Watch List notes:

CHINA. Kiangnan. 3 Mace 6 Candareens (50 Cents), CD (1900). NGC AU-53.

L&M-232; K-82; Y-144a; WS-0820; Wenchao-668 (rarity three stars). VERY RARE type. Though the reason is not thoroughly illuminated, in most references the Half-Dollar sized emissions from Kiangnan are all considered scarce and RARE. In his reference Eduard Kann makes the statement, "...this denomination proved at no time popular in the Nanking-Shanghai districts. Therefore, the 50-cents piece marked KIANGNAN is rare..." In the "Catalogue of the Collection of Chinese Exhibits at the Louisiana Purchase Exposition, St. Louis 1904" it states that, "Of the half dollar pieces only a few were coined, and they never got into general circulation, but were taken up privately". Thus it would seem that the Kiangnan 50 Cent pieces were simply not minted in any kind of significant number and while it is doubtful that all of the minted pieces were tucked away by collectors, their use in general circulation was certainly very limited. The reason for this limited circulation would seem to be based in the fiscal systems used in common trade of the time. While the dragon Dollar coinage was initially begun as a way for the Chinese government to replace foreign silver coins with domestic coinage, the proliferation of provincial mints which sprang up in the late 1800's caused a backlash, the size, weight and fineness of coins from mint to mint was not consistent and coins which were minted in different provinces were viewed with suspicion if they traveled to other regions. Additionally, the intrinsic value of the fractional coinage was not consistent with the intrinsic value of the Dollars they were meant to be a portion of, so the common custom was to value minor coinage at a different ratio to Dollars, i.e. eleven or twelve 10 Cent pieces could be exchanged for a Dollar. When one considers which denomination would be the least useful given this rate of exchange, it is evident that the 50 Cent pieces would be rarely used, while the 20 and 10 Cents would be in great demand. This exchange system varied from region to region as the fineness and weight of the various mint issues dictated, so while 50 Cent pieces were unpopular in places like Kiangnan, other areas like Kirin and Yunnan minted 50 Cent coins in great quantities for many years. Additionally it should be noted that the Kiangnan 50 Cent coin design was never updated to the newer style of dragon which began with the Dollar and 20 Cent size coins in 1899 adding more evidence that the 50 Cent pieces were of a lower priority in overall mint production. This piece represents the rare final year of minting which was only struck for three years in total. Nice strike, lustrous and attractive, some minor doubling of the legends.

NGC AU-53.

Estimate: $70000.00- $100000.00