DALLAS, TX.- A magnificent Republic Chang Tso-lin silver Specimen Pattern Dollar Year 16 (1927) SP63 PCGS, from the Peh Family Collection, Part III, soared to a record $4.32 million to lead Heritage’s Dec. 6-9 HKINF World & Ancient Coins Platinum Session® and Signature®Auction to $39,522,122.

That total is the second-highest total for a World & Ancient Coins auction at Heritage, behind only The Paramount Collection World & Ancient Coins Auction that brought nearly $42 million in 2021. When coupled with Heritage’s $2,618,336 HKINF World Paper Money Signature® Auction, it raises the total for the events to $42,140,458.

The $4.32 million for the Chang Tso-lin Dollar is the most ever paid for any coin in Heritage’s World & Ancient Coins department, and the most ever paid in Hong Kong through any auction house. It is one of six coins in the auction — all from the Peh Family Collection — that reached seven figures; 79 drew six-figure results.

“This is a magnificent coin that comes from one of the elite collections of Chinese numismatics,” says Kyle Johnson, Heritage’s Managing Director of World & Ancient Coins. “We expected it to perform well, but this spectacular coin and this superb collection have exceeded even our most optimistic expectations.

“The overall results of the auction are incredible, shining a spotlight on the massive growth in demand for Chinese numismatics and an emphatic confirmation of Heritage’s position atop the world coins and currency market.”

The Chang Tso-lin Dollar is a spectacular example of a coin that has become among the most sought-after and record-breaking items in all of Chinese numismatics. Only four official dollar designs were minted across the Mukden Tiger’s brief hold over Tientsin and Beijing from 1926-28, but they were not released into circulation and are currently available to collectors only in Pattern format.

Also from the Peh Family Collection, a Hsüan-t’ung Specimen Pattern “Large-Tailed Dragon” Dollar Year 3 (1911) SP64 PCGS, an elusive Pattern that earned the “Large-Tailed Dragon” moniker due to the spread nature of the expanded tail when compared to the production issue, brought a winning bid of $1.74 million. Pattern Dollars from this era are highly sought-after, struck in the final years of the Qing dynasty and usually featuring an emblematic, stoic dragon. Of the six certified by PCGS, this specimen ranks as the second-finest and just a single point from the top of the grading roster.

A Kiangnan Kuang-hsü Specimen Pattern Dollar ND (1897) SP66 PCGS from the same collection logged 29 bids on its way to $1.5 million. It is a clear trophy for any collection, tied with just one other example atop the PCGS census.

An elite Kuang-hsü gold Specimen Pattern Kuping Tael (Liang) CD 1906 SP64+ PCGS closed at $1.26 million. Of the 1906 issues, this specimen ranks as the finest, and among the entire Kuping Tael series of 1906 and 1907, maintains the second-finest spot by a half point, outperforming 60 additional examples straight-graded between both grading services.

Two other coins reached seven figures, at $1.14 million: a Kweichow Kuang-hsü Dollar (Silver Cake) Year 16 (1890) MS61 PCGS that is an incredibly important but seldom-known type rarely seen outside the “Auto” and “Bamboo” issues, and a Kwangtung. Kuang-hsü Specimen “Seven Three Reversed Pattern” Dollar ND (1889) SP67 PCGS that is one of the earliest machine-made Chinese coins and among the most sought-after specimens from Kwangtung.

A Republic Tuan Chi-jui gold Specimen Pattern Dollar ND (1924) SP64 PCGS from the Peh Family Collection ended at $750,000. This sought-after gold Portrait Dollar was produced in commemoration of Tuan Chi-jui’s taking office as the provisional Chief Executive of the Republic of China at the outset of the “Peaceful Unification” and the abolition of the presidency. The condition of this specimen is second to none, matching only the Ultima specimen Heritage sold in 2014 and one other piece at PCGS.

Geneva Collection

The auction drew extraordinary results from this 105-lot assemblage, a landmark cabinet that represents the most distinguished of Russian numismatic material including plate coins, elusive patterns and conditional rarities to reach the collecting market in years.

Among the top highlights from the collection was a Peter I gold Medallic Polupoltina of 3 Ducats 1702 AU Details (Removed from Jewelry) NGC that drew a winning bid of $720,000. An exceptional representative of early Russian gold, albeit one with some mystery around its origin and purpose, it is a coveted piece that has been a part of some of Russia’s greatest collections, including Hutten-Czapski and Soedermann.

From the same collection comes an Alexander II gold Proof 25 Roubles 1876-CПБ PR62 NGC, a rare commemorative piece struck for the 30th birthday of the Tsar’s fourth son, Vladimir Alexandrovich that climbed to $492,000. Although these issues were not introduced into circulation, they were the first 25 Roubles ever minted in Russia and had a mintage of just 100 pieces. This example is just one grade shy from the top spot at NGC.

Two offerings from the collection ended at $480,000:

• A Nicholas II gold 25 Roubles (2-1/2 Imperials) 1896 MS63★ alt=“star” border=“0”> NGC that is among the most notoriously difficult and sought-after issues in Russian numismatics, due in part to its size and absolute rarity. It was struck to commemorate the coronation of Nicholas II, with only 300 pieces of this denomination and date originally minted — even fewer of which are known to exist today.

• A Nicholas II gold 37 Roubles 50 Kopecks 1902 MS64 NGC that is from a mintage of just 235. Among the most instantly recognizable types in all of Russian numismatics, the 1902 37-1/2 Roubles, the nation's largest gold coin up until that point, remains a giant, both in notoriety and size.

Mahal Collection of Spanish and US Philippines Coins, Part XII

The auction included the finest collection of Spanish Philippines to hit market in decades. Among the top offerings:

A Malolos Revolutionary copper 2 Centavos 1899 XF40 PCGS that drew 54 bids and soared past pre-auction expectations on its way to $192,000 — believed to be the most expensive coin from the Philippines ever sold. When Filipino revolutionaries overthrew their colonial rulers after the Spanish-American War, insurgent forces required their own circulating currency, resulting in roughly made and hastily struck coins like the one offered in this auction. Though little concrete information survives about these elusive issues, the distinguished Filipino scholar and collector Aldo P. Basso asserted that they were unquestionably unofficial pieces connected to the revolutionary movement, serving as a numismatic link between the Spanish colonial coinage that preceded them and the later American-produced series that replaced them.

Also from the Mahal Collection:

• A Spanish Colony Alfonso XII 20 Centavos 1880 MS65 PCGS: $132,000
• A Spanish Colony Isabel II gold 2 Pesos 1868 MS63+ PCGS: $120,000
• A USA Administration Peso 1911-S MS67 PCGS: $114,000

The auction’s Platinum Session produced numerous strong results, including a Kuang-hsü gold Specimen Pattern Kuping Tael (Liang) 1907 SP61 PCGS that achieved $552,000. Arguably the most iconic, and certainly the most renowned, gold Pattern of the late Qing Dynasty, this imposing Kuping Tael stands as a veritable giant of Chinese numismatics.

From the same session comes a Hsüan-t'ung Specimen Dollar Year 3 (1911) SP63 PCGS that ended at $432,000. Seldom seen in such high a degree of preservation, these issues were among the final struck by the Qing Dynasty, with the Wuchang Uprising occurring in October of the same year. This coin is one of just three Specimens in the PCGS census.

A third prize from the Platinum Session was a Kweichow. Republic “Auto” Dollar Year 17 (1928) AU58 PCGS that reached $360,000. It is an iconic type that enjoys enormous demand, in even the lowest rungs of preservation. This pristine AU58 is only surpassed by 12 pieces between both grading services, out of the 473 certified for the type. Commissioned by governor Chow Hsi-chen to commemorate the completion of the first provincial highway in Kweichow, this issue departed from tradition by featuring the governor's motor car as the centerpiece of its design, a declaration not only of the import of Chinese modernization efforts, but of their successful execution.

World Paper Money

An extraordinary Malaya and British Borneo Board of Commissioners of Currency 1000 Dollars 21.3.1953 Pick 6a B106 KNB6a PMG About Uncirculated 50 EPQ nearly tripled its pre-auction estimate when it sold for a record $204,000 to lead the event. Like the top lots in the World and Ancient Coins event, this magnificent note also is from The Peh Family Collection.

“Any banknote of this caliber, from an elite numismatic collection like The Peh Family Collection, is expected to bring outstanding results, and this was no exception,” says Dustin Johnston, Senior Vice President of Numismatics at Heritage Auctions. “It proved to be the headliner in a very strong auction, in which 16 lots brought at least $30,000, eight clearing at least $50,000.”

The Board of Commissioners of Currency in Malaya and British Borneo replaced Straits Settlements with notes of the same denominations in 1953, including the banknote that brought the auction’s top result. Queen Elizabeth II replaced King George VI on this series, which was in service from at least 1953-67 at minimum, and possibly until 1973 in some cases. The 1000 Dollars was the highest denomination of the series that was available for use by the public; the $10,000 note was used strictly between banks. It was a considerable sum of money in this region, and as such, issuance of this denomination was small: Only 22 examples of this note are graded by PMG, with only two pieces earning higher grades.

Also from the Peh Family Collection, a large, vibrant China Yunnan Official Currency Bureau 7 Mace 2 Candareens=1 Dollar 1907 Pick UNL PMG Very Fine 25 more than tripled its pre-auction estimate when it reached $78,000. This auction marked the first time this exceptionally rare, vertical Qing Dynasty note from Yunnan Province in Southern China ever has been offered at Heritage.

Also closing at $78,000 was a China Deutsch-Asiatische Bank, Shanghai 20 Taels 1.3.1907 Pick S292 S/M#T101-13c PMG from the Peh Family Collection that was offered at Heritage for the first time and is the only example graded in the PMG Population Report. Banknotes notably were issued denominated in both Dollars and Taels; this offering from the Shanghai branch of the bank is denominated in Taels and is the highest degree of rarity.

A Straits Settlements Asiatic Banking Corporation, Singapore 500 Dollars ND (ca. 1860s) Pick S79r KNB5 Remainder PMG Choice Uncirculated 63 more than doubled its pre-auction estimate when it fetched $66,000. The only example graded in the PMG Population Report, and either the only example or one of very few extant, it is an exceptional rarity from the first few decades of British rule in Singapore.

Large-denomination notes always generate ample interest, and that was the case with a China People’s Bank of China 10,000 Yuan 1951 Pick 858a S/M#C282 PMG About Uncirculated 55 that prompted 29 bids on its way to $57,600 — nearly twice its estimate. A superb example of the second-highest denomination of the extensive People’s Bank series that was issued from 1948-51, it is one of the scarcest notes of the entire inflationary series, with just over 100 examples graded in the PMG Population Report, only six of which have received higher grades.

Three lots ended at $50,400, including an unissued China Bank of China 1 Dollar ND (1912) Pick UNL S/M#C294 Commemorative Front and Back Proof PMG in Proof format. This beautiful rarity was created to commemorate the birth of the Chinese Republic. Immediately grabbing attention is the fact that the front features a complete design, but it was printed only in black and white, while the back, which is lacking issuer titles and signatures, was printed in green and black. Although never issued, a few prototypes were created which are very rare today.

Also reaching $50,400 is a beautiful China Shensi Official Currency Bureau 10 Taels (1911-12) Pick UNL S/M#S22 PMG Very Fine 30 from the Peh Family Collection, an almost unseen type note from Shensi, present-day Shaanxi Province, the front of which features amazingly pretty engravings of dragons and ocean waves. This auction marked the first time this type has been offered at Heritage.

The third note to reach $50,400 was another large, vertical banknote: a China Kiangse Government Bank 2 Taels 1907 Pick UNL S/M#C95 PMG Choice Extremely Fine 45. This beautiful rare type never has been offered at Heritage before. These gigantic, vertical banknotes often were folded several times to make them more manageable, but that is not the case with this example, which somehow includes only minimal folding.