Chinese pattern silver dollar sold for more than $1 million U.S. on exhibit in Macau

Exhibit features two NGC-graded Chinese coins that have broken $1 million U.S. barrier
By , Coin World
Published : 10/22/14
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A China 1898 Hunan Province pattern silver dollar, which recently sold privately for a price reportedly in excess of $1 million U.S., will be on display Nov. 29 in Macau, in a special event sponsored by Champion Auctions in conjunction with the Macau Numismatic Society show. 

The finest of only six known examples, this 1898 Hunan Province pattern dollar has not been seen publicly since it was sold at auction in 1975. It is graded by Numismatic Guaranty Corporation as Specimen 67 and is pedigreed to “NC Collection/Champion.”

The 1898 Hunan Province pattern dollar with a dragon design was unknown to numismatists until it was sold in the 1975 Paramount sale of the Heaton Mint archives. At that sale, this coin achieved a world record price and became the first Chinese coin to sell for more than $10,000 U.S.

Michael Chou, of Champion Auctions, and a client jointly purchased this coin in a private sale earlier this year, he said. 

The coin will be exhibited at Champion Auctions’ numismatic display at the Ponte 16 Sofitel Macau Hotel on Nov. 29 in conjunction with the annual Macau Numismatic Society show.

“NGC-certified Chinese coins sell for higher prices because Chinese buyers have greater confidence in NGC’s grade and guarantee,” says Chou. “My client and I were willing to pay a seven figure sum because of the peace of mind that comes from NGC grading.”

This rarity is the third NGC-certified Chinese coin to break the U.S. $1 million barrier. The first was the 1910 Yunnan Spring Dollar graded NGC About Uncirculated 55, which  Champion Auctions sold for U.S. $1,062,000 in August 2010, as part of the firm's sale of the Ultima Collection. 

Champion Auctions will also showcase this NGC-certified 1910 Yunnan Spring dollar at its numismatic display in Macau.

A year after it sold the 1910 Yunnan Spring Dollar for more than $1 million U.S., Champion Auctions sold a 1992 kilogram gold 2,000-yuan Compass coin (serial No. 6), graded NGC Proof-69 Ultra Cameo, for a world-record price of $1,298,000 U.S. NGC is currently the only third-party coin grading service to have certified Chinese coins that have subsequently sold for more than $1 million U.S.

“NGC offers the strongest guarantee of grade and authenticity for Chinese coins as well as the most accurate and consistent grading,” says Steven R. Eichenbaum, CEO of NGC. “As a result, NGC-certified vintage and modern Chinese coins achieve record prices at auction and in private treaty sales.”

The exhibit is being conducted at the Ponte 16 Sofitel Macau Hotel, during the Macau Numismatic Society show. The coin show is scheduled for Nov. 27 to 30 at the nearby Kam Pek Community Centre. Champion has also scheduled an auction Nov. 30 at the Sofitel. 

For more information about the auction or display, visit the auction house website.

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