USD 20000 - 30000
2010-12-03 17:00:00
2010-12-03 21:00:00
湖北省造光绪元宝七钱二分本省 NGC VF-Details
CHINA. Hupeh. 7 Mace 2 Candareens (Dollar), 1895.L&M-177; Kann-35; Y-127; Chang-pg.154 #71; Wenchao-pg.382 #584 (rarity four stars). The Wuchang mint was approved in 1893 and machinery was purchased the same year, formally opened in 1895.<br />Viceroy Chang Chi-tung was instrumental in seeing this project come to fruition, after his transfer from Kwantung to Hupeh. A series of coins produced in 1896 bore the Chinese characters “Ben Shen” meaning “This Province” to the left and right of the dragon, indicated these coins only being redeemable in Hupeh.
The purpose of this restriction was previously unknown by collectors. However, a recent study published in 2005 discovered an official proclamation printed on reverse of a Hupeh Government Cash Bank note. This indicated that due to lack of cash coins, the newly minted silver coins with “This Province” were equivalent to 1000 cash for paying taxes.
The proclamation was posted in May of 1896, however the cash exchange rate had fallen to 850 on the local market. The high price of copper caused a fluctuation in the exchange rate from silver to copper. Hence these coins only circulated areas nearby the capital and were quickly redeemed back to the treasury. This series was short lived, as authorities realized the public would not accept them at face value. The majority of this issue was recalled from circulation and melted. The subsequent issues were released for circulation with “Ben Shen” being omitted from the design.This issue is EXTREMELY RARE as most examples were destroyed. Many of the surviving examples today are well circulated and often bear chop marks.
This example is a pleasing VERY FINE with nice even circulation. Superior in quality to the Goodman/Kann example, showing only one small chop mark.
NGC VF Details--Chopmarked.
Wa She Wong Collection