The 30th Issue of JEAN

東亞泉志

THE JOURNAL OF EAST ASIAN NUMISMATICS

中英雙語 - 電子季刊 Bilingual (English - Chinese) Digital Quarterly

2 th 周年 5

李鴻章（左2）與長子李經方（左3）、次子李經述（左1）、三子李經邁（左4）

李鴻章出訪七國亮點、中德恩怨及作者收藏的博斯佩戴和獲贈的勳章

Mr. Li Hong Zhang's Trip to Germany: Record the Grievances between China and Germany Left on the Bank of the River Rhine

不存在的錢幣——中國近代機製幣（章）中的臆造品 Coins That Never Were

金銀貨幣化的推手——戥秤

The Driver of Gold and Silver Monetization - Steelyard

石油、黃金、美元——解讀沙特阿拉伯國家通貨金幣三合一貨幣體制

Oil, Gold, and the Dollar - Saudi Arabia's Three-in-one Currency System with Gold Coins as the National Currency

僅供内部使用

| FEATURES 』

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China (International) Coin Expo (Beijing) 5/19-21 Table B26

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（Sunday） 09:30-17:00

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Orlando Summer FUN Coin Show

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Shanghai Office

Pittsburgh ANA International Coin Fair

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Macau Numismatic Society Annual Show 11/24-26

Thailand World Stamp Championship Exhibition & 2nd Thailand International Numismatic Expo 11/27-12/02

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2023

展會活動 冠軍

東京國際錢幣展銷會 4/28 -30

中國 ( 國際 ) 錢幣 ( 北京 ) 展銷會 5/19-21 桌號 B26

麥稀奇世界錢幣展 6/16-6/18 （星期日） 09:30-17:00

香港國際錢幣展 6/24-26

奧蘭多夏季 FUN 錢幣展 7/11-15

泰國首發 7/香港書展 7/19-25

馬來西亞拍賣 7/21-23

匹次堡 ANA 國際錢幣展銷會 8/8-12

香港國際錢幣展 8/29-31 桌號 106

香港國際錢幣展 10/9-11

澳門錢幣學會年會 11/24-26

泰國世界郵票冠軍展 &

11/27-12/02

主要經銷商

冠軍中國

冠軍澳門公司

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泰國和馬來西亞經銷商

中國錢幣（香港）

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第二屆泰國國際錢幣展

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香港辦公室

JEAN

《東亞泉志》

2023 免費訂閱

中英雙語 - 電子季刊

Bilingual (English - Chinese) Digital Quarterly

《東亞泉志》為冠軍拍賣公司總裁周邁可先生和著名錢幣學 專家史博祿先生於1994 年創辦，是一本學術性錢幣研究專 業雜誌。旨在讓廣大錢幣收藏家、研究學者更深入地瞭解錢 幣知識，讓世界各地的讀者更好地瞭解中國深厚的錢幣文化。

《東亞泉志》於1994 年7月份問世，1999年停刊，發行了

18 期。2015年5月，周邁可先生決定於2016年1月復刊《東

亞泉志》，聘請著名錢幣研究學者袁水清先生擔任主編。

以披露最新錢幣收藏研究成果、推介泉界成 功人士的事蹟為主。主要欄目有學術研究、 人物專訪、鑒賞爭鳴、拍賣回顧、重要信息等。

DaDeGuoBao5CentNickelCoin；TsingtaoDaDeGuoBao

铸地存疑的中国金币伪品 ChineseGoldCoinsofDoubtfulOriginandBogusConcoctions

Reader are welcome to contribute articles.

歡迎投稿 !

Chinese / 中文 / jeanzg1994@163.com

Publisher & Editor in-Chief 出版人&總編輯

Che-lu Tseng 曾澤祿

Hans-Henning Goehrum 漢斯 -亨寧 · 格魯姆

Michael H. Chou 周邁可

Gu Jun

Mark Sutton 馬克·修頓

J. Matthew Brotherton 馬修 · 布拉澤頓

Oliver Strahl 奧利弗·斯特拉爾

Chinese Editor 中文主編

Bruce W. Smith 史博祿

Steve Feller 史蒂夫·費勒

Advertising & Circulation Manager 廣告與發行經理

Esther Zhao 趙婷婷

Yuan Shuiqing 袁水清

Design Director 美術設計

Tan Wanmei 譚婉梅 Li Tingting 李婷婷

New Media Coordinator 新媒體协调员

Constance Hao 郝嘉薇

「 中英雙語 · 電子季刊 | Bilingual (English - Chinese) Digital Quarterly」

FOREWORD （

Welcome to the 30th issue of The Journal of East Asian Numismatics

One of the featured articles in this issue is Mr. Li Hong Zhang's Trip to Germany: Record the Grievances between China and Germany Left on the Bank of the River Rhine written by our good friends William Ho and Chinan Fan. The article tells the story, based on the medals and documents in the duo's collection, of a tumultuous period in history. Our advisor, Che-lu Tseng, provides us with an article on the special Saudi monetary system, Oil, Gold, and the Dollar - Saudi Arabia's Three-in-one Currency System with Gold Coins as the National Currency. Another friend of ours, Stephen Tai, has written an article, The Driver of Gold and Silver Monetization - Steelyard, introducing the important role played by steelyard in the process of gold and silver monetization in the Ming and Qing dynasties.

This issue has a reprinted article, Coins That Never Were, by G. Duncan Raeburn, a famous numismatist and researcher in the 20th century.

Issue 30 continues with articles by our friends Jeff Garrett and David Vagi, Collecting Farouk and The Decline of Roman Silver Coinage (Part I) respectively. Both articles are reprinted with permission from NGC.

Also in this issue are book reviews by Zhou Bian on Banking Tycoons in the Early Republic of China Period and A Treasure Trove-ASelectionofExhibitsattheShanghaiBankMuseum

We regret to learn of the death of David W. Lange, director of

NGC's research department, and have reprinted NGC's tribute in this issue.

There have been a number of shows and events recently, so this issue has several related articles, including 50th World Money Fair 2023 Show Panda Medal Berlin and 50th World Money Fair Berlin 2023 - Review by Oliver Starhl, Winter 2023 FUN Show Proves that the Numismatic Market Is Hopping in the Right Direction as We Enter the Year of the Rabbit by J. Matthew Brotherton, our U.S. correspondent, and The Phoenix Rises for MPC Fest 24 by Steve Feller.

Finally, on the occasion of the 55th anniversary of the issue of The Legend of Chu Liuxiang, we will issue the first licensed coin with a theme of Gu Long's kungfu novel: The Coin for the 55th Anniversary of the Issue of The Legend of Chu Liuxiang. The coin will make its mainland debut at the Beijing International Coin Fair in May, and the Hong Kong debut will be held at the annual Hong Kong Book Fair, so stay tuned!

We hope that every reader will find an article of interest in this issue.

We also look forward to seeing you all at the Tokyo International Coin Convention from April 28 to 30, the Beijing International Coin Fair from May 19 to 20, and the Hong Kong International Coin Fair from June 24 to 26!

Michael Chou Publisher & Editor-in-Chief

A Re-enactment of the Financial History of the Republic of China： Banking Tycoons in the Early Republic of China Period

A Name Card to Showcase Financial History and Culture：

A Treasure Trove - A Selection of Exhibits at the Shanghai Bank Museum

The First Gu Long Licensed Coin: The Coin for the 55th Anniversary of the Issue of Legend of Chu Liu Xiang

50th World Money Fair 2023 Show Panda Medal Berlin

50th World Money Fair Berlin 2023 - Review

Winter 2023 FUN Show Proves that the Numismatic Market is Hopping in the Right Direction as We Enter the Year of the Rabbit In Memoriam David W. Lange, NGC Research Director

The Phoenix Rises for MPC Fest 24

FEATURES

DEPARTMENTS

The Driver of Gold and Silver Monetization - Steelyard Oil, Gold, and the Dollar - Saudi Arabia's Three-in-one Currency System with Gold Coins as the National Currency

前 言

qian yan

歡迎大家閱讀《東亞泉志》第30 期。 本期專題文章之一是我們的好友何緯渝、範治南夫婦撰寫的 《李鴻章出訪七國亮點、中德恩怨及作者收藏的博斯佩戴 和獲贈的勳章》。文章基於二人收藏的相關勳章和文件，講 述了那段風雲激蕩的歷史。本刊顧問曾澤祿先生則為我們 提供了一篇關於沙特特殊貨幣體制的文章——《石油、黃金、 美元——解讀沙特阿拉伯國家通貨金幣三合一貨幣體制》。 而我們的另一位好友戴學文先生的文章《金銀貨幣化的推 手——戥秤》介紹了戥秤在明清推動金銀貨幣化過程中起 到的重要作用。

本期《不存在的錢幣——中國近代機製幣（章）中的臆造品》

20 世紀著名錢幣藏家及學者鄧肯 雷伯爾尼所撰， 源自包克的文獻收藏。

本期雜誌繼續刊載了我們的好友傑夫 加勒特先生和大 衛 瓦吉先生的文章，分別是《法魯克國王及其錢幣拍賣》 和《羅馬銀幣的衰落（上）》。這兩篇文章均獲 NGC 授權 轉載。

本期還有周邊先生就《民初銀行大亨》和《金融歷史的饋 贈——上海市銀行博物館藏品精粹》兩本書撰寫的書評。

我們遺憾的得知了 NGC 研究部門總監大衛 蘭格逝世的 消息，故在本期轉載了 NGC 的悼文。

由於不少讀者未能蒞臨近期舉辦的多場展會和活動，因此 刊發了多篇相關報導文章，包括奧利弗 斯特拉爾的《第

50 屆世界錢幣展覽會暨 2023 年柏林展會熊貓紀念章》和

《 2023 年第50 屆柏林世界錢幣展覽會回顧》、本刊美國通訊 員馬修 布拉澤頓的《 2023 年佛州冬季錢幣展預示兔年錢 幣市場方興未艾》，以及史蒂夫 費勒的《第24屆軍票交流 會內容豐富，亮點之一“鳳凰涅槃”紀念章》。

最後，在著名武俠小說《楚留香傳奇》發行55周年之際，我 們將特別發行第一枚古龍小說授權紀念幣——《楚留香傳 奇》發行55周年紀念幣。該紀念幣將於 5月的北京國際錢幣

展銷會上進行內地首發，香港首發則將於一年一度的香港 書展上舉行，敬請期待 !

我們希望每位讀者都能在本期雜誌中找到感興趣的文章。

我們也期待與各位在4月28日至 30日的東京錢幣展銷會、5 月19日至 20日的北京國際錢幣展銷會、6月24日至 26日的香 港國際錢幣展上與各位再見！

周邁可

目 錄 lu

一部重現的民國金融史:《民初銀行大亨》

周 邊〔上海〕

展示金融歷史文化的名片:《金融歷史的饋贈——上海市銀行博物館藏品精粹》

周 邊〔上海〕

第一枚古龍小說授權紀念幣——《楚留香傳奇》發行55周年紀念銀幣

第50屆世界錢幣展覽會暨2023年柏林展會熊貓紀念章

2023年第50屆柏林世界錢幣展覽會回顧 2023年世界硬幣大獎賽“年度最佳硬幣”揭曉

悼念NGC研究部門總監大衛·蘭格

奧利弗·斯特拉爾〔德國〕

奧利弗·斯特拉爾〔德國〕

索菲亞·馬蒂米羅〔美國〕

NGC〔美國〕

第24屆軍票交流會內容豐富，亮點之一“鳳凰涅槃”紀念章 史蒂夫·費勒〔美國〕

專 題

李鴻章出訪七國亮點、中德恩怨及作者收藏的博斯佩戴和獲贈的勳章

不存在的錢幣——中國近代機製幣（章）中的臆造品 金銀貨幣化的推手——戥秤

石油、黃金、美元——解讀沙特阿拉伯國家通貨金幣三合一貨幣體制

欄

鄧肯·雷伯恩〔美國〕 戴學文〔臺北〕

範治南/何緯渝〔美國〕 曾澤祿〔美國〕

傑夫·加勒特〔美國〕 法魯克國王及其錢幣拍賣 羅馬銀幣的衰落（上）

大衛·瓦吉〔美國〕

A Re-enactment of the Financial History of the Republic of China

BankingTycoonsintheEarlyRepublicof ChinaPeriod

◎ Zhou Bian〔Shanghai〕

Independent Writers Press Address: 1F, No. 65, Lane 76, Ruiguang Road, Neihu District, 114 Taipei City. Email: service@showwe.com.tw. Exhibition Store: National Bookstore (Songjiangmemen Store) Address: 1F, No. 209, Songjiang Road, Zhongshan District, 104 Taipei City. Online Store: http://www. govbooks.com.tw

I recently read the book BankingTycoonsintheEarlyRepublic of China Period (《民初銀行大亨》), written by Li Beitao ( 李 北濤 ), edited by Cai Dengshan ( 蔡登山 ), and published by Taiwan Independent Writers Press in May 2015.

Banking Tycoons in the Early Republic of China is a compilation of sixteen articles recounting and recalling the history of Republican banking. I have several thoughts after reading it. First of all, each article in the book is stated and written by major banking grandees from the Central Bank, Bank of China, Bank of Communications and others. in the early Republic of China period. These include Feng Gengguang ( 馮耿光 ), President of the Bank of China, Zhang Boju ( 張 伯駒 ), Chairman of the China Yien Yieh Commercial Bank succeeding his father Zhang Zhenfang ( 張鎮芳 ), Zhang Shuchun ( 章叔淳 ), Manager of the Hong Kong branch of the Zhongnan Bank, and more than ten others were all bankers in the early Republic of China period. The contents stated in the book are their personal experiences, and the credibility of the historical information they provided is beyond doubt. Secondly, it truly reflects the changes of the form and system of the Chinese banking industry from "merchant bank" to "bank" in

the Republic of China, and the development of the banking industry in China's financial sector from the Beiyang Warlord period to the rise of the Kuomintang regime, followed by the Second SinoJapanese War (1937–1945). It also introduces the suspension of the exchange of the Beijing banknotes by the Bank of China, the bank run on the banknotes, the Great Reorganization, the issuance of gold yuan notes, Chiang Ching-kuo's anti-corruption movement in Shanghai, and other major financial events that rocked China. This book is a detailed and objective account of these events and the little-known inside story. In addition, there are detailed descriptions and records in the article describing the four major families' infiltration into the banking industry with their power, Chang Tsao-lin's forced borrowing from the bank, and Song Ziwen's plan to turn Zhang Jia'ao's Central Bank into a major bank for the Kuomintang bureaucratic capital through two reorganization orders and other means. Thus, it is a testimony to the way the political figures of the Republic of China turned the tide in both the political and business worlds. Many of the photographs in the book also recreate the history of that period of time.

Banking Tycoons in the Early Republic of China is also a recommended book for those interested in the history of the Republic of China and for those in the financial and numismatic community who study and collect Republican coins.

A Name Card to Showcase Financial History and Culture

ATreasureTrove-ASelectionofExhibitsatthe ShanghaiBankMuseum

◎ Zhou Bian〔Shanghai〕

A Treasure Trove - A Selection of Exhibits at the Shanghai Bank Museum (《金融歷史的饋贈—上海市銀行博物館藏品精粹》, hereinafter referred to as A Treasure Trove) is a book published sixteen years ago. It was edited by Sun Chiping (孫持平) and published by China Tong Publishing House (Hong Kong) in August 2007. ISBN: 962-7872-42-3.

At that time, the Shanghai Banking Museum was still located in the building of the Shanghai branch of the Industrial and Commercial Bank of China in Lujiazui. The preparation for its construction began in 1998 and it was officially opened in April 2000, with more than 2,000 exhibits displayed in a 1,500-square-meter exhibition hall. The Shanghai Banking Museum, with the history of modern banking in China as its main area of focus, reproduces the changes in China's financial history, its turmoil over the past hundred years, and it displays China's financial culture and numismatic objects, making it the financial industry museum with the richest collection and the largest number of financial numismatic artifacts in China. It has become an important window on Shanghai's financial culture.

The book presents the precious collections in the Shanghai Banking Museum in different financial categories. Through these historical and cultural materials, the pictures and explanatory texts are used to describe the vicissitudes of modern finance showing both the stormy years and periods of great advances. The book is divided into chapters about early Chinese cast coins, early Chinese paper money, early Chinese bank notes, early Chinese banking instruments, and other items of early Chinese banks. The collection includes ancient Chinese coins such as ying yuan ( 郢爰 ) gold cakes, Western Han gold cakes, shrugged-shoulder pointed-foot hollow-head spade coins, yi dao ping wu qian ( 一刀平五千 ) knife coins, spade coin molds, 50 taels silver ingots from the Southern Song dynasty, 50 taels silver ingots from the Ta-Ching Bank, and 1856 Shanghai silver cakes. As for notes, there are zhi yuan tong xing bao chao ( 至元通行寶鈔 ), da ming tong xing bao chao ( 大明通行寶鈔 ), Beijing coupon notes from the Qing

dynasty, Grain Coupons issued by the ministers of the Qing dynasty, Hupoo notes of the Qing dynasty, exchange certificates of Ta-Ching Bank, banknotes issued by China Commercial Bank and the branches of foreign banks in China. There are also the specimens issued by the Central Bank of the Republic of China, manuscripts of notes, gold coin certificates of the Republic of China, currencies issued in revolutionary bases, the first set of Renminbi of the People's Bank of China, and other early banknotes and other rarities. Among them, the archival specimens of Chinese banknotes printed by the Banknote Corporation of America are particularly valuable.

It also includes and introduces cashier's checks from the Bank of Communications, the Central Bank, the Great Wall Bank, and the Guangdong Branch of the People's Bank of China, early checks from the Hupoo Bank and the Bank of Communications, bank bills, bank stocks, public bonds, money changers' passbooks, private banknote plates, and early credit cards. Also, bank seals in the category of banking instruments have Chinese characteristics, and early bank apparatus such as bookkeeping machines, banknote tying machines, scales, handcranked computers, touchstones, and gold medallions document the history and development of bank apparatus. Bank signs, bank publications, savings jars, and other objects reflect the rich and colorful financial culture. A Treasure Trove includes all the collections of the museum and draws a multi-angle and panoramic picture in China's history and the changes of modern finance through artifacts, photographs, documentation, and textual descriptions.

The Shanghai Banking Museum, built in 2015, is located at No.301 Middle Fuxing Road, Huangpu District, Shanghai, the former site of the Shanghai Bar Association, with an exhibition area of nearly 4,000 square meters and over 5,000 pieces of various precious financial history artifacts on display. The exhibition uses various technical means such as multimedia and installation art to make the content and art perfectly unified. It is expected that the Shanghai Banking Museum will continue to produce new books with the newly added collections and the exhibition contents of the new museum, so as to better present the financial history of Shanghai and promote the financial culture of China.

一部重現的民國金融史

《民初銀行大亨》

獨立作家出版社地址：114臺北市內湖區瑞光路76巷65號1樓，服務信箱：service@showwe.com.tw

展售門市：國家書店（松江門市）地址：104臺北市中山區松江路209號1樓。網路訂購：http://www.govbooks.com.tw

最近閱讀完《民初銀行大亨》一書。該書是李北濤先生等原 著，蔡登山先生主編，由臺灣獨立作家出版社2015年5月出 版的。

《民初銀行大亨》由十六篇記述和回憶民國銀行內容的文 章編著而成。讀後有幾點感想。首先，書中的每篇文章都 是由民國初年中央銀行、中國銀行、交通銀行、金城銀行、 鹽業銀行等各大銀行大佬陳述和書寫的，如馮耿光曾任中 國銀行總裁，張伯駒曾繼承其父張鎮芳任中國鹽業銀行董 事長，章叔淳曾任中南銀行香港分行經理，另外的十餘人都 是民國初銀行界人士。書中陳述的內容都是他們的親聞親 歷，其史料的可信度是不容置疑的。其次，真實地反映了民 國年間中國銀行業從“商行”到“銀行”形式與制度的變遷。

從北洋軍閥時期到國民黨政權崛起，其後抗日戰爭時期的 中國金融界銀行業的發展軌跡。以及其間發生的中行京鈔 停止兌換、擠兌風潮、攫奪大改組、金圓券、蔣經國上海“打 老虎”等轟動中國的金融大事件。詳盡客觀地記載了這些事 件的過程以及鮮為人知的內幕。另外，文章中對蔣、宋、孔、 陳四大家族利用權力對銀行業的滲透，張作霖強迫向銀行 借款，以及宋子文策劃通過兩次改組令，用手段將張嘉璈 的中央銀行，變成國民黨官僚資本的大銀行等過程，均有

詳細的描述與記錄。從而見證民國政治人物在政商兩界翻 雲覆雨的手法。書中載錄的許多照片也重現了那段歷史。

《民初銀行大亨》對於民國史有興趣，對金融、錢幣界的民 國錢幣研究與收藏者就史料而言，也是值得推薦閱讀的一 本書。

◎ 周 邊〔上海〕

展示金融歷史文化的名片

《金融歷史的饋贈—上海市銀行博物館藏品精粹》（以下簡稱《金融歷史的饋贈》）是一本十六年前出版的書。由孫持平主編，中國 通出版社（香港）2007年8月出版，書號（ISBN）：962-7872-42-3

當時，上海市銀行博物館還坐落在陸家嘴中國工商銀行上 海分行的大樓裏。1998年開始籌備建館，2000年4月正式 開館，1 500平方米的展廳裏陳列了2 000餘件展品。上海市 銀行博物館以中國近代銀行發展史為主線，再現了中國百多 年以來的滄桑歷史和金融風雲，典藏了中國深厚的金融文化 和錢幣實物，是國內館藏最豐富、金融錢幣類文物最多的 金融行業博物館。成為上海金融文化的一個重要窗口。

《金融歷史的饋贈》一書則將上海市銀行博物館中珍貴的 藏品，按不同金融門類展現世人。用實物圖片和解說文字， 通過這些歷史文化與物質的積澱，述說近代金融的滄桑巨 變，感受流金歲月的風雲際會。全書內容分為中國早期的金 屬鑄幣、中國早期的紙幣、中國早期的銀行票據、中國早 期的銀行器具、中國早期的銀行其他物品等章節。展現的 館藏實物圖片有郢爰金版、西漢金鉼、聳肩尖足空首布、一 刀平五千、貨布銅錢範、南宋五十兩銀鋌、大清銀行五十兩 銀錠、鹹豐六年上海銀鉼等中國歷史鑄幣，以及至元通行 寶鈔、大明通行寶鈔、清京城票貼、清欽差大臣總糧臺銀票、 清戶部乾豐官號錢票、大清銀行兌換券、中國通商銀行紙 幣以及外國銀行在華分行發行的紙幣等，另外有民國中央 銀行試色票、手繪稿、中華民國金幣券、革命根據地貨幣、 中國人民銀行第一套人民幣等極其稀少的早期紙幣。其中 美鈔公司印製中國紙鈔存檔樣本尤為珍貴。

書中對館藏的早期銀行票據，包括交通銀行、中央銀行、 長城銀行、中國人民銀行廣東省分行的本票，戶部銀行、交 通銀行的早期支票，錢莊匯票以及銀行股票、公債券，錢 莊存摺、民間私鈔版和早期信用卡也都有收錄和介紹。銀 行器具類裏的錢莊印章極具中國特色，早期的記賬機、紮

鈔機、天平、手搖電腦、試金石、對金牌等銀行器具，記 載了銀行器具的歷史與發展。銀行招牌、銀行刊物、儲蓄 罐等實物，反映了豐富多彩的金融文化。《金融歷史的饋贈》 將原館的珍藏悉數收入，通過文物照片、文獻記載和文字 描述，由點及面，多角度、全景式地勾畫出中國歷史和現代 金融的變遷圖景。

上海市銀行博物館於2015年建造新館，位於上海市黃浦區 復興中路301號，原上海律師公會原址，展覽面積近4 000 平方米，展出各類珍貴金融歷史文物5 000餘件。展覽以多 媒體與裝置藝術等多種技術手段，使內容與藝術完美統一。 期待上海市銀行博物館能將新入藏品和新館展覽內容續出 新書，以更好地展現上海的金融歷史，弘揚中國金融文化。

◎ 周 邊〔上海〕

《金融歷史的饋贈—上海市銀行博物館藏品精粹》

The First Gu Long Licensed Coin

The Coin for the 55th Anniversary of the Issue of Legend of Chu Liu Xiang

◎ Champion〔Shanghai〕

Legend of Chu is one of 70 kung fu novels by Hong Kong's famous kung fu novelist Gu Long ( 古龍 ) (1937-1985), as one of his representative works. The novel was first published in 1967, and it is one of the most famous Chinese kungfu novels.

It has been dramatized many times. For instance, there was a TVB TV drama in 1979 with Adam Cheng which is quite classic and well-known by the Chinese audience. Hong Kong leading movie star Di Longalso played a famous Hong Kong movie named Clans of Intrigue produced by Shaw Brothers Pictures in 1977. IAsure Group, the parent company of Champion Auction and The Journal of East Asian Numismatics, once worked with the producer of the Legend of Chu TV drama, CHS Media, in promoting the development of the drama including the first TV drama blog on Sina and title song contest with eBay at the Noble Family Club, an imperial granary. The TV drama was shown on CCTV 8 in 2007, as its No. 3 rated TV drama for the year.

Authorized by the publisher of the novel, the Coin for the 55th Anniversary of the Issue of Legend of Chu Liu Xiang is the first time a novel has been presented on legal tender, and it will be issued in the middle of May 2023.

The figure of Chu Liuxiang on the obverse was drawn by Hong Kong's leading comic artist Lee Chi Ching. Lee was born in Hong Kong in 1963, and was engaged in comic creation for more

than 30 years. He is highly accomplished in Chinese painting, was highly valued by Jin Yong and Gu Long, and many of his works have been in the galleries in Hong Kong or private collections. He is the first cartoonist from Hong Kong to have his work published in Japan and his work Sun Zi's Tactics won the first International Manga Award that the Japanese Government sponsored in 2007.

The coin was designed by Yu Min, the winner of the 2017 Krause Publication's Coin of the Year Lifetime Achievement Award for Design. The obverse features Chu Liuxiang, and it uses the Qi ( 氣 ) with the latest laser effect as a background. It is inscribed with the Chinese and English characters "Legend of Chu 1967-2023". The reverse is the scene of three heroines, namely Song Tian'er, Li Hongxiu, and Su Rongrong on a pleasure boat, with Chinese-style imitation Cloisonne wave patterns on the edge.

The coin is packed in the form of an ancient thread-bound Chinese book accompanied by a booklet of original drawings of characters from the novel.

The issuing license of the 55th Anniversary of the Issue of Legend of Chu Liu Xiang has been aproved. It has a mintage of 600, and .999 in purity, 1 ounce in weight, and 40 mm in diameter.

This coin with a fresh theme and limited mintage is worthy of collecting.

Chu Liuxiang pictured by Lee Chi Ching

第一枚古龍小說授權紀念幣

《楚留香傳奇》發行55周年紀念銀幣

◎ 冠軍研究室〔上海〕

《楚留香傳奇》為香港著名武俠小說家古龍（1937-1985）創 作的70部武俠小說之一，為古龍代表作品，首發於1967年， 是中國最著名的武俠小說之一。

圖2《楚留香傳奇》發行55周年紀 念 幣

該書曾多次進行影視改編。如1979年鄭少秋出演的TVB 電視劇《楚留香傳奇》，它是銀幕上的經典，廣為內地觀眾 所知。1977年，香港著名影星狄龍也曾出演過邵氏電影公司 出品的電影《楚留香》（Clans of Intrigue）。而冠軍拍賣及《東 亞泉志》之母公司愛秀集團，亦曾和2007年版《楚留香傳奇》電視 劇出品方廣東強視影業傳媒有限公司合作，舉辦了多種宣傳活動， 包括首次在新浪博客舉辦電視投票活動、和eBay在金粉世家 俱樂部舉行了主題曲大賽等。

該劇最終在CCTV 8播放，且當

年收視率在該頻道排名第三。

《楚留香傳奇》發行55周年紀念銀幣，是經古龍武俠小說出版方授權，第一次將該書信息呈現在 一枚法定貨幣上，預計於2023年5月中旬正式發行。

該紀念幣正面的楚留香形象出自華人世界享有盛譽的大師級漫畫家李志清之手（圖1）。李先生1963年出生於香港，從事漫 畫創作30多年，國畫造詣頗深，深得金庸先生及古龍先生的器重，作品也多為香港藝術館收藏及私人所收藏。他亦是在日 本發表漫畫作品的香港漫畫家。2007年6月，其作品《孫子兵法》奪得日本首屆“國際漫畫賞”之“優秀作品獎”。

紀念幣整體由世界硬幣大獎賽終身成就獎得主余敏先生設計。正面主圖為楚留香形象，背景為最新鐳射工藝製作的幻彩效 果，代表俠氣（圖2）。邊上鐫有《楚留香傳奇》中英文，及年份1977-2023。背 面設計是故事中三位女俠宋甜兒、蘇蓉蓉和李紅袖同船的場景，邊部還將加入 仿景泰藍的工藝進行裝飾。

該幣的包裝採用中國傳統線裝書的形式，並附贈《楚留香傳奇》人物畫相冊。

《楚留香傳奇》發行55周年紀念銀幣的發行許可已獲批，鑄造量僅600枚，.999 純銀鑄造，重1盎司，直徑40毫米。

題材新穎，值得收藏！數量有限，歡迎預約！

圖 1 李志清所畫楚留香漫畫

World Money Fair 2023 Show Panda Medal Berlin

◎ Oliver Starhl〔Germany〕

Finally back to the fair! Preview for the 50th World Money Fair 2023

Many collectors have certainly already been looking forward to this moment, finally a real coin show again with almost 250 exhibitors from all over the world.

The 50th Anniversary Fair, which has been postponed twice, will open its eventful doors to the numismatic world on the 3rd of February 2023. The fair will be held at the Estrel Convention Center in Berlin, which has been expanded with a modern annex. The World Money Fair will be open for a total of three days up to and including the 5th of February 2023. In the runup to the fair, an auction by the auction house Kuenker will take place. During the fair, the Technical and Media Forum can be visited for all the latest news. Over 10,000 visitors are expected for the world's largest coin fair in Berlin. Collectors from all over the world can finally meet in person again and go

exploring together. There will be a wide range of offers at the fair, including perhaps the one or other bargains, worthwhile events, presentations of new releases, competitions and joint evenings in one of the many restaurants, which are located directly in the Estrel Hotel.

Personally, I will be on site all day on Saturday and will be available for discussions. For all others who can not come to Berlin, I will publish an extensive article about the fair.

The current high inflation unfortunately does not stop at our hobby and so besides the accommodation costs per night of about 250 Euros in the standard room of the Estrel Hotel also the entrance fees have increased. The advance booking for a day ticket is possible online and can be purchased here at a reduced price of 12 Euros. The ticket must then be printed out and taken to the fair. In general, the World Money Fair has become more digital and collectors can find extensive information on the official homepage. In addition, the World Money Fair now also shows itself in the social media and thus attracts new interested parties. The exhibitor list is online and almost all state mints have accepted.

I wish you much joy and success at the World Money Fair '23!

World Money Fair Show Panda Medal 2023

1.Review of the 2022 Show Panda Medal for the World Money Fair Berlin

The Show-Panda-Medal from 2022 was available for purchase in two different variants at the Kuenker online store. The 1 Oz silver version with a mintage of only 200 pieces and an issue price of 89 Euros was completely sold out within a few minutes and fetches about 200 Euros at sales, but even up to 400 Euros abroad. The medal with 8-gram silver had a mintage of 300 pieces and was available a little longer for 39 Euros - the value has settled here at 70 Euros. For both issues, however, there are virtually no sales offers, as these medals are almost all in collectors' hands.

At the start of the World Money Fair 2023, the new official Berlin Panda can be purchased at the Kuenker booth. The selling price will be based on previous years. Despite the rapid sell-out, the mintage has not been increased. The 1 Oz silver variant continues to have a mintage of 200 pieces and the 8-gram in silver was even reduced to 200 pieces.

At the last held coin fair in 2020, there were 500 pieces of each of the two Panda Show Medals. The 2020 Show Panda circulation was too high for existing collector demand, so less was minted in 2022 and this resulted in a huge increase in value. At the upcoming fair we have again a further reduced mintage contingent of both Show Pandas together and there will also not be the complete circulation available on site. In the US, major dealers are already reserving some of the 1 Oz silver medals and offering them for $400 after being graded by NGC. For collectors, another critical point is added, the Show Panda certainly draws the eye of one or the other visitor, who takes it as a souvenir of Berlin and thus deprives the market. The sharp increase in price also attracted the attention of some dealers who, if it were possible, would also buy up the whole circulation. I guess that many collectors might go emptyhanded already on the opening day of the World Money Fair and that online auctions will quickly show a price of 200 Euro already during the fair.

2. World Money Fair Panda 2023 Minting Details

The official and licensed World Money Fair 2023 Show Panda was minted in the Shanghai New Century Minting Co., which stands for the highest standard and excellent quality characteristics. Many different Show Pandas have already been commissioned here and can of course be graded by NGC. The First Strike Ceremony took place on the 9th of December 2022. The multiple Coin of the Year Award-winning and renowned panda artist Yu Min crafted the World Money Fair Show Panda 2023 design. The publisher of the 2023 Show Panda is the Chinese auction house Champion Auction. The Show Panda will be released in gold, silver and copper gilt. The fineness of the precious metals is 99.9% in each case. The total circulation with the different variants has reduced significantly compared to the previous year. The 50-gram issues in gold and silver will

be available for purchase from GovMint, a dealer in the United States of America. The medals will be graded by NGC and offered at a slightly higher selling price. Considering previous years, a quick sellout is again expected here. At the World Money Fair 2023, the 8-gram and 1 Oz silver version will be available at the booth of the auction house Kuenker at the first release price. The Show Panda medals in copper gilt, in 1 Oz gold and with 16 grams of silver as piedfort, are available directly at Champion Auction. In addition to the circulation numbers shown in the table, up to a maximum of five sample mintings will be produced for each variant. The official start of the sale for the World Money Fair Berlin Show Panda Medal 2023 is set to the 3rd of February 2023, 10:00 am.

3. Obverse - World Money Fair Panda 2023

On the obverse are two cute pandas. In the background is the German forest with its many different types of trees. The depicted scene is framed on both sides by a wooden gate built in Chinese architectural style. On the upper part of the medal there is a Chinese lantern in the middle of the gate, which has a hologram effect. On this lantern is written "Happy rabbit year" and also imprinted is a Chinese symbol that means "rabbit". The rabbit is the fourth animal in the 12-year cycle of the Chinese lunar calendar. The Chinese Year of the Rabbit with the element of water begins on the 22nd of January 2023. Many European collectors first become aware of the Chinese calendar at all through the annually changing lunar coins.

Who views the medal, looks through the gates as if in a distant and fabulous world.

4. Reverse - World Money Fair Panda 2023

The reverse depicts the Pergamon Altar, which is located in the Pergamon Museum in Berlin. The bust of Eumenes II, King of Pergamon, is depicted as an ancient coin and was gilded on the Show-Panda-Medal.

Two olive wreaths are depicted in the background, representing a special honor or distinction, especially here for a victorious and successful king. The official logo of the World Money Fair is found on the right side, as well as the words "World Money Fair Berlin" which are repeated in Chinese. At the bottom of the medal is the date of issue "2023".

1) Pergamon Museum

The museum is located in the district of Berlin Mitte. It belongs to the building ensemble of the Museum Island and is thus a UNESCO World Heritage Site. The museum was commissioned by Emperor Wilhelm II and designed by Alfred Messel in the neoclassical style from 1907 to 1909. The construction lasted

On the motive the two Chinese pandas live in the German forest and thereby symbolically represent a connection and a deep friendship of both cultures. The panda on the right side curiously explores his environment with full joy and learns a lot of new things. The panda on the left side is open-hearted and playful. He discovers the Chinese lantern and tries to touch it with his paws. He directs the viewer's gaze to the Chinese New Year lantern and thereby expresses a part of Chinese culture, here at this point with the particularly important New Year Festival that this year is under the sign of the rabbit. In the lower part of the medal is the writing "Commemorative Panda Berlin Special Exhibit" in Chinese and English for the occasion of issue.

from 1910 to 1930, as it was delayed by the First World War and the inflation of 1922/1923. The three-wing building is home to the Collection of Classical Antiquities with the Pergamon Altar, the Museum of the Ancient Near East with the Ishtar Gate of Babylon, and the Museum of Islamic Art. The Pergamon Museum is currently closed for extensive renovation work, which is scheduled to be completed in the first quarter of 2023. Annually, the museum records over 800,000 visitors.

2) King Eumenes II

Eumenes II, born 221 BC, died 158 B.C., was king of Pergamon from 197 BC until his death. As a confederate he supported the Roman Empire in the war against the Seleucid king Antiochos III. In the peace of Apameia he received almost the whole Seleucid Asia Minor up to the Taurus. With the help of the Roman Empire, Eumenes II won victories against the Galatians, King Prusias I of Bithynia, and the Macedonian king Perseus.

Under Eumenes II, the great benefactor, the Pergamene Empire flourished. During his reign, Pergamon developed into a cultural center of the Hellenistic world. Pergamon was the seat of one of the most important libraries of the time and promoted Greek culture through foundations to Athens, Delphi and Rhodes. Furthermore, Eumenes II endowed the victory festival of Nikephoria and ordered the erection of the monumental Pergamon Altar.

3) Pergamon Altar

The Pergamon Altar is a monumental altar and, according to the latest findings, was erected between 166 B.C. and 156 B.C. under Eumenes II on the castle hill of the Asia Minor city of Pergamon. The altar did not result as a concrete event from a military victory, but was rather a general victory mark of the Pergamans and of Eumenes II over the Gauls, the Seleucids and the Macedonians. The reconstruction of the Pergamon Altar with the original friezes can be seen in the specially built Pergamon Museum in Berlin. The altar was originally 35.46 meters wide and had a depth of 33.40 meters. The width of the staircase to the altar measured almost 20 meters. On the high relief of the pedestal is depicted the battle of the giants against the Greek gods. A frieze on the courtyard walls tells the legend of Telephos, the mythical founder of Pergamon, in a cycle of reliefs. In 1878, Carl Humann began excavating the altar fundament and the altar friezes. The Turkish government approved a transfer of the found fragments to Berlin. The thousands of individual pieces were reassembled by restorers in Berlin. Individual smaller frieze pieces are still in Turkey. The Pergamon Altar is the most famous exhibit in the Collection of Classical Antiquities on the Museum Island. The already gigantic Pergamon Altar itself does not represent an independent temple, but was probably the altar for the Temple of Athena. The form of the presentation of sacrifices can only be conjectured. Perhaps thighs of sacrificial animals could have been burned or the altar served for the offering of sacrifices in the form of incense, fruit and wine. It should be said that the Pergamon Altar still poses a riddle to researchers today. Until

today, no fundamental theory had been accepted about the builder, the date of construction, the occasion and the purpose of the altar. The Pergamon Altar was most likely colorfully painted in ancient times.

A passage of John's Revelation refers to the Pergamon Altar, which is here even supposed to stand for the throne of Satan. The shape of the altar perhaps makes one think of a large throne with armrests.

The Pergamon Altar is considered by many scientists to be the eighth wonder of the ancient world, and here they agree with the Roman writer Lucius Ampelius. In his notebook, in the section on the wonders of the world, he mentioned the marble altar of Pergamon, with a height of 40 feet, large sculptures and the battle of the Greek gods led by Zeus, the father of the gods, with the giants.

世界錢幣展覽會

暨2023年柏林展會熊貓紀念章

2023年第50屆世界錢幣展覽會預告

許多收藏家肯定已經期待着這一時刻的到來——我們終於 再次迎來了一個正式的錢幣展，將有近250家來自世界各地 的參展商前來參展。

已經推遲了兩次的第50屆世界錢幣展覽會將於2023年2月3 日（星期五）向錢幣界敞開大門。展會將在柏林埃斯特雷爾 會議中心舉行，該中心已被擴建為一個現代化的附屬建築。

本屆世界錢幣展覽會為期三天，於2023年2月5日結束。在 展覽會前夕，昆克拍賣將舉行一次拍賣會。展會期間，觀眾 可以參觀技術和媒體論壇，瞭解所有最新信息。預計將有 超過1萬名遊客參加這場在柏林舉行的世界上最大規模的錢

幣展。來自世界各地的收藏家們終於可以再次見面，一起探 索。展覽會上有各種各樣的機會，比如可以買到一些便宜貨、 有值得一看的活動，還有就在埃斯特雷爾酒店眾多餐廳中 的某一間舉行的聯合晚會。

就我個人而言，我星期六將全天在現場，並可與大家進行 討論。對於所有其他不能來柏林的人，我將發表一篇關於 本屆展覽會的觀感文章。

遺憾的是，目前的高通貨膨脹並沒有停止，因此除了埃斯特 雷爾酒店標準間每晚約250歐元的住宿費用外，門票費用也 有所增加。觀眾可以在網上提前訂票，這樣可以享受12歐元 的優惠價格。網上訂票的觀眾必須將門票列印出來，並攜 帶至展會。總的來說，世界錢幣展覽會已經變得更加數位化， 收藏者可以在官方主頁上找到大量的信息。此外，世界錢幣 展現在也在社交媒體上進行展示，從而吸引新的對展會感 興趣的人。參展商名單已在網上公佈，幾乎所有的國家造幣 廠都有參加。

我希望各位在2023年世界錢幣展覽會上能獲得更多的快樂 和成功！

2023年世界錢幣博覽會熊貓紀念章

1. 2022年柏林世界錢幣展覽會熊貓紀念章

柏林世界錢幣展覽會熊貓紀念章自2022年開始可在昆克線 上商店購買。2022年的熊貓紀念章共有兩種不同的版本。1

盎司銀質版紀念章的發行量只有200枚，發行價為89歐元， 在幾分鐘內就全部售罄，再銷售時的價格約為200歐元，在

德國以外的價格甚至高達400歐元。8克銀質紀念章的發行

量為300枚，發行價為39歐元，完售時間較1盎司稍長一些。 其在二級市場上的價格已經穩定在70歐元。然而，這兩款 紀念章實際上都有價無市，因為這些紀念章幾乎都到了收 藏家手中。

在2023年世界貨幣博覽會開始後，新的官方柏林熊貓紀念 章可以在昆克展位購買。儘管此前的熊貓紀念章均迅速售 罄，此次的鑄幣量並沒有增加。1盎司的銀質紀念章鑄造量 仍為200枚，8克的銀質紀念章則減少到200枚。

2. 2023年世界錢幣展覽會熊貓紀念章細節

官方授權的2023年世界錢幣展覽會熊貓紀念章由代表着最 高標準和卓越品質的上海新世紀造幣有限公司製造。這家 造幣廠已經受託製造了許多不同的熊貓紀念章，這些紀念 章當然也可以由NGC進行評級。首打儀式已於2022年12

月9日舉行。2023年世界錢幣展覽會熊貓紀念章由原上海造 幣有限公司高級工藝美術師余敏精心設計，冠軍拍賣發行。 2023年的熊貓紀念章有金、銀、銅鍍金三種材質。每種貴 金屬紀念章的純度都是99.9%。與前一年相比，各規格紀念 章的總發行量顯著減少。50克金章和銀章發行量將可從美

3. 2023年世界錢幣展覽會熊貓紀念章正面

紀念章正面圖案是兩只可愛的熊貓。背景是有着許多不同類 型樹木的德國森林。場景兩側是中國建築風格的木門。在 紀念章的上部，有一個中國燈籠掛在大門的中間，呈現出幻 彩效果。這個燈籠上寫着“Happy rabbit year”（兔年快 樂），還寫有一個“兔”字。兔子是中國十二生肖中的第四種 動物。癸卯兔年於2023年1月22日開始。許多歐洲收藏家是

在2020年舉行的上一屆現場錢幣展覽會上，這兩種規格的 熊貓紀念章鑄造量均是500枚。2020年熊貓錢幣展的發行 量對現有收藏家的需求來說太高了，所以2022年的發行量 減少了，這導致了熊貓紀念章價值的大幅增長。在即將到來 的2023年展覽會上，其鑄造量又進一步減少，而且並非所 有的紀念章都會在現場發行。在美國，有主要的經銷商已 經預訂了一些1盎司銀質紀念章，並在將其提交NGC評級 後以400美元的價格出售。對於收藏家來說，另一個關鍵點 是，熊貓紀念章肯定會在展會上吸引觀眾的眼球，他們會 把它當作柏林展會的紀念品，從而爭奪了市場。價格的急劇 上升也吸引了一些幣商的注意，如果有可能的話，他們會買 下所有可供交易的2023年柏林展會熊貓紀念幣。我猜，在 世界錢幣博覽會開幕當天，許多收藏家可能將空手而歸，而 網上拍賣很快就會出現200歐元的價格。

國的經銷商GovMint購買。GovMint出售的紀念章將經 NGC評級，售價略高。鑒於往年的情況，預計GovMint 的紀念章將再次出現快速售罄的局面。在2023年世界錢幣 展覽會上，8克和1盎司的銀章將在昆克拍賣的展位上以首發 價格出售。銅鍍金、1盎司金和16克銀等規格的熊貓紀念章 可直接向冠軍拍賣購買。除了表中所示的發行量外，每種紀 念章之多生產了5枚樣章。2023年柏林世界錢幣展紀念章的 正式發售時間定於2023年2月3日上午10:00。

通過每年帶有不同農曆元素的錢幣第一次瞭解到中國的曆 法。

欣賞這枚紀念章，就仿佛透過大門置身於一個遙遠而美妙 的世界。兩只中國大熊貓生活在德國森林中，從而象徵性 地代表了兩種文化的聯繫和兩國深厚的友誼。右邊的熊貓

充滿好奇地探索着周圍的環境，滿心歡喜地學到了很多新 東西。左邊的熊貓在憨態可掬地玩耍。它發現了中國燈籠， 並試圖用爪子去觸摸它，觀眾的目光引向表現中國文化的新 年燈籠。而此時此刻，正值特別重要的新年佳節來臨之際， 2023年的生肖是兔。紀念章的下面是中英文“紀念熊貓柏 林特別展”字樣。

4. 2023年世界錢幣博覽會熊貓紀念章反面

紀念章背面圖案描繪了佩加蒙祭壇，它位於柏林的佩加蒙博 物館。主景是佩加蒙國王歐邁尼斯二世（King Eumenes II）的半身像，並採用鍍金工藝。

背景是象徵榮耀的橄欖枝花環。世界錢幣展覽會的官方標 誌在右側，其下是中文“柏林世界錢幣展覽會”字樣。紀念 章的底部是發行年份“2023”。

1）佩加蒙博物館

該博物館位於柏林米特區。它是博物館島建築群的一部分， 因此是聯合國教科文組織的世界遺產地。該博物館由威廉

二世皇帝委託，由阿爾弗雷德·梅塞爾於1907年至1909年 設計，採用新古典主義風格。工程從1910年持續到1930年， 因為第一次世界大戰和1922年至1923年的通貨膨脹，工程 被推遲了。這座三翼建築是藏有佩加蒙祭壇的古典古物收 藏館、擁有巴比倫伊什塔爾門的古代近東博物館和伊斯蘭 藝術博物館的所在地。佩加蒙博物館目前正處於關閉狀態， 在進行大規模的翻新工程，計劃於2023年第一季度完成。

該博物館每年吸引超過80萬名參觀者。

2）國王歐邁尼斯二世

歐邁尼斯二世，生於公元前221年，逝世於公元前158年， 從公元前197年起繼任佩加蒙國王，直到去世。他曾作為同 盟，在反對塞琉古國王安條克三世的戰爭中支持羅馬帝國。

安條克三世被迫簽下阿帕米亞和約，使塞琉古帝國割讓小 亞細亞給羅馬的盟國。在羅馬帝國的幫助下，歐邁尼斯二世 贏得了對迦拉太人、比提尼亞國王普魯西亞斯一世和馬其頓 國王珀爾修斯宣戰的勝利。

在歐邁尼斯二世的領導下，佩加蒙帝國蓬勃發展。在他統 治期間，佩加蒙發展成為希臘化世界的文化中心。佩加蒙是 當時最重要的文庫之一，向雅典、德爾斐和羅德島推廣希 臘文化。此外，歐邁尼斯二世還為“尼刻弗裏亞”勝利慶典，

還下令建造巨大的佩加蒙祭壇。

3）佩加蒙祭壇

佩加蒙祭壇是一個不朽的祭壇。根據最新的發現，它是在 公元前166年至156年之間，在小亞細亞城市佩加蒙的城堡 山上，由歐邁尼斯二世下令建造的。聖壇並不是軍事勝利 的具體結果，而是佩加馬人和歐邁尼斯二世對高盧人、塞 琉古人和馬其頓人作戰的勝利標誌。在柏林專門建造的佩 加蒙博物館裏，可以看到重建的佩加蒙祭壇和原來的壁畫。 祭壇原寬35.46米，深33.40米。通往祭壇的樓梯寬度近20 米。基座上用高浮雕描繪了巨人與希臘諸神的戰鬥。庭院 牆壁上的一幅浮雕講述了佩加蒙神話中始祖泰勒弗斯的傳 說。1878年，卡爾·胡曼（Carl Humann）幵始對位於土 耳其西海岸的佩加蒙古城進行發掘。土耳其政府批准將發 現的碎片轉移到柏林。數以千計單獨的碎片由柏林的修復師 重新組裝。個別較小的門楣碎片仍在土耳其。佩加蒙祭壇 是博物館島的古典文物收藏中最著名的展品。這座十分巨 大的佩加蒙祭壇本身並不代表一個獨立的神廟，而可能是雅 典娜神廟的祭壇。獻祭的形式現僅有猜測，也許是焚燒祭 祀動物的大腿，或者以水果和酒的形式提供祭祀。應該說， 佩加蒙祭壇對研究人員而言，至今仍是一個謎題。直到今 天，尚未有關於祭壇的建造者，建造時間、場合和目的的基 本理論被廣泛接受。佩加蒙祭壇古時很可能是彩繪的。

約翰的《啟示錄》中有一段提到了佩加蒙祭壇，它在這裏甚 至被認為是代表撒旦的寶座。祭壇的形狀也許確實會讓人 想到一個有扶手的大寶座。

佩加蒙祭壇被許多科學家認為是古代第八大奇跡。他們同 意羅馬作家盧修斯·安佩裏烏斯（Lucius Ampelius）的觀 點——他在筆記本中關於世界奇跡的部分提到了佩加蒙的大 理石祭壇高40英尺，帶有描繪着眾神之父宙斯領導的希臘 諸神與巨人的戰鬥的大型雕刻。

《 《 50th

World Money Fair Berlin 2023 - Review

◎ Oliver Strahl〔Germany〕

Finally,thecoinfairisbacktoBerlin!

Already last year, the Summer World Money Fair started as a presence event, which, however, could not completely convince. Looking back, this year's fair was all the more successful. Due to personal circumstances, we were only on site for the whole day on Saturday and here only with the standard tickets. We arrived in Berlin on Friday evening, the weather was a bit stormy, but the mild winter meant well and the streets were free of snow. In the reception hall of the Estrel Hotel we checked in, the overnight stay cost exactly €200.

As our gaze wandered towards to the coin show, there came a sense of wonder and a smile at the same time. The ticket sales were elaborately decorated, the 50th World Money Fair was displayed on all monitors and the entrance to the fair itself was festively designed for the anniversary fair. Many visitors, exhibitors and dealers came to meet us nobly dressed. From that point on, we knew the coin fair had returned in its perfect glory. After unloading our luggage, we made ourselves comfortable in the hotel's own bar with a cold beer. Thereby we had

conversations with an old collector friend and as usual from the years before, it was mainly about numismatics. Praiseworthy mention should be made at this point of the very polite nature of the staff of the Estrel Hotel.

On Saturday, as on the other days, the fair opened its doors punctually at 08:00 a.m. for the trade visitors. The ticket required for this for the trade visitor cost €100 for all three days together and enabled the early search and dealing of coveted coins or served the queuing for a special new issue. Half an hour before the official start of the fair, hardly any visitors were present. This changed shortly before the opening at at 10:00 a.m., here the complete entrance area was finally overrun. After the ticket was digitally scanned, the long-awaited visit to the fair began.

After admission, many collectors ran at top speed to the main hall to get hold of limited fair releases. Of the usual 350 exhibitors, about 300 were present. The resulting free space was cleverly compensated with slightly wider aisles and additional meeting areas. The total number of visitors to the fair was only

slightly less than in previous years. For the upcoming World Money Fair 2024, despite some price increases for exhibitors and visitors, I am sure that the fair will resume to the times before Corona.

Many of the additional side events have been cancelled due to some uncertainties that still existed in the run-up, including the famous Coin of the Year Award Ceremony. The COTY award ceremony, for the most innovative coins of a minting year, will not return to Berlin until 2024. Most exhibitors had carried over their presentation booth from 2020, or in some cases reduced it in size. The booth of the Chinese mint was taken over by MDM as a representative. No particular country was represented as a special guest of honor at the anniversary fair this time. For the next fair, France will appear with this title. The universally appreciated souvenirs in the form of giveaways were mainly available on Friday, and from Saturday onwards the rest were distributed under the table.

In the main hall there were some interesting points of contact for the numismatist, where the greatest haste was required. For next year many visitors will therefore plan a fixed sequence. The longest queue formed in front of the Belgian mint, which had the 2023 "shrimp croquettes" coin set on offer for €25 (auction proceeds up to €200). The acquisition of the Belgian Euro coin set was almost exclusively possible only by early admission in connection with the trade visitor ticket. Right on the opposing side was the Euro coin set from the Netherlands, which was also offered for €25 (auction proceeds up to €145). The latest 2023 coin set from Japan for the World Money Fair, with a lunar medal for the Year of the Rabbit, was already available for €20 (auction proceeds up to €125). The colored fair Kookaburra from the Perth Mint Australia was offered for €67 (auction proceeds up to €160) and could only be purchased with an existing credit card. The lowest-priced 1 oz silver coin Bull & Bear from Tokelau was offered for €25. A much soughtafter gift came from the mint of France, which had distributed a medal with the motif for the 50th anniversary of the World Money Fair free of charge. At the Professional Association of the German Coin Trade (Berufsverband des Deutschen Münzenfachhandels e.V.), each visitor was given a 10-cent coin of the new euro-issuing country Croatia.

What slipped under the radar of some visitors to the fair was the release of the officially licensed World Money Fair Berlin Panda of the current year 2023. By the strongly limited and additionally lowered mintage to only 200 pieces, in contrast to the 2020 release with 500 pieces, this year's Show Panda Medal represents the highlight of the series. In this complete series, the 2023 Show Panda, with all of its various mint variants, has the lowest total mintage to date. For the 2024 World Money Fair, the mintage quantity of the Show-Panda-Medals will increase to 300 pieces. Based on my previous article on the fair panda in the social media, which at the same time had spread in leading German collector forums, the interested collector could well prepare for a purchase. Our readers were on site on Friday at the booth of the auction house Kuenker and got here per person, due to an existing sales limit, up to two of the popular Show Panda Medals. Almost record-breaking, the 1 oz silver fair panda for €99 (auction proceeds up to €300) was completely sold out in less than three hours. The sell-out of the 8-gram silver variant for €45 (auction proceeds up to €189) followed on Saturday shortly after the start of the fair.

During the fair, many visitors asked dealers if they might still have a piece of the sold-out Show-Panda-Medal on sale. Collectors of Chinese numismatics expect a very stable price trend. The overwhelming success of the Berlin Show Panda has significantly increased the auction prices of the previous releases and even the Munich Show Pandas, which date back to the 1990s. We will soon be able to offer a few pieces of the current Show Panda variant in copper-gilt exclusively at the first issue price.

The anniversary coin pass for visiting the various issuing countries at the fair was available for €10. Each holder received a circulation coin from the mints and additionally a stamp into the collection album.

At the fair, in addition to the mints, there were also numerous coin and banknote dealers with their assortment. Coins for a bargain price were hardly to be found. The selection of Chinese coins and medals was also vanishingly small. At one booth, I spotted an inferior cast counterfeit of the 1988 "40th Anniversary of the People's Bank" 1-yuan coin. According to

the dealer's erroneous statement, this coin had probably been in circulation for some time, but then immediately disappeared from the exhibition table. Wealthy numismatists have stocked the dealers' tables with countless bundles of money for rare coins. This prosperity and the valuable coins attracted an Arab clan, which, according to a police report, took a closer look. Presumably, therefore, the 2024 World Money Fair will be topped up quite a bit in terms of security.

The Technical Forum was placed in the new Auditorium building. The Auditorium was freely accessible and left a lasting impression with its modern design. Altogether for exploring, the Estrel Congress Center now offers a proud 30,000 square meters of exhibition space. The air-conditioned technic hall was almost empty at the time of our visit, apart from the exhibitors present. This could be improved in the future with a visitor magnet.

Graded coins from NGC or PCGS are now more and more common in Berlin. The eye-catching booth of NGC was always highly frequented, in contrast to the somewhat hidden booth of PCGS. For rare coins and for an international trade, independent grading in Europe is becoming more significant every year. Among young up-and-coming collectors, who are not infrequently successful influencers with thousands of followers, the term "grading" has become very familiar. Especially trading cards and video games with a perfectly graded result represent an absolute highlight in any collection in terms of quality and the resulting value. This general development affects the local coin market and finally replaces the last long-held doubts.

In addition to the show, there were other events to which special invitations were issued. Here, among other things, it goes with state mints to the respective country embassy or to a fancy dinner. I would be only too happy to tell you about such an event.

On Saturday after the fair at 6:00 p.m., NGC International GmbH together with eBay GmbH and Greysheet Publications hosted a joint Meet & Greet evening. The reception was held with a glass of sparkling wine and snacks were served. The

event was very successful and extremely exciting. We met many new collector friends here and couldn't stop talking shop about coins.

I found the conversation with Mr. Thomas Pollandt, the owner of Munich Zoo in Berlin, extremely fascinating. Through his long-standing passion for coins, he has accumulated an incredible amount of knowledge over the decades, which he gave us an insight into in his natural and friendly manner.

Incidentally, the year 2023 not only held the 50th anniversary of the World Money Fair, but also offers a whole range of other special occasions. NGC International GmbH celebrates its 10th anniversary in Germany and our Facebook group "NGC Grading & China Coins" also marks its 5th anniversary.

I was amazed recently that we now reach nearly 50,000 readers worldwide through our Facebook group, the Journal of East Asian Numismatics, and through publications with independent press outlets. With my enthusiasm for our shared hobby of numismatics, I will try as long as possible to pass on our fascination with collecting and grading.

After the years with Covid are overcome, the next worldfamous fair is coming up on the 4th of March 2023 - the Numismata in Munich. Of course, I will report about it here.

第50屆柏林世界錢幣展覽會回顧

◎ 奧利弗·斯特拉爾〔德國〕

錢幣展覽會終於回到柏林了!

夏季世界錢幣展覽會在2022年以線上活動的形式展開，但 這並不能讓人完全相信世界展會真的已經回來了。回顧2023 年的展會，我們感到它舉辦得更加成功。由於自身的情況， 我們只有週六在現場待了一整天，而且只使用了普通票入場。

我們於週五晚上到達柏林，天氣略帶有些暴風雨，但還好 這是一個暖冬，街道上沒有雪。我們埃斯特雷爾酒店的大 堂辦理了入住手續，一夜的費用正好是200歐元。

當我們看到錢幣展時，都產生一種驚喜感。售票處經過了精 心的裝飾，所有顯示幕上都顯示了“第50屆世界錢幣展覽會”

字樣，展覽會的入口進行了周年慶典樣的裝飾設計。許多參 觀者、參展商和幣商都身着盛裝前來迎接我們。從那一刻 起，我們知道錢幣展覽會已經以其完美的姿態回來了。我們

卸下行李後，在酒店自營的酒吧裏舒服地喝了一杯冰啤酒。

然後我們與前幾年一樣，與一位老收藏家朋友進行了交談， 內容主要是關於錢幣學。值得一提的是，埃斯特雷爾酒店 的工作人員都非常有禮貌。

2023年的展覽會和往年一樣，在星期六上午8點準時為貿易 觀眾開門。三天展會期間，貿易觀眾所需支付票價都是100 歐元，他們可以提前搜索相關信息，交易令人垂涎的錢幣， 或是為特別的新發行錢幣排隊。在展會正式開始前半小時， 幾乎沒有任何參觀者到場。但在上午10點開幕前不久情況發 生了變化，這裏的整個入口區終於被擠滿了。人們在掃描門 票後，便可以開始期待已久的參觀了。

許多藏家入場後便以最快的速度跑到主廳，以購買限量發 行的展覽會紀念幣。通常展會會有350家參展商，此次約有 300個參展商到場。由此產生的空餘空間巧妙地稍稍拓寬了

通道和額外的會議區域。參觀展覽會的總人數僅比往年略 少。儘管對參展商和參觀者來說，為時不遠的2024年世界 錢幣展覽會錢幣行情將略有漲價，但我相信展會盛況將恢 復到新冠之前的時代。

由於在展會籌備階段仍然存在一些不確定性，包括享有盛 譽的世界硬幣大獎賽頒獎典禮等諸多額外的活動均被取消。 為一年中最具創新力的錢幣而舉行的世界硬幣大獎賽頒獎 典禮要到2024年才會在柏林舉行。大多數參展商從2020年 開始保留了他們的展示攤位，或者在某些情況下縮小了展位 的規模。中國造幣廠的展位被MDM代表接替。這次沒有 特定的國家作為特別榮譽嘉賓出現在展會上。而法國將作 為下一屆展覽會的榮譽嘉賓出席。展會紀念品主要在星期五 發放，而剩餘的紀念品將從週六開始私下發放。

藏家一旦在展廳裏看到一些熱鬧有趣的展位，便蜂擁而至。 因此，許多遊客明年將計劃按照個固定的順序參觀。比利 時造幣廠展位在出售一套2023年“炸蝦丸”紀念幣，售價為 25歐元（拍賣價最高達到過200歐元），因此展位前排起了最 長的隊伍。要想買到這套錢幣，幾乎只能通過貿易觀眾的 提前入場資格來實現。比利時展位正對面的是荷蘭的展位， 這裏的歐元套幣也是以25歐元的價格出售（拍賣價最高達到 過145歐元）。日本也為世界錢幣展覽會推出了最新的2023 年兔年主題紀念章，以20歐元的價格出售（拍賣價最高達到 過125歐元）。還有澳大利亞珀斯造幣廠的彩色笑翠鳥錢幣 售價為67歐元（拍賣價最高達到過160歐元），但只能用現 有的信用卡購買。售價最低的“公牛與熊”1盎司銀幣來自 托克勞，售價為25歐元。法國造幣廠帶來了一份備受追捧的 禮物——他們在免費發放帶有世界錢幣展覽會50周年紀念 圖案的紀念章。德國錢幣貿易專業協會則向每位參觀者贈送 了一枚新近歐元發行國克羅地亞的壹角錢幣。

一些參觀者沒有在展會上注意到2023年柏林世界錢幣展覽 會官方授權發行的熊貓紀念章。這款熊貓紀念章與2020年 發行的500枚相比，其發行量非常有限，而且還降低到只有 200枚，成為該系列的一大亮點。2023年展會熊貓紀念章 各個規格的發行量在這個完整的系列中都是迄今為止最低 的。在2024年的世界錢幣展覽會上，展會熊貓紀念章的發 行量將增加到300枚。根據我之前在社交媒體上發表的關於 展會熊貓紀念章的文章，和德國主要的藏家在論壇上的宣 傳，感興趣的藏家可以很順利地購買到。我們的讀者週五

前往了昆克拍賣行的展位現場，由於現有的銷售限制，每人 在這裏最多可以買到兩枚這種很受歡迎的展會熊貓紀念章。

99歐元的1盎司銀質展會熊貓紀念章（拍賣價最高可到300歐 元）在不到3個小時內便已售罄，幾乎打破了銷售紀錄。週 六展會開始後不久，售價45歐元的8克銀幣（拍賣價最高可 到189歐元）也被搶購一空。

許多參觀者在展會期間都會詢問幣商，他們是否還有已經售 罄的展會熊貓紀念章在出售。中國錢幣藏家期待展會熊貓 紀念章將有非常穩定的價格趨勢。柏林展會熊貓紀念章的 大獲全勝使以前發行的熊貓紀念章，甚至是90年代的慕尼 黑展會熊貓紀念章的拍賣價格大幅上升。我們很快也能以首 發價格獨家提供幾枚2023年的銅鍍金熊貓紀念章。

面向參觀者的“各國周年紀念幣護照”售價在為10歐元。每 位持有者都可以在各國的造幣廠展位領到來自各鑄幣廠的流 通錢幣。“護照”中附有一枚郵票。

造幣廠外，還有許多硬幣和紙幣經銷商帶着他們的錢幣前 來展會。這裏幾乎找不到便宜的錢幣，可供銷售的中國錢 幣和紀念章也少得可憐。在一個展位上，我發現了一枚1988 年“中國人民銀行成立40周年”壹圓紀念幣的劣質假幣。根 據幣商的錯誤說法，這枚錢幣可能已經流通了一段時間，但 隨後立即從展覽桌上消失了。富有的錢幣藏家們在幣商處擲 重金購買稀有錢幣。這種繁榮的選購場面和珍貴的錢幣吸引 了一個阿拉伯部族。根據警方稱，他們仔細觀察了這個部族。 因此，據推測，2024年的世界錢幣展覽會在安全方面會有 相當大的提升。

技術論壇在新的禮堂大樓內舉行。禮堂可以自由出入，其現 代設計給人留下了深刻的印象。總的來說，伊斯特雷爾會議 中心現在提供了一個令人驕傲的3萬平方米的展覽空間以便 觀眾探索。在我們參觀時，裝有空調的技術大廳幾乎空無

一人，只有參展商在場。展會方未來可以通過吸引訪客的方 法來改善這一點。

NGC或PCGS的評級錢幣現在柏林越來越常見。NGC的 展位與PCGS有些隱蔽的展位相比更加醒目，總是有很多 人光顧。對於珍稀錢幣和國際交易來說，獨立評級在歐洲 逐年變得更加重要。現在年輕的藏家通常都是成功且有影響 力的人，擁有數千名粉絲，他們對“評級”一詞已經非常熟 悉。特別是在交易運動卡和電子遊戲的過程中，如果賣品有 完美的評級結果，其品質和價值都代表是任何收藏中的絕 對亮點。這種廣泛的發展影響了當地的錢幣市場，並最終 打消了對其長期存在的疑慮。

展會現場除了展出之外，還有其他一些會發出邀請的特別活 動，比如與國家造幣廠一起去各自國家的大使館或參加豪華 晚宴。我非常樂意再次分享這樣一場活動。

在展會結束後的週六下午6點，NGC與eBay、Greysheet 出版社共同舉辦了一場“Meet & Greet”主題聯合招待會。 大家在招待會上喝了一杯起泡酒，還吃了點心。這次活動非 常成功，也非常令人興奮。我們在這裏遇到了許多新的藏家 朋友，並不停地討論錢幣。

我發現與柏林Muenzen am Zoo商店店主托馬斯·博蘭德 先生（Thomas Pollandt）的談話非常吸引人。他對錢幣 極具熱情，幾十年來積累了大量的知識，並以其自然和友好 的方式讓我們瞭解了這些知識。

順便說一下，2023年不僅舉行了世界錢幣展覽會50周年紀念 活動，而且還有一系列其他的特殊紀念活動，如NGC在德 國10周年，我們的臉書小組“NGC評級與中國錢幣”也迎 來了成立5周年的紀念。

最近我很驚訝，通過我們的臉書群、《東亞泉志》以及獨立 媒體的出版物，我們現在全球有近5萬名讀者。憑着我們對 錢幣的共同愛好和熱情，我將盡可能的通過長時間地努力把 對收藏和評級的熱愛傳遞下去。

在疫情之後，下一個世界著名的博覽會將於2023年3月4日 到來——那就是慕尼克錢幣展。當然，我也將在這裏進行 報道。

Winter 2023 FUN Show Proves that the Numismatic Market Is Hopping in the Right Direction as We Enter the Year of the Rabbit

◎ J. Matthew Brotherton〔USA〕

Greetings and Happy New Year to all as we start another year and hopefully have put the Covid pandemic behind us for good!

It is with high spirits that I report the 2023 Winter Florida United Numismatists ("FUN") show was a success continuing the streak of very active major coin shows in the post-Covid restriction era. The 68th Annual Winter Fun Show took place from January 5-8 at the Orange County Convention Center and proved for dealers and collectors alike that the numismatic and collectibles market continues in an upward trajectory as we kick off 2023!

As the annual bellwether numismatic show, the 2023 Winter Fun Show was another sellout with over 600 dealer booths from all over the world and was attended by thousands of collectors over the four day event. The theme for this year's show was "Exploring Space: Next Stop Fun 2023" and featured special participation by the Astronauts Memorial Foundation. A space exploration-themed limited-edition note featuring Artemis 1 (part of NASA's new Artemis Program to put humans back on the moon) was produced specifically for the show in which the proceeds go to help honor fallen astronauts and their families

as well as develop and fund STEM (science, technology, engineering, and math) programs for our youth. Once again, I set up for the Fun Show with Rick Stelzer (Stelzer Collectibles of Sarasota, Florida), Michael Chou (President of Champion Auctions), Glen Jorde (Lake Region Coin & Currency of Devil’s Lake, ND), Michael Corley, a 20 year grader at NGC

Rich and Chen Shitong of Beijing

From left: Rick Stezler, Michael Corley, Matthew and Brotherton David Camire of NCS

From left: Matthew Brotherton, Michael Corley, Glen Jorde, and Michael Chou at Winter 2023 FUN show

and their former Director for Modern Chinese Coin grading, Ron Dickenson (Dickenson Collectibles of Abingdon, Virginia), and Mark Kingsley, a bullion dealer from Fargo, North Dakota.

I am pleased to report that our own Glen Jorde was named a 2023 Numismatic Ambassador as sponsored by the Florida United Numismatists. Glen received this very prestigious lifetime achievement award in the numismatic industry at a breakfast ceremony held at this year's Winter FUN Show, and the award was well deserved as Glen has committed nearly 50 years to the industry we all enjoy.

Overall, many of the coin and currency dealers at the show were extremely pleased with the collector attendance and sales for the show. The high global demand for precious metals continues to dominate the market, leading to strong bullion sales. High grade vintage gold and silver coins, and key date U.S. type coins continue to be sought after by collectors. For currency collectors, better grade large size federal paper money and large denomination currency continue to be in high demand and lead the sector. For international coins and currency, vintage Chinese gold, silver and early copper coins continue to be the most requested by customers at the Winter Fun Show. As for international modern coins, I noticed the Space Panda coin in its unique Lunar Landing display case caught the eye of many spectators before being sold. For international currency, vintage Chinese notes continue to be the most requested amongst collectors as well as currency depicting younger images of the late Queen Elizabeth II which have increased in demand since her passing away. This year's Platinum and Signature Heritage Auctions held at the FUN show contained numismatic treasures from the Harry Bass Collection. These auctions were highlighted by the sell of a 1795 Nine Leaves Ten Dollar US Gold piece (graded MS63+ by PCGS with a CAC sticker), the rarest and most popular of all the Capped Bust Right, Small Eagle ten dollar gold pieces that realized $3,360,000, setting a world record for such a coin by more than $2.3 million. In the same auction, a Justh & Hunter Gold Ingot, the largest S.S. Central America ingot ever offered at auction realized $2.16 million…, which was not bad either.

auctions, collectors meetings, events for young numismatists such as panning for gold, scout merit badge programs, and other events were featured at this year's show. The United States Mint had a booth displaying their new products and there was a spider press exhibit showing how money was printed over one hundred years ago which was very educational. The FUN Show always has an exceptional display of numismatic exhibits and this year's "Best of Show" award went to an exhibit featuring "Early Republic of Mexico Half Escudo Gold Coins 1825-1870" by Brett Irick. The People's Choice Award for best exhibit went to Steve Feiertag's "A Unique Indian Cent Set Collection" highlighting rare and unusual error coins in the popular US Indian cent type series. The best paper money exhibit was "US Postal Notes of 1883 to 1894, the Little Known Offspring of Fractional Currency" by Kent Holland. My personal favorite exhibit was by a young numismatist, Natalie Courtney entitled "Queen Elizabeth's Changing Portrait in Coins" and followed the popular Queen Elizabeth II’s evolving mark on international coins throughout her lengthy reign as Great Britain's Queen.

In summary, this year’s Winter FUN Show was another success and all signs point to another strong year for the numismatic industry in 2023 as precious metal sells and demand continue to drive the market. If you ever get a chance to attend a Winter FUN Show I highly recommend it for anyone who enjoys numismatics as there something there for everyone, and the warmer weather in Florida makes for a nice vacation for many living in colder weather areas. I want to wish all our readers overseas a Happy Year of the Rabbit, and I look forward to seeing my good friends, Michael Chou, Jeffrey Wai, and others at Champion 2023 Macau Auction and Macau Numismatic Society Annual Expo. Until next time, I wish you all the best in your numismatic pursuits and have a prosperous 2023!

This Winter FUN Show offered a wide variety of activities for collectors of all ages besides just buying and selling numismatic collectibles. Grading service appraisals, educational seminars,

大家好，新年快樂！我們又開始了新的一年，希望我們可以 從此把新冠大流行病拋諸腦後。第68屆佛州冬季錢幣展於 2023年1月5日至8日在奧蘭治縣會議中心舉行。我在此很高 興的向諸位彙報，此屆佛州冬季錢幣展在後新冠時代仍然 是非常活躍的大型錢幣展會，並取得了圓滿成功。這場展會 向幣商和藏家們證明了，錢幣和收藏品市場在2023年開年 繼續處於上升軌道。

作為一年一度風向標式的錢幣展，2023年佛州冬季錢幣展 又一次引起了人們的關注，有來自世界各地的600多個幣商 展位。在四天的活動中，有成千上萬的藏家參加。展會的 主題是“探索太空：下一站2023年佛州冬季錢幣展”，並 且有宇航員紀念基金會的特別參與。展會專門製作了以太 空探索為主題的限量版紙幣。該紙幣以阿特米斯1號（美 國宇航局新的阿特米斯計劃的一部分，旨在讓人類重返 月球）為主設計，其收益將用於幫助犧牲的宇航員及其家 人，並為我們的青少年提供（科學、技術、工程和數學學科 領域的）發展和資助計劃。我再次與佛羅里達州薩拉索塔 斯特拉爾收藏品公司（Stelzer Collectibles of Sarasota, Florida）的瑞克·斯特拉爾（Rick Stelzer）、冠軍拍賣總 裁周邁可、北達科他州湖區硬幣與貨幣公司（Lake Region

Coin & Currency of Devil's Lake）的格倫·喬德（Glen Jorde）、在NGC工作了20年的評級師及原NGC中國現代 錢幣總評級師麥克·考利（Michael Corley）、佛吉尼亞州 阿賓登市迪克森收藏品公司（Dickenson Collectibles of Abingdon, Virginia）的羅恩·迪肯森（Ron Dickenson） 和來自北達科他州法戈的金銀交易商馬克·金斯利（Mark

左起：本文作者馬修·布拉澤頓、原 NGC 中國現代錢幣總 評級師麥克 考利（Michael Corley）、PMG 創辦人之一

的格倫·喬德（Glen Jorde）、《東亞泉志》發行人兼總編 輯周邁可，合影於 2023 年佛州冬季錢幣展

瑞克和北京藏家陈世通

（左起：）瑞克 斯特拉尔、麦克 考利、马修 布 拉泽顿展示 ASG 评级邮票

NCS 的大卫 卡梅隆（David Camire）在 NGC 展位前分享观点

◎ 馬修·布拉澤頓〔美國〕

預示兔年錢幣市場方興未艾

年佛州冬季錢幣展

Kingsley）一起佈置展會。我很高興地告訴大家，我們的 好友格倫·喬德在佛州聯合錢幣協會的支持下獲得了2023年 “錢幣大使”的榮譽。格倫在錢幣展組委會舉行的早餐會上 獲頒了這個在錢幣行業非常有聲望的終身成就獎。他當之 無愧，因為格倫已經為我們大家喜歡的這個行業奉獻了近 50年。

總的來說，展會上的許多錢幣和貨幣交易商對藏家的參與 度和展會的銷售情況非常滿意。全球對貴金屬的高需求繼 續主導市場，導致金銀幣銷售強勁。優質的機製金銀幣和 一些關鍵年份的美國類型錢幣繼續受到藏家的追捧。對於 貨幣藏家來說，優質的大面額聯邦紙幣和大面額貨幣的需 求仍然旺盛，並在貨幣收藏領域處於領先位置。在國際錢 幣和貨幣方面，中國機製金銀幣和古錢仍然是佛州冬季錢 幣展上客戶需求最多的產品。至於國際現代錢幣市場，我 注意到太空熊貓幣在其獨特的登月展示盒中吸引了許多觀 眾的眼球，銷量不錯。就國際貨幣而言，中國的老式紙幣仍 然在藏家之中需求最為旺盛，而繪有已故女王伊莉莎白二 世年輕時肖像的貨幣在她去世後需求量也在增加。展會上舉 行的海瑞得古幣白金專場拍賣會上包含了哈裏·巴斯（Harry Bass）藏集的錢幣珍品。拍賣亮點包括1795年九葉10美元 金幣（PCGS MS63+，帶有CAC標籤）。這是最罕見和最 受歡迎的小鷹10美元金幣，成交價為336萬美元，以超過第 二名230萬美元的價格創造了該種錢幣的拍賣紀錄。在同一 場拍賣會上，一枚中美洲金錠拍出了216萬美元，這也是相 當不錯的成績。

這次佛州冬季錢幣展除了可以進行錢幣藏品交易外，還為各

年齡段的藏家提供了各種各樣的活動，其特色活動包括評 級服務、教育研討會、拍賣會、藏家會議、為青年錢幣藏 家舉辦的“淘金”等活動、童子軍勳章項目等等。美國鑄幣 局有一個展示他們新產品的展位，還有一個展位展示了一百 多年前的印鈔機是如何印製貨幣的，非常有教育意義。佛 州冬季錢幣展上總是會展出各種出色的錢幣展品，本屆“最 佳展覽”獎頒給了佈雷特·艾裏克（Brett Irick）的“18251870年墨西哥早期共和國半埃斯庫多金幣”展。頒發給 最佳展品的“群眾選擇”獎則花落史蒂夫·費塔格（Steve Feiertag）的“獨一無二的印第安分幣藏集”，該藏集集 合了廣受歡迎的美國印第安分幣系列中罕見且不尋常的錯 幣。本屆的最佳紙幣展品是肯特·霍蘭德（Kent Holland） 的“1883年至1894年美國郵政票據——鮮為人知的輔幣產 物”。我個人最喜歡的展覽是由年輕的錢幣藏家娜塔莉·考 特尼（Natalie Courtney）舉辦的“伊莉莎白女王錢幣上不 斷變化的肖像”展，該展覽展示了伊莉莎白二世在她作為英 國女王的漫長統治期間在國際錢幣上不斷變化的印記。

總之，2023年的佛州冬季錢幣展又一次獲得了成功。所有 跡象表明，貴金屬的銷售和需求繼續推動市場，2023年對 錢幣行業來說將是一個大年。我強烈建議喜歡錢幣且有機 會參加佛州冬季錢幣展的人不要錯過親臨機會，因為那裏 有適合每個人的東西，而且佛羅里達州天氣溫暖，對許多目 前身處寒冷地區的人來說是一個不錯的地方。我想祝我們 所有的海內外讀者兔年快樂，我期待在冠軍2023年澳門拍 賣及澳門錢幣學會年會期間看到我的好朋友周邁可、魏亨 泰等人。我祝願各位都能在錢幣領域取得最好的成績，並 祝願你們的事業在2023年繁榮興旺!

In Memoriam David W. Lange, NGC Research Director

◎ NGC〔USA〕

Lange was one of the world's leading coin experts, an author of numerous books, a recipient of some of the highest honors in numismatics and an integral member of the NGC team.

Numismatic Guaranty Company® (NGC®) is deeply saddened by the passing of its longtime Research Director, David W. Lange. One of the world's leading experts on coinage, he passed away on Monday, January 16, 2023, following a battle with cancer.

"David was a talented numismatic researcher and writer, with a great wit," said Mark Salzberg, Chairman of the Certified Collectibles Group. "There aren't many who could stand next to him in his field, and we are endlessly fortunate that he chose to work at NGC. He leaves behind a tremendous legacy that not only touches the NGC family but the entire numismatic community."

A decades-long passion for coins

Born in 1958, Lange was one of the hobby's best-known researchers and writers, having authored 10 books and hundreds of articles on US numismatics. Among his books are "The Complete Guide to Buffalo Nickels" (1992), "The Complete Guide to Mercury Dimes" (1993), "The Complete Guide to Lincoln Cents" (1996), "History of the United States Mint and Its Coinage" (2005), "A Guide Book of Modern U.S. Proof Coin Sets" (2005) and the "NGC Grading Guide for Modern U.S. Coins," which he co-authored with NGC President Rick Montgomery (2004). His awardwinning USA Coin Album column was a popular fixture in The Numismatist, the monthly magazine of the American Numismatic Association (ANA).

"David was the quintessential numismatist, and he was one of those rare individuals who could express his incredibly vast and comprehensive knowledge eloquently via the

spoken or written word," commented Rick Montgomery, NGC President and Finalizer. "His body of work will be referenced for years to come, and his legacy will be found in the dedication and passion discovered in those works. His was a talent that will be sorely missed in numismatics."

"Fortunately, David gave us a large corpus of articles and books both to remember him and to learn from. Even when writing about technical matters, his writing is so elegant and fluid as to seem effortless. This was due to a combination of his natural talent and his true mastery of the subject," said Scott Schechter, NGC Chief Numismatist and Finalizer. "When re-reading his works, those of us who knew him personally get the extra benefit of hearing, in his own voice, snippets of his sharp wit and clever humor judiciously peppered throughout. He made a great contribution to US numismatics and left a legacy that will surely grow."

David W. Lange

Significant contributions to the hobby

An ANA member since 1978, Lange taught numerous courses at the ANA's annual Summer Seminar at its headquarters in Colorado Springs, Colorado. His many contributions to the ANA were recognized in 2009 when he received the association's Lifetime Achievement Award.

Besides his involvement in the ANA, Lange was also an active participant in a number of other hobby organizations. He was a former president of the Pacific Coast Numismatic Society, the California State Numismatic Association and the New Jersey Numismatic Society.

He served as NGC's Research Director since 1994, making him one of the company's longest-tenured employees. His contributions to NGC include the development of its VarietyPlus® variety attribution program and catalog, the NGC Photo Proof® service and a plethora of other

educational content.

"I had the good fortune of working with David for over 20 years. He loved good conversation, and we all loved his stories and witty humor - Yes, he could be very funny!" said David Camire, NCS President and NGC Finalizer. "Professionally, he was in a league of his own, an extremely knowledgeable and prolific writer who contributed greatly to numismatics. David was a good friend, whom I will miss."

A lasting impact on the numismatic community

Lange received numerous accolades for his contributions to numismatics. In addition to the Lifetime Achievement Award, he received ANA's Numismatist of the Year honor in 2017. And along with many awards over the years for his books, USA Coin Album and other writing, the Numismatic Literary Guild honored Lange with its prestigious Clemy Award in 2018. In 2021, Coin World named him one of the 60 most influential people in numismatics since 1960.

As the entire numismatic community mourns the passing of such an influential figure, the loss is especially difficult for those at NGC who worked with Lange over many years.

"Though he was a towering figure in numismatics, I

especially cherished Daid Lange as a person," shared David Vagi, NGC Ancients Director and Finalizer. "He was caring, honest, generous, hard-working and fun. His sense of humor was tremendous and will be sorely missed. We are fortunate that David loved coins and that he dedicated his professional life to them, for our field is greatly enriched by his many and lasting contributions."

Lange contributed greatly to the success of the NGC Registry, a community of coin enthusiasts who share their collections and compete against one another for top honors. Beginning next year, the NGC Registry Awards will have a new prize in his memory: the David W. Lange Overall Achievement Award.

悼念NGC研究部門總監 大衛·蘭格

◎ NGC〔美國〕

蘭格是世界一流的錢幣專家之一，著作良多，曾獲得錢幣界的一些最高榮譽，也是NGC團隊 中不可或缺的成員。

NGC對其研究部門總監大衛·蘭格（David W. Lange）的去世深感悲痛。蘭格是世界一流的 錢幣專家之一，他在與癌症進行了頑強的鬥爭後於2023年1月16日（星期一）去世，享年65歲。

CCG集團主席馬克·薩爾茨伯格（Mark Salzberg）表示：“大衛·蘭格是一位才華橫溢的錢 幣研究者和作家，非常幽默，沒有多少人能夠在他的領域裏與之相提並論。我們對他能夠選 擇在NGC工作感到無比的幸運。他留下了很多的遺產，不僅影響了整個NGC，也影響了整 個錢幣界。”

蘭格出生於1958年，是美國錢幣界最知名的研究者和作家之一，他撰寫了10本書和數百篇關於美國錢幣的 文章。他的著作包括《野牛鎳幣完全指南》（The Complete Guide to Buffalo Nickels，1992年）、《墨 丘利像10分銀幣完全指南》（The Complete Guide to Mercury Dimes，1993年）、《林肯一美分完全指 南》（The Complete Guide to Lincoln Cents，1996年）、《美國鑄幣廠及其錢幣歷史》（History of the United States Mint and Its Coinage，2005年）、《美國現代精製套幣指南》（A Guide Book of Modern U.S. Proof Coin Sets），以及他與NGC總裁裏克·蒙哥馬利（Rick Montgomery）共同編寫的《NGC現 代美國錢幣評級指南》（NGC Grading Guide for Modern U.S. Coins，2004年）。他獲獎的“美國錢幣專輯” 專欄是美國錢幣協會月刊《錢幣學家》（The Numismatist）的固定欄目，廣受讀者喜愛。

“大衛·蘭格是典型的錢幣學家，是少見的能夠通過口頭或書面文字雄辯地表達其令人難以置信的廣泛而 全面的知識的人之一，”NGC總裁裏克·蒙哥馬利評論道。“人們將在之後很多年裏繼續參考他的大量作品， 並從這些作品中發現他對錢幣的激情。他的才華將使之在錢幣界被人們深深地懷念着。”

“我們有幸有大衛提供的大量的文章和書籍，使我們既可以記住他，又可以從中學習。他的天賦和對錢幣這 一主題的真正掌握相結合，使得他即使是在寫關於技術相關的話題時，文字也是如此優雅和流暢，看起來 毫不費力。”NGC首席錢幣學家和終評評級師斯科·舍希特爾特（Scott Schechter）如是說。“在重讀他的 作品時，我們這些認識他本人的人有了一些格外的收穫，我們仿佛可以聽到他的聲音，感受到他的敏銳、機 智、聰明與幽默審慎地穿插在他的整個作品中。他為美國錢幣學做出了巨大的貢獻，並留下了一筆財富。”

大衛·蘭格

數十年來對錢幣的熱情

對錢幣愛好的重大貢獻

蘭格自1978年以來一直是美國錢幣協會的會員，在美國錢幣協會於科羅拉多泉總部舉辦的年度夏季研討會 上教授了許多課程。他對美國錢幣協會作出的諸多貢獻在2009年得到了美國錢幣協會的認可，獲得了該協會 當年的終身成就獎。

除了參與美國錢幣協會的活動，蘭格還積極加 入了其他一些組織。他曾是太平洋海岸錢幣協

會、加利福尼亞州錢幣協會和新澤西州錢幣協 會的主席。

他自1994年起擔任NGC的研究部門總監，成 為公司任職時間最長的員工之一。他對NGC 的貢獻包括開發了VarietyPlus®版別歸屬項目和目錄、NGC Photo Proof®服務和大量的其他具有教育意 義的內容。

“我有幸與大衛·蘭格一起工作了20多年。他喜歡交談，我們都喜歡他講的故事並被他的詼諧所吸引。是的， 他是非常有趣的一個人！”NCS主席大衛·卡梅隆（David Camire）如是說。“他在專業領域方面有自己的 一套，是一位知識淵博、多產的作家，對錢幣界有很大貢獻。我會懷念我的好友大衛·蘭格。”

對錢幣界的持久影響

蘭格因其對錢幣學的貢獻而獲得無數讚譽。他除了終身成就獎之外，還在2017年獲得了美國錢幣協會年度 最佳錢幣學家的榮譽。而伴隨着多年來他的書籍、“美國錢幣專輯”和其他寫作所榮獲的許多獎項，錢幣文 學公會在2018年授予蘭格著名的克萊米獎。2021年，錢幣世界將他評為1960年以來錢幣學界最具影響力的 六十人之一。

當整個錢幣界都為這樣一位有影響力的人物逝去而哀悼時，對於那些在NGC與蘭格合作多年的人來說，他 的離去尤其令人難過。

“雖然他是錢幣學界的一位傑出人物，但我特別懷念大衛·蘭格這個人本身。”NGC古幣部門總監大衛·瓦 吉（David Vagi）分享道。“他富有愛心，誠實、慷慨、勤奮、有趣。他有很強的幽默感，我們將深深地懷 念他。大衛·蘭格熱愛錢幣，把他的職業生涯獻給了錢幣界，他有許多永久的貢獻，大大豐富了我們的錢幣 領域，因此我們很幸運。”

大衛·蘭格為錢幣愛好者社區NGC Registry的成功做出了巨大貢獻，讓錢幣愛好可以在這裏分享自己的收 藏並相互競爭最高榮譽。從2024年開始，NGC Registry將設立一個新的獎項來紀念他——那就是大衛·蘭 格綜合成就獎。

The Phoenix Rises for MPC Fest 24

◎ Steve Feller〔USA〕

The first in-person MPC Fest, after missing three years due to the COVID pandemic, took place at Camp Leo May in Port Clinton, Ohio on the weekend of March 17-19, 2023. This was officially Fest 24.

About 45 people participated in Fest 24 which included a bourse, 25 or so presentations, a national championship "March Madness" contest, a pre-fest shooting contest, reenactments of military procedures, common meals, an awards ceremony, an MFC currency conversion from series 191 to series 231, a "Texas Hold-em" poker tournament, and an auction. The age range was 9 to 90 with the youngest fester being my grandson Leonardo McCloskey Feller. The oldest was the venerable Neil Shafer who was able to zoom in for some of the talks.

The keynote speaker was Tom Sparks who spoke on the nonprofit educational short snorter project. This 64 feet long 141 note short snorter has incredible signatures from a literal who's who of WWII. It is signed by over 100 generals, admirals, and statesmen of that era. The 141 note short snorter was the property of Major General Clayton Lawrence Bissel. Tom also spoke on how he became interested in short snorters.（Figure 2)

Other notable talks were on Certificates of Post War Credit by Bill Myers, Canadian Victory Loan Bonds by Harold Kroll, Isle of Man railroad tickets for internees, by Leonardo McCloskey Feller and Ray Feller, Boer War notes by Roger Urce, a short snorter owned by a guard at the Nuremburg trials with fourteen infamous Nazi signatures by Jim Downey (winner for the third time of the Bob Olson Award for best presenter), DP

Figure 1a and 1b: The "Phoenix Rises" challenge coin in brass and silver

Figure 2: David Leong and David Frank pose in front of the incredible short snorter that the keynote speaker, Tom Sparks brought and displayed

Camp notes by Steve Feller, the SS Bremen's history by Larry Smulczenski, An overview of the French OCR-PI (Central Office for the Distribution of Industrial Products) Issues, and much more. In fact, the focus on the weekend is on military

numismatic training-hour upon hour - this is distinct from virtually all other numismatic events in the world.

Here are further pictures from the 2023 MPC fest.（Figure 3-12)

Figure 3: Joe Boling reads an order of the day.

Figure 8: Part of the attentive crowd of festers

Figure 5: Steve Feller's meal card for Fest 24

Figure 7: Individual Pay Book for MPC Fests

Figure 6: The Traditional Birthday Cake at the Fest. It featured a sugar rendition of the group photograph

Figure 4: Leonardo McCloskey Feller 9, sits at a bourse table.

Figure 9: Ray Feller and Leonardo McCloskey Feller listen intently to our keynote speaker.

Figure 11: Two Certificates of Postwar credit from Bill Myers talk.

Figure 10: Noted MPC Fest original fester Larry Smulczenski. Note the used World War II Remembered.

Figure 12: Company Clerk Fred Schwan awards Loretta Freyser the Roy Toy Award for Distinguished Fest Service. This is the top award given of several

It is customary to reenact the special way MPC (military payment certificates) was converted to a new series. To minimize black market activities MPC was suddenly withdrawn in favor of a new series. This was done at the fest with high quality MFC-military fest certificates.

Further information on the fest may be found at mpcfest.com. This is a very special event and all are welcome to attend. It is typically held annually in the March-April period. It is held at Camp Leo May, Holiday Inn Express in Port Clinton, Ohio. For a nominal fee a fester gets a room at the hotel, all meals, snacks, all supplies, access to dealers, much discussion and a world of fun to boot.

Figure 13a and b: Series 191 MFC 10-dollar face and back. The face features Rosy the riveter

Figure 15a and b: Series 231 MFC 24-dollar face and back

Figure 14a and b: Series 191 MFC 20-dollar face and back

Figure 16a and b: Series 231 100-dollar MFC face and back

第24屆軍票交流會內容豐富

亮點之一“鳳凰涅槃”紀念章

在因新冠大流行而錯過三年的軍票展會之後，我第一次親身 參加了2023年3月17至19日週末在俄亥俄州克林頓港一個名 為Camp Leo May的快捷假日酒店舉行的軍票交流會—— 即正式的第24屆交流會。

第24屆軍票交流會大約有45人參加。交流會內容豐富，包括 展覽、演講、“瘋狂三月”全國冠軍賽、會前射擊比賽、模 擬軍事程式、共同用餐、頒獎儀式、191系列到231系列的 軍票轉換、無限額德州撲克牌比賽和拍賣會。

參加者的年齡從9歲到90歲不等，最小的是我的孫子萊昂納 多·麥克洛斯基·費勒（military procedure）。最年長的 是可敬的尼爾·謝弗（Neil Shafer），他能在會上侃侃而談。

此屆交流會的亮點之一，是發行有銅質及銀質“鳳凰涅槃” 紀念章（圖1）。紀念章主圖鳳凰涅槃，是指鳳凰浴火燃燒， 向死而生，在火中燃燒後重生再現，並得到永生。預示軍 票交流會會克服困難，持續舉辦下去。

會上，湯姆·斯帕克斯（Tom Sparks）發表了主題演講。 他提到了一個非營利性的手簽戰時鈔項目。該項目涉及一個

64英尺長的戰時鈔冊，共141張戰時鈔，上面有很多簽名， 這些簽名來自二戰時期的名人，包括那個時代的100多位將 軍、海軍將領和政治家。這141張手簽戰時鈔是克萊頓· 勞 倫斯· 比塞爾少將（Major General Clayton Lawrence Bissel）的遺產。湯姆還談到了他是如何對戰時鈔產生興趣 的。（圖2）

◎ 史蒂夫·費勒〔美國〕

圖 1 銅質及銀質“鳳凰涅槃”紀念章

圖 2 大衛 梁（David Leong）和大衛 弗蘭克（David Frank，右）在主講人湯姆· 斯帕克斯帶來並展示的手簽戰 時鈔前合影。

其他值得注意的講座內容還有比爾·邁爾斯（Bill Myers） 的《戰後信用證》、哈羅德·克羅爾（Harold Kroll）的 《加拿大勝利貸款債券》、萊昂納多·麥克洛斯基·費勒 （Leonardo McCloskey Feller）和雷·費勒（Ray Feller） 的《政治犯馬恩島火車票》、羅傑·厄斯（Roger Urce）的《布

爾戰爭票》、吉姆·多尼（Jim Downey，他三次獲得鮑勃·奧

爾森最佳演講者獎）關於紐倫堡審判中一名警衛擁有的帶 有14個臭名昭著的納粹手簽的戰時鈔，史蒂夫·費勒的《難

民營紙鈔》，拉裏·斯穆爾岑斯基（Larry Smulczenski） 的《不來梅歷史》、《法國工業產品分銷中央辦公室發行概覽》 等等。事實上，這個週末的重點是一個小時接着一個小時 的軍事錢幣相關內容培訓，這與世界上幾乎所有其他錢幣活 動都不同。

以下是2023年軍票交流會的圖片。（圖3-圖12）

圖 3 喬 博林（Joe Boling）宣讀當天 的安排。

圖 8 專心致志聽演講的參展人群

图 5 史蒂夫·费勒在交流会的餐卡

圖 6 交流會上的傳統生日蛋糕，集體 照的四周放上了糖作為邊框

圖 7 軍票交流會上的個人支票簿

圖 4 年僅 9 歲的萊昂納多麥克洛斯基費 勒坐在展位桌子旁

按照慣例，軍票被轉成了新的一個系列。為了最大限度地減 少黑市活動，交流會上的軍票被突然撤銷，轉而使用高品質 的新系列。

網站mpcfest.com上可以找到更多有關該交流會的信息。

這是一個非常特別的活動，歡迎所有人參加。它通常在每 年的3-4月期間舉行。它是在俄亥俄州克林頓港名為Camp Leo May的快捷假日酒店舉行。只需交納一點點費用，就 可以在酒店住上一個房間，吃上所有的飯菜、零食，用到所 有的用品，接觸到軍票商人，和大家進行大量的交流，並 獲得無窮的樂趣。

圖 9 雷 費勒和萊昂納多 麥克洛斯基 費勒 在認真傾聽主講人的講話

圖 10 軍票交流會著名的與會人拉裏 斯穆 爾岑斯基，請注意他手中這本經翻閱過的 《記憶中的二戰》

圖 11 比爾 邁爾斯談話中提到的兩張戰後 信用證

圖 12 公司職員弗雷德 施萬（Fred Schwan）為羅蕾塔· 弗萊瑟（Loretta Freyser）頒發傑出服務獎，這是幾個獎 項中的最高獎項

圖 13a 和 b 191 系列 10 美元軍票的正面和背面。正面的 圖案是鉚釘女工蘿西

圖 15a 和 b 231 系列 24 美元軍票的正面和背面

圖 14a 和 b 191 系列 20 美元軍票的正面和背面

圖 16a 和 b 231 系列 100 美元軍票的正面和背面

Mr. Li Hong Zhang's Trip to Germany: Record the Grievances between China and Germany Left on the Bank of the River Rhine

◎ Chinan Fan/William Ho〔USA〕

To understand the grievances between China and Germany, we must look back more than a hundred years ago, to the late Qing dynasty during Mr. Li Hong Zhang's ( 李 鴻章 ) unprecedented visit.

From March 18, 1896, to October 3, over a total of 190 days, 73-year-old Li Hong Zhang visited seven countries, including Russia, Germany, the Netherlands, Belgium, France, the United Kingdom, and the United States. (Fig.1)

With his visit, a whirlwind of publicity followed him in Europe and America. The image of the Chinese was positive at that time, and he was given the title of "Honorable Manchu".

Li Hong Zhang's visit was initiated by the Sino-Japanese War. After China's defeat in the Sino-Japanese War of 1894-1895, Li went to Japan and signed the Treaty of Shimonoseki (《馬 關條約》). During the Sino-Japanese War, Britain supported the Japanese in order to contain Russian influence. Looking back at that time of all the foreign countries' interests in China, Britain realized the greatest economic benefits after the Opium Wars, France relied on the catholic church to strongly influence Chinese people, the U.S. government was reluctant and unwilling to get involved in disputes in other countries under

Monroeism - a policy that opposed European colonialism; at that time, Germany did not have any colonies bordering China.

Western countries were not happy when they saw Japan's benefits. First, the Russians, with the support of Germany and France, came forward to ask Japan to return to the Liaodong Peninsula. The Chinese supported the Russians because they needed the Russians to restrict the Japanese. During the SinoJapanese War, Russia's Tsar Alexander III died and his son Nicholas I became the new Tsar. Nicholas II was preparing to hold a coronation ceremony in May 1896. The Qing court planned to send Wang Zhichun ( 王之春 ) from Hubei, as the special envoy for the event, but the Russian minister at that time felt that Wang Zhichun's rank was too low. In the end, the court announced the intention to send Li Hong Zhang as the official and Shao Youlian ( 邵友濂 ). They would be accompanied by Li Jingfang ( 李經方 ) and Li Jingshi ( 李經述 ), the eldest and the second son of Li Hong Zhang. At the same time, Li Hong Zhang was appointed to visit Germany, France, Britain, the United States, and other countries. (Fig. 2)

Fig. 1 The report about Li Hong Zhang's visit in a French newspaper in 1896

Fig. 2 Li Hong Zhang (2nd from left) with his eldest son Li Jingfang (3rd from left), second son Li Jingshu (1st from left), and third son Li Jingmai (4th from left)

There were two very important diplomatic goals for Li Hong Zhang to accomplish at that time. The first one was to unite Russia with the Qing government to restrict Japanese invasion and the second goal was to persuade England from increasing the customs tariff to help pay the huge fines to Japan after the Sino-Japanese War. This was a groundbreaking move at the time, that is, the Qing royal court finally was involved in international politics. At that time, the tariffs were locked at 5% by the foreign countries, but in order to pay for the fines to Japan, the court hoped to increase it by another 5%.

Li Hong Zhang arrived in Shanghai on March 14, 1896, and set off on the 18th. He took the sea route, arrived in Russia in early May, and arrived in Moscow on the 18th. (Fig. 3) The Russians sent a commissioner to Port Said at the north end of the Suez Canal (in the Mediterranean Sea) to meet Li Hong Zhang in case he visited Germany or other countries ahead of Russia and would be politically influenced by them. Li Hong Zhang received the warmest welcome in Moscow and promised the Russians a way to build roads in a series of secret meetings. Then, the Russians borrowed land owned by China to build the Russian railway to approach Vladivostok, an Eastern port.

On June 13, 1896, Li Hong Zhang and his entourage entered Germany. The German Emperor William II personally accompanied Li Hong Zhang to watch military performances. (Fig. 4) A grand reception was given, similar to what happened in Russia.

While Li Hong Zhang was visiting Germany, Japanese military politician Yuken Yamaguchi ( 山縣有朋 ) was also visiting Germany, but he was not received with as much fanfare.

During Li Hong Zhang's German trip, the reporters and the public were fascinated by his visit to Otto Von Bismarck. (Fig. 5) An American journalist named William Francis Mannix called Li Hong Zhang the Eastern Bismarck. Although this statement may have been controversial, it shows the high opinion many had of Li Hong Zhang.

Li Hong Zhang's meeting with the Prince of Bismarck lasted about two hours. After that, Li Hong Zhang left by carriage.

One of the interesting things about Li Hong Zhang's visit to Germany was that they asked him to sing China's national anthem at the banquet. Because there was no Chinese national anthem, he sang a piece of Lu opera, an old opera from Hefei, Anhui, his hometown (which is much older than the Peking opera). In Berlin, he also visited the Charlottenburg Polytechnic and agreed to let Professor Adolf Karl Heinrich Slaby do X-ray experiments for him. At that time, the technology was called R. Ntgen Ray. The film showed he had a bullet in the cheek under the left eye, which was a result of an assassination attempt in Japan.

Fig. 3 Li Hong Zhang was warmly welcomed when he visited Russia

Fig. 4 Li Hong Zhang and German Emperor William II

Fig. 5 Excerpt from a report on the visit of Li Hong Zhang to Bismarck © Archive of the Otto von Bismarck Foundation, Friedrichsruch

During the trip, Li Hong Zhang also visited the Krupp Company in Essen. He saw the three small houses built by the company in the exhibition hall, and he was very impressed by how the company had grown from a small iron shop into a large company that had global influence over previous hundred years.

Germany had become a unified country after the FrancoPrussian War.

The Kingdom of Prussia was established during the rule of Napoleon's nephew Louis Napoleon Il. It was also called the Second French Empire.

The Franco-Prussian War established Prussia's status as a European power. It lasted from 1870 to 1871 and paved the way for the unification of Germany. (Fig. 6)

Li Hong Zhang always had been suspicious of the French. However, he had been studying Germany since he witnessed the rise of the Germans.

After the Russo-Japanese War, Britain was in a neutral position. They could not sell weapons to the Chinese Qing Court, so they moved all arms purchases to Germany.

Later, even the Chinese naval warships were customized by the Germans, including the ironclads Dingyuan and Zhenyuan. (Fig. 7) The artillery on the ship was made by Krupp. The trust and influence towards the Chinese by the Germans has not changed until today.

When it came to merging Germany, we have to mention the Krupp Company and the city of Essen where the Krupp company is located.

Essen is located in the western Germany. The city of Cologne on the Rhine is just southwest of Essen. Today it is the second largest city in the Ruhr district, which is an area with plenty of resources. There are forests and lakes and also coal mines and iron mines. (Fig. 8)

When Krupp (1812-1887) was founded, there were only 4,000

Fig. 6 German Empire from 1871 - 1918

Fig. 7 The Ironclad Zhenyuan

Fig. 8 German Republic, 2007

Fig. 9 The Krupp cannon at the Hulishan Fort in Xiamen was one of 328 Krupp cannons that Li Hong Zhang purchased in 1871, and it is the oldest and largest 19th-century coastal cannons existing on the original site in the world

people in the city. Krupp was just an iron shop with three humble houses, doing some small local sales and making some agricultural tools. After developing steel technology, Krupp began building guns and cannons. From steel Krupp gradually became the largest arms manufacturer in Europe. Even the steel used in the original railroads in the United States was also made by Krupp.

As early as June 1866, the Qing government sent the first diplomatic mission to Germany. They visited the Krupp Company. At that time, Germany, which had not yet been unified, said that the country had no intention to invade China. In 1871 Li Hong Zhang purchased 328 cannons and artillery made by Krupp. He also invited a German military officer to China to guide the Huai Army and signed a treaty of cooperation. On the Hulishan Fort in Xiamen, Fujian, built in the 20th year of Guangxu in 1894, there is a cannon made by Krupp, and it is still the largest and oldest coastal defense cannon in the world even today (2000 Guinness World Record). (Fig. 9)

In 1876, seven troops from the Huai Army went to Germany to study and in 1880, five more students were selected from the Beiyang Wubei School, which was established at that time. One of those who went to study in Germany was Duan Qiru ( 段祺瑞 ).

among the Chinese people declined greatly. However, because of the requirements of the Russian imperial household, Li Hong Zhang took his eldest son and second son to visit. The main goal of Li Hong Zhang's trip in 1896 was to persuade Russia to limit the influence of Japan. The trip to Germany was not the primary purpose, so he did not bring a gift to Germany. At that time, the new Germany was not as important diplomatically as Britain and Russia in international relations.

Even though he was given a warm welcome initially, Li Hong Zhang's visit did not carry a mission of purchasing arms, which disappointed the Germans which later turned into resentment. This can be seen in Germany's attitude towards China several years after 1896. Kaiser Wilhelm II (Fig. 10) said that Chinese people should not underestimate the Germans even after a thousand years. German newspapers at that time also used negative words (like yellow and junta) to describe Chinese people.

In 1897, the Germans opposed the nomination of Huang Zunxian ( 黃遵憲 ) as ambassador to Germany. After the killing of a missionary in Shandong, a large army was dispatched to seize the Jiaozhou Bay (Fig. 11) for Germany.

After the signing of the Treaty of Shimonoseki in the SinoJapanese War, Li Hong Zhang's reputation in the Qing court and

Fig. 10 Kaiser Wilhelm II

Fig. 11 Jiaozhou Bay map

Two years later, in 1900, German Minister Klemens Freiherr von Kettler was killed in China by a boxer while walking alone in Beijing. This finally caused the outbreak of the famous Boxer Rebellion.

In the Boxer Rebellion, the Germans arrived last, but at that time, the allied forces had already occupied Tianjin and Beijing. They ruined the prime minister's building and slaughtered many civilians. At that time, the coalition forces had decided not to harm the city of Beijing, but the German forces ordered the coalition forces to enter the city for three days. In fact, they robbed for eight days, including the Forbidden City. In order to humiliate the Chinese, they paraded in the Forbidden City. They made many demands when the treaties were signed after the war. (Fig. 12)

The grudges between China and Germany finally died out after the end of the Second World War, but the origins can be traced to the time of Li Hong Zhang and his Huai Army.

However, the two countries have always had a trade relationship. Before the Second World War, in order to build forts along the coast along the Yangtze River port, cement was imported from Germany. Today, one can see the influence of the Germans in the Chinese army such as the way they march during formal military parades.

In the modern history of China, the first student movement that happened on May 4th, 1919 was inextricably related to Germany and Japan.

During the First World War, Japan secretly contributed funds to help Beiyang warlord, Li Hong Zhang's student, Duan Qirui to

Australia).

build an army that participated in the First World War in Europe. The war ended in 1918 and by 1919 defeated Germany needed to return all the land occupied in Jiaozhou Bay to China. However, at that time, China did not have a stable government. Also, during World War I, Japan and Yuan Shi Kai, who was emperor from 1915 to 1916, signed the 21 Demands. These allowed Japan to take over the property of Germany in Jiaozhou Bay.

This action led to the anger of the young students in China who participated in the May 4th Movement that influenced China's later generations. The author's father, Mr. He Mengwu ( 何孟吾 , also known as Ho Haoruo 何皓若 ), was a student at Tsinghua University. He was supposed to graduate in June 1919. Instead, he led Tsinghua students to march. Afterward, the school did not let him graduate in June. It was not until the spring of the next year that he was given a diploma and was able to go to the United States for further study.

The Germans' interests in China's land ended after Japan's actions during World War I, but their influence on China has not disappeared.

After Li Hong Zhang returned to China, he did not hold the same position in the Qing court. Although he admired Germany, he could no longer influence the policies of the Qing court. But it is not difficult for us to see the respect of the world for emerging Germany by the respect of the mayor of Essen, where the Krupp Company was located at the time.

This article introduces the medals worn by the mayor of Essen and the certificates issued to him by various countries. The mayor was named Gustav Poser. He was born to a prominent family in Europe and had considerable influence on the local area.

Fig. 12 A photo of soldiers from the EightNation Alliance in 1900 in Peking (Beijing). The photograph shows soldiers of the Eight-National Alliance in 1900. From left to right: Britain, United States, Australia, British India, Germany, France, Austria-Hungary, Italy, and Japan. It is worth noting that there were soldiers from more than eight countries, ranked in white priority (the top three are Britain, the United States, and

Mr. Poser's medals and documents were part of Draskovic's collection. ( Fig. 13-Fig. 20) These items were purchased at a European auction more than ten years ago. Based on these

medals, it is not difficult to see Germany's influence in the late 19th century. Many foreign states were afraid of Krupp and its powerful military capabilities.

Fig. 15 The Crown of Siam Order (the first Order from the right in Fig. 13) and relevant documentation

Fig. 14 Two documents in the Poser collection

Fig. 16 The Kaiser and King of Prussia Order (the second Order from the right in Fig. 13) and relevant documentation

Fig. 13 Medals in the Poser collection

Fig. 17 The Grand Duke of Mecklenburg-Schwerin Order (the third Order from the right in Fig. 13) and relevant documentations

Fig. 18 The Grand Duke of Saxe-WeimarEisenach Order of East Germany (the fourth Order from the right in Fig. 13) and relevant documentation

Fig. 19 The Order of Saxony-Anhalt in the middle of Germany (the fifth Order from the right in Fig. 13) and relevant documentation

Two of these documents were issued by the Chinese Embassy. The first one was issued by Wang Zhichun, the ambassador to Russia, in St. Petersburg in 1895. It is dated May 25, 1895.

As the ambassador to Russia, Wang Zhichun did not seem to have much authority. He had less influence than ambassadors have today. Many of his duties were ceremonial and some did not see him as the representative of the Qing court. His lack of influence can be seen in Russia's resolute opposition to his presentation at the coronation ceremony of Nicholas II in 1896. This letter and the medal also show the relationship between the Krupp in Essen and the Qing court. The medal was obviously issued before Li Hong Zhang's visit in 1896. At that time, the Qing court did not let go of the dignity of his own celestial dynasty. This is just like the eighth-level second-class medal issued by Japan at that time. Levels of government were

very important. In ancient China, officials of the imperial court could not directly negotiate with officials below the county or city level. Sometimes, if necessary, they would upgrade some counties and cities to municipalities directly under the central government, and then the parties could negotiate.

The other document was issued by Luo Fenglu ( 羅豐祿 ) of the Chinese Embassy in Berlin on January 21, 1898. It is mentioned in the article that after Li Hong Zhang's visit in 1896, the Qing court decided to present the fourth-class Order of the Double Dragon Medal in 1898 to Mr. Poser. (Fig. 21)

Luo Fenglu was a native of Furan County, Fujian. He graduated from Fuzhou Shipping Academy. After studying in England in 1877, he entered the British Embassy as an interpreter. Later, he worked as an interpreter for the Embassy in Germany. After returning to China in February 1880, he became Li Hong Zhang's English secretary. In 1896, he was awarded the fourthgrade officer in Beijing as the ambassador of Britain, Belgium, and Italy. The fourth-class Order of the Double Dragon Medal was only issued to Mr. Poser two years after Li Hong Zhang's visit to Germany. It was probably caused by the Germans' disrespectful and unfriendly attitude towards China after Li Hong Zhang's visit. They hoped to improve international relations at that time by raising the ranks of Mr. Luo Fenglu and then the court could issue a higher-level medal to Mr. Poser. Because the Manchu government did not produce fourth-class medals at that time, they used third-class medals.

After the Europeans returned from the crusaders, they

Fig. 20 The Japanese Order (the third Order from the left in Fig. 13) and relevant documentation

Fig. 21 Orders of the Double Dragon Medal

established the Lutheran Church in Nuremberg in Germany. The church awarded medals to returning soldiers. Wearing medals became a symbol of fashion and social status. The medal is usually worn on the chest on the left. It can be worn on the right side of the chest if the medal was awarded to your father or brother. Many foreigners came to work in China at the end of the Qing dynasty. They all hoped to have Chinese medals to wear after returning home. However, at the time, the Qing did not have such a tradition. Some merit medals made by local officials were used in the beginning. (Fig. 22) The Qing court eventually began to have the idea of making orders. The Order of Double Dragon Medal was created. It was generally believed that the first version was made in Austria and later in Russia. The original form was either square or rectangular, very different from that of the European medal. Europeans sometimes added a star-like metal under the original medal after they returned home. Some large round-shaped medals were later made by Russian jewelry shops. The second version was probably made around 1896 for Li Hong Zhang's visit. This was seen in the pictures of the official records of the members wearing the Double Dragon Medals but it was not clear who made them at the time and there are no detailed records of the grades and the jewels used.

There were no Chinese medals in the Draskovic collection when we purchased all the documents and medals in Europe. They might have been separated during the auction or even before that. In our collection, there is no new fourth-class Double Dragon Order, so only third-class orders were awarded. It is generally believed that the final unified production was done after 1906 (Guangxu 33). With the decline of the Qing dynasty (1911), the Order of the Double Dragon Medal has also become a historical term.

Dragon Medal. It is obvious that the fourth or the fifth-class medal is very different from that of the third and is believed only made after 1906. The medal given to Mr. Poser in 1898 could not be the form as those made after 1906. It is believed that a third-class was used instead. It is unfortunate that we have never seen any official document with the Order of Double Dragon Medal in our collection. In this article, one can see that the granting of western medals was always accompanied by relevant official documents. Although the two letters sent by the embassies mentioned in this article had official seals and were signed by Wang Zhichun and by Luo Fenglu. The paper used also had a good watermark. It seemed that it did not have the same standard as other countries including Japan and Thailand, which only confirms the lack of experience of the Qing court at the beginning of diplomacy at that time.

In the Chinese lunar calendar, 2021 is the year of "Xin Chou" and it is the two Jiazi (a Jiazi is 60 years) after the signing of the Treaty of Xin Chou after the Boxer Rebellion was defeated by the Eight-Nation Coalition forces in 1900. The compensation was that every Chinese had to pay one silver dollar and every city, big or small, had to post the notice "Don't be Rude to Foreigners". It is not until today that we Chinese can stand on the same level as foreigners in diplomacy, which is much from the time when Li Hong Zhang visited other countries.

Looking back at Mr. Li Hong Zhang's life, his decisions on the policies of the end of the Qing dynasty, especially in foreign policy, are quite influential. Li Hong Zhang brought China to the international stage. Huang Zunxian, Wang Zhichun, Duan Qirui, and Luo Fenglu we have mentioned in this article were all students he brought out. These people have directly or indirectly affected China's administration and diplomacy for decades after him.

Mr. Li Hong Zhang's achievements were from his talents. His open personality and continuous learning attitude also helped him to in his career. According to the Chinese, he is a man of both civil and military skills and a scholar. He was a Renaissance man of his time.

In this article, we are showing a couple of the medals in our collection, a third-class and a fourth or fifth-class Double

Fig. 22 Chinese merit medal

About the Author

William Ho, one of the authors of this article, is a well-known scholar and was a senior scientist at the Rockwell International Science Center in the United States, where he was responsible for several projects, including research on aerospace materials. Ms. Chinan Fan, Ph.D. in Chemistry, was involved in the development of leukemia drugs. The 13th issue of the Journal of East Asian Numismatics contains Li Hung Chang: His Visit to America on His Grand World Tour, the 15th issue Charles Tong Sing and the Arctic Expedition of the USS Jeannette, and the 18th issue the Macau Document, all of which are from the Ho's. Among these articles, the article Macau Document won the first Howard Franklin Bowker Coin Literary Award.

William Ho comes from a distinguished family background. His father, General Ho Haoruo mentioned in the article, was born in 1899. In 1913, Ho Haoruo entered the Tsinghua Academy in Beijing and became a classmate of Wen Yiduo, an early leader of the Chinese Democratic League and a representative poet and scholar, Sa Bendong, the first academician of the Academia Sinica, and Luo Longji, a former member of the State Council, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference and a member of the first National People's Congress. During the May Fourth Movement, Mr. Ho led Tsinghua to launch a student movement, for which he was punished with a delay in graduation.

“Seven Gentlemen”, had this to say about General Ho Haoruo:“It was almost dusk when Luo Longji and Ho Haoruo got the news that students from various schools in the city held a demonstration and set fire to Zhao's building and many students were arrested, but they still rushed into the city to inquire further into the details of the situation. At that time, after learning that the schools had decided to strike in order to rescue the arrested students, they rushed back to school overnight and had an emergency meeting the next day, deciding to take concerted action with the schools. As a student leader, Ho Ruohao walked at the forefront of the demonstration procession and became a brave May Fourth Movement fighter.”

Wang Zuoshi, one of the pioneers of the modern democratic movement in China, one of the leaders of the May Fourth Movement, and one of the famous

Later, Ho Ruohao received a scholarship to study at Stanford University in the U.S. In 1923, he transferred to the University of Wisconsin, where he received his doctorate in philosophy. After that, he transferred to the Norwich University – The Military College of Vermont to study cavalry and graduated in 1927. After graduating from the Norwich and returning to China, he joined the National Revolutionary Army, and served as a political instructor of the 4th class of the Republic of China Military Academy. Later, he served as the chief of staff of the 46th Army and the commander of the 59th Regiment of the 10th Division. Between 1935 and 1937, Ho served as a member of the Hunan Provincial Government and the Director of Finance of the Henan Provincial Government. After the outbreak of the War of Resistance Against Japanese Aggression, he was ordered to investigate the finances of seven provinces, namely Hunan, Hubei, Guangdong, Guangxi, Sichuan, Yunnan, and Guizhou, and went to Chongqing in March 1939. In January 1940, he became the Director of the Third Department of the Political Department of the Military Council of the National Government and the Director of the Propaganda Division of the Three Ministers' Youth. He was the president of the Central Daily News

The photo of General Ho Ruohao in Mr. William Ho's home

and the deputy secretary general of the Economic Conference. He became the director of the Bureau of Materials in early 1942. From January 1943, he served as Deputy Secretary General of the National General Mobilization Committee, Deputy Director of the Political Department of the Military Commission, Standing Officer of the Central Committee of the Trinitarian Youth League, and Director of the Foreign Affairs Bureau of the Military Commission. In May 1945, he was elected as a member of the 6th Central Executive Committee of the Kuomintang. After the victory of the Anti-Japanese War, he served as the Secretary General of the Political Affairs Committee of the Suijing Area of the Executive Council. In 1948, he became a member of the Standing Committee of the Kuomintang Central Committee and then a member of the Executive Council. In December of the same year, he went to work in the United States as an advisor to the United Nations Mission to China.

In addition, General Ho held the position of Director of the Foreign Affairs Bureau of the Military Commission of the National Government and was responsible for the training of military interpreters in the Chongqing area. During the war period, Chongqing was the center of politics, economy, culture, and especially the military of China, and played a huge role in the recruitment and training of military interpreters. Including General Ho, key officials of the National Government such as Chiang Kai-shek, Chen Cheng, and Shang Zhen, as well as Admiral Wei Demai, commander of the U.S. Army in the Chinese Theater, spoke at the interpreter training course. On February 2, 1945, at the banquet for the graduating teachers and students, General Ho Ruohao and General Wei Demai gave a speech, wishing that the “ Chinese Way ” would always maintain world peace.

notes when the policy was implemented from August 1948 to July 1949, so his promotion to Minister of Finance was opposed by Mrs. Chiang. He was instead sent to New York as China's representative to the UN Security Council from 1949 to 1960. Mr. Qi Baishi, a master of Chinese painting, was also a good friend of the Ho family and gave a painting to General Ho Ruohao. It is worth mentioning that Chairman Mao, Master Qi Baishi, and General Ho all came from Xiangtan, Hunan Province.

General Ho Ruohao is the alumni of General Sun Liren, one of the ten most famous generals of the national army against Japan. They have worked together and have a close personal relationship. General Sun even accepted General Ho's son, Mr. William Ho, as his adopted son.

The Ho family was a family of scholars and lived on the same street as Chairman Mao Zedong's family. General Ho objected to the issuance of gold yuan

Ho Ruohao, the author William Ho's father, once worked in multiple universities and brought out a generation of domestic financial talents. His way of teaching made the knowledge easy for students to understand, witty and inspiring. After returning to China in his early years, he referred to the policies of the United States during the Great Depression of the 1930s and established a distribution system domestically before World War II, which maintained the stability of the economy in China for decades before and after the war. Throughout his life, he wrote numerous books on finance and economics. In his later years, he served as the dean of the National Defense Research Institute and trained officials. He published his work Our Responsibility in 1922. Taking historical trends as the background, he inspired a generation of young people to take the country and nation as their own responsibility by broadening their horizons and inheriting from the past. Mr. Ho enjoyed both literary and martial skills, contributing to the country and nation throughout his life, and he can truly serve as a model for generations to come.

李鴻章出訪七國亮點

中德恩怨 及作者收藏的博斯佩戴和獲贈的勳章

◎ 範治南/何緯渝〔美國〕

談起中德的恩怨，我 們必須回觀百餘年 前——從李鴻章先生 在滿清末年的一次破 天荒的出訪說起。

為唁賀專使，但是當時的俄國公使認為王之春品位太低。 最後，朝廷以慈禧懿旨宣佈派李鴻章為正使，邵友濂為副 使，李之長子李經方和次子李經述隨行，同時指派李鴻章 出使並且訪問德法英美等大國。（圖2）

圖 1 1896 年時法國報紙對李鴻 章的報道

1896年3月18日到10 月3日，中間共190 天，李鴻章以73歲的 高齡訪問了俄國、德 國、荷蘭、比利時、 法國、英國和美國等 七個國家（圖1）。隨 他的造訪，一股中國 旋風隨之席捲了歐

美。當時，中國人的形象是正面的，人們對李鴻章以“滿大 人”稱之。

先生的這次出訪須由中日甲午戰爭說起。在中日甲午戰爭中 國慘敗後，李鴻章被派往日本，和日本簽訂了《馬關條約》。 回觀當時的西方國家在中國的局勢，甲午戰爭始于英日的聯 盟，英國人為了遏制俄國人，因而扶持了日本人。英國在鴉 片戰爭之後，占盡了所有的經濟利益；法國因為是天主教的 護教國，所以法國依靠着教會，強烈的影響中國的百姓； 美國政府在奉行門羅主義之下，不願意也不肯捲入他國的紛 爭；當時的德國沒有任何殖民地與中國接壤。

西方諸國見日本所得利益更是分外眼紅。首先，俄國人聯 合德國、法國，出面要求日本歸還遼東半島。對中國人而言， 親善俄國很自然地成為外交的首要政策，意圖用俄國人來 遏制日本人。在甲午戰爭進行時，俄國的沙皇亞歷山大三世 病逝，其子尼古拉斯二世繼位。這位末代沙皇準備在1896 年5月舉行加冕典禮。清廷打算派當時湖北布政使王之春作

當時李鴻章出使俄國的外交任務有兩件事，第一是聯合俄 國，第二是增加關稅。這在當時是一個破天荒的舉動，朝 廷終於把自己以平等的地位而參與國際政治。當時的關稅在 列強諸國鎖定為5%，但是為了支付對日本的巨額賠款，清 廷希望能夠再增加5%，但是苦於無力自主。

李鴻章在1896年的3月14日到達上海，當月18日出發走海路， 5月初到了俄國，18日到了莫斯科。在莫斯科，李鴻章受到 最為熱烈的歡迎（圖3）。又在一連串的密室會議中，答應了 俄國人“借地修路"的請求，就是借用中國的土地修俄國人

圖 2 李鴻章（左 2）與長子李經方（左 3）、 次子李經述（左 1）、三子李經邁（左 4）

圖 3 李鴻章出訪俄國受到了熱烈的歡迎

的鐵路，進而達到俄國佔領東方的不凍港符拉迪沃斯托克 的目的。當時俄國人出於私心，專門派專員到當時剛修好了 的蘇伊士運河北邊的出口塞得港（近地中海）去迎接李鴻章， 以防李鴻章先訪問德國或者其他的國家而受到他們政治上 的影響。

在1896年6月13日，李鴻章一行人進入了德國的國境，當時 的德國皇帝是威廉二世，皇室以國家元首的規格接待這一行 人（圖4）。德皇親自陪同李鴻章觀看軍事表演。

在李鴻章訪問德國的同時，日本軍事政治家山縣有朋也同時 在訪問德國，但是他就沒有能夠享受這些高規格的接待。

在李鴻章的德國行中，最引起當時記者和國人的興趣的，就 是他的訪問俾斯麥（圖5）。在美國記者曼尼克（Mannick） 的記錄中，他稱李鴻章為“東方的俾斯麥”。雖然此中爭議 甚多，但也不難看出當時世人的評價。

李鴻章拜會俾斯麥公爵，會見的時間大約有兩小時，之後俾 斯麥很客氣的把李鴻章送上了他的馬車。

李鴻章訪問德國時的趣事之一，是在宴會中他們唱國歌，問 中國的國歌如何唱。因為當時尚沒有中國國歌，他就唱了 一段廬劇，那是安徽合肥的老戲，比之京戲還要早得很多。

在訪問柏林的趣事，是他參觀了工業大學 (Charlottenburg Polytechnic)，之後他同意讓Professor Slaby為他做X 光的實驗——當時叫倫琴射線 (R. Ntgen Ray)。在X光片 上，可以看出他左眼臉頰上的中彈疤痕，這也證明了他當年 在日本確實遭人槍擊。

在訪問途中，李鴻章特地到埃森市的克虜伯（Krupp）公司 去參觀。他見到在陳列館中該公司起家的三間小屋。這個 小小的打鐵鋪，後來變成影響世界風雲百年的大公司，先 生非常的感慨。

德國在普法戰爭之後才逐漸的成為一個統一的國家。普魯士 王國是在拿破崙的侄子路易拿破崙二世時代成立，一般稱 為第二代法皇時代。

普法戰爭（從1870年到1871年中間）奠定了普魯士在歐洲的 強國地位，也為德國的統一鋪平了一條路。（圖6） 李鴻章一向對法國人的看法不是太好。他目睹了德國人的新 興，從那時候起便開始學習德國。

在日俄戰爭之後，英國處於中立的地位，他們不能夠賣武器 給中國人，清廷於是把所有的軍火採購都移向德國。

到後來連海軍軍艦也改由德國人定制，包括了定遠艦、鎮 遠艦（圖7）都來自於德國。艦上大炮自然也是克虜伯製造。 這種影響對德國人的信任，直到今天仍為國人深信不移。 在講到新興的德國，我們不能不提到克虜伯公司和這個公 司的所在地埃森城。

埃森城位於德國的中西部，在萊茵河畔，科隆城就在埃森 城的西南近方，今天是努爾區第二大城，有在歐洲廣大的幅 員，有森林和湖泊也有煤礦和鐵礦。（圖8）

在老克虜伯（1812-1887）成立的時候，城中只有4 000人。

圖 6 1871-1918 年間的德意志帝國版圖

圖 4 李鴻章與德皇威廉二世 圖 5 李鴻章拜會俾斯麥相關 報道節選 © 俾斯麥基金會 檔案

圖 9 廈門胡裏山炮臺的克虜伯大炮，是李鴻章在 1871 年購買的 328 門克虜伯所製造的大炮的一部分，是世界 現存原址上最古老最大的 19 世紀海岸炮

當時克虜伯只是一個有三間簡陋房舍的打鐵鋪，做些當地 所需要的小買賣，打造一些農具。一直到了克虜伯研發出鋼， 又用他制出槍和炮，克虜伯公司才逐漸成為了歐洲最大的軍 火製造商。後來，連在美國最初的鐵路所使用的鋼鐵也是 由克虜伯製造。

早在1866年6月，清政府便派了第一個外交使節團訪問德國， 得到了克虜伯公司的熱情款待和尊重。當時尚未統一的德 國表示並無侵略中國之心。李鴻章在1871年購買了328個克 虜伯所製造的大炮，並且由德國軍事教官，來華指導淮軍 並且定下了合作的條約。在福建廈門的胡裡山炮台，建在光 緒二十年(1894年)，其中有一門大炮，即使在今天，仍是 世界紀錄中最大的最古老的海岸防禦的大炮（2000年吉尼 斯世界紀錄）也是克虜伯製造的。（圖9）

1876年，中國送了第一批七名淮軍前往德國學習。到了1880 年，又從當時已設立了的北洋武備學堂選拔了五名學生前往 德國留學，其中一名就是段祺瑞。

在甲午戰爭簽訂馬關條約之後，李鴻章在清廷和國人的聲 望，已經大大的下降，但是因為俄皇室的要求，李鴻章方 能帶着長子、次子出使各國。他最大的目的只有一個，那就 是說服俄國人，並且使用他一向的政策，“以夷治夷”來限 制日本人的囂張。德國之行只是附帶的訪問，因而並沒有帶 給德國的大禮。當時新興的德國在外交上也遠不如英俄的 老道深沉。

李鴻章的出訪，並沒有 帶着採購軍火的使命， 這讓德國人大失所望，

進而轉為滿腔的怨恨。

這可以在1896年的若干 年後，德國對中國的態 度上看出來，德皇威廉

二世（圖10），更是說要 中國人在千年之後，仍 然不能小看德國人。德 國當時報上的文章也用 “黃貨”等（yellow and junta）字眼來形容中國人。

先是在1897年，反對黃遵憲的出使德國。到了1896年，又 藉口傳教士在山東被殺，出動大軍，強佔膠州灣（圖11）。

圖 7 鎮遠艦

圖 8 2007 年的聯邦德國地區版圖

圖 10 德皇威廉二世

又過了兩年，到了1900年，德國駐華公使克林德（Klemens Freiherr von Kettler）也說為了德意志的尊嚴，隻身行走 於北京，因而和清朝的軍隊起了衝突，結果被殺。這終於 引起了有名的八國聯軍大戰的爆發。

在八國聯軍的作戰中，德軍是最後到達的，可是當時聯軍已 經佔領了天津和北京。當時聯軍已經決定不傷害北京城，但 德軍依然對京津地區做了最殘酷的掃蕩和屠殺，下令聯軍入 城，可搶奪三天，實際上他們搶奪了八天，包括在故宮。為 了羞辱中國人，他們又在紫禁城閱兵。在之後簽訂的條約中， 他們的要求更是苛刻。（圖12）

中德的恩怨，可以說是在二次大戰結束後，終於算是有了一 個了結。但是它的影響是自李鴻章的淮軍開始，就似乎和中 國結下了不解之緣。

即便如此，中德之間仍有貿易往來。在二次世界大戰之前， 為了要建設長江沿岸的炮臺，甚至連水泥都是由德國進口 的。今天中國的陸軍，仍然可見到他們當年德國人的影響， 例如行走正步的方法。

在中國近代史中，爆發的第一次以青年學生為主的運動是在 1919年的“五四運動”，這也不能不說是和德日兩國有着千 絲萬縷的關係。

當時正是第一次世界大戰的末期，日本暗中出資，幫助北洋 軍閥大臣李鴻章的學生段祺瑞建立了一支軍隊，參與了在歐 洲的第一次世界大戰。1919年的戰爭結束後，中國成了戰 勝國。依據《凡爾賽和約》，戰敗的德國需要把膠州灣所佔 領的一切士地歸還給中國，但是當時中國沒有穩定的政府, 加上日本和袁世凱先前簽訂的21條條約，戰前出資的日本很 自然地就堂而皇之地用軍隊搶佔了膠州灣。

這一舉動也就導致了當時青年學生們的憤怒，進而成了影響 中國後世的五四運動。當時作者的家父何孟吾（何皓若）先 生正是清華公學的應屆畢業生。他帶領清華學生，出外遊 行。事後學校為平息當時學生的動亂，沒有讓他在六月畢業， 一直到來年春天，方才給他頒發了畢業證書，之後才得以前 往美國深造。

德國人在中國士地上的利益也就是隨着日本的野心而完全 喪失，但是他們對中國的影響卻並沒有消失。

圖 12 八國聯軍在 1900 年所拍照片

這張歷史性的照片是在八國聯軍入侵中參與的軍人在北 京所拍。由左至右排列為英、美、澳、印、德、法、奧匈、 意、日。值得注意的是，參與之國多於八國，以白人優 先順序排列，前三人位英、美、澳。

李鴻章本人在回國後，一直沒有再為清廷重用。雖然他本人 對新興的德國十分佩服，但是卻不能再對清廷的政策有所 影響。但是我們也不難由當時的克虜伯公司所在的埃森市長 所受到世人的尊重，看出世人對新興德國的敬重。

本文中介紹的是當時埃森市長所佩戴的勳章，以及各國所 發給他的證書。當時的市長名為戈塞塔夫·博斯 (Gustav Poser)。他出生于歐洲有名的世家，對當地有相當的影響力。

博斯先生的勳章和文件，是Draskovic的收藏。（圖13至 圖20）這些東西是在十多年前一次歐洲拍賣中以近萬美元購 得。在眾多的勳章中，我們不難看出在19世紀末期歐洲大 多數的城邦國，對新興德國的支援，主要在於他們對克虜 伯公司的敬畏。克虜伯公司擁有的強大的軍事能力，使他們 不能不對新興德國稱臣。

圖 11 膠州灣地圖

圖 13 博斯先生佩戴的勳章

圖 15 （圖 13 中）右 1 的暹羅之冠勳章及相關文檔

圖 14 博斯先生收藏中的兩份文檔

圖 16 （圖 13 中）右 2 的德皇威廉二世勳章及 相關文檔

圖 17 （圖 13 中）右 3 的梅克倫堡 - 斯肯韋林 大公勳章及相關文檔

圖 18 （圖 13 中）右 4 的東德薩克森魏瑪艾森 納赫大公勳章及相關文檔

圖 19 （圖 13 中）右 5 的德國中部薩克森 - 安 哈爾特的勳章及相關文檔

圖 18 （圖 13 中）左 3 的日本勳章及相關文檔

圖 21 雙龍寶星勳章

圖 22 功牌

在這些文件中，有兩件是由中國大使館所發出的。第一份是 在1895年，由駐俄大使王之春在聖彼德堡所發出的贈勳文 件，時間是1895年5月25日。

王之春作為駐俄大使，似乎並沒有太多的職權，並不如今 天我們認為大使所能代表的職權。他的贈勳儀式多為職業 外交所需，位格似乎並不能完全代表朝廷，這可以由俄方堅 決的反對由他代表中國出使尼可拉斯的加冕典禮得知。我們 可以在這份文件中不難看出，當時的滿清朝廷並沒有十分看 重克虜伯公司，勳章顯然是在李鴻章訪問之前就已經發出， 這似乎只能代表駐俄大使王之春當時為了建立個人社交關係 而贈予。當時的滿清朝廷並沒有放下他自己天朝的尊嚴。這 從當時日本所發出的為八級二等勳章便可看出。在古代的中 國，朝廷的官員，是不能直接和縣市以下的官員們商談的。 這中間有非常嚴格的品位關係。

另一份文件，是由羅豐祿在1898年1月21日在柏林大使館所 發出。文中提及在李鴻章1896年訪問之後，在1899年決定 贈予博斯四等雙龍寶星勳章（圖21）。

羅豐祿是福建閩縣人，他畢業于福州船政學堂，在1877年 赴英留學後，入英使館，擔任翻譯。之後又為駐德公使館 翻譯。在1880年2月回國後，入任北洋大臣李鴻章的英文秘

書。1896 年賞四品京卿，任駐英兼意比三國公使。在1899 年李鴻章才發給雙龍寶星勳章給博斯先生。這是在李鴻章 訪問後兩年才發出的。很可能是因為當時德國人在李鴻章 的訪問後對中國很多不恭敬又不友善的態度所引起。他們 希望能借着發給更高的等級的勳章給羅豐祿，從而清廷可 以頒發更高等級的勳章給博斯。進而改善當時的國際關係。 鑒於當時滿清政府並沒有製作四等的勳章，所以使用的都 是三等的勳章。

歐洲人在十字軍於10-13世紀末東征回來後，到16世紀初在 德國東部的紐倫堡又把原有的天主教堂改成了路德教會。教 會以頒發勳章給回來的軍人作為為獎勵。於是佩戴勳章成 為時尚和社會地位的象徵。勳章一般佩戴在左胸上。若非 本人的勳章而為父兄的可以佩戴在右邊。當時很多外國人 到中國工作，他們都希望在回國後能有中國的勳章可佩戴， 但是滿清並沒有這種傳統。初時只是一些地方官製作的功 牌（圖22）。受到這種外在因素的影響，清廷也開始慢慢的 有了製作勳章的意念，雙龍寶星勳章於是應運而生。勳章 最早的是在奧地利製造的，之後也有在俄國製造的。最初 的是方形或者是長方形的。因為和歐洲傳統的勳章形式很

不同，歐洲人有在勳章後面自己加上星芒形狀的金屬。一些 大型的圓形勳章是之後由俄國的珠寶店製作。雙龍寶星勳 章在李鴻章出訪時方才製造出一批，這可以算是第二版的勳 章。他出訪的官員也有佩戴的記錄，但是當時是由誰製作的， 並不十分清楚，等級和使用的珠寶都沒有詳細的記載。

作者在購得這批文件和勳章的時候並沒有中國的勳章，可 能在拍賣時被分開或者在更早的時候就已經分離，實不得 而知。在作者的收藏中，四等雙龍寶星的勳章並不存在，在 當時都是以三等賜之。一般認為一直到光緒三十三年（1906 年）後，方有統一的製作。隨着清朝的沒落，雙龍寶星也成 為歷史名詞。

在本文中有作者收藏的一枚三等雙龍寶星和一枚是屬於四 等或者五等的雙龍寶星勳章。在形式上有著明顯的不同，四 等以下的雙龍寶星勳章沒有星茫，相信這些都是在光緒末 年，就是在1906年之後製造的。因為沒有相伴的文件，很 難認定確實製作的時間。從本文中可知西方勳章的贈予都 是伴有相關正式的文件。但有關雙龍寶星勳章由正式朝廷 發出的文件一直未能見到。本文中介紹的兩份由大使館發出 的信件上雖然有大使館的官印和大使的簽名，信紙也有浮水 印，但這似乎沒有當時西方國際的規格，這也正好印證了初 開外交時滿清朝廷的缺乏經驗。

2021年，又是一個辛丑年，正是當年八國聯軍入侵，1901年 中國戰敗簽訂《辛丑合約》之後的兩個甲子。當時的賠款總 額相當於是每一個中國人都要給列強賠一個大洋，更加無 理的是所有縣市都要張貼告示：“不可對洋人無禮”，這導致 中國人對洋人不平衡的心理。中國人直到今天方能有抬頭 的機會，在外交上亦能平起平坐，“比之當年李鴻章出訪他 國之時己是大大的不同”。

回觀李鴻章先生一生，對滿清末年的政策，尤其是在外交 政策上，他的影響實在是非常深遠的。人們說李鴻章是“中 國外交第一人”，這除了說明他的成就和影響外，還不如說 他是第一個把中國帶入國際舞臺的創始人。我們在本文中見 到的黃、王、段和羅都是他一手帶出來的學生。這些人直 接或間接的影響到在他之後數十年中國的行政和外交。

先生的成就，除了得利於他本身的才氣外，他個人開放的性 格，和不斷學習的態度，也幫助他，成就了他一生的事業。 用中國人的說法他是一個“文武雙全”的人，也是一個無雙 的國士。

何緯渝先生家中 何浩若將軍的照片

作者简介

本文作者之一的何緯渝先生是 知名學者，曾是美國洛克威爾 國際科學中心的高級科學家， 負責多個項目，包括航太材料 等方面的研究。范治南女士， 化學博士，曾參與白血病藥物 研發工作。《東亞泉志》第 13 期刊載的《欽差大臣驚世 之旅——記李鴻章訪美破冰之 行》、15 期刊載的《珍妮特號

極地遠征記——華人唐先榮獲美國國會獎章》、18 期 刊載的《澳門文件》也均是出自何氏夫婦。其中，《澳 門文件》一文獲得了第一屆霍華德· 佛蘭克林· 包克錢幣 文學獎。

作者何緯渝先生家世背景顯赫。文中提及的其父何浩若 將軍生於 1899 年。1913 年，考入北京清華學堂，與 中國民主同盟早期領導人、新月派代表詩人和學者聞一 多先生，中央研究院第一屆院士薩本棟先生，前政務院 委員、政協全國委員會常委、第一屆人大代表羅隆基先 生成為同學。五四運動期間，曾帶領清華發起學生運動， 因此而受到延期畢業的處罰。

王造時，中國近代民主運動的先驅之一，五四運動的領 導人之一，著名“七君子”之一，曾這樣評價過何浩若 將軍：“羅隆基與何浩若得到城內各校學生舉行示威， 火燒了趙家樓，學生多人被捕的消息後，天時已快到黃 昏，但他們還是趕進城裡進一步打聽詳細的情形。當時 知道各校為設法營救被捕的同學，決定一致罷課之後， 即連夜趕回學校，次日緊急開會，決定與城內各校取一

致行動。以學生領袖的身份，走在示威遊行隊伍的最前 列，成為一名勇敢的‘五四’戰士。”

何浩若先生後收到美國大學的獎學金，赴美國斯坦福大 學留學。1923 年，轉入威斯康辛大學，獲得經濟學博 士學位。而後轉入洛威治軍校習騎兵，1927 年畢業。 自洛威治軍校畢業回國後，加入國民革命軍。擔任黃埔 軍校第 4 期政治教官。而後，擔任了第 46 軍參謀長、

第 10 師第 59 團團長。1935 年至 1937 年間，何浩 若先生先後出任湖南省政府及河南省政府委員兼財政廳 長。抗日戰爭爆發後，奉命調查湘、鄂、粵、桂、川、

滇、黔七省財政金融。1939 年 3 月赴重慶。1940 年 1 月任國民政府軍事委員會政治部第三廳廳長、三民主 義青年宣傳處處長，旋任《中央日報》社社長、經濟會 議副秘書長。1942 年初任物資局局長。1943 年 1 月 起任國家總動員委員會副秘書長、軍委會政治部副部 長、三民主義青年團中央常務幹事、軍事委員會外事局 局長。1945 年 5 月當選為國民黨第六屆中央執行委員。

抗日戰爭勝利後，任行政院綏靖區政務委員會秘書長。

1948 年任國民黨中央常務委員，隨後任行政院政務委 員。同年 12 月以聯合國中國代表團顧問身份赴美國工

作。此外，何將軍還曾擔任國民政府軍委會外事局局長 一職，負責重慶地區的軍事譯員培訓。而在抗戰時期， 重慶是政治、經濟、文化，特別是軍事的中心，在軍事 譯員的徵調、培訓方面發揮了巨大的作用。包括何將軍 在內，先後有蔣介石、陳誠、商震等國民政府要員及中 國戰區美軍司令魏德邁上將到譯員培訓班講話。1945 年 2 月 2 日，譯員結業師生歡宴，何浩若將軍、魏德 邁將軍等均興奮致詞，願“中國大道”永維世界和平。

何家是書香門第，和毛澤東主席家就住在同一條街上， 加之 1948 年 8 月至 1949 年 7 月發行金圓券之事， 何將軍提出反對，因此他升任財政部長的任命遭到了蔣 夫人反對，轉而從 1949 年到 1960 年被派至紐約擔任 中國在聯合國安理會的代表。國畫大師齊白石先生也與 何家交好，曾贈畫予何浩若將軍。值得一提的是，毛澤 東主席、齊白石大師和何將軍均出自湖南湘潭。

何浩若將軍和國軍抗日十大名將孫立人將軍是校友，兩 人也曾共事，私交甚篤，孫將軍甚至收了何將軍之子， 即何緯渝先生為義子。

作者何緯渝先生的父亲何浩若先生曾在多所院校任職， 教導了一代國內的財經人才。先生教學深入淺出，風趣 而又能鼓舞人心。早年回國後，在二戰前，曾經參考美 國在 20 世紀 30 年代大蕭條時期的政策，在國內設立 配給制度，方才維持了戰爭前後數十年中國經濟的穩定。 一生著作等身，多為財經書籍，晚年任國防研究院院長， 培訓各處公職人員，最後著作 1922 年出版《我們的責 任》。用歷史時勢為背景，鼓舞一代青年人應以國家民 族為己任，放大眼光，由繼往而開來。先生集文治與武 功于一身，畢生貢獻國家及民族，實可為萬世之楷模。

Note: This paper was read before the Numismatics Society of China on November 10, 1937.

COINS THAT NEVER WERE

◎ G. Duncan Raeburn〔USA〕

In the following pages are described and illustrated some of the many "bogus" or "fraudulent" coins that have been and still are being sold to collectors both here and abroad, principally the latter, as genuine and rare Chinese coins. With the lack of authentic published data on Chinese issues, unscrupulous native dealers soon realized the possibilities of foisting on the unsuspecting collecting public pseudo "coins" born of their own imaginative minds. These so called "coins" are, in general, well designed and of fair workmanship, and collected as "fakes" or "curiosities" would form a quite interesting collection. Coins, however, they never were, and their sale as such should cease. The information contained in the present article has been gained during the past few years, and it has been set down in the hope that a certain amount of publicity may do something to curtail the continued issue and sale of these faked pieces. It is regretted that a more complete list could not be published, but it was impossible under the present disturbed conditions to obtain the necessary specimens for photographing, even of the few better-known pieces such as the Shantung Tael, Sun Yat Sen "Memento" ten cents, Yuan Shih Kai third year nickel five cents, Kiangsi "Star" Dollar, and the Feng Yu Hsiang Dollar.

The principal sources of supply have been Tientsin and Peking, and since the outbreak of the Sino-Japanese hostilities very little has been offered, dealers naively volunteering the information that owing to the conditions in the North "New cargo no can come." The business, however, is a too lucrative one not to be kept going, and the latest offerings on the market, two reputed "Soviet" dollars (

Numbers 65 and 66) are reliably reported to have been made here in Shanghai.

Unfortunately no record was made of the size or weight of the various pieces illustrated, but it can generally be taken that the illustrations are of the correct size. In a few cases they may be slightly smaller than the originals, but in no case are they larger.

1. TIBETAN DOLLAR. Silver.

Allegedly issued at Lhasa during the reign of Ch'ien Lung (1736-1796) for use in Eastern Tibet.

Also known as the Panchan Lama Dollar from the bust and inscription on the obverse.

2. "TAO KWONG" EMPEROR MEDALLION. Silver.

One of two medallions said to have been struck in 1821 in commemoration of the commencement of the new reign-that of Tao Kuang (1821-1851). The bust on the obverse is said to portray the Emperor. The Empress appears on the other medallion.

3. "TAO KWONG" EMPRESS MEDALLION. Silver.

The companion piece to Number 2 referred to above.

4．FORMOSAN DOLLAR. Silver.

The obverse of this piece is copied from that of a genuine Formosan Dollar issued during the reign of Tao Kuang (1821-1851). The reverse, however, is entirely imaginative, the genuine coin having an incense burner enclosed by four Manchu characters on the reverse.

5. "TUNG CHIH" MEDALLION. Silver.

Medallion purporting from its inscription to have been struck in Fukien as a "tribute" coin to the Emperor Tung Chih, whose portrait presumably appears on the obverse.

6. "TUNG CHIH" MEDALLION. Silver.

Another medallion similar to the preceeding. Special attention is drawn to the obverse of this piece for comparison with that of Number 11, which is supposed to be a posthumous portrait of the Emperor Kuang Hsu. The similarity is, to say the least, startling, and it would seem as if the designers had been a little careless.

7. "KWANG HSU" EMPEROR MARRIAGE MEDALLION. Silver.

One of two medallions dated 1885 supposedly issued in commemoration of the marriage of the Emperor Kuang Hsu. The Emperor is portrayed on this and the Empress on the companion piece Number 8.

Both these coins are of exceptionally fine workmanship, as can be readily seen from the illustrations, and it must be regretted that so much artistry and skill had not been diverted to some better use.

8. "KWANG HSU" EMPRESS MARRIAGE MEDALLION. Silver.

Medallion ostensibly issued in Fukien for use as tribute. The bust on the obverse is supposed to be that of the Emperor Kuang Hsu.

10. "TZU HIS" YUNNAN MEDALLION. Silver.

Medallion similar to the above, but this time issued in Yunnan with the bust of the Empress Tzu Hsi on the obverse.

11. "KWANG HSU" MEDALLION. Silver.

Medallion which from the inscription on the reverse was supposedly issued in commemoration of the Emperor Kuang Hsu after his death.

The similarity of the obverse of this piece with that of number six has already been referred to.

12. "TZU HIS" CHEKING MEDALLION. Silver.

This is said to have been issued by the Province of Chekiang in honour of the Empress Tzu Hsi.

It is also sometimes described and sold as a "Chekiang" Tael.

13. "KWANG HSU" KUANGTUNG MEDALLION. Silver.

A dollar sized medallion purporting to have been issued in Kuangtung in honour of the Emperor Kuang Hsu.

14. "KWANG HSU" KUANGTUNG MEDALLION. Silver.

A fifty cents sized replica of Number 13.

The companion piece referred to in Number 7.

9. "KWANG HSU" FUKIEN MEDALLION. Silver.

15. "KWANG HSU" SZECHUAN DOLLAR. Silver.

Based on the Szechuan Rupee, this piece was evidently

made to provide a dollar-sized coin to go with the Rupee, which is approximately the size of a fifty cents piece and for which it is commonly mistaken.

16. "TZU HSI" SZECHUAN DOLLAR. Silver.

Evidently designed as a companion piece to the Kuang Hsu dollar described in Number 15.

17. "TZU HSI" SZECHUAN RUPEE. Silver.

Of similar design to the genuine Kuang Hsu coin, but with the bust of the Emperor replaced by that of the Empress.

18. "TZU HSI" QUARTER RUPEE. Silver.

Copied from the genuine Kuang Hsu quarter rupee coin. Also sold struck in gold, and as such is described as a Szechuan five dollar piece.

19. FENGTIEN MEDALLION. Silver.

From the inscription on the reverse, this piece purports to have been issued in 1894 by the official machine Mint in Fengtien.

20. FORMOSA HORSE AND DRAGON TAEL. Silver.

Ostensibly issued in Formosa for use in the payment of troops.

met with again in Numbers 24 and 25. The reverse is a copy of the preceeding Number 21.

23. KWANGTUNG TAEL. Silver.

Another tael coin purporting to have been issued in Kuangtung during the reign of Kuang Hsu.

24. "KWANG HSU" TAEL. Silver.

Another tael piece dated 1907, but with no indication of the province of issue.

Note the similarity of the obverse to those of Numbers 22 and 25.

25. KANSU TAEL. Silver.

Dated 1905 and ostensibly issued in the Province of Kansu.

Again note the similarity of the obverse to those of Numbers 22 and 24.

26. LI HUNG CHANG TAEL. Silver.

Tael coin said to have been issued in the commemoration of Viceroy Li Hung Chang.

27. "HAIKUAN" OR CUSTOMS TAEL. Silver.

21. FORMOSA KUANGTUNG MEDALLION. Silver.

An interesting piece dated 1907. The obverse is a copy of that of the Formosan Tael described in Number 27 even to the Manchu inscription for "Tai Wan" Mint, but the reverse states it was struck in Kuangtung. Which is one to believe.

22. KUANGTUNG TAEL. Silver.

The design of the obverse of this piece is new, but it will be

Much has been heard in the past of the Haikuan Tael, and here we have it c, so to speak, or rather in the form some imaginative mind has considered it should take.

28. PEKING FIFTY CENT PIECE. Silver.

Supposedly a fifty cent piece issued in Peking during the Boxer trouble of 1900.

29. YUNNAN TWENTY CASH PIECE. Copper.

This coin is reputed to have been struck by the Tientsin Mint for use in Yunnan. The design of the obverse has been copied from that of the well known ten cash piece issued in the third year of Hsuan Tung.

30. MIAO TEN CASH PIECE. Copper.

Ostensibly struck for use amongst the Miao Tribes on the borders of Szechuan and Yunnan. A Republican piece also exists, see Number 64.

31-34. "HSUAN TUNG" YUNNAN MEDALLIONS. Gold.

From their inscriptions these four medallions purport to have been issued in Yunnan during the reign of the Emperor Hsuan Tung. Only the reverses are illustrated as the photograph of the obverses has been mislaid. To the best of my belief these were all alike, the design being that of a small child in Chinese costume on a plain background.

35. SUN YAT SEN DOLLAR. Silver.

Dollar piece, the figure on horseback on the obverse representing Dr. Sun Yat Sen. The reverse is copied from the well known Sun Yat Sen dollars issued in 1812 and 1927.

36-37.SUN YAT SEN TEN CASH PIECES. Copper.

Two ten cash pieces inspired doubtless by the genuine Sun Yat Sen coins issued in 1912. These, together with numbers 39 and 41, are listed in Mr. A.M. Tracey Woodward's article on the Republican Ten Cash pieces as "Trial" coins, but Mr. Woodward, when approached recently in Shanghai, admitted that he had since discovered that the coins were fakes.

40. LI YUAN HUNG FIFTY CENT PIECE. Silver.

41. LI YUAN HUNG TEN CASH PIECE. Copper.

The above four coins seem to have been inspired by the two genuine Li Yuan Hung dollar coins issued in 1912, especially the fifty cents pieces, which follow the original designs very closely.

42. YUAN SHIH KAI FIFTY CENT PIECE. Copper.

Designed evidently as a subsidiary piece to the genuine Yuan Shih Kai Dollar issued in 1914.

43. CHANG HSUN MEDALLION. Silver.

Medallion reputed to have been struck to commemorate Chang Hsun’s unsuccessful attempt to restore the Ch’ing Dynasty after the death of Yuan Shih Kai.

44-47. HUNG HSIEN MEDALLIONS. Silver.

Set of four medallions said to have been struck to commemorate the commencement of the new reign, that of the Emperor Hung Hsien. This was the title adopted by Yuan Shih Kai in his abortive attempt to seize the Imperial throne for himself and his descendants. The bust on the obverses is supposed to represent Yuan Shih Kai in his Imperial robes.

48. HUNG HSIEN TWENTY CASH PIECE. Copper.

The reverse of this piece is copied from that of a genuine ten cash piece which was actually issued in Hunan in honour of the new reign of Hung Hsien.

49. KUANGSI MEDALLION. Silver.

38. LI YUAN HUNG FIFTY CENT PIECE. Silver.

39. LI YUAN HUNG TEN CASH PIECE. Copper.

This is a dollar-sized replica of a genuine smaller sized silver medallion issued in 1916 in Kuangsi in honour of General Lu Yung Ting.

50. FENG KUO CHANG DOLLAR. Silver.

Dollar piece reputed to have been issued in Nanking in 1918. The bust on the obverse is supposed to represent General Feng Kuo Chang, President of the Republic of China at that time.

51. HSU SHIH CHANG MEDALLION. Silver.

Evidently inspired by and struck as a companion piece to the genuine dollar-sized Hsu Shih Chang medallion issued in 1921.

52. TANG CHI YAO DOLLAR. Silver.

A dollar piece which is said to have been struck by Tang Chi Yao, Tuchun of Yunnan. Actually the only silver coins issued by him were two varieties of fifty cent pieces, and the dollar illustrated is based on the design of the commoner of the two.

53. WANG SHING DOLLAR. Silver.

Dollar piece said to have been struck in honour of Wang Shing, the leader of the revolt at Kuang-chou in which the 72 revolutionaries, now known and honoured as the 72 martyrs, were killed.

54. HSIAO YUEH NAN MEDALLION. Silver.

According to the inscription this medallion was struck to commemorate the 50th anniversary of Hsiao Yueh Nan, Governor General (?) of Hupeh and Hunan.

55. CHANG TSO LIN DOLLAR. Silver.

Dollar piece dated 1928 with the reputed bust of Chang Tso Lin on the obverse. It is said to have been issued to commemorate the Manchurian War Lord's victorious descent south of the Great Wall.

56. CHANG TSO LIN FIFTY CENTS PIECE. Silver.

Evidently struck as a subsidiary piece on Number 55.

57. SUN YAT SEN TRIAL DOLLAR. Silver.

This and the following piece, Number 58, are supposedly trial pieces struck at the Tientsin Mint in 1929, but not approved of by the authorities. The reverse of Number 57 is interesting - crossed Chinese flags surmounting a globe.

58. SUN YAT SEN TWENTY CENTS TRIAL PIECE. Silver.

The trial piece referred to in Number 57.

59. FENG KUO CHANG MEDALLION. Silver.

Dollar-sized medallion said to have been issued in Fukien in commemoration of General Feng Kuo Chang. See Number 50.

60. FENG KUO CHANG MEDALLION. Silver.

A ten cent sized replica of the above, Number 59. Specimens are sold struck in gold, and as such masquerade as five dollar gold pieces.

61. TANG CHI YAO $5 PIECE. Gold.

The story woven around this piece is roughly as follows:

In 1924 the Provincial Treasurer in Yunnan absconded with all the available funds as well as the dies for $10 and $5 gold pieces, pounded of pure gold leaf as a temporary makeshift.

62. YUNNAN $10 PIECE. Gold.

63. YUNNAN $5 PIECE. Gold.

The above two pieces are sold as Yunnan gold pieces issued during the first years of the Republic. The character "Tien" on the obverse is the literary name of the Province.

In China there is a regular Industry in faking Coins to sell to Collectors. Here are shown a Series of these Coins that never circulated.

Ten cash piece allegedly issued for use amongst the Miao Tribes on the borders of Yunnan and Kueichou. This coin is the one referred to in the notes on Number 30.

Dollar coin based on the extremely rare "Lenin" Dollar issued by the Chinese Soviet Laboureis and Farmers Bank in Hunan in 1931. When this "coin" first appeared it was offered for sale as a genuine "Lenin" Dollar, but proved too poor a forgery to pass muster. It has now been renamed, and is being offered for sale as a "Stalin" Dollar.

Dollar piece supposedly issued in 1934 by the Soviet Government of the Provinces of Fukien, Chekiang, and Kiangsi. Here are shown a faked Tibetan Dollar, allegedly of the Ch'ien Lung Period, also a Number of Silver Medallions or faked commemorative Dollars said to have been struck in the Reigns of the Manchu Emperors Tao Kuang, Tung Chih and Kuang Hsu. Number 4 is a faked Formosan Dollar.

64. MIAO TEN CAH PIECE. Copper.

65. STALIN SOVIET DOLLAR. White Metal.

66. FUKIEN SOVIET DOLLAR. White Metal.

A faked Kuang Hsu

Fifty Cents Piece of Kuangtung Province.

Szechuan Tzu Hsi faked Rupee and Quarter Rupee Coins are shown above. Below a Kuangtung faked Dollar in Honour of the Emperor Kuang Hsu.

Above

are Two faked Dollars or Medallions of the Emperor Kuang Hsu and Two of the Dowager Empress Tzu Hsi of Fukien, Yunnan and Chekiang Provinces, respectively.

Here are shown a Fengtien (Manchuria) Medallion supposed to have been minted in 1894, and an Example of the Formosan Horse and Dragon Tael Silver Piece, said to have been issued for the Payment of Soliders, but actually a pure Invention.

On the Right are a Formosan Horse and Dragon Tael Piece struck in Kuangtung Province, below it a faked Kuangtung Tael Piece.

Faked Szechuan Kuang Hsu and Tzu Hsi Dollars or Medallions. Companion Pieces.

Below are a Sun Yat Sen Silver Dollar, with the Leader of the Chinese Revolution shown on Horseback, Sun Yat Sen Copper Ten Cash Pieces, Li Yuan Hung (first President of the Chinese Republic) Silver Fifty Cents and Copper Ten Cash Pieces, all of which are Fakes.

Above are a Kuangtung Tael, an Emperor Kuang Hsu Tael, a Kansu Tael and a Li Hung Chang Tael, all Fakes.

Below are a Sun Yat Sen Silver Dollar, with the Leader of the Chinese Revolution shown on Horseback, Sun Yat Sen Copper Ten Cash Pieces, Li Yuan Hung (first President of the Chinese Republic) Silver Fifty Cents and Copper Ten Cash Pieces, all of which are Fakes.

The Four Coins shown above are faked Gold Pieces from Yunnan Province in Honour of Emperor Hsuan Tung. The obverses, not shown here, depict a small Child in Chinese Dress with a plain Background.

On the Left are Medallions struck in Honour of General Lu Yung Ting (Kuang-si Province), General Feng Kuo Chang (Nanking), Hsu Shih Chang and Tung Chi Yao, Tu-chun of Yunnan Province, all in Silver, but Fakes, nevertheless.

On the Right are a Medallion struck in Honour of Wang Shing, Leader of the Seventy-two Martyrs of Canton, another in Honour of Governor-General Hsiao Yueh Nan of Hupeh and Hunan Provinces, and a Silver Dollar and a Fifty Cents Piece allegedly issued by Chang Tso Lin, the famous War Lord of Manchuria.

On the Left are a Sun Yat Sen alleged Trial Dollar and Twenty Cents Pieces, supposed to have been struck at the Tientsin Mint in 1929, and a Feng Kuo Chang Dollar, Ten Cents Piece and Five Dollar Gold Piece.

On the Right are a Medallion struck in Honour of Wang Shing, Leader of the Seventy-two Martyrs of Canton, another in Honour of Governor-General Hsiao Yueh Nan of Hupeh and Hunan Provinces, and a Silver Dollar and a Fifty Cents Piece allegedly issued by Chang Tso Lin, the famous War Lord of Manchuria.

Reprinted from The China Journal vol. XXVIII, No.6, June, 1938, pp. 267-272

(The article is one of six articles from the Bulletin of the Numismatic Society of China bounded by Howard Bowker.)

舊 刊 新 載

注：本文曾於 1937 年 11 月 10 日的中國錢幣學會例會上進行分享。

——中國近代機製幣（章）中的臆造品

◎ 鄧肯·雷伯恩〔美國〕 部地區使用。

以下幾頁將介紹許多“假幣”或“欺詐性”錢幣，這些錢 幣被當作真正的和罕見的中國錢幣出售給國內外收藏家， 更主要的是它們仍繼續在被出售，主要是後者。由於缺 乏關於中國發行的真實數據，無良的本土幣商很快意識 到，他們可以向毫無戒心的收藏者兜售來自於他們自己 想像中的虛假“錢幣”。這些所謂的“錢幣”（以下稱“臆 造幣”）一般設計精美，做工精良，如果將其作為“贗品” 或“奇物”收藏起來，想必會形成相當有趣的收藏。然而， 它們從來不是真正的錢幣，應當停止出售。本文記錄了 過去幾年中獲得的信息，希望這樣的宣傳可以在一定程 度上對遏制這些假幣繼續發行和銷售有所幫助。遺憾的 是，我無法公佈一份更完整的假幣名單，而在目前混亂 的條件下，我也不可能獲得拍攝所需的實物錢幣，即使 其中有幾枚如山東省造光緒元寶官銀壹兩、孫中山像中 華民國開國紀念幣壹角銀幣、民國三年袁世凱像伍分鎳 幣、江西銀幣壹圓、馮玉祥像銀幣等少數幾枚比較出名 的錢幣。

這些假幣多數來自京津一帶，中日戰爭爆發後供應中斷， 店家常以洋涇浜英語“New cargo no can come”（新 貨不能來）告知洋人。然而，這項業務利潤豐厚，驅使 店家繼續下去，市場上又出現了兩種新的據稱為“蘇區” 錢幣（下文65號和66號）的臆造幣，據悉是在上海製造。

遺憾的是，圖中各臆造幣的大小或重量並無記錄，但一 般可以認為其大小是正確的。在少數情況下，它們可能 比原幣略小，但絕不會較之原幣更大。

1.西藏臆造銀幣

據稱是乾隆年間（1736-1796）在拉薩發行的，在西藏東

因其正面的半身像和銘文，也被稱為班禪銀幣。

2. 道光元年皇帝像臆造紀念銀章

據稱是1821年為紀念道光（1821-1851）繼位而鑄造的兩 枚紀念章之一。正面的半身像據說是皇帝的肖像。皇后 的肖像則用於另一枚紀念章上。

3. 道光元年皇后像臆造紀念銀章

上一項提到的第二種銀章。

4.臺灣臆造銀幣

這枚錢幣的正面是仿照道光年間（1821-1851）發行的真 正臺灣銀幣的正面。反面的圖案則完全是想像出來的， 而真幣是背四字滿文。

銀章上的銘文表明，它是作為向同治皇帝“進貢”而在 福建鑄造的，正面可能是同治皇帝的肖像。

6.同治皇帝臆造紀念銀章

另一枚臆造幣與上一項頗為相似。特別要注意的是，該 章正面與11號臆造章的正面進行了比較後可以發現，它 們驚人的相似，而11號臆造章的正面應該是光緒皇帝的 遺像，由此可見設計者似乎有點粗心。

5. 同治皇帝臆造紀念銀章

不存在的錢幣

7.光緒大婚皇帝像臆造紀念銀章

兩枚1885年紀念章之一，據說是為了紀念光緒皇帝大婚 而發行的。章上為皇帝的形象，而皇后的形象則用在與 之對應的8號的紀念銀章上。

這從圖中不難看出，兩枚臆造章的做工都非常精細。如 此的藝術和技能沒有被用到一些更好的用途上，這不得 不讓人感到遺憾。

8. 光緒大婚皇后像臆造紀念銀章

即第七項中提到的與之對應的銀章。

9. 光緒像福建恭進臆造銀章

看起來是為了進貢而在福建發行的紀念章。正面應該是 光緒皇帝的半身像。

14. 光緒像廣東省造臆造紀念銀章

伍角大小的13號銀章的複刻品。

15. 四川省造光緒像大型盧比臆造銀幣

這枚錢幣以四川盧比為基礎，顯然是為做出與壹圓盧比 相匹配的大小，大約有其他伍角錢幣大小，因此通常被 誤認為是伍角錢幣。

16. 四川省造慈禧像臆造銀幣

這枚顯然是對應第15項中描述的光緒像銀幣而設計的。

17.四川省造慈禧像盧比臆造銀幣

其設計與真品光緒像盧比銀幣相似，但皇帝的半身像被 太后的半身像所代替。

18. 四川慈禧像1/4盧比臆造銀幣

與上一項提到的紀念章類似，但該枚是在雲南發行的， 正面是慈禧太后的半身像。

該幣複刻自真品光緒1/4盧比金幣，也有金質臆造幣被售 出，亦稱四川伍圓。

11.光緒皇帝像臆造紀念銀章

從背面的銘文來看，這是在光緒皇帝死後為紀念他而發 行的紀念章。

如前所述，這枚紀念章的正面與6號紀念章的正面相似。

12. 慈禧像臆造紀念銀章

據說這是由浙江省為紀念慈禧太后而發行的，有時也被 稱為“浙江壹兩”。

13. 光緒像廣東省造臆造紀念銀章

該章為一枚壹圓銀幣大小，據稱是在光緒年間為紀念光 緒皇帝而發行的。

19. 奉天機器官局造臆造銀章

從背面的銘文來看，這枚紀念章據稱是1894年由奉天的 官方造幣廠發行的。

20. 臺灣軍餉大清壹兩龍馬圖臆造銀幣

該幣看似是在臺灣發行的，用於支付軍餉。

21.臺灣廣東省造光緒銀幣臆造幣

這是一枚有趣的紀念幣，鑄造時間是1907年。正面是第 27項中描述的臺灣軍餉壹兩的複刻品，甚至包括“臺灣” 的滿文銘文，但背面的文字卻顯示它是在廣東鑄造的。

10. 慈禧像雲南恭進臆造銀章

22. 廣東省造光緒銀幣壹兩臆造幣

這枚錢幣的正面設計是新的，但在第24項和第25項的錢 幣中會再次見到。背面是模仿之前第21項中的錢幣設計。

23. 廣東省造光緒元寶庫平重壹兩臆造銀幣

這是另一枚據稱在光緒年間於廣州發行的壹兩錢幣。

24. 光緒銀幣壹兩臆造幣

另一枚年份為1907年的壹兩錢幣沒有說明發行省份。

請注意，其正面與第22號錢幣和第25號錢幣的正面非常 相似。

25. 甘肅省造庫平壹兩臆造銀幣

該幣年份為1905年，幣上顯示是在甘肅省發行。

再次提請注意，第22和第24枚幣的正面與它非常相似。

26. 李鴻章紀念壹兩臆造銀幣

據說是為了紀念李鴻章而發行的壹兩銀幣。

27.中外通寶關平壹兩臆造銀幣

過去已經聽說過很多關於中外通寶關平壹兩的消息，這 裏我們看到了它的實物，抑或是說一些富有想像力的人 認為它應該有的樣子。

28. 庚子京局庫平三錢六分臆造銀幣

據稱是1900年義和團事件期間在北京發行的庫平三錢六 分錢幣

面的設計抄襲了宣統三年發行的著名的十文銅幣。

30. 苗民通用銅幣當十臆造幣

從幣面上看是為四川和雲南邊境的苗族部落製造的。另 有類似的民國錢幣，見第64號錢幣。

31-34. 雲南宣統臆造紀念金章

從其銘文來看，這四枚紀念章據稱是宣統皇帝在位期間 在雲南發行的。由於正面的照片已經遺失，所以只有反 面的圖片。據我所知，這些紀念章的正面都是一樣的， 圖案是一個穿着中國服裝的小孩子，無背景。

35. 孫中山像臆造銀幣

該壹圓銀幣正面在馬背上的人物是孫中山先生。背面則 仿照1812年和1927年發行的著名的孫中山像銀元的背面 設計。

36-37. 孫中山像開國紀念十文臆造銅幣

這兩枚十文銅幣的靈感無疑來自於1912年發行的真品孫 中山像紀念幣。這兩枚錢幣和第39和41號錢幣在伍德華 先生關於民國十文錢幣的文章中被列為“試鑄”幣，但伍 德華先生最近在上海接受採訪時承認，他後來發現這些 錢幣是假的。

38.民國黎元洪像中圓臆造銀幣

39. 民國黎元洪像開國紀念十文臆造銅幣

40.民國黎元洪像中圓臆造銀幣

41.民國黎元洪像開國紀念十文臆造銅幣

29. 雲南省造大清銅幣二十文臆造銅幣

這枚錢幣據說是由天津造幣廠鑄造的，供雲南使用。正

上述四枚錢幣似乎受到了1912年發行的兩枚真品黎元洪 像銀幣的啟發，尤其是中圓臆造銀幣，其圖案非常貼近 原始設計。

42.袁世凱像中圓臆造銅幣

顯然是作為1914年發行的真品袁世凱像銅幣的輔幣而設 計的。

43.張勳復辟臆造紀念銀章

據稱是為了紀念袁世凱死後張勳復辟失敗而鑄造的紀念 章。

44-47. 洪憲臆造紀念銀章

這一套4枚紀念章，據說是為了紀念洪憲皇帝登基而鑄造 的。洪憲是袁世凱在為自己和後代奪取皇位時採用的年 號，後被廢止。正面的半身像應該是代表袁世凱身穿帝

王袍的樣子。

這枚幣的背面圖案仿照了湖南為紀念洪憲新政而發行的 真品十文銅幣。

49. 廣西臆造紀念銀章

這枚壹圓大小的複刻品複刻了1916年為紀念廣西都督陸 榮廷而發行的較小尺寸的銀質紀念章真品。

堯發行的銀幣只有兩種庫平三錢六分的銀幣，而圖中的 庫平七錢二分銀幣是仿照這兩個庫平三錢六分銀幣中較 普通的那一個設計的。

53. 黃興像臆造銀幣

據說這枚幣是為紀念黃興而製作的。黃興是廣州起義的 領導人。在這次起義中，72位革命者被殺害，現在被稱 為七十二烈士，並受到表彰。

根據幣面上的銘文顯示，這枚紀念章是為兩湖巡閱使蕭 耀南五十歲而鑄造的。

這枚1928年壹圓銀幣的正面據信是張作霖的半身像。據 說它是為了紀念張作霖勝利攻至長城以南而發行的。

顯然是作為編號第55枚幣的輔幣而鑄造的。

據稱是1918年在南京發行的壹圓銀幣。正面的半身像應 該是代表當時中華民國代理總統馮國璋。

這枚和下面的第58號錢幣據說是1929年在天津造幣廠鑄 造的試鑄幣，但沒有得到當局的批准。第57號幣的背面 是很有意思的地球雙旗圖。

58. 孫中山像開國紀念貳角銀幣臆造試鑄幣

第57項中提到的試鑄幣。

該章顯然是受到了1921年發行的真品徐世昌像壹圓紀念 章的啟發而製作，並作為其配套錢幣而鑄造的。

52.唐繼堯像庫平七錢二分臆造銀幣

這枚據說是由唐繼堯鑄造的壹圓銀幣，但實際上，唐繼

59.

據說是為紀念馮國璋將軍在福建發行的壹圓大小紀念 章。見第50號錢幣。

48.袁世凱像洪憲二十文臆造銅幣

50. 馮國璋像壹圓臆造銀幣

51. 徐世昌像臆造紀念銀章

54. 兩湖巡閱使蕭耀南像臆造紀念銀章

55. 張作霖像壹圓臆造銀幣

56. 張作霖像伍角臆造銀幣

57. 孫中山像臆造試鑄壹圓銀幣

馮國璋像臆造紀念銀章

60. 馮國璋像臆造紀念銀章

第59項紀念章的壹角大小的複刻品。

有金質樣章被出售，並被謊稱為伍 圓金幣。

61. 唐繼堯像伍圓臆造金幣

圍繞這枚錢幣編織的故事大致如下：

1924年，雲南省財政廳攜所有可用 資金以及拾圓和伍圓金幣的模具潛 逃，用金葉子作臨時替代錢幣之用。

62. 雲南拾圓臆造金幣

63. 雲南伍圓臆造金幣

以上兩枚作為民國元年發行的雲南 金幣出售。正面的“滇”字是該省的 簡稱。

64. 苗民十文臆造銅幣

據稱是為雲南和貴州邊境的苗族部 落發行的十文銅幣。這枚錢幣就是 第30項中提到的那枚。

65. 史達林像蘇維埃臆造銀幣

該幣以1931年中國蘇維埃勞工和農 民銀行在湖南發行的極為罕見的“列 寧”幣為基礎製造。 當這種“錢幣” 首次出現時，它被當作真品“列寧” 紀念幣出售，但事實證明，這種臆 造品質量太差，無法通過驗收。

66.閩浙贛省蘇維埃臆造銀幣

據稱是福建、浙江、江西三省的蘇 維埃政府在1934年發行的銀幣。

中國有一個偽造錢幣賣給收藏者的行業。這裏展示了一系列從未流通 過的錢幣。

這裏有一枚據稱是乾隆時期的西藏假幣，還有一些據稱是在滿清皇帝 道光、同治和光緒年間鑄造的臆造銀質紀念章或臆造紀念幣。其中， 第4枚是臆造的臺灣銀鉼。

一枚臆造的廣東省造光緒像伍 角銀幣。

上圖是四川省造慈禧像臆造 盧比銀幣和四川省造臆造四 1/4盧比銀幣。下圖的臆造幣 是為紀念光緒皇帝而造的光 緒銀元。

以上是兩種臆造幣章，分別是福建、雲南、浙江製造的光緒皇帝和慈禧太后像臆造幣。

臆造的四川省造光緒像銀幣/紀念章及與之對應的慈禧像銀幣或紀念章。

這裏展示的是一枚據 說是1894年鑄造的奉 天（滿洲）紀念章，以 及一枚據說是為支付軍 餉而發行的大清臺灣 壹兩軍餉銀幣（龍馬銀 幣），但實際上純粹是 臆造幣。

右邊是一枚在廣東省鑄造的大清臺灣壹兩軍餉銀幣（龍馬銀幣），下面是一枚臆造的廣東省造一兩銀幣。

下面是一枚臆造的 中外通寶關平壹兩 銀幣、一枚臆造的 庚子京局庫平三錢

六分銀幣、一枚臆 造的雲南大清二十

文銅幣和一枚苗民 十文臆造銅幣。

以上是廣東省造庫平重壹兩銀幣、光緒銀幣一兩、甘肅省造一兩銀幣，李鴻章像紀念壹兩銀幣，都是臆造幣。

左邊是其他臆造的 黎元洪像中圓銀幣、 黎元洪像開國紀念 十文銅幣、袁世凱像 中圓銀幣，以及紀 念張勳復辟臆造紀 念銀章。

右邊是為紀念袁世凱短暫登基而鑄造的系列紀念章，紀年洪憲。第44至47枚是銀章，第48枚是銅章。

左邊是紀念廣西都

督陸榮廷、馮國璋 將軍（南京）、徐世 昌與唐繼堯的紀念

章，都是銀質的，但 也都是臆造的。

右邊有一枚紀念廣州七十二烈士領袖黃興的紀念章，另一枚紀念兩湖巡閱使蕭耀南的紀念章，還有據說是為著名的 張作霖發行的壹圓銀元和伍角銀元。

左邊據稱是1929年在天津 造幣廠鑄造的孫中山像試鑄 幣和孫中山像開國紀念幣貳 角，以及馮國璋像壹圓銀幣、 馮國璋像壹角和唐繼堯像伍 圓金幣。

右邊有一枚紀念廣州七十二烈士領袖黃興的紀念章，另一枚紀念兩湖巡閱使蕭耀南的紀念章，還有據說是為著名 的張作霖發行的壹圓銀元和伍角銀元。

The Driver of Gold and Silver Monetization - Steelyard

◎ Stephen Tai〔Taipei〕

The monetization of gold and silver in the Tang and Song dynasties is a frequently-explored academic topic. The increase in minerals, the improvement of refining technology, and the large number of imports from foreign countries1 are regarded as the reasons for the gold and silver monetization and became a direction of research. However, as a kind of currency in circulation, gold and silver must be valued according to their purity, yet few researchers have mentioned two major technical problems, that is, purity analysis and weight measurement.

The way to identify the purity of gold and silver in the Tang and Song dynasties

As far as we know, the most detailed information on the analysis and identification of gold and silver purity is provided by The Identification of the Counterfeited Treasure（《寶貨辨 偽》）from the end of the Southern Song dynasty. 2

In the section about gold, it writes "the purity of gold can be identified through the color presented by striking the gold on the touchstone, which method can examine the purity ranging from 5% to 100%." In addition, the technique of identifying whether or not low-purity gold or silver was used or encased was also known at that time from the hammer marks and the seams on the bottom of gold bars or goldware.

As for the silver, it writes "The back of a real silver ingot is flat as paper, the center is sunk, and the four corners are concave. The way to identify the purity of silver can only be understood but not expressed. If you can use it correctly, it will be exactly precise." "The silver content of jinqihuayin [ 金漆花銀 ] silver ingot is 100%, nong diao hua yin [ 濃調花銀 ] 99.9%, cha hua yin [ 茶花銀 ] 99.8%, da hu hua yin [ 大胡花銀 ] 99.7%, bao

Note：

hua yin [ 薄花銀 ] 99.6%, bao hua xi shen [ 薄花細滲 ] 99.5%, zhi hui hua yin [ 紙灰花銀 ] 99.4%, xi shen yin [ 細滲銀 ] 99.3%, lu shen yin [ 麄滲銀 ] 99.1%, duan shen yin [ 斷滲銀 ] 98.5%, and wu shen yin [ 無滲銀 ] 97.5%. As for silverware, jewelry, and bracelets, people like those in the popular style, so they are recast frequently, which makes the purity to be lower and lower. It is especially important to be careful when identifying the gold-plated silverware." What is noteworthy is that people in the Song dynasty could not only identify the purity from the appearance of silver ingots, but the subtle differences in features and color were also the basis for judging, with only 0.1% between the two purity grades. This kind of skill is amazing. Undoubtedly, this has laid an important foundation for the monetization of silver.

People learned a little about how to distinguish silver ingots gradually. Later, especially in the Ming and Qing dynasties, the money shops and the appraisal stores gathered the relevant know-how with great success, much of which was inherited from the experience in the Song dynasty.

Though the skill to identify the purity of silver was mature in the Song dynasty, the development of the gold and silver weighing technique was relatively slow, which might be the reason for the difficulty in the gold and silver monetization. This article will explore this issue that has not been noticed.

The invention and impact of steelyard in the Song dynasty

The wide use of the scale is attributed to the circulation of silver ingot, a currency valued by weight. The scale used in ancient China is an equal-arm balance (Figure 1). However,

1 (Japan) Kato Shigeru, A Study of Gold and Silver in the Tang and Song Dynasties. 2 The Complete Collection of Essential Things for the Home, Volume 5, late Southern Song dynasty.

limited by manufacturing technology, the traditional scales cannot meet the two conditions required for weighing silver ingots. First, the weight unit of the scale must be small enough to weigh the mace and candareen to cope with various prices in transactions. Second, the size of the scale must be light enough to carry around.

During the Jingde Emperor's reign of the Northern Song dynasty (1004-1008 A.D.), an elaborate and sufficiently accurate scale, a kind of steelyard called deng cheng [ 戥秤 ], was created (Figure 2). This new type of scale was invented by the court official Liu Chenggui ( 劉承珪 )3. After years of development, gold and silver, but especially silver, came to be in general circulation in the Ming and Qing dynasties. The complete monetization of silver and gold is related to the maturity of the weighing technique which was developed on the basis of the steelyard from the Song dynasty.

Deng cheng is a non-equal-arm balance made according to the principle of leverage. It can weigh various items by moving the position of the weight, with very high accuracy. Such features make the scales light and compact. According to the records, Liu's steelyard has a some-40-cm balance beam weighing about one mace and a weight weighing six candareens. The beam has three pivots, with a weighing range respectively. The first pivot weighs from five candareens to 1.5 mace; the second from two candareens to one mace; and the third from one to five candareens. With continuous improvement, the smallest known steelyard4, which

appeared around the end of the Ming and early Qing dynasties, has a balance bean of only 11 cm long. It can weigh as little as 1 candareen. It has two pivots to weigh one candareen to one mace and two candareens to 3.2 mace respectively. (See Figure 7, No.1 steelyard from the author's collection.)

However, because of the technical limitations of manufacturing, delicate steelyards for weighing micro-objects had been exclusive to the palace, while the early folk steelyard could only be used to weigh daily commodities, not suitable for precious gold and silver due to the large error margin and size. A Yuandynasty fresco featuring an officer weighing fish also reveals this situation (Figure 3). The Yuan was a dynasty that attached great importance to weights and measures, and the market was equipped with official scales to ensure fair trade; however, because of the immature weighing techniques, though the officer used an official steelyard, it was too big and inaccurate to weigh gold and silver but only used to measure the weight of daily objects.

Weight is another factor other than purity that determines the value of silver ingots. As for the silver ingots in circulation during the Song and Yuan dynasties, it is recorded that "currently, the big ingot is valued at 50 taels, the middle ingot

Figure 1 Equal-arm scale used by the Qing dynasty government

3 Qiu Guangming, The History of Ancient Chinese Metrology, Anhui Science and Technology Press, 2/1/2012. 4 Shi Youyong, Linxia, Steelyard Collector Ma Qingping, China Social Science Network, 2/25/2015.

The steelyard was not commonly used in the Song and Yuan dynasties, so it was hard for gold and silver to circulate

Figure 2 Steelyard

25 taels, and the small ingot half again".5 Due to undeveloped weighing techniques, 50 taels was used as the unit for a silver ingot at that time, with halving and then rehalving to be middle and small ingots as currency. However, the value of either one is quite high and not affordable for the general public. It is assumed that these ingots were mainly used in international and border trade and large commercial transactions because of the limited accuracy of scales and steelyards.

At that time, there were few silver pieces weighing only one or two taels in circulation, which indicates that accurate steelyards for weighing gold and silver were still a precious resource, exclusive for the government and only a small number of people. During the Tang and Song dynasties, especially the Southern Song dynasty, society was flooded with large amounts of gold and silver for reasons such as mineral exploitation and overseas import, which made the road to monetization seemed to be open. However, as the Chinese expression says "the thunder was loud, while the rain was small". In other words, there was a lot of talk but little action and the monetization of gold and silver was still not realized in the end. This result is probably related

to the fact that the small silver pieces could not be weighed, so transactions were hampered. In this way, private trading had to continue using cash coins and notes.

The steelyard also found its way into neighboring Asian countries and even into Europe. Figure 4 shows a steelyard from England at the beginning of the 20th century, which was quite large, weighing about 1 kilogram. It weighed in pounds (453 grams), and it could weigh objects ranging from 0.1 pounds to 9 pounds. It was used for weighing goods such as fish, meat, vegetables, and fruits like the types in early China had done.

Hand steelyards became a necessity in the Ming dynasty, which allows the silver to circulate in all walks of life

In the late Ming dynasty, silver was declared legal tender, and various silver ingots were circulated in all sectors of society. This result was made by the achievement of a variety of conditions. Among them, the birth of a kind of steelyard specifically for weighing gold, silver, medicine, and other precious items was crucial.

The steelyard for weighing gold and silver is compact, and the arms and weights can be stored in a small wooden box and carried around, which is the reason why it is called a hand steelyard which means it is portable. (Figure 5)

Soon after, the hand steelyard became a handful of necessities, thus solving the long-existing problem that silver could not be weighed. As you could value silver pieces regardless of size by weighing them at any time and any place, the hand steelyard was quite popular. It was easier than ever to trade in silver, which transformation allowed silver to pass unhindered through both the public and private economies, fully performing its monetary function.

In the late Ming dynasty, local silver ingots sprang up all over the country. These small silver ingots of various shapes and sizes are mostly less than 10 taels or even 1 tael, and a large number of silver pieces at the weight of less than one mace were

5 Hu Sansheng, Identifying Errors in Annotations.

Figure 4 British steelyard

Figure 3 A Yuan-dynasty fresco in Guangsheng Temple, Guangxi, featuring an officer weighing fish

circulating on the market6. The hand steelyards were designed in response to the silver in actual circulation at the time. There were all kinds of hand steelyards that could weigh items lighter than 10 taels, and even mace and candareens (figure 6).7 Some of these steelyards are illustrated below. ((figure 7-11)

weighing silver dollars

In addition to silver ingots, silver dollars flowed into China starting from the late Ming dynasty and became very popular in the Qing dynasty. Later, the Chinese silver dollars were also put into circulation. Although the weight of these vintage coins was consistent when they were minted, their weight was always reduced due to the prevalence of filing and chopping on silver coins. Therefore, the value of the circulating coins must be decided after weighing.8 Thus, hand steelyards were not only used for weighing silver but later had more applications in the process and transactions of silver dollars.

Although both silver dollars and small silver pieces can be weighted with the same hand steelyards, exclusive designs

6 Stephen Tai, A Study on Square Trough Sycee: To Explore the History of Silver Ingots.

7 From time to time, examples of weighing silver pieces can be found in Ming and Qing dynasty novels. The case is the 51st chapter of the Dream Of Red Mansions (《紅樓夢》). It writes, "Sheyue then took a piece of silver, lifted the steelyard and asked Baoyu: 'Is this one tael?'" The eighth chapter of The Scholars (《儒林外史》)writes, "Mr. Qu said: 'It is the sound of the weighing with steelyard, the sound of the abacus, and the sound of the clapper.'" Another example is Three Heroes and Five Gallants (《三俠五義》). Its fifth chapter writes, "Mr. Bao turned around and asked Bao Xing to get the steelyard. Bao Xing answered, and hastened to get a steelyard. It indeed weighed one tael and eight mace."

8 Stephen Tai, Organized Chaos - The Model of Chopmark on Foreign Coins, Journal of East Asian Numismatics, Issue 28.

Figure 5 Various hand steelyards from the Ming dynasty onwards

Figure 6 Silver pieces which could be weighed by hand steelyards in the Ming and Qing dynasties

The hand steelyard did not fade out of the market with the silver ingots but continued to be used for

Figure 7 [Steelyard 1] It has two pivots, with a weighing range from 4 candareens to 2 maces, and 5 candareens to 3 taels respectively, with a minimum scale of 2 li.

Figure 8 [Steelyard 2] It has one pivot, with a weighing range from 1 candareen to 2.2 maces, with a minimum scale of 1 candareen.

for silver dollars can still be found on some hand steelyards. The Steelyard 5 shown in Figure 11 is an example. This hand steelyard presumed to date from the late Qing dynasty was made by Anlan Money Shop in Guangzhou. At that time, Guangzhou mainly used silver dollars, while silver ingots were rarely used, so the design of hand steelyards took into account the weighing target of silver dollars as the priority rather than the silver ingots. For this reason, the smallest weight scale among the three pivots of the hand steelyard, with an upper limit of 7.5 mace, can be said to be designed specifically for silver coins. One silver dollar weighs about 7.2 mace, so the pivot can be used as long as it is a silver dollar or a factional silver coin, without the trouble of changing the pivots in the process of weighing (Figure 12). As for the other

pivots, the upper limit of the weight range is 3.6 taels and 11 taels respectively, which is about the weight of 5 and 15 silver dollars respectively. In addition, at the end of the Qing dynasty, Guangdong still minted local square trough sycees, with a unit weight of about 10 taels,9 which could also be weighed by this kind of hand steelyard.

Later, even if the use of silver ingots declined and the traditional gold and silver shops and appraisal stores also bowed out, the hand steelyard, this Chinese ancient mechanical invention, was still used when the silver dollars were in wide circulation until the Republic of China period, which become a rare living fossil in the history of gold and silver monetary.

9 Stephen Tai, A Study on Square Trough Sycee: To Explore the History of Silver Ingots.

Figure 9 [Steelyard 3] It has two pivots, with a weighing range 1 mace to 1 tael and 2 maces to 9 taels respectively, with a minimum scale of 1 candareen.

Figure 10 [Steelyard 4] It has two pivots, with a weighing range from 1 mace to 1.5 taels, and from 1 tael to 2.3 taels respectively, with a minimum scale of 2 candareens.

Figure 11 [Steelyard 5] It has three pivots, with a weighing range from 1 candareen to 7.5 maces, 2 candareens to 3.5 taels, and 4 candareens to 11 taels, respectively, with a minimum scale of 1 candareen.

Figure 12 Steelyard 5 has a pivot designed for weighing silver dollars

金銀貨幣化的推手― 戥秤

◎ 戴學文〔臺北〕

唐宋時期金銀朝向貨幣化發展，是一個學界經常探討的課 題，舉凡礦產增加、提煉技術改進、外地大量輸入1等都被 視為原因，成為研究方向。不過，金銀作為一種貨幣流通， 必須按其成分計值，如此一來，當時是如何克服成色分析 與重量量測兩大技術問題,至今卻仍少有人提及。

唐宋時期辨識金銀成色的訣竅

有關金銀成色的分析辨識，一般所知，以完成於南宋末年 的《寶貨辨偽》提供的信息最為詳盡。2

在金的部分：有“金子十分至半錢，對樣分明石上試，更看 裹夾幾多般，前錯開時無疑患”、“凡辨夾金鋌或夾器皿，用 淡金或銀，使赤金葉裹，就熱砑上，鋌子偽造錘痕，器皿 看底，足有縫即是。如無縫看唇厚入手硬，夾器也。”意思是， 把金子往試金石上用力一劃，拿呈現出的色澤加以比對，即 可判定成色；使用這個方法，從最高的“十分金”到含金僅 5%都可以檢測得出。另外，當時也已懂得從金條金器底部 接縫以及錘痕是否屬偽造等跡象，辨識是否使用或包夾低 潮金銀料的技巧。

銀的部分，則有：“真花細滲分數高，紙被必低四角凹，好 弱幽微說不盡，論中不錯半分毫”、“金漆花銀（一百分足）、 濃調花銀（九十九分九厘）、茶花銀（九十九分八厘）、大胡 花銀（九十九分七厘）、薄花銀（九十九分六厘）、薄花細滲 （九十九分五厘）、紙灰花銀（九十九分四厘）、細滲銀（九十九 分三厘）、麄滲銀（九十九分一厘）、斷滲銀（九十八分五厘）、 無滲銀（九十七分五厘）。以上銀分數名額。凡看諸般器皿。 首飾釵釧。今時宅眷多喜時樣生活。勤去更改一番騰倒一 番低也。但凡楞褁鍍金之類。尤宜仔細。”值得注意的是， 宋代不只能從銀鋌外觀辨識成色，連特徵、色澤等細微差 別，也成為評斷高低，訂定名目的依據，而且兩個成色級距

注釋：

1 參閱：(日本)加藤繁，《唐宋時代金銀之研究》。

2 收錄於南宋末期《居家必用事類全集》戊集。

只有0.1%的差異！這種功夫，令人不禁讚歎！無疑地，這已 為白銀貨幣化奠定下重要基礎。

百姓在耳濡目染下，對於看銀辨偽無不略知一二，到了後來， 特別是明清時期，銀錢業與公估店集相關訣竅於大成，其 中不少就是傳承自宋代經驗。

相較於在看色方面，宋代已經具備超強能力，金銀秤重技 術的發展，則是相對遲緩，這恐怕也是金銀貨幣化進程難 以進一步推動的原因。本文將利用較多篇幅探討這個一直 未受到注意的問題。

宋代戥秤的發明及其影響

銀錠，作為一種秤量貨幣，衡秤是其普遍流通的前提。中 國歷代自古以來所使用的衡秤，是一種等臂式天平(圖1)。 不過，受限於製造技術，傳統天平無法同時滿足銀錠流通 所需的兩個條件：一是，為了應付各種不同的交易價格，重 量單位必須夠小，能秤量錢、分等微量；二是，為了隨時派 上用場，體積必須輕巧，以便隨身攜帶。

圖1 清代官府使用的等臂式天平

北宋景德年間(1004-1008 A.D.)，一種精巧、準確性足夠 的衡器——“戥秤”終於誕生(圖2)。這種新式衡具，是由朝 官劉承珪所發明3。在經過多年發展之後，金銀，尤其是白 銀，在明清時期得以普遍流通，全面走向貨幣化，與秤量 計值的技術已臻成熟有關，其工具就是在宋代戥秤的基礎 上發展而來。

戥秤，是一種藉由杠杆原理所製作的非等臂天平，可藉由同 一秤陀(砝碼)位置的挪移，秤量各種不同物品的重量，而 且準確度非常高。如此特點，讓衡具變得輕盈精巧。據記載， 劉氏戥秤的原型，秤桿重約1錢，長約40釐米，秤砣重6分。 秤桿上有3個提紐，各有秤重區間。第一紐，5分至1錢5分； 第二紐，2分到1錢；第三紐，1到5分。隨着不斷改進，目 前所知，最小的戥秤4，大約是出現於明末清初左右，秤桿 僅長11釐米，1分起秤，有兩個提紐，分別可秤重1分到1錢， 與2分到3錢2分，(筆者藏品，詳見(圖7：1號秤)。

宋元時期戥秤不普及，金銀流通困難

不過，因製作技術所限，精巧可供秤量微物的戥秤一直為 宮廷所專屬，早期民間的戥秤，體型與誤差都較大，多僅 利用作為秤量日常商品之用，不適合貴重的金銀；元代壁 畫“執秤官秤魚圖”也透露着端倪(圖3)。蒙元是一個極重 視度量衡的朝代，市場設有官吏執秤以維護交易公平；但， 因制秤技術未臻成熟，當時執秤官所使用的雖是官制戥秤， 但，體積過大，不夠精密，只能秤量日常物品，無法同時用 於金銀。

重量，是成色之外決定銀錠價值的另一因素。宋元時期流 通的銀鋌，根據當時的記載：“今人冶銀，大鋌五十兩，中 鋌半之，小鋌又半之”。5由於秤量技術不發達，當時以五十 兩銀為單位，與減半、再減半續分出中、小鋌作為貨幣。但， 問題是無論何者，價值都相當高昂，不是一般百姓所能負擔。

由此推測，其用途應與國際、邊境貿易與大宗商業交易等 活動有關，正因精准的天平、戥秤，為數有限，所以在此優 先使用。

當時市場絕少流通重僅一、二兩或數錢的銀塊，這種現象

也大概說明可秤量金銀的精准戥秤，仍是一種珍貴資源，為

3 丘光明：《中國古代計量史》，安徽科學技術出版社，2012-02-01。

4 史有勇、臨夏穆斯林風情：《戥子收藏者馬清平》，中國社會科學網，2015年2月25日。

5 胡三省：《通鑒釋文辨誤》。

元代山西廣勝寺壁 畫：“執秤官秤魚圖”

官府與少數人所專屬。唐宋時期，尤其是南宋，因礦產開 發、境外輸入等原因，社會雖充斥着大量金銀，貨幣化的 道路看似敞開。但，風雨欲來，卻雷大雨小，最終仍未實現。 這個結果，恐怕與散碎銀塊無法過秤，交易受阻有着不小關 係。如此一來，民間買賣就只好繼續使用銅錢、鈔票等。

戥秤到了後來也流入亞洲鄰國，甚至輾轉傳入歐洲。圖4為 20世紀初出現於英國的戥秤，體型相當龐大，重量約1公斤， 秤重以磅(453克)為單位，以0.1磅起秤，最重可秤量至9磅。 其用途與早期中國類似，都是用於秤量魚肉蔬果等商品。

明代手秤成為民生必需品，白銀通路因此大開

明代後期，宣佈白銀為法定貨幣，社會各界流通着各種銀錠。

這個結果的促成，實與多種條件的成就有關。其中，一種專

圖2 戥秤圖

圖3

圖4 英國戥秤

門用於秤量金銀、藥等貴重物品的戥秤的出現，至關重要。

金銀秤，體型精巧，秤桿、砝碼都可收藏在小木盒內，隨 身攜帶，因此也被稱為“手秤”，也就是“隨身型戥秤”之意。 (圖5)

不久之後，手秤，就成為人手一只的民生必需品，從而使自 古以來用銀無法過秤的問題迎刃而解。因為可以隨手秤重 計值，碎銀，不分大小，一概歡迎。比起既往，以銀交易

變得方便，這個轉變讓白銀得以同時在公私經濟通行無阻，

毫無保留地發揮貨幣職能。

明代後期，地形銀在全國各地如雨後春筍般不斷冒出。這 些造型、大小各異的銀錠，絕大多數都是10兩以下以至1兩 的小錠6，加上市面已流通着大量碎銀，重量多在一兩以下， 不足一錢者，也所在多有。手秤的設計，正是針對當時流 通銀錠的實際存在狀況而來。各式可秤量10兩以下以至數 錢、數分、數毫的手秤，應有盡有7（圖6 ）。以下圖示部分 實物（圖7-11）。

圖

6 戴學文：《方鏪考——一種歷史銀錠的探索》。

圖

7 明清時期的章回小說，不時可找到秤量碎銀的事例，例如：《紅樓夢》第五一回：“麝月便拿了一塊銀子，提起戥子來問寶玉 ：‘那是一兩的星兒？’”《儒林外史》第八回：蘧公子道“是 戥子聲，算盤聲，板子聲。”，及《三俠五義》第五回：“包公回頭，叫包興取戥子來。包興答應，連忙取戥平了，果然重一兩八錢。”

5 明代以後出現的各式手秤

圖7【1號秤】兩個提紐，秤重區間分別為4分至2錢，與5分至 3兩。最小刻度2厘。

6 明清時期使用手秤秤量的碎銀

圖8 【2號秤】一個提紐，秤重區間1分至2錢2分，最小刻度1分。

圖9 【3號秤】兩個提紐，秤重區間分別為1錢至1兩，與2 錢至9兩。最小刻度1分。

圖10 【4號秤】兩個提紐，秤重區間分別為1錢至1兩5錢， 與 1兩至2兩3錢。最小刻度2分。

圖11 【秤5】三個提紐，秤重區間分別為1分至7錢5分、2 分 -3兩5錢，與 4分 -11兩。最小刻度1分。

銀錠之外，洋錢，自明代後期起已流入中國，並在清代大受 歡迎，後來自鑄銀元也加入流通。這些機製幣儘管出廠品 質具有一致性，不過，由於坊間偷銀、加蓋戳印的風氣盛行， 每每造成銀錢重量減損，流通幣的交易價值仍須過秤後決 定8。因此，手秤不只用於秤銀，後來有更多應用是與銀元 交易有關。

儘管銀元與小碎銀都可共用相同的手秤，但在部分手秤上， 卻仍可找到專屬銀元的設計。圖11所示的5號秤，就是一個 例子。這只手秤是廣州安瀾行所製造，年代推測是在清末 民初。當時廣州市以流通銀元為主，絕少使用銀錠，所以，

8 戴學文：《亂中有序——洋錢上的戳印模式》，載《東亞泉志》第28期。 9 同注6，前揭書。

圖12 5號秤上專供秤量銀元的設計

手秤設計所考慮的秤量目標，首先是銀元，其次才是銀兩。 為此，手秤的3個提紐中，最小的重量區間，以7錢5分為上 限，這可說是專為銀幣所設計，1枚銀元重約7錢2分，只要 是1枚銀元或重量更輕的銀輔幣都可使用，沒有更換提紐的 麻煩(圖12)。至於其他提紐，重量區間上限分別為3兩6錢 與11兩，約合5枚與15枚銀元的重量。此外，清末廣東仍鑄 行地形銀“方鏪”，單位重量10兩左右9，過手時也可利用。

後來，即使銀錠因銀元的取代而走向式微，傳統金銀鋪、 公估店紛紛退場，不再講究看色，手秤，此一中國古機械 文明，仍伴隨着社會使用銀元的特殊習慣而曆久不衰，直 至民國時期依舊活躍，成為金銀貨幣史上罕見的活化石。

未追隨銀錠淡出市場，手秤續用於秤量銀元

Saudi Arabia's Three-in-one Currency System with Gold Coins as the National Currency Oil, Gold, and the Dollar

◎ Che-lu Tseng〔USA〕

SaudiArabiahasathree-in-onecurrencysystem,thatis,goldcoinsmanufacturedbytheU.S. Mint in Philadelphia in 1945 and 1947 are used as Saudi Arabia's national currency, while pound, the British standard measure of weight, is taken as the unit of the gold coins.

The issuance of currency in any country is more or less related to war, as the victory or defeat in a war would bring about fiscal inflation or collapse. In order to settle debts and provide funds, the treasury must reform and issue new currencies. Therefore,

it is a must to understand the historical background of oil, gold and the US dollar which are inextricably linked before and after the Second World War to interpret the two gold discs (as shown in the pictures).

I Oil Companies in Saudi Arabia

In 1901, King Saud bin Abdul Aziz, the founder of Saudi Arabia, maintained good relations with the British government because Britain had helped Saudi Arabia gain independence from the Ottoman Turkish Empire. After the unification of Saudi Arabia on September 28, 1928, Britain was the first country to recognize it as an independent state. As a result of the protection and institutional influence by the UK over the years, the Saudi Arabia's currency adopted the British pound as the unit. In May 1931, the United States also fully and officially recognized the government of Saudi Arabia. In 1933, King Saud bin Abdul Aziz granted an oil concession to Standard Oil of California (Socal, later known as Chevron) for technical and financial assistance. Socal incorporated the California Arabian Standard Oil Company (Casoc) for this purpose. In 1936, Texas Oil Company (later Texaco) also joined Socal, acquiring a 50% ownership stake in Casoc. They were allowed to explore for oil in Has-Hasa, an eastern province of Saudi Arabia. Casoc offered the Saudi Arabian government £35,000 and a further £20,000 after 18 months. In addition, if oil was

found in Has-Hasa, a lease fee of four gold shillings would be paid to the Saudi Arabia government for every ton of crude oil produced. Saudi Arabia also received a share of oil sales, as well as various rent and license payments. In 1938, high-quality crude oil field was found at Dammam Dome near present-day Dhahran, another eastern province of Saudi Arabia, which kicked off a major development of the oil industry in Saudi Arabia.

After World War II, the reconstruction and economic revival of Western European countries led to a surge in demand for oil. In December 1948, the American holding company Casoc decided to introduce Standard Oil of New Jersey and Standard Oil of New York as shareholders of the company in order to obtain more funds to restart and develop the oil exploitation in Saudi Arabia. The company's shares came to be held by four U.S. oil giants, namely Chevron (30%), Texaco (30%), Exxon (30%) and Mobil (10%), and the company was renamed as Arabian American Oil Company (Aramco).

From 1944 to 1949, Aramco supplied oil to the U.S. military, and its strategic and political importance skyrocketed.

It was because of World War II that the importance of oil as a strategic material was demonstrated. Hitler's defeat was partly due to Germany's shortage of oil. The U.S. government was tilting toward Saudi Arabia and Aramco in order to obtain adequate oil supplies from the Middle East. Aramco was given a once-in-a-lifetime opportunity to grow, and crude oil supplies increased 25-fold from 20,000 barrels per day (bpd) in 1944 to 500,000 barrels per day in 1949. The Ras Tanura refinery's processing capacity was increased from 50,000 to 127,000 bpd,

primarily to supply the growing demand from the U.S. Navy. In 1947, Aramco could produce as much as 200,000 barrels per day. The Saudi royal family also became rich overnight, and in 1946 alone the king earned about $15 million from Aramco.

Therefore, Aramco had to pay the Saudi government every year for the franchise in 1944-1947, and the 55,000 pounds and other rental operating expenses for exploration, marketing and refining. Then, is the fact that the fee was required to be paid with gold coins instead of US dollars related to the high increase in the price of gold led by the US-Japan Pacific War after World War II?

II The Bretton Woods System

After the Second World War, in July 1944, President Roosevelt promoted the establishment of three world systems: a political system - the United Nations; a trade system - the General Agreement on Tariffs and Trade, later known as the WTO; and a monetary and financial system, the Bretton Woods System. The Bretton Woods System was a gold exchange standard system based on the dollar and gold, also known as the dollargold standard system. It made the dollar the center of the postwar international monetary system. The dollar had become the equivalent of gold as the world currency, and the United States assumed the obligation to exchange dollars with gold at an official price, which meant other currencies could only have relations with gold through the U.S. dollar. Since then, the U.S. dollar has been the means of payment for international clearing and the main reserve currency of all countries. Statistics show that at the end of the Second World War, the U.S. government held about 70% of the world's gold reserves. The Bretton Woods System established the rules, the measures, and the corresponding forms of organization on such issues as the exchange of currencies, the regulation of the balance of payments, and the composition of international reserve assets, as a sum of agreements.

Between 1944 and 1973, most countries joined this monetary system with the U.S. dollar as the center of international currency. At first, the dollar was pegged to gold. Countries

confirmed that the official price of gold was $35 per ounce as set by the United States in January 1944, and the gold content of each dollar is 0.888671 grams of gold. Governments or central banks could exchange gold with the United States in U.S. dollars at official prices. In order to keep the official price of gold from being hit by the Libreville Field gold price, governments needed to work with the U.S. government to maintain this official price of gold in the international financial markets. Second, the currencies of other countries were pegged to the U.S. dollar, and other governments set the gold content of their respective currencies and determined the exchange rate with the U.S. dollar through the ratio of the gold content. Before 1944, the import and export of gold was completely free under the international gold standard, but under the Bretton Woods System, the flow of gold was subject to certain restrictions. Before the Second World War, the United Kingdom, the United States and France allowed residents to exchange gold; other countries implementing the gold exchange standard also allowed residents to use foreign exchange (pounds, francs or dollars) to exchange gold with the United Kingdom, the United States and France; after the Second World War, the United States only agreed to let foreign governments to exchange gold with the dollar with the United States in certain conditions, while it did not allow foreign residents or companies to exchange gold and dollars.

After the US-Japan Pacific War (1941-1945), the price of gold was high, while the official price of 1 ounce of gold under the Bretton Woods System was limited to $35. In addition, gold could not be bought or sold by private companies. If Aramco paid Saudi Arabia in U.S. dollars, then in times of high gold prices, it would be detrimental to the Saudi Arabia government. Therefore, Saudi Arabia might be compelled to ask the U.S. Philadelphia Mint to mint gold discs (non-legal gold coins) for it in the name of the state, but it privately paid the U.S. government through Aramco. Then, the United States mints gold discs for the Saudi Arabia in the name of the government to comply with Bretton Woods regulations.

If the Saudi Arabia government followed the trend of the times with its adequate oil resources, it could have used a flexible approach by taking full use of its advantage of oil, pay attention to balance the special relationship between Saudi Arabia and the United States, and ensure that the United States could tolerant the oil problem, so as to achieve their own interests of oil. In terms of time, is it possible for the Aramco to promote Saudi Arabia's request to the United States to mint gold coins as large tokens after World War II?

There were two sizes of gold discs minted by the United States for Saudi Arabia.

1. Large Gold Discs

Four-pound gold disc (Figure 1).

Fig. 1 Obverse inscription: U.S. MINT. PHILADELPHIA-U.

S.A. The center of the discs is a bald eagle designed by Charles Thomson (1729-1824), representing the capable and intelligent

elite, surrounded by words "United States Mint - Philadelphia - USA". The eagle centered in the inner tooth-edge circle of the obverse features the leftward face, spreading wings, and talons grasping an olive leaf (representing peace) on the left and a trapped arrow (representing the pledge of strength) on the right, with 13 horizontal stripes on its chest, representing the 13 states that joined the United States in 1777.

Figure 2 shows John Sinnock, who designed the Roosevelt dime and the Franklin half dollar. Sinock was the chief engraver of the Philadelphia Mint (1925-1947). I think he designed the eagle on the obverse based on the badge used on the coins by U.S. mint, and then he modified it and added inscriptions. The reverse has the inscriptions of the weight and purity in line with the official standard of British gold bullion.

The dime and half dollar were designed and engraved by John R. Sinnock, as well as other commemorative medals. As for this eagle badge, it has a modification on the original totem. Although Sinnock did not sign on it as the dime (JS) or half dollar (JRS), I presume he did not dare to exceed the rules to engrave his name as the he just modified the work according to the original badge.

The reverse features a rectangular pattern with three lines of words [GROSS WEIGHT-493.1 GRAINS. -- NET WEIGHT-452.008333 GR-FINENESS 9162/3]. Therefore, a gold disc contains 452.00gr. or 0.942 oz. of gold, with 91.6% in purity.

Note: 493.1gr = 31.95g. The entire gold disc weights slightly over 1 oz. [1 once = 28.35g]. In 1945, a total of 91,210 pieces of large gold discs were issued, but most have been melted down.

Figure 2 John R. Sinnock

Note: The British gold coins weigh 5 pounds, 2 pounds, 1 pound (Sovereign) and 1/2 pound. There is no 4-pound coin, which is unique. It is possible that the 4-pound coin is in line with the international popular system of one tael at that time.

2. Small Gold Discs (Figure 3)

The obverse has the same design as the 4-pound gold disc; the reverse has three lines of inscription: CONTAINS - 0.2354 TROY OZS - FINE GOLD. Its denomination is 1 pound and the gold content is 7.32g.

Note: One troy oz is a British unite which is equal to 31.10g [31.10 x 0.2354 = 7.32g]. FINE GOLD means its purity is 999.9‰ .

In 1947, the Philadelphia Mint struck 121,364 small discs, the vast majority of which were melted down. The design of small discs is similar to that of small British Sovereign gold coins, with the same amount as the 1-pound British Sovereign gold coin. These small discs were actually commonly used in Saudi

Arabia and traded at a value of $12, or 40 Saudi riyals of silver.

The gold standard is a monetary system in which gold is the standard currency. A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold (that is, the gold content of currency); when different countries use the gold standard system, the exchange rate is decided by the gold parity of their respective currency gold content. The gold standard system became prevalent in the mid-19th century. In history, there have been three forms of the gold standard system, namely, gold exchange standard, gold bullion standard, and gold and fiat money standard. Among them, the gold fiat standard is the most typical form, and the gold standard system refers to such a monetary system in a narrow sense.

The international monetary system centered on the U.S. dollar after the Second World War is actually a gold exchange standard system. The United States does not circulate gold coins and private individuals cannot own gold coins, but allow other countries to exchange for gold discs as mentioned above with U.S. dollar in the name of government. The above 4-pound and 1-pound gold discs are financial products of this era, when the dollar was the main reserve asset of other countries. However, the system also gradually began to shake due to the impact of the dollar crisis. When it came to August 1971, the U.S. government stopped the exchange for gold with U.S. dollar, and it devalued the dollar twice. The incomplete gold exchange standard system collapsed, and the gold bullion standard system and the gold exchange standard system basically disappeared in the 1970s.

III How to Distinguish the Real from the Fake?

The 4-pound gold disc is cast with 22K gold [92% color, (22/24)] gold, and the 1-pound is equivalent to one sovereign of the United Kingdom. The gold disc is of brilliant color, excellent purity, warm feeling, and beautiful shape, being popular among the people. Yet, counterfeiting is rampant. For instance, Swiss and Lebanese counterfeiters began making similar gold discs with lower gold content.

Most of these gold discs are no longer in existence, as a large number of them were boxed up and shipped to Mumbai, India, sold for $70 per ounce, twice the official U.S. price. Many other gold discs were melted down, turned into gold bars and shipped to Macau for sale to private gold stores or the Chinese Central Mint for casting gold bullion. Afterwards, the Saudi Arabia government melted down many of the remaining gold

Figure 3 One-pound gold disc

discs, and reused them to produce its own gold coins. For example, in 1950, Saudi Arabia melted down most of the gold discs made in Philadelphia, USA, and started minting its own gold coins again. (Fig. 4)

Today, only a small fraction of these unusual U.S. gold discs remain, which makes the demand greater than the supply. Collectors should be very careful and are advised to purchase certified examples. NGC has certified 205 large and 81 small discs, and PCGS has certified 41 large and 19 small discs. Judging from the number of examples appearing on auctions and certification capsules, small gold discs are rarer than large ones. It is assumed that the total number of existing discs is between 500 and 1,000 pieces.

This is because their weights are exactly the same as those of other popular gold coins of the world at the time. This, coupled with the interesting historical background, beautiful design, gold splendor and high value gold disc (DISC), made these pieces a popular target for counterfeiters.

The genuine discs feature many bumps on the obverse, almost like tiny pebbles. Fakes also show this effect, but it appears weaker, without small bumps next to the letters. Especially in the circle of characters P.D., there is no or inconspicuous small raised bumps. Also, the genuine discs have the fine lines like a spider web between each characters of M-I-N-T. If there is no such feature, it may be a fake as Figure 5.

IV Conclusion

From the 1940s to the 1950s, the U.S. government played as the backstop and protector for companies to expanding their oil sources in the Middle East, while companies were the front speakers in increasing U.S. influence over countries or regions that needed oil.

The years of political and financial chaos in the world after World War II led to the rise of gold and oil prices and the fall of the U.S. dollar. The Saudi Aramco, an American international oil company, was established for exploring oil in the Middle East. The U.S. government has provided monetary and technical assistance to the Saudi Arabia government and set up worldwide financial procedures, such as the WTO and the Bretton Woods system, to maintain the world financial system.

In mid-February 1943, the managing directors of Mobil, Texaco and Casoc visited the U.S. Secretary of State in Washington, D.C. They requested financial assistance from the U.S. government in order to keep Britain out and ensure that they would remain U.S. companies after World War II. If the United States was willing to assist, in return the Saudi royal family will give the U.S. government certain opportunities and options to participate in the oil exploitation in Saudi Arabia. Beginning in 1944, the U.S. accelerated the pace of aid to Saudi Arabia under the Lend-Lease Act, and by the end of the war, U.S. direct or indirect aid to Saudi Arabia reached $90 million, 73% of which was gifted, making the U.S. the largest aid donor to Saudi Arabia.

Figure 5 Fake gold disc obverse

Figure 4 (1950) Saudi Arabia One Guinea Gold Coin. Fineness: 0.9170.AGW: 0.2355oz .Weight: 7.9881g

Is it possible that the large 4-pound gold disc was minted in 1945 by the U.S. government for financial assistance?

Note: According to the record from 1949, the United States had gold reserves of 24.6 billion U.S. dollars, accounting for more than 70% of the total gold reserves of the entire capitalist world at that time.

In 1944, Socal changed its name to Arabian American Oil Company or Aramco for short. According to Boosel's article in the ANA journal The Numismatist published in July 1959, the contract between Saudi Aramco and the Saudi Arabia government required that Saudi Aramco pay an annual franchising fee of $3 million in gold to the Saudi Arabia government. Although payments in U.S. dollars were accepted throughout World War II, at the end of the war, the Saudi Arabia government insisted that payments by gold should be restored. Was it possible to use gold discs instead for hedging purposes? Considering that British gold coins were seldom seen in circulation in the market at this time, Aramco may have signed a contract with the U.S. Treasury Department to mint gold discs, which seems logical. The Philadelphia Mint produced the 1947 small discs that were identical to the gold British sovereign, and both gold coin and gold disc contain 0.2354 ounces of gold, with a purity or fineness of 0.9167, which underscores the fact that these gold discs were a replacement for the main 1-pound British gold coin.

According to the author's estimation, if so, it is a coincidence in terms of the timing of the 4-pound large American disc. For example, the time of the high price of gold after World War II, the restrictions of the Bretton Woods Agreement in 1944, and the issuance of large discs in 1945 are coincident.

Note: Though it is named the 4-pound gold disc for convenient circulation in the world, it is also known as one-tael gold disc as it is nearly one tael.

According to the J.P. Koning's article Why the US Mint once issued gold discs to Saudi Arabia published in November 26, 2018, a reference from the Federal Reserve Economic Research Documentation System (FRASER) indicates, "...

in October 1947, the US Mint received a third order from the Saudi Arabia government. But the Saudi Arabia government eventually canceled this third order based on a better offer. In December of that year, U.S. officials told the Saudi Arabia government that the Treasury was willing to auction off the old British gold sovereigns held in its official reserves. For the Saudi Arabia government, this actual auction offer was too good to give up, so they canceled the third request to cast gold discs, and purchased the gold pounds auctioned by the United States ..." It can be seen that the Saudi Arabia government had the possibility to make the first (1945 large gold disc) and the second (1947 small gold disc) orders.

In the Second World War, Saudi Arabia itself, like most countries in the Middle East, did not have its own monetary system, that is, it did not produce its own coins. For smaller transactions, the Saudi people relied mainly on foreign silver coins, including, for example, the Maria Theresa dollar, a coin minted in Austria, which was the most commonly used at the time. Second is the Indian rupee. For bigger transactions the Saudis used the British gold pound. However, around the First and Second World Wars, the British economy was weak and gold was in shortage. The Britain no longer minted British gold pounds, which would inevitably lead to a shortage of British gold pounds. Against this background, Saudi officials would go out of their way to provide the country with a viable alternative to gold for circulation within its borders.

Therefore, it is entirely reasonable for the Saudi Arabian government to seek help from the U.S. Treasury Department. At the time, the U.S. Treasury was the largest owner of gold in the world, and the U.S. Mint could mint coins. The Saudi Arabian government had originally requested the British government to supply the original dies for the British gold pounds to the U.S. Mint in Philadelphia for minting, but British officials refused to grant the U.S. Mint the original dies for the sovereign gold coins. The Philadelphia Mint offered a good second-best choice for the Saudi Arabia government in the form of simple, attractive gold discs of a size and weight similar to the British gold coin series. In addition to their widely-accepted purity, weight, and markings, they were also be part of a mainstream worldwide currency system.

沙特阿拉伯國家通貨金幣三合一貨幣體制：

（1）沙特阿拉伯國家本土通貨之金幣；

（2）1945、1947年由美國費城造幣廠製造； （3）採納的是英國金幣鎊之體系。

世界上任何一個國家貨幣的發行，多多少少跟戰爭有關。因 為戰爭之勝利與失敗均會帶來了財政之通脹或崩潰，為了 解決債務及提供資金，財政必須進行改革，發行新的貨幣。

因此,要解讀這二枚金鉼（如圖），有必要先瞭解第二次世 界大戰前後，有關石油、黃金與 美元之歷史背景,三者亙有 千絲萬縷之關係。

1901年沙特阿拉伯的創始人阿蔔杜勒阿齊茲（Saud bin Abdul Aziz）國王與英國政府關係尚維持良好，因為英國 曾經幫助沙特阿拉伯從奧斯曼土耳其帝國獨立出來。沙特

阿拉伯在1928年9月28日統一之後,英國是第一個承認其為 獨立國家。由於英國多年來一直向沙特阿拉伯提供保護及 制度之影響，沙特政府貨幣採用英系鎊制單位。1931年5月， 美國也通過全面的外交承認並正式承認沙特阿拉伯。1933 年，因為技術及金錢援助之需要，阿蔔杜勒阿齊茲國王向美 國加利福尼亞標準石油公司〔Standard Oil of California （Socal），後來稱為Chevron〕授予開採石油特許權。

Socal為此特地註冊成立了加利福尼亞阿拉伯標準石油公 司（Casoc）。1936年，美國德克薩斯石油公司（即後來的 “德士古石油”，Texaco）也加入獲得了Casoc 50％的所有 權。允許他們在沙特阿拉伯東部省份哈薩（Has-Hasa）勘 探石油。Casoc向沙特阿拉伯政府提供了3.5萬英鎊，18個

月後政府還會得到2萬英鎊；如果真能找到石油，每產一噸 原油的同時，向沙特政府繳納租礦費4個金先令。沙特還能 獲得石油銷售分利，及所支付的各種租金和特許權使用費。 1938年，在今天沙特東部省達蘭（Dhahran）附近的達曼 圓頂（Dammam Dome）上發現了高質量之原油，從此， 拉開了沙特石油工業大發展的序幕。

二戰後，西歐各國重建及經濟復興，石油需求暴增。1948 年12月,美方控股公司又決定引進新澤西標準石油、紐約標 準石油等加入為公司的股東，以獲取更多資金重啟並開發 沙特石油。阿美石油公司的股份成為四家美國石油巨頭持 有，分別是雪佛龍（30%）、德士古（30%）、埃克森（30%） 和美孚（10%）。這四家美資控股公司將原項目公司更名為阿 拉伯美國石油公司，簡稱“阿美石油”（Aramco）。

◎ 曾澤祿〔美國〕

解讀沙特阿拉伯國家通貨金幣三合一貨幣體制 石油-黃金-美元

1944至1949年，阿美石油為美國軍方提供油料，其戰略地 位和政治地位迅速躥升。

正因為二戰，又證明了石油這種“戰略物資”的重要性。希 特勒的失敗，部分原因是石油短缺。美國政府為了從中東獲 得充足的石油供應，不斷向沙特和阿美石油傾斜示好。阿 美石油獲得了千載難逢的發展機會，原油供應量從1944年 的2萬桶/日增加到1949年的50萬桶/日，漲了25倍。Ras Tanura煉廠的加工能力從5萬/日提升至12.7萬桶/日，主

要目的是為了供給美國海軍日益增長的需求。1947年，阿美 石油的日產量高達20萬桶。沙特王室也一夜暴富，僅1946 年國王從阿美石油獲得大約有1 500萬美元的收入。

那麼，阿美石油在1944-1947年間特許的經營權，及因勘探、 行銷和精煉每年該交付給沙特政府有5.5萬英鎊及其他租金 經營費用，有否因二戰後美日太平洋戰爭金價漲幅太高的關 係，要求以鑄造金幣而不以美元替代支付認供的權利金嗎?

二 佈雷頓森林體系（Bretton Woods system）

第二次大戰後,1944年7月由美國羅斯福總統推動建立了三 個世界體系，一個是政治體系——聯合國；一個是貿易體 系——關貿總協議，也就是後來的WTO；一個是貨幣金 融體系（system）。佈雷頓森林體系是以美元和黃金為基礎 的金匯兌本位制，又稱美元-黃金本位制。它使美元在戰後 國際貨幣體系中處於中心地位，美元成了黃金的“等價物”， 美國承擔以官價兌換黃金的義務，各國貨幣只有通過美元才 能同黃金發生關係，美元處於中心地位，承擔起世界貨幣 的作用。從此，美元就成了國際清算的支付手段和各國的主 要儲備貨幣。統計數據顯示，在第二次世界大戰即將結束 時,美國政府掌握了全球70%左右的黃金儲備。佈雷頓森林 體系確立了各國對貨幣的兌換、國際收支的調節、國際儲 備資產的構成等問題的規則、採取的措施及相應的組織機 構形式，是一個協議總和。

在1944年至1973年間，世界上大部分國家加入以美元作為 國際貨幣中心的貨幣體系。佈雷頓森林協議對各國就貨幣 的兌換，第一，美元與黃金掛鉤。各國確認，1944年1月 美國規定的35美元1盎司的黃金官價，每1美元的含金量為 0.888671克黃金。各國政府或中央銀行可按官價用美元向 美國兌換黃金。為使黃金官價不受利伯維爾場金價衝擊， 各國政府需協同美國政府在國際金融市場上維持這一黃金 官價。第二，其他國家貨幣與美元掛鉤，其他國家政府規 定各自貨幣的含金量，通過含金量的比例確定同美元的匯 率。1944年之前在國際金本位下，黃金的流動是完全自由的， 但在佈雷頓森林體系下，黃金的流動受到一定的限制。第二 次世界大戰前，英、美、法三國都允許居民兌換黃金；實行

金匯兌本位的國家也允許居民用外匯（英鎊、法郎或美元） 向英、美、法三國兌換黃金；第二次世界大戰後，美國只同 意“外國政府”在一定條件下用美元向美國兌換黃金，不允 許外國居民或公司，用美元向美國兌換黃金。

因二戰後美日太平洋戰爭（1941-1945年），金價高漲而須 接受佈雷頓森林體系下1盎司的黃金官價是35美元的限制， 及不能以私人公司買賣黃金。如果阿美石油以美元支付給 沙特政府的話，那麼在金價高漲時，對沙特政府來講是不 利的，沙特阿拉伯政府或許被迫以國家名義要求美國費城 造幣為它鑄造金鉼（非法定之金幣），但私下是以阿美石油 (Aramco) 支付一切費用給美國政府，然後以政府名義鑄造 金貨給沙特政府，以合乎佈雷頓森林體系規制。

沙特政府在面對自己的石油資源時及順應時代潮流，能夠運 用靈活手腕，及沙特的石油優勢時，注意維護沙、美二國特 殊關係，以平衡之術，確保美國對沙特處理石油問題的容忍， 從而實現了自己的石油利益。阿美石油在時間上來講是否有 可能推動了二戰後向美國要求鑄造金幣之大型代用幣？美國 為沙特政府鑄造的金鉼（DISC]）有大型、小型兩種：

1. 大型

圖1 正面銘文: U.S. MINT. PHILADELPHIA-U.S.A. 金 鉼的中心是由湯姆森[Charles Thomson（1729-1824）]

面值值4英鎊式之金鉼，英國貨幣體系，如圖1。

設計的國璽“禿鷹”樣式，其代表有能力有智慧的精英者， 周圍環繞着“美國造幣廠-費城-美國”，這種美國國璽老 鷹設計在正面內圓中央，齒邊，鷹面朝中，張開翅膀，頭朝 向左，爪子中左邊抓住橄欖葉（代表和平），右邊抓住捆在 一起的箭（代表力量之保證），胸前徽章有13條橫線，代表 1777年加入聯邦的13個州。

圖2是約翰·辛諾克（John Sinnock），他曾設計羅斯福一

角和富蘭克林半美元硬幣，他當時是費城造幣廠設計雕刻 室主任（1925-1947年），我推想是他以美國造幣使用之國徽 為正面圖案,經過修改再加銘文。背面以英國官方金塊本位 制之重量、成色等銘文而設計。

一角及半元硬幣是他設計並雕刻的，還有其他紀念章等。 至於這枚“鷹鳥國徽”是有經過修改之原有圖騰，辛諾克雖 然沒有簽名,如一角（J S），或半元（JRS）,筆者推測他當 時是雕刻部主任，是依國徽之原模修改之作品而未敢越規 而刻上名。

背面以長方形風格/三行中[GROSS WEIGHT-493.1

GRAINS.- NET WEIGHT-452.008333 GR- FINENESS 9162/3 ]，含金量452.00gr.，成色純金量91.6%，金量 0.942 盎司黃金。

按：493.1gr=31.95g 整個金鉼略超過 1 盎司。[1 once =28.35g]。1945 年大型發行量 : 91 210 枚，但大部份已 經被熔掉。

按：以英鎊體系，是以 5 英鎊、2 英鎊、1 英鎊，及 1/2 英 鎊等四種。並沒有 4 英鎊，很獨特。可能這 4 英鎊大型者 是配合當時國際流行的一兩單位制。

2. 小型（圖3）

其正面圖案與4英鎊同；背面三行銘文：CONTAINS-0.2354 TROY OZS--FINE GOLD。面值1英鎊，含金量 7.32g。

按 : one troy oz，31.10 g，是金衡盎司，是英制品質單位 [31.10×0.2354 ＝ 7.32g]。 FINE GOLD 之英文字面翻 譯就是精金成色，其實精金就是所謂之萬足金（黃金含金量 的千分數達到 999.9）。

1947年，美國費城鑄幣廠鑄造了小型金鉼121 364枚，絕大 部分被熔掉。小型有類似英國sovereign設計的小金幣。 小金鉼含金量與英國1主幣金鎊相同。這些小金鉼實際上在 沙特阿拉伯有普遍被使用，交易價格約為 12 美元，即 40

圖 2 約翰·R·辛諾克

圖 3 面值 1 英鎊金鉼

沙特裏亞爾（SAUDI RIYALS）白銀。

金本位制就是以黃金為本位幣的貨幣制度。在金本位制下， 每單位的貨幣價值等同於若干重量的黃金（即貨幣含金量）； 當不同國家使用金本位時，國家之間的匯率由它們各自貨幣

的含金量之比金平價（Gold Parity）來決定。金本位制於19

世紀中期開始盛行。在歷史上，曾有三種形式的金本位制： 金幣本位制、金塊本位制、金匯兌本位制。其中金幣本位制 是最典型的形式，就狹義來說，金本位制即指此種貨幣制度。

第二次世界大戰後，建立了以美元為中心的國際貨幣體系， 這實際上是一種金匯兌本位制，美國國內不流通金幣及私 人不能擁有金幣，但允許其他國家以“政府”名義，用美元 向其兌換黃金，所以上面2枚——4鎊及1鎊金鉼是這時代之 金融產物。美元是其他國家的主要儲備資產，但其後受美 元危機的影響，該制度也逐漸開始動搖，至1971年8月美國 政府停止美元兌換黃金，並先後兩次將美元貶值後，這個 殘缺不全的金匯兌本位制也崩潰了。金塊本位制和金匯兌本 位制這兩種貨幣制度基本上在1970年代消失。

三 如何辨別真假？

以22K【92%成色，(22/24）】的黃金鑄造，重量相當 於沙特國王主權國的4英鎊。而1英鎊相當於英國之one sovereign，金鉼色彩燦燦，成色極佳，質地溫潤，造型優 美,令人喜愛。因流行暢通，遂即造假猖獗。瑞士和黎巴嫩 的造假者開始製作含金量較低的類似金鉼。

今天，這些不尋常的美國金鉼僅存一小部分，僧多粥少。藏 家應該非常小心，建議購買經過認證的金鉼。 NGC 已對 205枚大型、81枚小型金鉼認證。PCGS金鉼認證的有大型 41枚、小型19枚。從拍賣次數及認證盒來看，小型金鉼比 大型金鉼少見，總共猜測或許在500-1 000枚之間。

目前這些金鉼多數已不復存在。因其中大量被裝箱並運往 印度孟買，以每盎司70美元美國官方價格的兩倍價格出售。

又有許多金鉼被熔化，變成金條並運往澳門售給私人金鋪 店，或再私售給中國中央造幣廠作金條。之後，沙特政府再 熔化了許多剩餘的大大小小的美國金鉼，並重新利用這些 金鉼來生產自己的金幣。例如，在1950年,沙特阿拉伯把大 部份美國費城造的金鉼熔掉,再次開始鑄造自己國家的金幣 （圖4）。

因為它們的稱值重量與當時世界流行金幣的重量完全相 同，加上有趣的歷史背景、設計優美，金燦燦和高價值金鉼 （DISC），使這些作品成為造假者的熱門目標。

真品的特點在正面上有許許多多幾乎像小鵝卵石一樣的凸 起。假貨也顯示這種設計，但它顯得更弱些,尤其在字母旁 之小凸點流失。特別在P.D. 字的圍圈裏沒有或不明顯小凸 起紋理，以及真品在M-I-N-T字之間有細線如蜘蛛網之密 碼 ，如果有缺失這種特徵者可能是假的。如圖5。

圖 5 假金鉼正面

四 結論

在1940-1950年，美國政府在中東地區基本上是擔任企業向 外拓展油源的後盾和保護者，而企業是美國對產油國或區 域增加影響力的前鋒發言者。

因二戰後及美日太平洋戰爭後造成世界政治財政混亂的年 代，招致黃金及石油價漲、美元下跌的局面。美國國際石 油公司在中東石油探勘發掘，沙特石油公司之成立. 美國 政府對沙特政府金錢及技術援助，設立世界性金融之程式， 如WTO，佈雷頓森林體系（Bretton Woods System）等 以維持世界金融體系。

1943年2月中旬，加州美孚、德士古和加利福尼亞——阿拉 伯美孚石油公司的總經理們到華盛頓拜會美國國務卿，他 們請求美國政府給予“財政援助”，以便把英國拒之門外， 並確保二戰後能夠繼續保持是美國企業。如果美國願意進 行援助，作為回報，沙特皇室將給美國政府提供某些參與 開發沙特阿拉伯石油的機會和選擇權。從1944年開始，美 國根據《租借法案》加快對沙特的援助步伐，到戰爭結束， 美國直接或間接向沙特提供的援助達到9千萬美元，其中 73%是贈予的，美國成為沙特最大的援助國。

那麼1945年鑄造大型4鎊金鉼有沒有可能來自美國政府之 金援的可能性嗎? 按 : 以 1949 年資料，美國的黃金儲備 為 246 億美元，占當時整個資本主義世界黃金儲備總額的 70% 以上。

1944年，加利福尼亞阿拉伯標準石油公司更名為阿拉伯美 國石油公司或簡稱 Aramco。依據Boosel作者在1959 年

7 月ANA 的《錢幣學家》中的文章指出，沙特阿美公同與 沙特政府之間的合同要求，每年沙特阿美公司以黃金向沙 特政府支付 300 萬美元的特許權使用費，儘管在整個二戰 期間都接受了以美元支付的款項。戰爭結束時，沙特政府堅 持恢復黃金支付。為了避險，有沒有可能換成為鑄造金鉼而

因為，鑒於英國金幣在市場上流通已少見，阿美公 司可能與美國財政部簽訂了鑄造金鉼之合同，這似乎也是合 乎邏輯的。因為費城造幣廠生產的 1947 年版小型版與英國 主金幣完全相同，這一事實突顯了這些金鉼是值1英鎊金主 幣的替代品。而且金幣和金鉼都含有 0.2354 盎司黃金，純 度91.67％。

按筆者之推估，如果是的話，就是以大型美式一兩重之金鉼 而言，在時間上之有巧合，例如，二戰後金價高漲及1944年 之佈雷頓森林協議之限制，與發行大型金鉼之年代1945年 均有巧合之處。按：由於它以 4 英鎊（近於國際使用一兩單 位） 面值而發行，便利流通於世。

根據 2018 年 11 月 26 日有一篇文章（Why the US Mint once issued gold discs to Saudi Arabia，作者：

JP Koning）提到從美國聯邦儲備經濟研究文件系統 （FRASER），一個相對較新的檔案得知：“......1947 年 10 月，美國造幣廠又收到了沙特政府的第三份訂單。但沙特政 府最終根據一個更好的提議而取消了這第三份訂單。因那 年 12 月，美國官員向沙特政府表示，財政部願意拍賣其官 方儲備中持有的‘舊英國金鎊Sovereign’。對於沙特政府 來說，這種實際拍賣的提議太好了，不能放棄，所以他們取 消了第三次要求鑄金鉼之要求,轉而由美國之拍賣而得到英 國金鎊......”可見沙特政府曾有第一次（1945年大型金鉼）、 第二次（1947年小型金鉼）的訂單等的可能性。

在二戰時代,沙特阿拉伯本身跟中東的大多數國家一樣，並 沒有自己的貨幣體系，也就是沒有生產自己的硬幣。對於較 小的交易，沙特人民主要依賴外國銀幣，例如包括當時最普 遍通用的瑪麗亞·特蕾莎元（Maria Theresa dollar），這 是一種在奧地利鑄造的硬幣。其次是印度盧比。沙特人對於 更大的交易就是使用英國金鎊。但是英國經過第一及第二次 世界大戰後，經濟弱困黃金短缺，不再鑄造英國金鎊。鑒於 此因，這必然導致英國金鎊短缺，沙特官員會不顧一切地 為該國提供一種可行的黃金替代品，以便在國界內流通。

因此，沙特政府向美國財政部尋求幫助是完全合理的。當 時美國財政部是世界上最大的黃金擁有者，美國造幣廠可以 將這些黃金鑄成硬幣。原先沙特政府曾要求英國政府供應 英金鎊原始模具給美國費城造幣廠以便鑄幣，但英國官員 拒絕為美國造幣廠授予主權金幣之原始模具。因此，沙特 政府向美國財政部尋求幫助是完全合理的。費城造幣廠提 供的樸實美觀的金鉼對沙特政府來說是一個不錯的次優選 擇，這些金鉼之大小重量與英國貨幣系列是相類似的。除了 它們的成色重量標記受大眾認同外，還能成為流行世界性 貨幣體系之一。

COLLECTING FAROUK

◎ Jeff Garrett〔USA〕

TheimpulsesofanEgyptiankingreverberatethroughnumismaticstoday.

When creating my book, 100 Greatest U.S. Coins, the name King Farouk was attached to many of the most important coins. The Farouk pedigree captures the imagination like few other in the annals of numismatics. The collection of King Farouk was massive in scale and included innumerable rarities from around the world. He was the best customer for many of the most important rare coin dealers of the day - many of whom had to sweat out final payments from the Egyptian government.

King Farouk: "Playboy King"

King Farouk of Egypt was born on February 11, 1920, to King Fuad I and his wife, Nazli Sabri. He led a very sheltered life, and it was rumored that servants kissed the ground in front of him.

As a teenager, he went to the Royal Military Academy in Woolwich, England, where he met and befriended the Prince of Wales, later King Edward VIII. The future Egyptian king failed his entrance exams, having spent more time going to soccer matches with Edward and frequenting brothels than studying. However, his time in England was cut short by his father's death six months after arriving, forcing him to return to Egypt.

In Egypt, he was met with cheering crowds and a huge inheritance of five palaces, and millions of dollars. The political situation was tense at the time, but instead of trying to become

When researching this article, it became evident there are many ways to collect coinage attached to the enigmatic king. Finding coins with his pedigree is exciting, but it is not the only way to collect Farouk numismatically. Egypt also produced coins and currency issued by Farouk from 1937 to 1950, many of which feature his image. The various auction catalogs of his collection are also quite interesting and very collectible.

a leader, he turned to indulgence, the scale of which proved to be epic.

He held a lavish coronation and later married a commoner, whose father he bribed with titles to get permission. They married in 1938 to great fanfare and at great expense - the wedding dress alone cost $30,000.

As World War II began, Farouk quarreled with the British over their influence in Egypt, and refused to contribute much to the war effort, keeping his decadent lifestyle and leaving his palace lights on during air raids, angering many. The British attempted to overthrow him, but Farouk acceded to their demands at the last second, securing his spot on the throne.

After this, Farouk fell further into degeneracy. He ate so much that he became obese and took items as "gifts" from families he visited. He even reportedly stole Winston Churchill’s gold watch during a visit.

As he enjoyed his decadent lifestyle, the country collapsed around him. Corrupt politicians siphoned off money, and he

surrounded himself with a "Kitchen Cabinet" full of corruption. Farouk decided to go to war with Israel in 1948, and after a military disaster, his popularity plummeted.

Farouk decided to divorce his wife as she had not produced a son. This turned out to be a terrible idea, as she was loved by the Egyptian population - and his continued infidelity made things even worse.

He sought out another wife, hoping that the marriage would improve his popularity. But not only did he choose someone just a little over half his age, but he also chose someone already engaged, bribing her family to break the engagement.

Before the marriage, he went on a massive bachelor party in Europe, gambling away vast sums of money and gorging himself on fine cuisine - Farouk lost over $150,000 in one night gambling. He came back to a warning of a revolt if he didn't do anything, so he went on a campaign to remove the British from Egypt, which kept him safe for some time.

Collecting Farouk

His wedding increased his popularity, but his three-month-long honeymoon across Europe made that gain quickly disappear. Back at home, his ministers started a war with Britain over its control of their country, which did not go well for Egypt.

Because of the British retaliation to an Egyptian guerilla attack, a massive riot started that caused much of Cairo to burn, and Farouk’s downfall was imminent. A coup was planned, which Farouk tried to thwart by arresting all the officers involved. But it was too late. Farouk barricaded himself in a palace with his loyal troops, and even fought to defend his position himself. After a day of fighting, reinforcements for the coup arrived, and Farouk was forced to abdicate in 1952, leaving for Italy on the Royal Egyptian yacht, which he lived on the rest of his life.

In Italy, Farouk took on more mistresses and became known as "King of the Night" for all the time he spent in nightclubs. Farouk died after a midnight dinner at the age of 45, ending a decadent life of extravagance and debauchery.

His legacy of excessive collecting was another hallmark of the "Playboy King". During the Depression, the King became a massive customer of New York City dealer Hans Schulman and many others. He would buy entire collections from cash poor collectors hit hard by the global depression. His spending became such a drain on the Egyptian Treasury that he was forced to limit his spending to $10,000 per purchase. That sum would buy a lot of coins in the 1930s and 1940s.

After Farouk was deposed, his vast collections of coins, stamps, jewels and antiquities became property of the Egyptian government. The ensuing auctions would become legendary as one of the greatest buying opportunities of all-time.

△ Egyptian Coins and Currency

Egypt 1938 ROYAL WEDDING 500 PIASTRES

graded NGC PF 66, commemorating the royal wedding of King Farouk to Queen Farida.

King Farouk and his bride at their extravagant 1938 wedding ceremony.

As mentioned above, Egypt issued coins under King Farouk from 1937 to 1950. Coins were issued in copper, silver and gold. Many of the silver coins are very interesting and quite affordable. Owning a coin issued by one of the greatest coin collectors of all time would be a fun addition to any collection.

A quick search of the Heritage Auctions' sales records will give you a good idea of what’s available on the market and prices you can expect to pay. You will find coins and currency to fit any budget. One of my favorites is the 1938 Royal Wedding gold coin. It is a stunning and tangible link to one of the most excessive Farouk events: his 1938 wedding.

△ Auction Catalogs

When doing research for this article, I became aware of two B. Max Mehl auction sales offering coins from "His Majesty King Farouk I of Egypt." The 1948 sale is the more interesting of the two, with an important offering of Russian platinum coins and other gold coins from around the world. Mehl did not segregate the lots, so it’s difficult to know exactly which coins are from the collection of King Farouk. There was possibly an attempt to cull his collection, or the coins were being sold to pay for previous purchases. I assume the latter. These catalogs are not very rare and can be purchased for about $100 each. They would be an interesting companion to the Palace Collection Sale held in 1954.

After Farouk was deposed, the Egyptian government moved quickly to auction his various collections. There was no company in Egypt that could handle the sales, so the London firm Baldwins was enlisted to catalog and help assemble the coin sale. Sotheby and Co. produced the catalog and conducted the auction. The sale listed 2,798 lots containing over 8,500 gold coins from around the world and the United States. Dozens of coins listed in my 100 Greatest U.S. Coins book are represented in the sale, some of which are unique. The majority of the lots contained multiple coins, and the catalog is probably the most understated in history. The 1933 Double Eagle, which sold recently for over $18,000,000, was in a large lot described as follows: Lot 185 Twenty dollars, 1924, 1924-S, 1924-D, 1925, 1925-S, 1925-D, 1926, 1926-D 1927, 1927-S, 1928, 1929, 1930-S, 1931, 1932, 1933.

The 1933 Double Eagle was withdrawn from sale and later surfaced in the 1990s. Entire books have been written about this coin alone.

Suffice it to say the 1954 Palace Collection sale was one of the

greatest buying opportunities in history. The famous collector John J. Pittman took out a mortgage on his house to have funds to bid in the auction. Many of the greatest coins in his collection were purchased at the sale. The above photo is previously unpublished (supplied by Ken Goldman) and features a very young John J. Pittman and Hans Schulman battling for lots.

Hans Schulman was reportedly owed more than $300,000 by Farouk when he was deposed. The Egyptian government gave him credit for the amount he was owed to spend in the sale. He purchased coins for dealers and collectors around the world in an attempt to recover money owed. The famous dealer Abe

Catalogs from Farouk Collection auctions from the mid-20th century.

John J. Pittman and Hans Schulman at the Farouk Collection auction.

Kosoff was also in attendance and his book Kosoff Remembers is an excellent source of information about the amazing sale.

The Palace Collection catalog of the Farouk Collection is actually quite scarce and will cost about $500 if you can

find one. The books were poorly made and are somewhat fragile. The catalog is a very interesting read for any serious numismatist. For those wishing to examine the catalog without purchasing a copy, the book can be found on the Newman Portal.

△ Pedigreed Coins

With thousands of important coins sold in the three abovementioned auctions, many can still be pedigreed to King Farouk. The task is not made easy because of the lack of photographs. The few coins that were illustrated are very

poorly presented in the catalogs. Regardless, Farouk-pedigreed coins do show up sometimes. King Farouk must have been fond of pattern coinage, and many coins found today can be traced to his collection.

Due to the lack of hard evidence, it can often be difficult to positively attach the Farouk pedigree to a coin. Be sure to do your homework if offered one attributed to the collection.

The sale of the Farouk Collection was one of the most important events in numismatic history. No other collector, with the

exception of perhaps Virgil Brand, amassed such a treasure trove of important coins. King Farouk was the poster child for royal excess and his collecting habits are just one reflection of his compulsive behavior. Owning a tangible link to this infamous collector is achievable for most collectors and would be a fun addition to any collection.

Australia Adelaide Assay Gold Ingot graded NGC MS 63 and pedigreed to the Farouk Collection

1871 J-1067a Half Dime graded NGC PF 60 and pedigreed to the Farouk Collection

France 1848A Essai 5 Francs graded NGC PF 65+ and pedigreed to the Farouk Collection

法魯克國王及其錢幣拍賣

◎ 傑夫·加勒特 〔美國〕

一位埃及國王的心血來潮在當今錢幣界中產生了迴響。

在我創作《美國100枚最偉大的錢幣》時，法魯克國王（King Farouk）的名字被標注在許多最為重要的錢幣之上。法魯 克的錢幣收藏像錢幣界其他名人收藏一樣，勾起了大家的想 像。法魯克國王的藏品規模龐大，包括來自世界各地的無 數稀世珍寶。他是當時許多最重要的珍稀錢幣幣商最喜歡 的客人，由於法魯克被廢黜，他們中的許多人不得不千方百 計地從埃及政府那裏拿到尾款。

在為這篇文章進行研究時，我們發現有很多方法可以收集與 這位神秘國王有關的錢幣。找到他曾收藏的錢幣確實令人興 奮，但這並不是收集與之相關錢幣的唯一途徑。埃及還於 1937年至1950年期間在法魯克國王的命令下生產硬幣和紙 鈔，其中許多幣鈔都有其肖像。法魯克國王收藏的各種拍賣 目錄也相當有趣，非常值得收藏。

埃及國王法魯克出生 於1920年2月11日，父 親是福阿德一世（King Fuad I），妻子是納 茲利·薩布裏（Nazli Sabri）。他的生活備 受呵護。據傳，臣民見 了他就只能親吻他腳 前的塵土。

法魯克國王十幾歲時去 了英國伍爾維奇的皇 家軍事學院，在那裏認識並結識了威爾士親王，即後來的 國王愛德華八世（King Edward VIII）。但這位未來的埃及 國王沒有通過入學考試。他花在與愛德華一起看足球比賽 和頻繁出入妓院的時間多於學習的時間。然而，他在英國 的時間只有短短的6個月，便因他父親的去世迫使他返回埃 及。

法魯克國王在埃及受到了人們前呼後擁的歡迎，繼承了五座

宮殿和數百萬美元的巨額遺產。當時的政治局勢頗為緊張， 但他沒有努力成為一個領導者，而是轉向了放縱，其放縱的 程度在歷史上都是少見的。

法魯克國王舉行了一場奢華的加冕儀式。他用爵位賄賂了一 位平民姑娘的父親，得以與其女結婚。他們於1938年結婚， 大張旗鼓，花費巨大，僅婚紗就花了3萬美元。

法魯克國王——“花花公子國王”

法魯克國王和他的新娘在 1938 年舉行了奢侈的婚禮

法魯克國王

第二次世界大戰開始後，法魯克因英國在埃及的影響而與英 國人爭執，並拒絕為戰爭做出很大貢獻。他繼續過着頹廢 的生活。他的宮殿在空襲期間依然燈火通明，這激怒了許多 人。英國人試圖推翻他，但法魯克在最後關頭答應了他們的 要求，於是保住了他的王位。

此後，法魯克進一步墮落。他吃得太多，因而肥胖不堪。他 還從訪問的人家中拿東西作為“禮物”。據報道，他甚至在 一次訪問中偷了溫斯頓·丘吉爾（Winston Churchill）的 金表。

當他享受着頹廢生活時，國家崩潰了。腐敗的政客們竊取國 家財富，他身邊的“廚房內閣”充斥着腐敗。法魯克決定在 1948年與以色列開戰。在這場軍事災難之後，他的聲望急 劇下降。

法魯克因為妻子沒有為他生下兒子而決定與她離婚。這被證 明是一個糟糕的決定——因為她受到了埃及人民的愛戴，而 他對婚姻持續的不忠使事情變得更加糟糕。

他又找了一個妻子，希望這樁婚姻能提高他的聲望。但他不 僅選擇了一個年齡只有他一半多一點的人，而且那人已經訂 了婚，他賄賂她的家人才解除她與別人的婚約。

結婚之前，他在歐洲舉行了一次大規模的單身派對，大吃大 喝，輸掉了很多錢，一個晚上就輸掉了超過15萬美元。他 回來後被大臣們警告說，如果他不採取行動，就會發生叛 亂，所以他就開展活動，將英國人趕出埃及，這使得他的 安全在一段時間內得以保證。

他的婚禮提高了他的支持率，但他在歐洲長達3個月的蜜月 迅速消耗了此前增長的人氣。回到埃及後，他的大臣們為了 奪回英國對埃及的控制權而與英國開戰，但並不順利。

由於英國對埃及遊擊隊的攻擊進行反攻，國內一場大規模 的暴亂開始了，導致開羅的大部分地區被燒毀，法魯克面臨 着下臺。有人計劃發動政變，法魯克也試圖通過逮捕所有 相關官員來挫敗這一計劃。但為時已晚。法魯克與他忠誠 的部隊一起被困在一座宮殿裏，甚至他自己也為保衛地位而 戰。經過一天的戰鬥，叛軍的增援部隊趕到，法魯克被迫 在1952年退位，乘坐埃及皇家遊艇前往意大利，而他的餘 生都在這艘遊艇上度過。

法魯克在意大利擁有更多的情婦，並因其總在夜總會而被 稱為“夜場之王”。法魯克在一次午夜晚宴後去世，享年45歲， 結束了他奢侈、放蕩、頹廢的一生。

他身後的收藏是這位“花花公子國王”的另一個標誌。這 位國王在大蕭條時期成為紐約幣商漢斯·舒爾曼（Hans Schulman）和其他許多人的大客戶。他會從那些因全球經 濟蕭條而遭受重創的可憐收藏家手中買下全部藏品。他的 消費對埃及國庫消耗很大，以致於他被迫將每次消費限制 在1萬美元。而他所花費的這筆錢在20世紀30年代和40年 代可以買很多錢幣。

法魯克被廢黜後，他的大量錢幣、郵票、珠寶和古物收藏 成為埃及政府的財產。隨後的拍賣會堪稱傳奇，是有史以 來最大的錢幣購買機會之一。

△ 埃及錢幣

為紀念法魯克國王與法麗達王后的婚禮鑄造的 1938 年埃及皇室婚禮 500 皮阿斯特金幣，經評 NGC PF 66

收藏法魯克相關錢幣

如上所述，埃及在1937年至1950年法魯克國王時期發行了 多種錢幣，包括銅幣、銀幣和金幣。許多銀幣都很有趣， 價格也很公道。擁有一枚由有史以來最偉大的錢幣收藏家 之一——法魯克國王發行的錢幣，對任何收藏家來說都是一 件有趣的藏品。

你快速搜索一下海瑞得拍賣行的銷售記錄，就能很好地瞭 解市場上有哪些法魯克國王收藏的拍品，並預計自己能支付 的價格。你會找到任何適合自己預算的錢幣。我最喜歡的一 枚是1938年皇室婚禮金幣，因為它與法魯克1938年的婚禮 有著驚人而切實的聯繫。

△ 拍賣目錄

我在為這篇文章做研究時發現，兩次麥克斯·米爾（B. Max Mehl）拍賣上都有“埃及國王法魯克一世陛下”的錢幣。

1948年的拍賣會更為有趣一些，有重要的俄羅斯鉑金幣和 世界各地的其他金幣。麥克斯·米爾沒有對這些錢幣進行分 類，因此很難確切地知道哪些錢幣來自法魯克國王的收藏。

這場拍賣可能是法魯克國王為了出手部分藏品，或者支付之 前的購買費用而出售的。我個人傾向於後者的觀點。這些 有法魯克王收藏品的拍賣目錄並不十分罕見，每本約100美 元就可以買到。這些目錄也出現在了1954年舉行的宮廷收藏 （Palace Collection）拍賣會上。

法魯克被廢黜後，埃及政府迅速採取行動，拍賣他的各種藏 品。當時埃及沒有一家可以處理這些錢幣的公司，所以倫敦 的鮑德溫拍賣公司被招募來為將要拍賣的錢幣編目並協助拍 賣。蘇富比公司印刷了目錄並舉行了拍賣。該場拍賣共2 798 件拍品，包含來自世界各地和美國的8 500多枚金幣。在我 的《美國100枚最偉大的錢幣》一書中列出的幾十枚錢幣都 曾亮相這次拍賣，其中一些甚至是孤品。大多數拍品包含多 枚錢幣，並且這本目錄可能是歷史上最被低估的一本。2022 年以超過18 00萬美元成交的1933年雙鷹金幣便在一項很大 的拍品之下，描述為：第185號拍品，1924年、1924年S版、 1924年D版、1925年、1925年S版、1925年D版、1926 年、1926年D版、1927年、1927年S版、1928年、1929年、 1930年S版、1931年、1932年、1933年20美元雙鷹金幣。

其中，1933年雙鷹金幣被撤拍，在20世紀90年代再次浮出 水面。僅僅是關於這枚錢幣的書就已經有很多了。

可以說，1954年宮廷收藏品拍賣會是歷史上最大的購買機 會之一。著名收藏家約翰·皮特曼（John J. Pittman）將自 己的房子抵押出去，以便有資金參加拍賣。他收藏的許多最 偉大的錢幣都是在這次拍賣會上購買的。上面的這張照片 此前未曾披露過（由肯·戈德曼Ken Goldman提供），照 片中還很年輕的約翰·皮特曼正在和漢斯·舒爾曼（前排右1）

20 世纪中期法鲁克收藏拍卖目录

約翰·皮特曼和漢斯·舒爾曼在法魯克收藏拍賣會上

爭奪拍品。

據報道，法魯克在被罷黜時欠了漢斯·舒爾曼30多萬美元。 埃及政府在這場拍賣中授予他所欠的款項相應的額度。他 從世界各地的幣商和收藏家購買錢幣，試圖追回欠款。著 名的經銷商阿貝·科索夫（Abe Kosoff）也出席了這次拍賣， 他的《科索夫回憶》一書是關於這場精彩拍賣的絕佳信息來 源。

法魯克宮廷收藏拍賣目錄實際上相當稀少。如果你能買到一 本，其價格大約為500美元。這些書有些易碎。對於任何認 真的錢幣業者來說，這本目錄都會是一本非常有趣的讀物。 目前這本書可以在紐曼門戶網站（Newman Portal）上買到。

△ 來源有緒的錢幣

在上述3次拍賣中售出的數千枚重要錢幣中，許多錢幣出自 法魯克國王收藏。由於缺乏照片，確定拍品源頭並不容易。

有插圖的那幾枚錢幣在目錄中但不甚清晰。不管怎麼說，法

魯克收藏的錢幣確實時有出現。法魯克國王一定很喜歡樣 幣，今天發現的許多錢幣都可以追溯到他的收藏品中。

由於缺乏確鑿的證據，通常很難將錢幣歸為法魯克國王收 藏。如果你看到了一枚據稱為法魯克國王收藏的錢幣，那麼 一定要做好功課。

法魯克收藏拍賣是錢幣史上最重要的事件之一。除了維吉

澳大利亞阿德萊德金幣，經評

爾·布蘭德（Virgil Brand）外，沒有其他收藏家擁有如 此龐大的重要錢幣收藏。法魯克國王是皇室奢侈行為的典 型代表，他的收藏習慣只是他難以自製的行為的一個反映。 大多數藏家都可以實現與這位收藏家的有形聯繫，而且相 關藏品對任何收藏來說都是一個有趣的補充。

NGC MS 63， 法魯克國王收藏

1911 年宣統三年大清銀幣壹圓長須龍金質樣幣，PCGS SP63+，法魯克國王收藏

1871 年 5 美分銅鎳合金樣幣，經評 NGC PF 60， 法魯克國王收藏

1848 年大力神 5 法郎 A 版金幣，經評 NGC PF 65+， 法魯克國王收藏

Originally published on ngc. com

The Decline of Roman Silver Coinage （Part I）

From 27 B.C. to A.D. 268, the purity of Roman Imperial silver was in a steady decline.

Beginning in the late 1st century B.C., just after the

Republic had collapsed, Rome's first emperor, Augustus (27 B.C. to A.D. 14), issued gold, silver and base metal coins with regularity. The Romans would continue his tradition for the next 500 years with varying degrees of success.

For the first ninety years of the Roman Empire, when members of the Julio-Claudian family reigned, the purity of Rome's silver coinage was unassailable: a solid 98% pure or higher. That standard was maintained by the emperors Augustus, Tiberius (14 to 37), Caligula (37 to 41) and Claudius (41 to 54), and even Nero (54 to 68), who didn't change it for the first decade of his reign. (Fig. 1, Fig. 2)

However, the great fire in Rome in 64 marked the start of a debasement that would require about two centuries to unfold, eventually bringing Rome's silver coinage to an unfathomable low.

The cost of rebuilding the razed areas of the capital was extraordinary. Nero chose the quickest and most efficient pathway to raising funds - re-coining old money into new money of lesser intrinsic value, with Nero's treasury pocketing the difference.

At the Rome mint, he decreased the purity of silver denarii by 5%, dropping it from about 98% to about 93%. (Fig. 3, Fig. 4) Simultaneously, he reduced the weight of the denarius by about 12.5%, which further reduced the actual silver weight of the coin.

Nero also reduced the weight of his gold aurei, and was

This denarius of Augustus is about 98% pure silver

This denarius of Claudius is also about 98% pure silver

Fig. 1

Fig. 2

even more aggressive in his intrinsic reductions of two major provincial coinages, the silver tetradrachms of Antioch and the billon tetradrachms of Alexandria.

Nero was overthrown in 68, giving rise to a terrifying civil war that raged into 69, the infamous 'year of four emperors'. In the aftermath of the war, a new emperor, Vespasian (69 to 79), came to power. Not surprisingly, there was a catastrophic need for funds, so he reduced the purity of the denarius further still, from Nero's postreform 93% to about 89%. (Fig. 5)

The denarius remained at about 89% pure (though sometimes it dipped to as low as 80%) until the year 82, when Vespasian's second son, Domitian (81 to 96) was emperor. He took the bold measure of restoring the purity of the denarius to the lofty Augustan standard of about 98%.

(Fig. 6)

This was a fortunate circumstance, but did not last long: just three years later, in 85, Domitian dropped the purity the denarius down to Nero's post-reform standard of about 93%, where it more or less remained for more than twenty years.

Then, in 107 the emperor Trajan (98 to 117) reduced the purity of the denarius by a further 3 or 4 percent, bring it down to 89% to 90% silver. From there the purity slid gently until 148, when the emperor Antoninus Pius (138 to 161) removed about another 5%, bringing the denarius to about 84% or 83% pure. (Fig. 7)

A pre-reform denarius of Nero, about 98% pure silver

A post-reform denarius of Nero, about 93% pure silver

A Vespasian denarius, perhaps 89% pure silver

A denarius of Domitian issued in 84, during the brief highpurity period

This Antoninus Pius denarius is perhaps 84% or 83% pure silver

Fig. 4

Fig. 5

Fig. 6

Fig. 7

Fig. 3

This denarius of Septimius Severus is just slightly more than half silver

From there, the denarius continued its gentle slide, reaching a low-ebb of about 71% near the end of the troubled reign of Commodus (177 to 192). After that emperor's murder on New Year's Eve of 192, the denarius made a slight recovery under Pertinax and Didius Julianus, two emperors who ruled very briefly in

193 during the civil war that followed.

Before that chaotic year had ended, control in Rome was taken by the frontier general Septimius Severus (193 to 211). Under his otherwise-successful watch, the purity of the denarius dropped to about 57%. (Fig. 8)

Equally damaging to the long-term health of Rome's silver coinage was the introduction in late 214 or in 215 of the double-denarius (commonly called an 'antoninianus'. Fig. 9, Fig. 10) by Severus' eldest son, the emperor Caracalla (198 to 217).

Though apparently tariffed at twice the value of a denarius, the double-denarius only weighed about 1.5 times more than a denarius. This made it an inflationary instrument by nature, for it had less than 70% of the silver contained in two denarius coins that theoretically had the same circulation value.

Caracalla denarius struck in 215

Caracalla double-denarius, also struck in 215

Gordian III denarius struck in 241

Gordian III double-denarius of 241

Fig. 8

Fig. 9

Fig. 11

Fig. 10

Fig. 12

The double-denarius and denarius were struck concurrently up through 219, after which the double-denarius was abandoned until the civil war of 238. Thereafter, the doubledenarius was struck regularly until it ended up supplanting the denarius late in the reign of Gordian III (238 to 244). (Fig. 11, Fig. 12) From that point onward, silver denarii were rarely produced, and then only as ceremonial coins.

To complicate matters in the study of debasement, there often were differences in purity from one mint to another. For example, in the period 242 to 244, Gordian III's mint at Rome was striking double-denarii that were about 37% pure, whereas at his mint in Antioch was striking them at an average silver fineness of 43.5%.

Over the next four decades, the purity of imperial silver coinage continued to slide, dropping steadily until it had reached about 41% purity under Trajan Decius (249 to

251). Soon afterward, under Trebonianus Gallus (251 to 253) and Aemilian (253), it sank to about 35% pure. (Fig. 13)

The slide picked up momentum as Rome's economic and military fortunes faded dramatically under the coemperors Valerian I (253 to 260) and his son Gallienus (253 to 268). By the tragic year of 260, when Valerian I was captured by the Persians, the purity of the doubledenarius had fallen to as low as 15%.

However, the worst was yet to come. As crises erupted on all fronts, Gallienus struggled to keep his empire intact. By

the time he was murdered in a coup in 268, the doubledenarius had slid to a silver content of 5% or less in some cases dropping to about 2.5%. (Fig. 14)

As we've seen, the saga of Roman Imperial silver from 27 B.C. to A.D. 268 was one of a steady, inexorable decline. In part two of this study which will appear next month, we'll examine what happened to silver coins during the remaining 200+ years of the Roman Empire.

This Aemilian double-denarius, struck in 253, is seemingly is about 35% pure

This double-denarius of Gallienus, struck in 267 or 268, may contain only about 2.5% silver

Fig. 13

Fig. 14

羅馬銀幣的衰落（上）

◎ 大衛·瓦吉〔美國〕

羅馬帝國銀幣的純度從公元前27年到公元268年一直在下降。

公元前1世紀末，羅馬共和國開始崩潰。羅馬的第一位皇帝奧

古斯都（Augustus，公元前27年至公元14年在位）開始定期 發行金、銀和非贵金屬貨幣。羅馬人在接下來的500年裏延 續他的傳統，取得不同程度的成功。

這枚奧古斯都像第納爾銀幣純度約為98% 這枚克勞狄烏斯像第納爾銀幣純度也約為98%

在羅馬帝國的前90年裏，當朱利奧-克勞迪安（JulioClaudian）家族的成員在位時，羅馬銀幣的純度無可置疑是 純正的98%或者更高。奧古斯都、提比略（Tiberius，公元 14-37年在位）、卡裏古拉（Caligula，公元37-41年在位）和 克勞狄斯（Claudius，公元41-54年在位）都保持了這一標準， 甚至尼祿（Nero，公元54-68在位）在位的前十年都沒有改變。 （圖1、圖2）

然而，羅馬在公元64年發生大火，最後不幸燒掉了整個羅馬 城，導致貴金屬短缺，從此羅馬銀幣的純度開始下降。這一 過程持續了大約兩個世紀，最終羅馬銀幣的純度下降到了不 可思議的水準。

重建首都中被夷為平地的地區費用非常高昂。尼祿（羅馬帝 國的第五位皇帝）選擇了最快、最有效的籌資途徑——將舊

貨幣重新鑄成內在價值較低的新貨幣，其差額被收入尼祿的 國庫。

在羅馬造幣廠，尼祿將銀幣的純度降低了5個百分點，從約 98%降至約93%（圖3、圖4）。同時，他將第納爾銀幣的重量 減少了約12.5%，這進一步降低了實際含銀的重量。

尼祿還減少了奧裏斯金幣的重量，並對兩個主要省份的金屬 幣的純度進行了實質上的削減，即安提阿的四德拉克馬銀幣 和亞曆山大的四德拉克馬銀幣。

尼祿在公元68年被推翻，引發了一場可怕的內戰，這場戰爭一 直持續到公元69年，即臭名昭著的“四帝之年”。戰爭結束後， 新皇帝韋帕薌先上臺（Vespasian，公元69年7月1日至公元79 年6月23日在位）。當時政府急需資金，所以他不無意外地進

改革前的尼祿像第納爾銀幣，純度大約為98%

改革後的尼祿像第納爾銀幣，純度大約為93%

一枚韋帕薌像第納爾銀幣，含銀量可能為89% 在公元84年短暫發行的高純度圖密善像第納爾銀幣

這枚安東尼 · 皮烏斯像第納爾銀幣的純度可能是83% 或84%

一步降低了第納爾銀幣的純度，從尼祿改革後的93%降至約 89%（圖5）。

直到公元82年，韋帕薌的第二個兒子圖密善（Domitian）當 上皇帝後（公元81-96年在位），第納爾銀幣的純度一直保持在 89%左右（儘管有時會下降到80%）。圖密善採取了大膽的措 施，將銀幣的純度恢復到奧古斯丁時期的高標準，即98%左 右（圖6）。

這一個向好的情況並沒有持續很久。僅僅三年後的公元85年，

圖密善將第納爾銀幣的純度降至尼祿改革後的標準，即大約 93%。在之後20多年的時間裏，羅馬銀幣的純度或多或少都 保持在這個水準。

到了公元107年，圖拉真皇帝（公元98-117年在位）將第納爾 銀幣的純度又降低了3至4個百分點，到了89%至90%。第納 爾銀幣的純度從那時起，直到公元148年一直在慢慢地下降。 在公元148年時，皇帝安東尼·皮烏斯（Antoninus Pius，公 元138-161年在位）又將銀幣的純度降低了大約5個百分點， 銀幣的純度下降到83%或84%左右（圖7）。

此後，第納爾銀幣的純度繼續下降，在康茂德 （Commodus）動盪的統治末期（公元177-192年）達到約 71%的低點。這位皇帝於公元192年新年前夕被謀殺。之後， 佩蒂納克斯（Pertinax）和狄第烏斯·尤利安努斯（Didius Julianus）在公元193年內戰期間短暫執政。在這兩位的統 治期間，銀幣的純度略有恢復。

塞維魯像第納爾銀幣的含銀量降至50% 多

公元214年底或公元215年，塞維魯的長子卡拉卡拉大帝 （Caracalla，公元198 -217年在位）開始採用雙第納爾銀幣 （通常被稱為“安東尼安銀幣”，圖9、10）。這同樣對羅馬銀 幣的含銀量造成了消極的影響。

公元241年鑄造的戈爾迪安三世像第納爾銀幣

雙第納爾銀幣和古羅馬銀幣之後一直同時鑄造。到公元219 年，雙第納爾銀幣被棄用。直到公元238年的內戰，雙第納 爾銀幣被定期鑄造。到了戈爾迪安三世（Gordian III）統

公元215年鑄造的卡拉卡拉像第納爾銀幣 同樣是在公元215年鑄造的雙第納爾銀幣

雖然雙第納爾銀幣被徵收的稅款顯然是普通第納爾銀幣的 兩倍，但其重量僅是普通銀幣的1.5倍。它的銀含量還不到 理論上具有相同流通價值的安東尼安銀幣的70%，這使得 它在本質上成為一種造成通貨膨脹的工具。

圖 圖10 圖12

公元241年鑄造的戈爾迪安三世雙第納爾銀幣

治後期（公元238-244年在位），雙第納爾銀幣最終取代了 第納爾（圖11、圖12）。從那時起就很少生產第納爾銀幣了， 而只是作為儀式性的貨幣鑄造。不同的鑄幣廠生產的銀幣

在純度上往往存在差異，這使得對銀幣純度下降的研究變 得複雜。例如，戈爾迪安三世在公元242年至公元244年期

間，在羅馬造幣廠鑄造的雙第納爾銀幣純度約為37%，而 他在安提阿造幣廠所鑄造的雙第納爾銀幣平均銀的純度為 43.5%。

在接下來的40年裏，羅馬帝國銀幣的純度繼續下降，直到 圖拉真（公元249-251年在位）時期低至約41%。此後不久， 在加盧斯（Trebonianus Gallus，公元251-253年在位） 和埃米利安努斯（Aemilian，公元253年在位）時期，銀 幣的純度降至35%左右（圖13）。

這枚公元253年鑄造的埃米利安努斯像雙第納爾銀幣含銀量為35% 左右

這枚在公元267或公元268年鑄造的伽利埃努斯像雙第納爾銀幣含銀量可能只有2.5% 左右

在瓦勒裏安一世（Valerian I，公元253-260年在位）和他

的兒子伽利埃努斯（Gallienus，公元253-268年在位）的 共同統治下，羅馬的經濟和軍事實力急劇下降，銀幣純度的 下降勢頭愈發加快。公元260年是悲劇的一年，瓦勒裏安一 世被波斯人俘虜時，銀幣的純度已經下降到了15%。

然而，最糟糕的事情還在後面。隨着各條戰線上危機的爆 發，伽利埃努斯努力維護帝國的完整。當他在公元268年的

一次政變中被謀殺時，雙第納爾銀幣的含銀量已經降到5% 或更少，在某些情況甚至下降至約2.5%（圖14）。

正如我們所見，羅馬帝國銀幣的傳奇從公元前27年到公元 268年不斷衰落。本研究的第二部分將在下期發表，我們將 研究羅馬銀幣在羅馬帝國剩下的200多年裏發生了什麼。

《中國近代機製幣精品鑒賞》第三版 正式啟動

2020 年 7 月 17 日（週五），冠軍拍賣組織來自上海、浙江、四川等地的 20 名藏家前往上海造幣有限公司參觀了上 海造幣博物館及其包克錢幣展示廳，午餐期間宣佈開始啟動第三版《中國近代機製幣精品鑒賞》編撰工作。《東亞泉志》 出版人周邁可及中文主編袁水清於 8 月 16 日至 20

日前往北京，開展第三版的問卷策劃和評委會構建工作。問卷調查

工作已於 9 月正式啟動，12 月評選出新一版的十大精選硬幣。第三版預計於 2021 年秋面世。

藏家交流

參觀者親自鑄打參觀紀念章

藏家參觀上海造幣博物館

冠軍拍賣總裁周邁可宣佈開始啟動

2009中國近代機製幣競選活動 弘揚中國錢幣文化 推動市場健康發展

TOP 10 of the Greatest Chinese Struck Coins Survey

評選結果 前十名中國近代機製幣如下：

1903 年（癸卯）奉天省造光緒元寶庫平一兩銀質樣幣

1900 年（庚子）京局製造光緒元寶庫平七錢二分銀質樣幣

1898 年湖南省造光緒元寶庫平七錢二分銀質樣幣

1904 年廣東省造光緒元寶庫平重一兩銀質樣幣，背鑄字

1910 年 ( 庚戍春季）雲南造宣統元寶庫平七錢二分銀質樣幣

1896 年四川楷書（缶寶 ) 光緒元寶庫平七錢二分銀幣

1890 年廣東省造光緒元寶庫平七錢二分、七錢三分反版銀質樣幣

1911 年（宣統三年）大清銀幣壹元銀質樣幣，長須龍、短須龍、大尾龍、

反 龍、曲須龍

1906 年（丙午）和 1907 年（丁未）大清金幣庫平一兩樣幣 (1904-1905 年）四川省造光緒元寶當三十銅幣，試鑄幣

組織機構

主辦：愛秀集團

協辦：美國 MGC 冠軍拍資公司 廣州國標錢幣收藏鑒定評估有限公司 上海申泉工貿總公司組委會

主任委員：孫浩 資深錢幣收藏界專家學者

副主任委員 : 周邁可 愛秀集團董事長暨冠軍拍賣董事長

顧問委員會主任委員 : 戴志強 中國錢幣學會副理事長

顧問：

周 祥 上海博物館研究員中國文物鑒定委員會委員

沈鳴鏑 上海錢幣學會副秘書長

甄偉剛 廣東集幣協會理事

張明泉 中華錢幣協會理事長

周建福 臺北市錢幣協會理事長

郭俊勝 瀋陽金融博物館及張氏帥府博物館館長，遼寧省錢幣學會常務

理事

曾澤祿 美國著名中國錢幣收藏家

媒體宣傳

上海電視臺、新浪網、新民晚報、新聞晨報、錢幣報、新聞晚報、上海

熱線、東方網等媒體均對精選活動及結果進行了隆重報道，引起熱烈的 關注。

2009年12月18日，上海精選結果發佈會上，周邁可向林青禾頒獎 Michael Hans Chou awards certificate to George Lim at the Top Chinese Coins Survey Conference in Shanghai on December the 18th, 2009

2009年12月18日，上海精選結果發佈會上，甄偉向陳吉茂頒獎 Zhen Weigang awards certificate to Chen Chi Mao at the Top Chinese Coin Survey Conference in Shanghai on December the 18th, 2009

2009年12月18日，精選活動嘉賓參觀上海造幣博物館

Guests of the Top Chinese Coin Survey Conference visited the Shanghai Mint Museum on December the 18th, 2009

2009年12月18日，精選結果發佈會在上海舉行

The Top Chinese Coin Survey Conference in Shanghai on December the 18th, 2009

《中國近代機製幣精品鑒賞》第三版

Price( 售價 )：US $150 Plus Postage( 加郵費 )

Coins Survey, a landmark event held in the winter 2009 to search for the 10 most valuable Chinese struck coins. Coins submitted for review were judged by their rarity, historical importance, artistic appeal, condition, market value and group identity. The deluxe bound book offered details on the Top Chinese Coins Survey as well as high-quality pictures, price trends, degrees of rarity and historical context of the 60 top Modern Chinese Coins.

In June 2010, Top Chinese Coins Vol. 1 was published by iAsure Group and the The Journal of East Asian Numismatics (JEAN). Top Chinese Coins Vol. 1 offers an in-depth summary of the final results from the Top Chinese

2010 年 6 月，愛秀集團和《東亞泉志》出版了《中 國近代機製幣精品鑒賞》第一版。該書對 60 枚中國最頂 級的近代機製幣進行了全面、深入、系統的研究與展 現。其內容涵蓋高清錢幣圖像、流傳脈絡、拍賣紀錄、 市場趨勢、珍稀度解析和背景故事等，在錢幣業界引起 巨大的轟動和反響，備受讚譽，被譽為“全景式展現中 國珍稀機製幣的重要鑒賞書籍”。

儘管因時間蒼促、經驗不足，書中存在一些缺陷和 錯誤，但仍得到讀者的肯定和欣賞。由於該書僅限量印 刷 1000 本，無法滿足廣大錢幣愛好者的需求。經多位資 深錢幣專家、學者、收藏家建議，愛秀集團決定在第一 版的基礎上出版第二版。第二版於 2011 年 6 月發行，相

If required, please contact Champion Auction

Frist Floor Room 50, 163 Nanking West Road, Taipei Tel: 021-6213 0771 886-903937338

Email: jeanzg1994@163.com

web: http://jeandigital.asia/

Top Chinese Coins, Vol. 1 had a limited print run of 1000, leaving many numismatists and enthusiasts unable to purchase a copy of their own. In response to high demand, iAsure has made certain that the second volume which was released in June 2011 will be available to a much wider audience. While Top Chinese Coins Vol. 1 included gold, silver and copper coins, the second volume highlights the great range of silver coins. Because 2010 is ancient history in numismatics and because so much has happened in the Chinese coin market in the past eleven years, it is high time for a revision. The third edition will be the same as the first edition to include gold, silver and copper coins. In addition, the new edition covers the information of top coin museums, the most expensive coin in the world, etc. This bilingual third edition will have the same beneficial effect on the market that the second edition had.

比第一版 60 枚錢幣囊括金幣、銀幣和銅元，第二版專注 於 60 枚中國近代機製銀幣，定名為《中國近代機製銀幣 精品鑒賞 銀幣版》 (簡稱《銀幣鑒賞》)。

由於2010年距離現在時間上已經非常久遠，對近代 機製幣收藏研究成果披露有限，而且中國錢幣市場在過 去 11 年發生了很多變化，現在有必要對這本書再次進行 更新。第三版將與第二版一樣採用雙語形式，而內容則 將和第一版一樣包括近代機製幣及其樣幣的金銀銅三大 類別，此外還增加了世界頂級錢幣博物館、世界上最昂 貴的錢幣等內容。相信該書第三版的出版將對讀者有所 助益。

電話: 021-6213 0771 886-903937338

郵箱: jeanzg1994@163.com

網站：http://jeandigital.asia/

The 2023 55th Anniversary of Issue of Legend of Chu Novel Commemorative Coin

First Release in Beijing on May 19th 11:00

China (International) Coin Expo (Beijing) Add.Beijing Xinyuan Hotel

First Release in Hong Kong in the end of May

Available at the Hong Kong Book Fair at Tiandi Bookstore in July

If required, please contact Champion Auction

Shanghai Office

Add：Room 1808, Bao Hua Building No. 1211, Changde Rd. Putuo District, Shanghai

Tel：86-21-62130771

Email：jeanzg1994@163.com

Taipei Office

Add：First Floor Room 50,163

NanKing West Road, Taipei Tel：886-903937338

Email：championghka@gmail.com

Hong Kong Office

Add：Rm. 304, 3/F Ho Mongkok Shopping Centre, No.169-173 Portland St. Mongkon Kowloon, Hong Kong

Tel：852-6877-0059

Email：championghka@gmail.com

《楚留香傳奇》發行 55 周年紀念銀幣

5 月 19 日 11:00 北京首發 中國國際錢幣（北京）展銷會 地點：北京京都信苑飯店

5 月底香港首發

7 月香港書展發售 地點：天地書店

如果需要請聯繫冠軍拍賣公司

上海辦公室

地址：上海市常德路1211號寶華大廈1808室

電話：86-21-62130771

郵箱：jeanzg1994@163.com

臺北辦公室

地址：臺北市大同區南京西路163號1樓50室 手機：886-903937338

郵箱：championghka@gmail.com

香港辦公室

地址：九龍旺角砵蘭街169-173號好旺角商場304室 電話：852-6877-0059

郵箱：championghka@gmail.com

金银币

年 全球知名的艺术 收藏品 网络交易平台

专业 保真 诚信 Brand advantage 品牌优势

www.zhaoonline.com

35+年诚信品牌 专业保真

An over ��-year-old brand of integrity, expertise & authenticity

沿袭德国严谨风格，秉承专业、保真的品牌精神，成为业内认可的信誉保障。

一站式委托出售 完美变现体验 One-stop consigning with perfect experience

整理、制图、结算、售后全流程服务，助您省心省力、轻松上拍、快速回款。

全球优质用户 Worldwide quality users

��万高净值用户及��万活跃用户遍布全球。藏品成交率超��%，用户复购率高达��%。

专业团队 Professional team

专家团队训练有素、经验丰富，以德式严谨的工作作风，为藏品的保真保驾护航。

丰富品类 海量藏品

Rich categories of abundant collectibles

邮票、钱币、书画、艺术等收藏品全面覆盖。每月超�万项藏品交易，累计成交项 数逾���万项。

服务网点全覆盖 Aavanced offices network

公司总部位于上海，在北京、广州、香港、台北、德国等地均设有分公司或办事处。

1.30-2.1 2月现代金银币生肖&熊猫金币特场（一）

1.31-2.2 2月现代金银币专场（一）

2.04-06 2月现代金银币精品场（一）

2.06-08

2月现代金银币生肖&熊猫金币特场（二）

2.07-09 2月现代金银币专场（二）

2.11-13 2月现代金银币精品专场（二）

2.13-15 2月现代金银币生肖&熊猫金币特场（三）

2.14-16 2月现代金银币专场（三）

2.18-20 2月现代金银币精品专场（三）

2.20-22 2月现代金银币生肖&熊猫金币特场（四）

2.21-23 2月现代金银币专场（四）

2.25-27 2月现代金银币精品专场（四）

2.04-06

博古知今—2月机制币•古钱•金银锭专场

2.11-13 贝海拾珍—2月机制币•古钱•金银锭专场

纸钞

1.30-2.1 稀纸千金—2月历代纸钞专场

2.02-04 2月新中国纸钞特场（一）&连体钞纪念钞专集

2.04-06 钞群拔萃—2月历代纸钞专场

2.09-11 2月新中国纸钞特场（二）&特殊号专集

2.11-13 点纸成金—2月历代纸钞专场

2.16-18 2月新中国纸钞特场（三）

2.18-20 百钞集萃—2月历代纸钞精品专场

2.23-25 2月新中国纸钞特场（四）&连体钞纪念钞专集

上海总部 : 上海市浦东新区盛荣路��弄盛大天地源创谷�号楼�层 电话: +��-��-��������

北京办事处: 北京市西城区黄寺大街甲��号北广大厦A座�层七六一工场���室 电话: +��-��-��������

广州办事处: 广州市越秀区海珠中路���号纵原邮币卡市场�楼���� 电话: �����������（周波）

香港办事处: 香港上环德辅道中���号西区电讯大厦��楼����室 电话: +���-��������

台北办事处: 台北市敦化南路二段��号��楼之� 电话: +���-�-��������

德国办事处: ALMHORSTER STR.� D-����� SEELZE GERMANY 电话: +��-�����-�������

本公司將於 2023年6月3日（土） ,

Ginza

PHOENIX PLAZA

） 舉行拍賣會。

中國古代貨幣、近代貨幣、現代金銀幣、世界各國之金銀貨幣等、 日本的古代及現代之金銀貨幣、敬請來場鑑賞。 另外 , 本公司網頁 （ https://www.taiseicoins.com/auction/ ）亦有詳細資訊 , 敬請閱覽。

泰星銭幣股份有限公 司

April 2023 Hong Kong Auction

ANNAM. "Virtue of Humanity" 9 Tien, ND (1848-83). Tu Duc. PCGS MS-62.

Realized: $132,000

CHINA. Shantung. Gold 20 Dollars Pattern, Year 15 (1926). Tientsin Mint. NGC MS-66H

Realized: $504,000

CHINA. Silver Dollar Pattern, ND (1914). Tientsin Mint. PCGS SPECIMEN-63.

$240,000

CHINA. Silver "Reversed Dragon" Dollar Pattern, Year 3 (1911). Tientsin Mint. Hsuan-t'ung (Xuantong [Puyi]). PCGS SPECIMEN-65.

Realized: $1,380,000

CHINA. Shantung. Gold 10 Dollars Pattern, Year 15 (1926). Tientsin Mint. NGC MS-64+H

Realized: $432,000

CHINA. Szechuan-Shensi Soviet. Dollar, 1934. Szechuan-Shensi Mint. PCGS MS-62.

Realized: $204,000

CHINA. 1500 Yuan (20 Ounces), 1990. Dragon & Phoenix Series. NGC PROOF-69 Ultra Cameo.

Realized: $168,000

KOREA. Tin Warn Pattern, Year 495 (1886). PCGS SPECIMEN-64.

Realized: $72,000

Buy & Sell China，Worlds Coins, Paper Notes. We specialise in Freak Notes & Same Serial Number Banknotes .

Mish International Monetary Inc.

Mish国际钱币公司

Specialists in 专营

Pandas since 1982 1982年起发行的熊猫币

China Modern since 1979 1979年起发行的中国现代金银币

World Coins since 1964 1964年起专营世界钱币

Looking To Buy?想买？

Our inventory and knowledge has been available to both our colleagues and collector clients since coins of the People’s Republic of China first reached the world market in 1979.

自1979年中国现代金银币首次进入国际市场后，Mish 国际的员工及其藏家客户积累了丰富的库存和专业 的钱币知识。

If you are looking for a particular China coin, chances are we have it, or may be able to recover it from an original buyer we sold it to years ago at first distribution.

想买中国币？我们或许恰好有；也许多年前我们卖过，现在或许还能从原始买家手中买回来。

Looking To Sell?想卖？

In this world of instant experts and brokers, Mish International is still your best choice to handle the purchase of your prized coins in this fast-changing market. Well-capitalized, truly knowledgeable and accommodating, we buy both single pieces and major collections at fair value with no delay, no limits and no excuses. 瞬息万变的市场环境，Mish 国际仍是助您销售钱币的最佳选择。雄厚的资金实力，专业的钱币知识，出 色的协调能力，我们同时收购单枚币和大型收藏，价格合理，快速付款。

Phone(

Email(

United Kingdom Victoria, 1837-1901.

5 Pounds 1839, London. Una and the Lion. Very rare. Proof. Estimate: 100,000 Euros

Highlights of our Summer Auction Sales

19-23 June 2023, in Osnabrück, Germany

Have you inherited a collection and wish to sell your coins? We would be happy to provide information about consigning your coins to one of our auctions. We uphold the highest standard of research and presentation in our catalogues. You may rest assured that your material will be showcased in a professional and attractive format to thousands of customers throughout the world.

The Künker Guarantee: When you purchase a coin, medal, medal of honor or other item, you can be sure: all the pieces correspond to their description, and we guarantee the authenticity without a time limitation!

2021.6.27冠軍上海VIP精品微拍

微拍成交亮點/Highlights

1916 年中華帝國袁世凱像洪憲紀元飛龍銀幣 沖天冠版，NGC MS63, 曾亮相於 1996 年冠軍

拍賣及 2010 年 Ultima 收藏專場拍賣

起拍價：300 000 元

成交價：1 859 000 元

1923 年中華民國十二年造龍鳳壹圓銀幣

NGC MS65，Su Z. 收藏

起拍價：300 000 元

成交價：1 111 000 元

1889 年廣東省造光緒元寶庫平三錢六分五厘

銀幣，NGC AU55，包克收藏

起拍價：300 000 元

成交價：550 000 元

1912 年中華民國袁世凱像共和紀念十文銅幣 小面版，NGC AU55，張南琛收藏

起拍價：30 000 元

成交價：239 800 元

1898 年吉林省造光緒元寶庫平七錢二分銀幣

NGC XF40，張南琛收藏

起拍價：30 000 元

成交價：187 000 元

1927 年十六年造中華民國國民政府孫中山像

陵墓紀念銀幣

NNC MS64，Richard Wright 收藏

起拍價：300 000 元 成交價：1 386 000 元

1903 年光緒元寶戶部庫平一兩金幣 NGC PF65

起拍價：300 000 元

成交價：891 000 元

1906 年光緒年造大清銀幣戶部貳錢銀幣

PCGS MS65，W.L./ 黃華樞收藏

起拍價：100 000 元

成交價：363 000 元

1895-1905 年湖北省造光緒元寶庫平三錢六分 銀幣，NGC MS64，華人家族藏品。原味包漿， 鑄打深峻

起拍價：30 000 元 成交價：231 000 元

1911 年（宣統三年）大清銀幣壹圓

NGC MS64

起拍價：30 000 元

成交價：165 000 元

1898 年（光緒二十四年）安徽省造光緒元寶 庫平七錢二分銀幣，扁四，小星花版

NGC MS64，席德柄 / 張南琛收藏

起拍價：300 000 元

成交價：1 331 000 元

1906 年（丙午）戶部“中”字

大清銀幣貳錢，NGC MS66，張南琛收藏

起拍價：100 000 元

成交價：594 000 元

1912 年中華民國黎元洪像開國紀念幣壹圓銀幣 NGC MS64，張南琛收藏

起拍價：100 000 元

成交價：330 000 元

1919 年雲南省造唐繼堯像擁護共和紀念拾圓金 幣，反面帶數字“1”，NGC MS62，1991 年美國 錢幣學會複製品

起拍價：30 000 元

成交價：231 000 元

1924 年（民國十三年）中華銅幣背嘉禾十文 NGC XF45 BN，NC 藏品

起拍價：10 000 元

成交價：154 000 元

地點：澳門十六浦索菲特酒店六樓會議室 郵箱：jeanzg1994@163.com

拍賣成交亮點/Highlights

PCGS SP66+，華人家族收藏

起拍價：USD 230000

成交價：USD 540000

1910 年宣統年造大清壹元銀幣 NGC MS64，包克收藏

起拍價：USD 10000

成交價：USD 105600

1907 年東三省造光緒元寶庫平七錢二分銀幣

NGC AU58，NC 藏品

起拍價：USD 38000

成交價：USD 67200

1907 年（丁未）大清伍角銀幣

NGC MS65，包克收藏

起拍價：USD 5000

成交價：USD 57200

起拍價：USD 30000

成交價：USD 312000

1852 年臺灣老公銀壹圓 NGC AU55，包克收藏

起拍價：USD 10000

成交價：USD 91200

庚子京局製造一錢四分原鑄幣

NGC MS60，包克收藏

起拍價：USD 10000

成交價：USD 62400

1911 年宣統三年大清銀幣伍角 NGC MS62，包克收藏

起拍價：USD 10000

成交價：USD 132000

1896 年黑龍江省造光緒元寶庫平三錢六分 NGC AU55，奧托 拜赫德製中國樣幣

起拍價：USD 20000 成交價：USD 67500

1904 年光緒三十年湖北省造大清銀幣庫平一兩 小字版，NGC AU53，包克藏品

起拍價：USD 5000

成交價：USD 62400

1853 年臺灣如意軍餉

NGC AU Details，NC 藏品

起拍價：USD 20000

成交價：USD 40800

1920 年中華民國九年鄂造貳角每五枚當一圓銀

幣，NGC MS61，包克收藏

起拍價：USD 3000

成交價：USD 36000

1898 年湖南省造光緒元寶庫平三錢六分樣幣

1911 年大清長須龍壹元銀幣 NGC MS64，包克收藏

冠軍上海VIP微拍Ⅱ

拍賣成交亮點/Highlights

1903 年戶部光緒元寶庫平 5 錢銀幣，L&M2， K928，華人家族藏品 起拍價：200000（人民幣） 成交價：1243000（人民幣）

1909-1911 年湖北省造光緒元寶庫平七錢二分 銀幣，L&M187，NGC MS65，H.F.Bowker 藏品 起拍價：60000（人民幣） 成交價：319500（人民幣）

1922 年（民國十一年）湖北武昌造幣廠長郭銅 質紀念牌，NGC AU58 BN，NC 藏品 起拍價：100000（人民幣）

成交價：291500（人民幣）

天津黎元洪像中華民國五族共和紀念銅章，

NGC AU55 BN，NC 藏品

起拍價：100000（人民幣）

成交價：275000（人民幣）

1908 年造幣總廠光緒元寶庫平七分二厘銀幣， L&M13，NGC MS64，H.F.Bowker 藏品 起拍價：60000（人民幣） 成交價：176000（人民幣）

1895-1905 年湖北省造光緒元寶庫平三錢六分 銀幣，L&M183，NGC MS62，H.F.Bowker 藏

品

起拍價：30000（人民幣）

成交 價：148500（人民幣）

1932 民國二十一年孫中山像壹元，三鳥 LM108 PCGS MS 63 金盾品相完整，狀態佳。

起拍價：30000（人民幣）

成交 價：132000（人民幣）

清 太平天國背聖寶 當百 宋體 尺寸：直徑

56mm 42.21g

起拍價：30000（人民幣）

成交 價：103400（人民幣）

1894 年德屬新幾內亞 5 馬克銀幣，KM7， PCGS PR62，華人家族藏品

起拍價：30000（人民幣）

成交 價：83600（人民幣）

1914 年福建福建袁世凱福州海運局鎳幣，反面 福州海運局雙打，NGC AU55，華人家族藏品 起拍價：30000（人民幣）

成交 價：61600（人民幣）

臺灣老公銀足紋銀餅庫平柒弍，臆造幣， KANN-F1，NGC MS63，Ex.Kann/H.F.Bowker

藏品

起拍價：30000（人民幣）

成交 價：52800（人民幣）

1904-1905 年江蘇省造光緒元寶當十，方龍， NGC AU58 BN，H.F.Bowker 藏品

起拍價：30000（人民幣）

成交 價：13750（人民幣）

B.H. Mayer´s Kunstprägeanstalt GmbH

1盎司 999纯银 硬币

Minted in Germany

德国铸造

Nano technology applied to the surface of this unique coin 这枚独一无二的硬币表面，采用了纳米技术

Exclusive limited mintage 1000

Coin Designed by: Yu Min CBPMC Senior designer Winner of 2017 COTY “Lifetime”

Achievement Award in Design

设计师：余敏

中国印钞造币总公司高级工艺美术师 曾获得“2017年克劳斯世界硬币大奖赛年度终身成就奖”

《東亞泉志》為冠軍拍賣公司總裁周邁可先生和著名錢幣學專家史 博祿先生於1994 年創辦，是一本學術性錢幣研究專業雜誌。旨在讓廣 大錢幣收藏家、研究學者更深入地瞭解錢幣知識，讓世界各地的讀者 更好地瞭解中國深厚的錢幣文化。

雜誌高級編輯史博祿先生1951年生於美國密蘇裏州聖路易斯市， 為密蘇裏大學歷史系學士，哈佛大學中國研究專業碩士。1974-1977 年在克勞斯出版社任《世界錢幣新聞》助理編輯，參與《世界硬幣標準 目錄》與《世界紙鈔標準目錄》編輯工作。1977-1987年全職進行錢幣 交易。1988-1989年在中國鄭州大學留學，主修中國研究課程。19911993年在哈佛大學攻讀碩士。1994-1998 年任《東亞泉志》總編。史 博祿先生擁有30多年的收藏和研究中國錢幣的豐富經驗。他在《東亞 泉志》上發表的研究文獻極大地豐富了中國錢幣的知識內涵。

《東亞泉志》於1994 年7月份問世，1999年停刊，發行了18 期。 雜誌中大部分文章是英文，只有少部分是中文，在20多個國家發行，廣 受歡迎，長期佔據許多重要圖書館書架的顯著位置，包括美國國家博

物館史密森尼學會、大英博物館、哈佛燕京圖書館、哈佛大學、耶魯大 學、哥倫比亞大學、斯坦福大學、康奈爾大學和美國錢幣學會、美國錢 幣協會。雜誌刊發過不少有重要學術價值的文章，如托馬斯 · 烏爾曼寫 的《1886-1888年間朝鮮首鑄機製幣⸺德國專家相助創建現代造幣 廠》、史博祿寫的《袁世凱像大鬍子開國紀念幣》、範治南與何緯渝寫的 《欽差大臣驚世之旅，記李鴻章訪美破冰之行》、湯姆 · 基納寫的《1897 年浙江三分六厘樣幣和1899年安徽三分六厘流通幣的關係》以及曾澤 祿寫的《明代天啟通寶和崇禎通寶銅錢加蓋戳印 VOC/C 探析》等。

2015年 5月，周邁可先生決定於 2016 年1月復刊《東亞泉志》，聘 請著名錢幣研究學者袁水清先生擔任主編。復刊後的《東亞泉志》為電 子季刊，中英雙語。內容以披露最新錢幣收藏研究成果、推介泉界成功 人士的事蹟為主。主要欄目有學術研究、人物專訪、鑒賞爭鳴、拍賣回 顧、重要信息等。

從 2017年起，《東亞泉志》加盟由克勞斯在德國柏林世界錢幣展覽 會期間舉辦的“世界硬幣大獎”頒獎活動。

25 周年紀念章

東亞泉志

The Journal of East Asian Numismatics

Bilingual (English-Chinese) Digital Quarterly

In 1994, The Journal of East Asian Numismatics (JEAN) was founded by Michael Chou, the CEO of Champion Auction and Bruce Smith, a noted numismatist. It is a professional numismatic academic journal whose mission is to educate collectors and researchers on the subjects of Chinese numismatics, culture and history.

Bruce Smith, the chief editor of JEAN, was born in 1951 in St. Louis, MO. He received his BA in history from the University of Missouri St. Louis; and his MA in China studies from Harvard University. In 19741977, he worked for Krause Publications as Editorial Assistant on World Coin News and as cataloger for Standard Catalog of World Coins and Standard Catalog of World Paper Money. He was a full time coin dealer 1977-1987. In 1988-1989, he studied in China as a student of China Studies in Chengchow (Zhengzhou) University, Henan province. In 19911993, Mr. Smith was a graduate student at Harvard University. In 19941998, he was the editor of TheJournalofEastAsianNumismatics(JEAN)

Bruce Smith has been a collector and researcher of Chinese coins for over 30 years. His published research in JEAN has added immensely to the body of knowledge for Chinese coins.

The first issue of JEAN was released in July 1994, and the last issue (18th issue) in 1998. Most articles were written in English, and the remainder in Chinese. The journal was distributed in over 20 countries, and remained a mainstay on many important library shelves, including the Smithsonian Institution, the British Museum, the Harvard Yenching Library, Harvard University, Yale University, Columbia University, Stanford University, Cornell University, the ANS (American Numismatic Society), and the ANA (American Numismatic Association). The journal enjoyed great popularity and many important articles were published in JEAN, including PekingCoinsof1900 by James Sweeny, More on the Hsu Shih-Chang Pavillion Medals with engraved names and The true story of China’s 1936 and 1937 Silver Dollars by Bruce Smith, The Apparent

Relationship between 1897 Chekiang 5 Cents Pattern and 1899 Anhwei 5-CentsCirculationStrike by Tom Keener, and AForgeryofTaiwan’sOld Man Dollar by Dr. Che-lu Tseng.

In May 2015, Michael Chou decided to start issuing the journal again starting in January 2016. The famous numismatic researcher Mr. Yuan Shuiqing will be Chinese chief editor. He is a member of the China Numismatic Society, serving as executive director of the Shenxi Numismatic Society and executive vice president of the Xi’an Collectors Association. As a numismatic researcher, he was chief editor of Collections and China Numismatics. He has published over 100 numismatic research articles and the masterpiece TheEliteofMonetary History of China. Other distinguished contributors from home and abroad are numismatists, collectors and coin dealers, including Bruce Smith (author of Howard Franklin Bowker-Numismatic Pioneer), Colin Gullberg (Canada, author of Chopmarked Coins-A History), Chinese American senior numismatist Dr. Che-lu Tseng, Steve Feller former international banknote society editor, senior numismatic scholar of China modern gold and silver commemorative coins King L. Chan (Hong Kong), senior numismatist Chien Fu Chou (Taiwan) and CEO of Beijing Coins website Richard Guo.

It will be a quarterly, bilingual e-journal, covering the latest numismatic researches, interviews with famous collectors, auction reviews, and general news. The Journal's distribution is now over 1,000, including over 3,000 in Greater China region.

Starting in 2017, The Journal of East Asian Numismatics is a co-sponsor of Krause's Coin of the Year Award Ceremony in World Money Fair, Berlin.

You are welcome to subscribe, submit articles for publication, and advertise in the upcoming JEAN. The 2023 subscription is free of charge. Please send your email to jeanzg1994@163.com, http://jeandigital.asia/

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2023-2024 JEAN Advertising Rate

東亞泉志

《東亞泉志》為冠軍拍賣公司總裁周邁可先生和著名錢幣學專家史 博祿先生於1994年創辦，是一本學術性錢幣研究專業雜誌。旨在 讓廣大錢幣收藏家、研究學者更深入地瞭解錢幣知識，讓世界各地 的讀者更好地瞭解中國深厚的錢幣文化。

雜誌高級編輯史博祿先生 1951年生於美國密蘇裏州聖路易斯市， 為密蘇裏大學歷史系學士，哈佛大學中國研究專業碩士。19741977年在克勞斯出版社任《世界錢幣新聞》助理編輯，參與《世 界硬幣標準目錄》與《世界紙鈔標準目錄》編輯工作。1977-1987 年全職進行錢幣交易。1988-1989年在中國鄭州大學留學，主修 中國研究課程。1991-1993年在哈佛大學攻讀碩士。1994-1998 年任《東亞泉志》總編。史博祿先生擁有30多年的收藏和研究中 國錢幣的豐富經驗。他在《東亞泉志》上發表的研究文獻極大地豐 富了中國錢幣的知識內涵。

1994年7月份問世，1999年停刊，發行了18期。

雜誌中大部分文章是英文，只有少部分是中文，在20多個國家發 行，廣受歡迎，長期佔據許多重要圖書館書架的顯著位置，包括美 國國家博物館史密森尼學會、大英博物館、哈佛燕京圖書館、哈佛 大學、耶魯大學、哥倫比亞大學、斯坦福大學、康奈爾大學和美國 錢幣學會、美國錢幣協會。雜誌刊發過不少有重要學術價值的文章， 如詹姆斯 史威尼寫的《1900年京局銀元》、史博祿寫的《徐世昌 刻字紀念章》和《民國二十五年和民國二十六年之中國銀元故事》、 湯姆 基納寫的《1897年浙江三分六厘樣幣和1899年安徽三分六 厘流通幣的關係》以及曾澤祿寫的《臺灣老公銀偽品》等。

2015年5月，周邁可先生決定於2016年1月復刊《東亞泉志》，聘

請著名錢幣研究學者袁水清先生擔任主編。袁水清，1948年生， 大學金融專科畢業，從事銀行工作30多年。中國錢幣學會會員，澳 門錢幣學會學術顧問，陝西省錢幣學會第六屆常務理事，西安市收 藏協會常務副會長。退休後，歷任《收藏》《古泉園地》《西部金融 錢 幣研究》雜誌的責任編輯，《中國錢幣界》雜誌主編。多年來他傾 力於中國貨幣史和錢幣學的研究，發表過近百篇錢幣研究文章； 2012年，出版了彙集中國古今錢幣的鴻篇巨制《中國貨幣史之最》。 同時聘請國內外知名的錢幣學者、收藏家及專業人士加入，如《霍 華德 · 富蘭克林 · 包克―錢幣學研究先驅者》作者史博祿先生、《戳 記幣簡史》作者高林先生、美國華人資深錢幣學者曾澤祿先生、國 際紙鈔收藏協會前任總編輯 Steve Feller、香港中國現代金銀幣資 深研究學者陳景林先生、臺灣資深錢幣學者周建福先生、美國東南 亞錢幣專家亞當 比亞吉先生以及北京錢幣網總裁郭嘉華先生等。

復刊後的《東亞泉志》為電子季刊，中英雙語。內容以披露最新錢 幣收藏研究成果、推介泉界成功人士的事蹟為主。主要欄目有學術 研究、人物專訪、鑒賞爭鳴、拍賣回顧、重要信息等。

從2017年起，《東亞泉志》加盟由克勞斯在德國柏林世界錢幣展覽 會期間舉辦的“世界硬幣大獎”頒獎活動。

《東亞泉志》2023年免費訂閱，如果需要，請把您的郵箱發到 jeanzg1994@163.com ！我們的網址：http://jeandigital.asia/

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JEAN 季刊的所有往期，該季刊也將定期更新。此 外，這裏還會有很多最新的錢幣文章、新聞、活動 和其他資訊。

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冠軍澳門拍賣會圓滿成功

1898 年（光緒二十四年）安徽省造光緒元寶庫平

NGC MS65，席徳柄 / 張南琛收

1898 年（光緒二十四年）安徽省造光緒元寶庫平 七錢二分銀幣，NGC MS64，席徳柄 / 張南琛收 藏 起拍價：$60,000

成交價：$144,000

1871 年清同治十年貳拾伍兩金幣，來自 1971 年耿愛德舊藏拍賣，NGC MS63

起拍價：$50,000

成交價：$126,000

1863 年清同治二年貳拾伍兩金幣，來自 1971 年 耿愛德舊藏拍賣，NGC MS63，重 93.4 克

1902-1906 年安徽省造光緒元寶每元當制錢十 文銅幣，初鑄版，中心方孔，中國銅元十大珍， NGC MS63 BN，張南琛收藏 起拍價：$40,000 成交價：$67,200

1908 年（戊申滿文）吉林造光緒元寶庫平七錢 二分銀幣，戳記幣，NGC AU Details，

1916 年中華帝國袁世凱洪憲紀元飛龍壹圓銀幣，

MS63

$30,000

$43,200

1913/1659 年西藏政府 50Tam，PMG Choice EF45，已知最好的，尼古拉斯 羅茲收藏

起拍價：$6,000

成交價：$9,120

1936 年（民國二十五年）蔣介石像背布圖半圓銀 質試樣 50 分鉛幣，J.C.Lee 收藏 起拍價：$3,000

成交價：$12,000

湖北銀元局光緒元寶憑票取銀元壹大元銀票， PMG Choice EF45，邱文明收藏，是該種珍稀 紙鈔中已知品相最好之一

起拍價：$20,000

成交價：$67,200

1914 年（民國三年）交通銀行美國鈔票版 - 上海 伍拾圓，PMG Gem UNC65 EPQ，優良紙張，

H.F.Bowker 收藏

起拍價：$600

成交價：$9,000

1949 年（民國三十八年）中國人民銀行貳佰圓 “農民與小橋”，PMG UNC62 EPQ，優良紙張，

H.F.Bowker 收藏

起拍價：$1,000

成交價：$8,400

LOT 137

LOT 158

LOT 135

LOT 138

LOT 134

LOT 106

LOT 101

LOT 082

LOT 115

2023年5月21日 冠軍北京微拍亮點

31 克金章，NGC PF 70 ULTRA CAMEO 起拍價：50,000 元

中央造幣廠鑄廠徽布圖壹兩廠條 1 枚，編號： BC64826，成色：991 金，重量：1.001 市兩 起拍價：12,000 元

1897 年湖南省造光緒元寶庫平七分二釐銀幣，

1895-1905 年湖北省造光緒元寶庫平三分六釐， L&M-186，NGC MS63, 華人家族收藏

起拍價：10,000 元

清代五子登科花錢 起拍價：3,000 元

2023 年楚留香發行 55 周年銀鍍金紀念樣幣 , NGC PF70 ULTRA CAMEO 起拍價：3,000 元

2023年4月13日 冠軍香港微拍成交亮點

LOT 62 1941 年（民國三十年）孫中山布圖廿分銅幣，

NGC MS63 BN，T.C.L. 藏品，古德曼舊藏

起拍價：US $3,000

成交價：US $33,000

LOT 61

1844 年福建省造漳州軍餉壹圓銀幣，NGC

VF DETAILS，戳記幣，T.C.L. 藏品

起拍價：US $20,000

成交價：US $22,000

地址：

電話：

郵箱：

上海市常德路1211號寶華大廈1808室 86-21-62130771 championghka@gmail.com

LOT 23

1970-1990 年代中國聯合準備銀行貳角樣 本 -Block 0，瑞士版，Pick Unlisted，PMG

Gem UNC66 EPQ，優良紙張

起拍價：US $1,500

成交 價：US $4,400

地址：

電話：

郵箱：

LOT 55

清代雲南“景東廳銀匠何忠秀”課銀十兩大 長槽錠一枚

起拍價 : US $10,000

成交價 : US $27,500

LOT 52 1912 年倫敦版蟠龍加蓋中華民國臨時中立 郵票三分，ASG VF80 Mint POG，原膠未貼， 包克藏品 起拍價：US $1,000 成交價：US $1,100

香港九龍旺角砵蘭街169-173號好旺角商場304室 852-6877-0059 championghka@gmail.com

2017 China 31g Gold Medal, COTY Beijing Book Release Panda, PF 70 ULTRA CAMEO

Starting: RMB 50,000

2019 2oz China Gold Macau Show Official Panda Issue, PF 70 ULTRA CAMEO

Starting: RMB 38,000

2021 China Gold 50g Medal Berlin World Money Fair 50th Anniversary, PF 70 ULTRA CAMEO

Starting: RMB 38,000

CHINA Central Mint One Tael Gold Cake, Purity: .991, Weight: 1.001 Tael

Starting: RMB 12,000

(1897) CHINA 10C HUNAN L&M-381 1 ROSETTE, MS61, Chinese Family Collection

Starting: RMB 10,000

1916 CHINA 50C YUNNAN L&M-862, AU50, Chinese Family Collection

Starting: RMB 10,000

(1895-1905) CHINA 5C HUPEH L&M-186, MS63, Chinese Family Collection

Starting: RMB 10,000

LOT 56

CHINA 1945 Central Mint 5 Taels Gold Bar, No. CD22891, Fineness: 991 Gold, Weight: 5.000 Liang

Starting: US $12,000

Realized: US $28,600

Anniv, PF70 ULTRA CAMEO, Sample # 27

Starting: RMB 3,000

LOT 23

CHINA ND(1970s-1990s) Union Prep. Bank 20 Cents Specimen-Block 0, Pick Unlisted, PMG Gem UNC66 EPQ, Printer's Design Starting: US $1,500

Realized: US $4,400

LOT 52

CHINA-Qing Dynasty 1904 Coil. Dragon Opt. Republic of China & Provisionl Neutrality 3 Cents

Stamp, ASG VF80 Mint POG, Bowker Collection

Starting: US $1,000

Realized: US $1,100