Watch List notes:

(t) CHINA. Chihli (Pei Yang). Tael, Year 33 (1907). PCGS Genuine--Tooled, Unc Details.
L&M-438; K-938a; KM-Y-74.1; Chang Foundation-p. 116 #52; Wenchao-p. 415 #634; WS-0638. Variety with no dots on fiery pearl. Despite its details designation and exhibiting some light, subtle tooling, this INCREDIBLY RARE type is ceaselessly sought after and always hotly contested. Some pleasing golden-russet toning throughout merely augments its robust appeal. A great opportunity for an incredibly difficult coin that doesn't at all present itself on the market that often.

During the reign of Emperor Kuang-hsu, attempts were made to introduce a standard Tael coinage. Intended to circulate alongside the 7 Mace 2 Candareen units, the coinage was met with mixed approval. As a result, this coinage never gained wide acceptance and was abandoned after the death of the emperor. Shortly thereafter, this project was replaced with attempts at producing a unified coinage. Allegedly, about 7,000 Pei Yang Taels were initially struck, though most, however, never entered circulation. A majority of the mintage was recalled and melted, accounting for its rarity. Today, it is considered one of the classic rarities of Chinese numismatics.

Estimate: $250000 - $350000