Heritage World Coin Auctions
Hong Kong Signature Currency Sale 3546 23 June 2016
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China Bank of China Provisional Issue Peking $1 1.10.1909 (1912) Pick 16d. While this example featuring Li Hongzhang may appear common to the casual collector, the story of its issuance explains its immense rarity. The original note of this design was issued by the Ta-Ching Government Bank, established in 1909 and was modeled after Western central banks, which took over duties from the Ministry of Revenues and Ministry of Works. These notes featured Marquis Li Hongzhang, who held many important positions in the Qing court. After the establishment of the Republic of China, the new government transferred the rights and duties of the Ta-Ching Government Bank to the newly established Bank of China. This of course included banknote issuance. New notes featuring the name of the Bank of China were prepared and delivered relatively quickly by the American Bank Note Company, as all designs except for the portrait, replaced by one of Huang Ti, remained the same. In the meantime, a small group of Ta-Ching Government Bank notes were overprinted and issued as a provisional series, which only circulated for a small time as, due to the unpopularity of Li Hongzhang in the new republic, and the rapid availability of new notes, led to the large redemptions of these old ones. The place of issue of Peking is also uncommon, as more notes were issued for the larger trading economies of Shanghai and Canton. This note retains all of its bright underprint, with no loss of paper, and appears much better in hand. A historical note from a tumultuous time in China's history. PCGS Apparent Fine 12, edge tear at top left.
Estimate: 5000-7000 USD
China Bank of China Provisional Issue Peking $1 1.10.1909 (1912) Pick 16d. While this example featuring Li Hongzhang may appear common to the casual collector, the story of its issuance explains its immense rarity. The original note of this design was issued by the Ta-Ching Government Bank, established in 1909 and was modeled after Western central banks, which took over duties from the Ministry of Revenues and Ministry of Works. These notes featured Marquis Li Hongzhang, who held many important positions in the Qing court. After the establishment of the Republic of China, the new government transferred the rights and duties of the Ta-Ching Government Bank to the newly established Bank of China. This of course included banknote issuance. New notes featuring the name of the Bank of China were prepared and delivered relatively quickly by the American Bank Note Company, as all designs except for the portrait, replaced by one of Huang Ti, remained the same. In the meantime, a small group of Ta-Ching Government Bank notes were overprinted and issued as a provisional series, which only circulated for a small time as, due to the unpopularity of Li Hongzhang in the new republic, and the rapid availability of new notes, led to the large redemptions of these old ones. The place of issue of Peking is also uncommon, as more notes were issued for the larger trading economies of Shanghai and Canton. This note retains all of its bright underprint, with no loss of paper, and appears much better in hand. A historical note from a tumultuous time in China's history. PCGS Apparent Fine 12, edge tear at top left.
Estimate: 5000-7000 USD