PCGS Certifies an Amazing (1903) Pattern Silver Tael

In the 29th year of the reign of Guang Xu (1903), the Ministry of Revenue of the Qing Court opened a general mint in Tianjin. The goal of this mint was to produce coinage for a new projected currency reform. This coinage was to be a uniform gold standard for China, with national silver coinage valued upon a gold standard. Under the projected currency reform all provincial mints would be abolished, and the Tianjin mint would be the overseer of this uniform standard and set fineness. The dies were produced in Japan for five denomination of silver coins: tael, 5, 2, 1, and ½ mace. Gold and silver patterns were produced of these coins using the Japanese dies.

This experiment for a currency reform failed. The provincial mints and their directors did not want to close the mints and relinquish their power to the central government. The other obstacle which proved to be more difficult was dealing with the current currency. Coins issued by foreign governments and provincial mints were of different standards that would have to be redeemed and removed from circulation. The larger concern was circulating paper money issued by banks, provinces, and foreign entities, for which redemption was not possible without creating great financial damage to the central government.

Obverse of (1903) P Tael PCGS SP64+ China Empire.

Reverse of (1903) P Tael PCGS SP64+ China Empire.

Click images to enlarge.

While the currency reform never took off, the surviving pattern coins are occasionally seen in collections and for sale on the market. At the Shanghai International Commodity Auction Co. Ltd. Auction, an old collection of coins was recently put up for auction and those in the know attended to buy the rarities. A previously uncertified example of the pattern silver tael was offered and set a record price of 2.6 million RMB, which equals over $371,000 USD. This tael was sent to PCGS’s Shanghai office for authentication and grading. During the October grading event the coin astonished the grading team and graded SP64+ by PCGS, making it the current finest-known example.

Image courtesy of PCGS TrueView. Click to image enlarge.

While all of the pattern coins for the Year 29 (1903) “Hu Poo” series are rare, the tael coins are even more unusual due to having two varieties. Generically listed as KM-Pn295 and L&M-1, Edward Kann noted that the side bearing Chinese characters had two different varieties in the character for “Liang” and gave them a subset number of Kann-927 and 927a. Other catalogs like Wenchao and WS, have issued separate numbers for these varieties. Wenchao describes the variety has written “Orthodox” or “Unorthodox” and notes the Orthodox as number 79 at 4 stars rarity. This coin is Kann-927, Wenchao-79, WS0015 the “Orthodox” spelling.

It is always amazing to see a rarity, especially one that has yet to be graded previously. When it turns out that coin is the finest-known example, it is even more special. PCGS is honored to be chosen as the service to authenticate and grade the piece and, with the PCGS holder, protect it well into the future.