Watch List notes:

CHINA. Kiangnan. 3 Mace 6 Candareens (50 Cents), CD (1899). Nanking Mint. Kuang-hsu (Guangxu). PCGS MS-62+ Prooflike.
L&M-224; K-76; KM-Y-144a; WS-0809; Wenchao-657 (rarity: ★★★). Described by Kann as "...the scarcest of all Kiangnan coins and a rarity amongst all Chinese coins." In this simple summation, Kann deals with one of the most desirable issues in the entire 2,200 year history of Chinese coins. With just four examples certified by PCGS and NGC, this far and away exceeding all others, and using the word RARE is to trivialize the uncommonness of this example.

The three other examples known to exist have all been circulated, with a PCGS AU-50 along with two NGC examples: AU-50 and AU Details examples. Blowing away those examples, this piece has been graded MS-62+ Prooflike by PCGS, though it also certainly could have garnered a Specimen designation. Extensive evidence of die working is observed, far exceeding the amount normally seen on comparable types from Kiangnan. The fields are slightly mirrored in a way that is distinctive from almost all business strikes, and the faint evidence of die rust seems to suggest these dies were reused for this strike at a later date. Some light friction is seen on the character side, but this friction is perfectly blended with the die polishing. Obviously never circulated, this example displays no contact markings on the surfaces, and the rims are fully formed in a way unlike other examples from this time. Details are crisp and refined, and this example appears to be struck multiple times, further supporting the specimen striking hypothesis.

With an example such as this, RARITY and beauty combine an intoxicating swirl to make this coin irresistible to the advanced collector. All comparisons fail when held against the light of this example, leaving it in a class unto its own. With this piece likely to disappear into an advanced numismatic cabinet for a generation, this lot provides the singular chance to acquire a prominent and regal example. This coin generates excitement that is among the loftiest of lofty, and we expect spirited competition as many bidders compete to get an example that is without peer.

With an unconfirmed reported mintage of 155 in Krause, it seems likely that the 3 Mace 6 Candareens issue for 1899 fell victim to financial problems of the Nanking Mint. Forced to suspend operations in 1900 and given the general unpopularity of the denomination, this likely severely limited mintage in 1899. After the Boxer Rebellion generated increased demand for silver coinage, the Nanking Mint reopened in 1901 under the direction of a foreign assayer, H.A. Holmes, whose initials would later appear on Kiangnan pieces. A contemporary trade report from 1901 accounts that silver issues from "an earlier discredited issue" were melted and struck into new coins, though it unclear if this refers to the pre-1900 coinage, though it would explain the somewhat low survival rates of Kiangnan silver pieces from this period. To view all items from the Kairos Collection, click here.

From the Kairos Collection.

Ex: W&B Capital Collection.

Estimate: $300000 - $600000