Watch List notes:

(t) CHINA. Hupeh. Tael, Year 30 (1904). NGC MS-62.
L&M-180; K-933; KM-Y-128.2; WS-0878. Small Characters variety. Boldly struck with crisp design features, this handsome example displays satiny surfaces and frosty devices, with a faint tone adding to its pleasing appearance. An ever-popular type, this short-lived issue is always a collector favorite and is destined to be a hotly-contested example.

648,000 Hupeh Taels were originally minted, inclusive of both large and small character types; however, it is unknown exactly how many of each were struck. This Tael was introduced as part of a projected coinage reform based upon the traditional Chinese weight standard rather than the Dollar system. In the initial proposal to produce these coins, it was also suggested to produce smaller denominations in the values of 1, 2, and 5 Mace. However, no such pieces have surfaced (even in pattern form), and it is unlikely they were ever produced. The general populace found it complicated to convert two distinctly different coinage systems, especially when making change.

Estimate: $50000 - $70000