First Dragon dollar of China highlights Hong Kong auction

Portion of International page from Aug. 18, 2014, issue of Coin World
By , Coin World
Published : 08/03/14
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The series from circa 1889 to 1890 are dubbed the Seven Three Reversed Patterns, the “seven three” referencing the silver standard of 7 mace and 3 candareens, and the “reversed” reflecting the order of the English and Chinese legends, which are reversed from what later became standard.

The silver coins contained one candareen (0.01202 troy ounce) of metal greater than the coins they were intended to replace, the Mexican 8-real coin, so when circulation production began, many of the new coins were removed from circulation and melted.

This Extremely Fine 45 example graded by NGC is a rare survivor of the melt. It is estimated to realize $40,000 to $60,000 in U.S. funds.

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