The New York Sale
Auction 35 7 January 2015
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BANKNOTES, CHINA Empire. Ming Dynasty. Emperor Zhu Yuanzhang the "Tai Zu". Da Ming Bao Chao 1 Kuan, undated (1375-1398). Denomination in the middle, equalling 1000 Chinese copper cash coins at the time, in the side columns the Chinese characters are written in a special style called "Zuan Shu" and declare "The currency of the Great Ming Empire could be circulated all through the country", below is an announcement that this note has the equivalent value of copper coinage (silver coinage was still not common at that period of time in Ming Dynasty) and that any forging attempts would be sentenced to execution, and the reporter would be rewarded 250-Tael Silver and a part of the counterfeiter's property, around the inscription, the note was beautifully decorated with dragon, passionflower and cloud patterns; two vermilion seals have been stamped by the government to certify the authenticity. Rev. Smaller denomination together with another vermilion seal on the top (Pick AA10; S/M T36-20). In PMG holder graded AU53 Net, Tears Foreign Substance, a hint of a crease in the middle and couple paper flaws through the right part as made. An iconic piece with exceptional overall condition and impressive ink quality after suffering 600 years.
China was the first country that formed an efficient central government over a multi-state continent with one national law, one monetary system, one military policy, and one governor nominating examination designed by the court of the ruler. Therefore, scholars have been studying the early financial system and governmental credit effects of Imperial China for centuries. A fascinating phenomenon that attracted most attention is the fact that China was able to use paper money to replace metal coinage in medieval and early Renaissance times, when money exchanging was still such a major issue even between towns only couple miles away from each other in Europe.
The Ming notes are much rarer than Qing notes due to the inflation and later wars, not many hoards have been discovered. According to the current owner of this note, the first hoard of Ming notes was found during the 1900s, right after the war against the Boxers, while the second hoard, from which this note originates, was found during the 1930s in an old temple in Beijing. A Norwegian missionary hand selected this note as the best specimen from that hoard and, after his death, the note passed to a British dealer and was later verified by the British Museum. This note has the best overall condition among all the pieces the cataloguers have ever seen.
Estimate: $ 11,000
China was the first country that formed an efficient central government over a multi-state continent with one national law, one monetary system, one military policy, and one governor nominating examination designed by the court of the ruler. Therefore, scholars have been studying the early financial system and governmental credit effects of Imperial China for centuries. A fascinating phenomenon that attracted most attention is the fact that China was able to use paper money to replace metal coinage in medieval and early Renaissance times, when money exchanging was still such a major issue even between towns only couple miles away from each other in Europe.
The Ming notes are much rarer than Qing notes due to the inflation and later wars, not many hoards have been discovered. According to the current owner of this note, the first hoard of Ming notes was found during the 1900s, right after the war against the Boxers, while the second hoard, from which this note originates, was found during the 1930s in an old temple in Beijing. A Norwegian missionary hand selected this note as the best specimen from that hoard and, after his death, the note passed to a British dealer and was later verified by the British Museum. This note has the best overall condition among all the pieces the cataloguers have ever seen.
Estimate: $ 11,000