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. This nicely preserved survivor of the ever-popular Hupeh Tael exhibits boldly struck devices and satiny surfaces with a nice cartwheel effect. A thin veneer of champagne tone pops out when rotated in the light with areas of richer coloration throughout.

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. A Hupeh Tael housed in the British Museum supports this by showing evidence of cutting to make change. This specimen is essentially mint state with a large pie shape section cut from the coin. The cut is in a similar manner to the "broken dollars" picture on pg. 121 figure 4.10 of Joe Cribb's reference Money in the Bank. This short-lived series circulated for only a brief period and was soon after replaced by the unified "Tai Ching Ti Kuo" silver coinage. Although the Hupeh Tael coinage has a fairly large mintage, most were likely melted down to be made into later coinage. It is interesting to note that these Taels were struck in 0.877 fine silver, as opposed to the 0.960 fine silver set forth by the currency regulations of 1905.

Estimate: $50000 - $70000