Watch List notes:

CHINA. Shanghai. Chin Cheng Chee Silver Tael, Year 6 (1856). PCGS AU-55 Gold Shield.
L&M-590; K-903; WS-1123. Obverse: "Cake (of) standard silver (from the) business firm (of) Chin Cheng Chee (in the) Shanghai district (in the) 6th year (of Emperor) Hsien Feng [1856];" Reverse: "Made (by) Feng Nien, silversmith; Supervised (by) Chow Yuen Yu. Exact weight one Tsaoping Tael." A VERY RARE and intriguing issue, almost never encountered so pleasing and problem free.

Hyper-inflation caused by the Tai Ping Rebellion led to the hoarding of silver. At this time, foreign coins namely Spanish eight Reales, circulated in Shanghai at a considerable premium. In 1856, the Shanghai authorities authorized silversmiths to issue coinage in an attempt to replace the Spanish 8 Reales. The firms Wong Yung Sheng, Ching Cheng Chee and Yu Shen Sheng were granted permission to issue coinage in the denominations of one Tael and 5 Mace. This was a short lived coinage as the monthly output was only about 3,000 pieces and was not large enough to meet the demand. This combined with the large number of forgeries entering circulation doomed the project to a short period of only about six months. Extremely significant as the Shanghai series represents the first Tael coinage produced in China.

Estimate: $20000.00- $30000.00