China
Republic Pattern "Dragon & Phoenix" Dollar Year 12 (1923) MS63+ PCGS, Tientsin mint, KM-Y336.1, L&M-80, Kann-680a. Large Characters variety. Obv. Proposed national emblem with Dragon & Phoenix design. Rev. Value in wreath. The scarcer of the two varieties. Full mint brilliance, with a sharp strike, minimally marked surfaces and a hint of golden toning. It was often thought that this issue was distributed at Pu Yi's wedding in 1923, but these two issues (large and small characters for 1 Yuan) were unadopted trial designs for the national emblem. The Large Characters variety is the much scarcer of the two varieties for this issue.
Estimate: 15000-20000 USD