conducted by Hongkong International Coin Convention & Antique Watch Fair, Champion Auction, and Collectibles Auction Asia. Please contact us for special consignment rates for this special auction. There will also be an invitational 40th anniversary commemorative party at the Holiday Inn Golden Mile inviting participants from the original 1984 show. More information has been announced in this issue.

One of the featured articles in this issue is Offsetting Bonds in the Agreement Regarding the Restoration of the State of Peace between Germany and China by our good friend Stephen Tai. The article describes the background of the offsetting bonds and their destinations.

Eduard Kann's Chinese Minting History will be reprinted in three parts in JEAN, and this issue contains the first part, which describes the background and capacity status of each provincial mint.

There have been quite a number of exhibitions recently, and this issue introduces the launch of the Legend of Chu Liu Xiang commemorative coin at the Hong Kong and Beijing shows. In addition, Yuan Shui-Qing, the Chinese editor-in-chief of the journal, wrote an article reviewing the 18th Chinese Copper Coin Symposium held in Taiyuan, and our US correspondent Matthew Brotherton introduced the 2023 Summer Fun Show.

Issue 31 continues with articles by our good friends Jeff Garrett

and David Vagi, Finding a Numismatic Mentor and The Decline of Roman Silver Coinage - Part II, respectively. Both articles were reprinted with the permission of NGC.

Zhou Bian's book review for China Collection – Numismatic SpecialEdition is published in this issue. Chris Van den Kluws from Belgium has written a recommendation article for his new book The Large Tin and Lead Coins of Lower Burma, through which readers may become interested in this little-explored area.

Our good friend, King Chan, also contributed the article A Review ofmyEarlyCoinandStampCollectingExperience. Dr. Tseng Chelu’s How Much Do You Know about the Chopmarks on Taiwan Old Man Dollars? is also published in this issue.

We are sorry to hear about the passing of Howard A. Daniel III and Glen Jorde, so we would like to pay tribute to them here. It is worth mentioning that Howard previously contributed many articles to the journal.

This issue received some interesting submissions, including Chinese and Foreign Commemorative Coins Related to Primitive Human Calculators in the Past Two Hundred Years - From Ancient Abacus to Computer by Chang Shao-Long, A Study on the Existence of the Undated Guangxu Three-Mace Silver Coins by Chen Hong-Yu, and ResearchonSzechuan20-CentDragonPatterns by Luo Yang.

We hope that every reader will find an article of interest in this issue.

We also look forward to seeing you at the ANA International Coin Fair, Pittsburgh, on August 7-9 (table 215) and the Hongkong International Coin Convention & Antique Watch Fair (HICC) on August 29-31 (table 106-107).

Michael Chou Publisher & Editor-in-Chief

CONTENTS

Focusing on the Numismatic World and Increasing Numismatic Knowledge: ChinaCollections-CoinSpecialEdition

TheLargeTinandLeadCoinsofLowerBurma

Zhou Bian〔Shanghai〕

Kris Van den Cruyce〔Belgium〕

Sold Out Summer 2023 FUN Show Reflects that the Numismatic Market Shows No Signs of Slowing Down

RIP Howard

Glen Irving Jorde, one of the founders of PMG, Passed Away

J. Matthew Brotherton〔USA〕

Roger Urce〔USA〕

How Much Do You Know About the Chopmarks on Taiwan Old Man Dollars

My Early Coin and Stamp Collecting Experience

The 18th Chinese Copper Coin Symposium was Held in Taiyuan

Obituary

Che-lu Tseng〔USA〕 King Chan〔Hk〕

Yuan Fang〔Xi'an〕

A Study on the Existence of the Undated Guangxu Three-Mace Silver Coins

Research on Szechuan 20-Cent Dragon Patterns

FEATURES

DEPARTMENTS

Chen Hongyu〔Chengdu〕

Luo Yang〔Shenzhen〕

April 2024 Hong Kong Coin Auction Returns to the Holiday Inn Golden Mile

Champion〔Shanghai〕

The Commemorative Coin Celebrating the 55th Anniversary of the Issue ofTheLegendof ChuLiuXiang and Its Launch in Beijing and Hong Kong

Yuan Shuiqing〔Xi'an〕 Esther Zhao〔Shanghai〕

Offsetting Bonds in the Agreement Regarding the Restoration of the State of Peace between Germany and China

The History of Minting in China (Part I）

Stephen Tai〔Taipei〕

Eduard Kann〔USA〕

Chinese and Foreign Commemorative Coins Related to Primitive Human Calculators in the Past Two Hundred Years - From the Ancient Abacus to the Computer

The Decline of Roman Silver Coinage（Part Ⅱ）

Finding a Numismatic Mentor

Zhang Shaolong〔Beijing〕

David Vagi〔USA〕

Jeff Garrett〔USA〕

前 言 qian yan

歡迎大家閱讀《東亞泉志》第31期。這也是本刊註冊國際 標準刊號後的第1期。

首先，我們想在此與各位分享一個激動人心的消息。2024 年恰逢香港金域假日酒店首次舉辦國際錢幣展 40周年，香

港錢幣拍賣會將回到一切開始的地方⸺傳奇的金域假日 酒店，舉辦盛大的拍賣活動。此次拍賣將在香港國際錢 幣展 40周年展期間舉辦，由香港國際錢幣展銷會（Hong kong International Coin Convention & Antique Watch Fair）、冠軍拍賣（Champion Auction）及亞洲藏品拍賣 （Collectibles Auction Asia），在金域假日酒店聯合舉辦。

此外，我們還將在金域假日酒店舉辦 40周年紀念特別邀請 宴。宴會將邀請自1984 年第一場拍賣的參與嘉賓共襄盛舉。

更多信息已在本期雜誌公佈。

本期專題文章之一是我們的好友戴學文先生撰寫的《中德 和約之中的抵償債券》。文章介紹了抵償債券的誕生背景及 其最終的流向。

耿愛德的《中國造幣史》將分為三部分重新刊載在《東亞泉 志》上，本期刊載的是一部分，介紹了各省造幣廠的背景及 產能狀況。

近期展會頗多，本期雜誌介紹了《楚留香傳奇》紀念幣在先 後北京、香港兩地首發的盛況。另外，本刊中文主編袁水 清先生撰文對在太原舉辦的第十八屆中國銅元研討會作了 綜述。

第31期雜誌中還繼續刊載了我們的好友傑夫 加勒特先生 和大衛 · 瓦吉先生的文章，分別是《尋找一位錢幣領域的導

師》和《羅馬銀幣的衰落（下）》。這兩篇文章均獲 NGC 授 權轉載。

周邊先生撰寫的《中國收藏 - 錢幣專輯》刊評在本期發佈。 而來自比利時的克裏斯 · 範登 · 克魯斯為其新作《下緬甸地 區錫、鉛幣》撰寫了推薦文章，讀者通過該文或將對這一 鮮有人涉足的領域產生興趣。

我們的好友陳景林先生也為本期雜誌貢獻了《早期郵幣生涯 回顧》一文。曾澤祿先生的《臺灣道光老公銀餅鑄造溯源 及戳印略檢》一文也在本期刊載。

我們遺憾的得知了 PMG 的格倫 喬德和霍華德 丹尼爾先 生逝世的消息，特在本期進行悼念。霍華德曾有多篇文章 刊載于《東亞泉志》。

本期雜誌收到了多篇頗具趣味性的投稿，包括張紹龍先生 撰寫的《人類原始電腦 200 年⸺從古代算盤到與電腦有關

的中外紀念幣》、陳虹宇先生的《無紀年光緒銀圓三錢存在 性初探》，以及羅陽先生的《川龍貳角樣幣研究》。

我們希望每位讀者都能在本期雜誌中找到感興趣的文章。

我們也期待與各位在8月7日至9日美國匹茲堡 ANA 國際錢 幣展銷會（展位 215），以及8月29日至 31日香港國際錢幣展 銷會暨古董錶交易會（展位106-107）上再見！

目 錄

聚焦泉界 增添泉識：《中國收藏-錢幣專輯》

《下緬甸地區錫、鉛幣》誕生背景及概要

周 邊〔上海〕

克裏斯·範登·克魯斯〔比利時〕

2023年夏季佛羅里達聯合錢幣展會商品售罄：錢幣市場行情無調整的跡象 霍華德·丹尼爾逝世

PMG創辦人之一格倫·喬德逝世

臺灣道光老公銀餅鑄造溯源及戳印略檢 早期郵幣生涯回顧 第十八屆中國銅元研討會在太原舉行 無紀年光緒銀圓三錢存在性初探 川龍貳角樣幣研究

馬修·布拉澤頓〔美國〕

羅傑·厄斯〔美國〕

訃告

曾澤祿〔美國〕 陳景林〔香港〕

圓 方〔西安〕

羅 陽〔深圳〕 陳虹宇〔成都〕

香港錢幣拍賣會將于2024年4月回歸金域假日酒店 紐埃《楚留香傳奇》發行55周年紀念幣及其北京、香港首發紀實

中德和約之中的抵償債券

中國造幣史（上篇）

冠軍研究室〔上海〕

袁水清〔西安〕趙婷婷〔上海〕

戴學文〔臺北〕

耿愛德〔美國〕

人類原始電腦200年——從古代算盤到與電腦有關的中外紀念幣 羅馬銀幣的衰落（下）

尋找一位錢幣領域的導師

張紹龍〔北京〕

大衛·瓦吉〔美國〕

傑夫·加勒特〔美國〕

Focusing on the Numismatic World and Increasing Numismatic Knowledge

ChinaCollections-CoinSpecialEdition

◎ Zhou Bian〔Shanghai〕

ChinaCollections-CoinSpecialEdition is published four times a year. International standard book number: 1009586; standard book number: 11-4502/GO. For Chinese residents, if you subscribe to China Collections for a whole year at the post office, you will get four issues of special editions for coins. The retail price is 30 RMB per issue and 360 RMB for a year.

Founded by China Business News Press in 2000, the journal China Collections ( 中國收藏 ) has been well appreciated by readers and collectors for its fresh and elegant style, its focus on the market and wonderful content. The journal started the coin special edition in 2016, and nearly 70 issues have been published in more than a decade. Relying on the rich resources and authoritative influence of China Collections and the active participation and support of numismatic communities, collection associations and collectors from all over the country, the special edition is influential in the numismatic community at home and abroad owing to its great marketability, practicality and knowledge.

China Collections - Coin Special Edition has columns such as "Appreciation of Tide", "Figures", "Discussion", "Permanence", "Search for Treasures" and "Tasting". Among them, "Appreciation of Tide" is an important column of the frontier information of the coin industry. It shares information on the rise and fall of the coin market, the ebb and flow of

numismatic investments, the emerging of grading agencies, etc. It works to record history, reflect on successes and failures, and advocate for collectors. The "Discussion" section focuses on the variety, authenticity, and quality of coins. The "Permanence" section is just like its name. It works to explore the culture in historical currency. It uses coins to show the changes of the years and tell exciting stories. The articles in the "Tasting" section make readers feel like tasting a cup of tea. It shares the experience of collecting coins in a relaxing and comfortable way, which is quite memorable. The authors of the journal are senior experts, scholars, descendants of famous collectors, and ordinary collectors. The articles published by these enthusiasts discuss and introduce from various angles such as professional research, collecting experience, appreciation, etc. They bring to the readers their latest achievements of numismatic research, information on the numismatic market, and the experience of collecting coins in an easy-to-understand way, which leads to a brand-new reading experience.

聚焦泉界 增添泉識

《中國收藏-錢幣專輯》

《中國收藏-錢幣專輯》一年四期，國際刊號：1009-586，國內刊號：11-4502/GO。在郵局訂閱全年《中國收藏》雜誌，即可得其中四期《中 國收藏-錢幣專輯》。零售價30元，郵局全年訂閱價360元。

由中國商報社2000年創辦的《中國收藏》雜誌，因風格清新， 雅俗共賞，聚焦市場，精華紛現而深受讀者好評，以及業 界愛好者的普遍歡迎。2006年，開始發行《中國收藏-錢幣 專輯》雜誌，至今已有十多年歷史共近70期專輯。其依託《中 國收藏》的豐富資源和權威影響，各地錢幣學會、收藏協 會和藏家的踴躍參與積極支持，以市場性、實用性和知識 性為杠杆，在國內外錢幣界具有影響力。

《中國收藏-錢幣專輯》辟有“觀潮”“人物”“論道”“千 秋”“尋珍”“品茗”等欄目。其中，“觀潮”是泉界前沿動 態和一線風尚的重要欄目，反映錢幣市場的升降浮沉、錢 幣投資的風潮起伏、評級機構的參與興起等等信息。為歷

史作見證，為成敗作思考，為藏家作代言。“論道”欄目以 版別、真偽、品相為主要內容，側重錢幣收藏中的問題。“千 秋”則文如其名，內容是探尋歷史貨幣中的文化，以錢幣 來見證、述說歲月變遷和其中的精彩故事。“品茗”欄目的 文章就像品茶，以輕鬆舒適將錢幣藏品的入藏經歷、體會 婉婉道來，令人回味無窮。《中國收藏-錢幣專輯》的作者， 既有資深專家、學者、名人後代，也有民間收藏家、愛好者。 發表的文章分別以專業研究、收藏心得、淘寶欣賞等為着 力點，從不同方位作探討介紹，均通過通俗易懂的方式將錢 幣研究的最新成果，錢幣市場的信息和收藏錢幣的體會和 樂趣，帶給了讀者，給讀者帶來全新的閱讀體驗。

TheLargeTinandLeadCoinsofLowerBurma

◎ Kris Van den Cruyce〔Belgium〕

One of the countries and regions, where studies on older coins and money in general is still in its early stages, is Myanmar. A country bordering China's Southern province Yunnan.

In the past 2 centuries, British officers wrote some articles on this. But it was only in 1980 when M. Robinson and L.A.Shaw published their book The coins and banknotes of Burma, an extensive overview became available. In 1986 a second book of M. Robinson was published The Lead and Tin coins of Pegu and Tenasserim. More than 20 years later at last, in 2007 to be precise, a first book by a Burmese was published under the title Auspicious symbols and ancient coins of Myanmar. This book from Than Htun (Dedaye) is still the reference work that covers the entire numismatic history, with extensive information on symbols and animals appearing on the coins. A must have. And finally, in 2012, Dietrich Mahlo published a great book covering the coins from the first millennium under the title The earlycoinsofMyanmar(Burma)

Four books on the numismatic history of a country with so many fascinating historical stories to tell, beautiful ancient sites like Bagan, Mrauk U, .... A paradise for collectors. Recent archaeological research tends to confirm this.

The country was several times occupied by its neighbors from Siam (current Thailand) and had an important role on the Maritime silk route between East and West. Ships were unloaded in Burmese ports from where merchandise was transported to Siam and China. This was done to prevent the trading ships from lying idle for months, to a lack of wind, in the Strait of Malacca or, worse, being robbed by pirates.

Where trade exists, money/coins are needed. Also in the trade between Southeast Asian's trading ports of China, India, Malacca and Burma itself... our Burmese ports played a role. All of this trade is the starting point of this book.

About 5 years ago I acquired the collection tin and lead coins from a Dutchman who traveled for 20 years to Burma. The coins had a diameter between 6 and 8 cm, weighing up to 450 grams. A number of the acquired pieces was not in M. Robinson's book from 1986. So a new book, The large tin and lead coins of lower Burma, was born. (Fig. 2) During the writing I got into contact with Jim Potter who is doing research on the region's history and traveled over the landroutes the traders used to follow centuries ago. His articles were very inspiring and confirmed what we suspected of the region when

Fig. 1 Photo off Bagan in North Myanmar, from a balloon

studying its coins. Also he published a book, Tanintharyi Yazawin: the Chronicles of Tenasserim, one can find on amazon (https://www.amazon.com/Tanintharyi-YazawinChroniclesGyiSein/dp/B0BW2SL84Z/ref=sr_1_1?crid=1RFID FJNMH2F7&keywords=U+gyi+sein&qid=1678072326&spref ix=u+gyi+se%2Caps%2C581&sr=8-1) Two books at the same moment: one focusing on coins and another on the region's history. Coincidence?

Already in the 16th century there was a strong Portuguese presence in cities like Pegu, Mergui, ... Mergui was a melting pot with traders, refugees, priests, ... from India, Persia, Armenia, Arabic,various European nations, ... and China. The latter were present as traders in most, if not all, Burmese ports long before Europeans.

ISBN = 978-90-9028-945-8, hardcover, A4 pages. Number of pages is 169, language is English, price is 37 EUR + shipping to China via track and trace is 36 EUR, so total amount is 53 EUR.

The book can be ordered by contacting Kris Van den Cruyce at vercrusse.coins@gmail.com.

People interested in Bhutan can also order the book The coinageofBhutanuptothemid-20thcentury from the same author, at the price of 37 EUR.

As you can see above, already in the 15th century cities like Martaban, Dawei and Tavoy were documented on the Mao Kun map. Meaning trade between China and some Burmese cities was already taking place at that time.

As I wrote, where there is trade: coins are needed. The more than 250 fascinating coins included in the study, some weighing up to 525 grams, were in my opinion used between the 14th and 19th century. The coin included herunder is an example dated

Fig. 3

As you can see above, in the 15th century cities like Martaban, Dawei and Tavoy were already documented on the Mao Kun map. Meaning trade between China and some Burmese cities was already taking place at that time.

Fig. 2 ThelargetinandleadcoinsoflowerBurma 2023, hardcover, 169 pages

We can read the date of 761 ME (=1399/1400 CE) in mirror script on the 3rd row on the reverse

Chinese characters

is above the elephant, and there is a square on the reverse

We can see the square on the reverse, and the obverse portraits a Naga (serpent)

1399 or 1400 CE. (Fig. 4)

It is unclear if this date reflects the year the coin was casted or points to an earlier event in history. However, the existence of these coins in the 14th century is not impossible since the Mao Kun map from the 15th century mentions some cities from Lower Burma.

Amongst the oldest coins casted, are a series of very rare octagonal pieces showing Chinese characters on the obverse and a square on the reverse. The latter refers to the square hole in the cash coins. From a report written in 1581 by Caeser Fredericke, merchant in Venice,we know that "...It is not the money of the King, but every man may stampe it that will ...". So these were most likely casted by Chinese traders. Here is such an example. (Fig. 5)

The early pieces of this group are octagonal, the more recent pieces are round in shape - also having a square on the reverse. (Fig. 6) These could also be casted by Governers of Chinese origin.

These large tin and lead coins were used in trade for several hundreds of years, not for daily transactions since barter was the standard for common goods. Taxes, up to 10% at some ports in time, had to be paid when importing and transporting goods to Siam and China. It is unknown if these coins had other purposes or were used outside Lower Burma but recently 30 of them werefound in an old Assamese trading port. (Fig. 7)

From a chronological perspective we can order the coins as follows in time ...

The coins were rarely auctioned until a few years ago. Recently many pieces are auctioned from several older collections. Some of them reached high prices , attracting new sellers to offer their collections. I assume that many more will come to surface in the near future.

All of this supplemented with archeological and historical findings from the past twenty years by Prof. Elizabeth Moore and Jim Potter, who is currently sifting through the Portuguese archives. An exceptional story is being written.

Fig. 7 Part of 30 tin and lead coins

Fig. 4 Nbr VC_100.1.1

Fig. 6 NbrVC_621.1.1

Fig. 5 Nbr VC_600.2.1

豐民

《下緬甸地區錫、鉛幣》誕生背景及概要

◎ 克裏斯·範登·克魯斯〔比利時〕

緬甸是一個與中國南方省份雲南接壤的國家。目前，世界錢 幣界對一些國家和地區的古錢幣和一般貨幣的研究仍處于 早期階段，緬甸便是其中之一。

在過去的2個世紀裏，幾位英國官員寫了一些關于這方 面的文章。但直到羅賓森（M. Robinson）和肖（L.A.

Shaw）在1980年出版《緬甸硬幣和紙鈔》（The coins and banknotes of Burma）一書，錢幣界才對緬甸貨幣有了一 個全面的概述。1986年，羅賓森先生的第二本著作《勃固和

丹那沙林的錫、鉛幣》（The Lead and Tin coins of Pegu and Tenasserim）出版。20多年後，準確地說，是2007年， 第一本由緬甸人丹屯所著的緬甸錢幣書籍——《緬甸吉祥符 號和古錢幣》（Auspicious symbols and ancient coins of Myanmar）出版。相關研究者必須擁有丹屯先生（Than Htun，來自緬甸伊洛瓦底省德代耶鎮）的這本書，因為這 是一本涵蓋了整個緬甸錢幣史的參考書，其中有大量關于錢 幣上出現的符號和動物的信息。最後，在2012年，迪特裏 希·馬洛（Dietrich Mahlo）出版了一本了不起的書——《緬 甸早期錢幣》（The early coins of Myanmar (Burma)）， 該書涵蓋了緬甸第一個千年中發行的貨幣遺存。

這四本關于緬甸錢幣歷史的書中有很多迷人的歷史故事，還 涉及了蒲甘（圖1）、妙烏等美麗的古遺址。最近的考古研究 也證明了，這裏是收藏者的天堂。

圖2《下緬甸地區錫、鉛幣》，2023，比利時弗蘭德，精裝，169頁

本書ISBN 978-90-9028-945-8，英文，硬封，A4尺寸，共169頁。定 價37歐元，至中國運費36歐元，總計73歐元。

如欲訂購，可聯繫克裏斯·範登·克魯伊斯（Kris Van den Cruyce），郵箱vercrusse.coins@gmail.com。

對不丹錢幣感興趣的人，也可以訂購本書筆者撰寫的《20世紀中葉 前的不丹錢幣》（The Coinage of Bhutan up to the Mid-20th Century），定價同為37歐元。

圖1 從氣球上拍攝的緬甸北部蒲甘地區附近的照片

圖3 正如你所看到的，像馬達班、土瓦這樣的城市早在15世紀就已經被記錄在茅坤圖上。這意味着在那個時候，中國和緬甸一些城市之間就 已經在進行貿易了。

這個國家曾數次被其鄰國暹羅（現泰國）佔領，並在東西方 之間的海上絲綢之路上發揮了重要作用。為了防止商船因無 風而在麻六甲海峽閒置數月，或者發生更糟的情況——被 海盜搶劫，船隻常常在緬甸港口卸貨，商品再從那裏運往 暹羅和中國。

有貿易的地方，就需要貨幣尤其是硬幣。此外，緬甸的港口 在中國、印度、麻六甲和緬甸本身的東南亞貿易港口貿易中 也發揮了作用。所有這些貿易正是本書的出發點。

我大約在5年前，從一個在緬甸旅行了20年的荷蘭人那裏買 下了他收藏的錫、鉛幣。這些錢幣的直徑在6至8釐米之間， 重達450克。我買下的這些錢幣中，有一些未曾收錄于羅賓 森 1986年出版的書中。于是，一本新書——《下緬甸地區錫、 鉛幣》誕生了（圖2）。書名中的下緬甸地區，指緬甸南部靠 近孟加拉灣，安達曼海沿海的各省、邦。我在寫作過程中， 與吉姆·波特（Jim Potter）取得聯繫。他當時正在對該地 區的歷史進行研究，並重走了幾個世紀前商人曾經走過的陸 路。他的文章非常具有啟發性，證實了我們在研究該地區的 錢幣時對該地區的懷疑。他還出版了一本書，《丹那沙林統 治者的歷史：丹那沙林編年史》（Tanintharyi Yazawin: the Chronicles of Tenasserim）。這本書可以在亞馬遜上 買到(網址：https://www.amazon.com/TanintharyiYazawin-ChroniclesGyiSein/dp/B0BW2SL84Z/ref=s r_1_1?crid=1RFIDFJNMH2F7&keywords=U+gyi+sein

&qid=1678072326&sprefix=u+gyi+se%2Caps%2C581& sr=8-1)。如今，同時有兩本書面世，一本專注于錢幣，另一 本則專注于該地區的歷史。這是巧合嗎？

早在16世紀，葡萄牙人就已經在勃固、丹老等城市有了很強 的影響力。勃固有來自印度、波斯、亞美尼亞、阿拉伯等歐 洲國家和中國的商人、難民、牧師，是個大熔爐。尤其是 中國人，早在歐洲人之前就作為商人出現在緬甸大多數的 港口。（圖3）

正如我所寫的，有貿易的地方，就需要錢幣。我的研究中包 含了250多枚迷人的錢幣，有些據我估計在14至19世紀之間 使用的錢幣重達525克。下面圖4就是一枚年份為公元1399 年或1400年的錢幣。

目前還不清楚這個年份是錢幣鑄造的年份，還是指向歷史 上更早發生的事件。然而，這些錢幣並非不可能存在于14世 紀，因為15世紀的茅坤圖就已經提到了下緬甸的一些城市。

在最早鑄造的緬甸錢幣中，有一系列非常罕見的八角形 錢幣，正面是中國字，背面是一個方形，意指銅錢上的 方孔。我們可以從威尼斯商人凱撒·弗雷德裏克（Caeser Fredericke）在1581年寫的一份報告中知道，“這不是國王 發行的錢幣，但每個人都可以正確地使用它......”所以這些 錢幣很可能是由中國商人鑄造的。圖5便是一枚這種錢幣。

圖4 編號Nbr VC_100.1.1

背面第三行的鏡像銘文寫着緬曆761年（公元1399/1400年）

這種錢幣早期是八角形的，後來則是圓形的，背面也有一 個方形（圖6）。這些錢幣也可能是由來自中國的宣慰使所監 督鑄造的。

鑒于以物易物是普通商品最早的交易方式，因此這些大的 錫、鉛錢幣應當是在貿易中使用了幾百年，而非用于日常交 易。在進口和運輸貨物到暹羅和中國時，必須繳納稅款， 在某些港口稅率最高可達10%。我們不知道這些錢幣是否 有其他用途，或曾在下緬甸以外的地區使用，但最近，在阿 薩姆的一個古老的貿易港口發現了30枚這種錢幣。

我們可以將這些錢幣按時間順序排列如下（圖7）：

圖5 編號Nbr VC_600.2.1

大象圖案上方為漢字“豐民”，背面是一個方形

圖6 編號：VC_621.1.1

我們可以看到錢的背面中心有一個方形，正面是一條 Naga（蛇）

圖7 發現的30枚錫、鉛錢幣的一部分

這些錢幣即便是在幾年前都很少有出現在拍賣上。但最近， 許多出自古早收藏的下緬甸地區錫、鉛幣亮相拍賣會，其

中一些以很高的價格成交，吸引了新的賣家來出售他們的收 藏。我想，在不久的將來，還會有更多的這種錢幣浮出水面。

所有這些研究都輔以伊莉莎白·摩爾教授（Prof. Elizabeth Moore）和吉姆·波特（Jim Potter）過去20年的考古研究 和歷史發現。而吉姆·波特目前也正在為撰寫一個非同尋常 的故事而翻閱葡萄牙的檔案。

Sold Out Summer 2023 FUN Show Reflects that the Numismatic Market ShowsNoSignsofSlowingDown

◎ J. Matthew Brotherton〔USA〕

Greetings and I hope that all of our readers are having a wonderful summer! I am happy to report that the 2023 Summer Florida United Numismatists ("FUN") show was a sold out success with over 270 numismatic dealer booths. The 17th Annual Summer Fun Show took place from July 13-15 at the Orange County Convention Center and proved that the numismatic and collectibles market shows no signs of slowing down in 2023! Historically, the Summer FUN Show has often taken a back seat to its sister the Winter FUN Show, which is known as the bellwether show in the numismatic industry. However, last year the Summer FUN Show was the first major show that fully opened up in the United States after the COVID Pandemic causing a blockbuster show. That momentum from last year carried into this year's Summer FUN Show, causing a quick sellout of dealers from all over the world and was attended by thousands of collectors over the three day event. The theme for this year's show is "Exploring Space: Next Stop Fun 2023" and featured special participation by the Astronauts Memorial Foundation. A space exploration-themed limitededition note featuring Artemis 1 (part of NASA's new Artemis Program to put humans back on the moon) was produced specifically for the show in which the proceeds go to help honor fallen astronauts and their families as well as develop and fund STEM (science, technology, engineering, and math) programs for our youth.

As usual, most of the coin and currency dealers at the show were extremely pleased with the collector attendance and sales for the show. Demand for physical precious metals continues to be very high, resulting in strong bullion sales of gold, silver and platinum at the show. High grade vintage gold, premium Morgan dollars, and key date U.S. type coins continue to be sought after by collectors. Large size U.S. federal notes and

high denomination notes continues to be sought after on the U.S. currency side. For international coins and currency, the most requested items continue to be vintage Chinese gold, silver and early copper coins and vintage Chinese currency. This year, I also noticed an increase in demand for better vintage Korean coins and currency as well. As always, the Summer FUN Show offered something for everyone including grading service appraisals, educational seminars, auctions, collector meetings, events for young numismatists such as panning for gold, scout merit badge programs, and other events.

For this Summer FUN Show, I again set up with my business partner Rick Stelzer (Vintage Collectibles Group of Sarasota, Florida), Michael Chou (President of Champion Auctions), and Adam Biagi (Pacifica-Panhandle of Monterey, CA), a wellrenowned numismatist that specializes in foreign coins and currency. It is with sad news that I report our friend who usually set up with us at major coin shows, Glen Jorde (Lake Region Coin & Currency of Devil's Lake, ND), passed away peacefully at his home in North Dakota the Sunday prior to this year's Summer FUN Show. Glen was a top-notch numismatist, whose highlights include being the co-founder of PMG ("Paper Money Guaranty"), past President of PCDA ("Professional Currency Dealer Association"), and was just this January named a FUN Numismatic Ambassador. Glen was a great friend and mentor to many, especially young numismatists, and could always be seen laughing and smiling at coin shows. A scholarship for a young numismatist at the Summer ANA Grading Seminar in Colorado Springs, CO (where Glen taught many times) has been set up by his numismatic friends in Glen's honor.

A highlight of this year's Summer FUN Show was being able to view some recently graded gold coins of the "Great Kentucky

Hoard" discovered earlier this year by a man on his Kentucky farm. Well-known numismatist and U.S. coin expert, Jeff Garrett is handling the recently discovered coins and called this collection one of the "highlights of his career." The Great Kentucky Hoard consists of over 700 American Civil War dated coins from 1840 to 1863. Many of the coins discovered include $1 U.S. gold pieces, $10 U.S. gold Liberty coins, and $20 U.S. gold Liberty Double Eagles. Numismatic treasures discovered in the hoard include gold rarities from the Dahlonega and Charlotte Mints and almost a roll of superb examples of the elusive 1863 Double Eagle $20 gold piece. Jeff Garrett stated that the coins were a "virtual time capsule of Civil War era coinage." According to Coin World, the entire collection of coins from the Great Kentucky Hoard is worth millions. Given the location and timeline of the coins, Ryan McNutt, a conflict archeologist at Georgia Southern University stated that "it is entirely possible this [the coins] were buried in advance of Confederate General John Hunt Morgan's June to July 1863 raid [into Kentucky during the American Civil War]." While viewing this collection of numismatic treasures, one could not help but think of the history in which these coins were a part of.

This year's educational seminars were particularly interesting. Longtime former FUN Convention Coordinator, Cindy Wibker, gave an informative discussion on "Collecting Civil War Tokens" covering how these tokens came into existence, subjects they covered on the tokens, and best books and resources available to learn more about them. Randy Campbell, former President of FUN and the National Silver Dollar Roundtable, gave a presentation on the "Top 10 Dates in the Morgan Dollar Series in Circulated Condition" which

gave focus to these rare coins often overlooked in the popular series. A "So-Called Dollars" presentation was given by Tony Swicer, current FUN President. "So-Called Dollars" is the term given usually to dollar-sized coins issued to honor important events, expositions, anniversaries, world's fairs, and similar events. Collectors for "So-Called Dollars" have been growing over the past few years and the seminar was well attended. Another particularly interesting seminar, "Coin Design and the Role of the Citizens Coinage Advisory Committee," was given by Lawrence Brown, the current chairman of the CCAC. CCAC is the committee that advises the U.S. Treasurer on coin designs and makes suggestions concerning content of new numismatic items put out by the U.S. Treasury. Needless to say, this presentation contained some lively discussion and did not disappoint.

In summary, this year's Summer FUN Show was another success after last year's blockbuster show. Precious metal sells continue to point to another strong year for the numismatic industry in 2023 as demand continues to drive the market through the year. Who knows, it is possible that one day the Summer FUN Show will be as popular as the Winter FUN Show that highlights our industry, so if you ever get the opportunity you should attend one or both of them. I want to give best wishes to our readers all over the world, and I look forward to seeing my good friends, Michael Chou, Jeffrey Wai, and others this November at the Champion Macau Auction and the HICC/Champion/CAA Auction in April 2024. Until next time, all the best in your numismatic pursuits and enjoy the rest of your summer!

Michael Chou discussing the gold coins from the "Great Kentucky Hoard" with Jeff Garrett

The gold coins from the "Great Kentucky Hoard"

◎ 馬修·布拉澤頓〔美國〕

大家好，我首先希望所有讀者都能度過一個愉快的夏天！

第17屆夏季佛羅里達聯合錢幣展于7月13日至15日在奧蘭多 國家會展中心舉行。我在此很高興地向大家報告，擁有270 多家幣商展位的2023年夏季佛羅里達聯合錢幣展商品售罄， 取得了圓滿成功！這證明錢幣和收藏品市場行情在2023年 未有調整的跡象。歷年夏季佛羅里達聯合錢幣展會往往排 在其姊妹——冬季佛羅里達聯合錢幣展會之後舉行，而冬 季佛羅里達聯合錢幣展會被稱為錢幣行業的風向標。但是， 2022年夏季佛羅里達聯合錢幣展是新冠肺炎疫情後在美國 全面開放的第一個大型展會，轟動一時。這種勢頭延續到了 此次夏季展上，來自世界各地幣商手中的商品迅速售罄，在 為期三天的活動中，有數千名收藏家參加了展覽。宇航員紀 念基金會特別參與了此次展會，此屆展會的主題是“探索太 空：下一站——2023年佛羅里達聯合錢幣展”，我們還專門 為此次展覽製作了以阿爾忒彌斯1號（美國國家航空航天局 新的阿爾忒彌斯計劃的一部分，旨在讓人類重返月球）為主 題的限量版太空探索主題紙幣，其收益將用于紀念犧牲的 宇航員及其家屬，以及為青少年開發的有趣項目（科學、技 術、工程和數學領域）。

與往常一樣，大多數參加展會的幣商都對此次展會的藏家出 席率和銷售額感到非常滿意。随着貴金屬實物需求的持續 高漲，展會上黃金、白銀和鉑金商品銷售強勁。高分的機製 金幣、好品相的摩根銀元和重要年份的美國類型幣繼續受 到藏家們的追捧。美國貨幣方面，大面額的美國聯邦紙幣 和其他大額鈔票繼續受到追捧。國際貨幣方面，最受歡迎 的仍然是中國機製金幣、銀幣、早期銅元以及中國古幣。我 還注意到對好品相的韓國機製幣和紙鈔的需求也有所增加。 夏季佛羅里達聯合錢幣展一如既往地為每個人提供了豐富 的活動內容，包括評級服務評估、教育研討會、拍賣會、收 藏家會議、為青少年錢幣愛好者舉辦的活動（如淘金活動）、 童子軍徽章計劃以及其他活動。

在這次夏季佛羅里達聯合錢幣展上，我再次與商業夥伴瑞 克·斯特拉爾（佛羅里達州薩拉索塔古董收藏品集團創辦 人）、周邁可（冠軍拍賣公司總裁）和專門研究外國錢幣和 貨幣的著名錢幣學家亞當·比亞吉（美國加利福尼亞州蒙特 雷地區的東南亞錢幣專家）一起合作。我們的朋友格倫·喬 德（他在北達科他州魔鬼湖運營一家貨幣公司）通常在大型 錢幣展上與我們一起布展，但展會前一周的星期天，他在

2023年夏季佛羅里達聯合錢幣展會商品售罄

錢幣市場行情無調整的跡象

北達科他州的家中安詳離世。格倫·喬德是一位一流的錢幣 學家，他是PMG的創始人之一、專業貨幣交易商協會的前 任主席，2023年 1 月剛剛榮獲佛羅里達聯合錢幣展錢幣大 使的稱號。格倫·喬德是許多人，尤其是年輕錢幣愛好者的 摯友和良師益友，在錢幣展上總能看到他談笑風生的身影。

為了紀念格倫，他的朋友們設立了一項獎學金，用于資助一 位年輕的錢幣藏家參加在科羅拉多州斯普林斯舉辦的美國 錢幣協會夏季評級研討會（格倫曾多次在該研討會上授課）。

此屆夏季佛羅里達聯合錢幣展的一大亮點是能夠看到 一些剛剛經過評級的“肯塔基大寶藏(Great Kentucky Hoard)”中的金幣。這些金幣2023年早些時候，一名男子 在他的肯塔基農場發現的。著名錢幣學家和美國錢幣專家 傑夫·加勒特（Jeff Garret）正在處理這批最新發現的錢幣， 並稱這批錢幣是他“職業生涯的亮點之一”。“肯塔基大寶藏” 包括700多枚1840年至1863年美國內戰時期的硬幣。其中

有1美元金幣、自由像10美元金幣和20美元雙鷹金幣。發 現的錢幣珍品包括達洛內加和夏洛特造幣廠生產的珍品金 幣，以及幾乎一些難以見到的1863年20美元雙鷹金幣中的 極品。這些硬幣就像是“內戰時期美國錢幣留下的實實在在 的時光膠囊”。《硬幣世界》稱，“肯塔基大寶藏”中的全部 硬幣價值數百萬美元。考慮到硬幣保存的位置和時間，佐 治亞南方大學的考古學家瑞安·麥克納特（Ryan McNutt）

說：“這些硬幣完全有可能是在1863年6月至7月邦聯將軍約 翰·亨特·摩根在（美國內戰期間）突襲肯塔基州之前被埋 下的。”在欣賞這批錢幣珍品的同時，人們不禁會想到這些 錢幣的歷史。

此屆展會期間的教育研討會特別有趣。曾長期擔任佛羅 里達聯合錢幣展年會協調員的辛迪·維伯克（Collecting

Civil War Tokens）就“收集內戰代幣 ”作了內容豐富的 介紹，演講內容包括這些代幣是如何出現的、代幣上涵蓋 的主題以及瞭解這些代幣的最佳書籍和資源。佛羅里達聯 合錢幣展和全國銀元圓桌會議前主席蘭迪·坎貝爾（Randy Campbell）發表了題為“流通中的摩根銀元系列”的演講， 重點介紹了這些在流通幣中經常被忽視的稀有硬幣。佛羅里 達聯合錢幣展的現任主席托尼·斯維塞爾（Tony Swicer） 作了題為“號稱美元的硬幣”的主題演講。“號稱美元的硬幣” 通常是指為紀念重要事件、博覽會、周年紀念、世界博覽會 和類似活動而推出的一種紀念章。過去幾年中，“號稱美元 的硬幣”的收藏者越來越多，參加研討會的人也越來越多。 另一場特別有趣的研討會是由現任諮詢委員會主席勞倫斯· 布朗（Lawrence Brown）主講的“錢幣設計與公民鑄幣諮 詢委員會的作用”。公民鑄幣諮詢委員會的作用負責就錢幣 設計向美國財政部長提供建議，並就美國財政部推出的新 錢幣產品的內容提出建議。毋庸置疑，以上演講引起了熱 烈的討論，沒有讓人失望。

總之，2023年夏季佛羅里達聯合錢幣展是繼2022年之後的 又一次成功。貴金屬銷售情況表明，2023 年錢幣行業將再 創輝煌，因為需求將繼續推動全年市場的發展。誰知道呢， 說不定有一天，夏季佛羅里達聯合錢幣展也會像冬季佛羅 里達聯合錢幣展一樣受歡迎，成為我們行業的亮點。所以 如果你有機會，應該參加其中的一個展會，甚至兩個都參 加。我想向世界各地的讀者致以最美好的祝願，並期待着 在2023年 11 月的冠軍澳門拍賣會及2024年4月的HICC/冠 軍/CAA聯合拍賣會上見到我的好朋友周邁可、魏亨泰和其 他人。下次再見，祝大家在錢幣收藏方面一切順利，並祝 夏日愉快！

周邁可與傑夫加勒特討論“肯塔基大寶藏”中的金幣 “肯塔基大寶藏”中的金幣

RIP Howard

◎ Roger Urce〔USA〕

Howard A. Daniel III passed away at the age of 81 on April 5. 2023 after battling advanced melanoma cancer for 6 months. Howard was born in New York City and was the eldest of seven children produced by Howard A. Daniel, Jr. and Anita Lawler. He is survived by his wife of fifty years, Phung Daniel, and four younger siblings, his two sisters, Joan Ellis and Anne Moble, and two brothers, Michael Lawler and James Miolla.

Howard served in the United States Army, enlisting in 1957 and retiring in 1981 achieving the rank of Master Sergeant. He was recalled to active duty in 1991 in support of the Desert Storm campaign and later retired in the same year. Howard's service included assignments in France, Okinawa, Japan, Germany and Viet Nam where he met and married his wife.

Howard was a very successful and knowledgeable collector, researcher and writer having published six books on the currencies of Cambodia, Lao, Vietnam and the whole of French Indochina. His books are part of the standard references for Southeast Asia. In the 90s he also wrote a popular regular column for World Coin News, and later many articles for which he earned a number of awards.

Howard was a frequent speaker at the annual International Paper Money Show in Memphis, TN on topics related to the various currencies of Southeast Asia and China.

In past 25 years, Howard and Phung made yearly trips to Vietnam to visit family. During those trips, Howard

travelled throughout Vietnam, Lao, Cambodia and Thailand meeting collectors, researchers and currency dealers while doing research for his books. He befriended many of those he met and was revered for his knowledge and dedication to numismatics. His most recent research dealt with the currencies of Burma and Malaya.

He became a Life Member of the American Numismatic Association in the 1972, awarded the ANA Glenn Smedley Memorial Award in 2008 and was later earned a 50-year member in the same organization. He was also a member of Numismatics International and was a Life Member of the International Bank Note Society (IBNS), and served on the Executive Board as First Vice President, Director at Large and Chair of the Young Numismatists Committee. He was inducted into the IBNS Hall of Fame in 2017. He was also awarded the Numismatic Ambassador Award by Numismatic News in 2004.

Howard was generous with his time and happily shared his knowledge, especially to the young people who would come to his table at various numismatic events. He would make up little bags of coins, notes and other coin-like items and give them away with the instruction to do the research and learn about what they had.

Howard was a good, honest and kind man who will be greatly missed not only by those of us who knew him well, but by the numismatic community at large.

Rest in peace, my friend.

霍華德·丹尼爾逝世

◎ 羅傑·厄斯〔美國〕

霍華德·丹尼爾（Howard A. Daniel III）在與黑色素瘤晚期癌症鬥爭了6個月之後，于 2023年4月5日逝世，享年81歲。霍華德出生于紐約市，是小霍華德·丹尼爾（Howard A. Daniel, Jr.）和安妮塔·勞勒（Anita Lawler）所生7個孩子中的老大。他身後留下了結 婚50年的妻子馮·丹尼爾（Phung Daniel）和4個弟弟妹妹，包括兩個妹妹瓊·埃利斯 （Joan Ellis）和安妮·莫布爾（Anne Moble），以及兩個弟弟邁克爾·勞勒（Michael Lawler）和詹姆斯·米奧拉（James Miolla）。

霍華德曾于1957年入伍，在美國陸軍服役，獲得軍士長軍銜，于1981年退役。他于1991 年被召回服役，以支持“沙漠風暴”行動，隨後于同年退役。霍華德服役期間，曾在法國、日本、德國和越南 執行任務，並在越南遇到了他現在的妻子馮·丹尼爾，後來兩人結婚。

霍華德是一位非常成功且知識淵博的收藏家、研究者和作家，他出版了六本關于柬埔寨、老撾、越南和法屬 印度支那貨幣的書籍。他的著作是東南亞錢幣研究領域標準的參考書。他還在20世紀90年代為《世界硬幣新聞》 （World Coin Cnews）撰寫固定專欄，頗受讀者喜愛。他後來又寫了多篇文章，並因此獲得了許多獎項。

霍華德經常在田納西州孟菲斯舉行的年度國際紙幣展上，發表各種東南亞和中國貨幣的相關演講。

霍華德和馮·丹尼爾在過去的25年裏，每年都會去越南探親。霍華德在這些旅途中，走遍了越南、老撾、柬 埔寨和泰國。他在為著作做研究的同時，會見了很多收藏家、研究人員和貨幣交易商。他結識了許多人，並因 其所擁有的廣闊知識和對錢幣學的卓越奉獻而受到人們的尊敬。而他最新的研究是關于緬甸和馬來亞的貨幣。

霍華德在1972年成為美國錢幣協會的終身會員，在2008年被美國錢幣協會授予格倫-斯梅德利紀念獎，後來 又成為該組織的“50年會員”。他也是國際錢幣學會的成員，國際銀行票據協會（IBNS）的終身會員，並在 執行委員會中擔任第一副主席和青年錢幣學者委員會主席。他于2017年入選國際銀行票據協會名人堂，還在 2004年獲錢幣新聞網站頒授的錢幣大使稱號。

霍華德在錢幣界是一位慷慨奉獻的人，他樂于分享他的知識，尤其是在各種錢幣活動中與他同桌的年輕人進 行分享。他會把硬幣、紙幣和其他類似硬幣的東西裝在小袋子裏，然後把它們送給別人，並在他人進行研究 的時候予以指導，瞭解他們的研究成果。

霍華德是一位善良、誠實的人。不僅我們這些熟悉他的人，整個錢幣界都會非常想念他。

我的朋友，安息吧。

訃告

Glen Irving Jorde, one of the founders of PMG, Passed Away

About Glen Jorde

Glen Jorde attended the first Red River Valley Coin Show in 1959 when he was eleven. As a dealer in the early 1970's, he operated out of Monroe, Michigan, home town of George Heath. I knew him as a regular at the two large coin shows in Minnesota each year. His specialty was paper money but he also had several binders with trade tokens for sale.

Jorde was elected to the board of the Central States Numismatic Society in 1998. He announced his candidacy for president in 2007 but then withdrew before the election. He was a senior grader, finalizer and manager with Paper Money Guarantee, LLC, beginning in 2005 and continuing to January 2011. He had worked with Micky Shipley and he operated as Mick's Currency in Devils Lake, North Dakota, while Glen was manager of PMG. I talked with Glen after he announced that he was leaving PMG. He said that in the current market, he could make much more if he returned to dealing.

Jorde was elected president of the Professional Currency Dealers Association in 2000. He taught paper money grading at the ANA Summer Seminars and had some training sessions at the Central States conventions.

Glen Jorde was named a Numismatic Ambassador in 2023.

Glen Irving Jorde, 75, of Devils Lake, ND, passed away on Sunday, July 2, 2023, surrounded by family. A memorial service will be held Friday, July 14, 2023, at 2:00 p.m. at Northwood Evangelical Lutheran Church in Northwood. A visitation will be held from 1:00 p.m. until the time of the service at the church.

Glen Irving Jorde was born on January 13, 1948, to Olaf and Eileen (Aarestad) Jorde, in Moorhead, MN. He was raised in Northwood, ND and he graduated from Northwood High School in 1965. Glen enjoyed football and wrestling. He was known to his friends by the nickname "Moose".

He attended NDSU earning a Bachelor of Pharmacy degree in 1970. Glen was involved with ROTC and a member of the Kappa Psi fraternity. He was also a member of the army reserves.

On June 13, 1970, Glen was united in marriage to Marlys Swartz at Grafton Lutheran Church in Grafton, ND. They made their home together in Devils Lake, ND. Glen and Marlys share one daughter together, Lynn (Jorde) Saalfeld. Glen was united in marriage to Trudy Ellen on June 18, 1982, at Our Saviors Lutheran Church in Devils Lake.

Through this union, he gained a stepdaughter, Crystal Smeltzer, whom he adored.

He was a pharmacist and businessman in Devils Lake, ND for over 50 years. Glen worked at Ramsey Drug, then later the Clinic Pharmacy; he retired from Pharmacy in recent years. He owned and operated Lake Region Coin and Currency. Glen was a member of the American Numismatic Association, Professional Currency Dealers Association, the Elks, and numerous other organizations. Glen had extensive knowledge of United States rare coins and collectibles. He will be remembered for being kind, generous, fair, having a wonderful sense of humor, and his great laugh.

He is survived by his daughters, Lynn (Jorde) Saalfeld, and Crystal Smeltzer; granddaughter, Ava Saalfeld; 1 sister, Myrna (Phil) McDougald; 1 brother, Elton (Keren) Jorde; 2 nieces, 2 nephews.

He is preceded in death by his parents.

Memorial donations may be sent to the Lake Region Heritage Center, P.O. Box 245, Devils Lake, ND 58301. Arrangements made with Bilden-Askew Funeral Home, Northwood, ND.

PMG創辦人之一格倫·喬德去世

格倫·喬德

格倫·喬德于1959年參加了第一屆紅河谷錢幣展，當時他只有11歲。20世紀70年代初，格倫在 喬治·希斯的家鄉密歇根州門羅市經營錢幣生意。明尼蘇達州每年有兩次大型錢幣展，他是那 兒的常客。他專長紙幣，但也做其他生意。

格倫·喬德于1998年當選為美國中部各州錢幣協會董事會成員。2007年，他宣佈競選會長，但 在選舉前退出。

格倫自2005年起至2011年1月，一直擔任PMG公司的高級評級師和經理。他曾與米奇·希普利 （Micky Shipley）共事。在其擔任PMG經理期間，他還在北達科他州德魔鬼湖經營着一家錢幣公司。格倫宣佈離開PMG之後 曾表示，在目前的市場環境下，如果他重新開始做交易，可以賺得更多。 2000年，格倫·喬德當選為專業貨幣交易商協會（Professional Currency Dealers Association）主席。

他在美國錢幣協會夏季研討會上講授紙幣評級知識，並在中部各州大會上舉辦了一些培訓課程。 格倫·喬德于2023年榮獲錢幣大使稱號。

格倫·喬德（Glen Irving Jorde），家住美國北達科他

州魔鬼湖，于2023年7月2日星期日在家人的陪伴下去 世，享年75歲。追悼會已于2023年7月14日星期五下午 2:00在諾斯伍德福音路德教堂舉行，下午1:00至儀式開 始前在教堂舉行了遺體瞻仰活動。

格倫·喬德于1948年1月13日出生于明尼蘇達州的穆爾 黑德，父親是奧拉夫·喬德（Olaf Jorde），母親是艾 琳·喬德（Eileen (Aarestad) Jorde）。他在諾斯伍德 長大，1965年畢業于諾斯伍德高中。格倫喜歡足球和 摔跤。他的綽號“駝鹿”為朋友們所熟知。

格倫曾就讀于北達科他州立大學，是學院音樂兄弟會 的成員，並于1970年獲得藥劑學學士學位。之後，他 參加了預備役軍官訓練營，還是陸軍預備役成員。

1970年6月13日，格倫·喬德與瑪麗斯·斯沃茨在北達 科他州的格拉夫頓路德教堂舉行了婚禮。他們一起在 北達科他州的魔鬼湖安家。格倫·喬德與瑪麗斯·斯沃 茨有一個女兒琳恩（喬德）·薩爾費爾德。

1982年6月18日，格倫·喬德與特魯迪·艾倫在魔鬼湖 的救世主路德教會結為夫妻。通過這段婚姻，他有了一

個繼女斯梅爾特澤，並且非常喜歡她。

他是一名藥劑師，也是一名商人，在北達科他州魔鬼 湖工作了50多年。格倫·喬德曾在拉姆齊藥房工作，後 來又在診所藥房工作；他最近幾年從藥房退休了。他擁 有並經營着一家錢幣公司。格倫是美國錢幣協會、專 業貨幣交易商協會和許多其他錢幣組織的成員。

格倫·喬德對美國稀有錢幣和收藏的錢幣有着豐富的知 識。人們會記住他的善良、慷慨、公正、幽默和爽朗的 笑聲。

他留下了兩個女兒，琳恩（喬德）·薩爾費爾德和斯梅爾 特澤；外孫女艾娃·薩爾費爾德；一個妹妹，麥娜（菲爾） 麥克杜格爾德；一個弟弟，埃爾頓（凱倫）喬德；兩個 侄女，兩個侄子。

他的父母先他而去。

有意者可向美國湖區遺產中心進行紀念性捐款，地址： 美國魔鬼湖湖區遺產中心，郵政信箱編號245，郵編 58301。殯葬儀式由諾斯伍德的比爾登-阿斯庫殯儀館 安排。

How Much Do You Know About the Chopmarks on Taiwan Old Man Dollars ◎ Che-lu Tseng〔USA〕

In 1939, Chiang Chung-chuan's ( 蔣仲川 ) book Illustrations of Chinese Gold, Silver and Nickel Coins ( 中國金銀鎳幣圖 ) said: "In the seventeenth year of the Daoguang's reign (1837), Zhang Wen ( 張溫 ) rose up in Du Bai Kou, Xin Zhen County, Tainan State, calling himself the Xingming Grand Marshal. He ordered the minting of the silver cake featuring the longevity god, weighing 7 mace and 2 candareens, and this kind of coin is commonly known as Old Man Dollar in Taiwan."

Since then, almost all numismatic books and journals have agreed with this statement, including the article about the Daoguang silver cakes in the first issue of the Chuan Pi ( 泉 幣 ), Peng Xinwei's ( 彭信威 ) Chinese Currency History ( 中 國貨幣史 ), Chang Huang's ( 張璜 ) Chinese Silver Dollar and Tael Catalog ( 中國銀圓及銀兩幣 ), Zhang Huixin's ( 張信 惠 ) Illustrated Catalog of Chinese Coins ( 中國貨幣史話目

錄 ), Eduard Kann's Chinese Currency, and Chinese Currency

Through the Ages ( 中國歷代貨幣 ) by the People's Bank of China. All reference books have said so, so this has become accepted knowledge.

I have no idea which historical document Chiang Chung-chuan's conclusions are based on. I have searched many historical materials about the history of Taiwan and that of people fighting against the Qing government, but I could not find anyone named Zhang Wen in the historical records, and I do not know where Du Bai Kou, Xin Zhen County, Tainan State is which is referred to in the literature. It is also said that the silver cake was struck when Zhang Wen rose up against the Qing. Do you think it is possible? Since Zhang Wen called himself the Great Marshal of Ming, why did he still use Manchu script and the reign title of Daoguang of the Qing dynasty? The people in Taiwan fought against the Qing dynasty due to the oppression of the government. It was a momentary impulsive action, and it lasted only a year. Given the numerous varieties of the Old Man Dollar, it must have been produced for more than a year. Also, given there is a number of chopmarks, which means they were

not in circulation for a short time, Zhang Wen could not have minted so many silver cakes within a year. Therefore, Chiang's claim is not credible.

On page 270 of the fifth edition of A Chinese Commercial Guide by S. Wells William, it says: "The provincial treasurer of Fuhkien issued a local coin in 1838, about the size of a Spanish dollar. The obverse bore a portrait of the god of longevity, with an inscription showing that it was cast in the reign Taukwang, and by the treasure scales weighed 7 mace 2 cand., and was struck with ying ping, i.e., 'a cake of pure sycee silver.' The reverse exhibited a tripod, denoting that it was a government coin struck for the army, with the legend Taiwan in Manchu, to show that it was cast in Formosa. The workmanship of this coin was very crude. In 1842, this piece had already depreciated in weight, and in 1845, it was 5 percent underweight."

From the historical records about Taiwan in the Ming and Qing dynasties, it can also be deduced that it is plausible that the silver cake was minted in the 18th year of Daoguang (1838) by the official mint bureau of the Taiwan treasurer rather than being minted by the Zhang Wen during the uprising.

Although the existing Old Man Dollars feature various chopmarks, the smiley face of the gold of Longevity is still the same. The chopmarks make the coin even more quaint and lovely, as an art of chopmarking!

The author has seen the following chopmarks:

原刊載于1994年《東亞泉志》第1期

臺灣道光老公銀餅鑄造溯源及戳印略檢

◎ 曾澤祿〔美國〕

1939年蔣仲川著作《中國金銀鎳幣圖說》稱：“道光十七年 （1837年），張溫在臺南州新震郡度白口地方起事，自稱興明 大元帥，鑄造此種壽星銀餅，計重七錢二分，此幣在臺灣俗 稱老公銀。”

自從蔣仲川這麼一說，幾乎所有錢幣書刊都是照抄不誤，例 如《泉幣》第一期《道光銀餅》，彭信威《中國貨幣史》，張 璜《中國銀圓及銀兩幣目錄》，張惠信《中國貨幣史話目錄》， 耿氏《中國貨幣》，中國人民銀行《中國歷代貨幣》等等大大 小小的錢幣參考書都是這麼說，好像已成定論無談矣！

蔣仲川不知根據何種史料文獻？我找了許多有關臺灣歷史史 料以及義民抗清的史料，都找不到有這種所謂“張溫”這個 人，也不知到臺南州新黨郡度白口地方是指何處，又說是張 溫起義時鑄，您想這有可能嗎？既然張溫自稱為“興明大元 帥”，為什麼還用滿清文字，為什麼又用清朝的道光年號呢？ 臺灣義民抗清均是官逼民反，一時衝動之舉，起義僅一年 間即被鎮壓，從老公銀留存下來的版式眾多，鑄造時間不會 僅是一年，而且戳印之多，也非是短暫流通行用，因此張溫 不可能鑄造這麼多銀餅，蔣氏之說不可信也。

在1863年，S. Wells William著作英文書本——《中國通商 手冊》第五版第270頁有這麼說：“在1838年，福建道庫發 行當地銀幣，大小如同西班牙銀元，正面有老公壽星，並有 道光年鑄及庫平七錢二分，並且是足紋銀餅，背面有三足鼎 爐，這表示政府官定的銀元支付軍餉，滿文字有臺灣，表 示它是在臺灣鑄造，這種銀元的製作很粗糙，在1842年這 種老公銀已經減輕，在1845年已經減輕到百分之五......”

從臺灣明清史料也可以旁側推理，道光銀餅在道光十八年 （1838年）鑄造是可信的，並不是張溫起義所鑄，是臺灣府 庫官鑄之幣。

老公銀留存下來儘管是“千錘百鎜”“戳痕累累”，但老公笑 臉面容依然如故，更多的鎜印反而覺得它的古樸可愛，也是 一種戳印藝術之佳作矣！

筆者略檢戳印如下：

My Early Coin and Stamp Collecting Experience

◎ King Chan〔Hong Kong〕

I became interested in stamps in the late 1970s. Like most high school students back then, my extracurricular activities were relatively simple, and I enjoyed visiting stamp stores and bookstores as many other students did.

In those days, there were many independent stamp stores located in various shopping malls, among which the largest was the Yang Nai-Chiang Stamp Store located in Ocean Terminal (today's Harbour City) in Tsim Sha Tsui, Hong Kong. Mr. Yang is a world-renowned stamp dealer, and his store was well-decorated and visited by many foreign philatelists. What impressed me most was a row of bookcases filled with stamp albums from all over the world, which was quite spectacular. I heard that many of the rare modern Chinese stamps came from this store. There were also a few coins for sale. Mr. Yang was

also one of the first stamp dealers in the Chinese collecting community to launch a catalog and locator book for modern Chinese stamps. Modern Chinese stamps are well stocked in his store, and the 1980 monkey 8-cent stamps (now worth over RMB 10,000 yuan) were sold for only 0.4 HKD. Mr. Yang and his wife are from Fuzhou, both are gentle and elegant.

Another impressive stamp club is the Security Stamp Club in the Ping An Building, in Yau Ma Tei, which sells stamps and coins from all over the world and is a place of inspiration for many students. The store is like a small museum, displaying coins and stamps from all over the world, and there are also many foreign coins catalogs for sale, and new stamps can be ordered on behalf of the owner. As far as I remember, I have never seen the owner, and there was only a male clerk. The

Postage Stamp & Postage History Catalogue of Hong Kong

store was later run by the owner's second generation relatives.

I am Chinese, so I love my country, and of course, that love is reflected in my stamp collecting. In those days, the Commercial Press, the China Bookstore, the Sanlian Bookstore, and all the major Chinese bookstores sold New Chinese stamps. Every time a new stamp was issued by China, it was sold in these bookstores a few days later and was available in unlimited quantities. The small sheets that cost tens of thousands of Hong Kong dollars today were sold for only 3 HKD back then, equivalent to the price of a bowl of wonton noodles, and they were available in unlimited quantities.

In those days, there were many independent stamp shops located in Yau Ma Tei, Mong Kok, Sham Shui Po District, Sheung Wan, and Causeway Bay, and most of them dealt with British stamps at very high prices due to the exchange rate. However, I did not feel any affinity from the bottom of my heart with these stamps, even though I agreed that these stamps were beautifully printed and well-designed. I have a strong impression of a dealer. Although he had a lot of modern Chinese stamps in his store, he remarked to me: "Mainlanders even do not have food to eat, so what's the prospect of their stamps". In fact, a large number of so-called "high-class" British stamps in his store have had no appreciation for more than 40 years and even depreciated for a hundred times. There is no one to ask for these stamps, and they are just like raffle tickets!

There is an international money company in central Hong Kong, which is probably the first coin dealer to operate by direct mail. They regularly sent colorful leaflets to customers, collaborated with HSBC on commemorative medals, and imported large quantities of foreign coins, including the Olympic commemorative coins exported to the United States by China in the 1980s. The company's customers are mainly middle and upper-class professionals, and it mainly adopts a pre-order-and-collect method to sell foreign currency by sellers. I remember one of my rare buying experiences with the store. When I saw a French Mona Lisa one-ounce gold coin whose price was close to the gold price, I bought it gladly, but a few days later I received a call from the salesman saying that the price was wrong and asked me to return it. I did return it, as the

salesman had little experience.

There is also a shopping mall named Shing Lee Commercial Building in Central Sheung Wan, near which there are several old coin and stamp stores and the China Great Wall Coin Company operated directly under the state. The most unforgettable thing is that in the 1990s, the Great Wall Coin Company sold full-plate consecutive banknotes to commemorate the 10th anniversary of Macau's return to China at HKD 1,500, and everyone could subscribe to 3 or 4. I used to give these banknotes as gifts back then. The famous Avenue of Stars of antique stores is also within walking distance. Shing Lee Commercial Building has two floors of stores selling stamps, coins, and antiques. At the height of the time, many famous foreign stamp and coin collectors gathered here, and the famous collectors of Bruce Lee's collection were also here. There are still a few surviving coin stores with owners who are collectors, knowledgeable about coins, and friendly to customers.

I feel most deeply about the Ho Mong Kok Shopping Center in the center of Kowloon, which was opened in the 1980s. It was a very good shopping mall with elevators at that time. In the past, those who ran a coin business could only earn a living at most, and it was difficult to "get rich" or make a lot of money. However, since China’s reform and opening up, many stamp speculations have created many wealthy people. The most famous one was purchasing a department by selling monkey stamps (a stamp dealer with a unique vision bought a large number of monkey stamps at HKD 30 per sheet when everyone looked down on the modern Chinese stamps, which were available in unlimited quantities at the China Stamp Agency Press in Hong Kong back then) and buying and reselling for a big profit (a stamp dealer bought gold monkey stamps for $100,000 and flew to Beijing to sell them for one million HK dollars the next night). At its peak, mainland coin dealers repeatedly came to collect goods, and the three-story shopping mall was so full that they could not even get in. It was a small business that was only enough to make a living, but many very wealthy people were created because of China’s economic development. I think we should be grateful.

早期郵幣生涯回顧

我20世紀70年代末開始對郵票產生興趣。就如當年大部分 中學生一樣，課外活動相對簡單，很多學生喜歡逛郵幣社 和書店。

那個時代，還有很多獨立的郵票社分佈于各個商場裏，其

中最具規模的莫過于位于尖沙咀海運大廈（今日海港城）內

的楊乃強郵票社。楊先生是世界著名的郵商，店鋪裝修講 究，很多外國集郵愛好者來訪，最令我印象深刻的是店內

一排書櫃裝滿一本一本世界各國的郵票供人選購，頗為壯

觀。聽說不少新中國郵票大珍均出自此店，也有少量錢幣出 售。楊先生也是華人藏界中最早推出新中國郵票目錄和定位 冊的郵商。新中國郵票庫存充足，1980年猴子8分郵票（如 今價值人民幣萬元以上）賣4角港幣。楊先生與夫人是福州 人，均為人溫文爾雅。

另外一間印象深刻的郵幣社是位于油麻地平安大廈的保安 郵票社，銷售世界各國郵票和錢幣，對很多學生來說均是 收藏啟蒙之地。店內仿如一間小型博物館，展示世界各國 銀幣和郵票，還有不少外國郵幣目錄銷售，也可以代訂新郵。 印象中從未見過老闆，一位男店員據說是雇員，後來該店 由老闆的第二代經營。

我是中國人，所以熱愛祖國，熱愛當然體現于集郵方面， 我熱愛新中國郵票。當年商務印書館、中華書局、三聯書 店和各大國貨公司均有出售，每次中國發行新郵，隔幾天在 這些書店便有銷售，而且無限量供應，如今上萬元的小型張， 當年才賣3元錢，而且無限量供應，等于一碗雲吞面的價錢。

當年有很多獨立郵票社分佈于油麻地、旺角、深水埗、上環 和銅鑼灣等地，大部分經營英屬郵票，因匯率原因價錢都很 高，但我打從心裏沒有任何親切感，儘管認同這些票均印刷 精美，漂亮。最有印象的是有一位老闆，儘管店內有不少新 中國郵票，卻對我說一句讓我反感的話：“大陸人連飯都沒 得吃，郵票有什麼收藏前景可言。”事實上，他也是得到回 報：店內大量的所謂“高級”英屬票至今四十多年，不單止 毫無升值，甚至貶值百倍，根本乏人問津，形同花紙頭！

在中環有一家國際金錢有限公司，應該是最早以郵遞直銷 方式經營的幣商。他們定期向顧客寄發色彩鮮豔的單張， 與匯豐銀行合作推出紀念章，進口大量外國錢幣，包括80 年代新中國出口到美國的奧林匹克紀念幣。這家公司的顧客 對象多為中上層專業社會人士，主要採取先預定後取幣的方 式銷售。店內陳列不少外幣，亦有多位銷售員。記得我鮮 有的一次購買體驗，當年看到一枚法國蒙拿麗莎一盎司金 幣，接近金價銷售，隨即欣然買下，但竟然數天後接到銷售 員電話，說價格賣錯了，讓我退回去，我也退回了，畢竟銷 售員經驗淺薄。

中上環還有一個誠利收藏品商場，附近有幾家有歷史的郵幣 社和國家直屬的中國長城硬幣公司，最令人難忘的是90年 代長城公司出售人民幣整版大炮筒，發行價才港幣1 500元， 而且每人都能認購到3 、4筒，我當年都是用作送禮的。著 名的荷裏活道古董街也在步行範圍中。誠利商場有兩層，有 銷售郵票、錢幣和古董的商店。盛極一時的時候外國郵票 和錢幣的集中地，臥虎藏龍，著名的李小龍藏品收藏家也 在這裏。現在仍有數間經營不錯的錢幣社，老闆均是收藏 愛好者，有幣識，待客親切友善。

我感受最深的是九龍中心地帶的好旺角郵幣收藏品市場， 大概是80年代開業的，有當年來說是配套非常好的商場， 還有電梯。從前經營郵幣生意，最多只是賺取生活費用， 很難“發達”或者賺大錢。但自從國家改革開放以後，多次 郵票炒賣風潮造就了不少富翁，最聞名的是“版換樓”（某 郵商眼光獨到，在大家看不起新中國郵票時以每版30元港 幣購入大量猴版票，當年中國在港郵票代理商務印書館是 無限量供應的）和 收購轉售撿大漏的 故事（某郵商以10 萬收購金猴版票連

夜坐飛機往北京放 售百萬）。最鼎盛的 時期，大陸郵幣商 多次前來收貨，三 層商場人流水泄不 通，無法擠進去。

本來只夠糊口的小 生意，卻因為國家 經濟發展，造就了 很多“大款”。我覺 得大家應該感恩。

◎ 陳景林〔香港〕

香港郵票目錄

The 18th Chinese Copper Coin Symposium was Held in Taiyuan

◎ Yuan Fang〔Xi'an〕

On July 7th, 2023, 150 copper coin collectors and researchers from all over China visited the Shanglan International Hotel in Taiyuan, the capital of Shanxi Province, to participate in the 18th China Copper Coin Symposium. The event lasted for three days. The symposium included three focuses of exchange, seminar, and visit, and it was held successfully under the careful planning and organization of the organizing committee headed by Cui Libo ( 崔立波 ), a well-known copper coin collector. (Fig. 1)

On the first day, participants checked in, shared their "treasures", and took photos together (Fig. 2). The prelude of the copper coin exchanges was opened. Some attendees completed the coin transaction according to the agreement through WeChat in advance, while most people were seeking to buy the coins and varieties of their own needs onsite. There were also a few people inquiring about prices and speculating trends to seek the best time to purchase. Copper

coin collector Wu Hongwei ( 武宏偉 ) said, "I have a harvest and thank you for all the friends!" This copper coin symposium was worth the trip. Attendees could see the coins that they had never seen to broaden their horizons, and they could also meet old friends and make new friends.

The reception dinner was held at 7:30 p.m. amidst cheers and laughter. Cui Libo gave a warm and brief welcome speech. Bao Liben ( 包立本 ), chairman of the Changzhou Antique Trade Association, donated his calligraphic work "Exploration in the Ocean of Coin" to the symposium for congratulations (Fig. 3). A silver and copper medal set with special numbers (Fig. 4) were auctioned, with medals numbered 1, 88, and 111 realizing 1,000 RMB each.

On the morning of July 8, the seminar hosted by copper coin expert Zhou Qinyuan ( 周沁園 ) was the highlight of the symposium (Fig. 5). The seminar was broadcast by five popular hosts from

Fig. 2 From left: Cui Libo, Li Pingwen, He Huazhong, Cao Yi Fig. 3 Gift of the calligraphic work. From left: Xu Tian , Bao Liben, Cui Libo

Fig. 1 Group photo

The medals are minted by Shanghai Minting Co., Ltd., with a mintage of 300 sets, and 36mm in diameter. The silver medal is 99.9% in purity and weighs 20g.

The obverse depicts Mount Wutai in Shanxi Province (including the core scenic spots such as the Buddha Sakyamuni Buddha relic tower, Bodhisatta Peak, and Xiantong Temple), with the inscriptions "The 18th Chinese Copper Coin Symposium" and "Made by Shanghai Minting Company Limited" in Chinese.

The reverse features representative copper coins minted in Shanxi during the Republic of China period (including the obverse of 1-cash Chinese copper coin, twenty-cash Chinese copper coin, and the obverses of military workers' consumption tokens of 2 different denominations), with the year "2023" and the location "Taiyuan, Shanxi" marked.

Kuaishou. Duan Honggang ( 段洪剛 ), a famous expert and leader in the copper coin community, made an impassioned speech on the theme of "Love Copper Coin and Promote Copper Coin Culture. Gather to Make Friends and Inherit Civilization" (Fig. 6). He said that the number of participants was the largest ever and the attendees were the elites in the Chinese copper coin community. The copper coin symposium was not easy to organize. Zhou Qinyuan, Chen Zhonghua ( 陳忠華 ), Wang Baoning ( 王寶寧 ), and Duan are the must-attendees at every symposium (Figure 7). It is the love for Chinese copper coins and the cherished friendship that brings them together. The symposium has been held for 20 years, and it is believed that it will be held continuously. We want to make the culture of copper coin collection spread farther and farther, and let more friends join the team of Chinese copper coin collection and research.

copper coin market was now entering a period of adjustment, but the prices of patterns, existing rare coins, special varieties, and high-grade coins were still firm. Yuan used the 13 coins that sold for more than $100,000 for a single coin at Beijing Chengxuan's Spring 2023 auction as examples. He then introduced the work of Champion Auction and the JEAN in promoting the collecting and research of Chinese copper coins, including the inclusion of 25 rare copper coins in the third edition of Top Chinese Coins, the introduction of the monographs on copper coins by domestic and international senior collectors, the publication of more than ten articles on research results, and sponsorship of the symposium. Finally, Yuan puts forward the suggestions of researching the fine copper coins in the collection, seeking new discoveries from foreign collections, and filling in the blanks in the regional copper coin research monographs.

Michael Chou, president of Champion Auction and editor-in-chief and publisher of the Journal of East Asian Numismatics (JEAN), has been paying attention to and supporting the research of Chinese copper coin collection. Although he was in the United States when the symposium was held, he entrusted Yuan Shuiqing, Chinese editor of the JEAN to attend the event. (Fig. 8) Yuan first made an analysis of the coin market situation. He held that the Chinese

Wu Guiping ( 武貴平 ), a well-known researcher of Chinese copper coins, is a native of Yuanping City, Shanxi Province. He has focused on collecting and studying the copper coins that were minted in Shanxi in the Qing dynasty since 1991. Shanxi began to mint copper 10-cash and 20-cash coins in the seventh year of the Republic of China (1918). Wu's speech centered on the "Overview of Shanxi Copper Coins" (Fig. 9), which gave a detailed introduction to the three major types of copper coins

Fig. 4 The 18th Chinese Copper Coin Symposium Silver and Copper Commemorative Medal Set

minted in Shanxi Province, namely, the one-cash copper coin, the twenty-cash copper coin, the military worker's consumption token. He also introduced the Shanxi nickel coin, including its variety and the latest research results. It gave the participants a brand-new understanding of Shanxi copper coins.

Born in 1985 in Neijiang, Sichuan Province, Zhang Song ( 張松 ) is now working in GBCA，Nanjing. Young and studious, he has been in contact with coins for 15 years, with more than 10 years of experience in collecting and submitting coins for grading, and more than 5 years of experience in coin conservation. He once worked as a professional appraiser for a famous grading company for 3 years and has graded more than 100,000 coins. He made a speech about "Grading and Conservation of Chinese Copper Coins" (Fig. 10). His speech covered a brief history of the Chinese copper coin, the reason for the copper coin grading, coin grading standards, the development of coin grading, copper coin grading factors, the coins unqualified for grading, the way to submit for grading, the copper coin grading process, and copper coin preservation and conservation. His knowledge is systematic and impressive.

There is a similarity between the minting process of the medal

Fig. 6 Presentation by Duan Honggang

Fig. 7 From left: Wu Guiping, Zhou Qinyuan, Chen Zhonghua, Duan Honggang, Wang Baoning, Cui Libo

Fig. 8 Speech by Yuan Shuiqing

and copper coin in the Republic of China period. Liu Yangbo ( 劉陽波 ) from Yuzi, Shanxi, born in 1996, who now runs a store in Yunzhou Antique City, Shanghai, and who has collected Republic of China medals since 2017, introduced the varieties of Shanxi high-relief medals and Yan Xishan justice medals (Fig. 11). Shanxi Yan Xishan commemorative medals in the republic period are divided into restoration medals, grain medals, disaster relief medals, chrysanthemum medals, courage medals, security medals and justice medals. Liu made an indepth study of the numbering, variety, and issue quantity of the justice medals, and deciphered the meaning of the ninth digit and tenth digit which indicated the number of members of the justice advocacy group and the issue quantity of the medal.

At the end of the symposium, it was determined that the 19th Chinese Copper Coin Symposium would be held in Nanjing in 2024. Chen Zhonghua, a well-known collector of Shandong copper coins, signed books on the spot (Fig. 12).

From the afternoon of July 8 to July 9, participants visited the Shanxi Museum, the famous Qiao's Courtyard, and the Ping Yao Ancient City to experience the vastness and depth of the culture of the Shanxi Province.

Fig. 5 Zhou Qinyuan served as the host of the seminar

Fig. 9 Speech by Wu Guiping

Fig. 10 Speech by Zhang Song

Fig. 11 Speech by Liu Yangbo

Fig. 12 Chen Zhonghua signed the book CopperCoinsofShandong

第十八屆中國銅元研討會在太原舉行

◎ 圓方〔西安〕

癸卯（2023）年小暑，來自全國各地的150名銅元愛好者， 光臨山西省府太原市的上瀾國際酒店，參加為期3天的第 十八屆中國銅元研討會。本屆研討會在以知名銅元收藏家崔 立波為首的組委會的精心策劃和組織下，交流、研討、參觀 三項議程圓滿完成。(圖1)

7月7日，參會者全天報到，泉友互曬“寶貝”，合影留念（圖 2）。同時拉開了銅元房間交流的序幕。一部分人是提前通過 微信約好了轉讓品，進行交割；多數是逐間尋購自已需要的 品種和版別；也有少數人是詢問價格，推測走勢，以尋求最 佳購讓時機。銅元藏家武宏偉感慨地說，感謝各位泉友的 惠讓，使我等有所收穫，買的舒爽!這次銅元會不虛此行， 見了些以前未見的東西，開了眼界;同時也與老朋友重逢， 還認識了新朋友。

晚7時半，歡迎晚宴在歡聲笑語中舉行。崔立波先生向大家 致以熱情洋溢，簡短扼要的歡迎詞。常州市古玩行業協會會 長包立本、副會長許天向大會贈送書法作品“泉海探趣”以 示祝賀（圖3）。隨後對本屆研討會銀、銅紀念章（圖4）中的 特殊號碼證書套章進行了拍賣，其中，001號、88號、111 號均分別以1 000元價格成交。

7月8日上午由銅元專家周沁園主持的研討會是本次會議的重 頭戲（圖5）。研討會由快手直播的5位人氣主播進行了現場 直播。銅元界名家、領頭人段洪剛以“熱愛銅元，弘揚銅元， 廣交朋友，傳承文明”為演講主題，發言情緒激昂（圖6）。 他說，本次參會人數是有史以來人數最多的一屆，大家是中 國銅元界兩三千名愛好者的精英。銅元研討會來之不易。周 沁園、陳忠華、王寶寧和我是每屆會必到者（圖7）。對中國

圖4 第十八屆中國銅元研討會銀銅紀念套章 上海 造幣有限公司鑄造，鑄造量300套，直徑36mm，銀章Ag999,重20g。 正面圖案：山西五臺山風景名勝區（包括白塔、菩薩頂、顯通寺等核心景區），上列文字“第十八屆中國銅元研討會”，下列文字“上海造 幣有限公司制”；背面圖案：民國時期山西所鑄代表性銅元（包括中華銅幣壹枚、二十文及軍工工友消費證兩種面值的正面），並標注年份 “2023”和地點“山西·太原”。

圖2 老友重逢 左起：崔立波、 李平文、何華忠、曹昳

圖3 贈送書法作品 左起： 許天、包立本、崔立波

圖1 與會者合影留念

銅元的熱愛，對友情的珍惜，使我們走在一起。我們已走過 了20年，相信還會繼續走下去。我們要讓銅元收藏文化傳 播得更久遠，讓更多的朋友加入中國銅元收藏研究的隊伍。

對中國銅元收藏研究一直給予關注和支持的冠軍拍賣總裁、 《東亞泉志》總編輯兼出版人周邁可近日在美國，囑託《東

亞泉志》中文主編袁水清表述他的祝願（圖8）。袁先生首先 對錢幣市場行情作了分折，認為，中國銅元行情目前進入調 整期，但樣幣、存世量稀少幣、特殊版別幣、評級高分幣的 價格依然堅挺。他列舉了北京誠軒2023春拍單枚成交價過 10萬元的13枚幣作為例證。接着介紹了冠軍拍賣和《東亞泉 志》在推進中國銅元收藏和研究方面所做的工作，包括入 編25枚珍稀銅元于《中國近代機製幣精品鑒賞 第三版》，推

介國內外大藏家和國內名家及銅元專著，刊發10多篇研究成

果，以及贊助銅元會等。最後提出研究館藏銅元精品、從國 外藏品中獲求新發現、填補區域銅元研究專著空白等建議。

知名中國銅元研究者武貴平是山西原平市人，他從1991年起

重點收集研究山西銅元。山西省在清代未開鑄銅元，民國 七年（1918年）始鑄，其面值只有壹枚（十文）、貳拾文兩種。

他的發言圍繞“山西銅元綜述”展開（圖9），對山西省鑄造 的三大類銅元——壹枚銅元、貳拾文銅元、軍工工友消費 證，以及山西鎳幣作了詳細介紹，包括其版別和其他泉友的 最新研究成果。使與會者對山西銅元有了全新的認識。

圖5 周沁園主持研討會

圖6 段洪剛發言

圖7 左起：武貴平、周沁園、陳忠華、段洪剛、

王寶寧、崔立波

圖8 袁水清發言

圖9 武貴平發言

圖10 張松發言

圖11 劉陽波發言

圖12 陳忠華簽售著作《山東銅元賞析》

1985年生于四川內江的張松現供職于國內專業評級公司。

年輕好學，他接觸錢幣已15年，已有10年以上錢幣收藏和 送評經驗，5年以上錢幣養護經驗，3年知名評級公司職業 鑒定師工作經驗，親自過手超過10萬枚評級幣。他對中國 “銅元的評級和保養”作了梳理（圖10）。分為中國銅元簡史、 銅元為什麼要評級、銅元評級的標準、錢幣評級的發展、 銅元評級的要素、評級不給分或不裝盒的情況、如何送評、 銅元評級流程、銅元的保存和養護九個部分。知識系統， 條理請楚，令人刮目相看。

民國紀念章與銅元的鑄造工藝有相近之處。生于1996年的 山西榆次泉友，現在上海雲洲古玩城開店，2017年起把玩 民國紀念章的劉陽波介紹了《山西高浮雕衝壓章的品種及主 張公道章的版式》（圖11）。民國山西紀念章的品類分為閻 錫山光復第一周、雙穗章、義賑章、菊花章、義勇章、除 暴安良章、主張公道章。他特別對主張公道紀念章的編碼 情況、版式與發行量作了深入研究，對其中九位數、十位數 編碼的排列含義作了破譯，知道了主張公道團團員人數，也 就是主張公道紀念章的發行數量。

研討會結束後，大會確定第十九屆中國銅元研討會2024年 在南京舉辦。知名山東銅元收藏家陳忠華現場簽名售書， 受到歡迎（圖12）。

7月8日下午至7月9日，與會者參觀了山西博物院，遊覽了著 名的喬家大院和平遙古城，感受了三晉文化的博大精深。

A Study on the Existence of the Undated Guangxu Three-Mace Silver Coins

◎ Chen Hongyu〔Chengdu〕

The source of the problem

The Kashgar Guangxu silver coin, which had been minted since A.H. 1309, has been highly valued by collectors of Sinkiang coins for its long minting period and many varieties. Different varieties minted in different Muslim years have become a focus for many collectors. I have been collecting Sinkiang coins for many years, and I am very interested in the undated Guangxu three-mace silver coin. I dreamed of seeing one, but I have had no such luck.

This variety first appeared in the Record of Xinjiang ( 新疆圖

志 ) by Wang Shunan ( 王樹楠 ). It says, "In the eighteenth year of Guangxu's reign (A.H. 1309), Kashgar Intendant Li Zongbin ( 李宗賓 ) ordered alternate county magistrate Luo Zhengxiang ( 羅正湘 ) to undertake a trial minting of Guangxu silver coins. Initially, the coins had three different denominations, namely,

To find the answer

Based on my experience of collecting Sinkiang coins, I do not think that the coin in the rubbing is the undated Guangxu threemace coin minted in A.H. 1309. The reasons are as follows.

three mace, two mace, and one mace. In A.H. 1310, five-mace coins were also struck." By comparing the coins in kind, no undated Guangxu five-mace silver coin has been found. It is known that one-mace, two-mace, and three-mace undated varieties were indeed minted in A.H. 1309 by Luo under the order of Li.

In the process of collecting, it is not difficult to find undated Guangxu two-mace and one-mace coins. However, I have only seen a not-so-clear rubbing of an undated three-mace coin in the Illustrated Catalogue of Sinkiang Gold and Silver Coins many years ago (Fig. 1). I visited many senior collectors, trying to find an undated three-mace coin. They all say, "I have collected coins for many years, but I have only heard about the undated three-mace coin, but I have never seen one." As a coin with a clear official record, it has had an extremely rare exposure over the centuries, and its mysterious aura has drawn me to find the truth.

1. Through my observation, the Chinese characters on the obverse in Figure 1 are very similar to those on the obverse of the A.H. 1311 Guangxu three-mace silver coin. There are only two differences on the reverse as shown in the red circle in Fig. 2. It is not logical for the A.H. 1309 undated three-mace coin to use the same obverse die as the A.H. 1311 one minted two years later.

Fig. 1 Rubbing of undated Guangxu three-mace silver coin

Fig. 2 A.H. 1311 Guangxu three-mace silver coin

2. Because it was common for the Sinkiang coins to be struck with mixed dies, it is possible that the undated three-mace coin shares the same obverse die with the A.H. 1311 Guangxu three-mace coin. Yet, this speculation can be easily disproved by comparing the obverse of the A.H. 1310 three-mace coin (Fig. 3).

The obverse of the A.H. 1310 three-mace coin is characterized by smaller characters and the " 厶 " of the character " 叁 " is in the center, which is distinctly different from the larger character of the A.H. 1311 one with the " 厶 " to the right (Fig. 4). The Kashgar Mint designed the coin dies with traceable changes from year to year, so it is impossible for an A.H. 1311 threemace coin to have been minted with the obverse die of the A.H. 1309 undated three-mace coin. Therefore, the rubbing is questionable.

3. The reverse of Figure 1 shows that although the coin does not have the Muslim date, there is an empty space where the year should have been inscribed, which is not in line with the compact design style of the Kashgar coins. Fig. 5 and Fig. 6 are pictures of undated two-mace and one-mace coins in my collection. The leaves and Uyghurche characters are tight on

Conclusion

Over the past hundred years, information on the minting of Sinkiang coins has been either lost or is incomplete, making it difficult for the coin catalogs published in earlier years to fully show the true history. It is also a great pleasure for collectors to question authoritative catalogs based on existing coins.

As the research in this paper is very elementary, it can only be speculated that the coin of the rubbing of the undated three-

the reverse, with no space for the Muslim date when the dies were made. Thus, it is unreasonable for the designer to leave space for the year on the die of the undated three-mace coin.

4. The evidence begins to point to the fact that the rubbing of the undated three-mace coin is most likely an altered coin made by scratching off the year on the reverse of the A.H. 1311 three-mace coin. Due to the inconvenient communication of information decades ago, collectors in Sinkiang have embraced the coin as authentic, and its rubbing has been passed down to this day.

mace coin that has been circulating for many years is suspicious of being a forgery or altered coin. We cannot directly deny the existence of an undated three-mace coin, therefore, this paper has been written to draw readers' interest to the study of Sinkiang coins and to make a modest contribution to the resolution of this historical mystery. Perhaps a real undated Guangxu three-mace silver coin is just lying quietly in a corner of boundless Western China, waiting to be discovered.

I would like to express my gratitude to Mr. Chen Li of Chengdu and Mr. Gan Yong of Nanjing for their help in writing this paper.

Fig. 4 A.H. 1311 three-mace coin

Fig. 3 A.H. 1310 three-mace coin

Fig. 5 Reverse of the undated two-mace coin

Fig. 6 Reverse of the undated one-mace coin

無紀年光緒銀圓三錢存在性初探

◎ 陳虹宇〔成都〕

問題的由來

始鑄于回曆1309年的喀什光緒銀圓因鑄造時間長、版別變 化多端一直受到新疆錢幣藏家高度重視，其中因回曆年份 不同造成的版別差異更成為了眾多藏家關注的焦點。筆者 收藏新疆錢幣多年，對其中的無紀年光緒銀圓三錢興趣頗 為濃厚，夢想一睹真容，惜未能如願。

該版錢幣的首次出現，是在清代王樹楠主編的《新疆圖志· 食貨志》的記載中：“光緒十八年即回曆1309年，喀什道李 宗賓令候補知縣羅正湘試辦鑄造光緒銀圓，初時鑄有三錢、 貳錢、壹錢三種面額，次年即回曆1310年再增鑄伍錢面額。” 通過對照錢幣實物，光緒銀圓伍錢從未發現無紀年版式，

尋找答案

結合新疆錢幣收藏經驗分析無紀年光緒銀圓三錢拓片，筆 者並不認為拓片中的錢幣為回曆1309年鑄造的無紀年光緒 銀圓三錢。原因如下：

1.通過觀察發現，圖1中，正面漢字與回曆1311年光緒銀圓 三錢普遍使用的模具（圖2）高度相似，背面的區別僅在圖

則可知三錢、貳錢、壹錢的無紀年版式確為回曆1309年喀 什道李宗賓令候補知縣羅正湘試辦鑄造的光緒銀圓。

在收藏過程中，筆者不難找到無紀年光緒銀圓貳錢、壹錢 的蹤影。唯獨無紀年光緒銀圓三錢只能在多年前的《新疆 金銀幣圖說》中找到不甚清晰的拓片（圖1）。筆者遍訪諸多 前輩藏家，試圖尋覓無紀年光緒銀圓三錢芳蹤，他們均表 示：“玩泉多年，無紀年三錢，只聞其名，不見其影。”作為 官方史料中明確存在過的錢幣，百年來卻擁有着極其罕見的 曝光率，這種神秘的氣質吸引着筆者向真相尋去。

2紅圈處。理應鑄造于1309年的無紀年光緒銀圓三錢字面， 卻使用了鑄于兩年後即回曆1311年光緒銀圓三錢的字面模 具，從邏輯上顯得不合常理。

2.由于新疆錢幣存在普遍的模具混用現象，無紀年光緒銀 圓三錢也存在和回曆1311年光緒銀圓三錢使用共同正面模

圖1 無紀年光緒銀圓三錢拓片

圖2 回曆1311年光緒銀圓三錢

圖3 回曆1310年光緒銀圓三錢

具的可能，但通過觀察回曆1310年光緒銀圓三錢的正面（圖 3），這種猜測便很容易被推翻。

回曆1310年光緒銀圓三錢正面特徵為，文字較小，且“三” 字的部首“厶”居于中，與回曆1311年光緒銀圓三錢較大的 字體和“三”字的部首“厶”居于偏右（圖4）形成明顯區別。

以上觀察可以得出結論：喀什造幣廠設計的光緒銀圓模具 每年都會發生有跡可循的變化，否定了回曆1311年的光緒銀 圓三錢沿用鑄于1309年無紀年光緒銀圓三錢正面模具的可 能。因此，無紀年光緒銀圓三錢拓片中出現了回曆1311年 光緒銀圓三錢的正面模具，成為了其值得懷疑的破綻。

3.觀察圖1背面可見得幣面雖無回曆，但在本該有回曆的位 置直接空出一塊，不符合歷來幣面文飾佈局緊湊的喀什光 緒銀圓的設計風格。圖5、圖6分別為筆者收集到的無紀年 光緒銀圓貳錢、壹錢圖片：背面花葉和維文組合緊密，能 夠看出在製作模具時雕刻師未給回曆留出位置，佈局一氣

圖4 回曆1311年光緒銀圓三錢

百年以來，有關新疆錢幣的鑄造資料或遺失不全或語焉不 詳，導致早年出版的泉譜很難完全接近真實的歷史。收藏 者通過結合已有實物對權威泉譜提出質疑，也是研究新疆 錢幣過程中的一大樂趣。

由于本文的研究非常初級，僅能推測出流傳多年的無紀年 光緒銀圓三錢拓片之實物，有較大回曆改刻作偽嫌疑，並 不能直接否定無紀年三錢在鑄幣史上的存在。因此，本文 的定位是拋磚引玉，旨在引起讀者對新疆錢幣的研究興趣，

無紀年光緒銀圓貳錢背面 圖6 無紀年光緒銀圓壹錢背面

圖5

呵成，因此在設計無紀年光緒銀圓三錢模具的時候未給回 曆留有空位才是合乎情理之事。

4.一系列的證據開始指向一個事實：無紀年光緒銀圓三錢 拓片實物，極有可能是將1311年光緒銀圓三錢背面的回曆 刮除製作的偽品，只因數十年前信息流通不暢，新疆收藏 家遂將該幣奉為真品，縱其拓片流傳至今。

為早日解決這一歷史謎團作出微薄之力。或許真正的無紀 年光緒銀圓三錢正靜靜地躺在無垠西域的某一角落，等待 着人們的發現。

（感謝成都陳力先生、南京甘勇先生在本文寫作過程中提供幫助！）

小 結

Research on Szechuan 20-Cent Dragon Patterns

I have been collecting Szechuan 20-cent dragon coins for a long time (all Szechuan 20-cent dragon coins and patterns mentioned in this article are the Er Bao 爾寶 variety), and recently I acquired a rare U.S. variety (Fig. 1). I did not have a chance to examine it closely before, but now, we can take a closer look at it. Through multiple comparisons, I found it is a hitherto unmentioned U.S. variety brass pattern made by the Chengdu Mint, and I have finally clarified the relationship between different kinds of patterns.

It all starts with a small episode when the Chengdu Mint was built.

The Chengdu Mint was approved to be built by the Qing government in 1896 and purchased minting equipment from the U.S. Ferracute Machine Company through American Trading Company. The machines were shipped from the U.S. to China in the beginning of the second year. When these machines were shipped to Yichang, they underwent flooding and were under water for six weeks, causing severe rusting of machines and coin dies. It was not until the middle of 1898 that the Chengdu Mint began to produce coins on a trial basis.

In 2009, the Beijing Chengxuan Autumn Auction sold a Szechuan 20-cent dragon brass pattern (Fig. 2), which was obviously weakly struck. The upper part of the character " 光 " is almost invisible, and most scales on the dragon head and body are gone. At first glance, I thought it was general wear and tear, but in fact it was a seriously weak strike due to insufficient machine pressure during the pressing.

Compared to a Szechuan brass pattern (Fig. 3) and an alloy pattern made in the U.S. (Fig. 4) shown on the PCGS website, both of which are quite fine. Both sides of these patterns are sharply struck, the characters and patterns are full, and the

dragon scales are clear and complete with a strong relief. All these are in line with the style of the pattern coins. However, there are two places that caught my attention. They are the characters " 錢 " and " 厘 " in " 庫平一錢四分四釐 " (20-cent).

The two dots to the left and right of the lower part of the character " 錢 " seem to be weak; The lower part of the upper left end of the character " 厘 " is also weak. Through a careful comparison of several other Szechuan brass patterns shown on the PCGS website, these two parts are not so clear as on some patterns, including the one kept in the Ferracute archive. However, all other strokes are as deep as a knife cut.

As for the one from the Chengxuan Auction, I found that the strokes of both characters were complete, with no traces of a weak strike. I wonder why those two places of other sharply struck patterns are weak too, while this one has a large space of weak striking, except those two locations.

With this question in mind, I took a closer look at this U.S. variety Szechuan 20-cent dragon pattern in my collection. After careful comparison, I found that two patterns made in the U.S. have no weak strike in the two positions like the one from the Chengxuan Auction. Besides, the one from the Chengxuan Auction and the U.S. variety patterns have a common feature, that is, there are some bumps of different sizes on the blank to the right of the character " 四 " (Fig. 5). This feature is not found in other sharply struck Szechuan brass patterns. Through this feature, it can be determined that the one from the 2009 Chengxuan Auction and the U.S. variety patterns were made by the same die. Other several brass patterns deeply struck but with defective strokes were made by a different die. It can also be seen that the two dies have a sequential relationship. They both have a ring of 85 beads on the obverse and the number of edge teeth on either side is 113. From these characteristics,

A Szechuan 20-cent silver coin made in Chengdu.

Source: The Coin Acquired at the End of 2022: A U.S. Variety of Szechuan 20-Cent Coin published on www.shouxi.com, by Yagao in 2022

A Szechuan 20-cent brass pattern.

Source: 2009 Chengxuan Autumn Auction Lot 3733

A Szechuan 20-cent brass pattern made in the U.S.

Source: PCGS image no. 80063899

A Szechuan 20-cent alloy pattern made in the U.S.

Source: A Fine Szechuan 20-Cent Pattern published on www. coinsky.com by member No. 67511 in 2005

From left to right: the alloy pattern made in the U.S., the brass pattern made in the U.S., the brass pattern made in Chengdu, and the silver coin made in Chengdu

Fig. 1

Fig. 2

Fig. 4

Fig. 3

Fig. 5

it can be inferred that the die of the brass pattern struck with sufficient pressure and defective strokes should be the previous one, while the die used to produce the pattern sold at the 2009 Chengxuan Auction and the U.S. variety was produced after the strokes were trimmed on the basis of this previous die. At the same time, it occurred to me that the bumps below the character " 四 " were due to the rusting of the coin dies when the machines and dies were left flooded by the river for six weeks when they were transported to Yichang. These bumps are most likely the marks left by rust on the die. The rust on the die also led to the pits on the coins produced later. Therefore, the patterns with flat blanks were produced before those with

Szechuan 20-cent Pattern Place of production

pitted blanks. It also explains the reason why the brass pattern sold on the 2009 Chengxuan Auction is obviously weakly struck, that is, the die was tested on the machine after being modified in Chengdu, and the insufficient pressure during the testing process caused the weak strike of the pattern. Therefore, this one is the U.S. variety brass pattern made in Chengdu. Finally, the U.S. variety silver coin was pressed by using silver blanks after the testing was made.

In summary, the relationship between above several Szechuan 20-cent dragon patterns coin can be listed as follows.

Features

US variety alloy pattern U.S.A. The pressure is sufficient, while the characters 錢 and 釐are partially missing.

U.S. variety brass pattern U.S.A. The pressure is sufficient, while the characters 錢 and 釐are partially missing.

U.S. variety brass pattern Chengdu

U.S. variety silver coin Chengdu

There is a large area of weak strike, the characters 錢 and 釐 is complete, and the blank below the character 四 has some bumps.

No weak strike, the characters 錢 and 釐 is complete, and the blank below the character 四 has some bumps.

The U.S. variety alloy and brass patterns were produced in the United States on a trial basis. They are in good condition and under sufficient pressure, except for the characters for " 錢 " and " 釐 ", which are partially missing. When the coin dies, machinery, and equipment were transferred from the United States to Chengdu, they were immersed in river water in Yichang for six weeks, resulting in the rusting and damage of the coin dies. After the coin dies arrived in Chengdu, the rusted coin dies were repaired and the U.S. variety brass pattern and

the U.S. variety silver coin were produced on a trial basis, but the rusting on the coin dies made the patterns produced in Chengdu defective. The bumps on the blank under the character " 四 " are the best evidence that the dies underwent flooding and subsequently rusted. It is also the best way to prove that the coin dies were submerged under water and rusted, and the missing part of the characters " 錢 " and " 厘 " is also the best way to distinguish patterns produced by the U.S. or Chengdu.

川龍貳角樣幣研究

◎ 羅陽〔深圳〕

筆者收藏四川省造光緒元寶庫平一錢四分四厘錢幣（以下簡 稱川龍貳角，本文討論的川龍貳角為爾寶版本，非缶寶版 本）已久，最近收穫一枚罕見的美國版川龍貳角銀幣（圖1）。 以前沒有機會上手，這次有機會可以仔細研究一下。經過多

方對比，發現了從未提及過的成都製造的美國版黃銅樣幣， 以及明確了各個樣幣之間的關係。

這一切還得從成都造幣廠建廠時的一個小插曲說起。

成都造幣廠是在1896年經過清政府批准，並通過茂生洋行 向美國漢立克納浦廠購置造幣相關設備。設備于第二年初

從美國裝箱發往中國。在設備運至宜昌之時，遭遇水淹， 時間長達六周，使得包括幣模在內的各種機器發生嚴重銹 蝕。時至1898年年中，成都造幣廠才開始試製錢幣。

時間回到2009年，北京誠軒秋拍有一枚川龍貳角黃銅樣幣 （圖2），這枚樣幣弱打尤其明顯。字面“光”的上半部分已 不可見；龍面的龍頭和龍身處的龍鱗更是慘不忍睹，大半是 光溜溜的一片。乍一看還以為是磨損，其實是嚴重的弱打， 原因是壓製時的機器壓力不足造成的。

對比PCGS圖庫裏展示的四川黃銅樣幣（圖3）和美國製合 金樣幣（圖4），都相當精美。正反兩面壓力都非常足，文字 圖案挺拔飽滿，龍鱗清晰完整，浮雕感強烈，整體處處呈 現出樣幣風格。但是，有兩個地方引起了筆者的注意。分別 是庫平一錢四分四厘的“錢”和“厘”字。

“錢”字左邊金部下方左右的兩點似乎有點壓印不清； “厘”字的左上末部下方也是有點壓力不足的感覺。仔細對 比PCGS圖庫裏展示的其他幾枚四川黃銅樣幣，包括美國 漢立克納浦廠資料室裏保存的那枚，結果發現都是這兩個 位置有些壓印不清楚。但是其他筆劃都有如刀削般的深峻。

圖1 成都制銀幣

圖片來源 首席收藏 《2022收官之獲：四川光緒1.44美國版》， 作者亞高， 2022年

圖2 成都製黃銅樣幣

圖片來源：2009年北京誠軒秋拍 Lot:3733

圖3 美國制黃銅樣幣

圖片來源：PCGS評級圖庫編號80063899

圖4

圖片來源錢幣天堂 《四川光緒1.44 好品》，作者67511， 2005年

回過頭來，再看一看2009年北京誠軒秋拍的那一枚川龍貳 角黃銅樣幣，發現這兩個字的筆劃都很完整，沒有弱打的痕 跡。這時筆者忽然想到，為什麼那幾枚壓力足的樣幣都有弱 打，而這一枚有大面積弱打的卻在這兩個位置上沒有弱打？

帶着這個問題，筆者仔細觀察了一下手裏的美國版川龍貳角 銀幣。經過仔細對比發現，所見圖片的幾枚美國版川龍貳 角銀幣在這兩個位置上都和2009年北京誠軒秋拍的那一枚 川龍貳角黃銅樣幣一樣沒有弱打。同時，進一步發現2009 年北京誠軒秋拍的川龍貳角黃銅樣幣和美國版川龍貳角銀 幣都有一個共同的特徵：在字面左邊那個“四”字下方底板 上都有一些大小不一的凸起（圖5）。而這個特徵在其他壓力 足的四川黃銅樣幣中確沒有發現。通過這個特徵可以確定 2009年北京誠軒秋拍的川龍貳角黃銅樣幣和美國版川龍貳 角銀幣都出自同一個模具。而其他幾枚壓力足但是筆劃有 缺損的黃銅樣幣是屬于另外一個模具。總而言之，可以看 出這兩個模具是有一脈相承的先後關係。它們的字面珠圈 都是85顆；字面和龍面內邊齒也都是113顆。從這些特徵中 可以推測出壓力足且有缺筆黃銅樣幣的模具應該在前，而 2009年誠軒這一枚黃銅樣幣和美國版川龍貳角銀幣的模具 是在之前的這個模具基礎上修整了筆劃之後生產出來的模 具壓制而成。同時，“四”字下方的那些凸起讓筆者想到“機 器在搬運途中于宜昌被江水淹沒六周，導致包括幣模在內 的機器產生銹蝕”。這些凸起很可能是當年銹蝕在模具上留 下的痕跡。這樣導致在這個模具上後續生產出來的模具中

圖5 從左至右依次為美國製合金樣幣、美國製黃銅樣幣、成都製黃 銅樣幣和成都製銀幣

留下了坑窪不平的痕跡。因此，模具底板平整在前，坑窪腐 蝕在後的邏輯順序也建立起來。同時，2009年誠軒這一枚 黃銅樣幣為什麼有明顯的弱打也在此可以得到解釋：模具 在成都重新修整之後在機器上調試，在調試過程中的壓力 不足導致了黃銅樣幣的弱打。因此，這一枚就是成都造的美 國版黃銅樣幣。最後，在調試完成之後使用銀胚壓製出了 美國版銀幣。

綜上所述，幾種川龍貳角樣幣的關係可以列式如下：

川龍貳角 生產地 特徵

有大面積弱打，錢字和厘字完整，四字下方底板有一些凸起

無弱打，錢字和厘字完整，四字下方底板有一些凸起

美國版合金樣幣和黃銅樣幣試製于美國，品相好，壓力足， 唯獨“錢”字和“厘”字有部分缺失。幣模等機器設備在從 美國轉運至成都時，在宜昌遭遇江水浸泡長達六周，導致 幣模生銹受損。使得後續在成都試製出的美國版黃銅樣幣 和美國版銀幣都有瑕疵。幣模到達成都之後，修整已銹蝕

之幣模後試製出了美國版黃銅樣幣和美國版銀幣。這兩款 錢幣四字下方底板上的一些凸起就是當年幣模遭水淹發生 銹蝕的最好見證，同時也和“錢”字與“厘”字部分是否有 缺失成為了區分美國壓製和成都壓製的最好區別。

returnstotheHolidayInnGoldenMile April2024HongKongCoinAuction returnstotheHolidayInnGoldenMile

◎ Champion〔Shanghai〕

In 1984, Money Company held the first Hong Kong auction at the Holiday Inn Golden Mile and released the first Hong Kong show panda.

Now, the 2024 40th Anniversary Show and Auction will be held at the legendary Holiday Inn Golden Mile where it all started. Prior to 40th Anniversary Show at the Holiday Inn Golden Mile, the auction will be jointly conducted by Hongkong International Coin Convention & Antique Watch Fair, Champion Auction and Collectibles Auction Asia.The first Champion sale was in 1994, and the first Hong Kong auction was in 1996 at the Holiday Inn Golden Mile.

Please contact us for special consignment rates for this special auction. Shanghai Office, Tel: 021-62130771, Wechat: 1026841006, Email: jeanzg1994@163.com. For other countries orregions,Seetheinformationontheright.

There will also be an invitational 40th anniversary commemorative party at the Holiday Inn Golden Mile inviting participants from the original 1984 show.

Contact Us

Hong Kong (Hongkong International Coin Convention & Antique Watch Fair)

Mr. Simon Wong / Mr. Wayne Wong / Mr. Sam Hung

Add: Shop B-113A, Holiday Inn Golden Mile，50 Nathan Road, Kowloon, Hong Kong

Tel: 852-2366-9111

Email: info@hicc.hk

Mainland China, Macau, Taiwan, Japan, South Korea, USA, Europe

Mr. Michael Chou

Add: Avenida Da Praia Grande No.371 Edif. Keng Ou 22 Andar A, Macau, China

Add: First Floor Room 50, 163 Nan King West Road, Taipei, Taiwan, Republic of China

Tel: 886-903937338 / 86-13701793363

Email: championghka@gmail.com

Singapore, Malaysia, Thailand, Indonesia, Vietnam

Mr. Jeffrey Wai

Add: 101 Upper Cross Street, #03-78A, People's Park Centre, Singapore

Tel: 65-9638-7225

Email: cauctionasia@gmail.com

1996 Champion Auction Catalog

Auction Highlights

1. A Unique Set of Artist's Drawings from the Arthur Coole Collection

One of the major highlights at the HICC/Champion/CAA auction is a unique set of drawings for the 1911 Empire Dragon Dollar by L. Giorgi from the Arthur Coole Collection. NGC certified and encapsulated these drawings in 2012. The starting price is 1 million US dollars.

2. NGC Graded Rarities from the Nelson Chang and Chinese Family Collections

NGC graded rarities from the Chinese family and Nelson Chang collection will be offered for the first time at auction.

3. NGC Graded BWS Collection of Chinese Medals, Tokens, and Charms

BWS Collection was formed in the USA from the 1960s to 1990s including many NGC graded rare Szechuan horse tokens from the 1991 Irving Goodman Auction, many rare Republic warlord medals, extremely rare China Republic mint medals from Guangdong and Wuhan, an excellent collection of Shanghai tokens, an excellent group of Chinese charms from the Yuan dynasty to Ching dynasty. We will sell part 1 in Macau in November 2023 and part 2 in Hong Kong in April 2024.

4. Howard Bowker Collection of Chinese Numismatic Books

Howard Bowker was not only a famous coin collector but also a great researcher. He had many numismatic books with many rare ones unseen since the 1960s.

5. Pocket Watches from the Chinese Family Collection

There will be over 30 US and Swiss pocket watches including Patek Phillips, Tiffany, and Cartier.

6. Stamps and Covers from the Chinese Family and Bowker collections

Popular stamps and covers from the Chinese Family and Bowker collections will be sold. All stamps have been certified by ASG.

7. CGC Cards from the AS Collection

There will Pokémon cards, Magic cards, and Sports cards graded by CGC from the AS Collection.

8. NGC Graded Show Panda Medals

Collection of Show Panda Medals certified by NGC will be auctioned to celebrate the 40th anniversary of the issue of the first show panda medal, that is, the 1984 Hong Kong Show Panda Medal.

Background Info

Hongkong International Coin Convention & Antique Watch Fair (HICC)

The Hongkong International Coin Convention & Antique Watch Fair (HICC) has been a major force in Asia's coin and banknote market for more than 40 years.

Founded in 1982 by Money Company Richard Nelson and later managed by Mr. Ma Tak Wo who worked with Richard at Money Company as the Hong Kong International Coin Convention, it was rebranded as the Hongkong International Coin Convention & Antique Watch

Collectibles Auction Asia (CAA)

Mr. Wong Hon Sum, the founder of Collectibles Auction Asia, obtained a Technical Teacher Certificate from the Singapore Teacher's Training College and Singapore Polytechnic. He was awarded a Colombo Plan Scholarship in 1964 and spent a year at the Tokyo Vocational Training University Japan.

After a few years of teaching, Mr. Wong changed his focus to his numismatic pursuits which led him to China, Europe, and Australia (a significant portion of Mr. Wong's collection was purchased from Australian veterans in Darwin). The accumulation of Japanese military scrips over many decades culminated in his first book 'The Japanese Occupation of Malaya (Singapore) and its Currency' published in 1996. Positive reviews led to a second book 'An Illustrated Catalogue of the Finance and Currency of the Japanese Puppet Regime: Manchukuo Volume' published in 2003. Mr. Wong is currently working on his third book to catalog the Japanese military scrips issued in Southeast Asia during World War II. Please

Fair in 1991.

The HICC is now the most comprehensive and diversified dutyfree watch and coin show in the region, as well as the oldest in Hong Kong. Popular with traders and collectors in more than 20 regions and countries, the event attracts visitors from all over the world.

With the retirement of Mr. Ma in 2018, the HICC is now organized and managed by a dedicated new team formed by Mr. Sam Hung, Mr. Simon Wong, and Mr. Wayne Wong, who have amassed extensive industry expertise from running their own specialist events, such as the Hong Kong Watch Guild Show.

stay tuned.

In 1998, Mr. Wong established the Numismatic Society (Asia) in February followed by the Phillumeny Society (Asia) in August. After a lifetime of collecting, he pioneered the NSA auction in 1999 and started Collectibles Auction Asia (CAA) in 2013 and has since hosted 23 main auctions with numerous e-auctions over the years. Mr. Jeffrey Wai of Silver Affinity has been regularly assisting Mr. Wong with NSA and CAA auctions and events. In 2019, Jeffrey had been actively engaged with the daily operations of CAA and since 2021, has been solely in charge of the entire auction entity.

Mr. Jeffrey Wai is a senior collector and one of the top experts in China, Singapore, Malaysia, Thailand, Vietnam and Indonesia numismatics, serving as advisor and consultant to many leading numismatic related societies, organizations and investment funds.

1984 Hong Kong Money Company Auction Catalog

Champion Auction

Michael Chou is a life member of the American Numismatic Society and American Numismatic Association. He has served as a member of the Coin of the Year nomination committee from 2017 to 2023 and judge from 2016 to 2023. He is also a member of the Chinese Numismatic Society Coin and Medal Committee, Chinese Numismatic Society, and Shanghai Numismatic Society.

Michael Chou founded the Journal of East Asian Numismatics with a noted numismatist Bruce Smith in 1994. It is a professional numismatic academic journal whose mission is to educate collectors and researchers on the subjects of Chinese numismatics, culture, and history, and now it has been distributed in more than 20 countries. He first became involved in coin auctions in 1994 by running a mail bid auction in the JEAN.

In 1996, the quality and number of auctioned coins at the Champion Auction made Champion a pioneer in the field of coin trading. The number of top Chinese coins sold and certified by the Champion Auction far exceeded that in the industry. To this day, the Champion Auction has successfully sold many top Asian coins, setting a number of Asian coin auction records.

In June 1996, Champion held the first Hong Kong auction at the Holiday Inn Golden Mile, Hong Kong. Major Hong Kong auction highlights include the Chinese Family Collection auctions in April and June 2008, the Ultima Collection auction in August 2010 (1910 Yunnan Spring Dollar, NGC AU55, was the first Chinese coin sold for over 1 million US dollars at auction.), J.C. Lee Chinese Copper Coin Collection auction in August 2010 (the first Chinese copper coin collection realizing over 1 million US dollars), the Giant Collection auction in December 2010 (the first Chinese modern coin collection realizing over 10 million US dollars), the auction in 2011 ( the

1992 Compass Gold Coin, NGC PR69, became the first Chinese certified modern coin realizing over 1 million US dollar), and Howard Bowker Collection auction with NGC graded coins in August 2016, Charles Tanat Collection in April 2018. The Norcal Chinese Coin Collection auction and the Nelson Chang Chinese Coin Collection auction were both held in Macau in November 2020 and May 2021 respectively, in which the NC collection auction featuring rare NGC graded rare Chinese vintage coins was the first Chinese coin collection realizing over 20 million US dollars.

Michael Chou founded the iAsure Group in 1999. iAsure attained success with business and marketing projects in the US before moving on to investments in Japan, Taiwan, South Korea, and China. As the Company has expanded into the Pacific, the iAsure group moved from local to pan-Asian e-commercial events. Our clients now take advantage of the opportunity to continue promoting products and services in their home market while tapping into a rich potential for new customers in neighboring countries and abroad.

IAsure Group is also dedicated to publishing, including three editions of Top Chinese Coins in 2010, 2011, and 2021, Numismatic Literary Guild Award honored Howard Franklin Bowker: Numismatic Pioneer in 2015, Chopmark CoinsA History in 2016, Chinese Show Panda Catalog in 2019, Numismatic Literary Guild Best World Coin Book – A Legacy of Collection: The Nelson Chang Collection of Chinese Coins in 2021, The Korean Coins in the Era of Development in 2022, and 18 issues of the JEAN published from 1994 to 1999 and 31 digital bilingual issues from 2016.

Champion has donated over 1 million US dollars to various museums, numismatic societies, and the promotion of numismatic education in the US, Europe, Macau, and Mainland China.

1984年，金錢公司在香港金域假日酒店舉行拍賣，併發行 了首枚香港國際硬幣展覽會熊貓紀念章。2024年恰逢香港 展會40周年，香港錢幣拍賣將回到一切開始的地方——傳 奇的金域假日酒店，舉辦盛大的拍賣活動，併發行香港展 會40周年熊貓紀念章。

此次拍賣將在香港國際錢幣展40周年展期間舉辦， 由香港國際錢幣展銷會暨古董錶交易會（Hongkong International Coin Convention & Antique Watch Fair）、冠軍拍賣（Champion Auction）及亞洲藏品拍

賣（Collectibles Auction Asia），在香港金域假日酒店

聯合舉辦。冠軍自1994年舉辦拍賣以來，第一場香港拍賣 便是于1996年在金域假日酒店舉行。如有意進行委託，請 聯繫我們以瞭解這場特別拍賣的委託費用相關資訊。上海 辦公室電話：86-21-62130771/微信：1026841006/郵箱： jeanzg1994@163.com。其他國家或地區請參見右方委託 信息。

此外，我們還將在金域假日酒店舉辦40周年紀念特別邀請 宴。宴會將邀請自1984年第一場宴會的參與嘉賓共襄盛

舉，敬請期待！

香港地區·香港國際錢幣展銷會暨古董錶交易會 黃健輝 / 黃毅華/孔慶森

地址：香港九龍彌敦道50號金域假日酒店B113A 電話：852-2366-9111

郵箱：info@hicc.hk

中國內地、澳門、臺灣、日本、韓國、美國、歐洲 周邁可

地址：澳門南灣大馬路371號京澳大廈22樓A座 地址：臺北市大同區南京西路163號1樓50室 手機：886-903937338/86-13701793363

郵箱：championghka@gmail.com

新加坡、馬來西亞、泰國、印度尼西亞、越南

魏亨泰

地址：101克羅士街上段珍珠大廈#03-78A室 電話：65-9638-7225

郵箱：cauctionasia@gmail.com

冠軍拍賣1996年拍賣目錄

香港錢幣拍賣會即將回歸金域假日酒店 香港錢幣拍賣會即將回歸金域假日酒店

年 4

委 托 聯 系 信 息

拍品亮點

此次HICC / Champion / CAA聯合拍賣會上最大的亮點之一——出自邱文明藏品的宣統三年大清銀幣設計師

L. Giorgi手稿，NGC在2012年對這些手稿進行了認證並封裝。起拍價為100萬美元。

2. NGC評級的張南琛收藏及華人家族收藏珍品

本次拍賣會有首次亮相拍賣的珍品，多出自于張南琛 收藏和華人家族收藏，均經由NGC評級。切勿錯過。

3. NGC評級的BWS中國紀念章/代幣/花錢 收藏

BWS中國勳章及代幣收藏是一位美國藏家在20世紀 60年代至90年代所收集的，包括很多出自1991年古德 曼舊藏拍賣的四川馬蘭幣、罕見的民國軍閥紀念章、 非常少見的民國廣東和武漢造幣廠紀念章、精美的上

海代幣收藏、元代至清代的花錢。均經由NGC評級。

BWS收藏的第一部分將率先亮相2023年11月的澳門 拍賣，第二部分將在2024年4月的香港拍賣上與各位

見面。

4.包克中國錢幣著作收藏

霍華德·包克不僅是一位著名的錢幣收藏家，還是一 位偉大的研究者。他有許多錢幣書籍，其中許多是自 19世紀60年代以來從未見過的稀有書籍。

5.華人家族收藏懷錶

華人家族收藏的30只瑞士及美國懷錶，品牌包括百達 翡麗、蒂芙尼與卡地亞等。

6.華人家族/包克收藏郵票與信封

將有廣受藏家喜愛的信封與郵票，均出自華人家族及 包克收藏。其中，郵票均經由ASG評級。

將有眾多出自AS收藏的寶可夢卡、萬智牌、運動卡 等集換卡。均經由CGC認證。

8. NGC評級的展會熊貓紀念章

展會熊貓紀念章自1984年發行以來已經有40年。為 此，此次拍賣將有經NGC評級的展會熊貓紀念章收 藏中的眾多精品作為亮點亮相。

1.邱文明收藏孤品, 宣統三年大清銀幣設計師手稿

7. AS收藏卡片

香港國際錢幣展銷會暨古董錶交易會（HICC）

40多年來，香港國際 錢幣展銷會暨古董錶 交易會（Hongkong

International Coin Convention & Antique Watch Fair，即HICC） 一直是亞洲錢幣市場上的 一支重要力量。

1982金錢公司（Money Company）創始人理 查德·納爾遜（Richard Nelson）于1982年創辦香港國際錢幣展銷會（Hong Kong International Coin Convention），後由曾與理查德在金 錢公司共事的馬德和先生進行管理。展會于1991年更名為 香港國際錢幣展銷會暨古董錶交易會。

香港國際錢幣展銷會暨古董錶交易會目前是香港地區最全 面、最多樣化的免稅手錶和錢幣展會，也是香港歷史最悠 久的展會，深受20多個地區和國家的貿易商和收藏家的喜

愛，吸引了來自世界各地的來訪者。

隨着馬先生于2018年退休，展會現由新的團隊組織和管理， 專心服務于該展會。團隊由孔慶森先生、黃健輝先生、黃 毅華先生組成，他們通過舉辦香港鐘錶聯展等各自的專業 活動，積累了廣泛的行業專業知識。

亞洲收藏品拍賣創辦人黃漢森先生曾獲得新加坡教師培訓 學院和新加坡理工學院的技術教師證書。1964年，他獲得 了可倫坡計劃獎學金，並在東京職業培訓大學度過了一年。

在經過了幾年的教學生涯後，黃漢森先生辭職並轉向追求 錢幣。他的足跡遍及中國、歐洲和澳大利亞（其錢幣收藏中 有很大一部分是從澳大利亞達爾文地區的退伍軍人那裏購 得的）。1996 年，他在日本軍票收藏方面的積累最終彙集成

參加1986年香港金錢公司拍賣的揚·奧拉夫·阿姆利德、 素拉柴·斯密卡辛、理查德·納爾遜

他的第一本著作《日殖下的馬來西亞（新加坡）及其貨幣》。 該書廣受好評，隨後第二本書《日偽政權的金融與貨幣圖 說：偽滿洲國卷》于2003年面世。黃漢森先生目前正在編 寫他的第三本書，對二戰期間在東南亞發行的日本軍票進行 編目，敬請期待。

黃漢森先生于1998年2月成立了亞洲錢幣學會，隨後于8月成 立了亞洲火花學會。在經過一生的收藏之後，他於于1999

亞洲收藏品拍賣（CAA）

1984年香港金錢公司拍賣目錄

年創辦了亞洲錢幣學會拍賣，並在2013年創辦了亞洲收藏品

拍賣（Collectibles Auction Asia），共舉辦了23次大型拍

賣，以及不計其數的線上拍賣。Silver Affinity的魏亨泰

先生對黃先生亞洲錢幣學會拍賣及亞洲收藏品拍賣公司的 運營定期提供幫助，2019年起積極參與亞洲藏品拍賣公司

冠軍拍賣（Champion）

周邁可先生是美國錢幣

學會及美國錢幣協會的 終身會員。2017年至 2023年，任世界硬幣大 獎賽提名委員會委員； 2016年至2023年，任世 界硬幣大獎賽評審委員 會委員。他還是中國錢 幣學會幣章委員會委員， 中國錢幣學會及上海市 錢幣學會會員。

周迈可

周邁可先生與著名錢幣學者史博祿先生于1994年共同創辦 了專業錢幣學術期刊《東亞泉志》，旨在促進藏家和學者對 中國錢幣、文化和歷史的瞭解，現已在超過20個國家發行。

周邁可先生也是在1994年的首期《東亞泉志》上開始進行 郵拍。

1996年，冠軍拍賣公司成立。其拍賣的錢幣，不論是品質 還是數量都在業內數一數二，拍賣過的中國錢幣珍品及經 認證錢幣的數量遠超同業。冠軍拍賣至今已成功拍出中國 亞洲頂尖錢幣，打破多項亞洲錢幣拍賣紀錄。

1996年6月，冠軍拍賣在香港金域假日酒店舉辦了首場香港 拍賣。期間在香港舉辦的拍賣亮點包括：2008年4月及6月 的華人家族收藏拍賣；2010年8月Ultima收藏拍賣（NGC AU55的1910年戊戌雲南春季庫平七錢二分樣幣成為首枚成 交價格超過100萬美元的中國錢幣）；2010年8月的J.C. Lee 中國銅幣收藏拍賣（首個價格超100萬美元的中國銅幣收 藏）；2010年12月的Giant收藏拍賣（首個價格超1 000萬

的日常運營，並于2021年開始獨立負責整個拍賣。

魏亨泰先生是資深收藏家，中國、新加坡、馬來西亞、越 南和印度尼西亞錢幣領域的頂級專家之一，曾擔任多家領 先的錢幣學會、組織和錢幣投資基金的顧問。

美元的中國現代幣收藏）；2011年的拍賣上1992年中國古代 科技發明發現之指南針金幣（NGC PR69）成為首枚價格超 過100萬美元的經認證的中國現代錢幣；2016年的霍華德· 包克收藏拍賣（拍賣的包克收藏錢幣均經由NGC評級）； 2018年4月的查爾斯·譚安收藏拍賣。在澳門舉辦的2020年 11月Norcal收藏拍賣和2021年5月張南琛收藏拍賣也均大 獲成功，其中張南琛收藏專場拍賣的錢幣均經NGC評級， 是首個拍賣成交價格超過2 000萬美元的中國錢幣收藏。

周邁可先生還在1999年創辦了愛秀集團。該集團首先在美國 網路商業市場獲得成功，並樹立了良好的信譽和口碑，此後 進軍亞洲市場，業務遍佈中國、臺灣、韓國、日本等亞洲地 區。除了在各國當地舉辦網路商業活動外，愛秀還在亞洲各 國各地區舉辦跨國跨地區網路商業活動，協助各國企業通 過網路商業活動實現產品的境外宣傳與銷售。

愛秀集團還致力于錢幣相關書籍、雜誌的出版，包括： 2010年、2011年和2021年出版的三版《中國近代機制幣精 品鑒賞》；2015年榮膺錢幣文學公會獎項的《霍華德·佛蘭 克林·包克：錢幣學研究先驅者》；2016年出版的《戳記幣 簡史》；2019年出版的《中國展會熊貓紀念章目錄》；2021 年榮獲錢幣文學公會最佳世界錢幣書籍獎的《收藏傳奇：張 南琛中國錢幣收藏》；2022年出版《發展時代的韓國貨幣》； 先期1994年至1999年出版的18期《東亞泉志》，以及自2016 年重新出版的至今的31期《東亞泉志》中英電子期刊。

冠軍拍賣捐贈超過100萬美元的藏品至各博物館、錢幣學會， 以及資助美國、歐洲、澳門、中國內地的錢幣教育及宣傳 活動。

The Commemorative Coin Celebrating the 55th Anniversary of the Issue of 'The Legend of Chu Liu

Xiang' and Its Launch in Beijing and Hong Kong

◎ Yuan Shuiqing〔Xi'an〕/ Esther Zhao〔Shanghai〕

Gu Long's ( 古龍 ) and Jin Yong's ( 金庸 ) kung fu novels have been popular in mainland China, Hong Kong, and Taiwan since the 1970s and 1980s and have been further spread through films and television. 'The Legend of Chu Liu Xiang' (《楚留 香傳奇》) is an epic kung fu novel by Gu Long, published in 1967 by Chinese Kungfu Inc., Taiwan. (Fig. 1) In 2023, a special commemorative coin was launched to celebrate the 55th anniversary of its issue. This coin has many highlights. Proposed and supported by Champion Auction, the coin was designed and plastered by Yu Min ( 余敏 ), the winner of the 2017 Krause Publication's Coin of the Year Lifetime Achievement Award for Design, and produced by Shanghai New Century Minting Co., Ltd. The coin is sold with a set of beautiful cards featuring the characters in the novel. With the approval of Niue, one of three single-island countries and the second least-populated country in the world, the coin has been issued and is now available globally.

Champion Auction held the launch ceremonies in Beijing and Hong Kong on May 19 and June 10, respectively. The events were closely watched by the Chinese and foreign numismatic communities, with a steady stream of orders. Given that the demand exceeded the supply, the price has been rising in the

secondary market.

I Commemorative Coin and Card

(1) Design and Specification

The coin is 40 mm in diameter and is proof in quality. There are silver coins (Fig. 2), silver gold gilt samples (Fig. 3), and uniface silver gold gilt proba (inscribed with "proba" and " 样 品 " on the other side)(Fig. 4) . Its obverse features Chu Liu Xiang from the drawing of comic artist Lee Chi Ching ( 李志 清 ). On the left side is the inscription 'The Legend of Chu Liu Xiang' in English and Chinese, 55 (Anniversary), and 19672023. The background is the Qi ( 氣 ) with the latest laser effect. The reverse bears the national emblem of Niue, and it depicts the scene of three heroines, namely, Su Rongrong, Lee Hongxiu, and Song Tian'er on a pleasure boat. Their drawings are adjusted and processed from those in the promotional video. On the left is the year "2023", the weight "1oz", and the purity "Ag.999". The upper part of the border has the English country name "Niue", and the denomination "1 Dollar". The lower part has Chinese-style imitation cloisonné wave patterns to represent that the ship is sailing on the sea.

Fig. 1 "The Legend of Chu Liuxiang" published by Chinese Kungfu Inc.

Fig. 2 The silver coins

Fig. 3 The silver gold gilt sample

Fig. 4 The uniface silver gold gilt proba

According to designer Yu Min, "this is the first commemorative coin with the theme of kung fu. Both sides of the coin use the latest minting techniques, making it a successful product that integrates art and technique."

The silver coin has a mintage of 600. Price: 1,298 RMB. The silver gold gilt sample has a mintage of 30. Price: 3,998 RMB. The uniface silver gold gilt proba, 2 in a set, has a mintage of 10, with Yu Min signature label. Price: 12,000 RMB.

(2) Commemorative Card

1. The first strike commemorative card with the signature of the designer Yu Min has a total number of 100. (Fig. 5)

2. The cards for the four main characters of 'The Legend of Chu Liu Xiang' are presented with the coins in the original package. (Fig. 6)

3. The CGC certified card (size 16 cm x 21 cm) features the Chu Liu Xiang revised and signed by Lee Chi Ching, and is encapsulated in the holder with a special yellow label for the CGC signature series. The card totals 100. Price: 1,888 RMB/1,998 HKD, available in late August or early September. (Fig. 7)

II Beijing Launch

The Beijing launch was held at the 20th China International Coin Fair at the Xinyuan Hotel in Beijing (hereinafter referred to as the fair) at 11:00 a.m. on Friday, May 19, the opening day of the fair. Champion Auction was at table B26. It was also the second day of the 2023 First Beijing Baoguo Temple Coin

Culture Exhibition. Because the Chinese coin market is in a period of adjustment, the demand was not good on the whole. Coupled with the rise in the rent of tables and booths, there were not too many transactions at the fair. Most people came to the coin show for a tour or attended the Beijing launch event. The fair was mainly supported by two organizers namely, Shouxi and Guangzhou Guangyin'ge Collectibles Co., Ltd, with their advertisements hung visibly. There were six distinguished guests who attended and spoke at the Beijing launch, including King Chan ( 陈景林 ), NGC senior advisor; Mateo Zhao ( 趙振 陽 ), Vice President of NGC Asian Business Development; Zhou Shouyuan ( 周壽元 ), the founder of the Shouxi; Chen Haomin ( 陳浩敏 ), the president of Guangyin'ge; Yuan Shuiqing ( 袁 水清 ), Editor-in-Chief of the Chinese edition of the Journal of East Asian Numismatics (JEAN); and Tang Xingbang ( 唐興幫 ), the general manager of China Coin (Hong Kong) Co., Ltd. Ms. Esther Zhao ( 趙婷婷 ), advertising and distribution manager of JEAN, served as the hostess of the ceremony. (Fig. 8)

The first guest speaker was King Chan. He showed the Chu Liu Xiang commemorative coin and indicated that as a coin enthusiast, he was very interested in this coin. Chan held a positive prospect of the coin for the following six reasons. 1. The theme is novel. 'The Legend of Chu Liu Xiang' is a kung fu novel with a great impact. 2. The packaging is elaborate. It seems like a thread-bound book, which echoes the theme of the coin.3. Four cards of the main characters in the novel are in the form of sports cards which young people are favorable of. 4. Chu Liu Xiang on the obverse of the coin is drawn by the famous Hong Kong comic artist Lee Chi Ching. 5. The designer of the coins, Min Yu, is a well-known coin designer. 6. The techniques applied to this coin are advanced. The manufacturer

Fig. 5 The first strike commemorative card Fig. 6 The cards for the four main characters Fig. 7 The CGC certified card

of the coins is Shanghai New Century Minting Co., Ltd, a private mint with leading minting techniques. The high-end techniques are used to produce a laser effect and the Chinesestyle imitation cloisonné wave patterns.

Mateo Zhao focused on the encapsulation. He indicated that NGC has worked with Yu Min and Champion Auction for many years. The coin is perfectly manufactured, with advanced techniques. The surface of the coin fully meets the standard of PF70. When Mateo showed the holder, he said that comics in NGC holders are very popular in mainland China. This time, 100 commemorative cards for the first strike ceremony were signed by Yu Min, each of which is unique. It is believed that these cards will gain recognition in the market.

Yuan Shuiqing introduced the background of the novel in great detail, its adaptation to film and television drama, and the relevant events held by Champion Auction in the past. He pointed out that in the Legend of Chu coin was the first kung fu coin in the history of currency issuance in China and abroad.

The kung fu novel is categorized as popular literature. Gu Long was one of the more successful of his contemporaries in this field, and he attempted to incorporate foreign elements into the Chinese kung fu novel, known as the leading new-school kung fu novelist. At that time, the new-school kung fu novels were popular in Hong Kong and Taiwan, and there were numerous works of different levels. However, the themes and contents were soon exhausted. Therefore, many writers sought a new way to make a breakthrough, and Gu Long was one of the best.

Gu Long, whose real name is Xiong Yaohua ( 熊耀華 , born in Hong Kong in 1937, passed away in Taiwan in 1985), was a freespirited person who loved to make friends. He liked drinking and was incredibly talented. With great perseverance in writing and an incomparably rich imagination, he left behind 72 wonderful kung fu masterpieces, creating a new era of modern kung fu novels, known as the two masters of kung fu novels on a par with Jin Yong. His masterpieces include 'Sentimental Swordsman and Merciless Sword' (《多情劍客無情劍》), 'The Legend of the Hero's Banner' (《大旗英雄傳》), 'Legend of Dagger Lee' (《小李飛刀》), the 'Legend of Chu Liu Xiang', 'Handsome Siblings' (《絕代雙驕》), among many more.

Chou Shouyuan said that the Champion Auction was a good partner of the Shouxi. This is the first fair held in Beijing after the epidemic, with a lot of friends from all over the country, which provides a good atmosphere for the release of the coin.

Chan Haomin appreciated the launch event and introduced other exchanges, exhibitions, and lectures during the fair.

'The Legend of Chu Liu Xiang' renders Gu Long's innovative writing style and eternal themes of courage, chivalry, love, and tolerance. The novel was completed in October 1966, and in January 1967, Chinese Kungfu Inc. published and distributed a complete series of 33 volumes. The novel takes a distinguished and admirable chivalrous thief as the protagonist and shows a variety of love and hate stories in the wuxia world, with amazing, dangerous, and changeable plots. The novel carries forward the spirit of kung fu, as one of the most famous and influential kung fu novels by Gu Long.

Many novels by Gu Long have been adapted for films and TV series. 'The Legend of Chu Liu Xiang' also has been adapted into a TV series by a collaboration of mainland China, Hong

Fig. 8 Speakers (top) / Champion Auction at table B26 (bottom)

King Chan Zhou Shouyuan

Tang Xingbang

Chen Haomin Yuan Shuiqing

Mateo Zhao

Kong, and Taiwan, and has also been made into a movie; In 1979, Adam Cheng ( 鄭少秋 ), Angie Chiu ( 趙雅芝 ), and Ng Man Tat ( 吳孟達 ) starred in the Hong Kong TV series Chor Lau Heung (《楚留香傳奇》). The series was launched in Hong Kong and rebroadcast in Taiwan, entering in an unprecedented kung fu wave. At that time, almost everyone in Hong Kong were talking about Chu Liu Xiang. In 1977, the famous Hong Kong movie star Ti Long ( 狄龍 ) also appeared in the movie Chu Liu Xiang (《楚留香》) produced by Shaw Brothers (Hong Kong) Limited. David Song ( 宋德令 ) of Chinese Kungfu Inc. has authorized two Gu Long novels for film and television. IAsure Group, the parent company of Champion Auction and JEAN, also cooperated with CHS, the producer of the 2007 version of the Legend of Chu Liu Xiang TV series, in organizing a variety of high-impact promotional activities. The TV drama was shown on CCTV 8 in 2007, as its number 3 rated TV drama for the year.

Mr. Tang made a brief introduction to the coin's release in Bangkok and its response. He said that the launch of the coin in Bangkok had been on April 15, and the second sale started on June 8, with a quantity of 50 pieces. The next launch will be on July 21 in the State of Penang, Malaysia. Overall, demand outstrips supply and the mintage is limited. Southeast Asian Chinese like comics and are very interested in the works of Gu Long. They are also attracted to the packaging of the coin.

At the launch in Beijing, Champion Auction presented the guests with silver gold gilt commemorative coins, as well as 30 copies of the 30th issue of the the Hong Kong - Singapore special edition to the guests on the spot. After the launch ceremony, there was a steady stream of visitors to Champion Auction's Booth B26, either inquiring about or pre-ordering the products or opening the packages to appreciate them.

predicted. Nine coins realized high prices went to the United States and 6 went to Singapore. However, the situation also shows that Champion has international credibility. The coins in this WeChat auction mostly came from famous collectors who preserved these coins well. Coin prices have gone down slowly in Taiwan. It is expected that the market will not be good until 2024. The market of Hong Kong and neighboring countries are better. Michael Chou holds a positive view of graded stamps in Hong Kong, Macau, and Taiwan. Thailand has a good market for stamps issued before 1988. In Thailand, 50% of the profit brought by paper money was not found by the Chinese. This year, the economy of countries in Southeast Asia has been better than China's, so their coin markets are better than China's coin market.

Ⅲ Hongkong First Release

Michael Chou, president of the Champion Auction, arrived in Beijing in the afternoon. He arrived at the fair and listened to the reaction at the launch event, and the analysis and predictions of the current situation of the coin market and the prospects. He believes that this year, there will be more coins and auctions. Mainland China's coin market has slumped, and the Champion WeChat Auction on May 20 saw transaction results lower than

The Hong Kong launch was held on Saturday, June 10th at 2:00 pm at the famous Cosmos Bookstore, one of Hong Kong's major publishing houses founded in 1976 in Hong Kong. Guest speakers at the launch ceremony were David Song, the copyright owner of 'The Legend of Chu Liu Xiang' and representative of Chinese Kungfu Inc, King Chan, Law Waiming, former guest lecturer of the Hong Kong Polytechnic University, and Michael Chou, President of Champion Auction. (Fig. 9) Ms. Ada Chan (

), manager of the CCG Hong

陳苡靖

David Song King Chan Law Waiming Michael Chou

Fig. 9 Guest speakers at the launch ceremony

the theme of "Chu Liu Xiang: An Immortal Legend". He said that kung fu novels were unique to the Chinese nation, similar to Western chivalric literature and Japanese Bushido, but neither of them was as influential and abundant in Chinese culture as the kung fu novel. When he first met the famous professor Kong Qingdong ( 孔慶東 ) of Peking University in Beijing many years ago, he was told, "I was once invited to give a speech at a university that specializes in giving lectures to foreign students, and I told them that you come to China to learn more about Chinese culture. There is a shortcut to learning about Chinese culture, that is, to read kung fu novels, because there is a wealth of Chinese culture that has been "loaded" into these novels, which is unique for the Chinese nation. After 1949, kung fu novels were not allowed for the time being in mainland, China, but there were works by Hong Kong and Taiwan writers who carried forward the development of the kung fu novel, including Hong Kong's Louis Cha (pen name Jin Yong 金庸）, Chen Wentong (pen name Liang Yu-Sheng 梁羽生 ), and Taiwan's Niu Heting (pen name Wolong Sheng 臥龍生 ), Wu Siming ( pen name Sima Ling 司馬翎 ), Liu Chao-shiuan（pen name Shangguan Ding 上官鼎 ), and Zhang Jianxin (pen name Zhuge Qingyun 諸葛青雲 ), among others, by constantly publishing new works. These works are characterized by two main features. First, the writing shows the development of life. Second, these novels are fully infused with the element of love, which is a great evolution of the genre. The novels also portray the depth and breadth of human nature more realistically, which makes the genre more readable.

novelist, that is, Gu Long. When Gu Long was a student, he admired Sima Ling's works, and he always went to Chinese Kungfu Inc. on Thursdays to rent and read new novels. Later, he began to write kung fu novels. He wrote five or six novels (some of which were not completed). Later, at a time of confusion in his life, he knew Mr. Song Jinyin ( 宋今人 , the father of David Song), who helped him to analyze the prospect of kung fu novels and gave him guidance. Finally, Gu Long decided to take up writing kung fu novels as his lifelong career and aspiration. Song Jinren also rented a room for Gu Long in Ln. 18, Xuzhou Road, Taipei City, so that he could concentrate on his writing. Gu Long lived up to Song's expectations by collaborating with Chinese Kungfu Inc. on six consecutive kung fu novels. During this period, he worked hard to sculpt his literary content, which made his novels wonderful. In 1968, Gu Long completed 'The Legend of Chu Liu Xiang', achieving great fame and spreading his wings. The book looks very interesting from the very beginning. It begins with the story in which the ancestral White Jade Beauty of Jin Banhua was stolen by Chu Liu Xiang.

Among the writers and works mentioned above, there are two major subversions. The first one is Jin Yong's novel 'The Duke of Mount Deer' (《鹿鼎記》), which is completely out of Jin Yong's traditional storytelling method and style, but it is loved by many people. The other trend was led by another special

First, Jin receives a short note, saying, "I have heard that you have an exquisitely carved White Jade Beauty which is extremely graceful. I could not help but be attracted by her. Tonight, when the moon is rising, I will come to fetch it. I am sure that you will not make me come in vain." Due to the quality paper, the tulip smell, the elegant writing style, and the humor of the words, all kung fu masters knew that the note came from Chu Liu Xiang. The reader learns on the first page that Chu is a thief! In only 5 pages, the plot is clearly illustrated, in which Chu stole the White Jade Beauty although the White Jade Beauty was guarded by three top kung fu masters. The personality traits of the story's protagonist, Chu, can already be understood, which is quite wonderful. There is basically no historical background in Gu Long's novels, neither is there geographic background. There is also no specific name for the kung fu movements. His writing style also shows a Western literary inclination, which is in line with his educational background of majoring in foreign languages as his undergraduate. Yet, he clearly grasped the core values of the Chinese kung fu culture. Therefore, Gu Long subverted the kung fu novel. No one had written kung fu novels in this way before him. After his success, many writers imitated his writing style, but none of them succeeded.

Fig. 10 Coin enthusiasts and collectors

Gu Long wrote some 30 works. Though there is no first place in literature, if we say that 'The Legend of Chu Liu Xiang' is the best one, it will probably not be disputed. I think the main reason is that the character Chu Liu Xiang is really special. He is handsome, mature, humorous, free-spirited, highly intelligent, considerate of others, elegant, and mysterious, and he has always been particularly respectful of women. Although he is not the top kung fu master, he is quick-witted, and he can always achieve ultimate victory,

The whole story is about a mature and handsome man living on a boat with three beautiful women, each of whom has her own specialties. Who says Chinese people don't have a sense of humor? Please read 'The Legend of Chu Liu Xiang'. The whole novel series is divided into three sections, namely, Clans of Intrigue, the Great Desert and the Thrush. In each section, a case is solved, which is similar to the west's James Bond. However, the difference is that one case can be solved in one 007 movie, while the story of Chu Liu Xiang has a long finish. The copyright owner of the 'Legend of Chu Liu Xiang' has always been very fond of Lee Chi Ching's drawing. In 2001, before the reprinting of the Legend of Chu Liu Xiang in Taiwan, a special trip was made to Hong Kong with a box of 20 novels to ask Lee to do the drawings. They met in Hong Kong and talked for several hours, which was very memorable.

After the speech of Song, King Chan introduced the six outstanding features of the coin and showed the plaster. Finally, he pointed out that the coin, which came out in an innovation package, took into account the preferences of people of all ages. The older people love to read kung fu novels, the middle-aged people like to watch TV dramas, and the younger generation favors comic cards. Therefore, the coin will surely be popular.

Then, the guest speaker Law Waiming said that this coin took more than one year to develop, and its packaging is very creative.

once saw a comic book show in Hong Kong in May 1985. Then, he went to school in Japan during which he loved to see kung fu movies. The love for kung fu novels is one of the motivations for making the Chu Liu Xiang commemorative coin. Michael Chou has been working with David Song for a long time. At the end of 2022, Michael Chou presented the Everlasting Rose coin to Song, which led to an agreed idea of making a commemorative coin for Gu Long novels. This project was on track from the decision of the project, artwork design, and minting to launch and release. A total of 100 cards with Lee Chi Ching signatures have been certified and encapsulated by CGC, which lifts the worry of the buyers about the authentication of the signature. Since there is a demand for comics on the market at the moment, the coin with signed cards featuring the drawing of famous Asian comic artists and the fine package will be favored by collectors. Thus, the coin is promising on the market.

At present, new numismatic products tend to be internationalized, and Champion Auction is looking forward to cooperating with Hong Kong partners.

The subsequent series of the Chu Liu Xiang coin is planned to be launched at the China International Coin Expo in December and the Tokyo International Coin Convention.

Finally, Michael Chou introduced the idea of this coin, the commemorative card, and how it is currently being sold. He said that when he was a child, he spent three dollars an hour in a bookstore where you can pay to read books by the hour in Taiwan to read kung fu novels and comics. Later, when he went to school in the U.S., he was still fond of kung fu novels. He

After the launch ceremony, guests drove to Lee Chi Ching's studio in Hong Kong. They saw the drawing revised for this launch ceremony by Lee based on the original drawing in 2001. The new drawing is integrated with Lee's new comic style with traditional Chinese painting style. Lee Chi Ching exclusively signed the commemorative cards under the witness of CGC's authorized representative, King Chan of Hong Kong. Signed cards were then shipped to CGC headquarters, where they were encapsulated in hard holders with special yellow label for the CGC signature series. Max Spiegel, the CCG President, said, "We are honored to certify these drawings of one of the most famous kung fu characters, designed and autographed by one of Hong Kong's greatest comic artists. With the CGC Signature Series program, collectors can be completely certain of the authenticity of these autographs because they were directly witnessed by a CGC representative." The encapsulated and certified signature cards have been sent back from the U.S. to Hong Kong in early July.

紐埃《楚留香傳奇》發行55周年紀念幣 及其北京、香港首發紀實

◎ 袁水清〔西安〕 趙婷婷〔上海〕

古龍的武俠小說曾和金庸的武俠小說在20世紀七八十年代， 通過影視傳播，風靡中國大陸和港臺地區。其中《楚留香傳 奇》是古龍的一部精典武俠之作，1967年由臺灣真善美出版 社出版（圖1）。2023年為紀念該書出版發行55周年，紐埃 島國特別推出《楚留香傳奇》發行55周年紀念幣（以下簡稱 楚留香紀念幣）。這枚紀念幣身份特殊，亮點多多。由冠軍

拍賣公司創意並投資，原上海造幣有限公司高級工藝美術 師、世界硬幣大獎賽終身成就獎得主余敏整體設計並製石 膏模，上海新世紀紀念幣有限公司製造，附有精美配套紀 念卡，世界上三個單一島嶼國家之一、全球人口最少的十個 國家排名第二的紐埃面向全球發行。

取得發行許可的冠軍拍賣公司分別于5月19日、6月10日在北 京、香港舉行了首發儀式，受到中外泉界密切關注和愛好者 的熱烈追捧，訂單源源不斷，銷售供不應求，二級市場交易 價格追漲。

一 紀念幣及紀念卡

（一）紀念幣圖案和品種

該紀念幣為圓形，直徑40毫米。公開面市的品種為紀念銀 幣（圖2）、銀鍍金紀念樣幣（圖3），單面（另一面僅有“樣 品”二字）銀鍍金精製鏡面樣幣（圖4）。正面圖案：主景為 楚留香人物造型，釆用香港漫畫家李志清2001年的畫稿。 左側為主題文字“《楚留香傳奇》中英文及55（周年）19672023”。背景有象徵中國功夫的俠氣，採用了鐳射新工藝，閃 閃發光。背面圖案：上部為紐埃島國國徽，下部為三位女 俠——蘇蓉蓉、李紅袖、宋甜兒在船上的場景，人物形象 來源于宣傳視頻中的人物形象，再進行調整加工組合。中部 左側為年號“2023”重量“1oz”和成色“Ag.999”。邊部上 端有英文國名紐埃島和面值1美元字樣；中下端有中國風格 的裝飾性海浪，代表船在海上航行。採用仿景泰藍工藝。

圖1 真善美出版社出版的《楚留香傳奇》

圖2 紀念銀幣 圖3 紀念銀鍍金樣幣 圖4 單面銀鍍 金精製鏡面樣幣

設計者余敏認為，“這是第一枚武俠題材的紀念幣，正背面 都採用了最新的造幣工藝，是藝術與技術結合得比較成功 的錢幣作品。”其中銀幣鑄造量600枚，發行價人民幣（下同） 1 298元/枚。銀鍍金樣幣鑄造量30枚，發行價3 998元/枚。

單面銀鍍金樣幣一套2枚，鑄造量10套，有余敏手簽，每套 12 000元。

（二）紀念卡

1.帶設計師余敏簽名的紀念幣首打卡，共100張（圖5）。

2.《楚留香傳奇》四位主要人物紀念卡。隨紀念幣入包裝盒 贈送。（圖6）

3.李志清新修改並簽名的楚留香形象漫畫稿CGC認證紀 念卡，規格16厘米x21厘米，封裝盒帶有CGC簽名系列的 特殊黃色標籤。共100張，每張售價1 888元/1 998港元。8 月底或9月初上市。（圖7）

二 北京首發

北京首發于5月19日（週五）上午11時，在北京京都信苑飯 店的CICC·第20屆中國（國際）錢幣（北京）展銷會（以下 簡稱展銷會）開幕日的現場舉辦。冠軍拍賣在展銷會的展 位為B26。此日亦為2023首屆北京報國寺秀幣文化展的第 二天。由于錢幣行情處于調整期，賣不上價，加上展位租金 上漲，故錢幣售賣成交率低，前來飯店觀看錢幣展銷會和 北京首發活動的人士比較多。展銷會的兩個主辦單位以醒目 橫幅“中文錢幣收藏門口”高懸的首席收藏和“高價收購中 國金銀幣”的廣州市廣銀閣收藏品有限公司給北京首發以 大力支持。出席首發儀式發言的六位嘉賓分別是，NGC資

深顧問陳景林，NGC亞洲業務拓展副總裁趙振陽，首席收 藏創始人周壽遠，廣銀閣董事長陳浩敏，《東亞泉志》中文 主編袁水清，中國錢幣（香港）有限公司總經理唐興幫。《東 亞泉志》廣告與發行經理趙婷婷女士主持了首發儀式。（圖8）

首先發言的嘉賓是陳景林，他向大家展示楚留香紀念帀介 紹說，自已作為一個錢幣愛好者，對這枚幣很感興趣，其前 景看好。原因有六個：1.主題新穎。《楚留香傳奇》像一部 推理小說，影響很大。2.包裝考究。像線裝書，與紀念主

圖5 首打卡 圖6 主要人物紀念卡 圖7 李志清簽名CGC認證簽名卡

圖8 發言嘉賓（上）/冠軍拍賣展櫃(下）

題相呼應。3.內裝的4張該書主要人物卡，像球星卡，年輕 人一定喜歡。4.幣面楚留香形象出自香港著名漫畫家李志清 之手。5.幣的設計者余敏盛名遠播。6.工藝先進。幣的生 產廠家是造幣技術領先的民營企業上海新世紀紀念幣製造 公司。生產時採用了難度大的鐳射幻彩工藝和傳統景泰藍 琺瑯工藝。

趙振陽重點介紹了封裝。他說，NGC與余敏和冠軍拍賣合 作多年。這枚紀念幣製造完美，工藝成熟，幣表面完全符 合70分的標準。他展示封裝盒介紹說，NGC封裝的漫畫產 品在中國大陸很受歡迎，這次配發的100張余敏簽名的首打 紀念卡，每張都是獨一無二的，相信會取得市場會認同。

周壽遠介紹說，冠軍拍賣是首席收藏的合作夥伴，此屆錢 幣展銷會是疫情後在北京地區首次舉辦。來自全國各地的泉 友會很多，為楚留香紀念幣的發行提供了很好的氛圍。

陳浩敏發言說，今天的首發儀式為此屆展銷會添光加彩， 期間還有交流會、交易會、展示會，名家講座等，豐富多彩。

袁水清比較詳細地介紹了這部小說的誕生背景，以及改編 為影視劇和冠軍以往的推介逸聞。他說，在中外貨幣發行 史上，以紀念著名武俠小說為主題的紀念幣，《楚留香傳奇》 紀念幣尚屬首例。

武俠小說，歸屬于大眾文學。古龍是同時代武俠小說作家中， 勇于嘗試把外國元素加入幻想的中國武術較成功者，被譽 為新派武俠小說泰斗。其時港臺風行新派武俠小說，水準 各異的作品亦層出不窮，但題材與內容卻很快用盡。于是便 有不少作家另闢蹊徑，尋求突破，古龍便是其中的佼佼者。

古龍本名熊耀華（1937香港-1985臺灣），為人豪爽灑脫， 愛交朋友，嗜酒如命，才華驚人。以頑強的創作毅力和無 比豐富的想像力留下57部72本精彩的武俠巨著，開創了近代 武俠小說新紀元，被譽為與金庸並駕齊驅的兩大武俠小說 宗師。其代表作有《多情劍客無情劍》《大旗英雄傳》《小李 飛刀》《楚留香傳奇》《絕代雙驕》等。

《楚留香傳奇》演繹古龍求新求變、不受傳統拘束的創作 理念和永恆的創作主題：勇氣、俠義、愛與寬容。全書于 1966年10月創作完成，1967年1月臺灣真善美出版社開始出 版發行，全套33冊。其內容以風流俠盜為主角，演繹江湖 多種愛恨情仇的故事，小說情節奇、險、怪、變，刻畫宣揚

了武俠精神。是古龍生平最為著名和影響力最大的武俠小說 之一。

古龍的多部小說被改編為影視劇。其中《楚留香傳奇》曾由 中國大陸、香港、臺灣三地合作，改編為電視劇，也曾拍 攝過電影；1979年，鄭少秋、趙雅芝、吳孟達領銜主演的 香港電視劇《楚留香傳奇》，在香港首播和臺灣轉播，刮起 武俠旋風，盛況空前，有“滿城爭說楚留香”之譽。 1977年， 香港著名影星狄龍也曾出演過邵氏電影公司出品的電影《楚 留香》。真善美出版社的宋德令先生曾授權兩部古龍小說進 行影視化。而冠軍拍買及《東亞泉志》之母公司愛秀集團， 亦曾和2007年版《楚留香傳奇》電視劇出品方廣東強視影 業傳媒有限公司合作，舉辦了多種影響力很大的宣傳活動。 該劇最終在CCTV 8播放，播後當年收視率在該頻道排名 第三。

唐興幫就該幣在曼谷發行及其反響作了簡介。他說，楚留香 紀念幣在曼谷首發是4月15 日；二次發行是6月8日，數量為 50枚。再下一次銷售是7月21日將在馬來西亞檳城首發。總 體看，求大于供，鑄造量少了。東南亞華人喜歡漫畫，對古 龍的作品非常感興趣，對紀念幣的新穎包裝情有獨鐘。

北京首發時，冠軍拍賣向嘉賓贈送了銅鍍金紀念幣，向現場 的來賓贈送《東亞泉志》第30期30本、香港·新加坡特別 版數本。首發儀式結束後，到冠軍拍賣的B26號展位參觀 者絡繹不絕，或諮詢或預購，或親手打開包裝欣賞。

當天下午抵京的周邁可總裁即趕到錢幣展銷會現場，聽取了 對首發活動的反響，並對錢幣市場現狀和前景作了分析、預 測，他認為，今年以來錢幣展會多，拍會多，個別的真拍假 拍不知。中國大陸幣市行情下滑，冠軍5月20晚微拍成交低 于預測，價高的幣中9個去了美國6個去新加坡，也說明冠 軍拍賣有國際公信力。大收藏家東西都保存得好。臺灣地 區幣價下調得慢。預計下半年到明年行情不太好，港臺地區 和周邊國家相對會好些。港澳臺評級郵票會有市場。在香 港人熟無用，臺灣可以。泰國老票以後有市場。紙幣50％的 利潤不是中國人發現的。近年東南亞經濟比中國好，所以錢 幣市場行情會相形見絀。

三 香港首發

香港首發于6月10日（週六）下午2時，在著名的香港大型出 版機構之一，創立于1976年的天地圖書書店舉行。首發式上

依次發言的嘉賓為，《楚留香傳奇》版權所有方、真善美出 版社代表人宋德令，陳景林，原香港理工大學客席講師羅偉 明，冠軍拍賣總裁周邁可（圖9）。CCG集團香港辦公室經 理陳苡靖女士擔任主持人。香港金融界、收藏界、錢幣界、 拍賣界知名人士周正雯、殷實、馮炳壽、張順光、翁達、孔 慶森、黃毅華、黃健輝、么瑤等應邀出席。首發活動還吸引 了眾多古龍小說、漫畫愛好者，以及錢幣收藏者（圖10）。

首位發言者宋德令以“楚留香——不朽的傳奇”為主題作了 精彩演講。他說，武俠小說是我們中華民族獨有的文類， 相似的有西方的騎士文學以及日本的武士道，但都不及我 們中國人的武俠小說中的中華文化那麼深入及豐富。所以 我多年前在北京第一次見到北京大學的名教授孔慶東的時 候，他告訴我說，“我曾經被請到一所專門給外國學生就讀 的大學演講，我告訴他們說，你們到我們中國來無非是想 多學習一些我們中華文化，其實有一條學習中華文化的捷 徑，就是讀武俠小說，因為其中有非常豐富的中華文化被 ‘裝’進到了我中華民族獨有的文類武俠小說中。”非常幸運 的是，1949年之後，大陸的武俠小說，已經暫時不可流傳， 但是有香港臺灣作家的作品，支持武俠小說的道統繼續發

則尤其是大量注入了許多男女感情的元素，即所謂的綜藝 俠情武俠，這是該文類的巨大演進，也更真實地刻畫了人性 的深度與廣度，增加了它的可讀性。以上言及的作家以及作 品之中有兩大顛覆，第一是金庸的小說《鹿鼎記》，完全脫 離了傳統金庸的故事方式以及風格，但卻是得到許多人的喜 愛。另外一個顛覆是一位特別的作家，就是古龍的出現以 及成名。古龍在學生時代，因為崇拜司馬翎的作品，每個 禮拜四總是到真善美出版社來租借新的小說看，後來因此 學寫武俠小說，寫了差不多有五六部小說（其中有一些沒有 完成）。後來在人生迷茫之際，得到先父宋今人先生對武俠 小說前景的分析、指導，終于決定以武俠小說創作為終身的 職業與志向，先父並且曾經為他在臺北市徐州路18巷租了一 個房間，讓他可以專心創作。他也不負期望，連續與真善美 出版社合作出版了六部武俠小說，該期間努力雕琢他的文學 內涵，可以說是字字珠玉、部部精彩。一直到了1968年，完 成了《楚留香傳奇》，成就大名，展翅高飛。該書的開始便 十分有趣，描述京城大少金伴花祖傳至寶白玉美人被楚留香

圖10-2 現場眾多錢幣愛好者及收藏者 圖10-1 陳景林、羅偉明、周邁可、宋德令、周正雯、殷實

宋德令

陳景林 羅偉明 周邁可

盜了去。他先收到一張箋，上述“聞君有白玉美人，妙手雕 成，極盡妍態，不勝心響往之。今夜子正，當踏月來取，君 素雅達，必不致令我徒勞往返也。”以該短箋 之紙質、鬱金 香的味道、文字的典雅、字義的幽默，武林高手都知道來 自楚留香。讀者在此第一頁的內容中便知道楚留香原來是個 強盜！短短的5頁描述，楚留香以他的輕若羽毛、動比閃電 的手法，即使有京城三大武林高手鎮守，仍以“公子伴花失 美，盜帥踏月留香”留下來了一紙收據，他名“留香”，自封 “盜帥”，取走了白玉美人！故事主角楚留香的人格特質由此 已可大致瞭解，妙！古龍的小說中基本上沒有歷史背景，幾 乎沒有地理背景，沒有什麼特別招式的名字，他的筆法中有 西方文學的旨趣，反映了他大學就讀外文系的背景，但明顯 地把握了中華文化中的俠文化的核心價值。于是古龍顛覆了 武俠小說，在他之前是沒有人這樣寫武俠小說的，但是他的 確是成功了，在那之後有許多作家也模仿他的寫法，但都沒 有成功。古龍創作真正的作品大概有30部左右，如今蓋棺

論定，固然文無第一，但如果說《楚留香傳奇》是最好的一 部作品，也許會是廣泛地受到肯定的。我認為主要的原因是， 楚留香這個人物實在是描述得太特別了：他英俊、成熟、幽 默、灑脫、高智慧的體貼別人、武功不是最高（輕功極高） 但機智反應一流，終于得到勝利、氣度高雅、出身神秘、對 女性一向特別尊重，特點實在數之不盡。整個故事是描述 一位成熟英俊的男士與三位美麗而各有特色專長的女士生 活在一條船上的故事，這種佈局有一點像美國的電視劇《三 人行》，但是其創作卻遠早于《三人行》。誰說中國人沒有幽 默感，請看《楚留香傳奇》。又有人說原來故事分為三大橋段， 他們是血海飄香、大沙漠、畫眉鳥，剛好各有一件案子需要

破解，類似西方的007JamesBond的電影，但是楚留香與 《零零七》畢竟是不同的，《零零七》電影一集看完一集便罷 了，但楚留香的意境可比JAMESBOND高太多了也雅多了， 是不是？我一直非常喜歡李志清的畫，于是在2001年我方在 臺灣要再版《楚留香傳奇》之前，特別專程到香港來請李先 生作畫，當年背了一箱的20本書，與李先生在香港見面，雙 方談了幾個鐘頭，非常值得紀念並且感謝！

陳景林接着展示石膏模介紹了這款紀念幣的六大突出特點。 最後特別指出，以新穎包裝問世的這款紀念幣，兼顧了三代 人的喜好：老一輩愛看武俠小說，中年人喜歡看電視劇，而 年輕一代青睞漫畫卡。所以一定會廣受歡迎。

最後，記憶力超強的周邁可介紹了這款紀念幣的創意、紀念 卡和目前的銷售方式。他說，自己小時候在臺灣的書店花1 小時3元錢看武俠小說和漫畫，後來在美國上學時仍愛看武 俠小說。1985年5月在香港看過漫畫展。後來在日本上學愛 看武俠電影。這是萌生楚留香紀念幣的一個原圖。我與宋德 令先生合作很久，2022年底我把玫瑰紀念幣贈與宋先生談 起做古龍小說紀念幣，他很贊同。這件事從確定項目、圖稿 設計、鑄造、首打、發行都是在按計劃推進。關于100張李 志清先生楚留香漫畫的作者簽名和CCG編號打卡，解除了 購藏者擔心上當受騙的顧慮。目前漫畫有市場需求。所以亞 洲著名漫畫家的作品做成卡片，加之是中文簽名，包裝又上 檔次，所以對錢幣和漫畫都有興趣的人，一定會喜歡上這 款幣。因而市場前景樂觀。

目前錢幣新產品趨向國際化，冠軍拍賣寄望于與港人合作。

楚留香紀念幣後續發行計劃在11月的北京國際錢幣展覽會、 東京的錢幣展銷 會上進一步宣傳推 介。

首發儀式結束後， 嘉賓們驅車前往 李志清位于香港 的工作室，目睹了 李先生在2001年 楚留香形象原作 的基礎上為這次 首發儀式修改了的

漫畫稿，修改稿融入了新的李氏漫畫風格，即加入了傳統國 畫風格。李志清先生在CGC授權代表——香港的李景林的 見證下，對這批紀念卡進行了獨家簽名（圖11）。簽名卡隨 後轉運至CGC總部。CGC總部將用硬質封裝盒進行封裝。 封裝盒將帶有CGC簽名系列的特殊黃色標籤。CGC母公 司CCG集團總裁馬克斯·斯皮格爾(Max Spiegel)表示，

羅偉明講，這款幣冠軍拍賣與臺灣真善美出版社合作，歷時 一年多時間開發，其包裝很有創意。

“李志清先生是香港最了不起的漫畫藝術家之一，楚留香則 是最著名的武俠人物之一。我們對于能夠認證李志清先生設 計並親筆簽名的楚留香畫稿倍感榮幸。收藏者通過我們的 CGC簽名系列，可以完全肯定這些簽名的真實性，因為它 們是在CGC代表直接見證下完成的。”預計封裝後的認證 簽名卡8月底可以從美國寄回。

圖11 李志清在紀念卡上簽名

Offsetting Bonds in the Agreement Regarding the Restoration of the State of Peace between Germany and China

◎ Stephen Tai〔Taipei〕

When the European War broke out at the end of July 1914, under the pressure of the Great Powers, the position of the Beiyang government at the beginning of the Civil War changed from maintaining neutrality and not choosing sides to breaking diplomatic relations with Germany and Austria and even declaring war, and sending a large number of Chinese workers to Europe to support the Allied Powers such as Britain and France. In November of the same year, Germany and Austria declared surrender and the European War ended, thus making China one of the victorious countries.

I. Agreement Regarding the Restoration of the State of Peace between Germany and China

However, when the Paris Peace Conference was held in 1919, China denounced the transfer of German holdings to Japan and withdrew in anger. It started negotiations with the German Empire and the Austro-Hungarian Empire to reach a peace agreement on its own.

The negotiations with the Austro-Hungarian Empire was discontinued due to its dissolution, while the negotiations with Germany continued and made significant progress. After repeated negotiations between China and Germany, a consensus was reached on important issues such as restoring full tariff autonomy to China, abolishing German consular jurisdiction over German citizens staying in China, returning all rights related to Shandong that Germany acquired on March 6, 1898 to China, and paying compensation to China. Finally, on May 20, 1921, the agreement was signed in Beijing, and

partial justice was done for the humiliation suffered by China during the Paris Peace Conference.

The compensation was a major focus of the agreement. Despite the fact that Germany was destitute after the war, the victorious powers still insisted on huge punitive reparations. Since the German mark had collapsed, reparations were mostly calculated in foreign currency instead, and the compensation to China was also calculated by using Chinese silver dollars. However, given there were no assets to pay off the debt, the German government had to issue public bonds for reparations.

German assets in China were frozen during the war, including the assets of the Deutsch-Asiatische Bank, Jingxing Mining Area, Siemens, Carlowitz, Melchers and other corporate entities and consortia. Therefore, in order to get back the assets and resume the economic and trade activities as soon as possible, it had become an urgent task for Germany to reach an agreement through negotiation.

Different from the reparations with other countries, Germany had a large amount of Chinese foreign bonds in the late Qing dynasty which could be used to offset the reparation to China, so that Germany was able to pay the compensation to China without incurring new debt.

II. Tientsin-Pukow and Hukuang Railway Bonds Were Used as Offsets

According to the agreement signed in 1921, the compensation would mainly be offset by the Tientsin-Pukow and Hukuang

Railway bonds issued in the Qing dynasty.

The agreement established the principle that the compensation should be mainly offset by bonds. It stated that Germany agreed to compensate China 3 million dollars for casualties, property losses and the cost of housing German prisoners during the war, and that the compensation would be paid with TientsinPukow and Hukuang Railway bonds except for 4 million silver dollars in cash. As for the specific amount of compensation, it was left to both sides for further approval.

In order to deal with the compensation, Germany appointed two German business entities in China, the Deutsch-Asiatische Bank and the Jingxing Mining Area, to take charge of the matter and to jointly guarantee the performance half through proceeds from Germany's assets frozen and sold by China and half of other assets of Germany in China.1

After repeated negotiations, the total amount of compensation was finalized in June 1924. The original list of compensation proposed by China covered the loss of life and property, including 1,968 Chinese workers who had died in German submarine attacks, the Lanzhou-Lianyungang Railway, overseas Chinese and their business, goods that could not be transported due to delays, and the expenses of internment of German prisoners of war and military expenses during the war, totaling 223,016,162.17 dollars. Since the resolution adopted at the Treaty of Versailles did not include military expenses and the cost of internment of prisoners of war in the scope of the claim, the military expenses were then excluded from the list, but Germany specifically agreed to pay another 3 million dollars for the internment of prisoners of war without taking into account the compensation. Finally, the two sides reached an agreement that the total compensation was set at over 142 million dollars, plus 3 million dollars.

4 million dollars would be paid in cash, and the remaining 115 million dollars would be offset by the Tientsin-Pukow and Hukuang railway bonds.2

III. Two Types of Offsetting Bonds – Circulating Bonds and Returned Bonds

According to Germany's subsequent arrangement, there are two types of Tientsin-Pukow and Hukuang railway bonds delivered to the Chinese side, that is, "circulating bonds" (Fig.1-6) and "returned bonds" (Fig. 7, Fig. 8) .

The former one includes bonds, mature coupons, etc., which are debt instruments from the secondary market and are obtained from the market by Deutsch-Asiatische Bank after they were issued publicly. These bonds are transferable and can also be repaid with interest. However, there is no difference between these debt instruments and other publicly-issued circulating bonds. If they are not cancelled by the Chinese side, once they flow out again, people could not identify them as the offsetting bonds from Germany from their appearance.

The latter one is returned bonds and paid-in debts, which are usually used as security. It was quite common for the Chinese government to pledge non-publicly issued railroad bonds when it was unable to pay Germany for a railroad project.

In terms of the way Germany paid the 145 million dollars, 26 million dollars would be deducted from the previous debt owed by the Chinese government to the Deutsch-Asiatische Bank,

These bonds are so-called "unissued". They have not completed the issuance process and lack the numbering, complete seal or signature, required for the circulating bonds, so they can only be used as security for debt and cannot be sold in the market. In addition, before the handover, Germany deliberately punched a small round hole on the signature of the representative of Deutsch-Asiatische Bank on the note to indicate the cancellation of the signature, thereby relieving DeutschAsiatische Bank of the relevant responsibility.

Because of these characteristics, the returned bonds are the

1 Germany and China, Agreements Regarding the Restoration of the State of Peace. Beijing, May 20, 1921.

2 Chi-hua Tang, The Loss and Reparations of China in the War Losses and Reparations, International Encyclopedia of the First World War. Jan.24, 2017

The circulating bonds from Germany

Fig. 1

1908 Tientsin-Pukow Railway £100 Bond

Fig. 2

1908 Tientsin-Pukow Railway £20 Bond

Fig. 3

1910 Tientsin-Pukow Railway £100 Renewal Bond

Fig. 4

1910 Tientsin-Pukow Railway £20 Renewal Bond

Fig. 5

1911 Huguang Railway £100 Bond

Fig. 6

1911 Hukuang Railway £20 Bond

only part of the German reparations to China that is still recognizable today.

However, it was clear from the limited number of TientsinPukow and Hukuang railway bonds the compensation would

be insufficient. Thus, although the 1921 agreement left the amount of compensation for further negotiation to be paid in the future, there was either an underestimation of the amount of compensation or an overestimation of the amount and value of the railway bonds held by Germany.

The returned bonds from Germany

IV. Offsetting Situation

The Tientsin-Pukow railway bond was issued under the approval of the Qing government in 1908 and 1910, with a debt amount of 5 million and 3 million pounds respectively. The

Close-up of Fig. 7: the lower left corner is missing the seal or signature of the Chinese Minister in Germany (represented by the Minister in Britain), and a small round hole is punched in the signature of the representative of the Deutsch-Asiatische Bank

bond was jointly issued by Britain and Germany, in which 3.15 million and 1.85 million pounds were issued by the DeutschAsiatische Bank for these two countries respectively. In 1911, the Qing government authorized Britain, Germany, France and the United States to jointly issue the Hukuang railway bond, at

Fig. 7

1910 Tientsin-Pukow Railway £20 Renewal Bond (unissued note for security purposes)

Fig. 8

3 Stephen Tai, From Taiwan Coastal Defense Borrowing to Patriotic Government Debt: China's Early Foreign Public Debt (1874-1949), pp. 101-108. Shang Zhou Press, September 2019.

a total amount of 6 million pounds. A quarter of the Hukuang railway bond were issued by the German Deutsch-Asiatische Bank, and the total bond value was 1.5 million pounds.3

total amount of bonds that the Chinese government received from Germany was about 2.73 million pounds. However, even with the addition of some of the coupons due totaling to 115 million Chinese dollars (or 11.5 million pounds at the then exchange rate), it was still clearly insufficient. How much was the shortfall? How was it resolved? The lack of data makes it a mystery now.

In any case, the offset of more than 2.73 million pounds of bonds reduced China's foreign debt and saved it some principal and interest payments, which made a contribution to the government finances. As for other victorious powers, Germany issued 95 types of bonds as the main reparation payments from 1924 to 1930. These bonds, which were worth about 500 billion US dollars, became scrap paper later.6

V. The Destination of Offset Bonds

These two kinds of railroad bonds issued by Germany summed to 6.5 million pounds, insufficient to pay off China. In fact, after the public offering, many of the bonds had already flowed into the markets in various countries.4 The German DeutschAsiatische Bank and even the German government could hardly buy them back, so Germany held only part of these bonds.

The book China'sForeignDebt (Fig. 9) by Wilhelm Kuhlmann, an expert on early Chinese public debt, revealed that the number of bonds delivered by Germany was 1.4 million pounds of the 1908 Tientsin-Pukow railway bond, 950,000 pounds of the 1910 Tientsin-Pukow railway bond, and 381,640 pounds of the Hukuang railway bond.5 According to its statement, the

However, what did the Beiyang government do with the German offset bonds after receiving them? Although no relevant records have been preserved, according to the survey results published by the Republic of China government in 1938 when collating the Tientsin-Pukow railway bonds7, the TientsinPukow railway bond issued by Germany were issued twice for a total of 5 million pounds, namely, 3.15 million pounds in 1908 and 1.85 million pounds in 1910. The outstanding portion was still over 4 million pounds, including 2,442,740 pounds issued in 1908 and 1,662,780 pounds in 1910. It can be seen that most of the 2.35 million pounds of bonds delivered by Germany were not cancelled, so there was no significant reduction in the bond float. This situation confirms Germany's claim that the offset bonds were used as security for borrowing by the Chinese government. These bonds were released again and then returned to the market.8 The reparations handed over by Germany were thus squandered.

4 According to the official website of the China Finance Museum, when Romanian Prime Minister Nastase visited China with the international delegation of the Socialist Party in February 2004, he presented Premier Wen Jiabao with a 1908 Tientsin-Pukow railway £100 bond issued by Germany. It was finally handed over to the museum China Finance Museum as a permanent addition to their collection. (See: http://www.fmuseum.org/sites/fmuseum/Pages/GcwwDetail.aspx?Mo duleType=%E5%85%A8%E9%83%A8&cid=269). This is a bond that the Germans could not get back after it was put into the circulating on the market.

5 Wilhelm Kuhlmann, China's Foreign Debt, p. 54. 1983.

6 Christoph Pauli, Wolfgang, translated by Göping, Old German Bonds Evoke Dreams of Riches, originally published in the German Mirror, reproduced in Nebula Abroad, No.11, 2005

7 Stephen Tai, Counting Old Accounts - China’s Early Foreign Public Bonds, p. 151. cf.: translation related to the distribution rights certificate for the 1938 Tientsin-Pukow railway interest-free fund, Portossi Studio, June 2016

8 Wilhelm Kuhlmann, op. cit. pp. 60-61.

Fig. 9 China'sForeignDebt

中德和約之中的抵償債券

◎ 戴學文〔臺北〕

1914年7月底歐戰爆發，在列強的施壓下，民初北洋政府的 立場，從保持中立、不選邊站，轉變至對德奧斷交以至宣戰， 並派遣大批華工赴歐支持英法等協約國。同年11月，德奧 宣告投降，歐戰結束，中國也因此躋身戰勝國之列。

一 中德和約

然而，1919年巴黎和會召開時，將德國在山東省原有各項權 利移交日本一項列為會議大綱，中國憤而退出，轉而與德、 奧展開談判，自行議定和約。

後來，奧匈帝國被迫解體，相關談判無以為繼，對德談判， 則持續進行，並獲致重大進展。中德雙方經過反復協商後， 對于中國關稅自主、德國放棄領事裁判權、德方放棄1898 年3月6日所取得有關山東的一切權利並歸還中國，乃至對 華賠償等重大議題，陸續達成共識，終于在1921年5月20日 于北京完成簽約，中國于巴黎和會期間所受屈辱，討回部 分公道。

賠償議題，是中德和約的一大重點。儘管戰後德國已是一 貧如洗，但戰勝國仍堅持巨額的懲罰性賠償。由于德國馬 克已告崩潰，賠償大多改以外幣計算，對華賠償也是使用 中國銀元計算。不過，因無資產可供償債，德國政府只好發 行公債，以債券作為賠償。

戰爭期間，德國在華資產紛紛遭到凍結，包括德華

銀行Deutsch-Asiatische Bank)、井陘煤礦、西門 子(Siemens)、禮和洋行(Carlowitz), 美最時洋行 (Melchers)等企業財團。因此，為了早日取回資產，恢復 經貿活動，已成為德方的當務之急，對于和約的談判表現 非常積極。

不同于對他國的賠償模式，德國手中握有大量清末以來的 中國對外債券，這些可供抵銷的舊債就成為籌碼，也是後 來在中德和約之中，德方得以不另舉新債，完成賠償支付的 原因。

二 津浦、湖廣債券作抵

依據1921年和約德國對華提出的賠償，主要是以債券抵充， 這些債券就是中國在前清時期對外發行的津浦、湖廣鐵路 兩種債券。

中德和約確定了以債券為主的賠償原則，言明：德方同意賠 償中方在戰爭期間人員傷亡、財產的損失及收容德國戰俘 的300萬元費用，支付方式除了現金400萬銀元之外，其餘 則為津浦與湖廣鐵路公債。至于具體的賠償金額，則留待 雙方進一步核定。

為了處理賠償事宜，德方指派德華銀行、井陘煤礦兩大德 國在華事業體出面負責，並以被中方凍結並出售的所得收入 之半數及其他德國在華資產價值之半數等兩項財源共同作 為履約擔保。 1

經過反復協商，賠償總額終于在1924年6月敲定。原本中方 提出的賠償清單，涵蓋遭德國潛艇攻擊喪生的1968名海上 華工、隴海鐵路、海外華人及其生產事業、受耽擱無法運 送之貨物等生命及財產損失、與收容德國戰俘及參戰時的 軍費等支出，總額為223 016 162.171元。由于凡爾賽和會

通過的決議，不將軍費及收容戰俘費用列入求償範圍，軍費 支出一項隨即從清單排除，但德國特別同意，在不計入賠償 的情況下，另支付戰俘收容費300萬元，最終雙方達成協議， 賠償總額定為1億4千2百餘萬元，外加300萬元費用。

注釋： 1《中德協約》，北京，1921年5月20日。

德方償付1億4千5百萬元賠款的方式，按照和約規定，扣除

中國政府先前積欠德華銀行的 2 600萬元之後，除了400萬元 現金之外，其餘的1億1千5百萬元，全數以津浦、湖廣鐵路債 券抵充。 2

三 抵償債券有“流通券”與“歸還券”兩種

根據德方隨後的安排，交付中方的津浦、湖廣債券有“流通

券”（圖1- 圖6）與”歸還券”（圖7、圖8）兩種態樣或屬性。

前者為“債券及到期息票”(Bonds, mature coupons, etc.)，是 指來自流通界的債券，應為公債發行後，德華銀行自市場取 得。這種債券可轉讓，也可還本領息。但，與其他公開發行 的流通券無異，中方收進後若不予以註銷，一旦再行流出， 從外觀已無法辨別與德方抵償用途有關。

後者則是“歸還債券及其實收債務”(Returned bonds and

Paid-in Debts)，這種債券通常是作為擔保之用。中國政府因 無力向德方支付鐵路工程款，改以非經公開發行的鐵路債券 質押，在當時相當普遍。

這種債券，並未完成發行程式，所以是所謂的“未發行 券”(Unissued)，因欠缺流通券所具備的編號及完整用印或簽 字，只能作為債務擔保，無法在市場轉讓。此外，在移交之 前，德方刻意在券面上德華銀行代表的簽字處打上一個小圓 孔，以示取銷簽字之意，藉以免除德華銀行一方的相關責任。

由于具備以上特徵，“歸還債券”(Returned Bonds) 就成為當 年德國對華賠償之中，唯一至今仍可辨識的部分。

不過，無論是歸還或轉讓，限定使用的津浦、湖廣鐵路兩種 債券抵償，顯然有所不足。由此看來，1921年中德和約雖將 賠償金額留待協商，當時若非低估賠償金額，就是高估了德 國所持有津浦、湖廣債券的數量與價值。

2 Tang, Chi-hua，《戰爭賠償與損失（中國）》，一戰國際百科，2017年1月24日。

圖4

1910年津浦鐵路續借公債20英鎊債券

德方抵償的流通券

圖5

1911年湖廣鐵路借款公債100英鎊債券

德方抵償的歸還券

圖6

1911年湖廣鐵路借款公債20英鎊債券

圖8

上圖特寫：左下角缺少中國駐德公使 (由駐英公使代理)關防，德華銀行代表簽名處被

打上一小圓孔

圖7

1910年津浦鐵路續借公債20英鎊債券

(作為擔保用途的未發行券)

四 抵償情形

華銀行乃至于德國政府都無法買回，德方所持有者僅系部分。

早期中國公債專家Wilhelm Kuhlmann先生在其 "China's Foreign Debt"（《中國對外債券》）（圖9）一書中

曾揭露德方交付的債券數量5，分別是1908年津浦鐵路債券 140萬英鎊、1910年津浦鐵路債券95萬英鎊；湖廣鐵路債 券381 640英鎊。根據其說法，中國政府從德方獲得的債券， 總額約是273多萬英鎊，但即使再加上部分到期息票，要用 以抵償的1億1千5百萬元，按當時匯率約合1 150萬英鎊，仍 明顯不足。賠償短缺多少？後來如何解決？由于數據匱乏， 如今已然成謎。

無論如何，273多萬英鎊的債券，當時若予以註銷即可為中 國減少部分外債，節省本息支出，對于財政不無小補。與 其他戰勝國相比，1924到1930年的六年期間，德國一共發 行了95種債券作為主要賠償支付各國，這些總值折合約5 千億美元的債券，後來多已成為廢紙。6

五 抵償債券的動向

津浦鐵路公債，是清朝于1908、1910年分兩次授權英德兩 國共同發行，債額分別為500萬與300萬英鎊，德國德華銀 行各發行了315萬與185萬英鎊。湖廣鐵路公債，則是清朝 在1911年授權英德法美四國共同代理發行，總債額600萬 英鎊，其中四分之一是由德國德華銀行發行，債券面額共計 150萬英鎊。3

德版的津浦、湖廣兩種鐵路債券，相加之後，發行總數650 萬英鎊，即便德方全用以償付中國，已有不足。事實上，在 公開發行之後，兩種債券已有不少流入各國市場4，而且德

收到德國的抵償債券後，當時的北洋政府究竟如何處理？ 雖無相關記載被保留下來，但，遺憾的是，根據1938年國 民政府整理津浦鐵路公債時所公佈的調查結果7，德版津浦 債券兩次發行總數500萬英鎊，分別為1908年315萬英鎊及 1910年185萬英鎊，而時至當時，未清償部分仍超過400萬 英鎊，分別是1908年2 442 740英鎊及1910年1 662 780英 鎊。由此可知，德國所交付的235萬英鎊債券大多未被註銷， 因此債券浮額並無明顯減少。這種情形證實了德國方面的 說法，抵償債券是被中國政府當作借款的擔保品，陸續釋 出後又重回市場8。德國交來的賠償，就這麼揮霍殆盡。

3 筆者，《從臺灣海防借款到愛國公債，歷數早期中國對外公債(1874-1949)》，頁101-108。商周出版社，2019年9月出版。

4 根據中國財政博物館官網網頁記載，2004年2月羅馬尼亞總理納斯塔塞隨社會黨國際代表團訪華時，贈送給溫家寶總理一張1908年德版津浦鐵路債券，系一面值100英鎊的流通 券。經相關研議後，最後交由該館永久收藏。(參閱：http://www.fmuseum.org/sites/fmuseum/Pages/GcwwDetail.aspx?ModuleType=%E5%85%A8%E9%83%A8&c id=269)。這張債券，應即流入市場後，德方無法取回的部分。

5 Wilhelm Kuhlmann，“China’s Foreign Debt”(《中國對外債券》)，頁54，1983。

6 克裏斯托夫•鮑利 沃爾夫岡，戈平譯，”德國舊債券勾起發財夢”，原載于德國《鏡報》，轉載于《海外星雲》2005年第11期。

7 筆者，《算舊賬－歷數早期中國對外債券》，頁151。參閱：1938年津浦鐵路無息基金分配權利憑證有關譯文，波多西工作室，2016年6月出版。 8 Wilhelm Kuhlmann，前揭書，頁60-61。

圖9 《中國對外債券》

The History of Minting in China

When speaking of minting in China the act of casting money is included in the first notion. It was only in 1889 that China officially set out to produce metallic money by means of modern minting plants. Until then the bulk of the country's hard money was produced by primitive methods of casting.

The exchange of commodities in prehistoric China was effected by means of barter. For this purpose metallic implements were used, besides lumps of metal which latter passed according to their weight. Gradually sham tools were cast of bronze, exclusively for the purpose of serving barter standards. These consisted notably of small uninscribed spades, knives, arrow heads, bells, etc.

According to tradition the casting of metallic currency was carried on for the first time in ancient China, in 1895 B.C., and repeated by the founder of the Shang Dynasty, in 1556 B.C. However, this statement cannot be authenticated.

In 1032 B.C., Ch'eng, the second king of the Chou Dynasty, promulgated certain currency regulations, by the terms of which metallic lumps should henceforth be exchangeable according to their weight.2 Seemingly these rules remained in abeyance for centuries, until they were put into force by Duke Huan of Tsi3 (685-643 B.C.). From then onward money began to appear in regular shapes and sizes.

Frank H. Chalfant, D.D. considers it probable that in the tenth

Note：

century B.C. coinage flourished in most, if not in all the feudal states which collectively formed the Middle Kingdom. 4 The inscriptions found on ancient Chinese coins furnish but little data for determining their source. While the decipherment of most of those inscriptions is difficult-and their meaning obscure-some of the legends were international enigmatical.

In ancient China casting of money was not always a Government monopoly. Guilds, towns and private citizens were often permitted to issue metallic money. It ought to be realized that in those remote times means of communications were very poor, so that trading-and consequently the circulation of money-was limited to small districts. Originally the problem of a uniform, or national, currency was neither known in China, nor was its realization intended. Therefore the circulation of privatelyissued money did not as a rule exceed the boundaries of the region for the use of which it had been designed. All that the state required was that it should retain the prerogative to fix and control the weight and general design of privately-issued coins.

The materials employed in prehistoric China for purposes of coinage-or in an unminted state, as media of exchangeconsisted mainly of bronze. But besides gold, silver, copper, lead, tin and iron also were used for currency purposes. Owing to the great scarcity of silver deposits within China the use of the white metal for monetary purposes was very limited. Iron was at times utilised in Szechwan Province, from where its employment as coinage metal spread to other parts of China.

1 This article is reproduced here by courtesy of The Central Bank of China Bulletin of December 1938 and March 1939, with slight modifications and special illustrations.

2 See Terrien de Lacouperie“Catalogue of Chinese Coins”, London, 1892.

3 The state of Tsi (or Ch’i) covered all the northern part of modern Shantung and had a continuous existence of 900 years, from 1122 B.C to 224 B.C.

4 See“Ancient Chinese Coinage”by the Rev. Frank H. Chalfant, Shanghai,1913.

The knowledge of bronze was brought to China from the West, in the middle of the eighteenth century B.C.

the site of ancient mints. The habit of placing dates on coins originated only about fifty years before the Christian era.

Until 1890 A.D. Chinese coins were produced by the casting process. The crudeness inherent in this method gave incessant opportunities to counterfeiters, forcing the authorities to institute frequent alterations in the design of the coinage.

CASTING AND MOULDING

Existing records concerning the beginning of the utilisation of metals for currency purposes are not reliable, seeing that most written statements are based on tradition only. It may, however, be accepted as tolerably accurate that gold in the form of cubic inch was officially emitted as money in 1032 B.C. But seemingly the gold cube currency existed for a short period only. In the course of centuries its place was taken by bars which gradually developed into ingots, styled "shoes", which were in use until 1933 A.D. Until then silver "shoes", much more resembling the shape of a boat, were the principal currency for financing wholesale transactions. Gold in the shape of "shoes" has practically ceased to exist. Until the close of Manchu reign (1911) they were found in the Peking district, each shoe weighing about 10 taels and being 985/1000ths fine5. It is on record that, in the course of the sixteenth and seventeenth centuries, China exported "shoe"-shaped gold to India.

The principal medium of circulation in China in prehistoric times, as well as during the Middle Ages, consisted of bronze coins. Bronze money in the shape of either small implements or flat rings, which gradually developed into coins with a hole in the centre, were invariably cast from moulds. The latter were made from beaten clay, stone, earthen ware, bronze, and rarely from iron. Their legends were plain or reverted, sunk or in relief. The moulds bore sometimes the inscription on the reverse of the year of issue, mainly as a record for the mint officials. It was only by these means that the dates of some coins could be ascertained, when the moulds were accidentally exhumed on

Regarding the method of casting it should be noted that at first the moulds were prepared for the obverse only. They were placed against a plain surface when casting, resulting in the production of a coin with a flat reverse. Such was the practice until the Han Dynasty. Inscriptions on both sides were first found in 118 B.C., when the Wu-chu coins made their appearance. The original standard patterns occurring as positive and negative, were of stone, copper or bronze, and from these the clay moulds were made. The negative patterns were more easily engraved, but required the intermediary of wax to obtain a negative clay mould for use in casting. The standard metal patterns readily imprinted their counterparts in the wax, which was detached.

Clay was then applied to this surface, and by burning in a kiln, the wax was melted from the clay, leaving a clear duplicate of the pattern. The positive metal patterns must have been applied directly to the clay to obtain a negative mould.

A clever invention was the elevation of the edges of the coin to prevent clipping. The ingenious precaution was in vogue at a very early date, for some of the oldest axe-cash are thus equipped. 6 The casting of coins was performed singly, in clusters, or arranged in three shape. According to Lacouperie,7 the inside of the moulds was sprinkled with fine sand to prevent adhesion, and the liquid metal was poured in through an opening of the cover for those made flat, or through a running channel from the top when held vertically. Another method of moulding is described by the same authority as follows:

Two tiles or bricks, fine grained, are chosen; one face of each is ground smooth, that they may lie close; and stops and holes made in the bricks to hold them together. The mould is cut out with great care from the face of the brick, one half in each brick; a channel for the metal to run in is next cut; then the

5 Toward the close of 1911, shortly after the revolution had broken out in China, the author (then with the Russo Asiatic Bank at Tientsin) handled large quantities of such gold shoes, which the Manchu Court sold to the bank and which were shipped to Berlin.

6 See Frank H.Chalfant“Ancient Chinese Coinage,”fol.6.

7 See Terrien de Lacouperie“Catalogue of Chinese Coins”, London, 1882.

bricks are tied together with a piece of string, and the mould is ready for use.

According to W.S. Bushell, under the Tang Dynasty a model of the coin in the required shape was made of wax, and this enclosed in an earthen matrix and exposed to the action of heat. The melted wax ran out from an opening left for the purpose, leaving a cavity into which the bronze was poured.

COINAGE MONOPOLY ASSUMED BY THE GOVERNMENT

Although in principle a Government prerogative, the coining of bronze money was frequently left in the hands of corporations and private citizens. Nevertheless the authorities always reserved to themselves the right to control design and weight.

In 135 B.C. all private casting was forbidden. Nineteen years thereafter Han Wu-ti placed the affairs of the Government Mint under the authority of three high officials. All the metallic currency previously in circulation was called back and brought to the Shang-lin Mint, opened in the capital for the purpose of re-melting and re-casting. All coins from sources other than the Government Mint were pronounced illegal.

Under the Swi Dynasty five Imperial money foundries were in 598 A.D. established in Chengtingfu (Chihli Province). Shortly thereafter it was decreed that ten more money foundries should be opened in Hupeh Province where copper was available; besides these, five more foundries were erected in Szechwan Province.

The casting of copper cash continued until about 1890 A.D., when the Canton mint attempted to strike such coins by modern minting methods. However, the trial had to be abandoned in 1894, as the precisely struck copper cash failed to win the favour of the populace. 8

MINTING STATISTICS OF COPPER CASH

According to J. Edkin's "Chinese Currencies" the following details indicate that annual quantities of copper cash produced during the Manchu reign:

Government

The exact quantity of machine-made cash coins struck by the Canton Mint between 1890 and 1894 was, according to the Maritime Customs Decennial Reports, 694,663,121 pieces.

In the reign of Shun Chih two million strings of cash were cast during several successive years, that is from 1652 to 1655. But in 1660 the quantity produced was considered too large for the actual needs of traders. After this time 300,000 strings were believed to be sufficient. This continued to be the number of new copper cash made down to 1771, when the quantity was increased to about 380,000.

In the Hu-pu Regulations of the year 1831 the number of cash made yearly in each province is recorded. Altogether they

are indicated at 2,050,000 strings of cash. These Regulations were in use from about 1800 to 1830. The quantity of new cash sufficed for the requirements of these times, when the population was increasing from 300 millions in 1800 to 394 millions in 1830.

According to S.W. Bushell the succeeding Mints existed in 1865 in China, in which year their annual output was returned at the following quantities:

Under the Manchus the following Mints were opened and operating as Government coinage plants for the production of copper cash:

Location Province Period opened

Hsuanhuafu Chihli 1645

Chichou Chihli 1645

Miyun Chihli 1645

Paoting Chihli 1796-1820

Taiyuanfu Shansi 1645

Yangho Shansi 1649

Tatung Shansi 1645

Kaifeng Honan 1647

Foochow Fukien 1649

Changchou Fukien 1649

Ningpo Chekiang 1680

Hangchow Chekiang 1649

Tsinan Shantung 1649

Linching Shantung 1644

Chingchow Hupeh 1646

Wuchang Hupeh 1650

Hsianyang Hupeh 1650

Yenshui Shensi 1644

Changsha Hunan 1667

Changteh Hunan 1851-1862

Kueilin Kwangsi 1667

Yunnanfu Yunnan 1662-1722

Tungch'uan Yunnan 1851-1862

Canton Kwangtung 1622-1722

Taiwan Formosa 1689

Annam 1736-1795

K'ungch'ang Kansu 1723-1735

IN MODERN TIMES

The following is a list of the principal modern Mints in China. It is possibly not quite correct to classify these as Government Mints, for the Central Government actually had but little power in the direction of the management or the determination of the policy of the numerous Mints, which were under the control of the provincial authorities. Only upon the opening of the Central

Tihua Hsinkiang 1851-1862

Anking Anhui 1723-1735

Nanking Kiangsu 1723-1735

Soochow Kiangsu 1736-1795

Nanchang Kiangsi 1723-1735

Kuldja Ili 1851-1862

Yarkand Turkestan 1736-1795

Aksu Turkestan 1996-1820

Wu-shih Turkestan 1736-1795

Board of works Chihli(Peking) 1644

Board of Revenue Chihli(Peking) 1644

Mint at Shanghai, in March 1933, was effective control resumed by the National Government. Then it was determined to close all of China's provincial Mints, leaving national coinage entirely to the Central Mint of Shanghai. However, the outbreak of the war in the summer of 1937 Caused the Central Mint to be dismantled, whereupon five of China's provincial coinage plants were recommissioned for work, mainly on copper coins.

Situated at Province Established Remarks

Shanghai Kiangsu 1921 Started working March, 1933 Ceased operations autumn of 1937 " 1897 Ceased operations autumn of 1937

Nanking " 1897 Burned down in 1929

Tsinkiangpu " 1905 Coppers only. Closed Hangchow Chekiang 1896 Capacity about $200,000 daily

Anking Anhwei 1897 Closed in 1899; followed by another Mint in 1902

Foochow Fukien 1901 Under provincial governor

Hungshanchao " 1905 Under military control

Makiang " 1905 Under naval authorities'control

Shahshien " 1905 Under military control

Amoy " 1924 Organized by merchants

Nanning Kwangsi 1905 Stopped work in 1921

Wuchow " 1920 Intended to coin coppers

Kweilin Kwangsi 1905 Principally copper coins

Canton Kwangtung 1887 1919-1929 produced subsidiary silver coins

Yunnanfu Yunnan 1905 German machinery

Wuchang Hupeh 1893 American machinery

Nanchang Kiangsi 1901 Coppers& silver coins

Changsha Hunnan 1901 Copper coinage. British machinery

Chengtu Szechuen 1898 American& Japanese machinery

Chungking " 1913 American& British machinery

Sianfu Shensi 1924 Coppers only

Lanchowfu Kansuh Coppers only

Kaifengfu Honan 1901 Closed in 1914

Taiyuanfu Shansi 1919 Coppers& subsidiary silver coins

Tsinanfu Shantung 1905 Closed

Tientsin Chihli 1901 Originally Central Mint. Rebuilt 1914

Peiyang " 1905 Branch Mint of Central Mint

Kalgan Chahar 1923 Copper coins only

Mukden Fengtien 1901 German& American machinery

Kirin Kirin 1901 Silver& copper coinage

Urumchi Turkestan Silver& copper coinage

Tachienlu Szechuen 1926 Tibetan Rupee Coins

Swatow Kwangtung 1924 Closed 1925

Samshui " 1925 Closed after 6 months

Pakhoi " 1925 20 cent pieces, debased

Yachow Szechuan 1926 Military Management

As will be noted modern mints in China are looking back upon a comparatively recent existence; nevertheless they have had a very varied career.

The incentive of opening new coinage plants was directly connected with the raising of revenue on the part of provincial officials. Their activities were mainly concentrated on the production of copper coins. During the last days of the Ch'ing Dynasty's reign the Tientsin Mint was appointed to be the Head Mint, while some of the provincial establishments were to function as branch Mints. An assay office was subsequently established at the Ministry of Finance, of which Dr. Yen Fu was appointed the first director. A foreign chief-assayer was engaged and Chinese assayers were carefully trained for their new appointments. But with the outbreak of the revolution (October, 1911) the scheme had to be abandoned. In the opening months of 1912 revolting soldiers sacked the Tientsin Mint and burnt it down. It was, however, rebuilt on its original site in 1913/14.

The production of hole-cash by modern coinage plants was seriously considered in the beginning of 1887 by the Viceroy of Hupeh and Hunnan provinces who found, however, that an outlay of 20,000 tarls for the machinery was too great an

expense. He therefore decided to continue casting cash by native methods. These coins were to contain 70 per cent of copper, 20 per cent of lead, and 10 per cent of sand. Some years later Hupeh Province did, however, strike one-cash coins (without hole in the centre) by modern minting methods.

HISTORY OF CHINA'S MODERN MINTS

The ensuing description of Chinese modern coinage plants is arranged according to provinces:

KWANGTUNG PROVINCE

The first Government Mint in china was founded at Canton in 1887 at the initiative of Viceroy Chang Chi Tung, who ordered a modern minting plant from England.9 The latter was supplied by Ralph Heaton & Sons, Birmingham, costing £ 60,000; together with the ground and buildings the total expenditure aggregated $1,000,000 Chinese Currency. Its daily capacity from the outset was silver $100,000 and 2,000,000 copper (hole) cash.

The first silver dollar was produced in 1889, weighing 7 mace

and 3 candareens, showing foreign inscriptions on the obverse side. The coin was not approved by Peking, as it was desired there that the foreign inscriptions should appear on the reverse round the dragon. This first attempt resulted merely in the production of essay coins.

It was in July 1890, that the Canton Mint began permanent work. It struck a newly designed dragon dollar, weighing 7 mace and 2 candareens and being 0.900 fine. Gradually silver subsidiary pieces were produced. In 1900 the Canton Mint was authorised to turn out 10-cash copper coins (1 cent), the first of their kind in China.

During the first decade of the Republican regime the Canton Mint became a business concern, uninfluenced by Government instructions or restrictions. The whole outfit, at certain periods, was let out by tender to the highest bidder, thereby giving the provincial authorities a fixed income. Naturally, the tenantry was bent upon recovering not merely the rental disbursed in advance, but also reaping profits commensurate with the risky investment made. This could only be accomplished by deliberately debasing the fine content of silver coins produced. Thus Canton became the originaror of debased silver coinage in China.

The initiation of the Republican regime brought in its wake much civil strife in Kwangtung Province. At such occasions work at the Canton Mint had to be stopped altogether for fear of looting by the soldiery. Not infrequently did the Canton authorities operate the Mint on their own account, but even then the tendency to continue the process of vitiation was clearly discernible. In fact, it became bolder in the same measure as the fine content of silver in the coins was systematically reduced. Other reasons for the repeated closing down of the Canton Mint during the decade 1913/22 were lack of credit in connection with the purchase of bar silver supplies, or, (as was the case between 1917 and 1919) non-availability of silver from abroad, or, an oversupply of adulterated coins which the people finally refused to receive, except at a growing discount. The main object of the then authorities at Canton was to make money from coining money. The views and needs of the country were a secondary consideration, at least up to 1924.

coinage plants producing Yuan Shih-kai dollars, though only a limited quantity of such coins --(marked "Third Year of the Republic 1914")--was struck there. In 1902 the Canton Mint turned out a large number of 10 cent coins with the dragon design and, two years later, a considerable supply of 20 cent subsidiary coins was put into circulation, both being supposed to represent a fineness of 0.820. But the intrinsic value of the silver content was not satisfactory to the Southerners. This fact gave the impetus to the establishment of a Government Bank at Canton with the privilege to issue banknotes calling for "small coin". However, this innovation made matters worse, as the notes became practically irredeemable.

In 1917, during the World War, supplies of silver from England ceased altogether. Hongkong, Canton's neighbour, placed an embargo on the export of gold and silver coins or bullion; and Canton found itself forced to act likewise. When the embargo was lifted by the Provincial Government in 1918, a prohibition relating to the import of Canton small coin into other parts of China was decreed by the Central Government, due to the debasing of Canton's silver coins. The Hongkong Government, already in 1914, had declared the coins produced in Canton as illegal tender within the Precincts of the colony. In 1917 and 1918, owing to the acute shortage of bar silver supplies, the Canton Mint struck copper coins of a new design, the raw material for which was taken from old cannon. It was the Canton Mint which started the collection of old dragon design subsidiary silver coinage of China, in order to melt it down and re-mint it with an ever-decreasing degree of fineness.

Due to lack of funds the Mint at Canton remained closed during the first five months of 1924. During the three months ended August 31, 1924, the Mint resumed the coinage of 20cent pieces, but as these had continuously depreciated in value, and as there was an over-supply on the market, the authorities were forced to discontinue operations. In September 1926, the Canton Government planned to strike coins of a new design in denominations of 1 dollar, 50 and 20 cents, for circulation within the provinces which were under the direct influence of Canton; however, the plan never was realized.

It should be added that the Canton Mint was one of the few

In the summer of 1928, after a long pause, the Mint at Canton was busy turning out cent pieces of the new Sun Yat-sen

design, to the extent of about $40,000 worth per diem. These coins were said to have consisted of silver derived from melted 20 cent pieces of the 13th Year type(1924).

During the decade 1922 to 1931 no copper cents were minted at Canton. Nickel coins, which had been struck there in the years 1919 to 1922, ceased to be accepted in the market by 1923.

A small quantity of 10-cent silver pieces was coined in Canton in 1928 and 1929 (new Sun Yat-sen design), but their intrinsic value was proportionally less than that of the 20-cent coins.

Owing to the exceptional stringency in the Provincial Treasury in 1927, merchants were granted the privilege of acquiring bar silver for having same minted into coins and pooling the profits.

This procedure was introduced with a view to easing the local money market and upholding the confidence in the Central Bank's notes. 10As an abundance of counterfeit coins then appeared in the market to the detriment of the regular currency, the Government found it necessary to melt and re-mint the coins of the 13th Year design, which were of inferior fineness. In order to avoid inconvenience and unpleasantness caused by strict discrimination between old and new coins in monetary transactions, permission was afterwards granted to merchants to melt for re-minting all other old coins on payment of a requisite fee. 11

Reliable figures, derived from the Maritime Customs publications, concerning the output of the Canton Mint since its existence, are in part available. Itemised figures for the years 1890 to 1901(both inclusive) regarding production follow here:

10 The Central Bank of Canton is meant here.

11 See“Decennial Reports, Maritime Customs, 1922-1931.”

COINS ISSUED BY THE CANTON MINT 1890-1901

In spite of serious endeavours and excellent connections on the part of the writer, coinage figures for the years 1902 to 1910 could not be obtained. In 1911 the Canton Mint produced 29,214,000 coins @20 cents, dragon design and supposedly 0.820 fine, and also 4,328,375 pieces @10 cash. The following are minting figures as contained in the report for 1936 issued by Kwangtung Provincial Bank:

Apart from the Provincial Mint at Canton there were some minor coinage plants working temporarily in Kwangtung Province, mostly under the orders of militarists. Amongst these were notably:

Swatow, opened in 1924 by General Cheng Chiu-ming. The Swatow Mint's daily output aggregated $20,000 worth of 20cent pieces, the fineness of which did not exceed 0.6000. This new debased coinage cased much hardship amongst the poorer classes. The Mint closed down in 1925.

Samshui, where the magistrate opened a small, unofficial Mint in his yamen in 1924. There he produced 20 cent pieces similar in design to the Canton issue, but strongly debased. This little Mint was operating for about six months only.

Pakhoi was under military occupation in 1924 and 1925. During this period the generals at Limchow and Yamchow proceeded to coin an alarmingly large quantity of much debased 20 cent coins containing only about 30 per cent of silver. The coins were of the Canton pattern and were put into circulation at par as such.

Holihow (Kiungchow) also harboured a small Mint in 1925 which, in the course of the next few years, turned out fairly large quantities of 20 cent pieces.

FUKIEN PROVINCE

The 20-cent pieces minted between 1924 and 1928 were of an inferior fineness. They had to be recalled in 1929 and were then reminted. This means that the quantity produced in 1929 (32,447,172 pieces) includes the re-coinage of what was minted in 1924 and 1928.

After 1931 the Canton Mint ceased work and has not been recommissioned since.

In 1900 the privilege of opening a Mint at Foochow was granted by the Peking Government to the Province of Fukien. It was intended to run the Mint for Government account and to produce there 20, 10 and 5 cent pieces. In reality it was a private concern which was countenanced by the Government. The Mint began operation by supplying, first, copper cents, and subsequently, dragon dollars, as well as 20, 10 and 5 cent silver subsidiary coins. In 1904 it was taken over by the Government, and then it turned out coins on official account.

12 From 1928 onward a newly designed 20 cent and 10 cent coin, with the bust of Dr. Sun Yat-sen, was produced. The Canton Mint was working in 1928 from August to December, and during this period altogether 7,915,771 coins of the 13 th Year (1924) @ 20 cents were melted down and re-minted. 13 According to figures contained in“Regulations of the Coinage System by the Currency Department of the Ministry of Finance”(in Chinese) by Hsu Kan.

The original, privately-minted subsidiary silver coins were in bad repute locally and were accepted at a discount only; yet they became popular in Manchuria, to which part of the country they were shipped in large quantities. In 1904/05 coins were produced in denominations of 20, 10 and 5 cash.

In 1905 two more Mints were opened at Foochow, one in the Arms Factory, the other at the Mamoi Arsenal. The three Mints had a combined daily output of two million copper cent pieces. This large production soon caused an over-supply and a subsequent depreciation of copper cents, whereupon the authorities at Peking prohibited two branch Mints were thus forced to close.

During the years 1907-1910 the Foochow Mint experimented with a new 2 -cash coin, but discontinued working towards the end of 1910. It re-opened for active operations in 1920. The two branch Mints resumed work in 1924, devoting their energy to the manufacture of debased subsidiary silver coins. These coins were circulating only within the radius of influence exercised by the respective military or naval commanders under whose orders the Mints then worked. The fine content of these coins was lamentably short of the prescribed standard and, besides, there was a remarkable lack of uniformity in weight and fineness. The latter ranged from 50 per cent to 30 per cent pure silver. The Governor of Fukien Province was obliged to repeatedly announce that only the coins produced by the Foochow Mint would be considered legal tender. Taking advantage of the confused state of currency, certain unscrupulous people forged the already debased silver coinage of Fukien Province, thereby adding further chaos to the already existing confusion.

In the course of 1924 the Foochow Mint produced a limited number of dollar coins. In the autumn of 1925 it turned out new fractional silver coins in denominations of 10 and 20 cents. These were in decimal relation to the Foochow Tai-fook ( 臺 伏 ) dollar, the exchange rate for which was then slightly lower than that of the ordinary Chinese cash, the market value soon dropped a little below this ratio. In order to procure a wider acceptance of its new coinage the Foochow Government, in 1926, publicly announced its determination to redeem all its former 10 and 20 cent pieces (of the Canton pattern) at the price

of five coppers per 10 cent coin.

The principal Foochow Mint is located at Hungshankiao ( 洪 山橋 ), about 10 li outside the West Gate of Foochow City, adjoining the arsenal.

The boiler department is equipped with four boilers, each generating from 30 to 60 h.p. These boilers were to serve the Mint and the arsenal simultaneously, and the cost of coal consumed was borne by both establishments simultaneously in equal proportion.

The output of the Foochow Mint was not uniform in quantity. At the end of 1926 it produced on an average 150,000 subsidiary silver coins on a ten hours working day and by using 60 h.p.; however, the output could have been increased to 200,000 coins per diem. As the Foochow market was then flooded with silver coins the Mint suspended operations in the beginning of 1927. In 1931 the Foochow Mint was working again, turning out 5,300,000 full value subsidiary coins.

Another Mint was established in Fukien Province in 1924, at Amoy, by merchants, who invested in the new enterprise 400,000 dollars, with the object of making money, in every sense of the word.

CHEKIANG PROVINCE

The Hangchow Mint was inaugurated by imperial edict in 1901. But five years later operations ceased there, as the Mint was amalgamated with the one operating at Foochow. Of copper coins only the 10 cash dragon coin and the Tai Ching Ti Kuo series were minted at Hangchow.

In 1919 the Hangchow Mint recommissioned, being engaged mainly in the production of silver dollars; as such it was the largest producer of Yuan Shih-kai dollars. Work continued steadily until the Mint's closure in 1932. From time to time it became necessary to interrupt operations, either on account of civil commotion, or because the tael price of the silver dollar reached a point below cost of production.

In the summer of 1924 a new type of 10 and 20 cent pieces,

0.650 fine, was struck by the Hangchow Mint, in order to replace the debased Canton subsidiary coins which were then flooding the country. On account of warfare carried on in and around Chekiang Province minting operations had to be suspended in the autumn of 1924 and were not resumed until February of the following year, when once Yuan Shih-kai dollars were produced.

It is reliably reported that the minting of the new 10 and 20 cent14pieces proved unremunerative. In May 1926, the Hangchow Mint once more produced a limited amount of 10 cent coins. During the second half of that year the Mint turned out considerable quantities of Yuan Shih-kai dollars. Although tael prices on the Shanghai market were high toward the end of 1926, the Hangchow Mint was once more compelled to discontinue working, owing to prospective warfare in Chekiang Province.

Originally there were three Mints at Hangchow: one silver Mint,15 where dollars and subsidiary coins were struck between 1896 and 1903, when it closed down, remaining idle for 16 years. Besides this one, two Mints were opened in Hangchow in 1903 and 1905, but both were definitely closed in 1906.

The Hangchow Mint is one of the few institutions which was able and willing to supply its coinage figures as far as these related to its output of silver dollars.

KIANGSU PROVINCE

Nanking, as the capital of Kiangsu Province, opened a Mint in 1897. There dragon dollars were produced, inscribed Kiangnan Province; in 1912, after the establishment of the republic, the Nanking Mint continued to strike dragon dollars, but shortly thereafter Yuan Shih-kai dollars were minted. Besides, subsidiary coins in denominations of 50, 20, 10 and 5 cents were made there. Minting operations had to be suspended rather often for reasons coinciding with those applicable to the Hangchow Mint.

In 1919 the Nanking Mint turned out very large quantities of light-weight 1 cent pieces of a new design and without foreign inscriptions. The debased coinage caused a serious dislocation of trade, so that its import into Shanghai had to be interdicted by the Customs authorities. Nevertheless large quantities were smuggled into Shanghai and other trade centres. At the end of 1924 the Nanking Mint authorities made another effort to continue production of light-weight coppers; but this attempt resulted in the most severe opposition on the part of the Shanghai commercial community, whereupon the project had to be shelved.

During the first seven years of its existence the Nanking Mint worked chiefly on copper cents and silver subsidiary coins, which it supplied so lavishly that it became largely responsible for their depreciation. In 1908, for instance, 300 million copper cent pieces and 60 million 10 and 20 cent coins were turned out by the Nanking Mint, which thereafter was forced to temporarily close down.

In the course of 1925 and 1926 the Nanking Mint was producing silver dollars, though work had often to be interrupted owing to the unstable political situation. In 1929 it burned down.

14 Very small quantities of 20 cent coins were struck in Hangchow, dated 13 th year. These were similar in design to the Canton 20 cent pieces with the large“20”. 15 During the third quarter of 1896 machinery for the Hangchow Mint was imported, but already in October the Mint was dismantled and the machinery sent to Peking; the services of the foreign superintendent had already, several months before that time, been dispensed with.

16 Although struck in 1926, these coins were dated 13 th Year (1924).

The output during the Imperial Regime is unknown, except sporadically. By the close of 1898 the following coins were produced:

Owing to the late completion of the cash manufacturing plant only 20,000 strings of cash were turned out. In 1899 the production of cash coins was stopped owing to the high price of copper. The 1911 output by the Nanking Mint was as follows:

According to "Regulations of the Currency Department of the Ministry of Finance" the Nanking Mint's output is given as follows:

The above figures are pieces.

These figures do not always tally with the details contained in the succeeding itemised table derived from the same source:

Nanking Mint of Ministry of Finance from April, 1912, to December, 1928

Table of the output of silver and copper coins (Together with old coins melted)

(1) From April 1912 to September 1914 no new model, so the above coins were minted from an old model; the output of one Dollar Silver coins totalled 36,651,016 pieces.

(2) From February 1915 to February 1927 the output of "The Republic of China 3 rd Year(1914) Y.S-K's Model" one Dollar Silver coins totalled 385,845,210 pieces.

(3) From June 1927 to December 1928 the output of "Dr.Sun Yat-Sen's Memento Birth of Republic" one Dollar Silver coins totalled 89,262,000 pieces.

(4) In 1912 and 1914 the output of 10 and 20 cents silver coins all are the "Memento Birth of Republic."

(5) In 1916 the output of 10 and 20 cents silver coins were minted from Kiangnan's Model.

(6) In 1917 and 1921 to 1923 the output of "The Republic of China 3 rd Year (1914) Y S-K's Model" 10 and 20 Cents Silver coins. These coins passed current at Peking and Tientsin.

(7) The output of 10 cent coins is not contained in the above table; reasons unknown. But the total quantity produced is indicated elsewhere, namely 49,409,385 pieces.

Other Mints established in Kiangsu Province were the following: Soochow, where a Mint was opened in 1898, and another one in 1904 for the production of copper coins. Both were said to have been dismantled in 1906. On the other hand, it appears that one must have remained dormant for years, for at the opening of the Republican regime an attempt was made by the Soochow Mint to produce a Yuan Shih-kai dollar which never passed the stage of an essay. Thereafter the career of the Soochow Mint came to an inglorious end.

In 1905 a Mint was inaugurated in Tsingkiangpu, Kiangsu, with the object of supplying the district with copper coins. During the first year of its existence 339 million copper blanks and 5,000 piculs of copper were imported. It had a capacity of one million

1-cent coppers per day. The weight of the 10-cash coin produced there varies between 106 and 121 grains, and the sizes between 28 and 28 3/4 mm. The Mint was closed down in 1907.

The universal recognition of the necessity of providing the country with a uniform currency, based on a coin with a clearly fixed standard weight and fineness, led to the determination on the part of the authorities to erect a modern coinage plant. After careful consideration Shanghai was chosen as the most suitable place where to erect the new Mint.

On March 3, 1921, a contract was signed by a Chinese banking group of the one part, the Minister of Finance and the Director of the Currency Bureau of the other part, providing for a loan

by the former aggregating $2,500,000 local currency. The major portion of this sum went towards defraying the cost of the land (on the northern bank of the Soochow creek), the expenditure connected with the construction of numerous buildings and for meeting administrative expenses. The money advanced proved, however, insufficient to meet the cost of the plant and machinery which-though it had arrived in Shanghai--could not be installed due to lack of funds to complete the payment of the purchase price.

Under such conditions the Ministry of Finance was forced temporarily to suspend work on the Shanghai Mint. On August 18, 1924, a Presidential Mandate was issued accordingly. The affairs of the Shanghai administrative Mint office were wound up and the entire Mint property placed under the custody of the Shanghai Bankers Association.

THE CENTRAL MINT OF SHANGHAI

The years from 1921 to 1923 were the most difficult ones financially for the Peking authorities. They were thus unable to complete the Mint at Shanghai. When finally completed by the National Government, its total cost had reached $6,000,000. It was not before 1927 that the project was revived by the National Government (Nanking), who appointed Mr. Tang Show-min to be the first director. The latter successfully negotiated with the banking syndicate and also with the importers of the mint machinery for the purpose of obtaining possession of the latter, as well as of the buildings.

The Northern Expedition of 1927 required enormous capital outlay, so that the affairs of the Shanghai Mint had to be relegated to the background. In 1928 Mr.Kwok Bew took over the duties of managing director from Mr. Tang; at the same time Mr. Lott H.T.Wei was named vice-director of the Mint. The American mint expert, Mr. Clifford-Hewitt was reengaged. It was during the tenure of office by Mr.Kwok that the name of the Mint was changed into "National Government Central Mint;" simultaneously provincial mints were requested to cease operations, so that the purpose of a uniform currency system could be initiated.

whereupon Mr. Hsu Chi-chun was appointed at his successor. However, at that time Japanese hostilities broke out in Chapei(where the new Mint was situated), so that all activities ceased automatically. In September of the same year Mr.Z.U.Kwauk, formerly of the Shanghai Arsenal, was appointed director.

In January, 1932, Mr. Kwok Bew tendered his resignation,

Fineness

880/1000ths

Gross weight 26.6971 grammes

Fine weight 23.493448 grammes

As the Shanghai tael contained 33.599 grammes of fine silver, the new national silver dollar equalled 0.6992305 taels. One new national dollar corresponded to 0.75608 troy ounces of fine silver.

These figures do not include minting charges. The latter were at first recommended to be 1.75 per cent, but following the request of the Native bankers, the cost was raised to 2.25 per cent. As the Government could not afford to bear this heavy expenditure, it was resolved to reduce slightly the weight and fineness of the old dollar. Taking the minting cost of 2.25 per cent into account the Shanghai taels parity with the new dollar was 71.50 taels=1 national silver dollar.

The promulgation by the Government on March 8,1933, of the standard silver dollar coinage law actually might be considered the beginning of coinage activities by the Central Mint of Shanghai.

Recognising the necessity to replace the sycee tael by a uniform silver dollar, Mr.T.V.Soong, the then Minister of Finance, in July of 1932, appointed an honourary committee for the purpose of advising as to procedure in connection with the abolition of the tael.17 The recommendation of the committee under the chairmanship of Mr. Jian H.Chen, Deputy Governor of the Central Bank of China, consisted of three Chinese and three foreign members. The result of its deliberations were embodied in a letter to the Minister of Finance, dated August 6, 1932. The following features of the new dollar were recommended: Reprinted

◎ 耿愛德〔美國〕

當談到中國造幣時，澆鑄幣的概念首當其衝。中國直到 1889年才正式開始通過現代造幣廠來生產金屬貨幣。在此 之前，中國通過澆鑄這種原始的鑄造方法生產了絕大部分 的硬通貨。

史前中國的商品交換是採用以物易物的方式進行的。為此， 除了使用金屬物品進行交換外，當時還會採用塊狀金屬進 行交換，而後者的交換主要是依據其重量進行的。漸漸地， 人們開始用青銅鑄造仿造工具的形狀，專門服務于物物交 換標準。這樣的青銅製品包括沒有銘文的小鏟子、小刀、 箭矢、鈴鐺等。

據傳，中國古代在公元前1895年首次鑄造了金屬貨幣，並在 公元前1556年由商朝的建立者再次鑄造了金屬貨幣，但是 這一說法無法得到證實。

公元前1032年，周朝的第二任君主周成王頒佈了一些貨幣方 面的規定，規定今後金屬塊可以根據重量進行交換。2但這 些規定似乎一直被擱置了幾個世紀，直到齊桓公3（公元前 685-前643年在位）將其付諸實施。貨幣從那時開始有了 固定的形狀和大小。

弗蘭克·查爾凡特（Frank H. Chalfant）認為，在公元前 10世紀，即便不是所有的封建諸侯國的鑄幣業都很繁榮，大 多數諸侯國的鑄幣業都是欣欣向榮的，這些諸侯國共同組成 了中原王朝4。中國古代錢幣上雖有銘文，但這些銘文為確 定其來源提供的信息卻很少。這些銘文大部分都很難破譯， 而且它們的含義也很模糊，有些銘文甚至是國際性的謎題。

注釋：

古代中國的鑄造貨幣並不總是由政府壟斷。行會、城鎮和 公民個人往往被允許發行金屬貨幣。我們應該認識到，通 信手段在那些遙遠的時代非常落後，因此貿易，以及由此 產生的貨幣流通，僅限于小範圍內。最初，中國既不知道 統一貨幣或國家貨幣的問題，也沒有打算解決這個問題。 因此，私人發行的貨幣通常不會在超過其設計用途以外的 地區流通。而國家所要求的是，保留其確定和控制私人發 行錢幣的重量和設計的權力。

在史前中國，用于鑄幣或作為交換媒介的材料主要是青銅。 但除了黃金，銀、銅、鉛、錫和鐵也被用作貨幣材料。由 于中國境內的銀礦非常稀少，這種白色金屬在貨幣方面的用 途非常有限。四川省有時也使用鐵作為貨幣，並且將用鐵 作為貨幣的用途傳播到了中國的其他地方。公元前18世紀中 期，青銅方面的知識從西方傳入中國。

公元1890年以前，中國的錢幣都是通過澆鑄的方式生產的。 這種方法本身非常粗糙，給了造假者很多機會，迫使當局頻 繁修改錢幣的設計。

鑄造和製模

現有關于金屬是如何開始用作貨幣的記錄並不可靠，因為 這些書面記錄大多僅僅基于傳說。然而，有一項可以接受 且相當準確的記錄是，公元前1032年，方塊形狀的黃金被 正式作為貨幣發行。但這種貨幣似乎只存在了很短的時間。 在幾個世紀的時間裏，它的地位被條狀金屬所取代，並逐 漸發展成錠狀物，被稱為銀錠，一直使用到公元1933年。

1 本文經《中國中央銀行公報》1938年12月和1939年3月授權轉載，並作了些許修改，並加入特別插圖。

2 見《中國錢幣目錄》，倫敦，1892年。

3 齊國從公元前1122年到公元前224年，存續了約900年，覆蓋了現代山東的所有北部地區。

4 見《中國古代錢幣》，弗蘭克·查爾凡特著，上海，1913年。

那時的銀錠更像是船形的銀“鞋”，它們是用于大宗交易的 主要貨幣。直到滿清統治末期（1911年），北京地區一直有 發現銀錠，每只重約10兩，純度為98.5% 5。據記錄，中國 在16和17世紀間還向印度出口了鞋子形狀的黃金。

從史前時代到中世紀，中國的主要流通媒介是銅錢。這種 青銅質錢幣的形狀要麼是小型的工具，要麼是扁平的環狀， 後來逐漸發展成中間有孔的錢幣。它們都是用模具鑄造的， 而後者的模具是打製的粘土、石頭、土器、青銅，很少有 用鐵製作的。上面的銘文有的是扁平的，有的是凹陷的，有 的是突出的。模具的背面有時會有發行年份的銘文，這主 要是為了給鑄幣局的官員做記錄之用。當時在古代鑄幣廠的 遺址上意外地挖掘出模具時，人們也只有通過這些銘文才 能確定一些錢幣的年份。而在錢幣上標注年份的習慣僅僅是 在公元前50年左右才開始的。

在鑄造方法方面，我們應該指出的是，最初的模具僅為錢 幣正面而製作。模具在鑄造時被放置在一個平面上，因此 生產出的錢幣的背面是平的。這種做法一直延續到漢代。 公元前118年，五銖錢幣出現了——首次有了兩面都有銘文 的錢幣。人們先用石頭、銅或青銅製成有或凹或凸的標準 圖案，並根據這些圖案製作泥模。下凹的圖案更容易雕刻， 但需要通過蠟來製作泥模，然後再用于鑄造。方法是先輕

鬆地在蠟上印出金屬上的標準圖案，之後再將蠟分離出來。

然後將粘土塗在分離出來的蠟的表面上。粘土在窯中燒製 後，上面的蠟便會熔化，留下一個清晰的圖案的複製品。 而凸出的金屬圖案一定是直接用粘土製作，以獲得陰模的 模具。

抬高錢幣的邊緣以防剪是一項聰明的發明。這種巧妙的預 防措施在很早的時候就開始通用，例如一些最古老的青 銅斧幣就有這樣凸起的邊緣。6銅錢是單獨一簇一簇鑄造 的，或是使用三種形狀的模具進行澆鑄的。根據拉克伯爾 （Lacouperie）的說法7，在模具內部會撒上細沙以防止粘 連，然後通過蓋子的開口向平放的模具內倒入液體金屬， 或通過頂部的通道向垂直放置的模具內倒入液體金屬。這

位專家還對另一種澆鑄方法作了如下描述：

選用兩塊細紋瓦片或 磚頭 ；將每塊瓦片或 磚頭的一 個面都磨得 很光滑，以便它們可以緊貼在一起；在磚頭上裝上擋板 並打上 孔，以便將它們固定在一起。人們從磚的表面小心翼翼地切下

模具，每塊磚上會有一面錢幣的圖案；接下來再切出一個供金 屬液 體流入的通道；然後用一根 繩子把 磚綁在一起，模具就 可以使用了。

根據布謝爾（W.S. Bushell）的說法，唐代用蠟製成所需 形狀的錢幣模型，並將其包裹在土質模型中，加熱後，熔 化的蠟從一個專門留出的口子裏流出來，留下一個空洞，再 將青銅液體倒進去。

政府具有的貨幣壟斷權

雖然造幣在原則上是政府的特權，但經常有社會團體或個 人鑄造銅錢。然而，政府總是會保留控制錢幣設計和重量 的權利。公元前135年，所有的私人造幣都遭到禁止。此後 19年，漢武帝將政府造幣廠的事務置于三官管轄之下。以前 流通的所有金屬貨幣都被召回，並被帶到在首都上林苑的造 幣廠，以便熔化和重新鑄造。所有來自政府造幣廠以外的 錢幣都被宣佈為非法的貨幣。

公元598年，直隸地區建造了五家御用造幣廠。此後不久， 又下令在產銅的湖北省開設了10家造幣廠；除此之外，又在 四川省建立了5家造幣廠。

銅錢的鑄造一直持續到公元1890年左右，當時廣州的造幣 廠試圖用現代鑄造方法造幣。然而，由于其鑄造的銅錢未 能贏得民眾的青睞，不得不在1894年被放棄了。8

銅錢鑄造統計

埃德金（J. Edkin）的《中國錢幣》披露了以下細節，說明 了在滿清統治時期每年生產的銅錢數量。

5 1911年年底，中國爆發革命後不久，作者處理了大量這樣的“金靴”，滿清宮廷賣給了銀行，後被運到了柏林（作者當時在天津的俄亞銀行工作）。

6 見弗蘭克·查爾凡特《中國古代錢幣》，第6頁。

7 見拉克伯裏《中國錢幣目錄》，倫敦，1882年。

8 根據《中國帝國海關十年報告》，1890年至1894年期間，廣州造幣廠鑄造的機器製造的現金錢幣的確切數量為694,663,121枚。

政府 同年，它們的年產量如下：

省份 城市 造幣局 貨幣年產量(枚）

直隸 北京 寶泉局 899,856,000

直隸 北京 寶源局 449,928,000

直隸 保定府 寶直局 60,756,840

山西 太原府 寶津局 17,472,000

江蘇 蘇州府 寶蘇局 111,992,052

1652年 2,097,632,850文

1653年 2,521,663,740文

1654年 2,488,544,460文

1655年 2,413,878,080文 順治十七年 1660年 280,394,380文

順治十八年 1661年 291,584,600文

康熙五年 1666年 295,879,800文

康熙十年 1671年 290,475,830文

康熙十五年 1676年 231,365,360文

康熙二十年 1681年 231,398,600文

康熙二十五年 1686年 289,936,700文

康熙三十年 1691年 289,925,400文

康熙三十五年 1696年 237,063,050文

康熙四十年 1701年 238,065,800文

康熙四十五年 1706年 238,075,800文

康熙五十年 1711年 374,933,400文

康熙五十六年 1717年 399,167,300文

康熙六十年 1721年 437,325,800文

雍正元年 1823年 499,200文

雍正四年 1726年 675,160文

雍正五年 1727年 723,528,000文

雍正六年 1728年 746,304,000文

雍正八年 1730年 757,865,000文

雍正九年 1731年 1,048,759,660文

在順治年間，從1652年到1655年的連續幾年間，每年會鑄 造超過200萬枚銅幣。但在1660年，人們認為這一生產的數 量超出了商人的實際需求。在這之後，每年生產30萬枚便 已足夠。這個產量一直持續到1771年，當時每年的新銅錢 數量增加到約38萬枚。

1831年的戶部條例記錄了各省每年的銅錢生產數量，總共 有2 050 000枚錢幣。從1800年到1830年，一直在使用這些 條例大約。當人口從1800年的3億增加到1830年的3.94億 時，錢幣的數量足以滿足當時的需要。

根據布謝爾的說法，中國在1865年就有了下面這些造幣廠。

江西 南昌府 寶昌局 42,037,992

福建 福州府 寶福局 43,200,000

浙江 杭州府 寶浙局 129,600,000

湖北 武昌府 寶武局 84,420,000

湖南 長沙府 寶南局 48,054,000

陝西 西安府 寶陝局 94,589,040

四川 成都府 寶川局 157,733,333

廣東 廣州府 寶廣局 34,560,000

廣西 桂林府 寶貴局 24,000,000

雲南

在滿清統治時期，以下造幣廠作為生產銅錢的政府造幣廠 而開設和運營。

地點 省份 開辦時間

宣化府 直隸 1645

池州 直隸 1645

密雲 直隸 1645

保定 直隸 1796-1820

太原府 山西 1645

陽泉 山西 1649

大同 山西 1645

開封 河南 1647

福州 福建 1649

漳州 福建 1649

寧波 浙江 1680

杭州 浙江 1649

濟南 山東 1649

臨清 山東 1644

慶州 湖北 1646

武昌 湖北 1650

漢陽 湖北 1650

延水 陝西 1644

長沙 湖南 1667

常德 湖南 1851-1862

桂林 廣西 1667

雲南府 雲南 1662-1722

東川 雲南 1851-1862

廣東 廣東 1622-1722

臺灣 臺灣 1689

安南 1736-1795

鞏昌 甘肅 1723-1735

迪化 新疆 1851-1862

以下是中國主要的近代造幣廠的名單。把它們歸類為政府 下屬造幣廠可能不太正確。實際上，中央政府在指導管理 或決定眾多的造幣廠政策方面沒有什麼權力。這些造幣廠 都在省政府的控制之下。只有在1933年3月上海的中央造幣 廠開業後，國民政府才恢復了對造幣廠的有效控制。然後， 民國政府決定關閉中國所有的省級造幣廠，將全國的錢幣 製造工作完全交給了位于上海的中央造幣廠。然而，1937年 夏天，戰爭的爆發，導致中央造幣廠被拆除，于是有五個省 的造幣廠重新投入生產，主要是生產銅幣。

安慶 安徽 1723-1735

南京 江蘇 1723-1735

蘇州 江蘇 1736-1795

南昌 江西 1723-1735

固爾紮 伊犁 1851-1862

葉爾羌 新疆 1736-1795

阿克蘇 新疆 1996-1820

烏什 新疆 1736-1795

工部 直隸（北京） 1644

戶部 直隸（北京） 1644

位置 省份 成立時間 備註

上海 江蘇 1921 1933年3月開始工作1937 年秋停止運營

南京 江蘇 1897 1929年被燒毀

晉江 江蘇 1905 僅生產銅幣，已關閉

杭州 浙江 1896 每日產能約20萬枚

安慶 安徽 1897 1899年關閉；隨後在1902 年開設了另一家造幣廠

福州 福建 1901 由省長領導

洪山橋 福建 1905 在軍隊管制下

馬尾 福建 1905 在海軍當局的控制下

蒼霞洲 福建 1905 在軍隊控制下

廈門 福建 1924 商家組織的造幣廠

南寧 廣西 1905 1921年停止工作

正如我們所注意到的那樣，中國近代造幣廠的存在時間相 對較短；然而，它們的命運卻非常不同。

梧州 廣西 1920 旨在鑄造銅幣

桂林 廣西 1905 主要是鑄造銅幣

廣州 廣東 1887 1919-1929年生產銀質輔幣

雲南府 雲南 1905 德國機器

武昌 湖北 1893 美國機器

南昌 江西 1901 生產銅幣和銀幣

長沙 湖南 1901 生產銅幣，使用英國機器

成都 四川 1898 美國和日本機器

重慶 下次 1913 美國和英國機器

西安府 陝西 1924 僅生產銅幣

蘭州府 甘肅 僅生產銅幣

開封府 河南 1901 1914年關閉

太原府 山西 1919 銅幣和銀質輔幣

濟南府 山東 1905 已關閉

天津 直隸 1901 原為中央造幣廠，1914年重 建

北洋 直隸 1905 中央造幣廠分廠

張家口 察哈爾 1923 僅生產銅幣

奉天 奉天 1901 德國和美國機器

吉林 吉林 1901 銀幣和銅幣

烏魯木齊 新疆 銀幣和銅幣

打箭爐 四川 1926 西藏盧比錢幣

汕頭 廣東 1924 1925年關閉

三水 廣東 1925 6個月後關閉

北海 廣東 1925 貳角錢幣，已貶值

雅州 四川 1926 軍事管理

開設新的造幣廠直接刺激了各省官員的收入增長。這些造 幣廠主要是在生產銅幣。在清朝統治的最後日子裏，天津造 幣廠被指定為造幣總廠，而一些省級機構則作為分廠發揮

作用。隨後在戶部擬設鑒定部門，任命嚴複為該部門的第 一任監督，並聘請了一位外國人擔任首席鑒定師，對中國的 鑒定師進行了仔細的培訓，以使他們適應的新工作。但随着 革命的爆發（1911年10月的辛亥革命），不得不放棄該計劃。

在1912年的最初幾個月，起義的士兵洗劫了造幣總廠並將 其燒毀。該造幣廠于1913年至1914年間在原址被重建。

1887年初，湖廣總督曾認真考慮過由現代造幣廠生產方孔 錢。但他發現，花費2萬兩購買機器是一筆太大的開支。因 此，他決定繼續用原來的方法鑄造錢幣。這些錢幣含銅 70%、含鉛20%、含沙10%。 然而，湖北省在若干年後確 實用現代鑄造方法鑄造了無孔的一文銅幣。

中國現代造幣廠的歷史

接下來將按省份介紹中國現代造幣廠。

廣東省

中國第一個政府造幣廠在總督張之洞的倡議下，于1887年 在廣州成立。張之洞還從英國訂購了一批造幣機器以籌建廣 東錢局。 9這些機器由伯明翰的喜敦造幣廠（Ralph Heaton & Sons）提供，耗資60 000英鎊。連同土地和建築，總支

出為100萬美元。造幣廠最初設計的日產量10萬枚銀幣和 200萬枚文方孔銅幣。

第一版銀元生產于1889年，重量為七錢三分，正面有英文 銘文。因清廷希望英文銘文放在背面的龍圖周圍，因此未 能獲批。這第一次嘗試的結果僅僅是生產了一些樣幣。

1890年7月，廣州造幣廠正式投產。造幣廠打制了新設計的 七錢二分龍圖銀幣，含銀量90%。之後又漸漸的開始生產 銀質輔幣。廣東造幣廠于1900年夏天經授權，首次生產出 了精美的無孔圓形十文銅幣。

這只能通過故意降低所生產的銀幣純度來實現。因此，廣 州成為國內銀幣率先貶值的地方。

民國政權的建立給廣東省帶來了許多內亂。在這種情況下， 廣州造幣廠由于擔心士兵搶劫，不得不完全停止工作。廣 州當局經常以自己的名義經營造幣廠，但即使在那時，仍有 繼續遭到破壞的趨勢。事實上，随着錢幣中的含銀量整體 上減少了，錢幣變得更加粗糙。在1913到1922年的十年間， 廣州造幣廠屢次關閉還因為在購買銀條供應方面缺乏信用， 如因為1917年至1919年年間的情況那樣無法從國外獲得銀 幣，以及有過多的假幣，除非折價，否則人民最終拒絕使用 這些廣東造幣廠所造銀幣。當時廣州當局的主要目標是通 過鑄造貨幣來賺錢，且在1924年以前，國家的意見和需求 是次要的考慮因素。

應該補充的是，儘管廣州造幣廠鑄造的民國三年（1914年） 袁世凱像錢幣數量有限，但廣州造幣廠是為數不多的生產 袁世凱像錢幣的造幣廠之一。1902年，廣州造幣廠鑄造了 大量帶有龍圖的壹角錢幣，兩年後，大量貳角輔幣開始流 通。人們普遍認為這兩種面額錢幣的含銀量為82%。但是 這種含銀量並沒有讓南方人滿意。由此推動了在廣州建立 政府銀行的工作——該銀行擁有發行輔幣的特權。然而， 這種創新讓事情變得更糟，因為已經發出去的錢幣實際上 已經無法贖回了。

在世界大戰期間，英國于1917年完全停止供應白銀。毗鄰廣 州的香港禁止出口金銀幣及金銀條。廣州被迫也採取同樣 的行動。1918年省政府解除禁運後，由于廣州的銀幣貶值， 中央政府下令禁止將廣州的輔幣運送到中國其他地區。香 港政府早在1914年就宣佈，廣州生產的錢幣在殖民地範圍 內是非法貨幣。1917年和1918年，由于銀條供應的嚴重短 缺，廣州造幣廠開始生產一種新設計的銅幣，並開始回收 原來的中國龍圖案銀質輔幣，將其熔化後再以更低的純度 重新鑄造新的銀幣。

由于廣州造幣廠資金短缺，在1924年的頭五個月裏一直關 閉。之後截至1924年8月31日的三個月裏，鑄幣廠恢復鑄造 貳角錢幣，但由于這些錢幣不斷貶值，而且市場上供過于求， 造幣廠被迫停止了運營。1926年9月，廣州政府計劃鑄造面 值為壹圓、伍角和貳角的新錢幣，在直接受廣州影響的省 9 1889年5月25日正式開業。

在中華民國的頭十年裏，廣州造幣廠成為一個不受政府指 令或限制影響的商業機構。在某些時期，造幣廠的整套裝 備甚至以招標的方式出租給出價最高的人，從而使省政府 獲得固定的收入。自然，獲得這些設備的人不僅想收回預 先支付的租金，還想獲得與所做的風險投資相稱的利潤。

份內流通；但是，該計劃未能實現。

1928年夏天，廣州造幣廠在經過長時間的停產後，開始忙 于生產新的孫中山像貳角錢幣，每天生產錢幣的總價值約 為4萬元。這些錢幣據說是用那個熔化了民國十三年（1924 年）的貳角銀幣所得來的白銀所鑄造的。

在1922年至1931年的十年間，廣州沒有鑄造銅幣。1919年 至1922年間，廣州造幣廠鑄造了鎳幣，這些鎳幣到了1923 年時便已不再被市場接受。

1928年和1929年，廣州發行了少量壹角銀幣（新設計的孫中 山像錢幣），但其含銀比例低于貳角錢幣。

由于1927年省財政異常緊張，商人們被授予特權，可以收 購銀條，將其鑄成錢幣，從而獲利。引入這一程式的目的是 為了緩解當地貨幣市場的壓力，維護人們對中央銀行錢幣的 信心。10由于當時市場上出現了大量的假幣，對正規的貨幣 造成了損害，政府發現有必要熔化並重新鑄造1924年設計 的成色較差的錢幣。為了避免人們在貨幣交易中嚴格區分新 舊錢幣而造成的不便和不愉快，後來允許商人在支付必要的 費用後熔化所有其他舊錢以重新鑄造。11

海事海關的出版物中有部分關于廣州造幣廠自成立以來產 量的可靠數據。以下是1890年至1901年（包括這1890年和 1901年）相關生產的詳細數據。

1890-1901年廣州造幣廠發行的錢幣

儘管作者認真尋找，積極聯繫，但仍無法獲得1902年至1910 年的錢幣鑄造數據。1911年，廣州造幣廠生產了29 214 000 枚龍圖貳角幣，純度據稱為82%，另有4 328 375枚十文的錢

10 即位于廣州的中央銀行。

11《中國帝國海關十年報告：1922-1931》。

幣。以下是廣東省銀行發佈的1936年年度報告中所載的造幣 數據：

1924年至1928年期間鑄造的貳角錢幣成色較差，不得不在 1929年被回收，然後被重新鑄造。這意味着1929年生產的 數量（32,447,172枚）中包括用1924年和1928年錢幣所重新 鑄造的錢幣。

1931年後，廣州造幣廠停止了運作，此後再也沒有重新投入 使用。

除了廣州造幣廠外，廣東還有一些臨時運作的小型造幣廠。 這些小廠大部分是在軍閥的命令下運作的。主要是以下幾座。

汕頭造幣廠于1924年由陳炯明將軍開設。汕頭造幣廠的日 產量為價值總計為2萬圓的貳角錢幣，純度不超過60%。這 種新鑄的錢幣不斷貶值，在貧困階層中造成了很多困難。該 造幣廠于1925年關閉。

個小型的、非官方的造幣廠。那裏生產的貳角錢幣在設計 上與廣州發行的錢幣相似，但貶值嚴重。這個小小的造幣 廠只運作了大約6個月。

1924年和1925年，北海被軍事佔領。在此期間，廉州和欽 州的軍閥開始鑄造大量貶值的貳角錢幣，這些錢幣只含有 大約30%的白銀，令人震驚。這些錢幣依照廣東銀幣的式 樣鑄造，按含銀比例投入流通。

1925年，海口也設立了一個小型造幣廠。在接下來的幾年裏， 它生產了相當多的貳角錢幣。

福建省

1900年，北京政府將在福州開設造幣廠的特權授予了福建 省政府。這所造幣廠是以政府的名字經營的，並在那裏生 產貳角、壹角和伍分的錢幣。實際上，這是一個得到政府 支持的私人企業。造幣廠開始運作時，首先供應銅幣，隨 後供應帶龍圖（壹圓）銀幣，以及貳角、壹角和伍分的銀質 輔幣。1904年，它被政府接管，然後以官方名義生產錢幣。

最初私人鑄造的銀質輔幣在當地口碑不佳，只能折價接受。 但這些輔幣在滿洲里卻很受歡迎，因此被大量運往滿洲里 的地區。1904年至1905年，該廠生產的硬幣面額為貳拾文、 拾文和伍文。

1905年，在福州又開設了兩處造幣廠，一處在福建機器局， 另一處是在馬尾兵工廠。 這三家造幣廠的日產量合計為200 萬枚銅幣。這種大量的生產很快就造成了供應過剩，隨後 銅幣貶值，北京當局禁止這兩個分廠繼續運營，因此它們 被迫關閉。

三水造幣廠是三水縣縣長于1924年在他的衙門裏開設了一

在1907年至1910年期間，福州造幣廠嘗試鑄造了一種新的 二文錢幣，但該廠在1910年底時停止了運營。福州造幣廠于 1920年重新開放，並開始積極的運作。兩家分廠也在1924 年恢復了工作，主要生產貶值的銀質輔幣。當時的造幣廠都 是在軍事或海軍指揮官的命令下工作，因此這些錢幣只在各 自的的影響範圍內流通。令人遺憾的是，這些錢幣的純度

12 從1928年開始生產了新設計的貳角和壹角錢幣，上面有孫中山先生的半身像。廣州造幣廠在1928年8月至12月期間一直在運作，在此期間共有7,915,771枚1924年貳角銀幣被熔化 並重鑄。

13 數據來自徐堪的《法幣政策實施法》。

沒有達到規定的標準。此外，它們的重量和純度也不統一， 含銀量從50%到30%不等。福建省省長不得不一再宣佈， 只有福州造幣廠生產的錢幣才被視為法定貨幣。一些不法 之徒利用貨幣的混亂狀態，偽造了已經貶值的福建銀幣，從 而使已經非常混亂的局面更加混亂。

在1924年期間，福州造幣廠生產了數量有限的錢幣。1925 年秋天，它推出了新的壹角和貳角面額的銀幣。這些銀幣 都是與福州臺伏銀幣的兌換比率為一比十，略低于普通中 國銅錢的兌換比率，但其市場價值很快就降到了這個比率以 下。為了使新幣更廣泛地為人們所接受，福州政府于1926年 公開宣佈，決心以每壹角5個銅幣的價格贖回所有以前的壹 角和貳角銀幣。

福州造幣廠主廠位于洪山橋。此地在福州城西門外約10裏 處，與兵工廠相鄰。

造幣廠的鍋爐部門配備了4臺鍋爐，每臺鍋爐的發電量為30 至60馬力。這些鍋爐同時為造幣廠和兵工廠服務，所消耗 的煤炭費用由兩個機構同時按同等比例承擔。

福州造幣廠的產量並不統一。 1926年底，該廠每日運作10 個小時，平均每日生產15萬枚銀質輔幣；然而，其產量本可 以增至每天20萬枚。由于當時福州市面上充斥着大量的銀 幣，造幣廠在1927年初暫停了運營。1931年，福州造幣廠再 次開始運作，同年生產了530萬枚輔幣。

1924年，由商人投資40萬美元，在福建廈門建造了另一座 造幣廠。從各種意義上說，這座新的造幣廠都是為了賺錢 而建造的。

浙江省

杭州市造幣廠于1901年成立。但五年後，由于該廠與在福 州運營的造幣廠合併，因此停止運營。銅幣中只有十文龍圖 銅元和大清銅幣系列是在杭州市鑄造的。

1919年，杭州造幣廠重新投入使用，主要生產銀元，並且 是最大的袁像錢幣生產地。該廠一直運營到1932年關閉。 杭州造幣廠由于國內騷亂，亦或是銀元市價低于生產成本， 有時不得不中斷生產。

1924年夏天，杭州造幣廠鑄造了一種含銀量為65%的全新 壹角和貳角錢幣，以取代當時在全國流通但價值貶損的廣 東省造輔幣。由于浙江省內和周邊地區戰爭不斷，杭州造幣 廠不得不于1924年秋季停鑄，直到次年2月才恢復。當其複 產時，主要生產的是袁世凱像壹圓銀幣。

據可靠報道，新鑄造的壹角和貳角錢幣14被並無利可圖。

1926年5月，杭州造幣廠再次生產了一些壹角銀幣。同年 下半年，造幣廠生產了相當數量的袁世凱像錢幣。儘管在 1926年底，上海市場上的白銀價格很高，但由于浙江省可能 發生戰事，杭州造幣廠再次被迫停止運營。

杭州市最初有三個造幣廠：一個是銀幣造幣廠。15這家造幣 廠在1896年至1903年期間鑄造了銀幣和銀質輔幣。當它關 閉了之後，被閒置了16年。除此以外，在1903年和1905年， 杭州市還開設了兩家造幣廠，但都在1906年關停。

杭州造幣廠是少數能夠並願意提供銀元生產相關數據的機 構之一。

14 杭州市鑄造了極少量的貳角錢幣，紀年為1924年。這些錢幣在設計上與廣州的貳角相似，都有一個大大的“20”。

15 杭州造幣廠的機器于1896年第三季度進口，但在10月，造幣廠已經被拆除，機器被送往北京；在那之前的幾個月，已派任外籍管理人員。

16 雖然是1926年鑄造的，但這些錢幣的紀年是1924年。

江蘇省

南京作為江蘇省的省會，于1897年開設了造幣廠，鑄造帶有 江南省造字樣的龍洋。1912年，中華民國成立後，南京造 幣廠繼續鑄造龍洋，但此後不久又開始鑄造了袁世凱像壹 圓銀幣。此外，那裏還製造了伍角、貳角、壹角和伍分面值 的銀質輔幣。由于與杭州造幣廠遭遇了相同的境況，南京造 幣廠的業務也不得不經常暫停。

1919年，南京造幣廠生產了很多新設計且無外國銘文的輕 質一分幣。這種貶值的錢幣會使貿易嚴重混亂，因此海關當 局不得不禁止其流入到上海。然而，大量的錢幣仍被走私

到上海和其他貿易中心。1924年底，南京造幣廠當局嘗試 生產輕質銅幣，但遭到了上海商業界最為強烈的反對，因此 該項目不得不被擱置。

在南京造幣廠落成後的頭七年裏，它主要生產銅幣和銀質 輔幣。其供應量如此之大，以至于它在很大程度上造成了 這些錢幣的貶值。例如，南京造幣廠在1908年生產了3億枚 銅幣和總計6千萬枚壹角和貳角錢幣。此後，該廠被迫暫時 關閉。

南京造幣廠1925年至1926年生產銀元。但由于政局不穩， 其生產工作經常中斷。1929年，南京造幣廠遭燒毀。

南京造幣廠在大清時期的產量不詳，只有零星的記錄。截至1898年，南京造幣廠總產量如下：

壹圆 1,400,000枚

100,000枚

7,000,000枚

8,000,000枚

100,000枚

由于南京的銅幣廠建成較晚，因此它只生產了2萬枚銅幣。1899年，由于銅價高漲，銅幣生產停止。

南京造幣廠1911年的產量如下：

壹圓 1,603,500枚

壹角 230,000枚

伍分 95,585,000枚

根據《幣制則例》，南京造幣廠的產量如下：

銀幣（1903-1928）

壹圓488,803,729枚

伍角 2,472,086枚

貳角 108,674,025枚

壹角49,409,385枚

伍分891,391枚

上述數據僅供參考。

銅幣（1903-1924）

十文4,244,333,886枚

熔化的銀幣（1915-1921）

價值51,519,597元

1912年4月至1928年12月財政部下屬南京造幣廠銀幣和銅幣產量表

(1)鑒于從1912年4月到1914年9月沒有製造新的幣模，所以上述錢幣是由舊模具鑄造的；壹圓銀幣的產量共計 36,651,016枚。

(2)從1915年2月到1927年2月，中華民國三年（1914年）袁世凱像壹圓銀幣的產量共計385,845,210枚。

(3)從1927年6月到1928年12月，孫中山像開國紀念壹圓銀幣的產量總計為8926.2萬枚。

(4) 1912年和1914年產出的壹角和貳角銀幣都是開國紀念銀幣。

(5) 1916年生產的壹角和貳角銀幣均是由江南省造的幣模製造的。

(6) 1917年和1921年至1923年生產的是中華民國三年（1914年）袁世凱像壹角和貳角銀幣。這些錢幣在北京和天津流通。

(7)上表未包含壹角錢幣的產量，原因不明。但其他地方顯示了總產量，即49,409,385枚。

在江蘇省還設有以下幾個造幣廠。1898年蘇州開設了一座造 幣廠，1904年又開設了另一座銅幣廠。據說兩個都在1906 年被拆除了。另一方面，似乎其中一座造幣廠多年未曾啟用。 因為在民國政權建立之初，蘇州造幣廠曾嘗試生產袁世凱 像壹圓銀幣，但從未成功。

1905年，一座造幣廠在江蘇清江浦落成，旨在為該地區供 應銅幣。在這座造幣廠建成的第一年，它買入了3.39億枚銅 坯和5000擔銅，日產量為100萬枚壹分銅幣。那裏生產的 十文銅幣重106至121克，直徑28至28.75毫米。該造幣廠于 1907年關閉。

人們普遍認識到，有必要在國內提供一種統一的貨幣，而其 基礎是錢幣必須有明確固定的標準重量和純度。于是當局 決心建立一個現代造幣廠。經過仔細考慮，上海被認識是 最適合建立新造幣廠的地點。

1921年3月3日，中國的銀行業、財政部長和鑄幣局局長簽署 了一份協議。協議規定前者提供總額為250萬元的貸款，主 要部分用于支付土地（位于蘇州河北岸）費用、建廠相關費 用，以及行政費用。然而，事實證明，預付的資金不足以支 付工廠和機器的費用。雖然這些機器已經抵達上海，但由 于缺乏資金支付購買價格，因此無法安裝。

在這種情況下，財政部被迫暫時中止了上海造幣廠的運營。 1924年8月18日，據此頒佈了一項總統令，清算上海造幣廠， 造幣廠全部資產由上海銀行家協會保管。

上海中央造幣廠

1921年至1923年是中央當局財政最困難的幾年。因此，他 們無法完成上海造幣廠的建設。當國民政府最終建成上海 造幣廠時，其總成本已達到600萬美元。直到1927年，（南京） 國民政府才終于恢復該項目，並任命唐壽民先生為第一任廠 長。後者與銀行業以及造幣機械進口商談判成功，獲得了相 關機械以及造幣廠建築的所有權。

1927年的北伐耗資巨大。因此，上海造幣廠的建設事宜不 得不退居二線。1928年，郭標從唐壽民手中接過了廠長之職， 韋憲章被任命為造幣廠的副廠長，並重新聘任美國造幣專 家克利福德·赫威特（Clifford Hewitt）。正是在郭氏任職 期間，造幣廠更名為“國民政府中央造幣廠”，同時要求各 省造幣廠停止經營，以便開始實行統一的貨幣制度。

1932年1月，郭標提出辭呈，徐寄庼繼任。然而，當時日本 在閘北（新造幣廠所在地）發動了侵略行動，因此所有生產 活動自動停止。同年9月，原上海兵工廠的郭承恩被任命為 廠長。

1932年7月，當時的財政部長宋子文意識到，有必要用統一 的銀元來取代金銀錠，因此組建了榮譽委員會，負責就廢 除銀兩的程式提供建議。在時任中央銀行副行長的陳行的 領導下，委員會由三名中國成員和三名外國成員組成。其審 議結果載于1932年8月6日致財政部長的一封函件中，就新 銀元所需特點提出以下幾點：

由于上海當地一兩白銀含銀33.599克，則新鑄銀元的重量相 當于0.6992305兩，即含有0.75608盎司純銀。

上述數據不包括造幣費用。起初擬定的費用率為1.75%，但 在本地銀行家的要求下，費用率提高到2.25%。由于政府無 力承擔這一沉重的開支，因此決定略微降低銀元的重量和 純度。鑒于造幣成本占2.25%，則上海地區的一兩白銀與新 鑄銀元的平價為71.50兩等于一銀元。

政府于1933年3月8日頒佈的《銀本位幣鑄造條例》實際上可 以視為上海中央造幣廠開始製造錢幣的標誌。

(轉載自《中國雜誌》，第30期，第289-198頁，第361-366頁； 第31期，第31頁-38頁，第81頁-90頁；第121頁-133頁，第 167頁-172頁）

Chinese and Foreign Commemorative Coins Related to Primitive Human Calculators in the Past Two Hundred Years - From the Ancient Abacus to the Computer

◎ Zhang Shaolong〔Beijing〕

Science and technology are the first productive force. Even in ancient times, a time of low productivity, technological inventions largely advanced the development of society, and some equipment advances facilitated the daily life and production. Both China and other countries made achievements in the field of ancient machinery, and some mechanical principles have even directly led to the birth of later electronic computers. Whether the original calculator, developed more than 200 years ago, or more ancient abacus, they can be called the forerunner of today's computers.

There are many ancient technologies in China, some of which were also mechanized. Some representative ones are presented on the Ancient Chinese Scientific and Technological Inventions and Discoveries commemorative coin series issued by the People's Bank of China from 1992 to 1996. The coins are made of gold, silver, platinum and other precious metals. The themes cover copper casting, kites, geodynamics, compass, sailing and shipbuilding, Tai Chi Diagram, chimes, porcelain, gunpowder,

and movable-type printing. (Fig. 1) The series show the ingenuity and creativity of the ancient Chinese working people. It plays a positive role in promoting Chinese culture and world cultural exchange, and has a large number of overseas collectors.

In addition to these inventions, there is a calculation tool convenient to carry, that is, the Chinese abacus known as the ancient calculator for the currency settlement in ancient times.

Whether in ancient or modern times, we always need a tool or a medium to deal with monetary settlements and daily accounting. Today, we have electronic payment platform provided by major banks and other financial organizations. These platforms offer a variety of preferential activities available in various designs and specifications for our selection. They reduce the need for cash, which seems to have reduced the problem of counterfeit currency common in the past.

Not to mention in ancient times, it was unimaginable to be enjoy such convenience before the Internet era. Calculations in ancient times were quite complex. Not to mention the various daily bookkeeping and accounting, payments were also complicated, as different regions had different conversion methods. People used silver as a weight-based currency, and the weighing units such as ku ping [ 庫平 ], guan ping [ 關 平 ], and cao ping [ 漕平 ], were different. As for overseas silver dollars, accurate calculations had to be made so as not to suffer losses. What kind

Fig. 1

of calculating tool was fast and accurate enough? That is when the ancient Chinese calculating tool, the abacus, came into being. It solves these calculation problems, and bead counting mnemonics also become more and more accurate. The abacus still has a huge range of applications today. In fact, at the

beginning of the computer era covering the banking industry, the abacus and the computer were used together in China. At that time, in addition to banks, accounting staff at relevant units had to obtain the qualification certificate in abacus calculating.

(Fig. 2)

This shows the importance of the abacus in the old days. According to archaeological research, the abacus, an ancient calculator, is not unique to China. Babylon had a similar prototype in 2400 B.C. The word abacus is derived from the Greek ά βακασ (pronounced 'ávakas'). After all, productivity was limited in ancient times, and the abacus, a more reliable tool, was gradually perfected in various countries and regions. China's early abacus may have come at the end of the Eastern Han dynasty or even the Three Kingdoms period, and the more mature abacus with four beads on each column appeared in the Song and Yuan dynasties.

The abacus shows the wisdom of the ancient Chinese. Chinese and foreign commemorative coins also have the pattern of these ancient calculators like the abacus.

For instance, a coin from the second group of the Ancient Chinese Scientific and Technological Inventions and Discoveries commemorative coin series issued in 1993 features the image of an abacus. Its theme is the creation of the zero in the 4th century B.C. It depicts the scene of ancient people calculating mathematics next to the form of an abacus on the reverse. (Fig. 3) The coin was more exported overseas to convey culture and take into account the use of foreign exchange, and the coin demonstrates the important significance and role of the abacus in Chinese history. This exquisite coin was minted by Shenyang Mint Company Limited (formerly Shenyang Mint).

The abacus on a 2019 Tuvalu antique-looking silver coin is quite appealing, as the coin is inlaid with an actual abacus. (Fig. 4) Its design takes the Silk Road as the theme, surrounded by the goods around the world. It indicates that only when goods are being traded frequently can business develop faster, bringing huge gains for the region, and the ancient businessmen need to use the abacus to accurately plan their business. The highlight of this coin is that the beads of the abacus are real and

Fig. 2 The qualifcation certifcate of abacus calculating skill, 1984

Fig. 3 The Birth of the Zero Proof Silver Coin in the 4th Century B.C. from the second group of China 1993 Ancient Scientific and Technological Inventions and Discoveries series issued in 1993

Fig. 4 2019 Tuvalu antique-looking silver coin inlaid with gilt abacus

movable. Although it is only a part of the abacus and cannot be used for calculating, it is a very fresh and fun design. This coin is minted by the Perth Mint of Australia, and its antique looking fits the theme, with a sense of history, and can be played with. The inlaid gold gilt abacus made the production more difficult. However, because of its mirror gold gilt effect, it cannot prevent fingerprints and it is easily scratched. Although it is a faux antique silver coin, it should not be played with.

dragon abacus commemorative silver coins were issued, shaped in the design of a dragon surrounding a complete abacus. It shows a strong Chinese flavor. In addition to the symbolic meaning of attracting wealth and treasure, it also combines the ancient wisdom of the Chinese abacus with the divine fengshui power of the Chinese dragon. Also, the dragon contains the symbol of power and strength. It achieves a balance of wisdom and power by combining the dragon and abacus into one design. It is a pity that the abacus is not hollowed out as a real one, which may be limited by the cost or minting technique. (Fig. 5)

The application of many new technologies in today's Internet era gave replaced the ancient vessels and utensils, but the ancient wisdom is still leading people to find new resolutions in the new era.

In addition to the abacus, there are also other machineries for calculating. The mechanical clock has been more and more elegant exquisite, and its size has been smaller and smaller. The carry-on mechanical clock was a pocket watch, which is a mechanical progression of the calculator. The year 2023 marks the 200th anniversary of the birth of the modern computer. The machine came from Charles Babbage, the famous British inventor and pioneer of the computer. There has been a lot of machinery in ancient and modern times, but the thought of using computers to calculate mathematical tables is indeed a kind of whimsy. Such design began in 1818 and Charles Babbage completed the design in 1822 by inventing the differential machine. After that, Babbage invented a variety of small mechanical computers, which can carry out some mathematical operations of 8-digit to 20-bit numbers. Later, his advanced differential machine was officially exhibited at the London Expo in 1862, where it caused a sensation and attracted great attention. His design concept was related to the analytical machine and is deemed as the pioneer of the computer. Though the differential machine was very advanced, and the analytical machine had not been invented, he is still regarded as the pioneer of the computer.

In recent years, Chad has been aware of the popularity of the theme of the Chinese style, and it has issued many Chinesethemed commemorative coins. In 2023, a set of two Chinese

Charles Babbage, a member of the Royal Academy, is a big name and highly regarded in the UK, pioneering the concept of digital programmable computers, so the principle of differential

Fig. 5 2023 Chad Chinese dragon abacus antique and gold gilt and silver shaped coins

machine is widely known there. By 1991, to commemorate the 200th anniversary of Babbage's birth, the Science Museum in London produced a complete differential machine weighing more than two tons.（ Fig. 6) To commemorate the 150th anniversary of Babbage's death in 2021, the Royal Mint issued a series of commemorative coins, including precious and nonprecious metal coins, proof and business strike coins, which shows his importance. The theme of this coin is 'elements of the differential machine'. (Fig. 7）

In modern Britain, Alan Matheson Turing, is another famous father of computing, also considered the father of artificial intelligence, who was also a member of the Royal Academy and was awarded the Order of the British Empire (O.B.E.). Turing's greatness lies in his many contributions to the development of artificial intelligence, which is directly related to the application of big data in today's Internet era. He also proposed a test method for determining whether a machine is intelligent, namely the Turing test method, which is still in use today. The machine model named after him laid the foundation for the way logic works in modern computers. Turing's era is not far from us, and many of the conceptual methods he created are still in use. Tristan da Cunha issued a commemorative coin for the 110th anniversary of Turing's birth, featuring a portrait of Turing made entirely of code to pay homage to the language of

Fig. 6 The differential machine and its design drawings

Fig. 7 2021 UK coins series commemorating the 150th anniversary of Charles Babbage's death

Fig. 8 2011 Tristan da Cunha coin celebrating the 110th anniversary of Alan Matheson Turing's birth

Fig. 9 Turing on the British banknote

computing. It is an usual heptagonal proof alloy-clad silver coin of British countries and regions. (Fig. 8) It is worth mentioning that Turing even made it onto British banknotes, which shows how much he contributed to human technology. (Fig. 9)

There are many other commemorative coins related to computers or machinery (Fig. 10 to 14). Once upon a time, the computer was a symbol of high technology and had nothing to do with the general public. Today, computers are still high technology, but ordinary computers are used in millions of households. The Internet era has arrived, and cell phones and tablets are for daily use. Humans have been lived in the 5G era, and 6G is being developed and tested for future communication. The desire for computers has led many countries to issue computer-related commemorative coins as well as coins commemorating 5G communication technology. There are

Fig. 11 2021 Tanzania 5G Silver and Copper Bimetallic Coin

Fig. 10 1986 San Marino Computer Coin

Fig. 12 2021 Fiji SAY NO TO CYBERBULLYING Color Commemorative Silver Coin

also coins reflecting on cyber violence, commemorating the birth of the world's first email, and even paying tribute to the CPU by inlaying CPU components on gold and silver coins. Various countries have produced commemorative coins with computer-related themes, as computers have become an indispensable daily tool in modern society and have brought great convenience to people's lives.

The future is still the age of the Internet, and cyberpunk culture has come into being. There are some cyberpunk related coins.

(Fig. 15) From the ancient abacus, the original computer to the modern computer in the Internet era, and even the future meta-universe, science fiction and reality are reflected in the commemorative coins at home and abroad.

Fig. 13 2021 Niue commemorative coin for the 50th anniversary of the world's frst email

Fig. 14 2021 Niue coin celebrating the 50th anniversary of the frst microprocessor

Fig. 15 2021 Niue Cyberpunk Color Silver Coin

人類原始電腦200年——

從古代算盤到

與電腦有關的中外紀念幣

◎ 張紹龍〔北京〕

科技是第一生產力，哪怕在生產力低下的古代，科技發明 也在很大程度上推進了社會的發展，一些設備的進步更是 方便日常的生活、生產。科技在中外古代機械領域都各有

建樹，有些機械的原理甚至直接影響到後來電子電腦的誕 生，無論200多年前的原始電腦還是更古老的算盤，可謂都 是今天電腦電腦的先導。

我國古代也有諸多古代科技，一些也是有機械化的影子，比 較有代表性的是中國人民銀行1992-1996年發行的五組“中 國古代科技發明發現”系列紀念幣，材質包括金銀鉑，科

技成果名稱有鑄銅術、風箏、地動儀、航海造船、指南針、 太極圖、編鐘、瓷器、火藥、印刷術（圖1），等等。展現中 國古代勞動人民的聰明才智和創造力。對弘揚中華民族文 化，促進世界文化交流起到積極作用。海外也有一大批收 藏擁躉。

除了這些發明創造，更有方便隨身攜帶的計算工具——舊時 貨幣結算的媒介，堪稱古代電腦中國算盤。

COINS

無論古今，說起貨幣結算，日常算賬，我們總要有個工具， 或者說有個媒介，今天我們有電子支付平臺，除了各大銀行， 包括其他金融組織的各種支付平臺，可能還有各種優惠活 動，任由我們選用，從而降低了現金的使用率，似乎過去擔 心的一些假幣問題都有所好轉。

但是別說在古代，就是在互聯網時代之前，這些都是不可 想像的，古代只會更加複雜，別說日常各種記賬算賬，就 是到了支付環節，不同地區的貨幣有不同的換算辦法，包括 銀兩這種貴金屬稱量貨幣，還有各種不同的衡量尺度，如 庫平、關平、漕平等。對海外銀元貨幣，要想不受到損失， 就要精確的進行計算。那麼用什麼工具計算又快又準確呢？ 古代中國運算電腦——算盤便橫空出世，解決了這些計算問 題，珠算口訣也愈加精准，直到今天，算盤仍有較大的應 用範圍。其實在電腦系統覆蓋銀行業之初，也是算盤與電 腦互相配合使用的。彼時除銀行外，對相關單位的財會從 業者都必須進行珠算技術考核（圖2）。

圖2 20世紀後期全國珠算技術等級證書與銀行使用的老算盤

圖1 部分“中國古代科技發明發現”系列紀念幣背面

由此可見舊時算盤的重要性。據研究與考古，算盤這個古代 計算器的模式並非中國所獨有，例如公元前2400年的巴比 倫就有類似的雛形，我們今天英文算盤的abacus也源自希 臘文的 άβακασ。畢竟古代生產力有限，算盤這種比較可靠 的計算工具也是人類逐步摸索發明發現的。一般我國算盤 的雛形，可能來自東漢末年乃至三國時期的籌算珠算的早 期算盤，珠算，而比較成熟與今天相近的一四珠算盤，一 般則在宋元時期才出現。

但無論如何算盤的形象與中國的古老智慧，今天已經融為 一體。中外紀念幣上也出現了這種古老的電腦即一般的中 國算盤的身影。如1993年中國古代科技發明發現（第二組） 紀念幣中一枚銀幣上就有算盤的形象，主題為公元前4世紀 零位的產生，背面圖案是古人在計算着數學，旁邊就是算盤 與籌算的形式（圖3）。此幣由原瀋陽造幣廠鑄造，工藝精湛。 當時這套幣更多是出口海外傳遞文化與兼顧創匯之用，更

展示了算盤在中國歷史上重要的意義與作用。

圖瓦盧2019年的一枚仿古銀幣中央的算盤主圖頗為吸睛， 因為真的把實際的算盤鑲嵌集成與硬幣之上（圖4）。這枚的 設計就比較國際化，以絲綢之路為題，算盤周圍遍佈設計 世界各地的貨物；寓意只有貨如輪轉才能更快的發展商業， 為地區帶來巨大的收益，古代經營者更需用算盤精准規劃 自己的商業版圖。此幣亮點在于算盤的算珠是真實可動的， 雖然只是個雛形局部，不能計算數值，但是令人眼前一亮， 也感到非常好玩。此幣由澳大利亞珀斯造幣廠代鑄，其仿 古工藝倒是貼合主題，古色古香帶有歷史沉澱感，而且還 可以適當把玩；但金色的鍍金算盤鑲嵌其中，工藝難度提 高，主題更加明顯，卻因為是鏡面鍍金，不能防止指紋擦傷， 雖是仿古銀幣，但最好不要上手把玩。

乍得近年呈現中國主題國風國潮火熱現象，發行了諸多有關

圖3 中國人民銀行1993中國古代科技發明發現（第二組）紀念幣

之一 公元前4世紀零位的產生精製紀念銀幣

圖4 圖瓦盧2019年算盤仿古鑲嵌鍍金算盤紀念銀幣 圖5 乍得2023年中華龍算盤仿古與鍍金異形紀念銀幣

內容之紀念幣，例如2023年發行了一套兩枚中華龍算盤主題 的紀念銀幣，銀幣異形設計，是龍身包圍住一件完整的算盤， 中國風情濃厚（圖5）。除了招財進寶的寓意外，更是結合中 國算盤的古老智慧與中華神龍的風水神力，當然龍身更包含 權力與實力的象徵，將其合二為一設計組合，或說達到智慧 與力量的平衡。只可惜算盤並非實物算盤的通透或鏤空鑲 嵌模式，不知是受制于成本還是鑄造技術。

也許今天互聯網時代很多新的技術的應用，終將取代古老 的器皿與用具，但古老的智慧也仍舊引領着人們在新時代找 到新思維與新模式。

除了算盤，其他進行運算的類似的機械東西方也都有，我們 常見的機械表也是随着時間推移才逐步製造精湛，越來越 小。以前機械表隨身佩帶的更多是懷錶，當然機械的一種 進階是電腦。這裏要說一下經常被認為是人類原始電腦的一

種機械，即大名鼎鼎的差分機，2023年是其完成200周年的 紀念日，它來自于英國著名的發明家，大名鼎鼎的電腦先驅 查爾斯·巴貝奇。古今中外已有很多機械，但想到利用電腦 來計算數學表，的確是異想天開，1818年開始設計，後來 被查爾斯·巴貝奇在1822年實現了的差分機就是這種機械， 之後陸續的巴貝奇製造了各種小型機械電腦，從能進行8位 數的一些數學運算到20位的數等。到後來其製造的差分機 于1862年在倫敦世博會上正式展出，引起更大的轟動與關 注，包括其提出的分析機的相關設計概念，以及這些被視 作先驅但可以運作的機械電腦，分差機也被稱作機械史上 的巔峰之作，但由于過于超前，其還要發明的分析機最終沒 有造出來，但不妨礙其被視為電腦先驅。

查爾斯·巴貝奇是英國皇家學院院士，在英國大名鼎鼎，備 受重視，開創了數字可編程電腦的概念，所以差分機的原理 也被廣泛關注。至1991年紀念巴貝奇誕辰200周年，倫敦科 學博物館製作重大兩噸多的完整差分機（圖6）。至2021年 為紀念巴貝奇逝世150周年，英國皇家造幣廠更是發行了以 其為主題的系列紀念幣，包含貴金屬非貴金屬，精製幣與普 制幣多種，可見其殊榮，該紀念幣的主題圖案便是一些差 分機的元素（圖7）。

至近現代，英國還有一位著名的電腦之父，也是人工智慧 之父的艾倫·麥席森·圖靈，其也是英國皇家學院院士，更 被授予大英帝國榮譽勳章（O.B.E.）。圖靈的偉大在于對于 人工智慧的發展有諸多貢獻，與今天我們的互聯網時代的 大數據應用等直接相關，並且提出了一種用于判定機器是否

圖7 英國2021年查爾斯·巴貝奇逝世150周年系列紀念幣

圖8 特裏斯坦和達庫尼亞2011年艾倫·麥席森·圖靈 誕辰110周年紀念幣

圖6 差分機與設計圖紙

圖9 圖靈照片登上英國紙幣

圖10 聖馬力諾1986年電腦主題紀念幣

圖11 坦桑尼亞2021年5G銀銅雙金屬紀念幣

圖12 斐濟2021拒絕網路暴力彩色紀念銀幣

具有智能的試驗方法，即圖靈試驗法，至今行用，以其命 名的圖靈機模型更為現代電腦的邏輯工作方式奠定了基礎。

圖靈距離我們不遠不近，很多其創立的概念方法仍在使用 着，特裏斯坦和達庫尼亞發行了圖靈誕辰110周年的紀念幣， 設計上致敬電腦語言，是以完全由代碼製成的圖靈肖像為主 圖，也是英系國家和地區慣用的七邊形紀念幣，這是一枚 合金包銀精製紀念幣（圖8）。值得一提的是，圖靈照片甚至 登上了英國紙幣（圖9），可見其對人類科技貢獻之大。

其餘與電腦或機械有關的紀念幣還有很多（圖10至圖14）。

曾幾何時，電腦是高科技的象徵，與一般人無緣，今時今 日當然電腦還是高科技，但普通家用電腦電腦早已走入千家 萬戶，互聯網時代已經到來，移動端的手機平板都習以為常 的聯網使用了，人類已經在5G時代遨遊，6G等未來通訊 時代正在研發與試驗中。對電腦的嚮往，很多國家很早就 發行過紀念電腦的紀念幣，也有紀念5G通訊技術的紀念幣 等。對網路暴力的反思，紀念世界第一封電子郵件的誕生， 甚至對于CPU的致敬，把CPU元器件鑲嵌到金銀幣之上，

各個國家都對電腦電腦相關題材的紀念幣絞盡腦汁，也是 因為電腦已經給人們生活帶來極大的便利，成為現代社會 不可或缺的一種日常工具。

未來是高科技的時代，各種賽博朋克文化應運而生，相關 紀念幣隨之誕生（圖15）。在依舊是高科技的未來互聯網時 代，很多過去賽博朋克裏的場景，也許我們都會習以為常！ 從古代算盤、原始電腦到現代在電腦互聯網時代，更有未 來的元宇宙，科幻與現實盡在中外紀念幣有所體現！

圖13 紐埃2021年世界第一封電子郵件誕生50周年紀念幣

圖15 紐埃2021年賽博朋克彩色紀念銀幣

圖14 紐埃2021年首款微處理器問世 50 周年鑲嵌處理器紀念銀幣

The Decline of Roman Silver Coinage （Part Ⅱ）

◎ David Vagi〔USA〕

The evolution of silver continued during the last two centuries of the Roman Empire.

In the previous column (Part I), we saw how the quality of silver coinage of the Roman Empire declined steadily from the reign of Augustus (27 B.C. to A.D. 14) to that of Gallienus (A.D. 253

to 268). The Augustan denarius was of consistently good weight and high purity (about 98%) (Fig. 1), whereas three centuries later its successor coin, the double-denarius (antoninianus), was a coin of erratic weight that often contained as little as 2.5% silver. (Fig. 2)

In this column, we’ll track the evolution of Roman silver for the more than two centuries that remained before the Roman Empire fell to Germanic soldiers.

From the low point of Gallienus, Rome’s fortunes steadily increased. Even so, the double-denarius still remained at about 2.5% silver for the next few years. Then, in 274, the immensely successful emperor Aurelian (270 to 275) upgraded Rome’s ‘silver’ coinage by abandoning the double-denarius (Fig. 3) and replacing it with an entirely new coin – the aurelianianus (usually called an 'antoninianus'). (Fig. 4)

The new coin was similar enough in its design that most specialists don’t bother to distinguish between the doubledenarius and the aurelianianus. But they’re definitely different coins, with the latter being struck to a much better standard of quality: the flans are no longer misshapen and ragged, but are broad, round and consistent.

A silver denarius of Augustus

A billon double-denarius of Aurelian

A billon double-denarius of Gallienus

A billon aurelianianus of Aurelian

Fig. 1

Fig. 3

Fig. 4

Fig. 2

Even more importantly, the aurelianianus contained about 4.5% to 5.0% silver - a significant increase. (Fig. 5) In reflection of this, aurelianiani bore the inscription XXI (Latin) or KA (Greek), which suggest the formula 20-to-1, and thus a declaration of a 20-to-1 ratio of copper to silver (equaling a target content of 5% silver).

The aurelianianus was struck by a succession of emperors for about twenty years afterward, during which time the purity gradually slid to a low point of about 3% silver.

Then, perhaps in 293, the aurelianianus was abandoned in a sweeping monetary reform of the emperor Diocletian (284 to 305). He produced a coin that looked very much like the aurelianianus (though without the XXI or KA formula), but essentially had no silver; it usually is called a 'post-reform radiate.' (Fig. 6)

As part of the same reform, Diocletian introduced a new silver coin, the argenteus, (Fig. 7) which harkened back to a bygone era. Argentei were of a very high purity (at least 90%) and were struck at 96 to the Roman pound, the weight of a postreform denarius of Nero (54 to 68).

However, the Roman economy was not ready for such a utopian reform, and most argentei disappeared from circulation soon after entering the marketplace, either by being hoarded or by being exported to the East in trade.

Diocletian also created another new coin, the nummus (follis), ((Fig. 8) a large, heavy coin containing a target content of 5% silver. Indeed, some of his nummi-including the one shown

above, from the mint of Alexandria-bear the same XXI formula which earlier had appeared on the now-abandoned aurelianianus.

A billon aurelianianus of Carus (283 to 285)

A copper "post-reform radiate" of Diocletian

A silver argenteus of Diocletian

A billon nummus of Diocletian

Fig. 5

Fig. 6

Fig. 7

Fig. 8

Whereas the argenteus failed because of its virtues, the lowvalue nummus thrived. Even though it had a very low silver content, it had a substantial coating of silver, which gave it a more formidable appearance.

The nummus was struck for more than 60 years, though at an ever-decreasing weight and purity. Collectors assign a variety of names to the later incarnations of this denomination, including reduced nummus, AE3, AE3/4, (Fig. 9) and AE4.

Eventually, in a monetary reform of 347, the greatly diminished nummus was replaced with a coin that usually is called a centenionalis, (Fig. 10) for it was introduced at a time when Rome was celebrating its 1,100th anniversary. The earliest examples of these coins also had a silver coating.

We’ll round out this survey with the remaining silver coins of the empire, the siliqua and miliarensis, both of which were introduced by Constantine I 'the Great' (307 to 337). (Fig. 11)

The siliqua was equal to Diocletian’s argenteus, being of similar purity and weight. But unlike the argenteus, the siliqua was struck on a broader, thinner planchet, which gave it a more substantial appearance.

Also, economic conditions had changed enough since the age of Diocletian that the siliqua did not suffer the fate of the argenteus. Instead of being a short-lived and ineffective coin, the siliqua was very widely used and was struck well into the mid-5th Century. (Fig. 12)

A billon AE3/4 of Constantine II, as Caesar (316 to 337)

A billon centenionalis of Constantius II (337 to 361)

A silver heavy siliqua of Constantius II

Fig. 9

Fig. 10

Fig. 11

In 335 or 336 the weight of the siliqua was reduced from its original 1/96th of the Roman pound to 1/144th of the pound. It remained there theoretically for at least a century, though it is

not unusual to find underweight siliquae from later periods (and even some fractional siliquae). It also was common for siliquae to be clipped to remove silver.

The weight of the miliarensis was a bit erratic, but is thought to have been targeted at two levels: 1/60th of the Roman pound for the heavy version and 1/72nd of the pound for the light version. (Fig. 13) Some consider the miliarensis a coin, and others a medallion, but the difference may be inconsequential. The fact is, they were struck in reasonably large quantities and they circulated alongside siliquae, even if perhaps they were struck for ceremonial reasons. (Fig. 14)

A final mention is given to silver medallions of the late Roman Empire. Though very rare and not strictly coins, they usually were struck as multiples of siliquae or miliarenses, and they often entered circulation.

A silver light siliqua of Gratian (367 to 383)

A light silver miliarensis of the usurper Eugenius (392 to 394)

A silver four-siliqua(?) medallion of Constans (337 to 350)

Fig. 12

Fig. 13

Fig. 14

羅馬銀幣的衰落（下）

◎ 大衛·瓦吉〔美國〕

銀幣在羅馬帝國的最後兩個世紀裏仍在繼續演變。

我們從本專題的上半部分，瞭解了羅馬帝國的銀幣品質是 如何從奧古斯都統治時期（公元前 27年至公元14 年）到伽

利埃努斯統治時期（公元 253 年至 268 年）不斷下降的。奧

古斯丁時期的第納爾銀幣重量和純度一直很高，成色約 98%（圖1）。而3 個世紀後的雙第納爾銀幣不僅重量不穩定， 而且通常含銀量僅為2.5%（圖 2）。

筆者在本專題的下半部分，將回溯羅馬帝國落入日耳曼人手 中之前的兩個多世紀中，羅馬銀幣是如何演變的。

伽利埃努斯統治時期是羅馬財富的低谷，羅馬帝國的財富 此後穩步上升。即便如此，雙第納爾銀幣的純度在接下來 的幾年裏，仍然保持在 2.5% 左右。到了公元 274 年，奧勒 良皇帝（公元 270 年至 275 年在位）改良了羅馬銀幣。他放 棄了雙第納爾銀幣（圖3），用一種全新的錢幣奧勒良合金幣 （亦常稱為“安東尼幣”）取而代之（圖4）。

新的奧勒良銀幣在設計上和雙第納爾銀幣非常相似，以致 于大多數專家都不會費事去區分它們。但它們絕對是不同的 錢幣，因為後者的鑄造品質標準要好得多⸺這種銀幣不 再是畸形且破損的，而是寬厚且圓潤的，並且其品質如一。

更重要的是，奧勒良銀合金幣（圖5）的含銀量大約為 4.5% 至 5.0% ，增長顯著。為了反映這一點，幣上有 XXI（拉丁文）

或 KA（希臘文）的銘文，即 20 ：1，宣告幣中銅與銀的比 例為20比1（相當于目標銀含量為5%）。

奧古斯都統治時期的第納爾銀幣

奧勒良統治時期的雙第納爾合金幣

伽利埃努斯統治時期的雙第納爾銀幣

奧勒良統治時期的奧勒良合金幣

卡裏努斯統治期間（公元283年至285年在位）的奧勒良合金幣

羅馬皇帝們在此後的二十年裏鑄造的都是奧勒良合金幣， 但其含銀量在此期間卻逐漸下降到 3% 左右的低點。

然後，也許是在公元 293 年，戴克裏先皇帝（公元 284 年至 305 年在位）在一次全面的貨幣改革中廢棄了奧勒良合金 幣。他製作了一種看起來非常像奧勒良幣的錢幣（上面沒有 XXi 或 KA 字樣的銘文），但基本上不含銀。這幣通常被 稱為“改革後的芒冠銅幣”（圖 6）。

在同一次改革中，戴克裏先推出了一種新的銀幣⸺阿根圖 銀幣（圖7）。這種銀幣的含銀量回到了過去的時代，它的 純度非常高（至少 90%

戴克裏先統治期間的“改革後的芒冠銅幣”

最終，在 347年的貨幣改革中，含銀量大大減少的努米合 金幣被一種通常被稱為“百年紀念”（centenionalis）的錢 幣（圖10）所取代，因為它是在羅馬慶祝其1100周年的時 圖7

戴克裏先統治期間的阿根圖銀幣

），且生產標準為

1/96 個羅馬磅，與 尼祿改革後的第納爾有的一比（公元 54 年至68 年）。

然而，羅馬經濟並沒有為這種烏托邦式的改革做好準備， 大多數銀幣在進入市場後不久便從流通領域消失了。這些 銀幣要麼被囤積起來，要麼在貿易中被出口到東方。

戴克裏先還創造了另一種新的錢幣⸺努米合金幣，即弗 裏斯幣（圖 8）。這是一種大而重的錢幣，其含銀量為5% 。 事實上，包括上圖所示在內的這些錢幣均來自亞曆山大造 幣廠的錢幣，含有與早前被遺棄的奧勒良幣相同的銅銀為 20:1的合金標準。

發行阿根圖銀幣的行為因其過高的品質而失敗了，價值較 低的努米合金幣卻蓬勃發展。儘管它的含銀量很低，但因 其有牢固的銀質塗層，這使它的外觀看起來更加有用。

儘管努米合金幣的重量和純度在不斷下降，但其被鑄造了 60 多年。收藏家給後來的努米合金幣起了各種名字，包括

小努米幣，AE3 、AE3/4（圖9）和 AE4幣。

圖8

戴克裏先統治期間的努米合金幣

圖9

君士坦丁二世統治時期（公元316年至337年在位）的AE3/4合金幣

康斯坦丁二世统治时期（公元337年至361年在位）的百年纪念合金币

康斯坦丁二世統治期間的西力克銀幣

候推出的。這些錢幣最早的時候也有銀質塗層。

我們將用其餘的帝國銀幣來結束這次調查，即西力克銀幣 和米利阿列西斯銀幣，它們都是由君士坦丁一世大帝（公元 307至 337年在位）發行的。圖11為康斯坦丁二世統治期間 發行的西力克銀幣。

格拉提安統治時期（公元367年至383年在位）的輕質西力克銀幣

西力克銀幣與戴克裏先的阿根圖銀幣的純度和重量都差不 多。但二者不同的是，西力克銀幣使用了更寬、更薄的坯 料鑄造，因此看起來更加結實。

另外，自戴克裏先時代以來，經濟條件已經發生了變化， 因此西力克銀幣的命運與阿根圖銀幣截然不同。西力克銀 幣並不是一種使用時間很短且不起作用的錢幣，而是被廣 泛使用，直至 5世紀中期（圖12 ）。

僭主歐根紐斯統治期間（公元392年至394年在位）的米利蘭斯

在公元 335 年或公元 336 年，西力克銀幣的生產標準從原來 的1/96 羅馬磅降低至1/144 羅馬磅。理論上來說，這種重 量至少保存了一個世紀，但後期發現的比之更輕的西力克 銀幣並不罕見（甚至有些零碎的西力克銀幣）。此外，人們 還常常為了減少其銀量而將其剪掉一些。

米利蘭斯銀幣的重量有點不穩定，但一般認為其有兩個生 產標準：較重的版別為1/60 羅馬磅，輕質的版別為1/72 羅 馬磅（圖13）。有些人認為米利蘭斯銀幣是錢幣，卻也有些 人認為是紀念章，但兩者的區別可能並不明顯。事實情況 是，即使米利蘭斯銀幣可能是出于紀念性的原因被鑄造的， 但其鑄造量相當大，且與西力克銀幣一起流通。（圖14）

康斯坦斯統治期間（公元337年至350年在位）的4米利蘭斯銀幣

最後要提到的是羅馬帝國後期的銀章。雖然它們非常稀有， 嚴格意義上也不是錢幣，但它們通常同樣被認為是西力克 銀幣，並且經常被投入流通領域。

Originally published on ngc.com

FindingaNumismaticMentor

◎ Jeff Garrett〔USA〕

As coin market values continue to rise, so does the need for professional advice from trustworthy and experienced dealers, like the numismatists from PNG.

Over the years, one of the most constant pieces of wisdom that I have suggested is to find someone you can trust for advice. Numismatics can be complicated and full of risks, especially now that rare coin prices have, in many cases, entered the stratosphere. We live in an information age, but there is no substitute for experience.

Most dealers are more than willing to share their vast knowledge with collectors. You just need to know whom to ask, and I recommend the Professional Numismatists Guild (PNG).

Each PNG member takes the following pledge:

To furnish sound advice to my non-professional customers on numismatic matters to the best of my ability.

To deliver coins that I sell promptly unless otherwise agreed between myself and my customer.

To pay for coins I have purchased promptly unless otherwise agreed in writing between myself and my customer.

To refrain from misrepresenting the prices, quality or guarantees attached to my merchandise or that of my competitors.

To assist governmental authorities in investigating and prosecuting dealers in numismatic items when appropriate.

To refrain from knowingly dealing in stolen numismatic items, or buying and selling known modern counterfeit coins, currency or other numismatic materials that are, by law, not legal to possess.

To refrain from knowingly participating in, abetting or

The Professional Numismatists Guild was founded in 1955 by legendary dealer Abe Kosoff and several others. Its motto"Knowledge. Integrity. Responsibility." -still holds true after nearly 70 years. The PNG started as just a handful of the top dealers in the United States. Today, most major rare coin dealers belong to this prestigious organization. There are PNG dealers in nearly all geographic locations of the country.

I have been a member of the PNG for nearly 40 years and even served as President of the organization. Recently, I became involved at the board level again to help grow the organization and the hobby. No other numismatic organization offers collectors the level of consumer protection and pool of expertise as the PNG.

When the late great coin dealer David Akers passed away several years ago, his personal collection contained an original copy of the PNG Code of Ethics dated May 1, 1956. The document is now part of my collection of numismatic memorabilia. Its basic tenants of protecting collectors are still reflected in the modern version below.

dealing in altered, repaired or "doctored" numismatic items, contemporary counterfeits, electrotypes, or published forgeries, without fully disclosing their status to my customer and/or making any attempt to deceive. Coin doctoring refers to the alteration of any portion of a coin, when that process includes any of the following:

1) Movement, addition to, or otherwise altering of metal, so that a coin appears to be in a better state of preservation, or more valuable than it otherwise would be. A few examples are plugging, whizzing, polishing, engraving, "lasering" and adding or removing mint marks.

2) Addition of any substance to a coin so that it appears to be in a better state of preservation or more valuable than it otherwise would be. The use of solvents and/or commercially available dilute acids, such as Jeweluster, by qualifed professionals is not considered coin doctoring.

3) Intentional exposure of a coin to any chemicals, substances, or processes which impart toning, such that the coin appears to be in a better state of preservation or more valuable than it otherwise would be. Naturally occuring toning imparted during long-term storage

using established/traditional methods, such as coin albums, rolls, flips, or envelopes, does not constitute coin doctoring.

To grade coins accurately to the best of my ability and in accordance with recognized industry standards (or disclose fully my particular grading standards and how they may differ from recognized industry standards).

To refrain from any of the following in dealing with non-professional customers: (a) buying or selling at unreasonable prices; (b) using high pressure sales techniques; (c) using misleading performance data; (d) comparing coins graded by a fringe grading service with those graded by an industry-standard, independent grading service in a way calculated to create an inaccurate impression; (e) intentionally misrepresenting the origin, provenance or pedigree of a coin; (f) intentionally misrepresenting the weight of a coin; (g) intentionally misrepresenting the value of a coin; (h) intentionally misrepresenting the investment potential of coins; (i) intentionally misrepresenting an affiliation between myself and any Government agency.

To make an oral or written disclosure to my retail customers that (a) the coin market is speculative and unregulated; (b) many areas of numismatics lend

PNG dealers must undergo a background check and meet requirements for net worth and numismatic experience. They are also subject to the rules and regulations of the guild, which include binding arbitration for resolving disputes between buyers and sellers of numismatic properties. Other groups may suspend members for misconduct, but binding arbitration is completely different. Binding arbitration can save huge amounts of legal fees, and dealers are bound by the decisions of the arbitration panel. No other numismatic organization offers collectors this protection.

Numismatic Guaranty Company™ (NGC®) has been the official grading company of the PNG for over 25 years, and together they have been strong partners involved in protecting and expanding the hobby. The PNG logo can be found on the back of the holder of every coin that NGC certifies. Both organizations have a strong commitment to ensuring and promoting integrity in the hobby.

themselves to third-party grading and authentication; (c) certifcation does not eliminate all risks associated with the grading of coins; and (d) as a PNG member, I am obliged to arbitrate any dispute relating to the purchase, sale or trade of coins and numismatic items.

To respect my contracts with all parties to numismatic transactions, whether written or oral.

To respect my fellow members' contracts with third parties and not knowingly interfere with same.

To freely exchange non-proprietary information with my fellow members when requested to do so.

To refrain from intentionally defaming the character of a fellow member or the quality of that member's products or services for commercial advantage.

To give evidence at PNG arbitrations upon request.

To honor the provisions of PNG arbitration awards to which I am a party.

If I am in the business of conducting public auctions of numismatic items, to abide by guidelines issued from time to time by the PNG Board.

There are over 300 PNG dealers around the country, and they can be easily located on the PNG website. Nearly all these dealers have decades of experience and are willing to help you with your numismatic endeavors. You can also look for PNG dealers at nearly all major coin shows, many of which display the PNG logo at their booths. Having a chance to meet dealers in person is one of the greatest benefits of attending coin shows.

There are many options when buying coins today. You could surf the internet and buy nearly every coin ever made. But in the long run, having someone to help you make purchase decisions is well worth the investment.

There are thousands of coin dealers in the country to choose from, and membership in the PNG is just one of the factors you should consider when finding the ideal “numismatic mentor.”

尋找一位錢幣領域的導師

◎ 傑夫·加勒特〔美國〕

随着錢幣市場價值的不斷上升，也需要像服務于經銷商的 專業錢幣行業協會(PNG)的錢幣專家一樣，從值得信賴和 有經驗的經銷商那裏獲得專業建議。

這些年來，我所建議的一個最永恆的智慧就是找一個你可 以信任的人來給你建議。錢幣學可能很複雜，而且充滿風險， 尤其是現在稀有錢幣的價格在很多情況下已經飆升。我們 生活在一個信息時代，但經驗是無法替代的。

大多數經銷商都非常願意與收藏家分享他們豐富的知識。

你只需要知道問誰，我推薦服務于經銷商的專業錢幣行業 協會（PNG）。

專業錢幣行業協會是由傳奇的錢幣經銷商亞伯·科索夫和其 他幾個人在1955年成立的。它的座右銘是：“知識、正直、

每個服務于經銷商的專業錢幣行業協會的成員都作出以下承諾。

盡我所能向我的非專業客戶提供有關錢幣事務的合理建議。

迅速交付我所出售的錢幣，除非我和我的客戶之間另有約定。

及時支付我購買的錢幣款，除非我和我的客戶之間另有書面協議。

不對我的商品或我的競爭對手的商品進行虛假的報價、給出不 符合實際的品質宣傳或保證。

在適當的時候，協助政府當局調查和起訴錢幣的經銷商。

不故意交易被盜的錢幣物品，或買賣已知的現代假幣、貨幣或其 他法律規定不能持有的錢幣。

在未向我的客戶充分披露其狀況和/或作出任何欺騙企圖的情

責任”，在近70年後仍然適用。專業錢幣行業協會開始時只 是美國的少數幾個頂級經銷商。今天，大多數主要的錢幣 經銷商都屬于這一著名組織。PNG經銷商幾乎遍佈該國的 所有地理位置。

我成為服務于經銷商的專業錢幣行業協會的成員已近40年， 甚至擔任過該組織的主席。最近，我又開始參與董事會的 工作，以幫助這個組織更好的發展。沒有其他錢幣組織能 像PNG那樣為收藏家提供高專業知識儲備。

幾年前，已故偉大的錢幣經銷商大衛·阿克斯去世時，他的 個人收藏中有一份日期為1956年5月1日的《服務于經銷商的 專業錢幣行業協會道德準則》的原件。該文件現在是我收藏 的錢幣紀念品的一部分。其保護收藏者的基本條款仍然反 映在以下的現代版本中。

況下，不故意參與、教唆或交易經過修改或“篡改”的錢幣物品、 當代偽造品或已經公佈的偽造品。錢幣篡改指的是對錢幣的任 何部分進行篡改，該過程包括以下任何一種:

1）移動、增加或以其他方式改變金屬，使錢幣看起來保存得更 好，或比原來更有價值。幾個例子是：塞入，拋光，雕刻，“鐳射” 和添加或刪除鑄幣標記。

2）在錢幣上添加任何物質，使其看起來比原來的保存狀態更好 或更有價值。由合格的專業人員使用溶劑和/或市售烯酸，不 被認為是錢幣偽造。

3）故意將錢幣暴露在任何化學品、物質的過程中，從而使錢幣 看起來比原來的保存狀態更好或更有價值。使用既定/傳統的 方法，如錢幣相冊、卷軸、輕拋或信封，在長期儲存過程中自然 形成的色調不構成錢幣篡改。

盡我所能並按照公認的行業標準對錢幣進行準確評級（或充分披 露我的特定評級標準以及它們可能與公認的行業標準有什麼不 同）。

在與非專業客戶打交道時，避免出現以下情況：（a）以不合理的 價格購買或出售。（b）使用高壓銷售技巧；（c）使用誤導性的業 績數據。（d）以有意造成不准確印象的方式，將由邊緣評級服 務機構評級的錢幣與由行業標準的獨立評級服務機構評級的錢 幣進行比較。（e） 故意歪曲錢幣的來源、出處。（f）故意虛報錢 幣的重量。（g）故意虛報錢幣的價值。（h）故意歪曲錢幣的投資 潛力。（i）故意歪曲本人與任何政府機構之間的關係。

向我的零售客戶口頭或書面披露：（a）錢幣市場是投機性的，不 受監管。（b）錢幣學的許多領域都適合第三方評級和認證。（c） 認證並不能消除與錢幣評級相關的所有風險。（d）作為服務于經 銷商的專業錢幣行業協會會員，我有義務對與錢幣和錢幣物品的 購買、銷售或交易有關的任何爭議進行仲裁。

尊重我與錢幣交易各方的合同，無論是書面還是口頭的。

尊重我的同伴與第三方的合同，並且不故意干涉他們。

在被要求時，與我的同伴自由地交換非專有信息。

不為商業利益而故意誹謗其他會員的人格或該會員的產品或服務 的品質。

應要求在服務于經銷商的專業錢幣行業協會的仲裁中提供證據。

遵守本人參與的服務于經銷商的專業錢幣行業協會仲裁裁決的 規定。

如果我從事錢幣物品的公開拍賣業務，要遵守服務于經銷商的專 業錢幣行業協會委員會不時發佈的準則。

約束力的仲裁，以解決錢幣財產買賣雙方的糾紛。其他團 體可能因行為不當而暫停成員資格，但有約束力的仲裁是完 全不同的。有約束力的仲裁可以節省巨額的法律費用，而且 經銷商受仲裁小組的決定約束。沒有其他錢幣組織為收藏 者提供這種保護。

25年來，NGC一直是PNG的官方評級公司，他們一起成 為參與保護和擴大愛好的強有力的夥伴。在NGC認證的每 枚錢幣的評級盒背面都可以看到PNG的標誌。這兩個組織 都堅定地致力于確保和促進業餘愛好者的誠信。

全國各地有300多個PNG經銷商，在PNG網站上可以很容 易找到他們。幾乎所有這些經銷商都有幾十年的經驗，並願 意幫助你的錢幣事業。你還可以在幾乎所有的主要錢幣展上 尋找PNG的經銷商，其中許多人在其展位上展示PNG的 標誌。有機會見到經銷商本人是參加錢幣展的最大好處之一。

來自傑夫·加勒特收藏的錢幣紀念品中的 PNG《道德準則》的原件

PNG的經銷商必須接受背景調查，並滿足淨資產和錢幣經 驗的要求。他們也要遵守公會的規則和條例，其中包括有

今天購買錢幣時有很多選擇。你可以在互聯網上衝浪並購 買幾乎所有的錢幣。但從長遠來看，有一個人幫助你做出購 買決定是非常值得投資的。

全國有數以千計的錢幣經銷商可供選擇，而PNG的會員資 格只是你在尋找理想的“錢幣導師”時應考慮的因素之一。

《中國近代機製幣精品鑒賞》第三版 正式啟動

2020年7月17日（週五），冠軍拍賣組織來自上海、浙江、四川等地的20名藏家前往上海造幣有限公司參觀了上海 造幣博物館及其包克錢幣展示廳，午餐期間宣佈開始啟動第三版《中國近代機製幣精品鑒賞》編撰工作。《東亞泉志》 出版人周邁可及中文主編袁水清于8月16日至20日前往北京，開展第三版的問卷策劃和評委會構建工作。問卷調查 工作已于9月正式啟動，12月評選出新一版的十大精選硬幣。第三版預計于2021年秋面世。

參觀者親自鑄打參觀紀念章

藏家參觀上海造幣博物館

藏家交流 冠軍拍賣總裁周邁可宣佈開始啟動

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

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。

日，上海精選結果發佈會上，甄偉向陳吉茂頒獎

2009 年 12 月 18

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，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，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，精選結果發佈會在上海舉行

The Top Chinese Coin Survey Conference in Shanghai on December the 18th, 2009

《中國近代機製幣精品鑒賞》第三版

Price(售價)：US $150 Plus Postage(加郵費)

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.

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/

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。

電話: 021-6213 0771 886-903937338

郵箱: jeanzg1994@163.com

網站：http://jeandigital.asia/

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香港

原包裝（鑄造量600枚）——HKD 1,298

NGC PR70帶余敏簽名標籤（打盒量100枚）

HKD 1,888

NGC PR70銀質樣幣帶余敏簽名標籤（鑄造量30枚）

HKD 6,000

NGC PR70銀鍍金樣幣帶余敏簽名標籤（鑄造量30枚）

HKD 8,000

CGC 10李志清簽名香港首發紀念卡（簽名100張）

HKD 1,980

新加坡(魏亨泰）

原包裝（鑄造量600枚）——SGD 239

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郵箱：cauctionasia@gmail.com

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

香港漫畫大師李志清2023年新畫稿

香港辦公室

地址：九龍旺角砵蘭街169-173號好旺角商場219室

電話：13701793363

郵箱：championghka@gmail.com

《楚留香傳奇》紀念幣系列II將于2023年10月面世

金银币

全球知名的艺术 收藏品 网络交易平台

专业 保真 诚信

Brand advantage 品牌优势

35+年诚信品牌 专业保真

An over ��-year-old brand of integrity, expertise & authenticity

沿袭德国严谨风格，秉承专业、保真的品牌精神，成为业内认可的信誉保障。

一站式委托出售 完美变现体验 One-stop consigning with perfect experience 整理、制图、结算、售后全流程服务，助您省心省力、轻松上拍、快速回款。

全球优质用户 Worldwide quality users

��万高净值用户及��万活跃用户遍布全球。藏品成交率超��%，用户复购率高达��%。

专业团队 Professional team

专家团队训练有素、经验丰富，以德式严谨的工作作风，为藏品的保真保驾护航。 Rich categories of abundant collectibles 丰富品类 海量藏品

邮票、钱币、书画、艺术等收藏品全面覆盖。每月超�万项藏品交易，累计成交项 数逾���万项。

服务网点全覆盖 Aavanced offices network 公司总部位于上海，在北京、广州、香港、台北、德国等地均设有分公司或办事处。

近期钱币专场一览

7.01-03 7月现代金银币精品专场（一）

7.03-05 7月现代金银币生肖&熊猫金币特场（一）

7.04-06 7月现代金银币专场（一）

7.08-10 7月现代金银币精品专场（二）

7.10-12 7月现代金银币生肖&熊猫金币特场（二）

7.11-13 7月现代金银币专场（二）

7.15-17 7月现代金银币精品专场（三）

7.17-19 7月现代金银币生肖&熊猫金币特场（三）

7.18-20 7月现代金银币专场（三）

7.22-24 7月现代金银币精品专场（四）

7.24-26 7月现代金银币生肖&熊猫金币特场（四）

7.25-27 7月现代金银币专场（四）

7.29-31 7月现代金银币精品专场（五）

上海总部 : 上海市浦东新区盛荣路��弄盛大天地源创谷�号楼�层 电话: +��-��-��������

北京办事处: 北京市西城区黄寺大街甲��号北广大厦A座�层七六一工场���室 电话: +��-��-��������

广州办事处: 广州市越秀区海珠中路���号纵原邮币卡市场�楼���� 电话: �����������（周波）

香港办事处: 香港上环德辅道中���号西区电讯大厦��楼����室 电话: +���-��������

台北办事处: 台北市敦化南路二段��号��楼之� 电话: +���-�-��������

德国办事处: ALMHORSTER STR.� D-����� SEELZE GERMANY 电话: +��-�����-�������

纸钞

6.29-7.1 7月新中国纸钞特场（一）&连体钞纪念钞专集

7.01-03 7月历代纸钞特场（一）

7.03-05 稀纸千金—7月历代纸钞专场

7.06-08 7月新中国纸钞特场（二）&特殊号专集

7.08-10 7月历代纸钞特场（二）

7.10-12 钞群拔萃—7月历代纸钞专场

7.13-15 7月新中国纸钞特场（三）

7.15-17 7月历代纸钞特场（三）

7.17-19 钞古冠今—夏季历代纸钞精品专场

7.20-22 7月新中国纸钞特场（四）

7.22-24 7月历代纸钞特场（四）

7.24-26 点纸成金—7月历代纸钞专场

7.27-29 新中国纸钞特场（五）

7.29-31 7月历代纸钞特场（五）

Buy & Sell China，Worlds Coins, Paper Notes. We specialise in Freak Notes & Same Serial Number Banknotes .

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。

Phone(

Email(

B.H. Mayer´s Kunstprägeanstalt GmbH

1盎司 999纯银 硬币

Minted in Germany

德国铸造

Nano technology applied to the surface of this unique coin 这枚独一无二的硬币表面，采用了纳米技术

Exclusive limited mintage 1000

Coin Designed by: Yu Min CBPMC Senior designer Winner of 2017 COTY “Lifetime”

Achievement Award in Design

设计师：余敏 中国印钞造币总公司高级工艺美术师 曾获得“2017年克劳斯世界硬币大奖赛年度终身成就奖”

http://jeandigital.asia/

《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》、範治南與何緯渝寫的 《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。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

《東亞泉志》上海辦公室

電話：021-62130771 郵箱：jeanzg1994@163.com

地址：常德路1211號寶華大廈1808室

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 19741977, 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 19911993, Mr. Smith was a graduate student at Harvard University. In 19941998, he was the editor of TheJournalofEastAsianNumismatics(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, includingPekingCoinsof1900 by James Sweeny, MoreontheHsu Shih-ChangPavillionMedalswithengravednames and Thetruestory of China’s 1936 and 1937 Silver Dollars by Bruce Smith, TheApparent

JEAN Online Links

Relationshipbetween1897Chekiang5CentsPatternand1899Anhwei 5-CentsCirculationStrike by Tom Keener, and AForgeryofTaiwan’sOld ManDollar 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 TheEliteofMonetary History of China. 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, TheJournalofEastAsianNumismatics 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 2023 subscription is free of charge. Please send your email to jeanzg1994@163.com, http://jeandigital.asia/

issuu.com/jean388/docs/the_first_issue_of_jean issuu.com/jean388/docs/the_second_issue_of_jean issuu.com/jean388/docs/the_third_issue_of_jean issuu.com/jean388/docs/the_fourth_issue_of_jean issuu.com/jean388/docs/the_fifth_issue_of_jean issuu.com/jeandigitala1/docs/the_sixth_issue_of_jean issuu.com/jeandigitala1/docs/the_seventh_issue_of_jean issuu.com/jeandigitala1/docs/the_eighth_issue_of_jean issuu.com/jeandigitala1/docs/the_ninth_issue_of_jean issuu.com/jeandigitala1/docs/the_tenth_issue_of_jean issuu.com/jeandigitala1/docs/the_eleventh_issue_of_jean issuu.com/jeandigitala1/docs/the_twelfth_issue_of_jean issuu.com/jeandigitala1/docs/the_thirteenth_issue_of_jean issuu.com/jeandigitala1/docs/the_fourteenth_issue_of_jean issuu.com/jeandigitala1/docs/the_fifteenth_issue_of_jean issuu.com/jeandigitala1/docs/the_sixteenth_issue_of_jean issuu.com/jeandigitala1/docs/the_seventeenth_issue_of_jean issuu.com/jeandigitala1/docs/the_eighteenth_issue_of_jean issuu.com/jeandigitala1/docs/the_nineteenth_issue_of_jean issuu.com/jeandigitala1/docs/the_20twentieth_20issue_20of_20jean issuu.com/jeandigitala1/docs/the_twenty_first_issue_of_jean issuu.com/jeandigitala1/docs/the_twenty-second_issue_of_jean issuu.com/jeandigitala1/docs/the_twenty-third_issue_of_jean issuu.com/jeandigitala1/docs/the_24th_issue_of_jean issuu.com/jeandigitala1/docs/the_twenty-fifth_issue_of_jean issuu.com/jeandigitala1/docs/the_twenty-sixth_issue_of_jean issuu.com/jeandigitala1/docs/the_twenty-seventh_issue_of_jean issuu.com/jeandigitala1/docs/the_28th_issue_of_jean issuu.com/jeandigitala1/docs/jean_29th issuu.com/jeandigitala1/docs/the_30th_issue_of_the_journal_of_east_asian_numism

2023-2024 JEAN Advertising Rate

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，如詹姆斯 史威尼 寫的《1900年京局銀元》、史博祿寫的《徐世昌刻字紀念章》和《民國 二十五年和民國二十六年之中國銀元故事》、湯姆 基納寫的《1897年 浙江三分六厘樣幣和1899年安徽三分六厘流通幣的關係》以及曾澤祿 寫的《臺灣老公銀偽品》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》2023年免費訂閱，如果需要，請把您的郵箱發到 jeanzg1994@163.com ！我們的網址：http://jeandigital.asia/

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https://issuu.com/jeandigitala1/docs/the_28th_issue_of_jean

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Champion Auction

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New membership fee: MOP 1000.00

本會宗旨：團結錢幣愛好者，推動錢幣之收藏及研究

介紹人 Referee：（需我會兩位成員推薦 two members of the Society）

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新會員入會日期：

新會員編號：

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New members should comply with the Society regulations.

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Please attach one photo and pay the membership fee.

Add: AV. DR. RODRIGO RODRIGUES. 600E-P105 FIRST

INTERNATIONAL COM. CENTER, MACAU

Tel: (853)2833 4556

Fax: (853)2830 4772

Email: dcdesign@macau.ctm.net

地址：澳門羅理基博士大馬路 600E-1 樓 P105 室

電話：(853)2833 4556

傳真：(853)2830 4772

Email：dcdesign@macau.ctm.net

地點：澳門十六浦索菲特酒店六樓會議室 郵箱：jeanzg1994@163.com 電話：021-62130771

拍賣成交亮點/Highlights

1898年湖南省造光緒元寶庫平三錢六分樣幣 PCGS SP66+，華人家族收藏

起拍價：USD 230000

成交價：USD 540000

1910年宣統年造大清壹元銀幣 NGC MS64，包克收藏 起拍價：USD 10000 成交價：USD 105600

1907年東三省造光緒元寶庫平七錢二分銀幣

NGC AU58，NC藏品 起拍價：USD 38000 成交價：USD 67200

1907年（丁未）大清伍角銀幣

NGC MS65，包克收藏

起拍價：USD 5000 成交價：USD 57200

1911年大清長須龍壹元銀幣 NGC MS64，包克收藏 起拍價：USD 30000 成交價：USD 312000

1911年宣統三年大清銀幣伍角 NGC MS62，包克收藏 起拍價：USD 10000

成交價：USD 132000

1852年臺灣老公銀壹圓 NGC AU55，包克收藏 起拍價：USD 10000 成交價：USD 91200

庚子京局製造一錢四分原鑄幣 NGC MS60，包克收藏 起拍價：USD 10000 成交價：USD 62400

1896年黑龍江省造光緒元寶庫平三錢六分 NGC AU55，奧托·拜赫德製中國樣幣 起拍價：USD 20000 成交價：USD 67500

1853年臺灣如意軍餉

NGC AU Details，NC藏品

起拍價：USD 20000 成交價：USD 40800

1904年光緒三十年湖北省造大清銀幣庫平一 兩小字版，NGC AU53，包克藏品

起拍價：USD 5000 成交價：USD 62400

1920年中華民國九年鄂造貳角每五枚當一圓 銀幣，NGC MS61，包克收藏

起拍價：USD 3000 成交價：USD 36000

冠軍澳門拍賣會圓滿成功

1898年（光緒二十四年）安徽省造光緒元寶庫 平七錢二分銀幣，NGC MS65，席徳柄/張南琛收 藏 起拍價：$150,000

成交價：$246,000

1898年（光緒二十四年）安徽省造光緒元寶庫平 七錢二分銀幣，NGC MS64，席徳柄/張南琛收藏 起拍價：$60,000

成交價：$144,000

1871年清同治十年貳拾伍兩金幣，來自1971年 耿愛德舊藏拍賣，NGC MS63

起拍價：$50,000

成交價：$126,000

1863年清同治二年貳拾伍兩金幣，來自1971年耿 愛德舊藏拍賣，NGC MS63，重93.4克

起拍價：$10,000

成交價：$97,200

1902-1906年安徽省造光緒元寶每元當制錢十文 銅幣，初鑄版，中心方孔，中國銅元十大珍，NGC MS63 BN，張南琛收藏 起拍價：$40,000

成交價：$67,200

1908年（戊申滿文）吉林造光緒元寶庫平七錢二 分銀幣，戳記幣，NGC AU Details， 張南琛收藏

起拍價：$50,000

成交價：$60,000

1916年中華帝國袁世凱洪憲紀元飛龍壹圓銀幣， NGC MS63

起拍價：$30,000

成交價：$43,200

1936年（民國二十五年）蔣介石像背布圖半圓銀 質試樣50分鉛幣，J.C.Lee 收藏 起拍價：$3,000

成交價：$12,000

湖北銀元局光緒元寶憑票取銀元壹大元銀票， PMG Choice EF45，邱文明收藏，是該種珍稀紙 鈔中已知品相最好之一

起拍價：$20,000

成交價：$67,200

1913/1659年西藏政府50Tam，PMG Choice EF45， 已知最好的，尼古拉斯.羅茲收藏

起拍價：$6,000 成交價：$9,120

1914年（民國三年）交通銀行美國鈔票版-上海 伍拾圓，PMG Gem UNC65 EPQ，優良紙張，包克收 藏 起拍價：$600 成交價：$9,000

1949年（民國三十八年）中國人民銀行貳佰圓“農 民與小橋”，PMG UNC62 EPQ，優良紙張，包克 收藏 起拍價：$1,000 成交價：$8,400

championghka@gmail.com

LOT 137

LOT 158

LOT 135

LOT 138

LOT 134

LOT 106

LOT 101

LOT 082

LOT 115

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, Long-Whiskered Dragon, NGC MS64, Incused Leaf, Finest Known

Starting: US $150,000

Realized: US $1,344,000

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-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-KIANGNAN 1898 One Dollar Silver, Circlet-like Scales, NGC MS65, NC Collection, Finest Known

Starting: US $100,000

Realized: US $996,000

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 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-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-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-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-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 1906 One Tael Gold, large Clouds, Plain Edge NGC MS64, Finest Known

Starting: US $100,000

Realized: US $462,000

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

2021.5.30

冠軍澳門春季拍賣會NC收藏拍賣亮點

（100項拍品超過60項創下拍賣記錄，成交總額高達1.3億元）

1911 年（宣統三年）長須龍大清銀幣 NGC MS64，陽葉版，已知品相較好的一枚， 原耿愛德收藏

起拍價：US 150 000

成交價：US 1 344 000

1911 年（宣統三年）長須龍大清銀幣壹圓，陽葉版， PCGS SP61，WL 收藏 起拍價：US 150 000 成交價：US 1 164 000

1907 年（光緒三十三年）北洋造光緒元寶庫平一 兩銀質樣幣

火球上三個小圓點成一條直線，NGC MS63

起拍價：US 200 000

成交價：US 1 104 000

1898 年（戊戌）江南省造光緒元寶庫平七錢二

分銀幣，凹眼龍，珍珠龍，龍尾 6 根尾鰭 NGC MS65，已知品相較好的一枚，原 Hsi 收藏

起拍價：US 100 000

成交價：US 996 000

1904 年（光緒三十年）湖北省造大清銀幣庫平 一兩樣幣 , 可能是僅見的一套，分別為一枚黃銅、 兩枚紅銅。①黃銅，大字版，NGC MS64；②紅 銅，大字版 , NGC MS62 BN; ③紅銅，小字版， NGC AU50 BN 起拍價：US 200 000 成交價：US 912 000

1916 年中華帝國袁世凱像洪憲紀元飛龍銀幣

L. GIORGI 簽字版，NGC MS64，

已知品相較好的一枚，可能為原耿愛德收藏

起拍價：US 200 000

成交價：US 672 000

1897 年江南省造光緒元寶庫平七錢二分銀幣

老江南，人字邊，NGC UNC DETAILS，品相較 好的一枚，席德柄 /NC 收藏

起拍價：US 50 000

成交價：US 612 000

1914 年（中華民國三年）袁世凱像壹圓銀幣 L.GIORGI 簽字版，NGC SP65， 已知品相較好的一枚

起拍價：US 150 000 成交價：US 504 000

1916 年中華帝國袁世凱像洪憲紀元飛龍銀幣 沖天冠版，NGC MS64，已知品相較好的一枚

起拍價：US 60 000

成交價：US 504 000

1898 年江南省造光緒元寶庫平七錢二分銀幣

齒邊，NGC UNC DETAILS，原光，好味道。該 幣好品相者非常少，已知僅兩枚為未流通等級

起拍價：US 60 000

成交價：US 468 000

1906 年丙午大清金幣庫平一兩光邊大雲版 NGC MS64，已知品相較好的一枚

起拍價：US 100 000 成交價：US 462 000

1912 年中華民國袁世凱像（舊譜稱程德全）大 鬍子壹圓開國紀念幣黃銅試打幣

NGC UNC DETAILS，原耿愛德收藏，非常稀少

起拍價：US 60 000

成交價：US 462 000

聯繫我們：上海市常德路1211號寶華大廈1808室 電話: 86-21-62130771 郵箱 : championghka@gmail.com

Coming Shows/Auctions Champion

Pittsburgh ANA International Coin Fair

8/8-12 Table 215

Hongkong International Coin Convention & Antique Watch Fair

8/29-31 Table 106 （Holiday Inn Golden Mile）

Hong Kong Coin Show

10/9-11 Table B18 （Mira Hotel)

Ulsan Money Fair

11/10-12

Macau Numismatic Society Annual Show

11/24-26

Thailand World Stamp Championship Exhibition & 2nd Thailand International Numismatic Expo

11/27-12/02

China (International) Coin Expo (Beijing)

12/01-03

Hong Kong International Numismatic Fair

12/11-13 Table E6-b-E7 （Holiday Inn Golden Mile）

8.29 9.17

Hongkong WeChat Auction Shanghai WeChat Auction

Consignment Deadline: 8.12

Consignment Deadline: 9.01

Main distributor Champion China

Champion Leilao LDA

Singapore distributor

Silver Affinity (101 Upper Cross Street, #03-78A，People's Park Centre, Singapore 058357)

Thailand and Malaysia distributor

China Coins (Hong Kong )

Tang Xingbang/Jaffee Wang（room 302,80-82 soi naradhiwas 8, Khwaeng Yan Nawa, Khet Sathon, Krung Thep Maha Nakhon 10120, +66 89-9888259/13801380489)

Shanghai WeChat Auction

Shanghai Office Add：Room 1808, Bao Hua Building No. 1211, Changde Rd. Putuo District, Shanghai Tel：86-21-62130771 Email：jeanzg1994@163.com

For more details, please contact us...... Taipei Office

Consignment Deadline: 10.15

Deadline: 12.01

Macau Auction

2023 2023 冠軍 展會/拍賣活動

美國匹次堡ANA國際錢幣展銷會

8/8-12 展位 215

香港國際錢幣展銷會暨古董錶交易會

8/29-31 展位 106 (金域假日酒店）

香港國際錢幣聯合展銷會

10/9-11 展位 B18 (美麗華酒店）

韓國蔚山錢幣展

11/10-12

澳門錢幣學會年會

11/24-26

泰國世界郵票展暨第二屆泰國國際錢幣展

11/27-12/02

北京國際錢幣博覽會

12/01-03

香港國際錢幣展銷會

12/11-13 展位 E6-b-E7 (金域假日酒店）

主要經銷商 冠軍中國 冠軍澳門公司

新加坡經銷商

Silver Affinity （新加坡人民公園上交街101號珍珠大廈#0378A室，058357）

泰國/馬來西亞經銷商

中國錢幣（香港）

唐興幫/Jaffee Wang（room 302,80-82 soi naradhiwas 8, Khwaeng Yan Nawa, Khet Sathon, Krung Thep Maha Nakhon 10120, +66 89-988-8259/13801380489)

更多詳情

請聯繫我們。。。

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

臺北辦公室

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

《東亞泉志》官方網站 : https://jeandigital.asia/ 可查看往期精彩雜誌

香港辦公室

地址：九龍旺角砵蘭街169-173號好旺角商場219室 電話：86-13701793363

郵箱：championghka@gmail.com

ChampionAuction2023

2023.8 Hong Kong Wetchat Auction

Date: 8/29 19：00

Preview 8/27 13:30-17:00 Rm. 219, 2/F Ho Mongkok Shopping Centre, No.169-173 Portland St. Mongkon Kowloon, Hong Kong

Preview 8/29 11:00-17:00 Holiday Inn Golden Mile Table 106

Pickup 8/30-31 12:00-16:00 Table 106

（Settled by US dollars & Pickup in Hong Kong）

2023.11 Macau Live Auction

Date: 11/26

Consignment Deadline 09/30

Official Website www.cghka.cn

Place 6/F Promenade, Softel Macau at Ponte 16

2023/8/29 Hongkong Wetchat Auction Highlights

Follow us

CHINA HUNAN-HUNG-HSIEN 1915 10 Cash Copper, Sharp Petals, NGC MS65BN, Charles Tanant Collection

Starting Price: USD 2,000

M14 (1881) Japan Yen, Gin Counterstamp, NGC MS62, Chinese Family Collection

Starting Price: USD 1,500

1775-1821 MEXICO 1778 PR 8R Silver, Total 34 Pieces, Chinese Family Collection

Starting Price: USD 1,500

CHINA-FENGTIEN 1907 10 Cash Copper, Standard Dragon, Long Stroke "WEI",NGC MS63 BN, Charles Tanant Collection

Starting Price: USD 1,000

M13 (1880) Japan Yen, NGC MS61, Chinese Family Collection

Starting Price: USD 800

1964 Peonies Souvenir Sheet, ASG VF/XF85 Mint OG, Chinese Family Collection

Starting Price: USD 1,200

1979 31st InternationalStamp

Exhibition Riccione Souvenir Sheet, ASG XF90 Mint OG, Chinese Family Collection

Starting Price: USD 600

1961 26th World Table Tennis Champioinships Miniature Sheet, ASG VF/XF 85 Mint OG, Chinese Family Collection

Starting Price: USD 600

First day cover from Chongqing to Hong Kong, bearing a complete set of J18 stamps, with red memorial stamp of Chongqing and Hong Kong arrival stamp

Starting Price: USD 200

Contact us

First day cover bearing a complete set of T7 stamps from Zhong Xiaolu of Shanghai to Changsha, frst date stamped Dec. 1st, 1953, fnal date stamped Dec. 4

Starting Price: USD 200

First Day Cover from Shanghai to Nanjing bearing a set of Republic government unifcation stamps, date stamped April 18, 1929, fnal date stamped April 19 in Nanjing

Starting Price: USD 100

Room 1808, Bao Hua Building, No.1211, Changde Rd, Shanghai 200060, People's Republic of China

Tel: (86) 021 62130771

Email: championghka@gmail.com

Rm. 219, 2/F Ho Mongkok Shopping Centre, No.169-173 Portland St. Mongkon Kowloon, Hong Kong

Tel：86-13701793363

Email：championghka@gmail.com

1894.5.10 Offical cover from Shanghai Municipal Council, bearing the arrival stamp of Shanghai Municipal Council on May 11, 1894

Starting Price: USD 100

冠軍拍賣來襲 2023年

☆ 2023年8月香港線上微拍

微拍日期: 8/29 19：00

預展：8/27 13:30-17:00 香港九龍砵蘭街好旺角商場219室

預展：8/29 11:00-17:00 香港金域假日酒店 展位 106

提貨：8/30-31 12：00-16：00 展位106

（均以美元結算，從香港提貨！）

☆ 2023年11月澳門現場拍賣

拍賣日期: 11/26

拍品截止日期：09/30

線上拍賣網站：www.cghka.cn

地點：澳門十六浦索菲特酒店六樓會議室

2023/8/29冠軍香港線上微拍亮點

關注我們，獲取參拍方式

1915年湖南洪憲元年開國紀念當十 銅元，大花版，NGC MS65BN，查 爾斯·譚安藏品

起拍價: USD 2,000

明治十四年（1880）大日本貿易銀 一圓，NGC MS62，華人家族收藏

起拍價: USD 1,500

1775-1821年墨西哥8 Reales銀幣， 共34枚，華人家族藏品

起拍價: USD 1,500

1907年（丁未）奉天大清銅幣當制 錢十文，長丁未，NGC MS63BN，

查爾斯·譚安藏品

起拍價: USD 1,000

明治十三年（1880）大日本貿易銀 一圓，NGC MS61，華人家族收藏

起拍價: USD 800

1964年特61M 牡丹 2 元郵票，ASG VF/XF85 Mint OG，華人家族收藏

起拍價: USD 1,200

1979年J41M 裏喬內第31屆國際郵

票展會2元郵票，ASG XF90 Mint

OG，華人家族收藏

起拍價: USD 600

1961年紀86M 第26界世界乒乓球錦 標賽6角郵票，ASG VF/XF 85 Mint OG，華人家族收藏

起拍價: USD 600

1952.10.2重慶寄香港航空首日封， 貼紀18郵票全套，銷紅色重慶首日 紀念戳，背蓋香港落地戳

起拍價: USD 200

聯繫我們

1953.12.1上海鐘笑爐寄長沙首日 封，貼特7偉大的祖國（第三組）古 代發明郵票全套，銷上海1953.12.1 首日戳，背蓋長沙12.4落地戳

起拍價: USD 200

1929.4.18上海寄南京航首日封，貼 國民政府統一紀念郵票全套，銷上 海1929.4.18首日戳，背蓋南京4.19 落地戳，H.F.Bowker 藏品

起拍價: USD 100

地址：上海市常德路1211號寶華大廈1808室 電話：86-21-62130771

郵箱：championghka@gmail.com

地址：香港九龍旺角砵蘭街169-173號好旺角商場219室 電話：86-13701793363

郵箱：championghka@gmail.com

1894.5.10上海工部局寄本埠公事 封，背蓋上海工部局1894.5.11落地 戳，H.F.Bowker 藏品

起拍價: USD 100