Watch List notes:

(t) CHINA. Hunan. Dollar, Year 11 (1922). Changsha Mint. NGC MS-65.
L&M-867; K-763; KM-Y-404; WS-0930; Chang-CH146. The "Hunan Provincial Constitution" type, struck to commemorate the promulgation of the document. A scintillating Gem, this stunner flashes with argent appeal that is beaming in an unbroken display of charm. The sharply struck details render well on the planchet, presenting an overall radiant appearance. VERY RARE when offered in this condition, and a certainty to reach a dizzying hammer price.

In a time of presidents and warlords, the people simply wanted to unite but also to have autonomy in their own provinces. Chao Heng-hsi, the governor of Hunan, wanted to protect the province from civil war, so he worked diligently to establish the Provincial Constitution, finally being successful on 1 January 1922. The constitution, which contained 141 articles grouped under 13 chapters, stated the difference between the central and local governments. Some of the weaker warlords supported these new terms, as they acted somewhat like a talisman--offering those weaker protection against those more powerful in that no other provincial army could enter another without permission. Consequently, several southern provinces followed suit and successfully drafted and instituted their own constitutions.

Estimate: $50000 - $75000