Watch List notes:

Hong Kong, Victoria, dollar, 1866, diademed head l., rev. value and date within ornate border (KM.10), in plastic holder, graded by NGC as Mint State 61, with a sharply detailed portrait, reverse choice in all respects, only tiny abrasions on the queen's portrait and surrounding field, thus finer in eye appeal than most known examples, and with pleasing silvery toning Simplistic in design but nonetheless elegant, almost all known examples of this largest silver coin issued for the colony of Hong Kong for just three years (1866-68) are of considerably lesser quality than this lovely specimen. English and Chinese characters comprise the reverse legend, with an intricate border device on each side that is unique to this coinage. The coin was a startling departure from the 'ordinary money' seen in this region up until this time, for the Spanish 8 reales, or more normally its Mexican variety, alongside British minors, became the most-seen monies from the early 1840s onwards. In 1863, the so-called Mexican 'dollar', with its declared fineness being integral to its design, became the official Legal Tender throughout this area. It's a staggering fact that more than 80% of all 8 reales struck in Mexico during the 19th century were exported to Asia, an expression of its acceptance as good money throughout the continent. The Crown was not pleased by this, and within just three years of that date a branch mint was set up at Hong Kong, although without the official approval of the Royal Mint (Challis, A New History of the Royal Mint, page 532). Its competing 'dollar' was this coin, made of .900 fine silver, beginning in 1866. But the decimal coinage was not destined for success: demand did not materialise, especially among Chinese merchants, long used to the Mexican coin. The 'new' Hong Kong Mint was summarily closed and all of its minting equipment was sold in 1868 to Japan for its own use at Osaka; subsequent Hong Kong coinage was made in England, but the dollar was never again struck until the copper nickel issue of the 1960s. In point of fact, then, the Hong Kong dollars of 1866-68 are the only silver dollars ever minted in Hong Kong. Their history is as appealing as their enduring metallic image of Queen Victoria.

Estimate: £2500-3000