China
Sinkiang. Hsüan-t'ung "Army Ration" Miscal (Mace) ND (1910) UNC Details (Cleaned) NGC, KM-Y3 (1905), L&M-826, WS-1306, Hsien-Chang-201. Variety with Chahtai script on obverse (reverse as holdered). An intriguing and very rare issue, reportedly introduced by the military governor of Sinkiang after the establishment of a modernized minting bureau at the Shuimogou Machinery Factory outside of Tihwa in 1907, and meant to be used as soldiers' pay. Though we are unclear on the designation of this piece as a contemporary imitation on the holder, Wenchao does note that these issues ceased to be minted after revolution broke out in 1911, perhaps suggesting an association with that period of turmoil.
https://coins.ha.com/itm/china/china-sinkiang-hsuan-t-ung-army-ration-miscal-mace-nd-1910-unc-details-cleaned-ngc-/a/3087-30158.s?type=CoinArchives3087
HID02906262019
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Estimate: 1000-1500 USD