Stack's Bowers & Ponterio
August 2016 Hong Kong Auction - Sess. A-D 15-17 August 2016
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CHINA. Yunnan. 5 Yuan, ND (1917). PCGS EF-45 Secure Holder.
L&M-1062 (Plate Coin); Kann-1521; Fr-9; WS-0657; Shih-A7-5; Wenchao-42(Rarity 4 stars); C.C. Tsiang-Pg. 10 fig. 17; Chang Foundation-unlisted; Shanghai Museum-Mr. Shi Jiagan's Collection-unlisted. Shortly after Yuan Shih-kai proclaimed himself emperor of China in December of 1915 military Governor of Yunnan Tang Jiyu announced the independence of Yunnan. During the National Protection War Tang was an important leader of the army and after the death of Yuan Shih-kai in June of 1916 he emerged as one the dominant military leaders in southern China. Due to the rapid escalation of silver prices between 1916 and 1919 Yunnan exported large quantities of tin and had to take gold in exchange. Since the expenditure of the campaign against Yuan Shih-kai was enormous and the existing currencies were insufficient, Tang issued two different gold coins equal to $5 and $10 of silver to pay his soldiers. Since the price of gold was comparatively higher then that of silver the weight of these pieces was slightly reduced. It is said that Tang gave up his private gold holdings in order to mint these new coins. Presumably from his profits from his involvement in smuggling opium into China.
Ex: H. Chang Collection.
Estimate: $35000.00- $45000.00
L&M-1062 (Plate Coin); Kann-1521; Fr-9; WS-0657; Shih-A7-5; Wenchao-42(Rarity 4 stars); C.C. Tsiang-Pg. 10 fig. 17; Chang Foundation-unlisted; Shanghai Museum-Mr. Shi Jiagan's Collection-unlisted. Shortly after Yuan Shih-kai proclaimed himself emperor of China in December of 1915 military Governor of Yunnan Tang Jiyu announced the independence of Yunnan. During the National Protection War Tang was an important leader of the army and after the death of Yuan Shih-kai in June of 1916 he emerged as one the dominant military leaders in southern China. Due to the rapid escalation of silver prices between 1916 and 1919 Yunnan exported large quantities of tin and had to take gold in exchange. Since the expenditure of the campaign against Yuan Shih-kai was enormous and the existing currencies were insufficient, Tang issued two different gold coins equal to $5 and $10 of silver to pay his soldiers. Since the price of gold was comparatively higher then that of silver the weight of these pieces was slightly reduced. It is said that Tang gave up his private gold holdings in order to mint these new coins. Presumably from his profits from his involvement in smuggling opium into China.
In terms of significance of circulating Chinese gold the Yunnan ration coins certainly rank amongst the rarest. As a genuine circulating gold coin very few provinces issued gold. Namely those of Tibet, Xinjiang and of course Yunnan where they actually circulated. Most of the gold coins that are seen today are those of either commemorative's or restrikes. One can not stress the importance of this EXTREMELY RARE issue and it's historical importance to Chinese numismatics.
PCGS EF-45 Secure Holder.Ex: H. Chang Collection.
Ex: The Money Company Hong Kong Auction, September 5 & 6, 1986, Lot #577.
Ex: Superior Stamp & Coin Auction June 1973, Lot #588.
Estimate: $35000.00- $45000.00