Watch List notes:

(t) CHINA. Shanghai. Tael, Year 6 (1856). Hsien-feng (Xianfeng). NGC AU-55.
L&M-589; K-900 (type A); WS-1122; Wenchao-383 (rarity: ★★). Issued by Wang Yung Sheng and engraved by Wan Chaun. Obverse: "Cake (of) standard silver (from the) business firm (of) Wang Yung Sheng (in the) Shanghai district (in the) 6th year (of Emperor) Hsien Feng;" Reverse: "Made (by) Wan Chuan, silversmith; Supervised (by) Chow Yuen Yu. Exact weight one Tsaoping Tael." Extremely appealing and equally as RARE, this wholesome specimen presents a great deal of lustrous brilliance as well as an evenly executed strike. For the connoisseur looking for an outstanding example of the type, it would be difficult to encounter one finer.

Hyper-inflation caused by the Tai Ping Rebellion led to the hoarding of silver. At this time, foreign coins, namely Spanish 8 Reales, circulated in Shanghai at a considerable premium. In 1856, the Shanghai authorities authorized silversmiths to issue coinage in an attempt to replace the Spanish 8 Reales. The firms Wong Yung Sheng, Ching Cheng Chee, and Yu Shen Sheng were granted permission to issue coinage in the denominations of One Tael and 5 Mace. This was a short-lived coinage, as the monthly output was only about 3,000 pieces and was not large enough to meet the demand. This aspect, along with the large number of forgeries entering circulation, doomed the project to a short period of only about six months. Extremely significant as the Shanghai series represents the first Tael coinage produced in China.

Estimate: $25000 - $50000