China Coin News

Posted by admin on Monday, October 3rd, 2011

First Chinese 1 Kilogram Coin to top $1 million at Auction

A new world record was set at the end of last month for a modern 1 kilogram gold Chinese certified coin.

The 1992 China Compass 2000 Yuan 1 Kilogram coin, graded by the Numismatic Guaranty Corporation (NGC) as PF 69 Ultra Cameo, sold for $1,298,000 at Champion’s Hong Kong Auction on August 28.

Ultra Cameo is a designation used only for proof coins, and signifies a startling contrast between the raised, frosted, part of the coin and the smooth, mirrored areas. It is usual for modern proofs to be designated as ultra cameo.

The coin, from the Shenyang Mint, was produced as part number six, of ten, of the series celebrating Chinese inventions and discoveries. The reverse features the Great Wall of China, and the obverse is adorned with an engraving of a compass.

The previous 1 kilogram record holder was a 1994 Year of the Unicorn, which fetched a little more than $500,000 in Champion’s auction in June this year.

Centennial Anniversary of the Republic of China Celebrated

In another groundbreaking first, the Central Bank of the Republic of China (Taiwan) will be incorporating hidden Chinese characters in a new issue commemorative coin. The idea is that this will make counterfeiting of the coin far harder to achieve.

Celebrating the centennial anniversary of the Republic of China, the one ounce 99.9 percent pure silver coin will have a face value of NT$100 (about $3.25).

The obverse features a portrait of the founding father of the Republic of China, Sun Yat-Sen. On the reverse, together with the number 100, is inscribed a set of hidden Chinese characters that asks for prosperity and safety for the country and its people.

Ingeniously, these characters change as the coin is tilted. The characters “Kuo Tai” – the wish for prosperity for the country – appear when the coin is turned to the left and the shape of Taiwan appears within the two zeros of the “100”.

When tilted to the right, “Kuo Tai” disappears to be replaced by “Min An”: safety of the people”. Further, the depiction of Taiwan within the two zeros of the “100” changes to two plum blossoms (the national flower of Taiwan).

The coin will be released on October 6th, with mintage limited to 120,000 pieces. The coin is presented in a wooden box, which is lined by red velvet. Collectors can buy the coin for NT$2000 (approximately $65), but only direct from the Bank of Taiwan. Purchases will be limited to one per person.

If successful at deterring counterfeiters, this style of coin decoration may begin to be repeated by other Mints around the world.

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