Stack’s Bowers and Ponterio announces the conclusion of their Spring 2025 Hong Kong (SAR) Auction, which spanned seven days and included over 7,600 lots of coins, medals, tokens, and currency. The auction exceeded expectations, realizing over $21.8 million versus the pre-sale high estimate of just over $19.5 million. The results again showcased the market leadership for which Stack’s Bowers and Ponterio is known and signaled a strengthening Asian market. All prices include the buyer’s premium.

Chinese Coins in Stack’s Bowers Hong Kong Rarities Night

The highly-anticipated Rarities Night featured vintage Chinese treasures, with many items greatly outpacing their estimates. The catalog cover coin (lot 40185), featuring Chang Tso-lin the “Mukden Tiger,” achieved the sale’s highest realization at $1,020,000. Other highlights included the gold Dragon and Peacock 20 Dollars (lot 40070), which sold for $396,000, as well as the Gold K’uping Tael (lot 40155), which garnered $528,000. A gold striking of the Pavilion Dollar (lot 40159), sold for $384,000, while a magnificent example of the “Seven Three Reversed Pattern” Dollar (lot 40057), brought $660,000—more than four times its low estimate. The session, which comprised 218 coins, reached an impressive total of $12,361,020.

World Coins and Beyond

Beyond the Rarities Night session, a massive gold 10 Tael Ingot (lot 41050) garnered $66,000 and a Hong Kong Pattern Dollar that once belonged to Sir Hercules Robinson, the Fifth Governor of Hong Kong (lot 42092), realized $102,000. From the Philippines, an exceptionally rare 1903-S 50 Centavos (lot 42552), reached $55,200, while from the Netherlands East Indies, a mysterious emergency issue 48 Stivers (lot 42494), sold for $26,400.

Stack’s Bowers Hong Kong World Paper Money Sessions

Sessions offering World Paper Money also performed well, as the total of all lots sold reached $3,559,461, just short of the department’s previous record. An immense rarity, the Yu Chuan Honan Official Bank Tael (lot 30483) realized $60,000, and a pair of $10,000 Yuan front and back specimens from the People’s Republic of China (lot 31059) brought $55,200. A note from the popular Russo-Asiatic Bank (lot 30407) sold for $45,600, and one from the German-Asiatic Bank (lot 30282) reached $43,200.

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Stack’s Bowers Galleries is currently accepting consignments to the 2025 Summer Global Showcase Auction and the Fall 2025 Hong Kong (SAR) Auction, as well as other live and online sales. To include your numismatic items in any of the firm’s upcoming events, contact Stack’s Bowers Galleries at 800-458-464 or Consign@StacksBowers.com.

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The post Stack’s Bowers Ponterio Spring 2025 Hong Kong Auction Delivers Stunning Results appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

By Dennis Hengeveld – Director of Consignments and Senior Numismatist, Stack’s Bowers Galleries ……
 

The upcoming Spring 2025 Maastricht Paper Money Sale (PDF catalog) from Stack’s Bowers Galleries is now posted online. This is a true collectors’ sale, featuring an excellent selection of notes from around the world that ranges from modern high denominations to classic types in circulated grades. In this article, we take an in-depth look at the notes in the auction, which encompasses a traditional session on Thursday, May 9, and an internet-only session of the Windsor Collection of QE II paper money on Friday, May 10. All lots are available for viewing and presale bidding at StacksBowers.com.

First we will take a look at Bermuda. A popular collecting locale, the section is highlighted by the first offering of a ‘brown’ 1941 5 Pounds, Pick-12, graded PMG Choice Uncirculated 63 by PMG, offered in Lot 50040. This extremely short-lived issue confused the general public as the 5 Shillings also was brown. After a very limited issuance, it was withdrawn and replaced by an orange-colored version of the same design.

Another highlight is Lot 50048, the popular 1964 10 Pounds (Pick-22) in top grade, graded Superb Gem UNC 68 OPB by PCGS. This type was the highest denomination issued before the introduction of the Bermuda Dollar and the offered note features a desirable low three-digit serial number.

The final two lots of Bermuda we will take a closer look at are lots 50044 and 50045. Both are 1966 1 Pound notes, Pick-20d, graded Gem Uncirculated 66 EPQ. What makes these notes special are the solid serial numbers (5 and 8). Because of limited quantities printed (and the fact that the prefix changed every 100,000 notes), just 11 different prefixes are possible for this date. Two of them are offered in the sale, a tremendous opportunity for Bermuda or serial number specialists.

Among other highlights from the Americas is one of your author’s favorite notes of the sale found in Lot 50058. Dated 1928, this 2 Dollars from British Honduras (Pick-15) is graded Choice Very Fine 35 EPQ by PMG. A deceptively difficult type in any grade, finding it awarded with ‘Exceptional Paper Quality’ is highly unusual. As one can expect, locating notes such as this in totally original condition is exceptionally challenging, and we expect spirited bidding for this example.

Collectors of rarities will take note of Lot 50446, a 1908 10 Pesos from Nicaragua, graded Choice Fine 15 by PMG. We have only offered this type once before, in well-circulated grade with myriad problems, but this is an evenly circulated, problem-free example of a type surely missing from even the most advanced collections of the country.

Finally, for collectors of iconic world notes, there is a pair of Mona Lisa notes from Costa Rica, offered in lots 50098 and 50099, which are highlights of a robust Costa Rican section. The first is graded Choice Uncirculated 64 by PMG, while the second is graded Choice About Uncirculated 58 EPQ by PMG.

The sale has numerous advanced collections including the Damian Collection of Romania. There is also an advanced collection from the Isle of Man, including Lot 50328, a rare 1 Pound remainder from the Lancashire & Yorkshire Bank Limited, of which few notes are known to have survived.

We also offer a select group of high-grade notes from the Italy Family Collection, including Lot 50343, an attractive example of a 1960 Italy 5000 Lire (Pick-85c), graded PMG Gem Uncirculated 66 EPQ, perfect for an advanced type set.

A dedicated session will take place the day after the main 2025 Maastricht Paper Money sale, where we offer the Windsor Collection of QEII Paper Money. Finally, this sale offers another installment of the Al Kugel Collection. Highlights include an advanced collection of Danzig, a small but select group of Russian notes, two more notes of what is arguably the best collection of the Deutsch-Asiatische Bank in China ever assembled, and four unissued notes from Egypt and Sudan printed for the Italian Occupation of those countries.

Finally, a few notes are worth mentioning because of how infrequently they are offered.

Lot 50225 is a PCGS Gem Uncirculated 66 PPQ 50 Deutsche Mark from the German Federal Republic issued during currency reform in 1948 (Pick-10a), a key type from post-World War II Germany that is seldom offered in any grade.

For collectors of India, Lot 50262 presents a 1 Gold Mohur issued by the Bank of Bengal in 1816 (Pick-S24b) graded Very Fine 20 by PMG. While canceled, it is noteworthy for not being severed and repaired, unlike virtually all examples we have seen.

Finally, a mention needs to be made of Lot 50612, a 1937 $100 issued by Barclays Bank (D.C.O) in Trinidad & Tobago graded Very Fine 25 by PMG. While this type is sometimes seen, this is the first time we have seen this date, which had a minuscule printing of just 1,500 notes.

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With preparations for the Spring 2025 Maastricht World Paper Money Sale catalog completed, Stack’s Bowers is accepting consignments for future auctions. We have been working hard to make sure that our events are the most collector-driven in the marketplace, assuring both stellar results for consignors and opportunities for buyers to acquire the notes they are looking for. Along with an ever-increasing client list and global news coverage attracted by our sales of the L.E. Bruun Collection, now could be the right time to sell your entire collection or duplicate pieces.

To start the consignment process, don’t hesitate to get in touch with Dennis Hengeveld at Dennis@stacksbowers.com or call 800-458-4646.

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By Kelvin Cheung – Director and Senior Numismatist, Stack’s Bowers Galleries ……
Globalization has been a driving force behind prosperity since ancient times, beginning with the Silk Road, which first connected East and West through an extensive network of trade. Over the centuries, successive waves of globalization have emerged, each bringing faster connections and significant benefits to the world.

The era of proto-globalization began with the rise of maritime European empires in the 15th and 16th centuries; Spanish, Portuguese, Dutch, French, and British fleets sought to establish colonies and extensive trade networks during the “Age of Discovery“. Over the following centuries, trade continued to grow, leading to the first major wave of globalization as we know it from around 1870 to 1914. While the exchange of goods and knowledge had taken place for millennia before that point, it was during that period that 20th-century globalization was established, and the world slowly began to change into how it is now.

The invention of the steamship in the mid-19th century revolutionized the movement of goods, capital, and labor across continents at an unprecedented pace. This period also saw a flourishing exchange of technology, science, and cultures. For example, in 1800, it took at least nine months for tea grown and harvested in Asia to be brought to market in London and be seeped in the teacups of its residents. A century later, thanks to advances in steamship technology and the opening of the Suez Canal in 1869, that same process had been reduced to just a few months.

The impact of this transformation was most acutely felt in the ancient empires of the East, which had long been leaders in science and technology but had also restricted foreign nations’ access to their markets. However, following the Qing Empire’s defeat in the First Opium War in 1841, China was compelled to open its doors to global trade, a trend that has persisted, with minor interruptions, to the present day.

From then on, Western merchants and banks began arriving in China, seeking opportunities to amass wealth. This led to the establishment and expansion of ‘Foreign Banks’ in the region, starting with institutions like the Mercantile Bank of India; The Chartered Bank of India, Australia and China; the Asiatic Banking Corporation; and the Hongkong and Shanghai Banking Corporation in the 1860s. These early foreign banks were virtually all British and were often expansions of earlier banks formed elsewhere in Asia. These were later joined by banks from France, Belgium, Germany, Russia, Italy, and the United States in the late 19th and early 20th centuries.

In addition to their standard banking operations, these institutions issued a wide variety of banknotes, making “Foreign Banks” a significant category in the field of Chinese notaphily. Notes from these banks made up a large part of the money supply in China in the early 20th century. Often, the notes feature unique designs, with references made to the country of origin of many of these banks. For example, a series of notes from the Chinese-American Bank of Commerce (Lots 30262-66) features a vignette of the Statue of Liberty in New York City!

Stack’s Bowers and Ponterio is proud to present one of the largest sales of these banknotes in recent history, offering 250 lots in the April 2025 Hong Kong Auction, including rare specimens, early notes and seldom-seen issued notes. The section, drawn primarily from the Voyager, Norman Lin, and Al Kugel collections includes numerous rare and top-grade notes. This catalog is poised to become an essential reference for the genre and set a new benchmark for an already heavily collected section in Chinese numismatics.

To view all lots in the April Hong Kong Auction, visit StacksBowers.com.

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That total, along with the supplemental Showcase offering of the Balmoral Collection of Queen Elizabeth II banknotes that realized $185,559, lifted the total for the entire event to $2,159,575. The two parts of the Balmoral Collection in Signature and Showcase realized nearly $300,000 in total.

The German East Africa Deutsch-Ostafrikanische Bank 500 Rupien 2.9.1912 Pick 5 PMG Choice Uncirculated 63 at the top of this auction is tied with three other examples, and bettered by just one, in the PMG Population Report.

“This note was the highest denomination of the Emperor Wilhelm II series that was dated 1905 and 1912,” says Dustin Johnston, Senior Vice President of Numismatics at Heritage Auctions. “Rarity is always of utmost appeal in the collecting community, and this note was printed in small numbers. Over the years, the number of surviving examples has been reduced, making this a coveted rarity today.”

Another high-denomination prize in the Heritage World Paper Money auction was a Suriname Surinaamsche Bank 1000 Gulden 1.7.1865 Pick 51r Remainder PMG Choice Uncirculated 64 that climbed to $43,200. The demand is understandable, as Surinamese banknotes issued in the 19th and early 20th centuries are long known for their rarity, sometimes unknown in issued format. This is the highest denomination of the Surinamese Bank’s series issued from 1865 to 1910. It is a magnificent note, a survivor from a minuscule 200 notes bearing the first date that actually were issued, the only example of this denomination in the PMG Population Report and the first offered at Heritage. There are no issued notes, Specimens, or Proofs recorded to date.

Two magnificent notes brought winning bids of $36,000:

• Germany Imperial Bank Note 100 Billionen Mark 15.2.1924 Pick 140 PMG Extremely Fine 40, issued at the height of hyperinflation during Germany’s interwar period that was decimated by the massive inflation and economic turmoil. All five notes in this series are rare, with this highest denomination type being especially scarce. This beautiful note is one of just four examples graded by PMG, and the price marks a new record for German Imperial notes.
• An extremely rare, genuine Russian Rainbow Back 100 Rubles 1882 Pick A53 PMG Very Fine 25, from The IL Collection, was issued during the late 19th century – 1882 is the first date of this design issued by the Gosudarstvenniy Bank – and is one of the most famous of all Russian banknotes. Genuine examples are exceedingly rare, and the example in this auction is the first ever offered at Heritage.

A curious and high denomination offering found in some 19th-century Dutch and Dutch colonial banknote series, an impressive Suriname Surinaamsche Bank 300 Gulden 1.1.1882 Pick 58r Remainder PMG Choice Uncirculated 64 closed at $28,800. The Surinamese Bank’s series of notes dated 1865 to 1910 are the rarest, with this 300 Gulden being the first and only remainder graded in the PMG Population Report; only one Specimen of this date is graded in the PMG census. Printer records indicate that only 500 notes were printed and issued bearing this middle date of the series.

A rare unissued Egyptian Government 5 Piastres 22.5.1920 Pick 162As Specimen PMG About Uncirculated 55 EPQ raced past pre-auction expectations when it drew $26,400. Perhaps the rarest of all Egyptian Government small change notes, this type never was offered officially and is therefore only available in some sort of prototype format. This Specimen created by Bradbury, Wilkinson & Company is the first and only example present in the PMG Population Report, and the first example ever offered at Heritage.

A beautiful Bank of Lithuania 10 Litu 1938 Pick 28s Specimen PMG Choice Uncirculated 63 ended at $25,200. An extremely rare Independence Commemorative Specimen for a type note that is rarely seen, this example is the first offered at Heritage in any format. PMG has graded just two issued examples and 20 Specimens. Soviet Union banknotes began being issued in Lithuania in 1940, and all previous issues were subsequently withdrawn.

The Balmoral Collection features rare banknotes from around the world featuring Queen Elizabeth II, who has appeared on more banknotes and coins around the world than anyone.

Top lots in the collection from the Heritage World Paper Money Signature Auction included, but were not limited to:

• Fiji Government of Fiji 20 Pounds 1.11.1958 Pick 57s Specimen PMG Choice Uncirculated 64: $6,000
• Matching Serial Number 81 Bahamas Bahamas Government 1/2; 1; 100 Dollar/s 1965 Pick 17a; 18a; 25a Three Examples PMG Gem Uncirculated 66 EPQ; Gem Uncirculated 65 EPQ; Choice About Uncirculated 58: $5,520
• Canada Bank of Canada $1000 1954 BC-36S “Devil’s Face” Specimen PCGS Banknote Choice Unc 63: $5,520

Top results from the March 30 Balmoral Collection of Queen Elizabeth II Showcase Auction included:

• Rhodesia and Nyasaland Bank of Rhodesia and Nyasaland 10 Pounds 15.8.1958 Pick 23as Specimen PMG Uncirculated 62: $4,800
• Canada Bank of Canada $20 1935 BC-9b English Text PMG Very Fine 25: $2,520
• British Caribbean Territories Currency Board 20 Dollars 2.1.1962 Pick 11b PMG Very Fine 20: $2,340

Complete results from the March Heritage World Paper Money Auctions can be found at can be found at HA.com/4054.

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Following in a long line of trend-setting sales that have been standard-bearers for the Asian numismatics marketplace, venerable auction house Stack’s Bowers and Ponterio is excited to announce their Spring 2025 Hong Kong Auction, an exceptional array of over 7,600 lots of coins, medals, tokens, and currency. This monumental sale will be presented in 12 sessions spread across seven days (April 7-13 HKT), comprising both live and internet-only venues. Providing collectors with a wide range of material, this auction boasts a higher-end estimate expectation in excess of $19.6 million.

The always highly-anticipated Rarities Night leads the way and presents such treasures as the catalog cover coin, a Silver Dollar Pattern from 1928 featuring the “Mukden Tiger”. Gold issues from the Republic’s second decade in 1926 also dominate, highlighted by a Dragon and Peacock 20 Cents Pattern, and 20 Dollar and 10 Dollar patterns of the “Dogmeat General” from Shantung. Other impressive offerings include a Gold K’uping Tael Pattern from 1906, a 1921 “Pavilion” Dollar in Gold, and a “Sungarei” 4 Mace Pattern in Brass.

Among non-vintage Chinese offerings, an 1864 Hong Kong Silver Dollar Pattern from the collection of Sir Hercules Robinson should delight bidders, as will a very rare 1646 Crown from the Netherlands East Indies, a 1990 Dragon and Phoenix 1500 Yuan struck in 20 ounces of gold, and a 1984 1000 Yuan from the Panda series that features 12 ounces of gold.

Other World Coin Highlights include:

• Lot 40005: CHINA. Chekiang. Silver 1 Mace 4.4 Candareens (20 Cents) Pattern, ND (1902). Birmingham (Heaton) Mint. Kuang-hsu (Guangxu). PCGS SPECIMEN-67.
• Lot 40041: CHINA. Kiangnan. 7 Mace 2 Candareens (Dollar), ND (1897). Nanking Mint. Kuang-hsu (Guangxu). PCGS MS-62.
• Lot 40057: CHINA. Kwangtung. 7 Mace 3 Candereens (Dollar), ND (1889). Kwangtung Mint (struck from Heaton Mint dies). Kuang-hsu (Guangxu). PCGS MS-63.
• Lot 40064: CHINA. Kweichow. Auto Dollar (7 Mace 2 Candareens), Year 17 (1928). Uncertain Mint, likely Chengdu. PCGS AU-55.
• Lot 40085: CHINA. Szechuan. Silver Dollar Pattern, ND (1928). Uncertain Mint, possibly Chengdu. PCGS SPECIMEN-62.
• Lot 40127: CHINA. Silver “Reversed Dragon” Dollar Pattern, Year 3 (1911). Tientsin Mint. Hsuan-t’ung (Xuantong [Puyi]). PCGS SPECIMEN-61.
• Lot 40169: CHINA. Gold Presentation Dollar, ND (1923). Tientsin Mint. PCGS SPECIMEN-61.
• Lot 40174: CHINA. Gold Presentation Dollar, ND (1923). Tientsin Mint. PCGS SPECIMEN-60.

World Currency in Spring Stack’s Bowers Ponterio Hong Kong Auction

Among world currency in the Stack’s Bowers and Ponterio Spring Hong Kong Auction, highlights include a 1905 1 Tael from the Yu Chuan Honan Official Bank, a 1941 2 Yuan from the Central Bank of China, and a 1912 100 Dollars Color Trial Specimen from Hong Kong’s Chartered Bank of India, Australia, and China.

Other World Currency Highlights include:

• Lot 30283: CHINA–FOREIGN BANKS. Deutsch-Asiatische Bank. 50 Dollars, 1.3.1907. P-5a. S/M#T101-44. PMG Very Fine 20.
• Lot 31234: HONG KONG (SAR). Hong Kong & Shanghai Banking Corporation. 500 Dollars, 1.7.1930. P-177c. KNB67b. PMG Extremely Fine 40.

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Rare banknotes from around the globe, with exceptional offerings from five different continents and an exceptional collection of notes featuring Queen Elizabeth II, will land in new collections after they are sold in the March 27-28 World Paper Money Signature Auction from Heritage Auctions.

Among the other highlights in the event is an exceptional India Government of India, Bombay 1000 Rupees 12.8.1925 Pick A19Ac Jhunjhunwalla-Razack 2A.7.2D.3 PMG Very Fine 30 that is a famously rare uniface denomination. Large-format Government of India notes are as popular as ever, with the highest denominations being especially coveted. While a 10,000 Rupees note may have been printed, it is either exceedingly rare or unknown extant in issued format, which leaves 1,000s like the one offered in this auction as the highest available denomination. The signature of H. Denning and a Bombay city of issuance text are mentioned to further identify this type note.

Suriname Surinaamsche Bank 1000 Gulden 1.7.1865 Pick 51r Remainder PMG Choice Uncirculated 64 is the highest denomination of the Surinamese Bank’s series issued from 1865 to 1910. The demand is understandable, as Surinamese banknotes issued in the 19th and early 20th centuries are famously rare or unknown in issued format, sparking relentless pursuit by those eager to fill bolster their collections. From a miniscule 200 notes bearing the first date that actually were issued, this remainder is the only example of this denomination in the PMG Population Report and the first offered at Heritage. There are no issued notes, Specimen, or Proofs recorded to date.

German East Africa Deutsch-Ostafrikanische Bank 500 Rupien 2.9.1912 Pick 5 PMG Choice Uncirculated 63 is one of the most famous and desirable of all African banknotes. It was the highest denomination of the Emperor Wilhelm II series that was dated 1905 and 1912. This beautiful note was printed in small numbers and is therefore very rare today. The example offered in this auction is tied with three others and bettered by only one in the PMG Population Report.

One of the more visually dramatic lots in the auction is an extremely rare Russian State Credit Notes 100 Rubles 1882 Pick A53 PMG Very Fine 25. This gorgeous banknote, from The IL Collection, was issued during the late 19th century–1882 is the first date of this design issued by the Gosudarstvenniy Bank–and is one of the most famous of all Russian banknotes. Genuine examples are extremely rare; this note, one of just five of this type across all known dates from 1882-94, is the first example offered at Heritage.

British printer Bradbury, Wilkinson & Company printed banknotes for the National Bank of Egypt from 1899 until the 1950s. Its first series of notes, dated 1899 to about 1912, is exceedingly rare in issued format, which leaves Specimen and Proofs as the best methods to acquire these earliest notes. Among the top attractions in the auction is an Egypt National Bank of Egypt 5 Pounds ND (1899-1912) Pick 3cts Color Trial Specimen PMG Choice Uncirculated 64 EPQ – a Color Trial Specimen for the first series 5 Pounds of 1899 to 1912. PMG has graded only one issued example of this type, and one Color Trial Specimen, which is offered here.

The auction includes one of the highest-graded examples of a Netherlands Indies Javasche Bank 1000 Gulden 32.6.1968 Pick 85s2 Specimen PMG Gem Uncirculated 66 EPQ that is the crowning denomination of the Wayang Dancers series of notes issued by the Javanese Bank in the 1930s. The design elements seen on the banknotes of this series are unique and are not found elsewhere in the world, making them particularly attractive in the collecting community. The 1000 Gulden was the highest denomination of the series, and it is very rare in both issued and Specimen formats. This Gem Uncirculated example is tied with one other in the PMG Population Report and is bettered by only one other.

Balmoral Collection of Queen Elizabeth II Banknotes in Upcoming Heritage World Paper Money Auction

Banknotes from countries that have made up the British Commonwealth have been coveted since people first started collecting numismatics. Within that specialization, assorted notes from numerous countries – from England to Canada, from Scotland to Gibraltar to Malta to New Zealand – have featured a portrait of Queen Elizabeth II, the former British monarch who has appeared on more currency than anyone in history.

Some exceptional examples, part of the Balmoral Collection of Queen Elizabeth II, will cross the auction block in the auction.

The collection includes 52 magnificent lots in the auction, including a Low Serial Number 100 Bahamas Bahamas Government 50 Dollars 1965 Pick 24a PMG Gem Uncirculated 65 EPQ that is prized for a number of reasons. The note’s condition and high grade generate immediate interest, but the remarkable binary serial number – the last one in the first pack of notes issued by the Bahamian Government – makes this a truly remarkable banknote. Just three examples are graded higher in the PMG Population Report than the one offered in this auction.

Another beauty from the collection is a Canada Bank of Canada $1000 1954 BC-36S “Devil’s Face” Specimen PCGS Banknote Choice Unc 63 that is a famous rarity in both issued and Specimen format. This example is without serial numbers and signatures, but the design and shading of the Queen’s hair seem to display a snarling “Devil’s Face.” The example in this auction is just the ninth ever offered at the world’s leading World Paper Money auctioneer.

Low serial numbers always are in high demand, making the desire for a Matching Serial Number 81 Bahamas Bahamas Government 1/2; 1; 100 Dollar/s 1965 Pick 17a; 18a; 25a Three Examples PMG Gem Uncirculated 66 EPQ; Gem Uncirculated 65 EPQ; Choice About Uncirculated 58 clear. A desirable two-digit serial number (81) appears on each note in this trio, which includes the two lowest and the highest denominations of the series and is exceptionally rare in issued format. The $100 denomination offered here is a key note for the Bahamas as well as for the entire British Commonwealth.

The Balmoral Collection is so expansive that it also will be featured in a second event consisting of 409 more lots: The Balmoral Collection of Queen Elizabeth II – World Paper Money Showcase Auction will be held at Heritage on March 30.

Images and information about all lots in the auction can be found at HA.com/4054.

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By Dr. Richard S. Appel – UniqueRareCoins.com ……
 

The Republic of China emerged from the Chinese Revolution of 1911-12. Previously, warlords and emperors ruled the citizens of this vast country. Later, two wars and mismanagement by the Republican government ended in ruinous hyperinflation and a change in governments. However, it also fostered the creation of some great paper money rarities. To my mind, the formidable task of acquiring an example of each makes the completion of a set of Republic banknotes virtually impossible.

Chiang Kai-shek rose to lead the Republic in 1927. Shortly after assuming power, he initiated a purge of his Communist opposition. This created an intermittent war that was to last 20 years. Tragically–initially in 1932 and later in force in 1937–Japan invaded and eventually occupied much of China until the Empire lost in World War II. The combination of fighting the war against Japan and the conflicts and later civil war (1946-49) with the Communists, drained the financial resources of Chiang’s government. With his war-torn country generating insufficient revenue he increasingly depended upon the printing press to finance the wars and government.

By the mid-1930s, the early signs of inflation began to appear across China. Earlier the yuan was on par with the dollar. In fact, most Republic banknotes are printed in English and often denominated in dollars. As the wars wore on, and Chiang created more and more currency, the Chinese inflationary spiral took hold. In June 1937, one U.S. dollar was worth 3.7 Chinese yuan. By December 1941, the dollar was worth 18.9 yuan. Four years later, in late 1945, it took 1220 yuan to buy one U.S. dollar. After the war with Japan ended, Chiang was left to face a regrouped and strengthened Communist opposition. His final desperate attempt to conquer the Communists resulted in an incredible output of inflationary currency. Finally, in 1949, when the Communists under Mao Zedong overthrew the government, 23.3 million of the Republic’s yuan were needed to purchase one meagre U.S. dollar (footnote 1).

The ever-increasing inflation wreaked havoc on the Chinese people. Little by little at first, and overwhelmingly later, they saw the hopes and dreams for their future evaporate as the yuan lost value and their money and savings bought less and less. Finally, when the Communists gained power Mao replaced the Republic’s yuan with his new currency. Overnight, all earlier Republic paper money became worthless. Wealthy people became poor, and the poor became destitute. Everyone lost all hope for their future.

Fear and anger permeated the country. With their money worthless through no fault of their own, both the wealthy and the poor discarded, defaced, burned, and otherwise destroyed their Republic of China banknotes. Why not! The paper money only reminded them of the better lives they had. But now they were worth more for generating heat from a bonfire than as money. Ultra common banknotes met their destruction along with scarce or seldom seen ones.

The resulting effect of the massive and wonton destruction of the Republic of China’s paper banknotes created a silver lining for today’s collectors. It produced some truly elusive and highly desirable rarities. The elimination of most Republic banknotes claimed virtually the entire populations of certain notes. This is especially true for some banknotes displaying important place names, printing factories or official signatures. These were often printed in very small quantities which were further reduced by the carnage. This left some remaining survivors of utmost rarity, and their few extant specimens the Holy Grail of Chinese Republic paper money collecting.

Despite the long-held collector’s quest for high-grade notes, some Republic of China banknotes are unknown in uncirculated condition as their wholesale destruction left a virtual void. For this reason, it is not unusual for an extremely rare banknote property to only be found in Very Fine or even lower grade. Importantly, until recently many collectors ignored acquiring a note in low-grade no matter how rare. This, in hopes of finding a high-grade specimen. However, this is changing as many now recognize that an uncirculated note they covet may no longer exist.

Most rare notes only survived because they were in the hands of the few collectors of the time or were mounted in books or pinned on walls. Or, they were lost or misplaced only to be found years later. It is often the lucky collector who locates one great banknote in any condition. Further, today’s collectors now accept the fact that notes they seek may show evidence of being taped, mounted or have signs of repair. And if they don’t make the purchase, it may be years or never before they have another chance. Confirming their elusiveness, some rarities only appear on the market once every several years. Or in some cases it may be a decade or longer. Many are locked up in major or other important collections and will only be available when the collections are sold.

Pick’s The Standard Catalogue of World Paper Money is the most complete and authoritative global currency price guide. It was published in two volumes and includes each country with prices in various grades for each banknote and their important varieties. Attesting to the low grade in which they’re found, Pick prices Extra Fine as the highest grade for some Republic banknotes. And in some cases, no higher than Very Fine or even only in Fine condition. Additionally, a few extremely rare notes are unpriced in any condition. This indicates the author’s problem of how high they should be valued.

Paper Money Guarantee Corp. (PMG) is the most recognized authentication and grading company for world banknotes. They began in 2005 and have since viewed over eight million paper money specimens from around the world. PMG tabulates each note in their Population Report (Pop Report) and updates it weekly. To date, they have graded a surprising, overwhelming 5.5 million Chinese notes. This gives one a sense of their enormous and widespread global popularity and appeal with collectors.

To highlight the great rarity of some Republic of China notes is their absence in PMG’s Pop Report. In 20 years of grading there are more than a few rarities that have a ZERO population while others have Pops of but a few. Even though there are notes that have long been known to be excessively rare and valuable, PMG’s Pop Report has uncovered some unrecognized and overlooked rarities that were once thought obtainable. This offers a window of opportunity for astute collectors or investors to acquire some very rare notes at incredibly low prices.

Fortunately for today’s collectors and investors, when a great rarity appears it may still sell for a reasonable price. This I believe is due to their typically being found in low grade and the widespread fixation on high-grade uncirculated specimens. Over the years, this has caused many important properties to slip through the fingers of unknowing and even major collectors who were waiting for a better example. But experienced collectors who recognized their importance enthusiastically competed for them, and even fabulous rarities may have sold cheaply.

Today, this is changing. The improved wealth of many Chinese citizens has created a legion of enthusiastic collectors of their nation’s historic paper currency. Finally, the multitude of new collectors are beginning to recognize the great desirability of these rarities. And despite their low grades they have begun to bid them higher in price in hopes of their acquisition. They realize it is better to possess an extreme rarity in any condition than to go without it.

For those who enjoy the ultimate challenge, this series is a must. You won’t be able to complete a set of Republic of China banknotes! But you will experience one of your greatest challenges and will proudly form an exceptional collection containing great rarities that few others can ever hope to possess.

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Footnotes and Credits:

1. Hyperinflation in China, 1937-1949, Mike Hewitt Feb. 28, 2007.
2. Origins of the Chinese Hyperinflation, Jay Habegger Sept. 1, 1988.
3. The Great Chinese Inflation, Richard M. Ebeling July 5, 2010.

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The post An Incredible Challenge: Completing a Set of Republic of China Banknotes, 1912-1949 appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

In what can only be described as a monumental moment for the world of numismatics, Stack’s Bowers Galleries has announced the sale of a historic 1870 $2 Canadian note, payable at Victoria, for an astounding $360,000 ($518,000 CAD). The note, previously considered lost, shattered pre-sale estimates, attracting a price that reflects its rarity and significance in the world of Canadian currency. It now joins the ranks of the most expensive examples of Canadian paper money ever sold.

The 1870 $2 banknote, issued by the Dominion of Canada, represents a true numismatic treasure. Graded Choice Very Fine 35 by PMG, this is the only known example of its kind, a discovery that excited collectors and historians alike. Its historical significance stems from its designation as “Payable at Victoria,” a detail that has long been absent from records, with previous catalog entries simply listing this issue as “No Known Issued Notes.” Now, thanks to this remarkable find, the Charlton catalog entry for DC-3e can be updated to reflect the existence of this incredibly rare piece of Canadian history.

The Canadian $2 note was first printed in 1870, a time when western Canada had a sparse population and few financial institutions, resulting in limited circulation of paper currency. At the time of its issuance, British Columbia was a fledgling province, and Victoria, the capital of British Columbia, was still emerging as a commercial hub.

Only 24,000 notes were reportedly printed and shipped to the Pacific Coast, but all were presumed lost – until this piece recently surfaced in Europe.

The consignor, who wishes to remain private, commented, “I am extremely happy with the job that Stack’s Bowers Galleries did promoting the item and presenting it to the public. The result is beyond what I could have imagined.”

In addition to its rarity, the condition of the banknote is extraordinary. Graded Choice Very Fine 35 by PMG, this example boasts vibrant inks, crisp paper, and detailed engravings that remain as vivid as when they were first printed. Despite lightened stains noted by PMG, the overall appearance is exceptional, making it the finest known of this crucial Canadian issue.

The discovery of this $2 Dominion of Canada note is a defining moment in Canadian numismatics. Even the National Currency Collection in Ottawa does not contain an example of this type, and prior to this auction, the existence of a Victoria-payable $2 note was unconfirmed. Stack’s Bowers Galleries is proud to have facilitated the sale of this world-class rarity, further solidifying its position as a leader in the numismatic auction world.

“We are thrilled to have had the opportunity to offer such an extraordinary piece to the collecting community,” said Aris Maragoudakis, Director of World Paper Money at Stack’s Bowers Galleries. “This discovery has captured the attention of banknote collectors worldwide, and the final price of $360,000 reflects a thriving market that appreciates true rarities. This sale is a culmination of the market’s desire for this type of material, and the work of our team. Dennis Hengeveld (Director of Consignments and Senior Numismatist) wrote a masterful description and Adem Karisik took charge of promoting what was our first Canada-Only Banknote Sale. This auction was a great first step as we reaffirm our position as a leader in Canadian banknotes.”

The firm’s president, Brian Kendrella, added, “This auction demonstrates our leadership in cutting-edge technology. The sale took place entirely online, and the results rivaled – and in some cases surpassed – those achieved by more traditional auctions.”

For more information on upcoming auctions or to view the full results from the January 2025 Canadian Banknote Sale, please visit Stack’s Bowers Galleries online at StacksBowers.com.

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Legacy Currency Grading has announced that veteran dealer Don Rinkor has accepted the new role of Chief Executive Officer (CEO) of the company. The appointment became effective on January 1, 2025 and will enable the company to divide management responsibilities as it grows, according to Legacy Founder and President Jason W. Bradford.

“I am thrilled that Don has agreed to assume the role of CEO and have a larger ownership in the company. With his partnership and experience we will be able to seamlessly continue our excellent growth,” said Bradford. “His love, passion, and integrity in and for the business makes him an ideal partner for Legacy.”

Rinkor has been a collector for the past 40 years and a dealer for over 30 years. Owner of Rinkor Rare Coins in Santa Rosa, California, he also serves on the Boards of Directors of several numismatic organizations, including the Professional Numismatists Guild (PNG) and National Silver Dollar Roundtable (NSDR).

“I am looking forward to the opportunities that are ahead for Legacy Currency Grading, and Jason Bradford continues to be one of the best currency graders in the industry,” stated Rinkor.

“Working alongside Jason, I believe Legacy will continue to increase market share, along with providing the fastest turn-around time in the marketplace. Our goal is to provide exceptional and professional grading of banknotes for the collector and for dealers. We are absolutely committed to integrity, excellent service, outstanding value, and increased recognition of the Legacy brand,” he pledged.

Since the company’s inception in 2005 as PCGS Currency, Founder Bradford has infused every aspect of Legacy with his commitment to standards, consistency, and integrity.

“With Don taking over more of the day-to-day operations of the business, this will enable me to focus more of my energy toward training and developing graders. This will ensure that we continue to serve our clients as efficiently as possible by keeping turnaround times down to a minimum,” said Bradford. “As the business has grown, it has become obvious that Don’s management strengths will enable the company to improve in operational efficiency.”

Legacy Currency Grading has certified more than 1.5 million banknotes and was one of the first third-party grading services with written grading standards.

“These standards enable the company to grade with unparalleled accuracy. Legacy Currency Grading continues to provide unwavering confidence, quality, and integrity both in the United States and internationally,” stated Bradford.

For additional information about the company and submitting notes for certification, visit www.LegacyGrading.com, email info@LegacyGrading.com, or call (707)919-0859.

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Visitors to the American Numismatic Association (ANA) 2025 National Money Show in the Cobb Galleria Centre in Atlanta, Georgia, February 27 through March 1, can have the thrill of being close up to more than $100 million of historic rare coins and currency, including famous rarities on display from the ANA Edward C. Rochette Money Museum.

“Money is history you can hold in your hands, and we are proud to have more than $100 million of numismatic treasures for the public to enjoy at the National Money Show,” said Thomas J. Uram, President of the nearly 25,000-member ANA. “It’s incredible that such small treasures can hold so much value and history, and we want everyone to have the chance to see this remarkable show in person.”

Among the special exhibits from the ANA Money Museum in Colorado Springs, Colorado, are two of the world’s most famous and valuable rare coins, the McDermott-Bebee 1913 Liberty Head Nickel and the Idler/Bebee Type III 1804 Bust Silver Dollar.

Attendees also will have the opportunity to view one of the approximately 40 known surviving gold 1933 Indian Head Eagles designed by acclaimed sculptor Augustus Saint-Gaudens.

Paper money collectors will enjoy seeing a $100 trillion denomination bank note from Zimbabwe, one of the world’s most unusual pieces of paper money.

“The Zimbabwe note is an intriguing and often sought-after collector’s item now. Because of catastrophic hyperinflation of Zimbabwe’s currency, estimated as high as 250,000,000 percent at one point, the value of the $100 trillion notes when they were issued in 2009 was only about $30 each in U.S. dollars,” explained ANA Money Museum Director Doug Mudd.

There also will be a display of misprinted U.S. paper money from the Bebee Collection and Bank of the United States bank notes from a donation by long-time ANA advocates John and Nancy Wilson of Florida. The exhibit also will include checks signed by President Andrew Jackson and Winfield ‘Old Fuss and Feathers’ Scott, a former Commanding General of the United States Army and the 1852 presidential nominee of the Whig Party.

The Museum Showcase display in Atlanta will also feature a selection of Renaissance Medals and a special Silk Road coins exhibit.

“The Silk Road in Eurasia was history’s first global trade network. Though inspired by economic motivations, it was a vibrant cultural crossroad that connected empires over vast distances and enabled a flood of goods, ideas and technologies for 1,500 years. The coins that facilitated this long-distance trade are durable records of the stories, innovations and cultures of a world not unlike ours today,” explained Mudd.

During the convention, more than 350 dealers from the Southeast and across the United States will be buying and selling rare coins, vintage paper money, medals, tokens, and gold and silver. Many of the on-site numismatic experts will provide free, informal evaluations of the public’s old coins and paper money.

Educational seminars and a children’s treasure trivia game will be offered during the show, and youngsters – as well as adults – can have photos of their face as the portrait on the front of a U.S. $100,000 bill.

The Georgia Numismatic Association is the host club for the convention.

The 2025 National Money Show will be held in Hall B of the Cobb Galleria Centre at 2 Galleria Parkway in Atlanta. The show will be open Thursday and Friday, February 27 and 28, from 10 a.m. to 5:30 p.m., and on Saturday, March 1, from 10 a.m. to 3:30 p.m.

Admission Thursday and Friday is $10 for adults, children 12 and under admitted free. Admission is free for everyone on Saturday.

Additional information about the ANA Museum Showcase of Famous Rarities at the 2025 Atlanta National Money Show can be found online at NationalMoneyShow.com.

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In what can be considered one of this century’s most exciting discoveries in Canadian numismatics, a previously unknown Dominion of Canada 1870 $2 banknote issued in Victoria, British Columbia, has surfaced.

Long thought to not exist, this note is an extraordinary rarity. Only 24,000 $2 notes were printed for Victoria – a fraction of the 764,000 issued in Montreal and the 728,000 produced in Toronto. The other denomination issued in Victoria, the $1, is also extremely rare, with just three examples known, one of which is permanently impounded in the National Currency Collection of the Bank of Canada. Even the National Currency Collection lacks an example of the 1870 $2 issued in Victoria; none has ever been seen or even rumored to exist, until now.

Stack’s Bowers Galleries now presents this world-class rarity in their first exclusive Canadian Collectors Choice Online Auction, to be held on January 28, 2025.

At the time this 1870 $2 was issued, western Canada had a sparse population and few financial institutions, resulting in limited issuance and circulation of paper currency. British Columbia, which became a province of Canada on July 20, 1871, had a population of about 36,000 at the time. Victoria’s financial landscape in the early 1870s had been shaped by its status as a frontier economy and its strategic role in British Columbia’s integration into Canada. The city had emerged as a commercial hub during the Fraser Canyon Gold Rush (1858–1860), when it attracted miners and merchants. However, by the early 1870s, the gold rush had largely subsided, and Victoria’s economy shifted to industries like logging, fishing, and trade with Asia and the United States.

Victoria had a population of just 3,630 people in April 1871. Its remote location, reliance on gold and silver coinage, and competition from U.S. and private bank currencies reduced the need for large quantities of government-issued paper money, even after British Columbia entered the Canadian Confederation. It is quite surprising then, that after British Columbia became a Canadian province, such notes were even issued. But as the capital of British Columbia, issuing these notes payable at Victoria must have been thought an important contribution to the growth of the region.

Beyond its rarity, the note’s impeccable state of preservation makes it even more remarkable. All Canadian 1870 $2 notes are difficult to find, and examples in grades above Fine are exceptionally rare. The PMG population report shows no examples of this type ever having been graded above Very Fine 20. This newly discovered example, graded Choice Very Fine 35 by PMG, boasts crisp paper, vibrant inks, and detailed engravings that remain as vivid as when they were first printed. A comment for lightened stains does little to detract from the piece’s overall appearance. As such, not only is it unique for its place of issue, but it is also the finest example of this important Canadian type.

For more information on upcoming Stack’s Bowers Galleries auctions or to inquire about consigning call 800-458-4646 or email Info@StacksBowers.com.

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Stack’s Bowers Galleries announces that it sold nearly $2.5 million in world banknotes during its Maastricht Auction alongside the MIF Paper Money Fair. This auction showcased an exceptionally diverse and extensive selection of world paper money, featuring numerous highlights and rare items from across the globe.

As the main sponsor and official auctioneer of the MIF Paper Money Fair, Stack’s Bowers Galleries continues to present collector driven auctions featuring consignments from some of the most prestigious collections in the world. Having sold the most important banknote and coin cabinets, including the D. Brent Pogue, Joel Anderson, and Wa She Wong collections, the firm is pleased to add the Al Kugel Collection to the pantheon of iconic offerings. The Fall 2024 Maastricht selection from this extensive consignment featured 87 lots which realized over $750,000.

That formula contributed to a plethora of world records during their sale, including for one of the treasures of the Al Kugel Collection: a highly important group of Proofs for Olonets Government in lot 20738 that realized $300,000. This lot was cataloged extensively by Dennis Hengeveld.

Other Kugel Collection standouts included an Estonian 5000 Marka from 1923 in lot 20278 that realized $33,600, and lot 20551, a Lithuania 1000 Ost. Markiu that sold for $24,000.

Outside of the Kugel Collection, notes from Portugal continued to realize strong prices as an 1898 50 Mil Reis brought $20,400 in lot 20687. India impressed bidders as well with lot 20437, an R6 100 Rupee realizing $33,600 and a rare KGV 50 Rupees selling for $20,400 in lot 20413.

The Mombasa Collection featured some key rarities from East Africa, perhaps none more intriguing than the 500 Rupees in lot 20185 that realized $22,800.

Additional highlights of the Stack’s Bowers Maastricht World paper Money Auction include:

• The Pudsey Bear Commemorative note from Scotland in lot 20762 was featured on the cover of the sale and realized $16,800.
• The Latvian 1924 20 Latu in lot 20530 that realized $14,400.
• The Martinique 25 Francs Emergency Issue that realized $15,600 in lot 20591.
• Lot 20103, an 1878 1 Dollar from the Dominion of Canada realizing $18,000.
• A Chinese 10 Taels from 1907 in lot 20140 that realized $24,000.

A special session of the Virginian Judge’s Collection was also sold in conjunction with the Fall Maastricht Auction. This session was led by lot 21386, a Netherlands Indies 50 Gulden that realized $10,800.

To view more of the highlights from this monumental offering, visit StacksBowers.com.

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Stack’s Bowers Galleries announces the release of the catalog for its highly anticipated Fall 2024 Maastricht Auction, held in conjunction with the MIF Paper Money Fair. This auction promises to be one of the most diverse and extensive ever presented by the firm, showcasing a range of highlights and rare items from around the world.

As the main sponsor and official auctioneer of the event, Stack’s Bowers Galleries commends the supporters and participants who have contributed to the ongoing success and expansion of this prestigious venue.

“Advancing the hobby of numismatics is a collective endeavor, reliant on the efforts of the entire community,” noted Aris Maragoudakis, Director of World Paper. “The bourse floor has become an incredibly positive environment, and it is wonderful to see everyone at each show working together and experiencing the event as one.”

The Fall 2024 Maastricht Auction features another significant installment from the esteemed Al Kugel Collection, offering over 80 lots with rare and sought-after items from regions such as China, Danzig, Estonia, German East Africa, Latvia, Lithuania, Norway, Russia, Tannu Tuva, and more. Of particular note is the highly coveted Finnish/Russian Olenets set from 1918, presented in lot 20738. Additionally, there are unique pieces from Lietuvos Ukio Bankas, such as the 50, 500, and 1000 OST Markiu from the 1919-20 series (lots 20549, 20550, and 20551).

The collection also encompasses treasures from the Deutsch-Asiatische Bank: the Narodna Banka Kraljevine Jugoslavije with 500 and 1000 Dinara specimens in lots 20845 and 20847, as well as the unissued and sole graded 1943 500 Dinara in lot 20486. Also notable are the 1919 Chaikovskiy Government overprinted 100 Rubles (lot 20736) and 500 Rubles (lot 20737), which underscore this as the premier Kugel offering to date.

Also presented in the Fall 2024 Maastricht Auction are key specimen collections from countries with high collector demand, such as the Mombasa Collection of East African high denomination specimens and the Pharaoh Collection of Egyptian notes. Numerous printer’s models and essays include Qatar’s 500 Riyals Printer’s Models in lot 20706 and a 1974 20 Dollar Printer’s Model from the Bahamas in lot 20050.

Among other standout items are an Iceland CU64 100 Kronur from 1927 in lot 20394, the Saar 1947 100 Mark in Gem condition in lot 20741, and a 2015 Pudsey Bear 5 Pound note from Scotland in 67EPQ in lot 20762. Highlights from India include the R6 100 Rupees in lot 20437 and a rare P-9l 50 Rupees in EF 40 in lot 20413. A 1929 Color Trial 500 Thalers from Ethiopia in lot 20283 and a 10 Thalers Color Trial from the Bank of Abyssinia in lot 20280 add to the auction’s diverse offerings.

Enhancing the catalog are QR codes linked to videos and blog posts providing further details on select lots.

Aris Maragoudakis went on to note:

“Adding Dennis Hengeveld to our team has allowed us to focus even more on delivering the best possible product. Fusing our collective knowledge with Dennis’s passion as a long time collector, has enabled us to take our descriptions a step further. The added support provides more operational power, and we can feature additional elements in our catalogs that collectors have been waiting for.”

The MIF Paper Money Fair will be held in Maastricht at the MECC from September 27-29. The Stack’s Bowers Galleries Auction will be held the following week, with the main session on October 2 at 7AM PDT and Part II of the Virginia Judge’s Collection of World Paper Money on the following day, October 3 at 9AM PDT.

For further information on Stack’s Bowers Galleries Fall 2024 Maastricht Auction and to view the catalog, please visit www.stacksbowers.com. To consign to one of the firm’s upcoming auctions contact Director of World Paper Aris Maragoudakis at Aris@StacksBowers.com.

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The first session of the Virginia Judge’s Collection of World Paper Money is open for bidding on the Stack’s Bowers website now and closes September 3. The second offering will be a special online session as part of the 2024 Fall Maastricht Sale which will be held during the first week of October.

The Virginia Judge’s Collection of World Paper Money is the epitome of a collection of this kind. It was never assembled with completion as a goal; indeed, when collecting the world most people will focus on a country, a theme, or some other easily defined area. The Virginia Judge’s Collection was put together differently: it simply includes notes the collector liked, whether for their design, their color or their fancy serial number (which, as you read the earlier blogs, should not come as a surprise). As such, there are many complete sets, although some relative easily acquirable notes are missing because they simply did not appeal to the collector. Also, select countries that particularly interested the collector are covered more extensively, such as Egypt.

The lots offered in this collection can be grouped into two categories: single (graded) notes, and group lots of a common theme or country. In the group lots, you will find a wide range of notes, but many feature fancy serial numbers, so even though lots may include more available notes they are certainly worth inspecting. Our photography department has done an outstanding job photographing each and every lot to make sure that all details, including serial numbers, are clearly visible.

Select highlights from the first session of the Virginia Judge’s Collection include:

• Lot 70053: BRITISH GUIANA. Government of British Guiana. 5 Dollars, 1942. P-14b. PMG Very Fine 25 EPQ.
• Lot 70060: CANADA. Dominion of Canada. 5 Dollars, 1912. DC-21g. PMG Choice Uncirculated 63.
• Lot 70129: EAST AFRICA. East African Currency Board. 20 Shillings = 1 Pound, 1950. P-30b. PMG Choice Uncirculated 64 EPQ.
• Lot 70149: EGYPT. National Bank of Egypt. 100 Pounds, 1952. P-34. PMG Choice Extremely Fine 45.
• Lot 70443: SOUTH AFRICA. South African Reserve Bank. 100 Pounds, 1952. P-101a. PMG Very Fine 25.

Stack’s Bowers Galleries is always accepting consignments for upcoming sales. To start the consignment process, please contact Stack’s Bowers Galleries at 800-458-4646 or email Dennis Hengeveld at Dennis@stacksbowers.com.

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An array of banknotes from more than 60 countries around the globe will end up in new collections after they cross the block in the Heritage HKINF World Paper Money Signature Auction – Hong Kong June 18-21.

“This is an extraordinary auction, one that boasts a wide array of countries and types,” says Dustin Johnston, Vice President of Numismatics at Heritage Auctions. “The variety in this auction is secondary to the freshness of the offerings. We are excited to present so many notes for the first time at auction, and every lot is offered without reserve.”

Among the highlights is a China Hupeh Government Mint 1 Dollar = 7 Mace 2 Candareens 1899 Pick S2135 S/M#H175-20 PMG Choice Extremely Fine 45 that is popular with collectors as it is grand in both physical size and aesthetic appeal. Part of the lone issue by the Hupeh Government Mint, this note originally could be exchanged for a crown-sized silver dollar, leading to most being redeemed long ago. This example has a vibrance that belies its age, and is the second-finest, and one of the few original pieces, of just 36 examples graded in the PMG Population Report.

A beautiful and exotic China Deutsch-Asiatische Bank, Peking 100 Dollars 1.7.1914 Pick S277r S/M#T101-24 Remainder PMG Choice Uncirculated 64 is so rare — at the time of cataloging, PMG has graded just 13 of these Peking Remainders — that they are coveted by collectors worldwide. Of the notes issued by the German-Asian Bank in China and its colony in Kiau Chau from 1907 until the end of World War I, two series, denominated in dollars and taels, were issued featuring either the 1907 or 1914 date. Notes from this issuer shared a common design across all branch cities: Shanghai, Peking, Tsingtau, Hankow, and Tientsin. This denomination is only known in Remainder and possibly Specimen form.

A China People’s Bank of China 500 Yuan 1949 Pick 843a S/M#C282-55 PMG Superb Gem Unc 67 EPQ is an extraordinary issue that is tied for the highest graded in the PMG Population Report. The front features a steam shovel vignette, while the reverse showcases guilloché designs.

A Singapore Board of Commissioners of Currency 10,000 Dollars ND (1973) Pick 8A PMG Extremely Fine 40 is a rare high-denomination note from the Flower Series, one of fewer than 100 graded in the PMG Population Report. Although still accepted as legal tender, the Monetary Authority of Singapore stopped producing this denomination in 2014. This coveted note rarely makes it to the auction block, and is being offered at the Heritage Hong Kong Paper Money Auction for the first time.

A Malaya and British Borneo Board of Commissioners of Currency 10,000 Dollars ND (1953) Pick 7cts Color Trial Specimen PMG Choice About Unc 58 EPQ is a magnificent example with the desired EPQ status of the highest-denomination note featuring the portrait of Queen Elizabeth II. This note generally was not a note that went into circulation; instead, it was used to settle large transactions within the banking industry, meaning that only Specimen and Color Trials, like the offered example, are known to exist.

A Hong Kong Government of Hong Kong 1 Dollar on 5 Yuan 1941 Pick 317 KNB6 PMG Gem Uncirculated 66 EPQ is the single-finest-graded Hong Kong $1 overprint from World War II in the PMG Population Report. Merging top quality and unquestioned rarity, this note was issued in World War II-era Hong Kong and somehow escaped circulation, allowing it to retain complete originality and pristine paper after more than six decades.

An India Government of India, Calcutta 2 Rupees, 8 Annas ND (1917) Pick 2 Jhunjhunwalla-Razack 3.3.1A-G PMG Choice Uncirculated 64 features an outstanding grade on a note with an uncommon denomination. The 2 Rupees 8 Annas is a seldom-seen middle denomination in the government’s series of notes; this type may have been issued to bridge the gap between small denominations, or to give the public a new note to use as silver was being hoarded during the first World War. The note was issued across major cities, which are identified by the prefix letter; this Calcutta issue is original and saved in Uncirculated, helping it become one of the most famous of all Indian paper notes.

Images and information about all lots in the Heritage Hong Kong World Paper Money Auction can be found at ha.com/4051.

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