Watch List notes:

KOREA. Brass 20 Won Pattern, Year 4 (1900). Osaka Mint. Kojong (as Emperor). PCGS SPECIMEN Genuine--Environmental Damage, AU Details.
KM-Pn32; cf. Jacobs/Vermeule-AC1 (different date). Of the UTMOST RARITY and importance, this incredible example from the exceedingly popular "Russian" pattern type provides a compelling story that is unlike any other coin. This date is unlisted in Jacobs and Vermeule, though they do list a year 6 (1902) of the same type, highlighting just how elusive these issues are. While traditionally ascribed to Russia as the issuer, this tradition is questionable on grounds that the central design is of not an Imperial Russia eagle, but rather a Korean falcon. With the legends being identical to later Japanese puppet issues, this piece quite likely originates from Japan rather than Russia.

Korea had fallen into the Japanese sphere of influence in the 1870s, though more direct Japanese rule would come in 1905, and a full annexation in 1910. It was during the turn of the 20th century that Japan likely introduced these patterns or experimental issues as a trial coinage, with an eye on expanding more direct influence upon the Korean Peninsula. As Jacobs and Vermeule note, many examples of these trial strikes show evidence of circulation, likely indicating they were intentionally passed into the commerce stream in Korea.

This example displays a nice, glossy coating to the surfaces, and very exactingly struck details. Wear is seen on the high elements of the design, with the Korean 'eagle' displaying some light rub. The environmental damage designation likely arises from the small patches of dark coloration. Despite these, this example is quite attractive, and certain to appeal to many given the incredible history of the piece. Collectors should have no problem placing very strong bids, given that they may never have another chance to acquire an example of this type and caliber for their collections.

This lot also includes a collector pedigree with the following anecdote recorded. "Jess Peters checked this with Jacobs, at Champaign, who now knows there is a 4th Year. (Only Year 6 mentioned in his J+V Book on Japanese Coins.) Peters thinks it is worth about $150 (as of February 1972)[.] But as I'd been offered more than that in 1966, have decided to hang onto it a while. 23 Feb 1972".

Estimate: $7500 - $15000