Shanghai (1856) tael
This specimen was lot 53335 in Stack's Bowers Hong Kong auction (Hong Kong, April 2021), where it sold for $144,000. The catalog description[1] noted,
"CHINA. Shanghai. Tael, Year 6 (1856). PCGS AU-50 Gold Shield. Obverse: Xian feng liu nian shang hai xian hao shang yu sen sheng zu wen yin bing (Xianfeng era 6th year, Shanghai county, Banker: Yu Sendsheng, pure fine silver cake); Reverse: Zhu yuan yu jian qing cao ping shi zhong yi liang yun jiang feng nian zao (Assayer by Zhu Yuanyu, actual weight 1 ounce [Tael] on the Shanghai scale, made by silversmith Feng Nian). A nicely preserved and attractive survivor, this highly desirable type seldom appears on the market let alone baring the inscription of a VERY RARE issuer. The obverse exhibits a somewhat uneven strike with a slight weakness in the two upper left characters and corresponding flatness on the reverse, though all are readable. The calligraphy is well-made with deliberate and neatly engraved strokes in similar style to those found on the Yunnan pack-saddle Sycee ingots. The surfaces show light signs of handling consistent for the grade displaying lovely mottled gray patina with richer coloration in the protected areas offering much originality. An always in demand type that is pleasing to the eye sure to catch the attention of advanced collectors seeking tough to locate issues to expand their numismatic holdings.
The Shanghai series represents the first Tael coinage produced in China and is of extreme historical significance. Hyper-inflation caused by the Tai Ping Rebellion led to the hoarding of silver. At this time, foreign coins, namely Spanish 8 Reales circulated in Shanghai at a considerable premium. In 1856, the Shanghai authorities authorized silversmiths to issue coinage in an attempt to replace the Spanish 8 Reales. The firms Wong Yung Sheng, Ching Cheng Chee and Yu Shen Sheng were granted permission to issue coinage in the denominations of one Tael and 5 Mace. This was a short lived coinage as the monthly output was only about 3000 pieces and was not large enough to meet demand. This combined with the large number of forgeries entering circulation doomed the project to a short period of only about six months."
Recorded mintage: unknown.
Specification: 35 g, silver.
Catalog reference: L&M-591; Kann-901; Wenchao-pg.277 #387 (rarity four stars); WS-1126.
- Kann, Eduard. Illustrated Catalog of Chinese Coins, Vol. 1 of 3. Bronx, NY: Ishi Press International, 2006.
- Lin Gwo Ming, Illustrated Catalogue of Chinese Gold & Silver Coins: Ching and Republican Issues, Seventh Edition, Hong Kong: Ma Tak Wo Numismatic Co., Ltd., 2012.
- [1]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, The April 2021 Hong Kong Auction, Costa Mesa, CA: Stack's Bowers LLC, 2021.
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