東亞泉志
No.32
2023.10 / Issue 50
THE JOURNAL OF EAST ASIAN NUMISMATICS 25 th 中英雙語 - 電子季刊
周年
Bilingual (English - Chinese) Digital Quarterly
JEAN 1994-2019
2023/11/26 —— 冠軍澳門拍賣 CHAMPION MACAU AUCTION
MACAU
6F Prom e n a d e, S o fitel Hotel at P onte 16
菲特 浦索 樓 六 十 店6 大酒
2023 年澳門錢幣學會熊貓 10 周年紀念章（1 盎司 /10 盎司） 2023 Macau Numismatic Societ y Panda 10th A nniversa r y Commemorative (1 OZ/10 OZ)
『 本期專題 | FEATURES 』 W A TA I
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霍华德·包克與耿愛德的通信（1950 年 1 月 - 4 月） Howard F. Bowker – Eduard Kann Correspondence (1950.1-4)
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救國公債與新馬經驗 The Experience of National Salvation Bonds from Singapore and Malaysia
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1985 年精製版壹圓熊貓紀念銅幣探源 An Exploration of the 1985 One-Yuan Proof Panda Commemorative Copper Coin
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做夢都想不到的竟然成真 I Never Dreamed it Would Come True
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1838-1850 年臺灣老公銀壹圓 NGC XF40，TCL 藏品
袁世凱像第二屆共和紀念會銅鍍 金章，NGC UNC DETAILS 古德曼 /BWS 藏品
April 7
th
2024
Hong Kong Coin Auction Returns to the Holiday Inn Golden Mile Consignment Deadline: 2/15/2024 In 1984, Money Company held the first Hong Kong auction at the Holiday Inn Golden Mile and released the first Hong Kong show
panda. The first Champion sale was in 1994, and the first Hong Kong auction was in 1996 at the Holiday Inn Golden Mile. ◎ 1984 Hong Kong International Coin Exposition Silver Panda Medal
Now, the 2024 40th Anniversary Show (April 9-11) and Auction
will be held at the legendary Holiday Inn Golden Mile where
it all started on April 7. Prior to 40th Anniversary Show at the
Holiday Inn Golden Mile, the auction will be jointly conducted by Hongkong International Coin Convention & Antique Watch Fair (HICC), Champion Auction and Collectibles Auction Asia (CAA).
◎ 1984 Money Company Auction Catalogue
Please contact us for special consignment rates for this special auction. (Please see ◎ The Journal of East Asian Numismatics editor Bruce Smith and his wife Ruth Smith attending 1984 show opening party at the Holiday Inn Golden Mile
information below.)
There will also be an invitational 40th anniversary commemorative party at the Holiday Inn Golden Mile on April 6 inviting participants from the original 1984 show. April 2024 HICC/Champion/CAA Auction Highlights
Apr. 6 Crystal Room 1 Legend of Chu Liu Xiang Coin Series III Hong Kong Launch （13:30-15:00） Hong Kong Panda 40th Anniversary Medal First Release （13:30-15:00）
Hong Kong Numismatics Market Seminar （15:0018:00) Hong Kong Coin Auction 40th Anniversary Invitation Party (19:0022:00） Apr. 6 Crystal Room 2
◎ 1911 One Dollar Silver Coin Designer L. Giorgi's Drawings from the Arthur Coole Collection, 3 pieces in a set. (1) The first dragon pattern, with Arthur Coole collection label and the tie for tying to the memorial submitted to the emperor on the reverse; (2) The second dragon pattern, with Arthur Coole collection label; (3) The third dragon pattern, with Arthur Coole collection label
Starting Price：US $1,000,000
Auction Preview （10:0018:00)
◎ NGC Certification Labels
Apr. 7 Crystal Room 1 HICC / Champion / CAA Auction （10:00-18:00)
Hong Kong (Hongkong International Coin
Convention & Antique Watch Fair) Mr. Simon Wong / Mr. Wayne Wong / Mr. Sam Hung Add: Shop B-113A, Holiday Inn Golden Mile，50 Nathan Road, Kowloon, Hong Kong Tel: 852-2366-9111 Email: info@hicc.hk
Contact Us
Mainland China, Macau, Taiwan, Japan, South Korea, USA, Europe
Singapore, Malaysia, Thailand, Indonesia, Vietnam
Add: Avenida Da Praia Grande No.371 Edif. Keng Ou 22 Andar A, Macau, China Tel: 886-903937338 Email: championghka@gmail.com
Add: 101 Upper Cross Street, #03-78A，People's Park Centre, Singapore Tel: 65-9638-7225 Email: cauctionasia@gmail.com
Mr. Michael Chou
Mr. Jeffrey Wai
2023 Champion Coming Shows/Auctions The First Yongcang Coin International Expo and the First Yongcang Trading Card Expo 11/3-5 Table C45 Macau Numismatic Society Annual Show 11/24-26 Table 1-2 Macau Kam Pek Community Centre
Thailand World Stamp Championship Exhibition & 2nd Thailand International Numismatic Expo 11/27-12/02 Table A18
China (International) Coin Expo (Beijing) 12/01-03 Table A43
Hong Kong International Numismatic Fair 12/11-13 Table E6-b-E7 Holiday Inn Golden Mile
11.26
Macau Auction Consignment Deadline: 10.15
12.17
Add：Room 1808, Bao Hua Building No. 1211, Changde Rd. Putuo District, Shanghai Tel：86-21-62130771 Email：jeanzg1994@163.com
New York International Numismatic Convention 1/11-13 World Money Fair, Berlin 2/02-04 Main distributor
Champion China Champion Leilao LDA
Singapore distributor
Silver Affinity (101 Upper Cross Street, #03-78A，People's Park Centre, Singapore 058357)
Thailand and Malaysia distributor
China Coins (Hong Kong ) Tang Xingbang/Jaffee Wang（room 302,80-82 soi naradhiwas
8, Khwaeng Yan Nawa, Khet Sathon, Krung Thep Maha Nakhon 10120, +66 89-988-8259/13801380489)
01.28
Shanghai WeChat Auction
Shanghai WeChat Auction
Consignment Deadline: 12.01
Consignment Deadline: 01.12
For more details, please contact us Shanghai Office
FUN Winter Show Convention 1/03-06
04.07
Hong Kong Auction Consignment Deadline: 02.15
Champion Shanghai Store：
Rm. East-09, 5/F, Yunzhou Antique City, No. 88 Damuqiao Road, Xuhui District Opening Hours：Saturday 13:30-17:00 Tel: +86-19514623548
Taipei Office
Add：First Floor Room 50,163 NanKing West Road, Taipei Tel： 886-903937338 Email：championghka@gmail.com
Hong Kong Store
JEAN Website: https://jeandigital.asia/
Add：Rm. 219, 2/F Ho Mongkok Shopping Centre, No.169-173 Portland St. Mongkok Kowloon, Hong Kong Tel：852-61650618 Email：championghka@gmail.com
2024年4月7日
香港錢幣拍賣即將回歸金域假日酒店 委托截止日期 ：2024/02/15 1984年，金錢公司在香港金域假日酒店舉行拍賣，併發行了首枚香港國際 硬幣展覽會熊貓紀念章。2024年恰逢香港展會40周年，香港錢幣拍賣將 回到一切開始的地方——傳奇的金域假日酒店，舉辦盛大的拍賣活動，併 發行香港展會40周年熊貓紀念章。
此次拍賣會將在香港國際錢幣展40周年展期間（4月9日-11日）舉辦， ◎ 1984年第三屆香港國際硬幣展覽會紀念章 （設計師陳堅）
由香港國際錢幣展銷會暨古董錶交易會（Hongkong International Coin Convention & Antique Watch Fair）、冠軍拍賣（Champion Auction）
及亞洲藏品拍賣（Collectibles Auction Asia），于4月7日在香港金域假 日酒店聯合舉辦。冠軍自1994年舉辦拍賣以來，第一場香港拍賣便是 于1996年在金域假日酒店舉行。如有意進行委託，請聯繫我們以瞭解
◎ 1984年金錢公司拍賣目錄
這場特別拍賣的委託費用相關信息。上海辦公室電話：86-21-62130771/微信：1026841006/郵箱： ◎《東亞泉志》編輯史博祿攜妻子魯思·史密 斯參加1984年金域假日酒店舉辦的展前開幕宴
jeanzg1994@163.com。其他國家或地區請參見下方委託信息。
4月6日，我們還將在金域假日酒店舉辦40周年紀念特別邀請宴。宴會將邀請自1984年第一場拍賣的 參與嘉賓共襄盛舉，敬請期待！
2024.4 香港國際錢幣展銷會暨古董錶交易會 / 冠軍拍賣 / 亞洲藏品拍賣聯合拍賣亮點
4 月 6 日 - 麗晶廳 1 《楚留香傳奇》紀念幣第 三套香港首發（（13:3015:00）
香港熊貓40周年紀念章首 發（13:30-15:00）
香 港 錢 幣 市 場 論 壇 （15:00-18:00) 香港錢幣拍賣40周年邀請 晚宴(19:00-22:00）
4 月 6 日 - 麗晶廳 2
◎ 宣統三年壹圓銀幣設計師 L.GIORGI 手稿一套三張 , 包括：（1）第一次行龍樣，面朝外，背面有邱文明收藏標籤和用于系至奏摺的系帶； （2）第二次行龍樣，立龍，面朝左，右側貼有邱文明收藏標籤，龍面後用于壹角、貳角及伍角幣；（3）第三次行龍樣，面朝右，龍右側 貼有邱文明收藏標籤，皆為邱文明藏品。
起拍價：US $1,000,000
拍賣預展（10:00-18:00)
4 月 7 日 - 麗晶廳 1
◎ NGC 認證標籤
HICC / 冠軍 / CAA聯合拍 賣（10:00-18:00)
委托聯系信息
香港地區·香港國際錢幣展銷會暨古董錶交易會
中國內地、澳門、臺灣、日本、韓國、美國、歐洲
新加坡、馬來西亞、泰國、印度尼西亞、越南
地址：香港九龍彌敦道 50 號金域假日酒店 B113A 電話：852-2366-9111 郵箱：info@hicc.hk
地址：澳門南灣大馬路 371 號京澳大廈 22 樓 A 座 手機：886-903937338 郵箱：championghka@gmail.com
地址：101 克羅士街上段珍珠大廈 #03-78A 室 電話：65-9638-7225 郵箱：cauctionasia@gmail.com
黃健輝 / 黃毅華 / 孔慶森
周邁可
魏亨泰
2023 冠軍 展 會 / 拍 賣 活 動 首屆湧藏錢幣國際博覽會暨首屆湧藏收藏卡博覽會 11/3-5 展位 C45
紐約國際錢幣展銷會 1/11-13
澳門錢幣學會年會展 11/24-26 展位 1-2 ( 金碧文娱中心）
柏林世界錢幣展覽會 2/02-04
泰國世界郵票展暨第二屆泰國國際錢幣展 11/27-12/02 展位 A18
主要經銷商 冠軍中國
冠軍澳門公司
北京國際錢幣博覽會 12/01-03 展位 A43
新加坡經銷商
香港國際錢幣展銷會 12/11-13 展位 E6-b-E7 ( 金域假日酒店） 佛州冬季國際錢幣展銷會 1/03-06
11.26 澳門拍賣 10.15 委託截止
泰國 / 馬來西亞經銷商 中國錢幣（香港）
唐興幫 /Jaffee Wang（room 302,80-82 soi naradhiwas 8, Khwaeng 988-8259/13801380489)
04.07
12.17
01.28
上海微拍
上海微拍
香港拍賣
12.01
01.12
委託截止
委託截止
2.15 委託截止
冠軍上海店鋪：
徐匯區大木橋路 冠军上海店铺： 88 號雲洲古玩城 5 樓東 09 營業時間：每週六 徐汇区大木桥路 8813:30-17:00 号云洲古玩城 5 楼东 09 手機：+86-19514623548 营业时间：每周六 13:30-17:00 手机：+86-19514623548
上海辦公室
臺北辦事處
電話：86-21-62130771
手機：886-903937338
郵箱：jeanzg1994@163.com
058357）
Yan Nawa, Khet Sathon, Krung Thep Maha Nakhon 10120, +66 89-
更多詳情 更多详情 請聯繫我們 请联系我们 地址：上海市常德路 1211 號寶華大廈 1808 室
Silver Affinity （新加坡人民公園上交街 101 號珍珠大廈 #03-78A 室，
地址：臺北市大同區南京西路 163 號 1 樓 50 室 郵箱：championghka@gmail.com
《東亞泉志》官方網站 : 《东亚泉志》官方网站 : https://jeandigital.asia/ https://jeandigital.asia/
香港店鋪
地址：九龍旺角砵蘭街 169-173 號好旺角商場 219 室 電話：852-61650618
郵箱：championghka@gmail.com
JEAN
《東亞泉志》為冠軍拍賣公司總裁周邁可先生和著名錢幣學
《東亞泉志》
專家史博祿先生于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。
2024 免費訂閱
《東亞泉志》于1994年7月份問世，1999年停刊，發行了18
中英雙語 - 電子季刊
泉志》，聘請著名錢幣研究學者袁水清先生擔任主編。
期。2015年5月，周邁可先 生決定于2016年1月復刊《 東 亞
Bilingual (English - Chinese) Digital Quarterly
No. 32
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。
25 th
周年
2023. 10/ Issue 50
JEAN 1994-2019
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趙婷婷
新媒體协调员
郝嘉薇
「 中英雙語 · 電子季刊 | Bilingual (English - Chinese) Digital Quarterly」
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（
FOREWORD
Welcome to the 32nd issue of the Jour nal of East Asian Numismatics . A highlight of this issue is the correspondence between Bowker and Eduard Kann from January to April 1950, which presents some of their exchanges in the course of purchasing rare Chinese coins. The letters are annotated by our Senior Editor, Bruce Smith. One of the featured articles in this issue is 27 Years in Asian Numismatics which summarizes how the Asian numismatic community has changed over the past almost three decades. Our friend Ron Guth contributes another featured article The Experience of National Salvation Bonds from Singapore and Malaysia written by our good friend Stephen Tai. The article tells the story of how the patriotic overseas Chinese leader, Tan Kah Kee, and others led the overseas Chinese in Singapore and Malaysia to raise national salvation bonds and avoid the stamp duty imposed by the local government. It embodies the deep affection of the overseas Chinese who had their hearts set on China in the background of that time. This issue continues with the second part of Eduard Kann's The Minting History of China . This part introduces the operation of the Central Mint and related regulations. In addition, we have reprinted a review of the work of the Jia Xu Stamp Society in the past three years and the outlook for the future. The article was written by famous philatelist Zhao Shanchang and from the 1937 Jia Xu Philatelic Journal from the Bowker Collection. There has been quite a lot of shows recently. Our Chinese Editorin-Chief, Yuan Shui-Qing, wrote an article on the Silk Road Coin Symposium held in Chengdu at the 2nd Numismatic Culture Festival (Chengdu). Zhang Ansheng reviews the development of Chinese paper notes as a preview for the coming paper money show in Macau. Our American correspondent, J. Matthew Brotherton, reviewed the ANA World's Fair of Money in Pittsburgh. The Series II of the Coin Celebrating the 55th Anniversary of the Issue of the Legend of Chu Liu Xiang was just launched in Hong Kong, and we have shared the story in this issue. In addition, Ge Zukang, a senior collector who attended the coin's first striking ceremony, and Deng Weibin, Head of WPIC in the Asia Pacrfic Region, both wrote articles to share their feelings. Issue 32 also contains articles by our good friend David Vagi, Ancient Coin Collecting for Beginners , and Jeff Garrett, the Impact
of Rising Interest Rates on the Rare Coin Market , which was reprinted with permission from NGC. The 1985 One-Yuan Proof Panda Commemorative Copper Coin appreciated about 250,000 times and realized $30,000 at the December 2022 Heritage auction after 37 years of its issuance. King Chan, NGC's Senior Advisor, wrote the article to explore its origin based on his tracking and research of this coin over the past 20 years. Zhou Bian analyzed the influence of ancient Chinese cash coins on Indonesian coins in his article Chinese-Style Balinese Coins for Sacrifice Rituals Found in Indonesia . The book reviews for Zhang Jun's The Source of Coinage and Zhou Xiang's The Source of Chinese Coins appear in this issue. It is with regret that we learned of the passing of Lee Dodrill and Neil Shafer, which is mourned in this issue. Lee Dodrill has been a close friend and mentor ever since I met him in the early 1990's. We shared a booth at the Tokyo International Coin Convention for many years. It was also an annual event celebrating his birthday on May 1st during the show. We also visited and shared tables at shows in Hong Kong, Singapore, and Maastricht. He will be surely missed by his friends and colleagues. Neil Shafer a legend in the banknote collectable industry was a close friend and mentor. He introduced me to the 1991 American banknote archive sale of Chinese banknotes in New York and for many years was always a pleasure to see him and his son Joel at shows. I did many transactions of Japanese, Chinese, and Korean banknotes with him, as he always handed me an envelope of notes at the beginning of shows for me to look at and we always agreed on a fair price and completed the transaction. He was always willing to help new and old collectors in banknotes and other paper collectible areas and will be surely missed by all. This issue received a contribution from Zhang Shaolong. His article about Chinese and foreign fantasy coins introduces the background of the birth of Chinese and foreign fantasy coins and their interest. We hope that every reader will find an article of interest in this issue. We also look forward to seeing you all at the Champion 2023 Macau Auction on November 26th! Michael Chou Publisher & Editor-in-Chief
CONTENTS
12 13
20 24 33
A Book Spreading the Culture and Knowledge of Minting:The Source of Coinage
Zhou Bian〔Shanghai〕
2023 First Strike Ceremony of the 2023 Macau Numismatic Society 10th Anniversary Panda Commemorative Medal and the Series II of the Commemorative Coin Celebrating Deng Weibin〔Shanghai〕 the Issueof the Legend of Chu Liu Xiang Review of the Hong Kong Launch of the Commemorative Coin Celebrating the 55th Anniversary of the Issuance of the Legend of Chu Liu Xiang Series II Champion〔Shanghai〕 Overview of the Silk Road Numismatic Symposium Held at the 2nd Numismatic Culture Festival (Chengdu) Yuan Shuiqing〔Xi'an〕 To Commemorate the 1000th Anniversary of the Birth of Paper Money
Zhang An'sheng〔Macau〕
44
The Designing Process of the 24th Winter Olympic Games15g Silver Coins (Group I)
47 47 49
Neil Shafer Obituary
53 77
Zhu Xihua〔Shanghai〕
Lee Dodrill Obituary
DEPARTMENTS
16
The Source of Chinese Coin - A Collection of Essays on Chinese Numismatics and Monetary History Zhu Yanling〔Shanghai〕
Ron Dodrill〔USA〕
Joel Shafer〔USA〕
Review on the Work in the Past Three Years and the Prospect on the Future Improvements Zhao Shanchang〔Changzhou 〕 for the Society The History of Minting in China
Chinese-Style Balinese Coins for Sacrifice Rituals found in Indonesia
FEATURES
80 85 89
Eduard Kann〔USA〕
Zhou Bian〔Shanghai〕
I Never Dreamed It Would Come True
Ge Zukang〔Hangzhou〕
An Exploration of the 1985 One-Yuan Proof Panda Commemorative Copper Coin
King Chan〔Hong Kong〕
The Experience of National Salvation Bonds from Singapore and Malaysia
98 Howard F. Bowker – Eduard Kann Correspondence（1950.1-4） 113 27 Years In Asian Numismatics
Stephen Tai〔 Taipei〕
Bruce W. Smith〔USA〕
Ron Guth〔USA〕
COLUMN
120 Summer 2023 ANA Show Returns to the Steel City as Global Numismatic Market Remains Hot
124 Chinese and Foreign Fantasy Coins 131 Rising Interest Rates and the Rare Coin Market 135 Getting Started with Ancient Coins
J. Matthew Brotherton〔USA〕 Zhang Shaolong〔Beijing〕
Jeff Garrett〔USA〕 David Vagi〔USA〕
前言 （
qian
yan
歡迎大家閱讀《東亞泉志》第32期。
1985年精製版壹圓熊貓紀念銅幣經歷了37年的沉澱，于2022年12
1950年起的通信，信中呈現了二人在購買中國珍稀錢幣過程中的一
高級顧問陳景林先生根據其過去20多年來對此幣的跟蹤與研究，撰
本期雜誌最大的亮點便是我們將從這期開始刊載耿愛德與包克從
月海瑞得拍賣會上以3萬美元的價格成交，升值約25萬倍。NGC
些交流。這些通信經由我們的高級編輯史博祿先生進行注釋，本刊
寫了《1985年精製版壹圓熊貓紀念銅幣探源》一文。
本期專題文章之一是我們的朋友古富先生撰寫的專題文《亞洲錢幣
中國古錢對印尼錢幣的影響。
顧問、資深收藏家曾澤祿進行修訂。
界的27年》，總結了亞洲錢幣界在過去近30年中的風雲變幻。而我
們的好友戴學文先生貢獻的另一篇文章《救國公債的新馬經驗》， 講述了愛國僑領陳嘉庚先生等人如何帶領在新馬地區的海外華人募
集救國公債，並且規避當地政府所徵收的印花稅的故事。體現了在
周邊先生在《印尼發現的中國形制巴厘文祭祀錢》一文中，分析了 本期為章軍先生的《泉源文草》和周祥先生的《泉源問流》刊載了 書評。
我們遺憾的得知了李 · 多德裏爾和尼爾 · 沙弗先生逝世的消息，特
在本期進行悼念。我在1990年代初認識了多德裏爾，他一直是我親
當時的大背景下，海外僑胞雖身處海外，但心系祖國的深情厚誼。
密的朋友和導師。我們在一年一度東京國際錢幣展上共用展位很多
該部分介紹了中央造幣廠的運行情況及相關制度。此外，我們還在
新加坡和馬斯特裏赫特的展會，並分享展位。他的朋友和同行一定
集郵家趙善長先生撰寫的對中國早期著名郵票團體甲戌郵票會之前
密的朋友和導師。他向我介紹了1991年在紐約舉行的美國紙幣檔案
本期雜誌續接上期刊載了耿愛德所撰《中國造幣史》的第二部分。 這期重刊了出自包克收藏的1937年《甲戌郵刊》第四卷伊始，著名
年，會在展會期間慶祝他的生日（5月1日）。我們還共同參觀香港、
會想念他的。而尼爾 · 謝弗是紙幣收藏行業的傳奇人物，也是我親
三年工作的檢討和對未來的展望。
公司中國紙幣拍賣會。我很高興多年來可以在展會上看到他和他的
第二屆錢幣文化節 ( 成都 ) 之絲路錢幣研討會作了綜述。張安生先
是在展會開始時給我看一個信封的紙鈔，我們總是可以商定出合理
近期展會活動頗多。本刊中文主編袁水清先生撰文對在成都舉辦的
生回顧了中國紙幣的發展過程，以此作為11月舉辦的（澳門）中國
歷代紙幣展的前瞻。本刊的美國通訊員布拉澤頓先生則對8月在匹
茲堡舉辦的 ANA 國際錢幣展銷會進行了回顧。
《楚留香傳奇》發行55周年紀念幣第二套剛剛舉行了香港首發儀
式，我們特在本期分享了首發情況。此外，參加了該幣首打儀式的
資深藏家葛祖康先生以及世界鉑金投資協會亞洲區負責人鄧偉斌先 生均撰文分享了各自的感受。
第32期雜誌中還刊載了我們的好友大衛 · 瓦吉先生的文章《古幣收
藏入門》和傑夫 · 加勒特的文章《利率上升對稀有錢幣市場的影響》，
文章獲 NGC 授權轉載。
兒子喬爾。我和他進行過很多日本、中國和韓國紙幣的交易。他總 的價格並完成交易。他總是願意在紙幣和其他紙品收藏領域為新老 收藏家提供幫助，所有朋友都會懷念他。
本期雜誌收到了張紹龍先生的投稿。其文章《不約而同的中外臆造 幣》介紹了中外臆造幣的誕生背景及其趣味。
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11月26日舉辦的冠軍2023年澳門拍賣會上再見！
《東亞泉志》總編輯兼出版人 周邁可
目錄 mu
lu
14
問渠那得清如許 為有源頭活水來——《泉流問源 - 中國錢幣學與貨幣史論集》
15 18 22
一本傳播造幣文化與知識的著作——《泉源文草》
29 39 46 48 48 51 65 79
第二屆錢幣文化節 ( 成都 ) 之絲路錢幣研討會綜述
周延齡〔上海〕
周 邊〔上海〕
2023“澳門錢幣學會熊貓紀念章 10 周年紀念”章暨“楚留香”第二套紀念幣首打 儀式在滬舉行 鄧偉斌〔上海〕 《楚留香傳奇》發行 55 周年紀念幣第二套胡鐵花與無花香港首發儀式回顧 紀念紙幣誕生 1 000 年
冠軍研究室〔上海〕 袁水清〔西安〕
張安生〔澳門〕
力量與美感、個性與統一：第 24 屆冬季奧林匹克運動會 15 克銀第一組系列紀念 朱熙華〔上海〕 幣設計手記 李·多德裏爾逝世 尼爾·沙弗逝世
本會三年來之檢討與今後之改進 中國造幣史
印尼發現的中國形制巴厘文祭祀錢
羅恩·多德裏爾〔美國〕
部 門
喬伊·沙弗〔美國〕 趙善長〔常州〕
耿愛德〔美國〕 周 邊〔上海〕
專 題
83 做夢都想不到的竟然成真 87 1985 年精製版壹圓熊貓紀念銅幣探源 94 救國公債與新馬經驗 106 霍华德·包克與耿愛德的通信（1950 年 1 月 - 4 月） 117 亞洲錢幣界的 27 年
專 欄
122 錢幣市場持續火熱——2023 夏季 ANA 國際錢幣展銷會重返“鋼鐵之城” 128 不約而同的中外臆造幣 133 利率上升對稀有錢幣市場的影響 136 西方古幣收藏入門
葛祖康〔杭州〕
陳景林〔香港〕
戴學文〔臺北〕
史博祿〔美國〕
古 富〔美國〕
馬修·布拉澤頓〔美國〕 張紹龍〔北京〕
傑夫·加勒特〔美國〕 大衛·瓦吉〔美國〕
The Source of Chinese Coin - A Collection of Essays on Chinese Numismatics and Monetary History ◎ Zhou Yanling〔Shanghai〕 The Source of Chinese Coin - A Collection of Essays on Chinese
banknote series, printing, denomination, circulating notes, and
Numismatics and Monetary History (《 泉 流 問 源 - 中 國 錢 幣
issuance of the Industrial Bank of China. The writer clarifies the
學與貨幣史論集》) by Mr. Zhou Xiang ( 周祥 ) was published
chaotic clues and provides a clear lineage. In terms of the study
and distributed by the Cultural Relics Press in September 2022.
of Silk Road coins, the author identifies the year of the casting of
This is a compilation collection of papers as a gift from Zhou to
the Turkestan Khanate coins from their types, and analyzes the
himself in his 60th year of life.
Chagatai Khanate coins through their inscriptions, emblems, and culture, which is an important means and direction for the study
The articles collected in the book make studies on the ancient
of coins. The last part of the book contains monumental essays
written for Wang Qingzheng ( 汪 慶 正 ), Kalgin Shih ( 施 嘉
Chinese currencies, vintage coins, paper money, and Silk Road
幹 ), Loo Pak-tsau ( 羅伯昭 ), Wu Chouzhong ( 吳籌中 ), Wang
currencies. There are also some monumental articles involved.
Yinjia ( 王蔭嘉 ), and others, recalling the persistent pursuit and
In the part of the ancient coins, the author presented his views and opinions on the birth of Chinese currency in the pre-Qin
exploration of our precedents and carrying forward their spirit of
dynasty, such as round-foot spade coins, pointed-head knife
perseverance and bravery to inspire us to move forward on the
coins and the ming knife coins of the State of Qi. He introduces
path of numismatic research.
the casting and identification of the round dragon coins, square
After reading the book, it occurred to me Zhu Xi's ( 朱
horse coins, and oval turtle coins of the Western Han dynasty,
wu zhu [ 五 銖 ] coins cast by different political zone, wu zhu
poem Thoughts from Reading (《觀書有感》) of the Southern
coins with red edge, and wu zhu coins cast under the supervision
Song dynasty. That is, how could the canal be so clear and cool?
of officials as well. The development of the power of minting
Because fresh water comes from the source. Knowledge is like
in the Han dynasty is illustrated. As for modern vintage coins,
the source of water, which needs to be constantly accumulated,
it corrected and answered some difficult questions in Chinese
updated, and developed. It is even more important to keep
modern vintage coins, such as the minting date of the Hupeh
learning new knowledge, applying the experience and theories
silver dollar, the existence of dollars minted in Shandong in
of our predecessors, and exploring the unknown world to keep
Guangxu’s reign, and the problems related to the Heilongjiang
ourselves advanced and dynamic forever in life. With his own
silver dollar.
efforts and pursuits, Zhou Xiang has pioneered and plowed in the cause of numismatic research and finally has found that
Since the study of the paper money is the focus of Zhou's
murmuring spring. I hope he reaps even greater achievements in
academic research, this book contains 15 related articles. Among
the years to come.
them, there are two major topics, namely, the Taiwan banknotes
The Source of Chinese Coin - A Collection of Essays on
issued by the Bank of Taiwan and the banknotes issued by the
Chinese Numismatics and Monetary History by Zhou
Industrial Bank of China after the victory of the Sino-Japanese
Xiang, Cultural Relics Press, first edition, September
War. The author also devoted several articles to introduce the
2022. Size: 710 mm X 1000 mm. ISBN: 978-7-5010-7761-
plates, printing and issuance, and collection and handling of the
8. Price: RMB 180.
Taiwan banknotes in the 35th year of the Republic of China. The book makes a comprehensive analysis and examination of the 12
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A Book Spreading the Culture and Knowledge of Minting
The Source of Coinage ◎ Zhou Bian〔Shanghai〕
I received a copy of Mr. Zhang Jun’s ( 章
軍 ) recently
production in the past more than half a century, and the brief
Zhang had worked in Shanghai Mint Co., Ltd. (formerly the
Some articles enrich our understanding of the development
Shanghai Mint) for 42 years, and served as the director of
and direction of world coins from the fresh developments in
the technical department, director of information technology
modern Western minting materials and techniques, including
department, and deputy chief engineer. He participated in major
those on the development trend and characteristics of current
scientific research projects of national banknote printing and
world minting technology, a study tour at the British, German
minting. Zhang was also in charge of the development, trial
and Swiss mints, the introduction of the Euro, introduction
production, and manufacturing of the 1 yuan circulating coins
of the Euro coin design, Canadian laser holographic gold and
of the fourth set of RMB and the 1 yuan, 50-cent, and 10-
silver commemorative coins, the development of British minting
cent circulating coins of the fifth set of RMB. He won one first
materials, the new minting technology of the Arkansas Company
prize, three second prizes, and three third prizes of the Science
of the United States, and the French Paris Mint and its large
and Technology Development Award of the People's Bank of
brass medal.
China Bank and the Science and Technology Award of China
The writer also recalled and recorded the process of minting and
Banknote Printing and Minting Corporation. Zhang also holds
shared some little-known examples as a direct participant in the
a number of invention patents. He has dedicated his youth
production of the modern Chinese mint, leaving real historical
and made outstanding contributions to the minting industry in
materials for this searing history. It covers the RMB series, the
modern China. After retirement, he has been working as the
birth of the RMB and metal circulating coins in modern China,
secretariat of the Shanghai Numismatic Society and served as
the memory of minting aluminum 1-cent coins by the Chongqing
the deputy secretary-general of the eighth and ninth secretariats
“Copper Coin Bureau”, the second series of RMB printed by the
of the Society, doing his best to gather the power of numismatic
Soviet Union, and the first commemorative coin for the founding
research and collecting from all walks of life and promoting
of the People's Republic of China. The book also looks back at
Chinese numismatic culture.
the research and development of modern Chinese copper alloy
Among the many books on the study and popularization of
circulating coins, the research and development of the fifth set
numismatics, books on monetary history and numismatics are
of RMB circulation coins, the research and development of the
available in a wide variety of fields. However, there are not
peony one yuan coin. In addition, it appreciates the ordinary
many books related to minting, and those written by people who
commemorative coins for the 35th anniversary of the founding
are directly involved in the design and manufacture of minting
of the People's Republic of China.
are even rarer. I read Zhang's The Source of Coinage with an
Approaches from a professional point of view to popularize
inquiring mind, and I have the following comments.
the knowledge and help to improve the ability to identify
A total of 52 articles are included in the book. These articles
counterfeited currencies in the use and collection of coins. Such
introduce the modern minting technology and process from
articles involve anti-counterfeiting technology of currency,
the shallow to the deep, so that readers can better understand
analysis of counterfeiting manufacturing technology, prospect
the basic technology and craft of minting, with articles on
for the new anti-counterfeiting technology of coinage, the
the coin design and manufacturing processes accounting for
current situation of the circulation of one yuan fake coin, and
a large portion of the book. For example, the book covers the
thinking of the measures for preventing fake coins.
large copper medal and its craft production, the study of anti-
Zhang Jun's work is written in a simple and unpretentious way.
discoloration of gold and silver coins (medals) and the discussion
It integrates minting knowledge and numismatic culture, as a
of crafts, the anti-counterfeiting technology of currency, the
good book not only for understanding the process of minting
introduction of laser holographic anti-counterfeiting technology,
and the new technology of material anti-counterfeiting, but also
the discussion of minting technology and banknote printing
for collecting modern vintage coins and learning the related
technology, the brief explanation of coin die production, the
knowledge of counterfeiting.
completed book The Source of Coinage (《 泉 源 文 草 》).
description of metal coin production.
development of minting technology based on the circulating coin J
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RE V IE W S
B O O K
評
問渠那得清如許 為有源頭活水來
《泉流問源-中國錢幣學與貨幣史論集》 ◎ 周延齡〔上海〕
周祥先生的《泉流問源 - 中國錢幣學與貨幣史論集》一書，
拜讀了周祥先生《泉流問源 - 中國錢幣學與貨幣史論集》一
也是周先生60花甲之年送給自己的一份厚禮。
書有感》詩中的兩句 ：問渠那得清如許，為有源頭活水來。
由文物出版社2022年9月出版發行。這是一本論文彙編集，
書，書名中“泉流問源”，我的頭腦裏閃現南宋朱熹的《觀
是啊！知識就像水的源頭，需要不斷地積累更新和發展。人
《泉流問源 - 中國錢幣學與貨幣史論集》所收的文章內容，
生更要不斷地學習新的知識、運用前輩的經驗與理論，探
大體可分成這幾個部分，中國古代貨幣研究、機製幣研究、
索未知的世界，才能使自己永葆先進和活力。周祥先生用自
紙幣研究、絲綢之路貨幣研究與紀念性的文章。在先秦貨
身的努力與追求，在錢幣研究的事業上開拓耕耘，終于有了
幣產生，圓足布、尖首刀、齊明刀的研究，漢武帝白金三
那一渠淙淙的泉水。祝願他在今後的歲月裏，收穫更大的
品、郡國五銖、赤仄五銖、上林三官五銖的鑄造與區分，漢
成果。
代鑄幣權發展等問題上，都提出了自己的觀點和看法。近代 機製幣研究中，糾正和解答了湖北本省銀元鑄造年代，山東
光緒年間有沒有自鑄銀元，黑龍江光緒銀元等中國近代機
製幣中的疑難問題。紙幣是周先生學術研究的重點，本書
收錄了15篇相關的文章。其中在抗戰勝利臺灣回歸祖國後， 臺灣銀行發行的台幣，中國實業銀行發行的紙幣兩大專題 上，他用數篇文章詳盡地介紹民國三十五年台幣的版式、印
製發行和收兌處理情況。對中國實業銀行紙幣版別、印製、 面額、流通券和發行等全面地進行了分析與考證，理清了紛 亂的線索，有了清晰的脈絡。在絲路錢幣研究上，對突騎
施汗國錢幣，通過對發現錢幣的分型來推斷鑄行年代，對 察合臺汗國錢幣通過銘文、徽記和文化來綜合分析錢幣的 方法，是研究錢幣的一個重要的手段與方向。
書的最後部分是收錄了為汪慶正先生、施嘉幹先生、羅伯昭
周祥 ： 《泉流問源 - 中國錢幣學與貨幣史論集》文物出版社，
先生、吳籌中先生、王蔭嘉先生等撰寫的紀念性文章。回
2022年9月 第 一 版。開 本 ：710mmX1000mm 1/16，書 號 ：
顧先賢的執着追求與探索，發揚前輩堅毅勇敢的精神，激
ISBN978-7-5010-7761-8，定價 ：人民幣180元。
勵我們在錢幣研究的道路上前行。
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一本傳播造幣文化與知識的著作
《泉源文草》 ◎ 周 邊〔上海〕
2013仲春，收到了章軍先生贈我的他最近印行的著作《泉 源文草》。章先生在上海造幣有限公司（原上海造幣廠）工
作了42年，曾任技術處處長、信息技術處處長、副總工程師 等職務，多次參與國家印鈔造幣重大的科研項目實施。曾
負責主持了“第四套人民幣一元流通硬幣”、 “第五套人民幣 一元、五角、一角流通硬幣”的研發、試製和生產。先後
榮獲中國人民銀行銀行科技發展獎一等獎1項、二等獎3項、 三等獎3項和中國印鈔造幣總公司科技獎等科技成果獎，並
擁有多項發明專利。為新中國的造幣事業，奉獻了青春年華， 作出了卓越的貢獻。退休之後，又在上海市錢幣學會秘書處
主持工作，擔任學會第八屆、第九屆秘書處副秘書長，為集
聚社會各界錢幣研究力量，弘揚中國錢幣文化而盡心盡力。 目前，研究普及錢幣的眾多書籍中，有關貨幣史錢幣學的書， 內容林林總總，角度方方面面。但是與造幣相關的書卻並 不多見，由直接從事和參與造幣設計和製造工作的人撰寫
《人民幣的“套”別》《新中國人民幣和金屬流通硬幣的誕
源文草》，有了以下幾點體會。
人民幣揭密》《新中國銅合金流通硬幣的研製開發》《牡丹
生》 《重慶“銅元局”鑄造鋁分幣的記憶》 《蘇聯代印第二套
的著作更是鳳毛麟角。帶着探究的心情，拜讀了章先生的《泉
花開 國色天香——回眸“牡丹花”一元硬幣的研製》《秋菊
傲霜溢幽香 中華盛披黃金甲——第五套人民幣流通硬幣研
全書共收錄文章52篇，有關造幣設計與製造工藝的文章占了
製回眸》《首枚建國紀念幣——歷史的記錄者 中華人民共和
全書文章的極大部分。如 ：大銅章及其工藝製作、金銀紀
國成立35周年普通紀念幣賞析》等文，以新中國造幣的直
念幣（章）防變色的研究與工藝方法的探討、貨幣的防偽技
接生產參與者，回憶與記錄了造幣的過程和一些鮮為人知的
術、鐳射全息防偽技術淺介、淺議造幣技術與印鈔技術、造
事例，為這段刻骨銘心的歷史留下了真實的史料。
幣模具製作簡說、造幣工藝的發展——半個多世紀的流通 硬幣生產、簡述金屬硬幣的生產等文章，由淺入深地介紹
《貨幣的防偽技術》 《假幣製造工藝方法分析》 《造幣防偽新
了現代造幣的技術工藝與過程，使讀者瞭解造幣的基本技
技術遐想》 《一元假硬幣現狀及遏制措施的思考》等防偽反
術與工藝。
假文章從專業的角度介紹了當代假幣的製作和識別手段，為 使用和收藏錢幣中提高反假水準普及了知識，傳授了經驗。
《當今世界造幣技術的發展趨勢和特點》《英、德、瑞士三
國造幣廠考察記》《走進歐元》《介紹歐元硬幣的設計》《加 拿大鐳射全息金銀紀念幣》《英國造幣材料的發展》《美國
章軍先生的《泉源文草》，文筆樸實無華，敘事脈絡清晰，
等文章，則從現代西方造幣材料工藝上的新發展，為我們打
作。不管是對了解造幣過程與材料防偽新技術，或收藏現代
具有專業特色，是一本融造幣知識與錢幣文化為一體的著
阿肯色州公司新的造幣技術》《法國巴黎造幣局及其大銅章》
機製幣及相關的辨偽知識，都是值得一讀的一本好書。
開了了解世界硬幣製造的發展與方向。
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2023 First Strike Ceremony of the 2023 Macau Numismatic Society 10th Anniversary Panda Commemorative Medal and the Series II of the Commemorative Coin Celebrating the Issue of the Legend of Chu Liu Xiang ◎ Deng Weibin〔Shanghai〕
The Legend of Chu Liu Xiang Series II
2023 Macau Numismatic Society 10th Anniversary Panda Commemorative Medal On the morning of September 8, 2023, Yu Min ( 余
敏 ), a
the Shanghai Mint. In 2017, he won the Lifetime Achievement
superb craftsman engaged in coin engraving in China, struck the
Award for Design of the 34th Krause Coin of the Year Award,
first commemorative medal, and the First Strike Ceremony of
the highest honor for the achievements of numismatic designers
the 2023 Macau Numismatic Society 10th Anniversary Panda
in the global coin industry. For the first time, Chinese and even
Commemorative Medal and the Series II of the Commemorative
Asian designers brought home this magnificent trophy. Since
Coin Celebrating the Issue of the Legend of Chu Liu
China issued the first gold panda coin in 1982, Yu Min has
Xiang grandly kicked off. Encapsulated by NGC, a prestigious
contributed to the entire development process of precious-metal
US numismatic appraising and grading company, the 10th
panda commemorative coins by playing the role of designer.
Anniversary Panda Commemorative Medals are jointly issued
Up to now, he has designed and engraved dozens of panda
by the Macau Numismatic Society, World Platinum Investment
commemorative coins. Among them, the 1983 10-Yuan Silver
Council (WPIC), Champion Auction, Certified Collectibles
Panda Commemorative Coin won the Best Silver Coin Award of
Group and Shanghai New Century Minting Co., Ltd., it will be
Coin of the Year, while the 2009 Panda Commemorative Coin
unveiled at Kam Pek Community Centre in Macau on November
was appraised as “Best Commemorative Coin” by Deutsches
23, 2023. Thanks to the collaborative efforts of Champion
Münzen Magazin .
Auction, Certified Collectibles Group, and Shanghai New Century Minting Co., Ltd., the Series II of the Commemorative
According to Yu Min, the 2023 1-ounce (or 31.1-gram)
Coin Celebrating the Issue of the Legend of Chu Liu Xiang is
Panda Commemorative Medal of Macau Numismatic Society
scheduled to be released at the Holiday Inn Golden Mile Hotel
features the Statue of Kwan Yin in Macau and inscriptions
in Hong Kong on October 8, 2023.
on the obverse, with the representative landmark of Macau and Chinese sailing boats as the background. The Logo of the
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Following the debut of the platinum panda medal in 2015,
Macau Numismatic Society and two pandas are displayed on the
the Macau Numismatic Society platinum medal will hold the
reverse, with bamboo leaves in the background. The 10-Ounce
spotlight again in 2023. Yu Min, the designer of the panda medals
Panda Commemorative Medal features the Statue of Kwan Yin
of the Macau Numismatic Society, was the senior designer of
in Macau and inscriptions on the obverse, with Macau racing
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cars and the commemorative medals issued by the Macau
with the Macau Numismatic Society marks a useful exploration
Numismatic Society in the past five years as the background,
for fueling the value investment of platinum. According to
coupled with a cute rabbit. Its reverse is the same as that of
Deng Weibin, platinum has strong scientific, technological, and
the 1-ounce one. Under cooperation between Yu Min and the
industrial attributes, which are connected with more than 70%
famous Hong Kong comic artist Lee Chi Ching, Series II of the
of the industrial chains of modern industry. Especially under
Commemorative Coin Celebrating the Issue of the Legend of
the general trend of the national strategy of “Carbon Peaking
Chu Liu Xiang features new drawings of Chu Liu Xiang, Wu
and Carbon Neutrality” and energy structure transformation, the
Hua, and Hu Tie Hua by using techniques such as sandblasting
future development of the global green hydrogen economy will
and high relief.
trigger the skyrocketing demand for platinum. The long-term investment value of platinum has been formed and will become
As the legal tender and “name card” of precious-metal
more attractive. Platinum is currently undervalued and calls for
commemorative coins in China, panda commemorative coins
close attention from coin and precious metal investors.
enjoy very high status in the eyes of numismatists, and each
The participants also included Zhang Wenbin ( 張 文 斌 ), Head
issuance of such coins is a hotspot of the whole market. Platinum Panda Commemorative Coins are also known as “Top-
of WIPC China Market Research, Michael Chou, President
notch Panda Commemorative Coins”. The 1-Ounce Panda
of Champion Auction, Editor-in-Chief of The Journal of East
Platinum Commemorative Coin of 1987 was the first of its
Asian Numismatics and Senior Advisor of Certified Collectibles
precious metal coins and Advisor to Shanghai Zhao Online
Development of Certified Collectibles Group, and Yi Shizhong
Group, Mateo Zhao ( 趙振陽 ), Vice President of Asian Business
kind. Ge Zukang ( 葛 祖 康 ), a Chinese numismatist of modern
( 裔式忠 ), Founder of Shanghai New Century Minting Co., Ltd.
Group, is the first modern coin researcher to include panda
and former Manual Die Engraver of Shanghai Mint.
commemorative coins in the catalog of Chinese coin and medal collection. According to Ge, the first 1-ounce silver coin which was designed in commemoration of the 110th Anniversary of the Birth of Mr. Tan Kah Kee cost RMB 97 in Shanghai as early as 1987. From then on, Ge Zukang has plunged into coin collecting and investment. Based on the successful investment in modern circulation commemorative coins, Ge has begun to collect Chinese modern precious-metal coins on a large scale and has been committed to promoting Chinese modern precious-metal coins, including panda commemorative coins. In the first strike ceremony, Deng Weibin ( 鄧 偉 斌 ), Head of
Deng Weibin, Ge Zukang, Yu Min
WPIC in the Asia Pacific Region, said in his speech that the 2023 Panda Commemorative Medals of Macau Numismatic Society to be unveiled are worth the wait. WPIC, the world-class platinum market research, investment, and promotion organization, set up its Asia Pacific Region Headquarters in Shanghai in 2017. Vigorously pushing forward physical platinum investment in the Asia Pacific Region, WPIC not only commits to building China’s platinum group metals industry ecosystem but also partners with a lot of mints, exchanges, banks, fund management companies, and precious metal product developers and retailers all over Yu Min appreciating the first strike coin
the world. This joint issuance of panda commemorative coins
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2023“澳門錢幣學會熊貓紀念章10周年紀念”章暨 “楚留香”第二套紀念幣首打儀式在滬舉行 ◎ 鄧偉斌〔上海〕
9月8日上午，隨着雕刻錢幣的“大國工匠”余敏打製出首
盎司章正面圖案為文字及澳門觀音像，背景為澳門賽車及近
章暨《楚留香傳奇》發行55周年（簡稱“楚留香” ）第二套
面圖案與1盎司章相同。“楚留香”第二套紀念幣由余敏與香
枚紀念章，2023“澳門錢幣學會熊貓紀念章10周年紀念”
5年發行的澳門錢幣學會紀念章，外加可愛的兔子形象 ；背
紀念幣首打儀式在上海新世紀紀念幣製造有限公司正式啟
港著名漫畫大師李志清合作設計，包括楚留香、無花和胡鐵
動。此次“澳門錢幣學會熊貓紀念章10周年紀念”章由美
花三個人物形象，採用了噴砂和高浮雕等最新技術。
國著名錢幣鑒定、分級和評分公司 NGC 進行封裝，由澳門 錢幣學會、世界鉑金投資協會、冠軍拍賣、CCG 集團及上
作為國家法定貨幣和中國貴金屬紀念幣的“名片”，熊貓紀
澳門金碧文娛中心首發。“楚留香”第二套紀念幣由冠軍拍
大關注，而鉑金幣又被稱為熊貓紀念幣中的貴族。中國首枚
海新世紀紀念幣製造有限公司合作發行，將于11月23日在
念幣在收藏界具有極高的地位，每次發行都會引起市場的極
賣、CCG 集團及上海新世紀紀念幣製造有限公司合作，已
鉑金幣即1987版1盎司熊貓鉑金紀念幣。中國現代貴金屬幣
于10月8日在香港金域假日酒店首發。
章收藏愛好者、上海趙湧集團公司顧問葛祖康，是最早將熊 貓紀念幣納入中國幣章收藏目錄的現代幣研究者。據葛祖康
此次推出的這款熊貓紀念章包括了鉑金章，是繼2015年澳
介紹，早在1987年，他在上海用97元人民幣買了第一枚紀
門錢幣學會首次推出鉑金熊貓紀念章後的又一次。原上海造
念幣——陳嘉庚誕辰110周年1盎司紀念銀幣，開始了收藏
幣有限公司高級工藝美術師余敏作為歷年澳門錢幣學會年
與投資之路。在對現代流通紀念幣成功投資後，他開始有規
會熊貓紀念章的設計者，2017年榮膺第34屆“克勞斯世界
模地收藏中國現代貴金屬幣，並一直致力于推廣包括熊貓紀
硬幣大獎賽”的終身成就獎，這是中國乃至亞洲設計師首度
念幣章在內的中國現代貴金屬幣章。
捧起這尊獎盃，是世界硬幣界對錢幣設計師成就的最高褒
獎。自中國1982年發行第一枚熊貓紀念金幣起，余敏便作
筆者作為世界鉑金投資協會亞太區負責人，與葛祖康一道親
設計雕刻了數十枚熊貓紀念幣，其中1983年熊貓10元紀念
念章值得期待。作為全球領先的鉑金市場研究及投資推廣
為設計師參與了熊貓貴金屬紀念幣的整個發展過程，他參與
手參與本次紀念章試打，認為即將首發的這款熊貓鉑金紀
銀幣獲得1985年世界硬幣大獎賽“最佳銀幣”獎，2009版
機構，世界鉑金投資協會于2017年在上海設立亞太區總部，
熊貓紀念幣被德國《錢幣雜誌》評為最佳紀念幣。
積極面向亞太區推動實物鉑金投資的同時，致力于構建中國
鉑族金屬產業生態圈，與全球眾多造幣機構、交易所、銀行、
據余敏介紹，2023“澳門錢幣學會熊貓紀念章10周年紀念”
基金管理公司及貴金屬產品開發商及零售商積極合作，此次
章有兩種規格，其中1盎司（31.1g）章正面圖案為文字及澳
與澳門錢幣學會共同發行熊貓紀念章，正是對推動鉑金價值
門觀音像，背景為澳門代表性建築及中國帆船 ；背面圖案為
投資的有益探索。鉑金具有極強的科技和工業屬性，關聯
澳門錢幣學會標誌，主景為熊貓嬉戲圖，配以竹葉圖案。10
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源結構轉型的大趨勢下，未來全球綠氫經濟的
發展對鉑金的需求將呈現爆發式增長，鉑金的長
期投資價值已經形成，也將變得更加引人注目。 鉑金目前正處于價值低估期，值得錢 幣和貴金屬投資者關注。
出 席 本 次 首 打 儀 式 的 還 有 冠 軍 拍 賣 總 裁、
《東亞泉志》總編輯、CCG 集團資深顧問周邁
可，CCG 亞洲業務拓展副總裁趙振陽，上海新
世紀紀念幣製造有限公司創辦人、原上海造幣
余敏在欣赏亲手打製的纪念章
廠手工模具雕刻師裔式忠、世界鉑金投資協 會中國市場研究負責人張文斌。
筆者、葛祖康（中）、余敏（右）一起檢查打製的紀念章
周邁可發言
欣賞2023“澳門錢幣學會熊貓紀念章10周年紀念”首打卡
張文斌展示親手打製的澳門熊貓紀念章
裔式忠、周邁可、葛祖康、趙振陽、余敏、筆者、張文斌
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Review of the Hong Kong Launch of the Commemorative Coin Celebrating the 55th Anniversary of the Issuance of the Legend of Chu Liu Xiang Series II
Chu Liuxiang
◎ Champion〔Shanghai〕
Wu Hua
Hu Tiehua
The Hong Kong Launch of the Commemorative Coin
introduce related activities.
Celebrating the 55th Anniversary of the Issuance of the Legend
of Chu Liu Xiang Series II was held on October 10th at 2:30 p.m.
Afterward, due to the absence of Mr. Lee Chi Ching, the
in Crystal Hall 2, B3 of the Holiday Inn Golden Mile.
leading comic artist who drew the Chu Liu Xiang, Wu Hua, and Hu Tie Hua, and Mr. King Chan, Senior Advisor of
Guests included Mr. King Chan, Senior Advisor of NGC,
NGC, delivered a congratulatory speech on his behalf. In his
Mr. Sam Kung, Partner of Hong Kong International Coin
congratulatory speech, Mr. Lee Chi Ching shared the difficulties
Convention and Antique Watch Fair, Mr. Mateo Zhao, Vice
and experiences in the process of drawing, in addition to
President of Business Development of CCG Asia, Mr. Michael
his wishes for the smooth running of the event. In terms of
Chou, President of Champion Auction, Mr. David Chio,
drawing, he said: “The characters in Jin Yong's novels have a
Chairman of Macau Numismatic Society, Mr. Hann Boom,
more realistic historical background. As for Gu Long's novels,
President of Trigometric Auction (Malaysia), Ms. Anita Zhou,
there is no specific historical background, and the characters
Manager of the Great Wall of China Coin Investment Co., Ms.
are romanticized, with a bit of a sense of emptiness. In terms
Kitty Quan, President of Panda America, Mr. Sim Chuan Hup
of creation, I think the space is larger but more difficult!” In
of Panda Singapore, Mr. Adriel Ho, Representative of Singapore
addition, he also talked about the integration of comics into the
House of Collectors, Mr. Raymond Chow, President of Unique
design of commemorative coins, “I had no knowledge at all of
Auction Malaysia, Mr. Alan Cheung, Former President of
the production of coins, and drawing and designing coins are
Hong Kong Association of Collectors, Mr. Tang Xingbang,
actually two different things. Based on the views of several
General Manager of China (Hong Kong) Coins Ltd., Mr. Zhang
experts, many different aspects were taken into consideration of
Xiaopeng, President of Pengfei Philately Society, Ms. Yoyo Yao,
design, and we made coordination to produce the perfect effect
representative of LPM, senior collectors Bai Bing and Cai Mao,
and make a coin in high relief.”
representative of senior collector Mr. Liu Zhongwei, Mr. Ho and Mr. King Chan then also expressed his feelings and appreciated
Mr. Wong from the Macau Numismatic Society.
the second set of commemorative coins of the Legend of Chu
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Given that the third series of the Legend of Chu Liu Xiang
Liu Xiang . He pointed out that Mr. Yu Min, the designer of
Commemorative Coin will be launched during the HICC in April
the commemorative coin, had incorporated relevant elements
2023, we first invited Mr. Sam Kung, a partner of the HICC, to
into the design, such as the autumn wind and falling leaves to
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Signatures of the guests
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Guests at the sign-in desk
Group photo of guests
Mr. Sam Kung
The commemorative cards
Mr. King Chan
Packages of the Series II
Chinese and English First Strike Commemorative Cards
highlight the defeated ending of Wu Hua as the villain, and the
Later, Mr. Michael Chou, President of Champion Auction,
wine pot to reflect Hu Tie Hua's love for drinking.
mentioned in his speech that the second series will have boxes that can hold certified coins encapsulated by NGC. In addition,
he introduced plans for the release of the Series Ⅲ launched on
CCG Group also has an in-depth cooperation with the Legend
of Chu Liu Xiang Commemorative Coin Project. Mr. Mateo
April 6, 2024, and the HICC/Champion/CAA auction to be held
Zhao, Vice President of Business Development of CCG Asia,
on April 7, 2024.
introduced the highlights of the cooperation in Series II. One of the most important points is that CCG certified the Hong Kong
The Series II will also have its Malaysian Launch on October
Launch Card signed by Mr. Lee Chi Ching with the special
13 at the Trigometric Coin Show and Macau on November 23rd
yellow label for the CGC Signature Series. The encapsulated
at the opening ceremony of the Macau Numismatic Society's
commemorative card is expected to be available at the annual
Annual Meeting, together with the 2023 Macau Numismatic
meeting of the Macau Numismatic Society in November.
Society 10th Anniversary Panda Commemorative Medal. Mr. Hann Boom, President of Trigometric Auction, and Mr. David
In addition to the Hong Kong Release Commemorative Card,
Chio, Chairman of the Macau Numismatic Society, introduced
the Series II also has commemorative cards in both English and
the activities.
Chinese versions for the Shanghai First Strike encapsulated by NGC.
After the first release ceremony, Champion Auction attended the Hong Kong Coin Show at the Mira Hotel from October 9 to 11.
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《楚留香傳奇》發行55周年紀念幣第二套
胡鐵花與無花香港首發儀式回顧 ◎ 冠軍研究室〔上海〕
楚留香
無花
《楚留香傳奇》發行55周年紀念幣第二套之胡鐵花與無花
製方面表示 ： “金庸小說的人物，歷史背景比較實在，相對
B3層2號麗晶廳順利舉行。
無縹緲的感覺，創作上，我覺得空間更大也更困難！ ”此外，
香港首發儀式已于10月10日下午2:30在香港金域假日酒店
古龍的小說就沒有特定的歷史背景，人物浪漫化，有點虛 他還談到了將漫畫融入紀念幣設計的特點，“我對錢幣的製
NGC 資深顧問陳景林先生，香港國際錢幣展銷會暨古董錶
作本來一點認識也沒有，在構圖上依據幾位先生專家的意
交易會合夥人孔慶森先生，CCG 亞洲業務拓展副總裁趙振
見。在繪畫上創作跟錢幣創作其實是兩回事，錢幣圖案的設
陽先生，冠軍拍賣總裁周邁可先生，澳門錢幣學會理事長
計需經過很多不同角度的考慮，互相協調才能有現在的完美
趙康池先生，馬來西亞 Trigometric 拍賣公司總裁 Hann
效果，製作成浮雕的錢幣。 ”
Boom 先生，中國長城硬幣投資公司經理周正雯女士，美
國熊貓公司總裁張潔嫦女士，新加坡熊貓公司的沈合泉先
陳景林先生隨後也發表了自己對《楚留香傳奇》發行55周
Unique 拍賣公司總裁 Raymond 先生，香港收藏家協會前
出，該紀念幣的設計師余敏先生將相關的元素融入了設計，
生，新加坡收藏之家公司代表 Adriel Ho 先生，馬來西亞
年第二套紀念幣的感想，並對第二套紀念幣大加讚賞。他指
會長張順光先生，中國香港錢幣有限公司總經理唐興邦先
如以秋風落葉凸顯出無花作為反派的敗落結局，以及酒壺體
生，鵬飛郵學會會長張曉鵬先生，LPM 中國代表么瑤女士，
現出了胡鐵花嗜酒如命的特點。
資深藏家白冰、蔡茂，資深收藏家劉中偉先生的代表，澳門
錢幣學會的何天成先生、黃啟耀先生等嘉賓出席本次活動。 鑒于《楚留香傳奇》發行55周年紀念幣第三套首發式將于
2024年4月的香港國際錢幣展銷會暨古董錶交易會（HICC） 期間舉行，我們首先邀請了 HICC 的合夥人孔慶森先生介
胡鐵花
紹了明年的展會活動。
之後，由于繪製了楚留香、無花和胡鐵花人物形象的漫畫大
師李志清先生因故缺席，NGC 資深顧問陳景林先生代其致 祝賀詞。李志清先生的祝賀詞中，除了對活動順利進行的祝 願外，還分享了人物繪製過程中的困難及體驗。他就人物繪
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嘉賓簽名留念
嘉賓在簽到處
嘉宾合影
孔慶森先生發言
2023年《楚留香傳奇》發行55周年紀念幣第二套紀念卡
陳景林先生發言
中英文版上海首打紀念卡
第二套包裝
CCG 集團也與《楚留香傳奇》發行55周年紀念幣項目有深
《楚 留 香 傳 奇》 發 行55周 年 紀 念 幣 第 二 套 已 于10月13日
入的合作。CCG 亞洲業務拓展副總裁趙振陽先生介紹了第
在馬來西亞的 Trigometric 展會上舉行馬來西亞首發，將
先生簽名的香港首發紀念卡進行了認證，並使用了黃色的
錢幣學會熊貓紀念章10周年紀念”章一同舉行澳門首發。
二套的合作亮點。其中最重要的一點是 CCG 為經李志清
于11月23日 的 澳 門 錢 幣 學 會 年 會 開 幕 式 上 同“2023澳 門
CGC 簽名系列標籤。封裝完成的紀念卡預計于11月的澳門
Trigometric 拍賣公司總裁 Hann Boom 先生和澳門錢幣
錢幣學會年會上與各位見面。
學會理事長趙康池先生分別介紹了相關的活動。
除了香港首發紀念卡外，《楚留香傳奇》紀念幣第二套還有
活動可在快手賬號“冠軍拍賣”回
其後，冠軍拍賣總裁周邁可先生在發言中特別提到，第二
香港首發後，冠軍拍賣已于10月9
還介紹了明年4月6日第三套紀念幣的首發計劃和4月7日的
香港國際錢幣聯合展銷會。
經 NGC 封裝的上海首打紀念卡，分中英文兩版。
看，敬請關注！
套紀念幣將增加可以容納 NGC 鑒定幣的包裝盒。此外，他
日至11日在香港美麗華酒店參加了
HICC/ 冠軍 /CAA 聯合拍賣活動。
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Overview of the Silk Road Numismatic Symposium Held at the 2nd Numismatic Culture Festival (Chengdu) ◎ Yuan Shuiqing〔Xi’an〕
A Numismatic Culture Festival is an exchange activity gathering academic seminars, professional forums, and new book releases organized by Chinese civil organizations. There are also coin culture exhibitions, coin exchanges, and rare coin displays during the festival. The Numismatic Culture Festival is held twice a year in different Fig. 1 Group photo provided by Chengdu Shuchangge Company (from left) 1st row: Zhang Ruiqi, Ma Yifeng, Zeng Cheny u, Yuan Shuiqing, Huo Bo, Wang Tao, Li Zhiming, Yang Hong …… 2nd row: Liu Jianqun, Li Jianing, Xi Aili, Yuan Lin…… Zhang Zhiqiang (3rd from right)
cities, aiming to discover the characteristics of coin culture in different regions. The first Numismatic Culture Festival was successfully held in April 2023 in Xi'an. The 3rd Numismatic Culture Festival is scheduled to be held in April 2024 in Hangzhou. The 2nd Numismatic Culture Festival organized by the Sichuan Collectors Association, Huaxia Ancient Coin /Huaxia Grading Company, Ancient Coin Library, Baocui Grading Company, Wende Grading Company, and Zhongfu Auction was held in Chengdu from September 9 to September 11, 2023, with more than 300 numismatists from all over the country and nearly 100 exhibitors (Champion Auction was at
Qi Xiaoyan
Zhou Ti
Cao Guangsheng
Booth A1) attending the event. This year's festival followed
Fig. 1-2 Three experts spoke online
the schedule of the first one held in Xi'an, namely, exchanges, book releases, exhibitions, and academic seminars. The opening ceremony of the new museum of Chuanjiang Coin Museum on September 8 officially kicked off the festival. On the morning of September 9, the new book Sichuan Coin Collection - Ancient Coin (《巴蜀泉集 · 古錢篇》) edited by
Fig. 2 Kai Yuan Tong Bao imitation type
Li Liang ( 李亮 ) was released, followed by a discussion on the history of coins and unsolved mysteries in Sichuan by several
experts. On the afternoon of September 9 and the whole day of September 10, 3 high-level symposiums were held, namely the Symposiums on the Millennium of the Paper Money - Ancient Banknotes of All Ages, Symposium on Coins of the Song Dynasties, and the Symposium on the Coins of the Silk Road. Fig.３-1 Early bust of Buddha
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For the sake of an international perspective, we would like to
Fig.３-2 Prototype of the bust
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overview the Symposium on the Coins of the Silk Road held on
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the afternoon of September 10 (Figure 1-1). Speakers shared their novel views and high-definition photos at the Symposium on the Coins of the Silk Road. The seminar was hosted by Dr. Zeng Chenyu ( 曾晨宇 ) and Dr. Zhang Ruiqi ( 張
睿 琦 ), and nine experts, scholars, and collectors of Silk Road coins made wonderful speeches, among which Qi Xiaoyan ( 齊
Fig.３-２ The obverse of the coin is the
小豔 ), Zhou Ti ( 周倜 ) and Cao Guangsheng ( 曹廣勝 ) made
early bust of Buddha
speeches online (Figs. 1-2).
First of all, Qi Xiaoyan, a distinguished professor at Hebei Normal University, made an introduction to the Sogdiana coins on the Silk Road online. Situated in the middle of the Silk Road, Sogdiana is a typical example of multi-cultural exchange and
Fig.４-２The reverse of the coin is the early bust of
integration. Ms. Qi introduced the Sogdiana coins of different
Buddha
periods and their evolution history based on the existing coins. Depending on the shape of the coin and the specific design, the Sogdiana coins reflect the multicultural evolution and heritage from their changes from striking to casting, kings’ portraits to inscriptions, patterns to emblems, and Greek gods to Iranian gods. The coins are characterized by a combination of Greek, Iranian, Chinese, nomadic, and Sogdian elements, which have
Fig.５ A Wadōkaichin coin discovered around 2014 in the
collided to form a multifaceted coinage (Fig. 2).
Yangtze ancient canal. Diameter: 2.4mm; thickness: 1.6mm; weight 5.2g
Ma Yifeng ( 馬 逸 風 ) is currently a researcher at the Zhiguan
Art Museum in Beijing. His presentation, Faraway Mountains: A Discussion on the Origins of Himalaya Statuary Art, began with Buddhism and Buddhist art and brought the audience into the world of the Buddha. Himalaya art is the most important artistic result of the cultural exchanges along the Silk Road and the integration of Greek, Central Asian, and Indian art. The Buddha
Fig.６ A Sino-Kharosthi coin
cultures of China, Greece, and India all originated from the art of Gandhara. Ancient Greek coins, Kushan coins, and Himalayan statuary have a clear lineage and corroborative relationship. The earliest backlighting and statue of the Buddha are shown in Fig. 3, and below is its original modeling. In fact, Greece had an influence on China in multiple aspects, coins included. Kushan coins and Sashanbosi coins are examples. Their patterns were influenced by the art of Gandhara (Fig. 4), so the source of
Fig. 7 A Indian Scythian coin featuring the first King
Gandhara is very important.
Maues. The obverse is inscribed with Greek "BAΣIΛEΩΣ BAΣIΛEΩN MEΓAΛOY MAYOY" which means the greatest
The Sui, Tang, and Five dynasties were the prosperous period
king Maues. It features the standing Zeus. The reverse is
of the Maritime Silk Road. The culture of the Tang dynasty was
inscribed with Kharosthi and features the Goddess Nicole with a wreath and palm branches.
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Fig. ８ 1 Drachma coin with the portrait of Artabanus IV (208228) minted by the Ecbatana Mint. Obv. : The forked-bearded king Artabanus IV with the crown. Rev. : A sitting archer with the mint mark below the arch, surrounded by Greek and Parthia "rtbnw MLK" which means the Artabanus King.
Fig. ９ 1 Drachma coin with the portrait of Persis king Ardashir (213-224) minted by the Istakhr Mint. Obv.: The King Ardashir with a crown. The inscription means "The holy king Ardashir". Rev.: The portrait of the king facing left. The inscription on the left means "the king" and on the right "holy Parthia"
a bridge between Chinese and Japanese culture. The interaction
Zhou Ti, an expert and scholar of the Xinjiang Numismatic
and influence of the Tang dynasty on Japan can be seen in the
Society, introduced the “Discovery and Interpretation of the
phrase “The culture of the Tang dynasty traveled to the east as
Kuci Sino-Kharosthi Coins” online. He explained the difference
wind and made an integration.” Yuan Lin ( 袁 林 ), the deputy
and classification of the Sino-Kharosthi coins (Fig. 6) with the
secretary-general of the Shaanxi Numismatic Society, made
Shache horse coins and Khotan horse coins. He pointed out
a speech on the “Japan and the Discovery Wadōkaichin [ 和
同
開
that the Kucina Sino-Kharosthi coin is a small group in the
珎 ] Silver Coin in China.” He made a deep analysis
horse coin. Very few of these coins have been found so far,
and pointed out that in October 1970, more than 1,000
with a maximum of about 10 pieces. They were found in Xinhe
pieces of gold and silver wares were discovered in Hejia
County, Aksu City, which was the location of Kucina in the Han
County, Xi’an, which caused a sensation in the domestic and
dynasty. The Chinese inscription on the Sino-Kharosthi coins refers to wu zhu [ 五 銖 ], and in the middle of the coin is an
international archaeological community. Five of these wares
irregular Chinese character of che [ 車 ] which refers to Shache.
are Wadōkaichin coins which Japan cast after learning the coin casting technique from China. So far, 20 pieces have been
The interpretation links the Kucina horse coin with the Shache
unearthed and found in Chang'an, Luoyang, and other places
horse coin. He also put forward a novel idea on transcription
where Japanese envoys to Tang were involved (Figure 5). The
and interpretation of the Kharosthi inscription on the coins.
Japanese envoys came to the Tang more than 20 times. The coins
The Kharosthi transcription is maharaja dubu gavra Kucina,
unearthed in Xi’an may have been left during the visit in 717
which means: king, military governor (king), wu zhu, Kucina.
A.D., only nine years after the casting of the Wadōkaichin silver
Kucina is the third name of a place found on the Kharosthi
coins. On this visit, the envoys included Abeno Nakamaro who
horse coin after Shache and Khotana. Zhou also elaborated on
introduced the Chinese characters into Japan. Ino Manari, an
the differences and controversies about the interpretation of the
international student who died in the Tang (his memorial tablet
Kucina coins among Western scholars. It injects new vitality into
is housed in the Museum of Northwestern University) was also
the study of Western Silk Road coins and lays a solid foundation
among the envoys. The Wadōkaichin coin might be a good
for more in-depth research.
gift for Manari to give his teachers when he reported the study
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results. Because the kai yuan tong bao gold and silver coins were
Zhang Ruiqi, a PhD student at Hebei Normal University,
mostly rewards granted by emperors, rather than circulating
detailed India-Scythian Coins. India-Scythian was a dynasty in
coins, Wadōkaichin silver coins were most likely to be the gifts
Northwest India around the 1st century B.C. to the 1st century
brought by the Japanese envoys to the Tang dynasty.
A.D., and its study is still in its infancy in China. Scythian was
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Fig. 10 Imitation Oregon gold coin from the ancient India. The obverse features the portrait of Emperor Severus (193-211). The reverse is the standing Goddess of Victory with a wreath. It is highly similar to the Oregon gold coin.
Fig. 11 Oregon gold coin minted by the ancient Rome. Compared with the coin in Fig. 10, they are highly similar. However, the imitation type is much rougher and the Goddess on the reverse lack a sense of art.
the first nomadic state, which originated in the 8th-7th centuries
Parthian-Sassanian union, so that Persian culture flourished in
B.C. and was located in the central part of the Eurasian steppe.
the Iranian region, and the Sassanid dynasty eventually became
India-Scythian rulers included Maus, Artemidorus, Vononis,
the pinnacle of Persian culture in Iran. (Figures 8-9)
Sparisis, Azeus, Azilises, and others. Their coins inherited the India-Greek numismatic style, integrating both Western
European ancient gold and silver coins and Silk Road gold and
numismatic styles and the local Indian numismatic culture. The
silver coins collector, Consultant of China Guardian Auctions
Coin Department, Mr. Huo Bo ( 霍 博 ), has traveled to more
main pattern is the king on horseback, which is the characteristic of the Scythians. Zhang’s presentation illustrated the dynastic
than ten countries along the Silk Road and the Maritime Silk
lineage of the Indian Scythians, based on the existing coins,
Road. He analyzed the trade relations between the Roman
and summarized the development of Scythian coinage in India.
Empire and the Indian subcontinent from a numismatic point of
(Figure 7)
view and argued that some of the related unearthed coins could
Cao Guangsheng ( 曹
光
well reproduce the trade between the two places at that time.
勝 ), a member of the Chinese
The stability of the Roman Empire at the time allowed for the
Numismatic Society and a longtime researcher on the historical
expansion of trade between the two regions. Maritime trade
data and currencies of the Silk Road, made an online speech
between western India and eastern Rome increased significantly.
on “The Fall of the Parthian Dynasty and the Establishment of
Indo-Roman trade was more of a one-way trade. Indians did
the Sassanid Dynasty from the Perspective of Coins”. Taking
not have a great demand for Roman products, which were
coins as a clue, he combined historical records and stone tablet
basically everyday items of low value. As a result, West India
inscriptions with the latest research findings from abroad to sort
became the recipient of large quantities of Roman gold coins.
out the fall of the Parthian dynasty and the establishment of
Since the 20th century, coins along that trade route have been
the Sassanid dynasty, and to explore the origins of the Sassanid
discovered, providing some corroboration for our understanding
dynasty. Thus, it can be seen that the establishment of the
of these coins and commercial trade. For example, some ancient
Sassanid dynasty was not exactly the overthrow and replacement
Roman gold coins have been unearthed, one after another, in
of a dynasty by the Persians, but the continuation of the Parthian
India, Pakistan, and Afghanistan. There are also some gold coins
dynasty in another form. In order to achieve better rule over
similar to Roman gold coins, which are obviously imitations by
Iran, the ruling class rose from the birthplace of ancient Persia,
local merchants or local tribes. Ancient Rome brought gold coins
the Fars province in southern Iran, and united the Persian and
to the Indian subcontinent through trade, as the high quality of
Parthian nobles to overthrow the old dynasty and establish a new
Roman gold coins was widely recognized by local merchants.
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However, the quantity they brought to the Indian subcontinent
discovered coins of the Kingdom of Bactria (Figure 14),
was small, so the locals imitated the gold coins to meet the needs
including the original and revised Datong coins, the coins of
of circulation and storage. (Figure 10-11)
the two kings, and the coins of the Great Cellar of Kunduz, his study started from archaeological evidence such as cellars
Ili is located in the northern part of western Xinjiang, and the
and inscriptions on the stone tablets, which fills in the missing
Ili River Valley used to be the key point of the northern route
parts of the classical literature, proposes new explanations
of the ancient Silk Road. Xinjiang banknote collector Xie Aili
for the established historical research, corrects the past false
introduced his work The Study on the Banknotes Issued by the
understanding about the history of Bactria, and re-describes
Ili Currency Bureau about the discovery and research on the
the mingling of the Greek, Indian, and Persian cultures in the
banknotes along the Silk Road. In the early and middle Qing
western part of the Silk Road.
dynasty, Ili did not produce coins because of a peasant uprising, Tsarist Russian occupation, and lack of metal deposits. As the
The charm of coin collecting lies in the exploration of its
cost of purchasing copper coins in Gansu was too high, copper
culture and in in-depth research. The research on ancient Silk
coinage was scarce and insufficient for large transactions.
Road coins by the Chinese numismatic, cultural, and literary
Therefore, the currency bureau of the Ili government was
communities is fruitful, and exhibitions have been held many
established in Suiding and Ningyuan in Xinjiang in the 15th year
times. Although the numismatic market has had its ups and
of Guangxu of the Qing dynasty (1889). There are 28 kinds of
downs and popular varieties keep changing, the study of coin
banknotes issued by the Ili currency bureau, including 11 kinds
culture will always prevail. It is believed that with the new
issued in the Qing dynasty and 17 kinds issued in the Republic
discoveries and information, the study of Silk Road coins will
of China period. The author has found 13 existing banknotes
make significant progress.
(including oilcloth banknotes) and owns some rarities (figure 12). The 1000-cash oilcloth note in the reign of Guangxu (Figure 13) is the earliest banknote issued by the Ili currency bureau. These banknotes are unique in design, and some even have four kinds of characters. Currently, the banknotes issued by the Ili currency bureau are rarely seen in the market except for those issued in the 6th year of the Republic of China. These banknotes not only have high economic value, but also great historical value. Located in what is now Central Asia, Bactria was an important commercial and cultural crossroads in ancient times and was a pivotal point on the Silk Road. Zeng Chenyu, the assistant
Fig. 12-2 T he I l i Money Bu re au 300-cash note on the cover of t he auct ion cat alog, realizing RMB 230,000.
researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, gave a presentation on “New Bactrian Coins in Recent Years”. Based on the newly
Fig.13 1891 Ili Money Bureau 1000ca sh not e f rom t he Er w i n Beyer Collection. (The photo is provided by Cai Xiaojun of Shanghai Yangming Auction.)
Fig. 12-1 Xi Aili purchased the 1/3 Si n k iang note collection from Mr. Erwin Beyer on July 28th, 2018. The photo was taken at a
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Fig. 14 A newly discovered 5 Drachma silver coin featuring
Guo Hotel, Xuhui, Shanghai.
Fucratides I of Greco-Bactrian Kingdom
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第二屆錢幣文化節 ( 成都 ) 之絲路錢幣研討會綜述 ◎ 袁水清〔西安〕
錢幣文化節是中國民間自發組織的以錢幣學術研討、專業論 壇、新書發佈為主要內容的泉友交流活動，附設錢幣文化博 覽會、錢幣交流與精品展示環節。
錢幣文化節一年兩次，分別在不同城市舉辦，旨在發掘不同 地域錢幣文化特色。首屆錢幣文化節于2023年4月在西安成
功舉辦。第3屆錢幣文化節定于2024年4月在杭州舉辦。由
四川省收藏家協會、華夏古泉 / 華夏評級、古泉文庫、保
圖1-1 古國餘暉——絲路錢幣研討會合影（左起）
粹評級、聞德評級、中孚拍賣主辦的第二屆錢幣文化節于
前排 ：張睿琦、馬逸風、曾晨宇、袁水清、霍博 、王濤、 李知明、楊紅 ..... 後排 ：劉建群、李嘉寧、謝艾力 · 司馬義、
2023年9月9日 -9月11日在成都舉辦，來自全國各地的300
袁林 ...... 張志強（右3）......
多名泉友、近百位展商（冠軍拍賣展位 A1）參加了此屆盛
（成都蜀藏閣供圖）
會。本屆錢幣文化節沿續了在西安舉辦的首屆模式——房 間交流、新書發佈、精品展覽、學術研討。不同的是，9月
8日川江錢幣博物館新館開館儀式正式揭開了本屆文化節的 序幕。
9月9日上午，由李亮主編的《巴蜀泉集 · 古錢篇》新書發佈， 隨即幾位專家對巴蜀地區錢幣歷史、未解之迷作了探討。當 齊小豔
周倜
天下午至次日，又舉辦了三場高水準的學術研討會 ：交子千
曹廣勝
年——歷代古鈔研討會、宋錢盛宴——兩宋錢幣研討會、古
圖1-2 線上發言的三位學者、專家、藏家
國餘暉——絲路錢幣研討會。出于國際視角，現重點對9月 10日下午的絲路錢幣研討會作以綜述（圖1-1）。
古國餘暉——絲路錢幣研討會發言者觀點新穎，圖片高清， 引人耳目。研討會由曾晨宇、張睿琦博士先後分段主持。9
位絲路錢幣專家、學者、藏家分別作了精彩發言，其中齊小
圖2 安國鑄開元通寶背徽記
豔、周倜、曹廣勝3人為線上發言（圖1-2）。
1. 首先由河北師範大學特聘教授齊小豔線上對“絲綢之路 上的粟特錢幣”作了梳理。粟特位于絲綢之路中段，是多元 文化交流和融合的典型。齊老師以錢幣實物為甚礎，介紹了
不同時期粟特錢幣的類型及其演變歷史。根據錢幣形制和具 體信息，粟特錢幣從打製到澆鑄、從王像到文字、從圖像到 圖3-1 最早期的佛陀造像
徽記、從希臘神到伊朗神體現了多元文化的演變與傳承。錢 幣所見的希臘化、伊朗、中國、遊牧民族和粟特等因素在經
圖3-2 塑像原型
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歷了碰撞交融之後，形成了多元一體的錢幣特徵。（圖2） 2. 馬逸風現為北京止觀美術館研究員。他的發言“遠山—— 喜馬拉雅造像藝術源流漫談”從佛教與佛教藝術開始，把聽 者帶進了佛陀的世界。喜馬拉雅藝術是絲綢之路文化交流最
重要的藝術結晶，也是希臘、中亞和印度藝術融合的結晶。 中國、希臘、印度的佛陀文化都源自健陀羅藝術。古希臘錢
圖4-1 錢幣正面圖案為早期佛陀像
幣、貴霜錢幣與喜馬拉雅造像有明顯的傳承和印證關係。如
圖3是最早期的佛陀背光和造像，它下面就是其造型的原樣。 實際上在我們國家和畫像裏面，希臘的影響是很多的。它也 反映到錢幣之上，比如像貴霜錢幣、薩珊波斯錢幣，上面的 圖案都有健陀羅藝術的影響（圖4），所以說健陀羅的源流 是很重要的。
3. 隋唐五代為海上絲綢之路的興盛時期。唐朝文化是中日
圖4-2 錢幣背面圖案為早期佛陀像
文化溝通的橋樑。大唐與日本的交往與影響從“唐風東渡， 和光同塵”可見一斑。陝西省錢幣學會副秘書長袁林的發言 對“日本和同開珎銀錢在中國的發現”作了深度探析，他指
出，1970年10月西安何家村出土的1 000餘件金銀器轟動了 國內外考古界，其中有5枚系日本在唐代向中國學習鑄錢技
術後生產的和同開珎銀錢。迄今為止，已在長安、洛陽和其 他遣唐使可能涉及的地方，出土發現20枚（圖5）。遣唐使 共來唐朝20多次，西安出土的最有可能的是公元717年這一
圖5 2014年前後揚州古運河發現的1枚隸開狹珎版和同開珎 銀錢 直徑2.4毫米、厚0.16釐米、重5.2克
次，距鑄造和同開珎銀錢僅有9年時間，而使節中既有入唐
為仕的阿部仲麻呂，也有把漢字傳入日本的吉備真備，更有 客死大唐的留學生井真成（石碑在西北大學博物館）。向老
師彙報學習成果很有必要，贈送和同開珎是不二選擇。由于 開元通寶金銀錢多為賞賜物，未參與流通，故和同開珎銀錢 最有可能為日本遣唐使節饋贈唐內庫或宗室的禮品。
4. 新疆錢幣學會的專家學者周倜線上介紹了“龜茲漢佉二
圖6 龜茲漢佉二體錢
體錢（馬錢）的發現與釋讀”，闡述了龜茲馬錢（圖6）與莎
車馬錢、于闐馬錢的區別與分類，指出龜茲漢佉二體錢是馬
錢中的小眾類別，目前發現的數量極少，最多也就10餘枚，
主要發現地為新疆阿克蘇市新和縣，是漢代龜茲國的故地。 解析龜茲馬錢漢語銘文為“五銖”，在五銖中間是不規範漢
字字元“車”字。並指出這個“車”是莎車的代指，以此將 龜茲馬錢與莎車馬錢聯繫在一起。對佉盧文轉寫與釋讀闡述
新穎的觀點。佉盧文轉寫為 ：maharaja dubu gavra kuja。
圖7 印度 - 斯基泰第一個國王毛烏斯錢幣，正面銘文為希臘
意為 ：大王、都護（王）、五銖、龜茲（造）。是馬錢佉盧文
文 BAΣIΛEΩΣ BAΣIΛEΩN MEΓAΛOY MAYOY， 偉
銘文中即 shedi（莎車）、khotana（于闐）後，發現的第
大的王中之王毛烏斯，圖像為宙斯面向左站像。背面佉盧文
三個地名 kuja（龜茲）。同時，也闡述了關于龜茲馬錢釋讀
rajatirajasa mahatasa / moasa，奈克女神右站相，手拿花環和
與西方學者分歧與爭議。為研究西域絲路錢幣注入了新的活 30
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圖８ 阿爾達班四世，大約208-228年，1德拉克馬銀幣，埃 克巴塔納造幣廠鑄造 正面 ：國王戴冠頭像面左頭像，阿爾達班四世特有的雙叉鬍 鬚 背面 ：弓箭手持弓坐像，弓下面是埃克巴塔納造幣廠標記， 四周為變形的希臘語幣文，上面帕提亞語幣文 'rtbnw MLK’ 阿爾達班王 圖９ 波西斯國王，阿達希爾，德拉克馬銀幣，大約公元 213-224年。伊斯塔克爾造幣廠鑄造 錢幣正面 ：阿達希爾戴帕提亞式王冠的正面頭像，巴列維文 為“神聖的阿達希爾國王” 錢幣背面 ：帕佩克戴帕提亞式王冠面向左，巴列維文左邊為 “國王“，右邊為“神聖的帕佩克”
力，為更深入的研究打下堅實的基礎。
沿線十餘國的中國嘉德錢幣部顧問霍博，“從錢幣的視角”
5. 河北師範大學博士生張睿琦詳細介紹了“印度 - 斯基泰錢
為，一些與之相關的出土錢幣可以很好地再現兩地當時的貿
對“古羅馬帝國與印度次大陸的貿易關係”作了探析，他認
幣”。印度 - 斯基泰大約是公元前1世紀到公元1世紀時期西
易情況。當時羅馬帝國的穩定讓兩個地區的貿易擴張成為可
北印度地區的王朝，中國對其研究還處于起步階段。斯基泰
能。印度西部和羅馬東部之間的海上貿易顯著增加。印度 -
是第一個遊牧民族國家，他們起源于公元前8- 前7世紀，活
羅馬貿易更多是一種單向貿易。印度人對羅馬產品的需求並
動在歐亞大草原的中部。印度 - 斯基泰的統治者包括毛烏斯、
不是很大，基本都是價值偏低的日用品。結果，西印度成為
阿特米多羅斯、沃諾尼斯、斯帕裏西斯、阿澤斯、阿澤裏西
了大量羅馬金幣的接受者。自20世紀起，與該貿易之路相
斯等。他們的錢幣繼承了印度希臘的錢幣風格，既帶有西方
關的錢幣被陸續發現，為我們認識這些錢幣和商業貿易提供
錢幣風格，又融合了印度當地錢幣文化，其主要的國王騎馬
了一些佐證。例如，在印度、巴基斯坦、阿富汗等地陸續出
圖像更是具有斯基泰遊牧民族特色。她的發言主要通過錢幣
土一些古羅馬金幣。還有一些與羅馬金幣類似的金幣，顯然
的證據，梳理了印度斯基泰的王朝世系，並總結了印度斯基
是當地商人或者地方部落的模仿。古羅馬通過貿易把金幣帶
泰錢幣的發展變化。（圖7）
到了印度次大陸，也許是羅馬金幣的高質量廣受當地商人的 認可，但是數量又不多，所以，當地人就模仿製造金幣以滿
6. 中國錢幣學會會員、長期從事絲綢之路歷史資料和貨幣
足流通和存儲的需要。（圖10-11）
研究的曹光勝通過線上作了“從錢幣看帕提亞王朝的滅亡和 薩珊王朝的建立”的發言。他以錢幣為線索，結合歷史記錄
8. 伊犁地處新疆西部偏北，伊犁河谷曾經是古絲綢之路北
滅亡與薩珊王朝的建立，並探討了薩珊家族的起源。從而可
錢（總）局鈔票研究”打開了絲路錢幣紙幣品類發現與研究
和石刻碑銘以及國外最新的研究成果，梳理了帕提亞帝國的
道的要衝。新疆紙幣收藏家謝艾力 · 司馬義所作的“伊犁官
以看出薩珊王朝的建立並非完全是傳統上的波斯人對外族
的一扇大門。清朝早中期伊犁地區由于農民起義、沙俄侵
王朝的推翻與替換，而是帕提亞王朝以另一種形式的延續。
佔、缺乏鑄錢礦藏等原因自已不鑄錢。而由甘肅購買銅錢成
統治階級為了更好地達到對伊朗的統治，從古波斯的發祥地
本過高，銅錢少又無法滿足大額交易，于是伊犁官錢局于清
伊朗南部法爾斯省崛起，聯合波斯貴族與帕提亞貴族而推翻
光緒十五年 (1889年 ) 在新疆綏定、寧遠兩地設立。伊犁官
了舊的王朝建立了新的帕提亞 - 薩珊聯合體，使波斯文化在
伊朗地區發揚光大，最終薩珊王朝成為伊朗波斯文化的巔峰。
錢 ( 總 ) 局發行的紙幣共有28種，其中清代11種，民國17種。 作者已發現13種紙幣實物 ( 含油布帖） ，並購買過一些珍罕品
（圖8-9）
（圖12）。光緒年間的伊犁官錢局壹千文油布帖 ( 圖13)，即
7. 歐洲古代金銀幣和絲路金銀幣藏家、曾行走“一帶一路”
面甚至出現四種文字。目前市面上所能見到的伊犁官錢局紙
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圖10 古代印度仿製古羅馬塞維魯王朝時代的奧雷金幣
正
面皇帝塞維魯（公元193-211年在位）頭像，背面為勝利女 神手持花環站像。通過對比，兩枚錢幣具有較高的相似度
圖11 古羅馬帝國羅馬城打製的奧雷金幣 通過與圖10對比，兩枚錢幣具有較高的相似度。從對比圖來 看，模仿品的塞維魯的肖像相當粗糙，背面勝利女神也完全 缺乏藝術性，原本的拉丁文字母全部訛寫
幣，除民國六年版伍錢油布帖外均鳳毛麒角，吉光片羽，不 僅收藏經濟價值高，而且擁有很大的歷史考據價值。
9. 巴克特裏亞位于現今的中亞地區，古代這裏曾是一個重 要的商業和文化交匯點，在絲綢之路上處于樞軸地位。中國 社會科學院世界經濟與政治研究所助理研究員曾晨宇發言對
“近年來新見巴克特裏亞錢幣”作了管窺。以近年來新發現 的巴克特裏亞王國錢幣（圖14）——大統幣最初和改版後
的對照、雙王錢幣、昆都士大窖藏錢幣為基礎，從窖藏、碑
銘等考古學證據入手研究，填補了古典文獻中的缺憾部分， 對既有的歷史研究提出了新的解釋，修正過去對該國歷史的
錯誤認識，重新勾勒出絲綢之路西段希臘文化、印度文化、 波斯文化的交融場景。
錢幣收藏的魅力在于對其文化的探索，在于深入研究，中國
圖12-2 圖錄封面民國伊犁官
圖13
累，實物展覽也曾多次舉辦。錢幣行情有漲跌，熱門品種有
錢總局三百文錢票，以23萬
（1891年）伊犁官錢局壹
元成交
千文油布帖，德國白爾文
錢幣界、文博界關于古代絲綢之路錢幣的研究已經碩果累 輪換，但錢幣文化的研究會長勝不衰。相信隨着新的出土發
舊藏 ( 上海陽明拍賣公司
現和資料文獻的面世，絲路錢幣研究必將取得重大進展。
圖12-1
清 光 緒 辛 卯 年
蔡小軍供圖 )
2018年7月28日，
謝艾力買了德國白爾文先 生（左）的大約1／3的新 疆紙幣，二人手持拍賣圖
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錄于上海徐匯區建國賓館
圖14 新發現的巴克特裏亞王國歐克拉提德斯一世五德拉克
附近的餐廳合影
馬銀幣
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Fig. 1 The rubbing of the old jiao zi ( 交 子 ) paper money from the Northern Song dynasty (to be verified)
Fig. 2 1264-1341 2000-kuan zhi yuan tong xing bao chao [ 至 元 通 行 寶 鈔 ] from Emperor Zhiyuan's reign
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Fig. 3 1368-1399 1-kuan da ming tong xing bao chao [ 大 明 通 行 寶 鈔 ] from Emperor Hongwu's reign
To Commemorate the 1000th Anniversary of the Birth of Paper Money ◎ Zhang An'sheng〔Macau〕
One thousand years ago, the oldest paper money was born in
paper money in the world, as a great invention of ancient China.
Szechuan during the Northern Song dynasty.
Over the centuries, the invention and use of paper notes, like the four major inventions of papermaking, printing, compass and
China was the first country to use paper notes. It has been over
gunpowder, have played a great role in promoting the political,
1,000 years since the Jiao Zi Bureau was officially established in
economic and cultural development of the world and the
the first year of the Empire Tian Sheng’s reign in the Northern
progress of human civilization, having an epochal significance.
Song dynasty.
It is proposed that the invention of paper money should be included in primary and secondary school textbooks, alongside
On March 24, 2023, the Academic Conference Commemorating
the four great inventions.
the 1000th Anniversary of the Birth of Paper Money organized by the China Numismatic Society was held in Chengdu, where
At the conference, the exact date of the birth of paper money
the experts discussed and proved the time, characteristics,
was determined to be the 28th of the 11th lunar month of the first
significance and other issues of concern to academics and the
year of Emperor Tian Sheng’s reign (January 12th, 1024), the
society. Through the conference, the Consensus of Chengdu
date of the establishment of the Jiao Zi Bureau in Yizhou, that
Conference was rolled out.
is, the time when the right to issue paper money was formally owned by an official office.
The Consensus holds that the jiao zi born in Chengdu during The Consensus of Chengdu Conference marks a new stage in
the Northern Song dynasty is generally recognized as the oldest
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Fig. 4 1851 300-tael bond
Fig. 5 1854 50-tael Hupoo Note
Fig. 7 1908 Sinkiang Government Treasury 400cash note
Fig. 8 1896 Kiangsi Government Treasury 1000cash note
Fig. 9 1897 Shuh Tung (Shu Tong) Chinese Government Bank 1000-cash note 34
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Fig. 6 1857 1000-cash Empire Note
Fig. 10 1899 Hupeh Government Mint 1 dollar / 7 mace 2 candareens note N
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Fig. 11 1904 Szechuan Government Mint 1000cash note
Fig. 12 1904 Szechuan Government Mint 2000cash note
Fig. 13 1907 Yunnan Government Mint 7 mace 2 candareens note
Fig. 14 Fukien Government Bank 1 dollar note from Emperor Guangxu's reign
Fig. 15 1895 Ta Ching Government Bank 2-tael note
Fig. 16 1907 Kiangsi Government Bank 100-tael note
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Fig. 17 Honan Government Bank 100-tael from Emperor Guangxu's reign
Fig. 18 1911 Kuanghsin Company 100-tiao note
Fig. 19 1906 Ta Ching Government Bank Peking 10-dollar note
Fig. 20 Ta Ching Government Bank 100-dollar note from Emperor Guangxu’s reign
Fig. 21 1907 Juangtung Government Bank 10-dollar note
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the study of Chinese paper money. At such a new stage, the
and Macau, had a prosperous external trade, issued a wide
exhibition we held is of special commemorative significance. An
variety of banknotes with distinctive characteristics, which
extremely rare exhibit is the da ming tong xing bao chao [ 大明
were some of the most unique and beautiful among all Chinese
通行寶鈔 ] of the Ming dynasty which follows the style of the
banknotes. This is also one of the highlights of this exhibition
zhi yuan bao chao [ 至元寶鈔 ] of the Yuan dynasty.
for us to share with you.
In the 1,000 years since the birth of the paper notes, the world
Chinese banknotes are profound and rich in cultural connotations.
has changed in upheaval and prosperity. In the early years of
Through the presentation of characters, patterns and designs,
Emperor Xianfeng's reign, due to the Taiping Rebellion, the
they not only inherited thousands of years of civilization, but
Qing government's treasury was empty. Hupoo Notes [ 戶 部 官
also interacted with the East and the West. They are not only
票 ] and Empire Notes [ 大 清 寶 鈔 ] were printed to cope with
a testimony to the prosperity and development of the social
the increasingly tense military and economic situation. There
economy, but also a beautiful picture. We hope that more people
are a large number of different varieties of the Hupoo Notes and
will pay attention to Chinese banknotes of the past dynasties,
Empire Notes.
collect them, study them and pass them on, so that the culture of Chinese banknotes can be further promoted and glorified.
With the development of economy and finance and the advancement of science and technology, tens of thousands of notes of various types were produced. Especially at the end of the Qing dynasty, the western advanced business concepts and printing techniques were introduced to China, which led the notes to change from the traditional style to the modern banknotes. The provincial official money bureaus printed tael notes, cash notes, and copper coin notes, which were all widely used at the time, and many rarities are hard to find nowadays, which are also wonderfully presented in our exhibition. During the Republic of China period, the central government went through many ups and downs. Private banknotes were abolished, and national banks such as the Central Bank, the Bank of China, the Bank of Communications, and the Fig. 22 1909 Ta Ching Government Bank 100-dollar note
Agricultural Bank of China were created or reformed to issue banknotes. These banknotes played an irreplaceable and positive role in stabilizing the financial system, consolidating the political regime, developing the economy, and relieving the people's livelihoods. In the Northern Expeditionary War and the War of National Resistance, it also made great contributions and had a worldwide impact. The banknotes issued by the Bank of Communications and Bank of China, in particular, are beautifully designed and printed in a wide range of varieties, with many rare and wonderful items. In the early days, Kuangtung province, including Hong Kong
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Fig. 23 1909 Provincial Bank of the Three Eastern Provinces 100-cent note
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Fig. 24 Fengtien Government Bank 100-tial note
Fig. 25 1914 Deutsch Asiatische Bank Peking 100-dollar note
Fig. 26 1922 Netherlands Trading Society 100-dollar note
Fig. 27 1922 Shanghai Holland Bank 100-dollar note
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圖 1 北宋交子舊版拓存（有待考證）
圖 2 至元年 至元通行寶鈔 貳貫
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圖 3 洪武年 大明通行寶鈔 壹貫
紀念紙幣誕生1 000年 （澳門）中國歷代紙幣展預覽 ◎ 張安生〔澳門〕 1 000 年前，世界上最早的紙幣誕生于我國北宋年間的四川
也就是說，以交子正式收歸官辦時間作為交子誕生的紀念日。
（圖1）。
成都共識的形成，標誌着對中華紙幣的研究進入了一個新階
中國是世界上發明和使用紙幣最早的國家。從北宋天聖元年
段。在這樣一個新階段，我們舉辦的展覽，有着特別的紀念
交子收歸官辦，至今已經達千年。
意義。目前，中國能夠見到的最早的古鈔實物，是元代的至 元寶鈔（圖2） ，明代延續了發行元鈔的貨幣政策，印發“大明
2023年3月24日，中國錢幣學會主辦的“紀念紙幣誕生1 000
通行寶鈔”（圖3） ，這在我們這次展覽中都有極為難得的展示。
年學術會議”在成都召開，與會專家代表就交子誕生的時間、
性質、意義等學界和社會關注的問題，進行專門研討論證，
紙幣誕生一千年來，歷經世事變遷，社會動盪與和平繁榮交
形成《成都會議共識》 。
替呈現。咸豐初年，由于太平天國運動的影響，清政府國庫
空虛（圖4），在發行大錢的同時，印行戶部官票（圖5）和
“成都共識”認為 ：誕生于北宋成都的交子是舉世公認的世
大清寶鈔（圖6），以應對日趨緊張的軍事、經濟形勢。戶
界上最早的紙幣，是中國古代的一項偉大發明。千百年來，
部官票和大清寶鈔版別眾多，蔚為大觀。
紙幣的發明和使用與造紙術、印刷術、指南針、火藥四大發
明一樣 , 在促進世界政治、經濟、文化發展，推動人類文明
隨着經濟金融的發展和科學技術的進步，產生了數以萬計的
發明列入中小學教材，與四大發明並列。
理念和印刷技術傳到中國，影響到紙幣由傳統樣式向現代鈔
進步方面起到了巨大作用，具有劃時代意義。建議將紙幣的
各式紙幣錢鈔，尤其到了清末，西風東漸，西方先進的經營
票的轉變，各省官錢局印行銀兩票、制錢票、銅元票，風靡
在成都會議上，把交子誕生日確定以益州交子務設立的時間
一時，出現很多如今難得一見的稀世珍品（圖7- 圖24），在
為准，即天聖元年十一月二十八日（公元1024年1月12日） ，
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我們的這次展覽中也有精彩呈現。
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圖 4 咸豐元年 收捐庫平銀叁百兩执照
圖 5 咸豐四年 戶部官票銀伍拾兩
圖 7 新疆官錢總局 红錢肆百文 光緒戊申年
圖 8 江西官銀錢總號 壹千文錢票 光緒二十二年
圖 9 蜀通官錢鋪 壹仟文錢票 光緒二十三年
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圖 6 咸豐七年 大清寶鈔制錢百千文
圖 10 湖北銀元局 壹大元銀元票 光緒二十五年
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圖 11 四川銅元局 合制錢壹千文铜元票 光緒三十年
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圖 12 四川銅元局 合制錢貳千文铜元票 光緒三十年
圖 13 雲南官錢局 七錢二分銀票 光緒三十三年
圖 14 福建官銀行 壹元銀元票 光緒年
圖 15 北京戶部銀行 貳兩銀票 光緒三十四年
圖 16 江西官銀錢總號 壹佰兩銀票 光緒三十三年
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圖 17 豫泉官銀號 壹百兩銀票 光緒年
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圖 18 廣信公司 壹伯吊錢 銀元票 宣統三年
圖 19 大清戶部銀行兌換券 北京 拾圓 光緒三十二年
圖 20 大清銀行兌換券 壹百圓 光緒年
圖 21 廣東錢局 拾元券 光緒三十三年
圖 22 大清銀行兌換券 壹百圓 宣統元年
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圖 24 奉天官銀號 壹佰吊样票 光緒年
圖 23 東三省官銀號 壹百角銀元票 宣統元年 民國肇建，中央政府歷經波折，在逐漸取締私鈔的同時，創
紙幣品種繁多、別具特色，在中國紙幣百花園中最有個性、
設或改制中央銀行、中國銀行、交通銀行、中國農民銀行等
最為靚麗，也是我們這次展覽集中為大家分享的一個重點。
國家銀行，發行紙幣，穩定金融，對鞏固政權、發展經濟、 （圖25- 圖27） 救濟民生，起到了難以替代的積極作用。在北伐戰爭和全民
抗戰中，也做出了極大的貢獻、產生了世界性的影響。這其
中華紙幣博大精深、文化內涵極為豐厚，通過文字、圖案、
多，珍品迭現，異彩紛呈。
與互動 ；既是社會經濟繁榮發展的見證，又是一幅幅優美的
中，尤其交通銀行和中國銀行紙幣，設計印製精美，版別眾
設計的呈現，既有數千年文明的傳承，又有東西方相互交融
圖畫，希望有更多的民眾關注中華歷代紙幣，收藏、研究、
早期包括港澳在內的廣東地區，對外貿易繁榮發達，各類
傳承，將中華紙幣文化進一步發揚光大。
圖 25 民國 1914 年 德華銀行壹佰圓券 北京
圖 26 民國 1919 年 中法實業銀行壹佰圆銀元票 廣東省城
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圖 27 民國十一年 上海和囒銀行 壹百圓券
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The Designing Process of the 24th Winter Olympic Games 15g Silver Coins (Group I) ◎ Zhu Xihua〔Shanghai〕
As the key project of precious metal commemorative coins this
reach the boundary of the round coin, so the beauty of the human
year, the design of the 24th Winter Olympic Games silver coins
body's curves and strength is revealed. In addition, the faces
is highly valued by all sectors. The coins were divided into two
of the athletes are close-up. The overall designs are integrated
groups and their drafts were required to be rolled out at the same
with the characteristics of different competition sites lined in the
deadline. Therefore, it was decided to create them using several
background, which makes a perfect expression of dynamism and
groups of designers, and I led one group consisting of four
characters. Such a combination gives the coins rich layers and
young designers.
a strong sense of composition. The guang bian lin cai technique was used to make the highlights. In fact, it is risky to use this
After more than four months of hard work, 8 drafts that I created
technique in this program, but I always believe that the design
for 15g silver coins for Groups I and II won the bid, which
needs an eye-catching effect to stand out and maximize the effect
is an exciting result. In the process of designing the coins,
in addition to having a robust form of expression. Fortunately,
we held weekly meetings to discuss freely on different ideas,
it turns out that this combination of technique and art ultimately
and sometimes even arguments broke out. However, I think
gives people a refreshing and colorful visual experience.
it is inevitable, as this is a group effort. This process not only
Thus, the modern flavor of today's Olympic events is better
maximized everyone's strengths but also improved the ability of
demonstrated, which is brilliant, and the overall effect appears
the designers.
to be rejuvenated and rich in a sense of internationality and modernity. In one of the coins, that is, the coin with the theme
These coins feature eight different typical ice and snow sports.
of skating, I even put an Easter egg in the background with a
At the beginning of the design, I established a rigorous and
dynamic skating figure from the 1980 13th Winter Olympic
unified design style and logic system. Although I hesitated
Games coin, as a tribute to the past.
to use different styles to design two groups of coins at the
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beginning, I believed that our design would be varied enough
Since we don't know most of the Winter Olympics competitions
to reveal the characteristics of each coin, which diversity would
very well, the images of the athletes and technical movements
be much bigger than the style. Targeted at the specific sports,
were corrected and adjusted many times in strict accordance
we strived to maximize the characteristics and charms of these
with the requirements of the various authoritative experts of
eight different Winter Olympics sports. The stretching limbs of
the Organizing Committee of the Olympic Games. We chose
the athletes almost fill up the whole coin, which fully shows the
the most important moments in the competitions, and the
movements and shapes and makes sense of the power that bursts
drafts were drawn in a completely original way on the basis
out through the body language of athletes. We took Leonardo di
of a large number of official pictures. The facial expressions,
ser Piero da Vinc's famous sketch, A Study of the Proportions
movements, and body proportions were all completely loyal
of Vitruvian Man, as a reference. The arcs formed by limbs just
to the characteristics of the athletes and sports. We made
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modifications many times at an extremely strict standard without
As a result, these two groups of designs have been through
losing the sense of art and beauty. Ultimately, we made every
biddings all over the world. They have consistently occupied
part of the design to be reasonable and elegant to the maximum
the first position after several rounds of rigorous selection and
extent within the circle. In the whole group of coins, some show
voting. After the selection, the Olympic Organizing Committee
power, some show speed, some show grace, and some show
and a number of authoritative experts from colleges and
elegance. Colorful and harmonious, each one in this series has
universities gave a high degree of affirmation, which drew
its own theme and world, striving to maximize the uniqueness
a successful end to our more than 100 days of sweat and
of the sport and achieving visual and psychological resonance
dedication. We finally made a due contribution to China's world-
with viewers. When they come together, they can be integrated
renowned Olympic event.
perfectly to form a series.
The designing draft of the 24th Winter Olympic Games. The first row is for Group I and the second row for Group II.
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力量與美感、個性與統一
第24屆冬季奧林匹克運動會15克銀第一組系列紀念幣設計手記 ◎ 朱熙華〔上海〕
形的幣面邊界，人體的曲線與力量之美展露無遺，同時，在 主體人物造型確立的同時配合上該運動項目人員的頭部的
圖形化特寫與不同場地特性巧妙融合，襯于背景之中，使得
動感與特徵得到了完美的表達，這樣的組合構成關係使得幣 面前後層次豐富、飽滿，構圖形式感強烈，再加上局部光變
鱗彩技術的運用，猶如畫龍點睛。其實這一方案是有一定冒 險的，但我始終堅信，要想脫穎而出，除了有足夠穩健的表
現形式外也要有奪人眼球的鋒芒與畫面效果，只要不偏題最 大程度地展現自己也就無憾了。很幸運，事實證明這一技術
第 24 屆冬季奧林匹克運動會紀念幣設計圖稿背面圖案
與藝術結合的方案最終給人以耳目一新、絢麗多姿的視覺感
上面 4 枚是第 1 組，下面 4 枚是第 2 組
受，從而更好地展現當今奧運賽事的現代氣息，精彩紛呈， 整體效果顯得年輕化，並富有國際感、時代感。在其中一枚 花樣滑冰的紀念幣圖案中我甚至安放了一個“彩蛋” ，背景
第24屆冬季奧林匹克運動會紀念幣的設計，作為2023年貴
中的人物動態輪廓取自于1980年第13屆冬季奧林匹克運動
金屬紀念幣的絕對重點項目，各界都給于了高度的重視。由
會紀念幣中的花滑形象，以這種形式來向過往致敬。
于該項目體量龐大，且分為第1、2組同時出稿，我們上海 造幣有限公司設計團隊果斷採用了分組形式來進行創作，其 中一個小組由我帶領4名年輕設計師集中設計。
由于我們對大部分冬奧會項目並不是很瞭解，所以運動員形
經過4個多月夜以繼日、全力以赴的精心設計，由我主創的
過多次的修正與調整，選用了最為經典的瞬間。在參考了大
象與技術動作在嚴格按照奧組委各路權威專家的要求下，經 量官方圖片的基礎上，對整體形象進行了完全原創化的繪
第1、2組15克銀系列紀念幣共8個面一舉中標，取得了令人
製，從造型、人體比例結構到運動器材乃至運動人物的面部
振奮的好成績（見圖）。在這段時間裏，我們每個星期都會
表情特徵皆完全忠于該運動項目的特點，反復考證極度嚴謹
組織碰頭會討論，大家就不同的創意暢所欲言，有時甚至就
又不失一定的藝術美感，最終使得每一個圖形都能在幣面這
一個問題會爆發爭論，但我認為這是必要的。這就是群策群
一圓形的結構內收到最大程度的合理與優美效果。縱觀整套
力，最大程度地發揮了每一個人的長處，也使得設計人員的
設計，有的展現力量、有的展現速度、有的展現優美、有的
整體水準在歷經這次考驗之後有了不小的進步。
展現飄逸，豐富多彩而又和諧統一，每一枚都有一個屬于自 己的主題與世界，力求最大程度的將該項運動的獨特性傳遞
該套紀念幣表現主題為8個不同的典型冰雪項目，在設計之
出來，與觀者達到視覺與心理的共鳴。但當它們同時出現時
初我便確立了嚴謹且統一的設計語言與邏輯體系，雖然一開
又能完美的組合在一起，形成系列性。
始也猶豫過將兩組設計冠以不同的風格，但是我相信我們的 表現形式已足以將每一枚幣各自的特點都展露無遺，這變化 本身要比兩組間不同的風格來得要大很多，我們針對8個不
因此，這兩組設計方案從全球競標之初就一路過關斬將，在
點與魅力。在整個幣面中運動員的肢體幾乎都撐滿了畫面，
佔據了第一的位置。評選過後，奧組委和多位院校權威專家
史無前例的社會公投之後，歷經幾輪的嚴格挑選與投票始終
同的冬奧比賽項目，因地制宜、最大程度地展現該項目的特
都給于了高度的肯定，為我們100多天的汗水與付出畫上了
這樣的表現手段強調了肢體的語言，使得動作與形體更具張
圓滿的句號，我們終于為中國這一舉世矚目的奧運盛事做出
力，力量感迸發而出，畫面參考了達芬奇的著名素描《維特
了一份應有的貢獻。
魯威人比例研究》 ，在畫面中四肢劃出的弧線正好就如同圓 46
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Lee Dodrill Obituary ◎ Ron Dodrill〔USA〕
Born in Sacramento, CA in1938, Lee was raised in the North Sacramento neighborhood of Gardenland and attended both Norte and Grant High Schools. After High School he joined the Navy, married and started a family. After he divorced, he moved to Southern California to start over. He was remarried to Sharon Stinson and they started their life together in Orange, CA. He went to work for the post office and when he retired he put his life long hobby of coin collecting to good use. He opened Lee’s Coins and Collectibles with Sharon and spent many years working at coin shows and traveling the world buying and selling coins. He travelled extensively in the Far East and the Philippines making many friends along the way. He was preceded in death by Sharon, his wife of over 50 years. He is survived by his children Lori Merjil (Tom), David Dodrill and Lisa Tisdall (Mike) and his grandchildren Kari, Chelsea, Kasey, Matthew and great grandson Saif. He is also survived by his brother Ron Dodrill and his family. In Loving Memory of “Lee” Dodrill Born May 1st, 1938 In Sacramento, California Entered into rest August 24th, 2023 In Roseville, California
Neil Shafer Obituary ◎ Joel Shafer〔USA〕
Neil Shafer was born in Chicago, Illinois on April 24, 1933. He married Edith Oelsner on June 7, 1964. They had two sons and a daughter. Received B.A. from Arizona State College in 1955. Shafer served in the US Air Force 1955 to 1959 and played in the Air Force Symphony. He served as assistant conductor of the Racine Symphony Orchestra 1963 to 1972. Employed with Western Publishing Co. Inc. 1962 to 1975 as numismatic editor and senior editor 1976 to 1981. Author of countless publications and recipient of many awards including the following: author of A Guide Book of Modern United States Currency in 1965. Author of Let's Collect Paper Money in 1976. Received the Nathan Gold Memorial Award in 1967. Later he was associate editor of the Whitman Numismatic Journal 1964-1968. Coauthor with R. A. Mitchell of the Standard Catalog of Depression Scrip of the United States published in 1985. Author of Banknotes, Scrip and Paper Ephemera of Milwaukee in 1990. In 1990 he received the ANA Medal of Merit. For many years he penned the “Paper Money News and Views” column to the BNR. Contributed “Paper Views” to Numismatic News after January 30, 1996. He was named a Numismatic News Numismatic Ambassador in 1992. He received the ANA Medal of Merit in 1990, Adult Advisor of the Year in 1993 and Lifetime Achievement Award in 2007. In 2008 he was inducted into the ANA Hall of Fame. He was inducted into the IBNS Hall of Fame in 2010 and the SPMC Hall of Fame in 2018，entered into rest Oct. 6th, 2023.
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李·多德裏爾逝世
訃告
◎ 羅恩·多德裏爾〔美國〕
李 · 多德裏爾（Lee Dodrill）1938年出生于加利福尼亞州薩克拉門托，在北薩克拉門托的花園地社 區長大，曾就讀于諾特高中和格蘭特高中。高中畢業後，他加入海軍，並結婚成家。
與原妻離異後，他搬到南加州重新開始，與莎倫 · 斯坦森再婚，在加利福尼亞州的奧蘭治共同生活。 他曾在郵局工作，退休後將自己畢生的愛好——錢幣收藏發揮得淋漓盡致。他與莎倫一起開辦了李氏 錢幣和收藏品店，多年來一直在錢幣展銷會上奔波，並且周遊世界各地買賣錢幣。他的足跡遍佈遠東
和菲律賓，一路上結識了許多朋友。與他結婚50多年的妻子莎倫先于他而去。他的子女洛裏 · 梅爾基爾（湯姆）、戴維 ·
多德裏爾和麗莎 · 蒂斯道爾（邁克）以及孫子卡利、切爾西、凱西、馬修和曾孫賽義夫均健在。他的兄弟羅恩 · 多德裏 爾及其家人也健在。
深切緬懷 李 · 多德裏爾。 1938 年 5 月 1 日生于加利福尼亞州薩克拉門托，2023 年 8 月 24 日卒于加利福尼亞州羅斯維爾市。
尼爾·沙弗逝世 ◎ 喬伊·沙弗〔美國〕
尼爾 · 沙弗（Neil Shafer）于1933年4月24日出生于伊 利諾伊州芝加哥。1964年6月7日，他
與伊迪絲 · 奧爾斯納結婚，育有兩子一女。尼爾于1955年獲得亞利桑那州立大學學士學位 ； 1955年至1959年在美國空軍服役，並在空軍交響樂團演奏。他于1963年至1972年擔任拉辛
交 響 樂團助理 指 揮 ；1962年起，受 雇于西部出版公司（Western Publishing Co. Inc.）； 1962年至1975年擔任錢幣編輯 ；1976年至1981年擔任高級編輯。他著作等身，並獲得過許多
獎項，包括1965年出版的《現代美國貨幣指南》（A Guide Book of Modern United States
Currency），1976年的《讓我們收集紙幣》（Let's Collect Paper Money）一書。他在1967
年 獲 得內森 · 戈 爾 德 紀 念 獎。 後 來， 他 擔 任《 惠 特曼 錢 幣 雜 誌 ：1964-1968》（Whitman Numismatic Journal 1964-1968）的副主編，並與 R.A. 米切爾合著了1985年出版的《美國蕭條時期股票標準目錄》（Standard Catalog of
Depression Scrip of the United States）。他在1990年撰寫了《密爾沃基的紙幣》（Banknotes, Scrip and Paper Ephemera of Milwaukee）一書。1990年，他獲得了美國錢幣協會的榮譽獎章。多年來，他一直為盧旺達國家銀行
（National Bank of Rwanda） “紙幣新聞和觀點”專欄撰稿。他從1996年1月30日開始向《錢幣新聞》 （Numismatic
News）投稿，並在1992年被《錢幣新聞》授予“錢幣大使”榮譽稱號。他于1990年獲得美國錢幣協會的榮譽獎章， 1993年獲得年度最佳顧問， 2007年獲得終身成就獎。2008年，他入選美國錢幣協會名人錄；2010年入選紙幣界 “奧斯卡” 之稱的國際紙幣學會（International Bank Note Society）名人堂，2018 年入選紙幣收藏者學會（Society of Paper Money Collectors）名人堂，于2023年10月6日逝世。
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Reprinted from the 4th volume of the Jia Xu Philatelic Journal in 1937 from the Bowker Collection
Review on the Work in the Past Three Years and the Prospect on the Future Improvements for the Society Zhao Shanchang〔Changzhou 〕
The past is the mirror of today, and reality is the ladder to the
of the journals were 4 pages, 8 pages, and 12 pages in the first
future. We would like to use the past as a compass to correct
year; 10 pages, 12 pages and 16 pages in the second year; 12
our way to move forward. If we do not review the past, how
pages, 20 pages and 28 pages in the third year.
can we know how to make improvements in the future. The purpose of this article is to provide a clear picture of the past
4. The copy of the monthly journal: A total of 300 copies were
to make a prospect of the future and to provide a reference for
printed in the first year, 500 in the second year, and 800 in the
improvement. It is the fourth year since the society journal was
third year.
first published in May of the 23rd year of the Republic of China. Three volumes of the journal had been published, and this is the
5. Revenues and expenditures: In the first year, revenues totaled
beginning of the fourth volume.
$194.17 and expenditures were $160.88; in the second year, revenues totaled $552.41 and expenditures were $421.56; and
I would like to review the past and the matters under preparation
in the third year (ending in October), revenues totaled $1,062.66
for improvement as follows.
and expenditures were $837.95.
1.The number of new members: 145 new members were enrolled
6. Second-anniversary commemoration: Each member received
in the first year, 130 in the second year, and a sharp increase to
a cover with a full set of society stamps and the society
225 in the third year.
participated in the World Postal Journal Exhibition.
2. The number of lifetime members: It was 16 in the second year
7. Issuance of society stamps: In addition to the official
and 23 in the third year.
publication and the reprint of one volume of the monthly journal, four types of society stamps were issued as a kind of token for
3. The page number of the monthly journal: The page numbers
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8. Fundraising: A total of $240 were raised in a fundraising
speed.
activity. 5. Enrollment of more members: Members from various regions 9. Article solicitation: $35 was spent on improving the affairs of
should work to introduce philatelic amateurs to join our society
the society, soliciting articles, and printing society stamps.
to increase the number of members of the society.
10. Recommendation for the issuance of commemorative
6. Paid solicitation: To enrich the monthly journals, the paid
stamps: Suggestions were made to the transportation authorities
solicitation will be implemented depending on the economic
to issue commemorative stamps and to change the value of
strength in addition to the articles submitted by the society
commemorative stamps. Some of the purposes have been
member.
implemented such as the issuance of commemorative stamps to commemorate the 40th anniversary of the postal service.
7. The name list of the members: The name list of members will be printed in English and Chinese for reference.
11. Reorganization of the society: The presidential system was reorganized into a committee system, and in addition to the
8. Expansion of the rights of each corresponding office: The
existing departments of General Affairs, Review, Publication,
powers of each corresponding office will be enhanced, and the
Accounting, Circulation, and Books, the Departments of
members of the site may be assigned to handle the affairs of the
Custodianship, Compilation, Auction, and Services were added
society as appropriate.
to cope with the needs of the Society. 9. Addition of domestic and international corresponding offices: 12. Establishment of additional communication offices: Two
In addition to the existing corresponding offices, more offices
additional offices have been set abroad in the United Kingdom
will be added in important cities when necessary, to enhance
and the United States, and three additional offices at home in
publicity and communication efficiency.
Wuxian, Changsha and Qingdao. 10. Preparation of various tools: We will order or prepare various Affairs under preparation.
philatelic tools, and distribute them to members at a low cost.
1. Issuance of monographs: In addition to the official
11. Increasement of the copies of publications: We will
publications and reprints of the second volume of monthly
increase the number of copies of publications and distribute
journals, there will be English monographs and other large
them to renowned academic institutions both domestically and
monographs, as well as Chinese stamp catalogs and colorful
internationally for promotion depending on financial resources.
Chinese postcards. 12. Holding a stamp exhibition: A suitable time and location will 2. Improvement of monthly journals: Covers will be printed for
be chosen to hold a stamp exhibition for promotion and visit.
each issue and the typesetting will be improved to add more content.
The above points are of great significance, and other measures need to be supplemented at any time. But if we have a definite
3. Design of the emblem: the emblem will be designed and
policy and move forward in sequence, it will not be difficult to
issued to members as a toke to make it more convenient to
achieve success from now on. We hope that our peers will not
identify members and communicate by letter.
ignore the above points, and if we keep moving forward, our society will become more prosperous and successful!
4. Printing and Distribution: Printing and distribution of monthly journal will be moved to Nanjing to strive for improvement and
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原刊載于包克收藏的 1937 年《甲戌郵刊》第四卷
本會三年來之檢討與今後之改進 ◎ 趙善長〔常州〕
夫往事者，今日之借鏡，現實者，未來之階梯，借此南針，
3. 月刊篇幅 ：第一年由四頁八頁而十二頁，第二年由十頁
匡彼北轍，不有檢討，何所觀摩。茲篇之作，明既往以測將
十二頁而十六頁，第三年由十二頁二十頁而二十八頁。
來，資參校而謀改進。本會自民國二十三年——甲戌——五 月發刊以來，匆匆步入第四年頭，本刊亦從一卷、二卷、三
4. 月刊發行份數 ：第一年三百份，第二年五百份，第三年
爰將既往之經過及正在籌備進行之各事項，作一檢討，藉求
5. 收支狀況 ：第一年各項收入總數一九四元一角七分，支
卷，而現至四卷開始。
八百份。
改進，分條臚列于後 ：甲、乙往各事項 ：
出一六零元八角八分，第二年收入總數五五二元四角一分， 支出四二一元五角六分，第三年（結至十月止）收入總數一
1. 新會員人數，第一年一四五人，第二年一三零人，第三
零六二元六角六分，支出八三七元九角五分。
年驟增至二二五人。
6. 二周紀念 ：印贈各會友黏貼全套會花紀念戳封，並參加
2. 加入永久會員人數自第二年起，十六人，第三年二十二
萬國郵學刊物展覽會。
人。
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7. 發行會花 ：于正式刊物及一卷月刊翻印本外，會發行會 花四種，為各會友互通消息時之一種信物。
8. 徵集基金 ：舉辦贈獎徵集基金一次，結果得現款二百四十 餘元。
9. 徵求文稿 ：為求改進會務各事項，徵求文稿，酬贈現金 及票片會花等，計達三十五元。
10. 建議印發紀念票 ：會建議交通當局印發紀念票及改印紀
念票數值，己見實行者，計有郵政四十年紀念郵票之發行。 11. 會務之改組 ：由會長制改組為委員制，並于原有之總務、 審查、出版、會計、流通、圖書各部外，增設基金保管，編 譯，拍賣，服務各部，以資因應。
12. 增設通訊處 ：國外增設英、美兩處，國內增設吳系、長 沙、青島三處。
正在籌備進行各事項。 1. 發行專著刊物 ：于正式刊物及二卷月刊之翻印本外，計
有英文單行本及其他長篇專著，華郵圖集及華郵彩色明片 等。
8. 擴充各通訊處職權 ：各通訊處職權予以提高，酌可分任
2. 月刊之改進 ：每期月刊增印封面，並改進編排格式，充
本會事務。
實內容。
9. 增設國內外通訊處 ：除原有之各通訊處外，于必要時，
3. 制定會徽 ：徵求會徽圖案，以便採制，並籌發各部分戳記，
酌量于較為重要之城市增設之，借收宣揚及聯絡之效。
以資識別，而便征信。
10. 製備各用品 ：分期將應用各項集郵用品訂購或製備，廉
4. 印刷及發行 ：月刊之印刷及發行事項，移往南京辦理，
價分讓各會員。
以謀改進，而求迅捷。
11. 增印刊物份數 ：視財力之所及，酌量增印刊物份數，分
5. 廣征會員 ：由各地會員廣為介紹集郵同志加入本會為會
贈國內外著名學術機構，以事宣揚。
員，增加組織力量。
12. 舉行郵票展覽會 ：擇定相當時期及地點，舉行郵票展覽
6. 現金徵稿 ：為求充實月刊資料起見，除各會友隨時賜寄
會一次，以資提倡，而供觀摩。
之文稿以外，視經濟力量之所及，分期舉行徵稿，酬贈現金。
以上各點，乃其犖犖大者，其他節目，尚待隨時補充。但使
7. 改印會員錄 ：用華英兩種文字合印較為完備之會員錄，
方針有定，循序邁進，不難日起有功，尤望同人不為膜視，
以供參考。
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Part Ⅱ
The History of Minting in China ◎ Eduard Kann〔USA〕
REVIEW OF OPERATIONS
coining), who had been trained at the Philadelphia Mint, the
Before dealing with actual operations of the Central Mint it
For instance, the speed of the stamping presses was increased
might prove useful to briefly describe the kind of machinery
from 76 to 90 coins per minute, while the automatic weighing
used. The Mint had its own power plant with two 300 kw.
machines handled 120 coins, compared with previously 100
Westinghouse turbogenerators. The mot or power voltage was
per minute. After six months trial the Central Mint turned out
440, while 220 volt was used for lighting purposes. The monthly
250,000 dollar coins per working day of ten hours.
Shanghai coinage plant continued on the way to progress.
consumption of power was about 120,000 kw. hours. Steam for turbines, minting and heating was supplied by four hand-fired
The National Government Central Mint, Shanghai, stood on its
water tube horizontal boilers, of which one was always kept in
own grounds of about 100 mou of land. After passing through
reserve; steam pressure 170 lbs. per square inch. Each boiler had
the Essay Department one entered the melting and refining
a normal capacity of 4,600 lbs per hour, requiring 700 to 800 lbs
section, to which was adjoined the large and modern silver vault.
of coal per hour when generating steam up to normal capacity.
The Silver ingots, after analysis, were then taken to the Rolling
Gas furnaces were used for melting and annealing. Gas was
Room, where they were rolled into the standard thickness of
supplied by three units of Smith 108 type F hand-operated gas
the dollar. The long silver strips were then sent to the punching
producers, the normal capacity of each having been 25,000 cubic
machines. Thereafter the good blanks were weighed. Before the
feet per hour. The calorific value of the gas was about 140 B.T.U.
dye was stamped on, the blanks had to be heated in an annealing
per cubic foot. Each unit required about 400 lbs of coal per hour
furnace and thereafter washed, dryed and milled. Thereupon
under normal operations. When it was found that gas of higher
the final process took place in the stamping presses, the obverse
calorific value should be used the Mint substituted its own gas
and the reverse being stamped on the coins simultaneously
producers by gas with a calorific value of 440 B.T.U supplied by
under a pressure of 160 tons. The finished dollars then had to
the Shanghai Gas Company.
pass through automatic weighing machines, which separated the too heavy and the too light coins from the standard pieces,
In the beginning extensive training had to be given to the
weighing 412 troy grains with a tolerance of 1.2 grains either
workmen, of whom there were 400; the Mint’s technical and
way. Thereafter the good coins were packed into cases of 5,000
administrative staff comprised 150 members. After five months
dollars.
careful training of the workers a daily output of $200,000 was reached.
The abolition of the tael created a great demand for the silver dollar. As the Central Mint was not enabled to supply sufficient
Mr. Lu Hsue-pu was appointed director in April, 1933; aided
coins, it was decided to produce mint bars "A" with a fineness
by Mr.R.J.Grant (late director of all Mints in the United States),
of 999/1000ths, to be followed by mint bars "B" of a fineness of
notable achievements were recorded. With the active assistance
18 880/1000ths. The contents of these bars represented exactly the
of the three Chinese department heads (assaying, melting and
fine silver contained in a thousand new standard silver dollars.
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All the dies were made by the Mint at Philadelphia. On an
1/2 cent copper
3.5 grammes
5 cents nickel
3 grammes
1 cent copper
average the Central Mint has been using 40 dollar dies per month. After having struck 208,000 coins (average) the dies
10 cents nickel
were worn out and had to be discarded.
20 cents nickel
For the opening operations American bar silver was used for the
6.5 grammes 4.5 grammes 6 grammes
manufacture of silver dollars. But due to the small size of stocks available this basic material was exhausted by the end of 1933;
The obverse of the copper coins contains within an outer circle
slightly over six million troy ounces of bar silver 0.999 fine were
the reproduction of ancient spade money and the denomination
consumed by the Central Mint for its initial operations. From
in Chinese. The reverse has the Kuomintang emblem in the
May, 1933, onward, sycee silver was used by the Mint almost
centre and above within a half-circle the Chinese characters for
exclusively for the manufacturer of standard dollars.
“Chinese Republic 25th Year, (or 26th Year). The nickel coins show on the obverse the profile of Dr. Sun Yat-sen facing left,
From March to June, 1933, altogether 2,260,000 silver dollars
and above in a half-circle the inscription “Chinese Republic 25th
were produced, showing the bust of Dr.Sun Yat-sen on the
Year”(1936). The reverse of the nickel coins is identical with the
obverse, the typical junk, over which flew three sea gulls and the
obverse of the copper coins, namely a replica of the old spade
rising sun on the reverse. Soon objections were raised against the
money and the denomination.
flying birds, and the rising sun so that the stock of new coins was condemned and re-minted; about 50,000 of the coins with the
Since the abolition of silver as the basis of Chinese currency
original design remained in circulation. From May, 1933, onward
the production of silver dollars ceased entirely at the close of
a dollar with the same design, but minus the flock of birds, was
1935. Thereafter only copper and subsidiary nickel coins were
produced by the Shanghai Mint. The coins dated (in Chinese)
to be struck. A moderate quantity of silver bars “B” continued
"21st Year of the Republic" were really struck in 1933; those of
to be cast.
the 22nd Year in 1934; those of the 23rd Year in 1935-1937. Mr. Jian H. Chen, who had been acting concurrently as Director of the Central Mint, handed over to Mr. T.P. Hsi in April, 1937.
It was on December 21, 1935, that the first one-cent, full-value copper coin was produced by the Central Mint in Shanghai, though none were delivered in 1935 to the Central Bank
Due to the outbreak of Sino-Japanese hostilities in August
of China. From January 1936, onward the Mint turned out
of 1937 the machinery of the Central Mint of Shanghai was
quantities of subsidiary coins, viz.1/2 and 1 cent in copper, and 5,
dismantled and transported into the interior of the country. It
10, and 20 cents in nickel.
was set up in other places, like Kweilin, Chungking, Chengtu, Wuchang and Lanchow, which became regional branches of the Central Mint.
All these new coins rapidly gained popular favour, doing away with the daily fluctuations of the varied output of “small coin” coppers. The nickel coins were dated “25th Year of the
According to the balance sheet published by the Central Mint of
Republic.”*
Shanghai on March 31, 1937, its net worth then was $8,097,000. Although the Mint operated at a profit, same was very moderate.
According to the currency law of November 3, 1935, the new
The net worth represented assets which the Government had paid
copper coins were to contain 95 per cent of copper and 5 per
for and so to say written off. The principal figures, condensed
cent of tin-zinc alloy. The nickel coins consisted of 100 per cent
according to groups, on March 31, 1937, are as follows:
pure nickel, the blanks being imported from America. The legal weight for the new coins was fixed as follows:
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Current Assets
$13,459,000
Current Liabilities
$10,691,000
Deferred Assets
$4,000
Net worth
$8,097,000
Fixed Assets
$6,383,000
Reserves
$19,846,000
DEPARTMENTS
$1,058,000
$19,846,000
Table Showing Production of Silver Coins and Bars by the Central Mint, Shanghai Standard Silver Dollar Coins
Month
Mint 999 fine
1933-Mar.
252,565
-
May
1,884,728
-
Apr.
June July
Aug. Sep. Oct.
Nov. Dec.
1934-Jan. Feb.
Mar. Apr.
May
June July
Aug.
Sept. Oct.
Nov. Dec.
1935-Jan. Feb.
Mar. Apr.
May
June July
Aug.
Sept. Oct.
Nov. Dec.
1936-Jan.
861,789
2,499,698
2,703,539
3,943,508
3,915,831
4,006,862
3,279,708
4,712,690
4,531,584
3,921,340
5,753,123
5,514,479
5,993,757
6,841,915 -
5,847,600
7,431,614
8,145,401
8,411,690
8,563,961
7,467,589
3,892,072
2,911,163
6,115,978
6,916,826
6,265,388
No.
Value in $
-
-
-
-
-
-
-
-
225
-
225,000
419
-
419,000
856
-
856,000
923
-
923,000
1,133
-
1,133,000
65
227
65,000
-
2,730
-
-
3,458
-
-
4,439
-
-
5,061
-
-
5,256
-
-
5,219
-
-
-
-
-
4,827
-
-
5,000
-
-
5,150
-
-
3,749
-
-
3,138
-
-
2,410
-
-
1,852
-
-
124
-
-
-
-
-
-
-
-
-
1,599,982
-
-
4,082,687
-
-
4,489,989
-
-
3,243,961
-
-
1,439,312
-
-
2,861
-
Feb.
692
-
Mar.
88
-
J
-
-
-
-
Bars 880 fine
390
E
A
N
3
2
No.
-
Value in $
-
-
-
-
-
-
-
-
227,000
2,730,000
3,458,000
4,439,000
5,061,000
5,256,000
5,219,000 -
4,827,000
5,000,000
5,150,000
3,749,000
3,138,000
2,410,000
1,852,000 124,000 -
-
-
-
-
-
-
-
2,861,000 692,000 88,000
390,000
Total Output Value in $
252,565
861,789
1,884,728
2,499,698
2,703,539
4,168,508
4,334,831
4,862,862
4,202,708
6,072,690
7,326,584
7,379,340
10,192,123
10,575,479
11,249,757
12,060,915 -
10,674,600
12,431,614
13,295,401
12,160,690
11,701,961 9,877,589
5,744,072
3,035,163
6,115,978
6,916,826
6,265,388 -
1,599,982
4,082,687
4,489,989
3,243,961
4,300,312 692,000 88,000
390,000
55
DEPARTMENTS
部門
Apr.
-
23
23,000
23,000
June
-
608
608,000
608,000
May
-
July
423
-
Aug.
379
-
Sept.
402
-
Oct.
340
-
Nov.
89
-
Dec.
49
-
1937-Jan. Feb. Apr.
June
Total
$ 147,442,329
491
-
3,621
44,000
84
-
-
$ 3,621,000
89,000
30,000
44
-
May
340,000
66,000
30
-
402,000
80,000
66
-
Mar.
379,000
49,000
80
-
423,000
7,139
84,000
491,000 -
$ 59,779,000
423,000
379,000
402,000
340,000 89,000
49,000
80,000
66,000
30,000
44,000
84,000
491,000 -
$ 210,842,329
Remarks: This table is complete. The Mint ceased work in August 1937 owing to the outbreak of hostilities at Shanghai. All the mint bars were shipped abroad and sold there; the same remarks refer to the bulk of the silver dollars produced. Of the original design only $2,260,000 were struck (with three flying birds above the junk). Of these at least 2,200,000 were held back and melted up.
Subsidiary Coinage of the Central Mint, Shanghai (Pieces) Year
1935
Month 20 cents coin Jan. Feb.
Mar. Apr.
1936
May
June July
Aug.
Sept. Oct.
Nov. Dec. Jan. Feb.
1937
Mar. Apr.
May
June July
10 cents coin
-
-
1,010,000
2,340,000
140,000
3,838,327 994,604
2,852,004
2,783,609
5,950,000
9,680,000
8,740,000
8,080,000
5,051,148 -
-
500,000 -
-
-
-
-
49,619,692
-
680,000
5 cents coin
760,000 12,775
2,398,630
24,080,000
6,800,000
11,120,000
24,740,000
1,040,000
9,200,000
24,820,000
-
7,980,000
30,460,000
-
3,217,762
32,180,000
-
-
33,420,000
-
-
46,180,000
-
3,000,000
39,200,000
3,680,000
-
39,880,000
2,760,000
899,405
46,000,000
2,480,462
2,516,612
48,730,289
2,004,953
2,873,725
45,441,311
1,816,450
2,515,282
45,761,245
1,525,207
73,866,454
7,240,000
23,640,000
18,240,000
12,360,000
11,500,000
27,860,000
19,680,000
4,717,902
-
18,400,000
7,844,427
6,086,635
43,185,475
72,844,274
1/2 cent coin
3,100,000
11,400,000
4,200,000
1,960,501
1 cent coin
618,978,320
1,840,000
17,440,000 9,960,000
1,880,000
2,800,000 760,000
720,000 -
-
2,560,000
1,600,000
5,080,000
12,800,000 40,000 -
-
-
-
64,720,000
Value in Dollars
31,000.00
257,200.00
797,200.00
1,235,554.25
1,159,405.15
2,408,864.30
2,195,312.00
3,017,200.00
3,351,800.00
2,972,600.00
2,735,800.00
1,679,005.80 469,800.00
417,400.00
1,036,800.00 598,200.00
701,266.49
806,321.96
835,807.45
759,643.30
$27,466,180.70
Remarks: The above table is complete. Work had to be suspended in August, 1937, owing to the outbreak of the war at Shanghai. The production of subsidiary coins was continued at Chengtu, Chungking, Wuchang, Kweilin and Lanchow.
56
J
E
A
N
3
2
DEPARTMENTS
部門
Subsidiary Coins Delivered to the Central Bank of China (February 1937 to October 1938)
Date
1/2 ct. Copper
1ct. Copper
5ct. Nickel
10ct. Nickel
20ct. Nickel
Pieces
TOTAL
Face Value
1936-2
8,520,000
25,500,000
4,680,000
2,700,000
890,000
42,290,000
$ 979,600
4
11,160,000
27,340,000
6,800,000
1,900,000
860,000
48,060,000
1,031,200
3
16,800,000
5
1,560,000
6
3,120,000
7
520,000
8
960,000
9
-
10
-
11
2,400,000
12
1,440,000
1937-1
5,400,000
2
1,040,000
3
280,000
4
-
5
-
6
10
24,540,000
53,200,000
10,800,000
820,000
2,080,000
-
2,400,000
1,720,000
-
2,860,000
1,720,000
780,000
1,020,000
120,000
360,000
140,000
-
-
-
74,040,000
-
71,980,000
41,450,000
54,800,000
52,400,000
50,300,000
47,930,000
38,090,000
36,180,000
44,080,000
47,830,000
42,600,000
47,840,000
68,920,000
51,440,000
49,780,000
-
2,680,000
1,080,000
636,080,000
500,000
8,400,000
2,320,000
1,380,000
-
3,000,000
3,240,000
48,300,000
210,000
-
3,200,000
46,200,000
5,180,000
-
-
40,100,000
1,820,000
3,560,000
-
37,200,000
3,850,000
1,820,000
-
46,180,000
9,570,000
4,080,000
-
32,940,000
5,680,000
11,180,000
-
32,540,000
2,740,000
12,160,000
1,160,000
30,160,000
2,920,000
4,720,000
7,400,000
25,060,000
4,090,000
6,260,000
18,440,000
1,800,000
-
Total
23,380,000
15,700,000
-
2,280,000
19,800,000
44,000,000
-
9
24,260,000
46,200,000
-
8
280,000
45,300,000
-
7
18,000,000
50,250,000
50,780,000
49,180,000
18,160,000 2,060,000
1,380,000
885,550,000
1,324,000
2,450,400
2,191,400
2,970,000
3,345,400
1,479,600 871,400
1,733,400 511,000
399,000
966,200
3,625,400 681,000
797,000
834,000
950,000
385,000 38,000
13,800
$27,576,800
SUBSIDIARY COINS DELIVERED TO THE CENTRAL BANK OF CHINA (Sep.1937 to Sep.1938)
Year
Date
CENTRAL MINT* Face Delivery Value
Month
(1ct. Copper) 1937
WUCHANG MINT Face Delivery Value
CHENGTU MINT Face Delivery Value
KWEILIN MINT TOTAL Face Face Delivery Delivery Value Value
September -
-
-
-
-
-
-
-
-
-
November -
-
-
-
-
-
-
-
-
-
October
-
December January
February
1938 March April May
-
-
-
-
-
-
-
2,680,000 $ 26,800 6,340,000
63,400
6,820,000
68,200
4,820,000
-
-
-
-
-
10,340,000 103,400
-
-
11,900,000 119,000
E
-
-
48,200
J
-
-
-
A
N
-
3
2
-
-
-
-
2,680,000
6,340,000 4,820,000 6,820,000
$ 26,800 63,400 48,200 68,200
10,340,000 103,400 11,900,000 119,000
57
DEPARTMENTS
1938 Total
June
-
-
12,400,000 124,000
-
-
-
-
12,400,000 124,000
August
-
-
-
-
-
-
-
-
July
-
-
-
64,322,100 $ 643,221 -
-
-
-
-
9,022,100
90,221
-
-
-
64,322,100 $ 643,221
-
-
-
-
November -
-
2,840,000 $ 142,000 -
-
-
-
2,840,000
$ 142,000
-
December January
-
March
-
August
750,000*
-
-
$ 37,500
5,750,000* 287,500 2,500,000* 125,000 -
-
5,000,000* 250,000
September 1,750,000* 87,500
(10 ct. Nickel)
15,750,000 $ 787,500
-
-
-
-
-
July
-
-
2,600,000
130,000
-
2,680,000
134,000
-
2,440,000
3,000,000
122,000 150,000
1,080,000 54,000 -
-
-
-
-
-
-
-
-
-
-
1,960,000 98,000 15,640
-
-
-
782
-
320,000
-
$ 16,000
1,360,000
-
68,000
1,616,500
80,825
16,615,640 $ 830,782 3,296,500 $ 164,825
-
-
-
-
-
-
2,600,000
2,440,000 2,680,000 3,000,000 1,830,000 5,750,000 4,460,000 335,640
-
130,000 122,000 134,000 150,000 91,500
287,500 223,000 16,782
-
6,360,000
-
35,662,140 $1,783,107
-
3,366,500
318,000 168,325
-
-
-
-
-
-
-
-
November -
-
2,680,000 $ 268,000 -
-
-
-
2,680,000
$ 268,000
October
-
December January
-
March
-
April
1938 May
June July
August
-
-
-
2,900,000* $ 290,000
21,300,000* 2,130,000
-
2,100,000
-
-
210,000
-
2,000,000 200,000
-
2,360,000
236,000
3,820,000 382,000
-
-
-
-
5,480,000 548,000
-
-
4,000,000* 4,000,000* 3,160,000 316,000
-
-
3,500,000* 3,500,000* 1,185,060 118,506 13,000,000* 13,000,000* -
-
-
4,260,000 426,000
September 3,500,000* 3,500,000* -
(20ct. Nickel)
-
-
September -
February
-
1,840,000 $ 184,000
-
4,880,000
-
488,000
5,980,000
598,000
-
-
560,000
-
-
-
2,100,000
2,360,000 2,000,000 3,820,000 7,160,000
400,000
210,000
236,000 200,000 382,000 716,000
$ 56,000 27,340,000 2,734,000
2,360,000 236,000 9,520,000 -
-
-
40,000
6,525,060
952,000 652,506
18,280,000 1,828,000
2,020,000 202,000 11,550,000 1,150,000
48,340,000 $4,834,000 27,045,060 $2,704,506 12,700,000 $1,270,000 5,340,000
$ 93,285,060 $9,328,506 534,000
September -
-
-
-
-
-
-
-
-
November -
-
1,910,000 $ 382,000 -
-
-
-
1,910,000
$ 382,000
October
-
December January
February March
1938 April May
June
July
58
-
-
-
-
June
1937
-
-
-
April
Total
-
9,022,100 90,221
-
October
1938 May
1937
-
-
September -
February
Total
-
September -
(5ct.Nickel) 1937
部門
-
-
1,800,000* $ 360,000
13,300,000* 2,660,000
2,490,000* 498,000
2,510,000* 502,000
-
-
-
-
-
-
-
1,860,000
372,000
-
-
-
-
1,860,000
1,360,000
272,000
-
-
-
-
1,360,000
2,600,000
520,000
-
-
-
-
4,400,000
2,650,000 4,120,000
4,300,000
1,822,115
530,000 824,000
860,000
-
-
-
-
-
-
364,423
2,080,000 $ 416,000
J
N
E
A
3
2
140,000
-
2,650,000
372,000 272,000
530,000 880,000
$ 28,000 17,560,000 3,512,000
2,380,000 476,000 9,170,000
-
-
-
6,412,115
1,834,000
1,282,423
部門
August
Total
9,100,000* 1,820,000
September 2,375,000* 475,000
-
-
-
2,340,000
-
468,000
1,890,000
378,000
-
550,000
-
DEPARTMENTS
11,440,000 2,288,000
110,000 4,815,000
963,000
31,575,000 $6,315,000 22,322,115 $4,464,423 6,310,000 $1,262,000 3,070,000 $614,000 63,277,115 $12,655,423
*Coins minted in Austria. Total order was for 20ct. 40,000,000, 10ct. 60,000,000, 5ct.20,000,000, shipments completed in November 1938.
In addition to the foregoing table the following quantities of coins were delivered by the branch Mints during the last quarter of 1938 to the Central Bank of China:
1 cent
1,780,000
10 cents
53,200,000
5 cents
Pieces
66,102,100
6,443,305
20 cents
Deliveries, Sept.1937 to December 1938:
Making Total
42,105,445
146,485,060
36,625,000
99,902,115
Dollar Coins, and Mint Bars Delivered from Central Mints to Central Bank ( March 1st, 1933 to the end of December, 1937)
Date 1933-Mar
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1934-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
21st Year
$ 130,000
900,000
1,180,000
50,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
DOLLAR COINS -
22nd Year
-
$ 500,000
2,605,000
2,555,000
3,950,000
3,900,000
3,950,000
3,200,000
4,750,000
4,400,000
3,900,000
5,800,000
5,500,000
1,385,000
-
-
-
-
-
23rd Year
-
999 Fine
-
Pieces
-
-
-
-
-
-
-
$ 600,000
850w
-
850,000
900
-
-
900,000
1,200
1,200,000
-
-
71
-
-
71,000
-
-
510,000
7,450,000
E
A
4,610
-
N
3
3,400
390
-
-
2,600
5,050
-
-
-
200
5,250
-
-
5,190,000
-
5,050
-
-
-
-
4,450
-
-
6,800,000
J
-
-
$4,615,000
-
-
600
-
-
-
-
-
-
-
-
-
5,000
2
880 Fine
Total
-
$ 130,000
Pieces
-
-
-
-
Value
MINT BARS
Value
-
-
-
-
-
-
-
-
$ 200,000
2,600,000
3,400,000
4,450,000
5,050,000
5,250,000
5,050,000
390,000
4,610,000
5,000,000
900,000
1,680,000
2,655,000
2,555,000
3,950,000
4,500,000
4,800,000
4,100,000
6,150,000
7,071,000
7,300,000
10,250,000
10,550,000
11,250,000
11,850,000
900,000
9,800,000
12,450,000
59
DEPARTMENTS
Oct.
Nov.
Dec.
1935-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1936-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Dec.
1937-Jan.
Feb.
Mar.
Apr.
May
June
July
Oct.
Dec.
Grand Total
部門
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$2,260,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$46,395,000
$147,395,000
8,050,000
-
8,300,000
-
-
9,050,000
-
-
7,150,000
2,940,000
-
6,200,000
-
-
-
4,460,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
481
145
-
-
116
-
-
$98,740,000
39
-
-
-
66
52
-
-
-
25
-
-
-
129
-
-
-
403
110
-
-
-
543
-
-
-
150
-
-
-
312
719
-
-
-
55
-
-
-
135
427
-
-
-
1,507
-
-
-
2,200
-
-
-
-
-
-
-
-
-
-
-
975,000
-
-
-
700,000
-
-
-
-
3,370,000
-
-
-
4,050,000
190
-
-
-
1,320,000
1，900
-
-
550,000
2,300
-
-
7,030,000
3,300
-
-
5,830,000
3,750
-
-
4,200,000
5,200
3
-
3,621
$3,621,000
3
60,260*
$63,881,000
5,200,000
3,750,000
3,300,000
2,300,000
1,900,000
190,000
-
-
13,250,000
12,050,000
12,350,000
9,450,000
6,100,000
3,130,000
5,830,000
7,030,000
-
6,200,000
-
1,320,000
-
-
-
-
2,200,000
1,507,000
135,000
427,000
55,000
312,000
719,000
150,000
543,000
403,000
110,000
129,000
25,000
66,000
52,000
39,000
481,000
145,000
116,000
3,000
3,000
$60,260,000
550,000
4,050,000
4,460,000
3,370,000
2,900,000
2,482,000
135,000
427,000
55,000
312,000
719,000
150,000
543,000
403,000
110,000
129,000
25,000
66,000
52,000
39,000
481,000
145,000
116,000
3,000
3,000
$211,276,000
* Including 270 pieces, being the balance formerly withdrawn from bank, which were again delivered to the Central Bank in December 1935 due to discontinuance of turning into coins. After December 1937, no more silver dollars were minted and none were subsequently delivered. Therefore the foregoing list is complete and final.
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THE BY-LAWS OF THE ADVISORY COMMITTEE OF THE CENTRAL MINT, SHANGHAI
Art. 1
DEPARTMENTS
The Secretary shall carry out the instructions of the Chairman to look after the general affairs of the Central Mint and to audit its books and accounts. The clerks shall be under the direction of the Secretary in the discharge of their duties.
Art. 8
Those By-Laws are made in accordance with the Regulations governing the Advisory Committee of the
The Assay Department shall have charge of the following affairs: 1.To assay and determine the fineness of the coins
Central Mint.
minted by the Central Mint. 2.To examine and determine the weight of the coins struck by
Art. 2
The Advisory Committee shall have a Sub-Committee
the Central Mint.
of seven members to attend to the daily affairs, of
3.To examine and determine the weight, the fineness, and the
which the Chairman of the Advisory Committee shall
equivalent in Standard Silver Dollars of the Mint Bars.
be an ex-officio member, and the remaining six members shall
4.To make daily statement concerning the work of assaying.
be elected by the Advisory Committee from among themselves.
5.To examine the silver used in the coining of the Standard
In case that there are proposals to realize the stipulation of
Silver Dollars.
the Article 16 of the Regulations governing the Advisory Committee, the Chairman may appoint a certain number of
Art. 9
the members of the Advisory Committee to from other SubCommittees, which shall draw up plans to be submitted to the
The Secretarial Department shall have charge of the following affairs: To audit the books and accounts of the Central Mint.
regular meeting of the Advisory Committee.
To prepare Agenda for meetings of the Advisory Committee and to take minutes of the meetings.
Art. 3
A summary report of the work of the Advisory
To draft, copy and file the correspondences and to keep the
Committee shall be submitted each month to the
archives in safe custody.
regular meeting of the Committee.
To maintain a complete record of the Advisory Committee. To receive and mail correspondences and to keep the archives in
Art. 4
In accordance with the Article 4 of the Regulations,
safe custody.
the Advisory Committee shall have an Assay
To deal with all matters pertaining to the accounts of, and
Department, which shall have an expert assayer and, in
supplies required by the Committee.
case of necessity, a number of technical assistants. They shall be
To attend to other matters as may be handed down by the
recommended and appointed by the Chairman with the approval
Chairman.
of the Advisory Committee. The assayer shall make from time to time a detail
Art. 5
The expert Assayer shall carry out the instructions
Art. 10 statement concerning the weight and fineness of the
of the Chairman as to assaying and the technical
Standard Silver Dollars and the Mint Bars turned out
assistants shall be under the direction of the Assayer in
by the Central Mint. The statement shall be submitted to the
the discharge of their duties.
Sub-Committee so that public announcements may be made to the effect that the weight and fineness of the coins and bars are
Art. 6
In accordance with the Article 5 of the Regulations,
found to conform to the legal requirements. In case that they do
the Advisory Committee shall have a Secretarial
not conform to the legal requirements, the Mint shall be asked to
Department, which shall have a secretary and a
have them re-minted or re-coined and they shall not be permitted
number of clerks. They shall be recommended and appointed by
to leave the Mint.
the Chairman with the approval of the Advisory Committee.
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Art. 11
部門
The Standard Silver Dollars shall be permitted to
a day, which may be prolonged whenever necessary. All
leave the Central Mint only after they are found to
employees shall keep regular attendance within the office hours,
conform to the legal requirements and certificates of
which shall begin and end at a certain time as the Chairman may decide.
the Advisory Committee are affixed to the boxes. All certificates shall be signed by the Chairman and countersigned by the assayer or his assistant who shall supervise also the affixing of
Art. 16
the certificates.
A record of attendance shall be kept to be signed by the employees at the beginning and the end of the office hours. The record shall be daily presented to the
Art. 12
Chairman for his inspection.
The Committee shall hold a regular meeting on the second Friday of each month at 4:30 o’clock p.m.
Art. 17
The extraordinary meetings may be convened according to the
A certain number of the employees of the Committee shall be assigned to work on Sundays and holidays.
Article 12 of the Regulations and may be called by the Chairman whenever there are urgent business to be considered.
Art. 13
Art. 18
sickness or other sufficient reason shall report to the Committee and secure a permit for leave of absence.
When the Chairman is absent in any meeting of the Advisory Committee, one member of the SubCommittee shall be elected to act for him.
Art. 14
The employees who are unable to attend on account of
Art. 19
The office hours shall be suspended on Sundays and holidays, but in case of necessity the Chairman may instruct the secretary to make previous notification for
All members of the Advisory Committee are requested
attendance as usual.
to attend all its meetings. In case that any member is unable to attend, he may ask one of the members
of the Advisory Committee to represent him; but a previous
Art. 20
notification to that effect should be sent in. Art. 15
Committee and become effective on their approval by the Ministry of Finance. Any revision shall be effected
in the same manner.
The Committee shall maintain office hours of......hours
DOLLAR COINS: 1. Silver Yen. 2. British dollar. 3. Specimen of a Sun Yat Sen $, never issued. 4. Saigon piastre. 5. Szechuan dollar. 6. Singapore $.
Republican copper coins of 1 and 2 cents value. Since replaced by a new big money 1/2 and 1 cent piece.
62
These by-laws shall be passed by the Advisory
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The plate on the right shows half dollars: 1.Yunnan 2.Yunnan 3.Kirin 4.Yunnan 5.Szechwan Below is an essay of a Sun Yat-sen dollar, designed abroad, but not issued.
Ancient Bronze Cash
On the right are the obverses of nickel subsidiary coins minted in Shanghai, 1937.
On the left are the reverse of nickel subsidiary coins minted in Shanghai, 1937.
On the left are 20-cent pieces current in Canton, and below the 20-cent coin minted in Canton, but current in Shanghai only. Since abolished.
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DEPARTMENTS
部門
SUBSIDIARY SILVER COINS. Canton 20-cent piece. 20-cents minted at Canton for circulations in Shanghai. 10 and 20 cents, Martyrs Memorial Coins. Sun Yat-sen 20 cents Memorial Coin. 20 cents, Tang Chi Yao, Yunnan. 10 cents Kirin Dragon Coin. 10 and 20 cents; souvenir for marriage in 1923 of ex-Emperor Pu Yih. 20 cents Kirin Dragon Coin. Yuan Shih-kai 10 cents. 10 cents minted in 1924 in Hangchow.
Modern imperial copper coins. SILVER DOLLARS. The first two specimen to the right were minted in Fukien in the fifties for army pay. Next comes a dragon dollar. The two coins on the upper left are Communist dollars. The first coin in the lower row, left was minted about 14 years ago for Kweichow to commemorate the opening of the first motor road. The remaining four specimen are provincial dollar pieces, from 10 to 15 years old.
On the left and below: bottom left, 1 $ issued in January, 1921, in Hunan Province. Bottom right, Li Yuan Hung dollar of 1912. Top centre, Sun Yat-sen dollar of Kansu Province. (To be continued)
Reprinted from The China Journal vol.XXX,pp.289-198,pp.361-366,vol.XXXI,pp.31-38,pp.81-90,pp.121-133,pp.167-172.
Note:
17 The author had the honour of being one of the members of the advisory committee. 18 Mint bars“A”were first made in September , 1933, but soon discontinued. Mint bars“B”were produced at the suggestion of the author from November, 1933; they proved very convenient and successful. * There exist also sets of nickel coins, dated 24 th Year of the Republic, but these were minted by the Philadelphia Mint by way of essay, and about 15 sets altogether were sent to China for inspection.
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中篇
中國造幣史
DEPARTMENTS
（上接《東亞泉志》第31期）
◎ 耿愛德〔美國〕
運營狀況介紹
我們在討論中央造幣廠的實際運營狀況之前，對其所使用的
送往衝床。此後對壓制好的坯料進行稱重。坯料必須在退火
幣廠有兩臺300千瓦的西屋渦輪發電機，電機或電源電壓為
機中進行——正反面的圖案在160噸的壓力下同時被衝壓到
機器種類進行一下簡單介紹，這可能會有所幫助。中央造
爐中加熱，然後進行清洗、乾燥和碾壓。最後的過程在衝壓
440伏，另有220伏電源電壓用于照明，每月耗電量約為120
坯餅上。之後，成品銀元必須通過自動稱重機，稱重機會將
000千瓦時。4個臥式手燒熱水鍋爐為渦輪機、造幣機器和
太重和太輕的錢幣從標準件中分離出來，其標準重量為412
加熱機器提供所需要的蒸汽，其中一個始終保持備用，每
金衡格令（譯者注 ：1金衡格林 =0.06479891克），誤差為1.2
個鍋爐的蒸汽壓力為170磅 / 平方英寸，正常功率為每小時
金衡格令。此後，壓製好的成品被裝入可以容納5 000枚銀
4 600磅。鍋爐產生蒸汽達到正常功率時，每小時需要燃燒
元的箱子。
700至800磅煤。有三臺史密斯108 F 型手燒煤氣爐供氣，用 于熔化金屬和退火作業，每臺的正常功率為每小時25 000立
廢兩改元的政策導致了對銀元的巨大需求。由于中央造幣
常運行下，每臺機組每小時需要大約400磅煤。當造幣廠發
“A”， 然後再生產純度為0.880的廠條“B”。18這些銀條所
方英尺，提供的氣體熱值為每立方英尺140英熱單位。在正
現應當使用熱值更高的氣體時，便改用上海燃氣公司提供的
廠無法提供足夠的銀幣，因此決定生產純度為0.999的廠條
含的銀量正好等于1 000枚新的標準銀元所包含的精質銀量。
熱值為440英熱單位的氣體取代了自己的煤氣爐。
上海中央造幣廠的所有模具都是由費城造幣廠製造的。中央
造幣廠成立之初有技術和行政人員150名，工人400名。在
造幣廠平均每月使用40個銀元模具。在平均鑄造208 000枚
對工人進行5個月的批量化精心培訓之後，每日可生產價值
銀幣之後，模具會有磨損，不得不被丟棄。
20萬元的銀幣。
在運營之初，造幣廠採用美國的銀條來製造銀元。但由于可
盧學溥先生于1933年4月被任命為廠長，在已故美國造幣廠
用的庫存量很小，這種基本材料在1933年底就已經用完了 ；
廠長格蘭特先生（Robert J. Grant）的協助下取得了顯著
中央造幣廠初期運營便消耗了600多萬金衡盎司的0.999精
的成就。加上三位曾在美國費城造幣廠受過訓練的中國技師
製銀條。從1933年5月開始，造幣廠幾乎只使用銀錠來製造
（化驗、熔煉和造幣方面）襄助，上海造幣廠不斷改進，衝
標準銀元。
壓機每分鐘衝壓的銀幣數量從76枚提高到90枚，自動稱重 機每分鐘處理的銀幣數量從100枚上升到120枚。經過6個月
從1933年3月到6月，中央造幣廠共生產了226萬枚銀元。銀
萬元的銀幣。
太陽。人們很快便對背面的飛鳥和旭日提出了反對意見，因
每天運營10個小時的試產，中央造幣廠日生產總價值為25
元正面是孫中山先生的半身像，背面上方是三鳥和初升的 此庫存的新幣受到譴責，不得不重新鑄造。但大約有5萬枚
國民政府中央造幣廠位于上海，占地約100畝。在完成試樣
原始設計的銀幣仍在流通。從1933年5月起，上海造幣廠
之後，工人們便對白銀進行熔化和精煉，之後放入與之相鄰
生產的銀元與之前具有相同的設計，但沒有鳥群。紀年為
的大型現代銀庫。在對銀庫中的銀錠進行檢驗後，便將其送
民國二十一年的銀幣確實是在1933年鑄造的，紀年為民國
入軋製室，並軋製成標準的銀元厚度。然後，長長的銀條被
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的銀幣則是在1935-1937年間鑄造的。
由于廢除了銀本位制，1935年年底便完全停止了銀元的生
位于上海的中央造幣廠在1935年12月21日生產了第一款壹
量的“B”種廠條。
產。此後，只鑄造銅幣和鎳質輔幣。並且還繼續鑄造了適
分銅幣，但其並未在1935年向中央銀行交付任何一枚。造 幣廠從1936年1月起生產了大量的輔幣，包括半分和壹分的
1937年4月，兼任中央造幣廠廠長的陳行先生將工作移交給
所有新幣都迅速獲得了人們的青睞，且其日產量不似“小銅
由于1937年8月中日凇滬會戰的爆發，上海中央造幣廠的機
銅幣，以及伍分、壹角和貳角的鎳幣。
了席徳柄先生。
幣”那樣日常波動。鎳幣的紀年是民國二十五年 *。
器被拆除運往內地，並在桂林、重慶、成都、武昌、蘭州 等地設立中央造幣廠的地區分廠。
根據1935年11月3日頒佈的貨幣法，新的銅幣應含有95% 的
銅和5% 的錫鋅合金。鎳幣含100% 的純鎳，其坯料從美國
根 據 上海中央 造幣廠1937年3月31日公 佈的資產負債表顯
進口。新幣的法定重量如下。
示，其當時的淨資產為8 097 000元。儘管造幣廠處于盈利
狀態，但利潤非常有限。淨資產代表政府已支付的資產， 也就是說已沖銷。截至1937年3月31日，各項資產數據如下 :
半分銅幣
3.5 克
壹分銅幣
6.5 克
伍分鎳幣
3克
流動資產
13,459,000 元
壹角鎳幣
4.5 克
固定資產
6,383,000 元
貳角鎳幣
6克
遞延資產
4,000 元 19,846,000 元
銅幣正面外側的圈內刻有古代布幣的圖案和中文面值。背
面中央是國民黨黨徽，上方半圓內有“中華民國二十五年（或
流動負債
10,691,000 元
儲備金
1,058,000 元
像，上面的半圓鐫有“中華民國二十五年” （1936年）的字樣。
淨資產
8,097,000 元
二十六年）”的漢字。鎳幣的正面是孫中山先生面朝左的肖 鎳幣的背面與銅幣的正面完全相同，即是古代布幣的圖案
19,846,000 元
和幣的面額。
上海中央造幣廠的銀幣和銀條生產情況表 月 份
66
銀幣 成色：99.9%
標準銀元 價值
数量
銀條 成色：88%
銀元價值
-
数量
252,565
-
4月
861,789
-
-
-
-
861,789 元
5月
1,884,728
-
-
-
-
1,884,728 元
6月
2,499,698
-
-
-
-
2,499,698 元
7月
2,703,539
-
-
-
-
2,703,539 元
8月
3,943,508
225
225,000
-
-
4,168,508 元
9月
3,915,831
419
419,000
-
-
4,334,831 元
10 月
4,006,862
856
856,000
-
-
4,862,862 元
11 月
3,279,708
923
923,000
-
-
4,202,708 元
12 月
4,712,690
1,133
1,133,000
227
227,000
6,072,690 元
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銀元價值
1933-3 月
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總產出 銀元價值 252,565 元
部門
DEPARTMENTS
1934-1 月
4,531,584
65
65,000
2,730
2,730,000
7,326,584 元
2月
3,921,340
-
-
3,458
3,458,000
7,379,340 元
3月
5,753,123
-
-
4,439
4,439,000
10,192,123 元
4月
5,514,479
-
-
5,061
5,061,000
10,575,479 元
5月
5,993,757
-
-
5,256
5,256,000
11,249,757 元
6月
6,841,915
-
-
5,219
5,219,000
12,060,915 元
7月
-
-
-
-
-
-
8月
5,847,600
-
-
4,827
4,827,000
10,674,600 元
9月
7,431,614
-
-
5,000
5,000,000
12,431,614 元
10 月
8,145,401
-
-
5,150
5,150,000
13,295,401 元
11 月
8,411,690
-
-
3,749
3,749,000
12,160,690 元
12 月
8,563,961
-
-
3,138
3,138,000
11,701,961 元
1935-1 月
7,467,589
-
-
2,410
2,410,000
9,877,589 元
2月
3,892,072
-
-
1,852
1,852,000
5,744,072 元
3月
2,911,163
-
-
124
124,000
3,035,163 元
4月
6,115,978
-
-
-
-
6,115,978 元
5月
6,916,826
-
-
-
-
6,916,826 元
6月
6,265,388
-
-
-
6,265,388 元
7月
-
-
-
-
-
8月
1,599,982
-
-
-
1,599,982 元
9月
4,082,687
-
-
-
4,082,687 元
10 月
4,489,989
-
-
-
4,489,989 元
11 月
3,243,961
-
-
-
3,243,961 元
12 月
1,439,312
-
2,861
2,861,000
4,300,312 元
1936-1 月
-
692
692,000
692,000 元
2月
-
88
88,000
88,000 元
3月
-
390
390,000
390,000 元
4月
-
23
23,000
23,000 元
5月
-
423
423,000
423,000 元
6月
-
608
608,000
608,000 元
7月
-
379
379,000
379,000 元
8月
-
402
402,000
402,000 元
9月
-
340
340,000
340,000 元
10 月
-
89
89,000
89,000 元
11 月
-
49
49,000
49,000 元
12 月
-
80
80,000
80,000 元
1937-1 月
-
66
66,000
66,000 元
2月
-
30
30,000
30,000 元
3月
-
44
44,000
44,000 元
4月
-
84
84,000
84,000 元
5月
-
491
491,000
491,000 元
-
-
-
-
3,621,000 元
7,139
59,779,000 元
210,842,329 元
6月 共计
147,442,329 元
3,621
備註：上表數據完整。由于上海爆發日軍侵華戰爭，重要造幣廠于 1937 年 8 月停止運營。所有銀條被運到國外並出售，銀 元同樣如此。造幣廠最初只計劃生產價值為 2 260 000 元的硬幣，後來其中至少有 2 200 000 枚被留下並熔化。
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上海中央造幣廠輔幣製造量（枚） 年份
月份
1935
1936
1937
貳角
壹角
伍分
壹分
半分
以銀元計算的 價值
-
-
-
3,100,000
-
31,000.00 元
1月
140,000
680,000
760,000
11,400,000
1,840,000
257,200.00 元
2月
1,010,000
2,340,000
4,200,000
11,500,000
7,240,000
797,200.00 元
3月
3,838,327
1,960,501
12,775
18,400,000
17,440,000
1,235,554.25 元
4月
994,604
2,398,630
7,844,427
27,860,000
9,960,000
1,159,405.15 元
5月
2,852,004
6,086,635
19,680,000
23,640,000
1,880,000
2,408,864.30 元
6月
2,783,609
4,717,902
18,240,000
24,080,000
2,800,000
2,195,312.00 元
7月
5,950,000
12,360,000
6,800,000
24,740,000
760,000
3,017,200.00 元
8月
9,680,000
11,120,000
1,040,000
24,820,000
720,000
3,351,800.00 元
9月
8,740,000
9,200,000
-
30,460,000
-
2,972,600.00 元
10 月
8,080,000
7,980,000
-
32,180,000
-
2,735,800.00 元
11 月
5,051,148
3,217,762
-
33,420,000
2,560,000
1,679,005.80 元
12 月
-
-
-
46,180,000
1,600,000
469,800.00 元
1月
-
-
-
39,200,000
5,080,000
417,400.00 元
2月
500,000
3,000,000
3,680,000
39,880,000
12,800,000
1,036,800.00 元
3月
-
-
2,760,000
46,000,000
40,000
598,200.00 元
4月
-
899,405
2,480,462
48,730,289
-
701,266.49 元
5月
-
2,516,612
2,004,953
45,441,311
-
806,321.96 元
6月
-
2,873,725
1,816,450
45,761,245
-
835,807.45 元
7月
-
2,515,282
1,525,207
43,185,475
-
759,643.30 元
49,619,692
73,866,454
72,844,274
618,978,320
64,720,000
27,466,180.70 元
備註：上表數據完整。由于上海爆發日軍侵華戰爭，重要造幣廠于 1937 年 8 月停止運營。由成都、重慶、武昌、桂林和蘭 州的造幣廠繼續生產輔幣。
運送至中國中央銀行的輔幣數量 ——1937年2月至1938年10月——
日期 1936-2
68
半分銅幣 8,520,000
壹分銅幣 25,500,000
伍分鎳幣
壹角鎳幣
4,680,000
2,700,000
貳角鎳幣 890,000
枚
42,290,000
總共
總額
979,600 元
3
16,800,000
18,000,000
280,000
2,280,000
4,090,000
41,450,000
1,324,000 元
4
11,160,000
27,340,000
6,800,000
1,900,000
860,000
48,060,000
1,031,200 元
5
1,560,000
24,260,000
19,800,000
6,260,000
2,920,000
54,800,000
2,450,400 元
6
3,120,000
23,380,000
18,440,000
4,720,000
2,740,000
52,400,000
2,191,400 元
7
520,000
24,540,000
7,400,000
12,160,000
5,680,000
50,300,000
2,970,000 元
8
960,000
25,060,000
1,160,000
11,180,000
9,570,000
47,930,000
3,345,400 元
9
-
30,160,000
-
4,080,000
3,850,000
38,090,000
1,479,600 元
10
-
32,540,000
-
1,820,000
1,820,000
36,180,000
871,400 元
11
2,400,000
32,940,000
-
3,560,000
5,180,000
44,080,000
1,733,400 元
12
1,440,000
46,180,000
-
-
210,000
47,830,000
511,000 元
J
E
A
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3
2
部門
1937-1
5,400,000
37,200,000
-
-
-
42,600,000
DEPARTMENTS
399,000 元
2
1,040,000
40,100,000
3,200,000
3,000,000
500,000
47,840,000
966,200 元
3
280,000
46,200,000
3,240,000
8,400,000
10,800,000
68,920,000
3,625,400 元
4
-
48,300,000
2,320,000
820,000
-
51,440,000
681,000 元
5
-
45,300,000
2,080,000
2,400,000
-
49,780,000
797,000 元
6
-
46,200,000
1,720,000
2,860,000
-
50,780,000
834,000 元
7
-
44,000,000
1,720,000
2,680,000
780,000
49,180,000
950,000 元
8
-
15,700,000
1,080,000
1,020,000
360,000
18,160,000
385,000 元
9
-
1,800,000
120,000
140,000
-
2,060,000
38,000 元
10
-
1,380,000
-
-
-
1,380,000
13,800 元
共计
53,200,000
636,080,000
74,040,000
71,980,000
50,250,000
885,550,000
27,576,800 元
運送至中國中央銀行的輔幣數量 日期
中央造幣廠 *
年份 月份 運送數量
面額
(1 分铜币 )
1937
——1937年9月至1938年9月——
武昌造幣廠
運送數量
成都造幣廠
面額
運送數量
桂林造幣廠 運送數 面額 量
面額
總計
運送數量
9月 -
-
-
-
-
-
-
-
-
-
10 月 -
-
-
-
-
-
-
-
-
-
-
-
面額
11 月 -
-
-
-
-
-
-
-
12 月 -
-
2,680,000 26,800 元 -
-
-
-
2,680,000 26,800 元
1月 -
-
6,340,000 63,400 元 -
-
-
-
6,340,000 63,400 元
2月 -
-
4,820,000 48,200 元 -
-
-
-
4,820,000 48,200 元
3月 -
-
6,820,000 68,200 元 -
-
-
-
6,820,000 68,200 元
4月 -
-
10,340,000 103,400 元 -
-
-
-
10,340,000 103,400 元
1938 5 月 -
-
11,900,000 119,000 元 -
-
-
-
11,900,000 119,000 元
6月 -
-
12,400,000 124,000 元 -
-
-
-
12,400,000 124,000 元
7月 -
-
9,022,100 90,221 元 -
-
-
-
9,022,100 90,221 元
8月 -
-
-
-
-
-
-
-
-
-
9月 -
-
-
-
-
-
-
-
-
-
-
64,322,100 643,221 元 -
-
-
-
64,322,100 643,221 元
-
合计 (5 分镍币 )
1937
1938
9月 -
-
-
-
-
-
-
-
-
-
10 月 -
-
-
-
-
-
-
-
-
-
11 月 -
-
2,840,000 142,000 元 -
-
-
-
2,840,000 142,000 元
12 月 -
-
2,600,000 130,000 元 -
-
-
-
2,600,000 130,000 元
1月 -
-
2,440,000 122,000 元 -
-
-
-
2,440,000 122,000 元
2月 -
-
2,680,000 134,000 元 -
-
-
-
2,680,000 134,000 元
3月 -
-
3,000,000 150,000 元 -
-
-
-
3,000,000 150,000 元
4 月 750,000*
37,500 元 1,080,000 54,000 元 -
-
-
-
1,830,000 91,500 元
-
-
-
-
5,750,000 287,500 元
6 月 2,500,000* 125,000 元 1,960,000 98,000 元 -
-
-
-
4,460,000 223,000 元
5 月 5,750,000* 287,500 元 -
-
J
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3
2
69
DEPARTMENTS
部門
7月 -
782 元
320,000
8 月 5,000,000* 250,000 元 -
-
1,360,000 68,000 元 -
-
6,360,000 318,000 元
9 月 1,750,000* 87,500 元 -
-
1,616,500 80,825 元 164,825 15,750,000 787,500 元 16,615,640 830,782 元 3,296,500 元
-
3,366,500 168,325 元 1,783,107 35,662,140 元
合计
-
15,640
16,000 元 -
-
335,640
16,782 元
( 壹角镍币 )
1937
9月 -
-
-
-
-
-
-
-
-
-
10 月 -
-
-
-
-
-
-
-
-
-
11 月 -
-
2,840,000 142,000 元 -
-
-
-
2,840,000 142,000 元
12 月 -
-
2,600,000 130,000 元 -
-
-
-
2,600,000 130,000 元
1月 -
-
2,440,000 122,000 元 -
-
-
-
2,440,000 122,000 元
2月 -
-
2,680,000 134,000 元 -
-
-
-
2,680,000 134,000 元
3月 -
-
3,000,000 150,000 元 -
-
-
-
3,000,000 150,000 元
4 月 750,000*
37,500 元 1,080,000 54,000 元 -
-
-
-
1,830,000 91,500 元
-
-
-
-
5,750,000 287,500 元
6 月 2,500,000* 125,000 元 1,960,000 98,000 元 -
-
-
-
4,460,000 223,000 元
7月 -
1938 5 月 5,750,000* 287,500 元 -
782 元
320,000
16,000 元 -
-
335,640
8 月 5,000,000* 250,000 元 -
-
1,360,000
68,000 元 -
-
6,360,000 318,000 元
9 月 1,750,000* 87,500 元 -
-
1,616,500
80,825 元 164,825 15,750,000 787,500 元 16,615,640 830,782 元 3,296,500 元
-
3,366,500 168,325 元 1,783,107 35,662,140 元
-
-
-
合计
-
15,640
-
16,782 元
( 贰角镍币 ) 9月 1937
1938
-
-
-
-
-
-
10 月 -
-
-
-
-
-
-
-
11 月 -
-
1,910,000 382,000 元 -
-
-
-
1,910,000 382,000 元
12 月 -
-
1,860,000 372,000 元 -
-
-
-
1,860,000 372,000 元
1月 -
-
1,700,000 340,000 元 -
-
-
-
1,700,000 340,000 元
2月 -
-
1,360,000 272,000 元 -
-
-
-
1,360,000 272,000 元
3月 -
-
2,650,000 530,000 元 -
-
-
-
2,650,000 530,000 元
4 月 1,800,000* 360,000 元 2,600,000 520,000 元 2,660,000 5 月 13,300,000* 4,120,000 824,000 元 元
-
-
6 月 2,490,000* 498,000 元 4,300,000 860,000 元 7 月 2,510,000* 502,000 元 1,822,115 364,423 元 2,080,000 1,820,000 元
-
2,340,000
9 月 2,375,000* 475,000 元 -
-
1,890,000
8 月 9,100,000*
合计
-
31,575,000
6,315,000 4,464,423 22,322,115 6,310,000 元 元
4,400,000 880,000 元 28,000 3,512,000 140,000 17,560,000 元 元 476,000 1,834,000 2,380,000 9,170,000 元 元 416,000 1,282,423 6,412,115 元 元 468,000 2,288,000 11,440,000 元 元 378,000 11 0 , 0 0 0 550,000 4,815,000 963,000 元 元 元 1,262,000 614,000 12,655,423 3,070,000 63,277,115 元 元 元
帶 * 的乃是在奧地利鑄造。訂單總量為 40 000 000 枚貳角幣，60 000 000 枚壹角幣，20,000,000 枚伍分幣。以上于 1938 年 11 月完成發貨。
70
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DEPARTMENTS
除上述表格外，各分廠還在1938年最後一個季度，向中國 中央銀行交付了如下數量的硬幣 ：
枚數
1937 年 9 月至 1938 年 12 月交付
製造總數
壹分
1,780,000
66,102,100
伍分
6,443,305
42,105,445
壹角
53,200,000
146,485,060
貳角
36,625,000
99,902,115
從中央造幣廠交付至中央銀行的金屬貨幣 ——1933年3月1日至1937年12月底——
日期
二十一年
壹圓幣
1933 年 3 月 130,000 元
-
4月
900,000 元
-
5月 6月
二十二年
-
二十四年
-
成色：99.9% 數量 價值
廠條
-
-
成色：88% 數量 價值
共計
-
130,000 元
-
-
-
-
-
900,000 元
1,180,000 元 500,000 元
-
-
-
-
-
1,680,000 元
50,000 元
2,605,000 元
-
-
-
-
-
2,655,000 元
7月
-
2,555,000 元
-
-
-
-
-
2,555,000 元
8月
-
3,950,000 元
-
-
-
-
-
3,950,000 元
9月
-
3,900,000 元
-
600
600,000 元
-
-
4,500,000 元
10 月
-
3,950,000 元
-
850
850,000 元
-
-
4,800,000 元
11 月
-
3,200,000 元
-
900
900,000 元
-
-
4,100,000 元
12 月
-
4,750,000 元
-
1,200
1,200,000 元 200
200,000 元
6,150,000 元
1934 年 1 月 -
4,400,000 元
-
71
71,000 元
2,600
2,600,000 元
7,071,000 元
2月
-
3,900,000 元
-
-
-
3,400
3,400,000 元
7,300,000 元
3月
-
5,800,000 元
-
-
-
4,450
4,450,000 元
10,250,000 元
4月
-
5,500,000 元
-
-
-
5,050
5,050,000 元
10,550,000 元
5月
-
1,385,000 元
4,615,000 元
-
-
5,250
5,250,000 元
11,250,000 元
6月
-
-
6,800,000 元
-
-
5,050
5,050,000 元
11,850,000 元
7月
-
-
510,000 元
-
-
390
390,000 元
900,000 元
8月
-
-
5,190,000 元
-
-
4,610
4,610,000 元
9,800,000 元
9月
-
-
7,450,000 元
-
-
5,000
5,000,000 元
12,450,000 元
10 月
-
-
8,050,000 元
-
-
5,200
5,200,000 元
13,250,000 元
11 月
-
-
8,300,000 元
-
-
3,750
3,750,000 元
12,050,000 元
12 月
-
-
9,050,000 元
-
-
3,300
3,300,000 元
12,350,000 元
1935 年 1 月 -
-
7,150,000 元
-
-
2,300
2,300,000 元
9,450,000 元
2月
-
-
4,200,000 元
-
-
1，900
1,900,000 元
6,100,000 元
3月
-
-
2,940,000 元
-
-
190
190,000 元
3,130,000 元
4月
-
-
5,830,000 元
-
-
-
-
5,830,000 元
5月
-
-
7,030,000 元
-
-
-
-
7,030,000 元
J
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A
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3
2
71
DEPARTMENTS
部門
6月
-
-
6,200,000 元
-
-
-
-
6,200,000 元
7月
-
-
550,000 元
-
-
-
-
550,000 元
8月
-
-
1,320,000 元
-
-
-
-
1,320,000 元
9月
-
-
4,050,000 元
-
-
-
-
4,050,000 元
10 月
-
-
4,460,000 元
-
-
-
-
4,460,000 元
11 月
-
-
3,370,000 元
-
-
-
-
3,370,000 元
12 月
-
-
700,000 元
-
-
2,200
2,200,000 元
2,900,000 元
1936 年 1 月 -
-
975,000 元
-
-
1,507
1,507,000 元
2,482,000 元
2月
-
-
-
-
-
135
135,000 元
135,000 元
3月
-
-
-
-
-
427
427,000 元
427,000 元
4月
-
-
-
-
-
55
55,000 元
55,000 元
5月
-
-
-
-
-
312
312,000 元
312,000 元
6月
-
-
-
-
-
719
719,000 元
719,000 元
7月
-
-
-
-
-
150
150,000 元
150,000 元
8月
-
-
-
-
-
543
543,000 元
543,000 元
9月
-
-
-
-
-
403
403,000 元
403,000 元
10 月
-
-
-
-
-
110
110,000 元
110,000 元
12 月
-
-
-
-
-
129
129,000 元
129,000 元
1937 年 1 月 -
-
-
-
-
25
25,000 元
25,000 元
2月
-
-
-
-
-
66
66,000 元
66,000 元
3月
-
-
-
-
-
52
52,000 元
52,000 元
4月
-
-
-
-
-
39
39,000 元
39,000 元
5月
-
-
-
-
-
481
481,000 元
481,000 元
6月
-
-
-
-
-
145
145,000 元
145,000 元
7月
-
-
-
-
-
116
116,000 元
116,000 元
10 月
-
-
-
-
-
3
3,000 元
3,000 元
12 月
-
-
-
-
-
3
3,000 元
3,000 元
總计
2,260,000 元 46,395,000 元 98,740,000 元 3,621
3,621,000 元 60,260*
147,395,000 元
60,260,000 元
63,881,000 元 211,276,000 元
* 其中 270 枚為事先從銀行支取的銀幣。由于後來停止兌換，于 1935 年 12 月再次交回中央銀行。 1937 年 12 月之後沒有再鑄造銀元，也沒有交付銀元。因此，上述清單是完整的，且是最終版的清單。
72
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部門
DEPARTMENTS
上海中央造幣廠顧問委員會的規章制度 條款1
條款2
以下細則根據中央造幣廠顧問委員會條例制定。
2）為顧問委員會的會議準備議程並做會議記錄。 3）起草、複印和歸檔信件，並妥善保管檔案。
顧問委員會應設立一個由七名成員組成的小組委 員會，處理日常事務，其中顧問委員會主席擔任
4）保持顧問委員會的完整記錄。
委員長，其餘六名成員由顧問委員會從成員中間
選出。如有提議欲實行《顧問委員會條例》第16條之規定，
5）接收和郵寄信件，並妥善保管檔案。
成員，由他們制定計劃並提交給顧問委員會。
6）處理與委員會賬目有關的所有事項，以及委員會所需的 用品。
主席可以從其他小組委員會中任命一定人數的顧問委員會
條款3 條款4
顧問委員會應每月提交一份工作摘要報告。
7）處理主席交辦的其他事項。 鑒定師應不時對中央造幣廠生產的標準銀幣和廠
顧問委員會應根據《條例》第4條之規定，設立評
條款10 條的重量及純度做出詳細報告。該報告應提交給
估部，該部應有一名專家鑒定師，必要時還有若
小組委員會，以便發佈公告說明硬幣和廠條的重
干名技術助理。他們應由主席推薦並經顧問委員
量和純度符合法規要求。如不符合，應要求造幣廠重新鑄造，
會批准後任命。 條款5
條款6
且不許其運離造幣廠。
鑒定師應執行主席關于鑒定的指示，技術助理應 在鑒定師的指導下履行其職責。
條款11
顧問委員會應根據《條例》第5條的規定，設立秘
條款12
秘書應執行主席的指示，照管中央造幣廠的一般
事務，並審計其賬簿和賬目。書記員應在秘書的
委員會應在每月第二個星期五下午4:30定期舉行 會議。
在有緊急事務需要審議時召集會議。
鑒定部門應負責以下事務。
條款13
1）鑒定和確定中央造幣廠鑄幣的純度。 2）檢查和確定中央造幣廠鑄幣的重量。
條款14
3）檢查和確定廠條的重量、純度和換算成標準銀元的價值。
當主席缺席顧問委員會的任何會議時，應選舉小 組委員會的一名成員代行其職。
顧問委員會的所有成員都必須出席其所有會議。如 果任何成員不能出席，他可以要求顧問委員會的
一名成員代表他 ；但應事先發出相關通知。
4）每天提交關于鑒定工作的報告。
條款15
5）檢查用于鑄造標準銀幣的白銀。 條款9
幣廠。所有證書均應由主席簽字，並由鑒定師或
可根據《條例》第12條之規定召開特別會議，並可由主席
指導下履行其職責。 條款8
貼上顧問委員會授予的證書後，方准運離中央造
其助手加簽。鑒定師及其助手應監督證書粘貼于銀元盒上。
書部，秘書部應配備一名秘書和若干名辦事員。他
們由主席推薦並經顧問委員會批准後任命。 條款7
標準銀元只有在確定其符合法規要求並在盒子上
委員會的辦公時間為每天 ...... 小時，必要時可延
長時間。所有員工應在辦公時間內保持正常出勤，
辦公起止時間由主席決定。
秘書部應負責以下事務。
條款16
1）審計中央造幣廠的賬簿和帳戶。
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應保持出勤記錄，並由員工在上下班時簽字。該 記錄應每天提交給主席，供其檢查。
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十文和二十文民國銅幣 它們之後被新的伍分和壹角幣取代
條款17
條款18
條款19
條款20
銀元 1. 日本一圓 2. 英國銀元 3. 未發行的孫中山像銀元樣幣 4. 越南銀元 5. 四川銀元 6. 新加坡銀元
古代銅錢
應安排委員會中一定數量的雇員在周日和節假日 工作。
因病或其他充分理由不能參加的雇員應向委員會 報告，並取得請假許可。
周日和節假日應暫停辦公，但在必要時，主席可 指示秘書事先通知成員照常出席。
本章程由顧問委員會通過，在財政部批准後生效。 任何修訂都應以同樣的方式進行。
右邊展示的是半圓幣 1. 雲南 2. 雲南 3. 吉林 4. 雲南 5. 四川 最下面的是一枚在國外設計，但沒有發行的孫中山像幣。
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左邊是 1937 年在上海鑄造的鎳質輔幣的背面
DEPARTMENTS
右邊是 1937 年在上海鑄造的鎳質輔幣的正面
左邊上面那枚是民國十八年在廣州鑄造的貳毫銀 幣；下面那枚是民國九年在廣州鑄造的貳毫銀幣， 但只在上海發行。其後停用
銀質輔幣 1. 廣東省造貳毫銀幣 2. 在廣州鑄造但在上海流通的貳毫銀幣 3. 壹角和貳角的黃花崗紀念幣 4. 孫中山像貳角紀念幣 5. 雲南唐繼堯像壹角紀念幣 6. 吉林省造庫平七分二厘銀幣 7.1923 年前皇帝溥儀大婚壹角和貳角紀念幣 8. 吉林省造庫平一錢四分四厘銀幣 9. 袁世凱像壹角銀幣 10.1924 年在杭州鑄造的壹角銀幣
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銀元 右邊上面的兩枚樣幣是 17 世紀 50 年代在福建鑄造的，用于支付軍餉。中間的是龍 銀。左上角的兩枚錢幣是蘇維埃銀元。下面一排左邊的第一枚硬幣是 14 年前為紀 念貴州第一條公路的開通而鑄造的。剩下的四枚錢幣都是 10 到 15 年前的地方錢幣。
近代清政府造銅幣
左側和下方的圖片：中間上方是 1921 年 1 月在湖南省發行的壹圓。右下角是 1912 年黎元洪像銀元。左下角是 甘肅版的孫中山像銀元。
（未完待續）
( 轉載自《中國雜誌》，第 30 期，第 289-198 頁，第 361-366 頁；第 31 期，第 31 頁 -38 頁，第 81 頁 -90 頁；第 121 頁 -133 頁，第 167 頁 -172 頁）
注釋
17 筆者有幸成為顧問委員會成員之一。 18“A”型廠條于1933年9月首次生產，但很快就停產了。從1933年11月開始根據筆者的建議生產“B ”型廠條。事實證明“B ”型廠條使用非常方便，投產頗為成功。 * 還有幾套紀年為民國二十四年的鎳幣，它們由費城造幣廠鑄造，總共約有15套被送往中國檢驗。
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Chinese-Style Balinese Coins for Sacrifice Rituals found in Indonesia ◎ Zhou Bian〔Shanghai〕
Bali Island, Indonesia, is bordered on the west by the Bali Strait
Balinese culture has also been heavily influenced by China,
and Java Island, east by the Lombok Sela, north by the Java Sea,
as the Chinese entered the island in the 6th century AD, and
and south by the Indian Ocean. It is famous for its charming
Chinese copper coins, which were used as a medium of exchange
natural scenery and is known as the “Island of Paradise,” the
for goods, were introduced. In addition to being involved in
“Island of Poetry,” and the “Island of Immortals”. Bali was
local circulation as currency, the ancient Chinese copper coin
ruled by the Javanese for a long time before the 16th century.
is also an important tribute for Balinese Hindu rituals and is
The subsequent influx of foreigners created a golden age for
highly respected by the local people as a sacred object. After
Bali. From 1908, the Dutch ruled Bali for 34 years. After being
the Dutch colonizers occupied Bali at the beginning of the 20th
occupied by Japan during World War II, Bali was liberated with
century, Chinese copper coins were no longer circulated as
Indonesia's independence in 1949.
trading currency. As a result, the inflow of coins from China to Bali decreased. However, the tradition of using copper coins for
Hinduism reached the Indonesian archipelago as early as the
sacrifice rituals is deeply rooted in the people. In Bali, where
1st century AD. In the 4th century, the kingdoms of Kutai in
as many as 198 religious festivals are held throughout the year,
East Kalimantan, Tarumanagara in West Java, and Holing
large quantities of copper coins are needed for rituals, and
(Kalinga region) in Central Java established early Hindu states
the only way to meet the demand is to cast coins locally. The
in different parts of Indonesia. The most practiced religion in
Chinese-style Balinese coin for sacrifice rituals was thus created.
Bali is Hinduism, whose followers account for about 90% of
(Figure 1)
Bali's total population of 4 million, making it the only place in Indonesia where Hinduism is currently practiced. After hundreds
Figure 1 shows a Chinese-style Balinese coin for sacrifice rituals
of years of integration and adaptation, Balinese Hinduism has
in my collection. On the obverse are four Balinese characters in
a certain difference from the original Hinduism or Buddhism,
four directions. The one on the top pronounces “sa”, bottom “ta”,
and has unique religious practices, locally known as “Sikhism”
left “ba”, and right “ma”. The corresponding Balinese characters
or “Balinese Hinduism”. Followers of Balinese Hinduism mainly worship the three main celestial deities, namely, Brahma, Vishnu, and Lord Shiva. Also similar to Buddhism, Shakyamuni, the Helius, the God of Water, the God of Fire, the God of Wind, and Door Supernatural Being are worshipped. In Bali, the gods in religion dominate the daily lives of the locals, and all human activities are believed to be aimed at the will of the gods. Religious people have family temples in their homes, communities consisting of families have community temples,
Figure 1 A Chinese-style Balinese coin for sacrifice rituals
and villages have village temples, with more than 12,500
(inscribed with “four heavenly deities” on the obverse and
temples throughout the island.
“heaven and earth” on the reverse.)
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Figure 2 Balinese characters with corresponding pronunciations (four characters on the coin are marked)
Figure 3 The four Balinese characters on the obverse of the coin and the corresponding pronunciations
Figure 4 Two Balinese characters on the reverse and the corresponding pronunciations
are shown in Figure 2 and Figure 3. Some hold that the four
It is assumed that the Chinese-style Balinese coins for sacrifice
Balinese characters represent the four heavenly deities. Another
rituals found in Indonesia were cast in the early 20th century
view is that the four characters form a mantra or chant which can
after the Chinese copper coin could not circulate in Bali. Given
activate or increase the power of the gods and bless people to
the various text versions, there should be several casting sites in
fulfill the wishes and peace of the worshipper. The reverse of the
Bali or a long history of casting. The characters on these coins
coin has a Balinese character that pronounces “ah” at the top and
are arranged in four directions on the obverse and on top and
“ang” at the bottom as shown in Figure 4. The meaning of these
bottom on the reverse, which is the same arrangement as the
two characters is unclear. Some researchers believe that “ang” is
Chinese cash coins with square holes. The design shows the far-
an abbreviation of “angkasa” (sky), which symbolizes the heaven
reaching influence of Chinese numismatic culture in Bali.
where God lives. “Ah” is believed to be derived from the Balinese word “anglemah / lemah” (earth). If so, I speculate that the inscription on the reverse means “heaven and earth”. As for the inscription on the obverse, I am inclined to the explanation of “four
(Thanks to Wu Yue Yuan Zi for providing foreign language
heavenly deities”, as there are some Chinese and Japanese coins
information resources)
cast by the Buddhist temples with similar characters or designs.
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印尼發現的中國形制巴厘文祭祀錢 ◎ 周 邊〔上海〕
圖 1 中國形制巴厘文符（“四個 天神”背“天地”）祭祀錢
圖 2 巴厘文符與對應的巴厘文對照表 （紫色框為錢面四個文字對照）
圖 3 錢面四個巴厘文 圖 4 對錢背穿上下兩 符與對應的巴厘文 個巴厘文符號的識讀
印尼巴厘島（Bali Island），西臨巴厘海峽與爪哇島相望，
厘島，一年中各種與宗教有關的節日多達198個，需要大量
窮的自然景觀聞名于世，有“天堂之島” “詩之島” “神仙島”
的唯一手段。中國形制巴厘文祭祀錢就因此而產生了。 （圖1）
東為龍目海峽，北面和南面毗臨爪哇海和印度洋。以魅力無
的銅錢用于祭祀，當地自鑄銅錢以滿足需求是解決這個問題
等美譽。16世紀前好長一段時間裏，巴厘島由爪哇人統治。
在荷屬東印度硬幣沒有開始在巴厘島流通之前，中國形制巴
之後由于大批外來人口的湧入，造就了巴厘島的黃金時代。
厘文祭祀錢也作為貨幣使用過。
從1908年起，荷蘭人持續統治了巴厘島34年。“二戰”期間
圖1這枚中國形制巴厘文祭祀錢，為筆者所藏，在巴厘語中
又被日本佔領。1949年巴厘島隨印尼獨立而得以解放。
被稱為 Pis bolong( 巴厘島方片錢 )，在印尼語裏稱為 Uang
印 度 教 早 在 公 元1世 紀 就 傳 到 了 印 尼 群 島。 在4世 紀， 東
kepeng。其正面錢穿上下左右有四個巴厘文符，按上下右
（Tarumanagara）和中爪哇的胡林 (Holing，卡林加地區 )
A“的。對應的巴厘文字見圖2、圖3，均為巴厘文輔音。目
加裏曼丹的古泰（Kutai） 王國、 西爪哇的塔魯馬那加拉
左讀音為 ：sa,ta,ba,ma,（薩塔巴嘛）也有順讀作“Sa Ba Ta
相繼在印尼不同地區建立了早期的印度教國家。巴厘島宗教
前認為四個巴厘文符代表四個天神。另有一種觀點認為是
90% 左右，是印尼目前唯一信仰印度教的地方。經過數百
力，得以護佑實現祭祀人的願望與平安。錢背穿上下各有一
信仰人數最多的是印度教，其信徒占巴厘島400萬總人口的 年的融匯變通，巴厘島的印度教已與正宗的印度教或佛教有
四個字組成一個咒語或頌詞。這段咒語可以啟動或增加神 個巴厘文，兩個文符都帶有巴厘文母音 a。分別是“ah”和
了一定的區別，並有着自己獨特的宗教習俗，當地人稱之為
“ang”, 見圖4。文字與意義的解讀尚不明確。有研究者認
梵天、毗濕奴和濕婆神三大天神。此外還與佛教類似，也供
或天神。“Ah”則認為是從巴厘語“anglemah/lemah”（意
“興都教”或“巴厘印度教”。 巴厘印度教的信徒主要供奉
為“ang”是“angkasa”( 天空 ) 的縮寫，象徵神住的天堂
奉釋迦牟尼，太陽神、水神、火神、風神、門神等。在巴厘島，
為 ：大地）象徵“地母”中來的。從而推測，如果錢幣背文
以神的意志為宗旨。教徒家裏都設有家廟，家族組成的社區
的文字，我傾向于以“四個天神”解讀。因為中國和日本的
這種解讀正確的話，是否是“天地”的意思。對于錢幣正面
宗教裏的神主宰着當地人的日常生活，人類的一切活動都要 有神廟，村有村廟，全島有廟宇12 500多座。
有些佛寺鑄的寺廟錢穿四周也有相似的文字或圖案。
巴厘文化也深受中國的影響，自公元6世紀開始，中國人開
印尼巴厘島發現的中國形制巴厘文祭祀錢，其鑄造時間應該
除作為貨幣參與在當地流通外，中國古代銅錢也是巴厘印度
式來分析，應該在巴厘島內有多處鑄造地點或有長時間的鑄
在20世紀初中國銅錢不能流通之後，從發現有多種文字版
始進入巴厘島，用作商品交易媒介的中國銅錢也隨之傳入。
造歷史。採用中國形制的方孔圓形及面上下右左、背上下的
教祭祀活動重要的貢品，被當地百姓認為是神聖之物而深受
尊敬。20世紀初荷蘭殖民者佔領巴厘島後，中國銅錢不再
文字排列，可見中國錢幣文化在巴厘島的影響之深遠。
作為交易貨幣流通。因此，從中國流入巴厘島的錢幣日漸減 少。但將銅錢用作祭祀用品的傳統則在民間根深蒂固。在巴
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I Never Dreamed It Would Come True ◎ Ge Zukang〔Hangzhou〕
I have been keen on collecting pretty and fun things since I was
medals, not to mention getting my hands on a machine to strike
a kid. I began to collect stamps in 1956, and since then, I have
any of them.
embarked on the track of collecting a wide variety of objects. My collection includes matchbox stickers, stamps, ancient coins,
On September 7th, I had the honor to be invited by Michael
foreign silver coins, vintage coins, paintings, calligraphy, jade,
Chou of Champion Auction to attend the first striking ceremony
awards, medals, clocks, watches, and cans. After I discovered
for the Macau Numismatic Society 10th Anniversary Panda
modern Chinese precious metal coins in 1979, I decided to
Commemorative Medal at Shanghai New Century Minting Co.,
collect them for the rest of my life!
Ltd. On the morning of September 8, I took more than an hour's ride to the New Century Minting Co., Ltd. On the way, I was
My salary was only a few dozen yuan initially, so it was
thinking that the machine used for striking coins and medals
impossible to collect precious metal coins. Therefore, I could
must be in a very large workshop and the rumbling sound of the
only start by collecting information and pictures. After years of
machine would be unceasing. How would such a large machine
hard work in 1998, I published the book A Catalog of Modern
operate? Will I strike off and waste a blank? As I was thinking
Chinese Precious Metal Coins and Medals (《 中 國 現 代 貴 金
about these things along the way, I even failed to catch what
屬幣章目錄》) as a reference for myself. In 2003, the Luwan
Michael Chou sitting in the passenger seat said when he talked
Worker’s Market was crowded with coin dealers, and the
to me a couple of times.
secondary market was gradually maturing. The 2003 edition of my catalog caused a sensation in the market. In 2011, I published the Illustrated Catalog of Modern Chinese Precious Metal
Coins and Medals (《中國現代貴金屬幣章圖譜》) which was released and distributed by China Finance Press. The catalog helped many modern Chinese precious metal coins to appreciate in value! Later on, I got acquainted with many of the masters of coin designing and engraving, such as Chen Jian, Tong Youming, and Wang Fude after visiting several mints in China. I gained a certain understanding of the design, die-making, and production process of modern Chinese precious metal coins. Based on my successful investment in circulating coins, I collected many rare gold coins of up to 2 ounces in weight, and gold medals all of Illustrated Catalog of Modern Chinese Precious Metal Coins and Medals
which were released at overseas coin shows. Yet, over the years, I have not witnessed the actual production of modern coins and
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When arriving at the New Century Minting Co., Ltd., I only saw
When the grand first strike ceremony was about to begin, we
a very distinctive and quite small building located in a garden
entered the operating room to start the first strike ceremony.
rather than a large plant. A leader at the mint was already waiting
This room is a modest office with two modest striking machines
for reception, and he took us up to the second floor by lift. We
side by side, not at all the large and loud striking machines
passed along several offices and reached the reception room. We
I imagined. This is the most advanced striking machine
admired a wide range of new products in the display case, and
specialized for the trial production of new products in China.
soon Yi Shizhong, the director of the mint, arrived. I had heard of Yi Shizhong in the initial stages of my collecting modern
After a staff gave a demonstration, Yu Min was the first to strike.
precious metal coins and medals because of the huge blockbuster
His hands gently pressed the start button, and the machine ran.
created by his Ten Marshals medals. I had previously heard that
A beautiful commemorative medal was made. At this time, my
it was his son who was running this company, so it did not occur
nervous and apprehensive mood quickly calmed down.
to me that Mr. Yi would come to receive us personally. I was the second to strike. I was still a little nervous. My fingers When the legendary Yi Shizhong came, we went to his office
pressed tightly on the button, as I was afraid that it would fail
which was full of a sense of art. I was refreshed by the paintings,
if I released the button. In a matter of seconds, a completed
the artistic medals, and his hand-engraved plaster in the office.
medal was presented on the machine. I held the medal gently.
After all, this was the elegant office of an artist. I had the honor
A beautiful medal was successfully struck! Later I was told
of taking a picture with Yi Shizhong in front of the artwork in
that as long as you press the start button, the machine will
his office.
begin to strike, and the button can be released, as the machine will automatically complete the program to strike. Looking
Other guests invited to the first strike ceremony were Yu Min,
at the Macau Numismatic Society 10th Anniversary Panda
former senior designer of the Shanghai Mint and judge of the
Commemorative Medal, which was just minted, its sandblasting
Coin of the Year Award, Mateo Zhao, CCG Asian Business
is even and delicate like the morning mist, and the mirror surface
Development Vice President, and Deng Weibin of the World
glitters with light without a trace of imprint. The two giant pandas
Platinum Investment Council. Yu Min who designed and
are especially cute with their fluff of two colors. As it was the
engraved the Macau Numismatic Society 10th Anniversary
first commemorative medal that I made with my own hands, it
Panda Commemorative Medal hand signed 100 certificates. I
increased my love for this medal, and afterward, I was fortunate
captured this extremely meaningful moment and took photos and
enough to get a 2 oz. Macau 10th Anniversary Gold Medal.
videos for record. After Yu Min signed the last certificate, we took a group photo at the suggestion of Yi Shizhong.
My experience in collecting dozens of overseas gold show
Yu Min, Michael Chou, and Yi Shizhong examining the first strike coin
Striking the Macau Panda Medal
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Showing the Macau Panda Medal
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medals is quite interesting. When I collected modern Chinese
1997 Munich International Coin Show in Germany, the People's
precious metal coins, I found that some of the gold and silver
Bank of China issued a total of 19 silver overseas show medals
medals without denomination were even more beautiful, fine,
and 30 gold ones (including platinum, palladium, and bimetal
and culturally significant than some of the coins. These medals
types). After 1997, there were so many orders commissioned
also reflect the culture and famous sites of China and the host
by foreigners that the People's Bank of China stopped issuing
country. In particular, most of the overseas show medal feature
overseas show medals from 1998 onwards.
China’s unique endangered giant pandas on the obverse side. These pandas are different from those on the issued panda coins,
It was regretful to see such the medal program stopped, so
as they are specially designed by the artists for the overseas
I suggested in many meetings to continue the issuance of
show medals, with the names of pandas such as Tongtong and
overseas show medals, but there was no response for ten years.
Lanlan inscribed. Therefore, these medals are deeply loved by
Fortunately, such an excellent theme was continued by Panda
panda enthusiasts.
America in 2012. After more than a decade, the Singapore International Coin Show Medal was issued in 2012, followed
To this end, I specialize in research on overseas show medals by
by the U.S. Coin Show in Long Beach, the World Numismatic
visiting the designers and engravers. They said that the leaders
Exhibition in Berlin, Germany in 2012, and the 60th-anniversary
of the mints paid great attention to the design and manufacture
gold and silver medal for the U.S. Coin Show in Florida.
of the overseas show medals and talked to them especially, as these medals show the level of minting in China.
It is Champion Auction that has really continued and carried forward the overseas show medals. Since 2014, Champion
China did not produce modern precious metal coins until
has worked with the Macau Numismatic Society to issue
1979, as the last of the world's major countries to issue modern
commemorative medals in platinum, gold, silver, and copper
precious metal coins. It is a product of reform and opening up.
for the annual meeting of the society. Since 2016, palladium,
At that time, China had no international sales channels, nor
gold, silver, and copper medals have been issued for the World
had international collectors and dealers been aware of China's
Money Fair in Berlin, Germany, and gold, silver, copper, and
minting ability. Meanwhile, the reform and opening up needed a
three-colors (copper, white copper, and brass) medals for the
large number of foreign exchanges urgently, so it was necessary
ANA International Coin Show, in Anaheim. The design and
to publicize more and get more orders.
production of these medals contain a lot of new thinking and new technology, such as the use of nanometers, polymer,
The mintage of Chinese overseas show medals is limited, and
and other new materials, to produce medals that collectors
they are only sold at international coin shows. The medals which
appreciate. These medals are often sold out on the first day of the
did not sell at the shows would be melted in time to produce
show. I hope that Champion Auction will continue the overseas
new medals for the following shows. The best of these medals
show medal programs and make better medals for numismatists.
are the favorites of international coin collectors. As I understood the value of these gold and silver medals, I started collecting my first overseas gold show medals on September 20, 1994. I had collected for 10 consecutive years and managed to collect all these medals in 2003. When I worked on the catalog of precious metal coins and medals of the People's Republic of China in 2003, I added information about all the overseas precious metal show medals issued by China in the catalog, to facilitate the
Ending
numismatists for reference. From the 1984 Hong Kong International Coin Show to the
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做夢都想不到的竟然成真 ◎ 葛祖康〔杭州〕
我從小就喜愛收集一些漂亮、好玩的東西。從1956年集郵
落在一個花園裏，顯得那樣幽靜。廠裏負責接待的領導已經
幣、外國銀幣和機製幣、字畫、玉器、獎勳徽章，鐘錶、易
接待室。我們正在欣賞公司展櫃裏琳琅滿目的新產品，很快
開始走上正軌的收藏之路，先後收集過火花貼、郵票、古錢
在等着，帶我們坐電梯上了二樓，穿過幾個辦公室來到一個
開罐等。自從1979年發現了中國現代貴金屬紀念幣後，就
公司董事長裔式忠先生來了。裔式忠這個名字在我收藏現代
決定後半輩子收藏現代貴金屬幣。
貴金屬幣章的最初階段 , 就因為他生產的中國十大元帥紀念 章的熱銷，形成社會的巨大反響而如雷貫耳！之前聽說他公
初期工資只有幾十元，收藏貴金屬錢幣還不現實，只能先從
子在經營這個公司，沒想到裔董事長親自來接待我們。
收集資料和圖片開始。經過多年的努力于1998年編輯了一本
《中國現代貴金屬幣章目錄》作為自己收藏的參考。2003
當傳奇人物裔式忠董事長來了，一下子我們都集中到了他的
《中國現代金銀幣章目錄》在盧工內部交流引起一陣轟動。
名畫和他特意放大了的產品藝術紀念章，以及他手雕的石膏
年盧工市場商戶雲集，二級市場逐步成熟，我編寫的2003版
辦公室，一個極富藝術氣息的辦公室，使我耳目一新，世界
在2011年我又編輯了《中國現代貴金屬幣章圖譜》 ，由中國
模相得益彰的佈置在一個辦公空間，其藝術感染力油然而
金融出版社出版發行，使很多中國現代貴金屬幣實現了價值
生！畢竟這是藝術家的辦公室，就是典雅。我有幸和裔式忠
回歸！
大師在他的辦公室藝術品面前合影。
後來在參觀了國內幾個造幣廠，結識了造幣廠陳堅、童友
這次應邀參加首打儀式的還有上海造幣有限公司工藝美術
師後，對中國現代貴金屬幣的設計，
人趙振陽先生，以及世界鉑金投資協會鄧偉斌先生。這次首
明、王福德等很多造幣工藝美術大
大師、國際硬幣大獎賽評委余敏先生，NGC 上海地區負責
製模和生產過程有了一定的瞭解。
打的澳門錢幣學會熊貓10周年紀念章的設計雕刻師就是余
關鍵還是通過流通紀念幣的成功投
敏先生，一百張鑒定證書讓余敏先生在簽名。我抓住這極有
資，才能收集了2盎司以下的金幣精
意義的瞬間拍了照片和錄影。余敏先生簽好最後一張證書，
品和1997年前央行發行的所有外展
在裔董的提議下我們一起合影。
金章。但是這些年來並沒有目睹過 實際的現代幣章生產，更沒有夢想 2011年版
隆重的首打儀式就要開始了，很快我們進入了機房現場，開
親手上機壓鑄過任何一枚幣、章。
始了首打程式。這個機房就是一間不大的辦公室，並排放着 兩臺不大的精密壓鑄機，完全不是我所想像的在機聲隆隆的
今年9月7日有幸受香港冠軍拍賣公司周邁可先生的邀請，
大廠房裏的高大壓鑄機！這是新世紀公司國內最先進，專做
在上海新世紀紀念幣有限公司舉行“澳門錢幣學會熊貓紀念
新產品試鑄的精密壓鑄機械。
章10周年紀念”的首打儀式。9月8號上午坐了一個多小時
的車趕往新世紀公司，路上我在想今天要壓鑄紀念章的機器
由工作人員作了壓鑄示範後，先由余敏先生首開先河，只見
機器如何操作，會不會壓偏了，浪費了坯餅。一路上都在想
出了一枚精美的“澳門錢幣學會熊貓紀念章十周年紀念”鉑
一定是在很大的車間裏，隆隆的機器聲會不絕于耳。很大的
他雙手輕輕按壓啟動按鈕，機器幾個連續動作，就成功壓鑄
着這些事。坐在副駕駛位上的周邁可先生和我說話，有好幾
金章。這時我緊張而忐忑的心情很快就平復了下來。
次我都沒有注意聽清楚。
接着聽到讓我上機壓鑄，我還是有些緊張，兩只手指自始至
到了新世紀公司沒看到廠房，只看到一幢很別致的小樓，坐
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鐘，機器的脫料杆就把一枚壓鑄好的紀念章頂出模腔，我
色的光亮，沒有一絲印痕。兩個大熊貓的絨毛黑白分明，尤
只要按動啟動按鈕，機器開始壓鑄了就可放掉按鈕，壓鑄機
這個章的喜愛之情，事後我有幸收藏了一枚2盎司澳門10周
輕輕一拿，一枚漂亮的鉑金紀念章就成功鑄成！後來才知道，
其可愛。由于是自己親手壓鑄的首枚紀念章，更增加了我對
會自動完成所設定的程式鑄出成品來。看着剛壓鑄出來的澳
年紀念金章。
門10周年鉑金紀念章，噴砂均勻細膩如晨霧，鏡面閃着黑
余敏、周邁可、裔式忠檢查首打紀念章
我親手打製澳門熊貓紀念章
說起我收藏這幾十枚外展金章的經歷還是很有意思的。在我
目錄裏，以便收藏愛好者查閱。
銀紀念章比一些錢幣更漂亮、更精細、更有文化內涵，而且
從1984年香港國際硬幣展至1997年德國慕尼克國際錢幣展，
的正面都設計了我國特有的瀕危物種大熊貓的圖案，這些大
鈀、雙金屬共30枚。1997年後外商委託的訂單多得都來不
收集中國現代貴金屬幣資料的時候，發現有些沒有面額的金 基本反映了兩國的文化和著名景點。特別是絕大多數外展章
中國人民銀行共發行外展紀念銀章19枚，紀念金章含鉑、
熊貓圖案是和所有已發行的熊貓幣的圖案都不相同，是藝術
及做，所以從1998年起中國人民銀行就停止發行外展紀念
大師們專為外展章設計的大熊貓圖案，而且還在章上鑄上了
章了。
大熊貓 : 童童、蘭蘭等的名字，深得熊貓愛好者的喜愛！
眼看這麼好的項目停掉太可惜了 , 我在多次會議上建議繼續
為此我就對外展章專門進行了研究，訪問了設計雕刻製造這
發行外展章 , 可十年毫無信息。
些章的造幣廠工藝美術大師們，他們說設計製造外展章，領
導很重視，專門找了他們談話，和他們說明這些外展紀念章
還好這麼優秀的題材被美國熊貓公司在時隔十多年後的
要真正體現出我國的造幣水準。
2012年發行了新加坡國際錢幣展和2013美國長灘錢幣展、 德國柏林世界錢幣展、2015年美國佛羅里達州錢幣展60周
我國自1979年才發行現代意義上的貴金屬紀念幣，是世界
年金銀紀念章而延續了下來。
上大國中最後一個發行貴金屬紀念幣的國家，是改革開放的 產物。當時我國在國際上沒有銷售管道，國際上收藏者和經
真正把外展章延續併發揚光大的是香港冠軍拍賣公司，自
匯，所以要多宣傳自己，爭取更多的訂單。
年會鉑、金、銀、銅等系列紀念章。2016年又發行了德國
銷商都還不了解中國的造幣水準，而改革開放又急需很多外
2014年、2015年和澳門錢幣學會合作發行了澳門錢幣學會
柏林世界錢幣展鈀、金、銀、銅等系列紀念章和美國錢幣協
我國的外展章發行量不大，只在國際錢幣展會上銷售。過期
會安娜海年會金、銀、銅及紫、白、黃銅三色銅紀念章。在
回收的外展章會及時返熔，做下一屆的章，這些章的精品基
設計和製作中他們採用了很多新思維、新技術，使用了納
本都是國際錢幣收藏家的最愛。我瞭解到這些金銀章的可貴
米、聚合物等新材料，製造出一枚又一枚使收藏愛好者愛不
之處，自1994年9月20日收集到第一枚外展紀念金章開始一
釋手的外展章，往往在展會的開幕第一天就銷售一空。真希
發而不可收，鍥而不捨連續十年到2003年才集齊了所有外
望香港冠軍拍賣公司把外展章項目一直做下去，越做越好 !
展紀念金章。同時我在2003年編輯中華人民共和國貴金屬
為收藏愛好者、收藏家做出更多更好的外展精品章來。
幣章目錄時，就把我國發行的所有貴金屬外展章資料編輯在
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向大家展示親手打製的紀念章
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An Exploration of the 1985 One-Yuan Proof Panda Commemorative Copper Coin King Chan〔Hong Kong〕
1985, the Illustrated Catalog records 5 gold coins, 1 silver coin, and 1 copper coin, while the Complete Catalog records 5 gold coins and 1 silver coin, without copper coin. In addition to the Complete Catalog of Modern Chinese Gold
and Silver Coins , the record of the Panda Commemorative Copper Coins from 1983 to 1985 in various official catalogs is as follows: 1985 One-Yuan Panda Commemorative Copper Coin made by the Shanghai Mint in a green paper clip
The first volume of the Catalogue of Modern Chinese Gold
and Silver Commemorative Coins and Medals (《中國現代金
銀 紀 念 幣 章 圖 錄 》) published in 1988: only 1983 and 1984
commemorative copper coins are recorded, with no record of the
The 1985 One-Yuan Proof Panda Commemorative Copper Coin
1985 coin;
is one of the rarest new Chinese coins, and it is also one of the most valuable and legendary varieties of panda commemorative coins. The authenticity of this coin was questioned by the
The Chinese Panda Copper Coin Chapter in the Chinese Panda
collectors when it first appeared, as it was not documented in
Gold and Silver Coin Catalogue (《中國熊貓金銀幣圖錄》)
any issuance announcement or official catalog. A coin of this
published in 1991: only 1983 and 1984 Panda Commemorative
kind presented as a souvenir without formal circulation has
Copper Coins are recorded;
been appreciated by about 250,000 times (NGC PF68, realizing The Chinese Modern Commemorative Coins and Medals (《中
$30,000 at the Heritage Auction in December 2022) after 37
国现代纪念币附纪念章》) published in 1991: only 1983 and
years. Another 1985 Panda Commemorative Copper Coin
1984 Panda Commemorative Copper Coins are recorded;
graded NGC PF69 was sold for 500,000 yuan at an auction in the mainland in 2022. The following is a report of my tracking
A Catalogue of the Currencies of the People's Republic of China
and research on this coin over the past 20-plus years.
(《中華人民共和國貨幣圖錄》) published in 1993: only 1983 and 1984 Panda Commemorative Copper Coins are recorded;
Published by the Encyclopedia of China Publishing House in October 2000, the Complete Catalog of Modern Chinese
Gold and Silver Coins (《中國現代金銀紀念幣大全》), with
The Complete Book of Modern Chinese Gold and Silver Coins
detailed information and exquisite pictures, is a tool for many
(《中国现代金银币大全》) published in 2000: only 1983 and
gold and silver coin enthusiasts, and its authority is indisputable.
1984 Panda Commemorative Copper Coins are recorded;
However, when compared with the Illustrated Catalog of
Precious Metal Coins of the People's Republic of China (1979-
The Illustrated Catalog of Precious Metal Coins of the People's
1985) (《中華人民共和國貴金屬紀念幣圖錄》) published by
Republic of China published in 2006: it documents the images
Southwestern University of Finance and Economics Press, it is
and specifications of the 1985 Panda Commemorative Copper
found that among the pictures of panda commemorative coins of
Coin, as well as the mintage of the proof copper coin, that is,
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1,000 pieces;
between the Shanghai Mint and the Canadian Sherritt Company for the introduction of production equipment, the Shanghai Mint
The part about China in the Krause Standard Catalog of World
struck a small number of 1985 Panda Commemorative Copper
Coins 1901-2000 published in 2009: only 1983 and 1984 Panda
Coins after modifying the 1984 coin dies and presented them to
Commemorative Copper Coins are recorded;
Canadian guests. The rest of the coins were used as gifts to the leaders of the Shanghai Mint as gifts when visiting Japan and the
It was not until 2006 that the Illustrated Catalog of Precious
British Mint. Only 50 coins were minted.
Metal Coins of the People's Republic of China began to officially document the 1985 Panda Commemorative Copper Coin. The
Due to the scarcity of this coin and the lack of official records,
following is what I know about this copper coin.
it is not recorded in the U.S. Krause Catalog of World
Coins (1901-2000). When I sent it to NGC for grading, it was The 1985 One-Yuan Panda Commemorative Copper Coin was
returned by NGC. To this end, I submitted the coin to NGC
hard to find on the market over the years so that many coin
again via the Mr. Robert of the US together with the verification
collectors only know about the 1983 and 1984 copper coins.
letter from China Gold Coin Corporation about this coin, Mr.
I have heard from the “the King of Chinese Panda Coins”
Huang Ruiyong's auction records, and the picture of the coin.
(collector Mr. Yuan Xiong 袁雄 ) mentioned in 2003 that there
Through great efforts, NGC finally agreed to certify the 1985
is a third “copper panda”. However, I had never seen one before,
Panda Commemorative Copper Coin in the future.
so I could not be sure of its existence. Looking back on this experience, I feel that the China Gold Around 2003, a small number of 1985 Panda Commemorative
Coin Corporation has paid sufficient attention and concern to the
Copper Coins appeared in the market, and only occasionally 1
study of these controversial coins by sending its staff to assist
piece came out from time to time. I saw some without covers or
in the investigation and verification. The conscientious attitude
in poor condition, but there are also some with the original green
will be of great benefit to the restoration and recording of the
paper clip from the Shanghai Mint of the China Mint Company.
information on modern gold and silver coins!
At that time, the coin in the worst condition was about 6000 yuan, while the perfect condition could be sold at 12 000 yuan, which
In addition, the 1994 and 1995 platinum 1/20-ounce small panda
shows the great influence of the condition on the price of the coin.
coins were not commonly seen on the market and were once suspected not to have been issued. After contacting the China
In 2005, during the preparatory stage of the Illustrated Catalog
Gold Coin Corporation, I verified that these two small platinum
of Precious Metal Coins of the People's Republic of China ,
panda coins did have a production record, but they were minted
I was invited to participate in the symposium on editing and
by the Australian Mint with platinum purchased locally. Some of
publishing, and I submitted a list of disputed coins to the China
these coins were designed into necklaces to be sold, so it is no
Gold Coin Corporation, requesting that they should be examined
wonder that platinum coins are rare! Later, I specially collected
one by one, which included the 1985 Panda Commemorative
a platinum panda necklace as a souvenir.
Copper Coin. Through the assistance of various parties, it was confirmed that the Shanghai Mint did produce this copper coin
As for the 1983 and 1984 proof Panda Commemorative Copper
with a mintage of 1,000, and the Illustrated Catalog was able
Coins, the Panda American Company gifted them to those who
to “recover” the missing panda coin absent from the Complete
purchased gold and silver panda coins, so the customers did not
Catalog of Modern Chinese Gold and Silver Coins !
purchase them specially. Their retail price was very cheap at 1 dollar. Its packaging is very interesting, that is, the copper coins
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After an in-depth study, China Gold Coin Corporation found
were encapsulated in a postcard with panda patterns. Black card
that there was no plan to issue the 1985 Panda Commemorative
packages were also available in Europe, and most are in good
Copper Coin. In May 1985, in order to celebrate the cooperation
condition.
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中國造幣公司上海造幣廠1985年壹圓綠卡裝幀熊貓紀念銅幣
1985年精製版壹圓熊貓紀念銅幣探源 ◎ 陳景林〔香港〕
1985年精製版壹圓熊貓紀念銅幣可以說是新中國錢幣家族
好者的收藏工具書，其權威
種之一。此幣最初出現時，因為沒有任何發行公告或官方目
西南財經大學出版社出版的
中的一朵奇葩，是熊貓紀念幣中最為貴重和富傳奇色彩的品
性 毋 容 置 疑。 然 而， 再 與
錄記載，以致真偽性受到收藏界的質疑。作為一枚呈贈紀念
《中華人民共和國貴金屬紀
與價值再發現後，竟然升值約25萬倍（NGC PF68完美，見
照，細心的朋友會發現在收
品而未經正式流通的銅質熊貓紀念幣，經歷了37年的沉澱
念幣圖錄》（1979-1985）對
2022年12月海瑞得拍賣會成交價3萬美元），而另一枚品相
錄的1985年版的熊貓紀念幣
完美 NGC PF69分的1985年熊貓紀念銅幣，2022年在中國
圖片中，《圖錄》記載了5枚
大陸某拍賣會中成交價50萬元。以下是過去20多年來筆者
金幣、1枚銀幣、1枚銅幣。而《大全》記錄了5枚金幣、1
對此幣的跟蹤與研究報告。
枚銀幣，卻缺少了1枚銅幣。
由中國大百科全書出版社于2000年10月出版的《中國現代
實際上，不只《大全》 ，對比各官方圖錄，1983-1985年版
金銀紀念幣大全》 ，資料詳實、圖片精美，是眾多金銀幣愛 J
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1988年《中國現代金銀紀念幣章圖錄》第一輯 ：僅記錄
年確曾生產這枚銅幣，發行量為1 000枚， 《圖錄》也得以“尋
1991年《中國熊貓金銀幣圖錄》中國熊貓銅幣篇 ：僅記
中國金幣總公司深入研究後，發現當年原本並無1985年“銅
1983、1984年熊貓紀念銅幣，無記錄1985年版 ；
回”《大全》失蹤之“貓”矣！
錄1983、1984年熊貓紀念銅幣 ；
貓”的發行與立項計劃。直至1985年5月，為慶祝上海造幣
廠與加拿大 Sherritt 公司合作引進生產設備，中國造幣公
1991年《 中 國 現 代 紀 念 幣 附 紀 念 章 》：僅 記 錄1983、
司上海造幣廠用1984年“銅貓”模具修改後鑄造了少量的
1984年熊貓紀念銅幣 ；
1985年號“銅貓”贈予加拿大外賓。其餘的幣用作送贈上
海造幣廠領導和作為出訪日本、英國造幣廠的饋贈禮品。實
1993年《 中 華 人 民 共 和 國 貨 幣 圖 錄 》：僅 記 錄1983、
鑄量僅50枚。
1984年熊貓紀念銅幣 ；
同樣由于此幣鮮有出現，也沒有官方紀錄，美國克勞斯世界
2000年《中國現代金銀幣大全》：僅記錄1983、1984年
硬幣目錄（1901-2000年）並未記載，以致筆者送呈 NGC
熊貓紀念銅幣 ；
進行評級時，卻被對方因故退回。為此，筆者搜集中國金幣 總公司有關此幣核實信函、黃瑞勇先生的拍賣成交記錄和實
2006年《中華人民共和國貴金屬紀念幣圖錄》：有記載
物圖片，經由美國 Robert 先生的推薦，轉發給 NGC 審閱，
1985年熊貓紀念銅幣圖片、規格，以及精製銅幣的發行量 ：
經多方努力，終得到 NGC 認可，同意開放今後1985年版熊
1 000枚 ；
貓紀念銅幣的認證服務。
2009年《克勞斯世界硬幣目錄1901-2000》中國篇 ：僅
回顧這段經歷，筆者感到中國金幣總公司方面對于該枚爭議
記錄1983、1984年熊貓紀念銅幣。
幣的研究給予了足夠的重視和關注，並派員協助調查和核 實，這種認真仔細的態度對現代金銀幣資料的還原和記錄將
細看這些記錄，會發現直到2006年《圖錄》才開始正式記
有莫大裨益！
載1985年熊貓紀念銅幣。以下是筆者所記關于這枚銅幣的 一點往事。
其外，1994年、1995年鉑金1/20盎司小熊貓紀念幣市場上
1985年熊貓紀念幣中的一枚壹圓銅幣，多年以來市場難見
公司方面聯繫，核實此二枚“小鉑貓”確有生產記錄，不過
不常見到，也一度被懷疑並未發行。筆者經過和中國金幣總
蹤跡，以至很多幣友只知1983、1984“銅貓”兩枚紀念幣
是由澳大利亞造幣廠在當地購入鉑金並且鑄造，而且部分設
而已。到2003年左右，筆者曾聽“中國貓王”（收藏家袁雄
計成項鏈出售，難怪鉑幣少見！筆者其後特別收藏一枚鉑貓
先生）提到有第三枚“銅貓”，唯一直未見實物，不敢肯定
項鏈，以資紀念。
其存在。
至于1983、1984年精製銅貓紀念幣，美貓公司當年銷售時，
直到2003前後，市場陸續出現小量1985年“銅貓”，最初流
多隨“金銀貓”的訂購而贈送給老客戶，並不需要特別購買
出來的並不多，僅偶爾1枚而已。筆者所見有些無封套，有
的，即使零售價格也非常相宜，象徵式的1美元，其包裝也
些品相很差，但也有一些是帶有中國造幣公司上海造幣廠
很有意思，是把銅幣塑封在一張印有熊貓圖案的明信片卡
綠色紙質原裝幣夾的（見圖）。當時市場上的成交情況 ：最
中。歐洲方面也有黑卡封裝，大部分品相精美。
差品相的約在6 000元，而完美品相的則可12 000元間成交， 可見品相對其價格的影響之大。
2005年《中華人民共和國貴金屬紀念幣圖錄》籌備階段，
Ending
筆者應邀參與編輯出版座談會時，曾提交一份具爭議幣清 單交給中國金幣總公司，請求一一查考，其中就包括1985年
“銅貓”。通過各方協助考證，中國造幣公司上海造幣廠當 88
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The Experience of National Salvation Bonds from Singapore and Malaysia ◎ Stephen Tai〔 Taipei〕 The National Salvation Bond (Fig. 1) was the first large-scale debt issued to raise funds for the Second Sino-Japanese War by the Republic of China government after the outbreak of the War of Resistance. On September 1st, 1937, the bonds were officially issued, including six face values ranging from ten thousand dollars, one thousand dollars, one hundred dollars, fifty dollars, ten dollars to five dollars, totaling five hundred million dollars. The annual interest rate was 4 %, and the principal would be repaid once a year by drawing lots in the following 30 years from 1941.1
Overseas Chinese in the Southeast Asia Purchased Bonds to Serve the Nation
Whenever China is in trouble, overseas compatriots uphold their
Fig. 1 A 1000-dollar National Salvation Bond issued by the
patriotism and donate enthusiastically, even in wartime. By the
Republic of China government in 1937 after the outbreak of the
end of 1937, over 220 million dollars had been raised in only
war.
four months after the issuance of the National Salvation Bond, contributing to 27% of the annual national revenue, of which a large portion came from overseas compatriots. According to
Despite the enthusiastic response from the overseas Chinese who
statistics, some 8.7 million overseas Chinese resided in various
were eager to donate, they did not realize that the bonds issued
places during the war period. About 8.36 million people who
during the Sino-Japanese War, including the National Salvation
lived in Asia accounted for the majority of overseas Chinese,
Bond, were all domestic debts of China. Once these bonds were
and as for those who lived beyond Asia, some 80,000 Chinese
raised funds beyond China, there would be a series of problems
Americans accounted for the largest number. The overseas
such as the political attitude of the local government, financial
Chinese immediately became the target of fundraising during
laws, and jurisdiction. The National Salvation Bond was the first
the Sino-Japanese War. They subscribed for more than one-third
bond to be issued during the war, so it was the first to encounter
of the total, and the largest contribution was made by those who
problems. How to solve these problems? The destiny of the
2
National Salvation Bond was also of great significance to other
lived in British Straits Settlements.
Note ：
1 For a detailed introduction of the National Salvation Bond, please refer to the third part of the book From Interest Borrowing and Lending to Patriotic Bonds: A Detailed Account of Early Chinese Domestic Bonds (1894-1949) by Stephen Tai, pp. 191. Business Weekly Publishing House. September 2017. 2 Stephen Tai, From Taiwan Coastal Defense Borrowing to Patriotic Bonds: Counting the Early Chinese External Bonds (1874-1949) . Part II – Chapter III: The Bonds Circulating Beyond China during the War Period. pp. 191. Business Weekly Publishing House. September 2017.
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war bonds to be issued in Southeast Asia later.
The Stamp Duty in Singapore and Malaya
Problems Faced by the National Salvation
From the 17th century, European countries generally taxed all
Bond
kinds of deeds and certificates of title, and such taxes became an important source of government revenue. It is called stamp duty
The overseas Chinese in Singapore proposed to set up a
because a stamp will be made on the certificate as proof of tax
committee for raising funds through the National Salvation
payment. In the 19th century, stamp duty was also commonly
Bond on September 12, 1937, but it was suspended due to the
applied to stocks and bonds, and became a security transaction
jurisdiction of the local government and the objection of the
tax. In addition to stamping, tax stamps were later affixed to the
British government.
certificate. Since the late Qing dynasty, the stamp duty had been imposed on Chinese bonds by the overseas countries where the
After diplomatic negotiations between China and Britain, Sir
transaction took place. For example, Fig. 3 is a 1898 Chinese
Shenton Thomas, the High Commissioner of the Federated
Imperial Government Gold Loan. It had been transacted in
Malay States, agreed to make concessions and applied to the
Britain, France, and Holland, so it was subjected to the stamp
Colonial Office in London on an ad hoc basis. However, one
duties by these three countries. Fig. 4 is a 1907 Chinese Imperial
of the conditions was that the British side retained the right
Canton-Kowloon Railway Gold Bond, and it was subject to
of consent to leaders of the fundraising committee. Tan Kah
stamp duty by the United Kingdom when issued in London.
田 ), Tan Chin Hian ( 陳 振 賢 ), Tan Ean Kiam ( 陳 延 謙 ) and
As for the National Salvation Bond, although it was a kind
other overseas Chinese leaders were selected, while some of the
of Chinese domestic bond, and the buyers were all overseas
candidates purposed by the Chinese government were excluded
Chinese, local governments imposed taxes as it was transacted
from the committee. Another condition was that the bonds
overseas. It was legitimate, and the Chinese side could do
could only be raised from the overseas Chinese community in
nothing about it. But these overseas Chinese who aspired to
Singapore and Malaysia and it should not be issued to the public.
serve the motherland were undoubtedly heavy-laden.
Kee ( 陳 嘉 庚 ), Hu Wen Hu ( 胡 文 虎 ), Lam Mun Tin ( 林 文
Therefore, no underwriter shall be used to handle the related affairs, and the bonds could only be sold by overseas Chinese
According to the regulations of the British Malayan government,
organizations.
the standard of taxation on the National Salvation Bond was that 45 cents should be charged as the stamp duty for every
Under these conditions, the issuance of the National Salvation
100-dollar bond, subject to a minimum sum of 100 dollars.
Bond was finally approved on October 17th, and the sale of
However, the amount of duty imposed by the Stamp Office
the bonds began to be actively carried out in various overseas
(Fig. 5) varied from time to time as seen from the existing
Chinese communities (Fig. 2).
3
bonds. In the case of a 50-dollar bond, 45 cents were charged in accordance with the regulations (Fig. 6). However, the practical
In addition, the National Salvation Bond in Singapore and
ratio of stamp duty was chaotic. There was also a 100-dollar
Malaya was regarded by the British colonial government as a
bond only charged for 25 cents, as well as 5-dollar and 10-dollar
kind of security and should be subject to the same stamp duty as
bonds charged for 10 cents. (Fig. 7)
other securities circulating in Singapore and Malaya.
3 Li Sihan, A History of the Chinese in Southeast Asia , Chapter 15, The Japanese Invasion of China and the Rescue Movement by Chinese in Southeast Asia. Wunan Book Publishing, 2003 edition.
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Dutch Stamp
French Stamp
British Stamp
Fig. 2 The report on the fundraising through bonds on the Nanyang Slang Pau published on January 11, 1938
Fig. 4 A 1907 Chinese Imperial Canton-Kowloon Railway Gold Bond issued by the Qi ng government with a British stamp.
F i g . 3 A 18 9 8 C h i n e s e I m p e r i a l Government Gold Loan with British, French, and Dutch stamps
Fig. 5 Stamp Office in British Colonial Singapore
Fig. 7 A 10-dollar National Salvation Bond charged for 10 cents by the Straits Settlement Stamp Office. Stamped Date: December 8th, 1938.
Fig. 6 A 50-dollar National Salvation Bond charged for 45 cents by the Straits Settlement Stamp Office. Stamped Date: April 26th, 1938.
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Figure 8: Singaporean overseas Chinese leader Tan Kah Kee with Founding Father Sun Yat-sen (Source: Wikipedia)
Fig. 9 A 10-dollar National Salvation Bond stamped with the mark of Nanqi Overseas Nan Ky Overseas Chinese Merchants Association
The Tax-Avoidance Measures Proposed by Tan Kah Kee
In order to avoid the stamp duty and reduce the cost of fundraising, the overseas Chinese leader Tan Kah Kee (Fig. 8) wrote a letter to Tse-vung Soong ( 宋 子 文 ) on January 24th, 1938. 4 In this letter, it was mentioned that two approaches had to be adopted to avoid the duty. Fig. 10 A 1936 5-dollar Gold Bond stamped with characters that mean Overseas Chinese
The first one is that the temporary certificates and remittances
4 Overseas Chinese History on National Salvation Bond, China Art News , May 15, 2018.
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for the subscription of bonds should no longer be handled by
in receiving payments, remitting to China, and collecting
the Chinese or overseas Chinese banks. Instead, temporary
and sending bonds, which experience from Singapore and
certificates should be issued by various organizations. The
Malaya then became the main mode of the Republic of China
payment for bonds should be remitted to the mainland through
government in the fundraising by bonds in Southeast Asia. It
the Bank of China or Relief Committee of Nanyang Overseas
was not only adopted in British Malaya but also in many other
5
Chinese for China's Refugees.
countries.
Second, the bonds should be sent directly to the overseas
In French Indochina (Vietnam), there were more than 400,000
Chinese who subscribed to bonds through various organizations.
overseas Chinese, mainly concentrated in Nam Ky, presentday southern Vietnam, and southeastern Cambodia. Saigon,
Originally, the delivery and remittance of bonds were mainly
present-day Ho Chi Minh City, was the capital, with about
undertaken by Chinese banks and overseas Chinese banks. Tan
300,000 overseas Chinese, who had established tightly-knit
Kah Kee found that the practice was easily targeted and taxed
organizations in various industries and occupied an economic
by the Malaysian government. Therefore, it is suggested that
advantage. As the French colonial government tended to prohibit
the overseas Chinese associations in various places should take
the National Salvation Bond, the fundraising was forced to go
the place of these banks to remit funds back to China in the
underground, and the overseas Chinese communities became
name of the overseas Chinese associations and that the bonds
an important base. Fig. 9 shows a 10-dollar bond collected in
should be received and sent on behalf of these overseas Chinese
French Indochina at that time. The stamp of "Nan Ky Overseas
associations, so as to avoid investigation and achieve the purpose
Chinese Merchants Association" on the face of the bond is
of tax avoidance.
another example of the important role that overseas Chinese organizations play in raising funds and selling bonds.
Tan Kah Kee's suggestion was adopted immediately. I have seen that most of the National Salvation Bond with stamps were
After the National Salvation Bond, the Republic of China
stamped in the first half of 1938, and few bonds with stamps
government issued many other bonds, such as the National
after that were seen; the latest one was stamped by the Kuala
Defense Bond, Gold Bond, Military Bond, Construction Bond,
Lumpur Stamp Office on December 8th, 1938 (Fig. 7). It is
etc. Their issuances in Southeast Asia also took the experience
assumed that the countermeasures suggested by Tan Kah Kee
from Singapore and Malaya. However, due to the difference with
were gradually implemented and became effective in 1938. As
the domestic fundraising method, some of the bonds handled by
a result, the stamp duty levied by the local government was
the overseas Chinese organizations were stamped with characters “ 華僑 ” (overseas Chinese) to make differentiation (Fig. 10).
gradually reduced, and at the end of the year, it was difficult to find a National Salvation Bond with stamps.
Later, due to the Japanese sneak attack on Pearl Harbor on
The Experience from Singapore and Malaya
December 7, 1941, the war quickly spread to Southeast Asia,
Led to the Main Mode of Fundraising by
and the fundraising by bonds was forced to come to an end. The
Bonds
fundraising by bonds finally ended at the end of January 1942 when the Malay Peninsula was occupied by the Japanese army,
The overseas Chinese organizations took the place of the banks
and on February 15, on the eve of the fall of Singapore.
5 The Relief Committee of Nanyang Overseas Chinese for China's Refugees was founded in Singapore on October 10, 1937, after the outbreak of the war of resistance against the Japanese, also known as“Nanyang Overseas Chinese Relief Committee of Nanyang Overseas Chinese for China's Refugees”. Tan Kah Kee assumed the position of the chairman.
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救國公債與新馬經驗 ◎ 戴學文〔臺北〕
救國公債是抗戰爆發後國民政府為了籌募戰爭經費的首次
大型舉債。債票于1937年9月1日正式發行。面額分為萬圓、 千圓（圖1）、百圓、伍拾圓、拾圓與伍圓共六種，總額法 幣5億圓，年息四厘 (4%)，自1941年起，每年抽籤還本 一 次，分三十年還清。1
南洋華僑募債報國 每當祖國有難，海外僑胞無不秉持愛國情操，踴躍捐輸，已
成歷來傳統。時至抗戰，亦複如此。至1937年底，救國公 債發行僅4個月，募得金額已突破2億2千萬圓，貢獻了全年
國家收入的27%，其中有相當大部分就是來自海外僑胞。據 統計，抗戰時期旅居各地的華僑總數約870萬人，亞洲占絕
大多數，約有836萬人，亞洲以外地區，則以美國為最多， 約有8萬人。海外僑胞隨即成為國民政府于抗戰時期各種公
債的募集對象，華僑所認購的部分占總數的1/3以上，貢獻
圖1 1937年國民政府于抗戰爆發後所發行的救國公債千圓票
儘管僑胞反應熱烈，踴躍捐輸，殊不知，包含救國公債在內
募委員會，因公債募集涉及所在地政府的管轄權，英當局出
最多者，又非英屬海峽殖民地莫屬。
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的抗戰時期公債，性質上全都屬于中國的“內債”。這些公
面反對而宣告停擺。
債一旦離開中國到境外募款，就必須面對所在地政府的政治 態度、金融法令、司法管轄等一系列問題。救國公債是抗戰
在 中 英 兩 國 外 交 交 涉 下， 英 馬 來 總 督 湯 瑪 斯 爵 士（Sir
何迎刃而解？事關救國公債募集的成敗，對于往後在南洋募
提出申請。但，條件之一是，英方對于將成立的“馬來亞新
期間最早發行的一種，也最早遭遇相關問題。種種狀況，如
Shenton Thomas）同意讓步，以項目方式向倫敦殖民部
集的其他戰時公債而言，也具有重大意義。
加坡中國自由公債勸募委員會”保留其人選的同意權，後
來選出陳嘉庚、胡文虎、林文田 、陳振賢、陳延謙等僑領，
救國公債面臨的問題
同時也排除了部分中國政府的人選。另一條件則是，公債僅 能在新、馬僑界募集，不得對外公開發行，所以不得另設專
針對救國公債，新加坡僑界原擬于1937年9月12日成立的勸
責機構 (underwriter) 辦理，只能由各僑社代銷。
注釋 ：
1 有關救國公債的詳細介紹，請參閱 ：筆者《從息借商款到愛國公債，細說早期中國對內公債 (1894-1949)》 。第三篇，頁191以下。商周出版社。2017年9月。 2 筆者 ： 《從臺灣海防借款到愛國公債，歷數早期中國對外公債 (1874-1949)》 。第二篇，三、抗戰時期境外流通的公債。頁191以下。商周出版社。2017年9月。
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在此條件限制下，救國公債終于在10月17日獲准募集，代 銷工作開始在各僑社積極展開 ( 圖2)。
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如欲避稅，必須採取兩個做法 ：
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一、 不再由中國、 華僑兩銀行經手認購公債的臨時收據
除此之外，在星馬募集救國公債，被英殖民政府視同一種證
(Temporary Certificate) 及匯款，改由各會館、社團發給
臨時收據並將債款逕匯中國銀行或南洋籌賑祖國難民總會5，
券交易，與境內流通的其他證券一樣課以印花稅。
再轉交國內。
星馬課征印花稅
二、債票則由各會館、社團直接寄交認購僑民。
17世紀起，歐洲各國普遍對于各式契據與權利憑證課稅， 並成為政府收入的重要來源。由于完稅後會在憑證上蓋印作
原本，交付債票與匯回債款的工作，主要是由中國、華僑兩
世紀，印花稅也普遍適用于股票、公債上，成為一種證券交
並課稅。因此，建議改以各地僑社取代原本的銀行，以各僑
為證明，因此，被稱為“印花稅”(Stamp Duty)。到了19
家銀行承擔，陳嘉庚發現這個做法很容易被馬來亞政府鎖定
易稅。除了蓋印，後來也貼上稅票。晚清以來，中國對外發
社名義，將債款輾轉匯回中國，也代收代寄債票，如此才能
行的公債，無論是第一次發行或者後來的轉讓，交易所在國
躲避查察，達到避稅目的。
無不對之課征印花稅，如1898年英法續借款公債，曾輾轉 英、法、荷等國交易，因此先後在這三國繳稅加蓋印花 ( 圖
陳嘉庚的建議，顯然隨即獲採納。筆者所見帶有印花稅票的
抽收印花稅（圖4）。
最晚的一件是吉隆玻 (Kuala Lumpur) 印花局在該年12月8
3)。1907年廣九鐵路借款公債，在倫敦發行時，也在英國
救國公債，戳印日期多落在1938年上半年，後來就少見 ； 日蓋印 ( 圖7)。由此推測，陳嘉庚建議的對策是在同一年已
至于救國公債，雖是一種中國國內公債，應募者也均為華
陸續實施，逐漸收效，所在地政府課征印花稅隨之遞減，到
僑，但因系越界募集，所在地政府予以課稅，是合乎法理的，
了年底，貼上印花稅票的救國公債已很難找到。
中方也莫可奈何。但對于志在報效祖國，籌餉心切的僑胞而 言，心情無疑更加沉重。
星馬經驗成為募債主要模式
根據英屬馬來亞政府的規定，對救國公債的課稅標準為 ：
在僑居地募債，改以僑社取代本國銀行原先在“金流”( 收
如為五元、十元票面亦同此稅費。 ”不過，從實物所見，各
任的角色，這種星馬經驗，隨即成為國民政府在南洋募債的
受賬款、匯回國內 ) 與“物流”( 代收代寄債票 ) 工作所擔
“限制每券票面最低以百元計，須貼印花稅叻銀四角五分，
主要模式。不僅英屬馬來亞，在其他各國多亦採用。
印花局 (Stamp Office)( 圖5) 課征金額時有變動。對法幣伍 拾圓的債票，依規定抽收叻幣45分，有之 ( 圖6)。亦有面額
法幣百圓債票，僅抽收叻幣25分者。此外，也存在着公債
法屬印度支那 ( 越南 ) 有華僑40餘萬人，主要集中在南圻，
為混亂。
首府，華僑約有30萬人，在各行業無不建立嚴密的公會組
即今越南南部與柬埔寨東南部，以西貢（即今胡志明市）為
伍圓票與拾圓票，均抽收叻幣10分 ( 圖7) 的情形，做法頗
織，佔有經濟優勢。由于法國殖民政府對于救國公債的態度
陳嘉庚的避稅對策
傾向于禁止，募集工作被迫走向地下化，僑社成為重要據 點。圖9所示，是一件同時期在法屬印度支那 ( 越南 ) 募集
為 了 規 避 印 花 稅， 降 低 募 債 成 本， 僑 領 陳 嘉 庚 ( 圖8) 于
的救國公債拾圓票。票面蓋有“南圻華僑穀商公會”印記，
1938年1月24日，特地致函宋子文，提供建議 。其中提及
這也是僑社擔綱募銷公債的另一例子。
4
3 參閱 ：李思涵，《東南亞華人史》 ，第十五章〈日本侵華與東南亞華人的援助祖國抗日救亡運動〉 。五南圖書出版，2003年版。 4 整理自《救國公債上的華僑史》一文，見于《中國藝術報》 ，2018年5月15日。 5 南洋華僑籌賑祖國難民總會，抗戰爆發後，1937年10月10日成立于新加坡，簡稱“南僑總會”。陳嘉庚擔任主席。
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圖2《南洋商報》1938年1月11日有關公債募集的報道
圖3 蓋有英法荷三國印花的1898年大清政 府發行的英德續借款公債
圖4 蓋有英國印花的1907年大清政
圖5 英殖民時期的新加坡印花局
府發行的廣九鐵路借款公債
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圖6 帶有海峽殖民地印花局叻幣45分印花票的救國公債伍拾圓票，戳
圖7 帶有吉隆玻印花局叻幣10分印花票的救國公債拾圓
印日期 ：1938.4.26
票，戳印日期 ：1938.12.8
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圖8 新加坡僑領陳嘉庚（左）與國父孫文合影 ( 來源 ：維基百科 )
圖9 加蓋“南圻華僑穀商公會”印記的救國公債拾圓票
在救國公債之後，國民政府又陸續發行了許多公債，如國防 公債、金公債、軍需公債、建設公債等，在南洋大致也是借 鏡星馬經驗，採取相同募集模式。只是因與國內募集方式有 所不同，由僑社經手的部分公債在發行後多加蓋“華僑”印 記，以資區別 ( 圖10)。
後來，由于日軍1941年12月7日偷襲珍珠港，戰火迅速擴及 南洋，相關公債募集工作被迫進入尾聲，並在1942年元月底 馬來半島遭日軍攻佔及2月15日新加坡淪陷前夕告一段落。
圖10 加蓋“華僑”字樣的民國二十七年金公債美金債票伍圓票
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Howard F. Bowker – Eduard Kann Correspondence （1950.1-4）
◎ Notation by Bruce W. Smith〔 USA〕 Edited by Che-lu Tseng〔 USA〕
F. Bowker
Kann
1716 Gouldin Road，Oakland 11, Calif. 11 January 1950 Thanks for Shih’s [ 施 嘉 幹 ] Hongkong address, altho I
Dear Mr. Kann:
do not see that anything would be gained by writing to him
This is to acknowledge the receipt of your letter of the 31st
for a copy in view of his peculiar behaviour in the past. Mr. Mosser [ 莫瑟 ] the editor of Numismatic Literature [《錢幣
and the parcel of miscellaneous booklets, for which I thank
文學》] has requested me to write a notice for his magazine
you.
on Shih’s book, and has sent the Society’s Library copy
I regret that I do not seem to be able to locate Mr. Clark’s [ 克
to me for this purpose, so at the moment I have a copy for
拉克 ] notes on Tibetan coins, altho I did have a copy. I must
reference.
have loaned it to someone who has not yet returned it. If it turns up later I will send it to you.
Last night I saw the films of your sycee at Ritchie’s house, and have asked him to have prints made from them for me.
I did not have the article in the Dec. H.S.B, but borrowed
Thanks for the opportunity to obtain them.
herewith. This particular article does not seem to be of
I have heard nothing from Seaby to date regarding you or the
any particular importance, bit I consider the previous
Tai Ping gold coin. I hope you are able to trace and obtain
installment by the same author on paper notes of Tibet of
this and the Hongkong Shanghai tael essays. They would
some importance as it is illustrated by excellent cuts of half
make a substantial addition to your collection.
Ritchie’s [ 裡
奇 ] copy for you, and am enclosing it
a dozen Tibetan notes which I have never seen elsewhere. Yours very truly, I will endeavor to obtain one of the magnifiers for you thru
F. Bowker
a friend in New York, thru whom I obtained mine. It does not seem to have any number on it, only the manufacturers’
Notes: Bowker gets sycee photos thr Ritchie. Taiping gold
name, from which I conclude it is a special item made for
coin.
some one distributor and not a stock item.
98
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Los Angeles 15th January 1950 Dear Mr. Bowker,
having lost interest in anything, due to the serious airplane accident he had. He says that he was forced to sell his
Thanks for your letter of 11th inst. I return herewith with
Chinese coins at sacrifices figures, in order to cover cost of
thanks the brief article on Tibetan rupees which indeed is of
his illness. I was only interested in his Shanghai (Hongkong
no value.
1867) tael, but since he assured me that he pawned it for $700 and that I could have it for 750, my interest has waned.
Tibet: Due to the lack of knowledge of Tibetan I find that this chapter for my catalogue is the most difficult one. I had
From Seaby’s I had a reply; very unconcerned. They have
a reply from Clark, which is not satisfactory. He says that he
nothing rare on hand; and if they had, there would always
is still chasing for a certain book, without being able to find
be buyers. And the Taiping gold piece is, of course, no more
it; and that he cannot say when his book on Tibetan coins
available, etc.
will appear. The photostatic copies I have from Woods [ 伍 and Walsh’s [ 沃
爾
The negative of de la Couperie’s [ 拉庫伯裡 . 德拉庫普里 ]
茲]
article you took along, please keep altogether, as I shall not
什 ] articles, as well as the articles
require it.
themselves, are incomplete, so that I have run against a roadblock. Of one I have the photos, but only part of the
My wife tells me that she owes a reply to Mrs.Bowker re
text. Of the other one I own the article, but lack the photos.
a food recipe. She has not forgotten and will soon answer.
So, I must reluctantly ask you to kindly loan me those two
For some time she seems to lack the time to write, and then
books; I promise to return them in good shape within 10
suddenly she will attend to all the accumulations in the realm
days. Clark’s article is, or was, in Rithchie’s possession. I
of private correspondence.
should be grateful if he would loan it to me. Then I probably will be enabled to finish my catalogue manuscript.
I return Ritchie’s extract from the Scrap Book Magazine with thanks and remain with compliments.
I do not know whether I wrote you that, according to information I have had from Kalgan Shih, another large collector in Shanghai, Ching Tze-wei [ 秦
子
Very sincerely Yours
帷 ], is
liquidating his collection and selling so to say at 1/2 price. This is the man, whose collection in the form of rubbings I
Note: Ching Tze-wei collection for sale.
have sent you in about 10 volumes. (Note by JEAN: These 10 volumes were later collected by Bowker, and now, they
Sibert
are housed in the Champion Shanghai Office.) Coupled with the Woodward [ 伍德華 ] collection now being on the
Ching Tze-wei collection for sale.
numismatic items.
Ching Tze-wei need info here about him collection.
At long last I got into touch and had a letter from Lieut.
31 Jan 1949 correct name Chin Tzu-wei
demise is exaggerated, though he wished he was dead,
H. Chang [ 張 璜 ] finally publish his book Silver Dollars
market, is most unpropitious for the appreciation of Chinese
Siebert [ 希 伯 特 ], who tells me that the news about his
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& Taels of China [《中國銀圓及銀兩幣目錄》] in 1981.
catalog of Chinese silver dollars in 1946. Book announced
Some of the same coins are shown in both places. Did those
Num Oct 1946 but July 1948 issue has announcement that
coins belong to Chang or Sibert or both or others.
book had been cancelled due to illness of Sibert. This letter suggests what that illness was. The manuscript with photos is now in B.W. Smith [ 史博祿 ] library.
Lt. Sibert is no doubt Dennis W. Sibert (1912-1991) Metone, AL who along with H. Chang in Shanghai was working on
Los Angeles, January 25, 1950 Dear Commander Bowker,
and 20 cts, but these never were issued, because the bank ceded to the Central Reserve Bank of China. Those nickels
Reverting to your postcard of 18th inst. I wish to advise that
are scarce, especially the 5 cts, for which as much as US$
I am returning to you Walsh’ article on coinage in Tibet and
200 was asked in Shanghai. Of less rarity is the 10-cents
thank you for having loaned it to me. I have it completely,
piece, of which a rough rubbing here with. I could offer
i.e. exactly like yours, but find that no details are supplied
you same, plus the 3 birds $ of 21st year in copper proof, in
to table III and IIIa. I thought that I have a copy. In fact I
exchange for the 1 nickel Sinkiang. This offered is more than
gave you the negative when you were here. I believe it is
fair.
unnecessary to bother any more. In the same parcel I am returning to you the auction list of
Glendining [ 格蘭登寧拍賣公司 ], and also the March-April
number Coin Collector [《 硬 幣 藏 家 》]. From both I had
photostate made, though they did not turn out well. I wish to
Kind regards from.
express appreciation for your kindness. Yours very truly, Recently I had a letter direct from Shanghai and obtained
E. Kann
some new Peoples Bank notes. I am enclosing here 40 $500 and 20 $1000, all different. Please accept them with my compliments.
Note:
I do not know whether you are aware of the existence of a set of nickel coins, prepared for issue in 1938, when the Hwa
Facing portrait 18th year dollar, later letter (after catalog
Hsing Commercial Bank [ 華 興 商 業 銀 行 ] was appointed
publish) shows this was a mule made at Philadelphia mint in
to replace the Central Bank of China. Actually it functioned
1932.
in its place and issued bank notes, which you might have.
What were the nickel coins? 1934 coins ？
It also prepared nickel coins in denominations of 1, 2, 5, 10
100
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Los Angeles April 27, 1950 Dear Bowker,
Meanwhile I am glad to report that, 2 months after ordering
Thanks for your letter of 21st inst. Contrary to your opinion
those coins from Vienna, they did arrive; unfortunately one
Dr. Wong has so far not sent me the prospectus re printing
5-cent nickel (though of a very rare variety) was missing.
referred to by you. Ten days ago I specially went to a
But the rest is so exquisite, that I am compensated. I am
philatelic meeting in Claremont, which otherwise I should
sending you an excellent photostat from the photo received
have skipped owing to the great distance, in order to take the
from Vienna, depicting all the coins. Besides there was also
prospectus off his hands. However, he said nothing about the
the Mausoleum (16 th Year), but in deep grey, mat surface,
matter, and when I ventured to asked for it, he appeared to
which is a piece of art. Some of the coins are unique,
be peeved, saying he had not yet unpacked and that in due
inasmuch as only 1 or 2 pieces are extant.
course he would send it along. Yet, so far I have not heard from him.
With the photostat copy the following additional photos have been mailed to your address:
What you say about a paragraph in the N.G. Herald [《 華
Szechuen rupee, small and big head, 4 times enlarged. If you
original clipping fro the paper in my possession. The letter
with Chinese ink, you will obtain wonderful effects.
I refer to the matter in detail, saying that I could not
Photostat re Shanghai and Vienna nickels of 25th Year,
understand the meaning of a 20-cents size for 1 tael (Note
showing the differences.
北 捷 報 》], same is wellknown to me. I have (or had) the was written by Giuseppe Ros [ 羅
have the patience to cover the background of the obverse
斯 ]. In my catalogue
by JEAN: It might be referred to the Chihli 1900 One Tael Copper Token).
A list of Kirin errors on the reverse.
Thanks for the article on the 18th Year Sun Yat-sen. I shall
A negative, showing the 10 cents Kiaochou nickel, enlarged,
send it to Osaka and enlighten them, for they never knew
proving three designs. The first one is common and worth
or heard that their mint ever was commissioned to make a
about 25 cents. But No.2 and 3 is fully worth $50 each. All
steal die for China. “Very pitiful”, they probably remarked.
the foregoing please retain with my compliments, except
Meanwhile I had a friendly letter from Mr. Dressel [ 德 雷
the negative re Kiaochow, which please return at your
斯 勒 ], the director of the Chicago mint, expressing regret
convenience. Ritchie can, if he wants, also have copies
that Wahington does not permit him to reveal anything
made.
pertaining to orders from foreign nations; only with the written authority from the relevant Chinese authorities is
I am enclosing (please keep) obverse and reverse of what is
he permitted to give details. So there you are. It is quite
possibly a genuine 5 tael gold Taiping coin. It is owned by
Keefer [ 基弗 ]. I was shocked to have had a letter from him,
possible that one or the other of the facing models was made in Philadelphia. If you have a friend writing good Italian, it
describing the serious state of his health and speaking of the
would be worthwhile if you wrote to Rome, inquiring at the
tortures of his 3 operations. Very regrettable indeed.
Mint there whether in the first semester of 1929 they were commissioned to make a model for an en-face with Sun Yat-
Regarding the old Shanghai tael I fear that I could not get
sen’s portrait on, and whether a sketch could be obtained.
at my negatives which are crammed away; besides they
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were takes with a Leica, i.e. tinv. Shali [ 沙利 ] see if I have
Note: U.S Mint official says can’t reveal info on foreign orders--though some info is in mint reports.
duplicate photos which, after a while I shall mail you, if possible. But none of mine are very clear.
Kann receives Mausoleum Dollar matte proof and other coins from Vienna(probably from Placht [ 普拉特 ]).
Why I think the 1/2 tael a forgery? I had it 4 or 5 years in my collection as genuine and had paid heavily for it. But the
Bowker letter of 21st not found. No letters found between 25
best conoisseur of Chinese coins, a dealer Ma, is positive
January and 27 April.
that it was a forgery. (Note by JEAN: Dealer Ma is Mr. Ma Ding Xiang.) The man knows more than anybody else. Besides, Woodward who had good material, did not describe that particular specimen. Finally, the man who sold it to me
Note:
was a professional forger and was before the Court as such.
Keefer has Taiping gold coin Kann sent Bowker photos.
There is no doubt about the matter. Otherwise I should not have discarded it.
2 Szechuan rupee photos-now in my library(ex Bowker) With best regards I remain,
3 varieties kiauchau 10 coin--Kann sent negative
Cordially Yours
Half tael Kann decides is forgery, which one? Pcob 1856 Shanghai.
Herewith copy of shortcomings which I so far found in Shih’s catalogue. There will be more later on, I suppose.
Note: Referred to in Bowker letter 30 April 1950
and one in Shanghai. This is incorrect, since the Nanking mint was burned down and completely destroyed in 1929,
Errors in Kalgan Shih’s catalogue
never being resuscitated.
English Version fol. 32 You call the tael(Hongkong 1867) ordered by the
102
fol. 18 02-2 You say: was struck in Lanchow, but in Turki it
Municipal Council of Shanghai. Positively incorrect. Made
is clearly inscribed Kashgar.
for Peking Government, which rejected the coin C10-7 and 8.
fol. 19 02-20 is not Tihwa, but clearly marked in Turki
fol.36 Kirin C15-7. You call it 24 th Year of Kuang-hau.
Kashgar.
You should add: undated.
fol. 26 05-36 You forgot to state that the coin is unique and
fol. 49 D3-2. You say: Dies engraved by Platte of Italy.
that only 1 specimen is known to exist.
Quite incorrect. It should read: By Richard Placht [ 理
fol. 29 You say: There remain only 2 mints: one in Nanking
Austria.
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fol. 50 D3-8. You say. All 6 designs were struck by the
fol. 64 G1-6, 2 cents aluminium.You say: widely circulated.
Hangchow mint. Am not so sure, as possibly they were
Actually this coin never was in circulation. When I left
produced at Nanking in the first half of 1929, before the
Shanghai it cost from $20 to 30 each. May be, it dropped in
conflagration there.
price, yet it never was circulating.
fol. 56 E3-1......in honor of Li Yuan Hung on his election,
fol. 60 FI-22 2 cts nickel. Same is a mint sport and should
Soochow mint did like honor to Governor Chen by making
not be recorded.
a memento of the same pattern. This means: of the Li Yuan Hung pattern, which, of course is incorrect, as it shows the
The foregoing appear to me at first glance as errors or
portrait of Cheng Tah-Chuang.
omissions. They ought to be rectified at the next edition. Possibly there are other stakes which, if detected, will be
fol. 56 E3-3 Unquestionably a mint sport.
reported later on.
fol. 60 5 and 10 cents nickel. Should read 1909, and not
Kann
1907.
I wrote to Mr. E. Placht, Vienna, in February 1950,
D3-5 were struck, they also made one or more trial pieces,
regarding the origin of the bigger size Sun Yat-sen dollar,
exactly the name in every respect, but with 1 mm larger
40mm in diameter, instead of 39mm, in your catalogue D3-
margin. This is the authentic solution of “a very rare coin”.
2. Mr. Placht answers me in unequivocal terms, that he
It was repeatedly offered to me at Shanghai, but I never falt
positively never made such a coin. To my mind there is no
like worth buying it.
mystery extent, for the master die was shipped by Vienna to Nanking, and in the Nanking mint, where 480 specimens of
E.K.
fol.9 A6-1 Yuan Shih-kai gold coin without value. Obverse
all regulations re nickel coins, but I never heard of those of
the 10 cts silver piece; reverse fancy dragon. Either bogus,
June 1927. Surely you do not mean the Kemmerer Report [ 肯 默 勒 報 告 ] published in 1929? If I am wrong, may
or mint sport.
I ask for the favor of the entire wording of those 1927 regulations? And where were they published?
fol.10 A9-1 20$ gold, weight 14 grams 10 $ ”
” 7 ”.
When weighed at Shanghai I found 8.8 grams and 4.5
fol. 59 F1-1: You say: Made from early Austrian dies. This
grams. Which is correct?
is incorrect. All nickels with letter “A”(120 million pieces) were struck in Vienna (Austria), and none were produced in
fol.64 G1-2 1 cent aluminium coin of 1939. You say: A
China. On the contrary, the bulk of the “A” coins(100 pure
large number of issues. I consider this was an essay piece
nickel) was melted up in China.
only and not circulated at all. It is a rare coin.
Note: Which Catalog?
On page 59 you say that government regulations regarding nickels were published in June 1927. I thought I possessed
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1716 Gouldin Road Oakland 11, Calif 30 April, 1950 Dear Mr. Kann:
to have your specimens at home. It is with regard to the
Yours of the 27th with several enclosures received, and am
reading on the edges of the 1 and 1/2 tael pieces. In the 1
glad to learn that you at long last received the circular from
tael piece which I have the angular pattern of the reeding
Wong. If I had any idea that you would not have received
measure 3mm or 1/4 from one pattern to the adjoining one.
it more promptly I certainly would not have sent it by him,
The question is, they made by means of a separate device
but at the time I was just up and about in the hospital and
with different measurements? I have information as, to how
did not know that I would be going home at once and would
these meandering lines were put on the coins, which was
feel well enough to write letters. I trust that it will be a good
written by an Englishman at the time they were made, and
lead for you in getting a printer to do your book. At least
I should like to determine if the device for putting them on
I’ll know better next time, as I should know by now that
the coins was used for both sizes, or if they had two devices
Chinese are notoriously negligent about being prompt in
with different with different size patterns for the two sizes of
such matters.
coins.
Am very glad to receive the prints of the Tai-ping gold coins.
Have noted your remarks regarding the authority of the
These are the first I have seen, altho I have know of their
1/2 tael piece which I have, and must agree that there is a
existence from reading any for some time. It is regrettable
good deal in what you say. However, the means of placing
that the photographic work on this piece is so poor that it
the reeding on the coin is identical with the method in the
necessitated hand work in the outlining of the characters are
original, tho I note that there are slight differences in the
incused on this piece by hand similarly to the larger silver
manner of the writing of some of the characters from the J
piece which I have in my collection.
type which Woodward illustrates.
I have not heard from Keefer for some time, and conclude
I have discovered that the 1 tael piece which I have, which is
that he must have one back to the hospital again for a 3rd
Woodward’s type A, is the identical piece which J. Schulman
[ 索赫爾曼 ] sold in his auction sale 19 January 1931 as lot
operation, as in his last letter he mentioned as having had only two. I hope that he is successful in recovering from the
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1418. Here it was in somewhat bad company as the dollar-
effects of his malady and that the fully recover his health.
sized coins which are illustrated as lots 1427, 1433, 1434
Ritchie had a long letter from him some time ago in which
and 1438 are fakes. There were, however, some good coins
he want to great length to describe the radical treatment in
too among which were the two Peking 10&20 pieces in lot
the hospital, which I read. He appears to enjoy telling of the
1426; the Pei Yang and Mu Pu taels as lots 1425 and 1421;
details about its effects on him.
and an 18th year essay of the SYS $ as lot 1435.
Also many thanks for the summary of the errors in Shih’s
I was able to identify my piece with the illustration in the
book Ritchie showed me your notes, but I now see that you
catalog by men as of several nicks on the edges which
have somewhat amplified them. Am making use of your
conform exactly with the photograph. Interesting, but of no
notes to correct the errors in my copy of his book.
great importance!
Thanks for your information about the Shanghai tael. There
The several enclosures which you mention in your letter
is one point about these issues which perhaps you can clear
were not enclosed, so I conclude that you must have sent
up for me without reference to the photos, if you happen
them separately, but have not yet come to hand.
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FEATURES
Am glad to hear the favorable report of the Vienna
With reference to your list of corrections for Shih’s book,
transaction, but deplore the loss of the one coin. I guess it is
I cannot agree with your note on C2-2. To me C2-2 is
remarkable that so many of them came thru OK, what with
supposed to be the same as C2-3. Shih obtained the latter
all the inspections and other red tape entailed in obtaining
coin from me and at the time I gave him a photostat of Bushell’s [ 布
them.
謝
爾 ] notes on this coin which were
published in the Journal of the NCBRAS ( 皇 家 亞 洲 學 會
華北分會 ) in vol. XXXII which states definitely that it was
Yesterday I received from a Hongkong correspondent a lot of 62 rubbings of coins which are for sale in Shanghai at a
struck in Lanchow. Attention is invited to the fact that the
price of the coins of Sinkiang and Tibet. They are of silver,
reverse of C2-2 is similar to the reverse of C2-3, excepting
copper and lead, and some I have never seen before. The
that the positions are reversed. Bushell places the reverse
lead ones are of the cash variety. As he has asked for the
in a position 90 degrees from that given by Shih’s pictures
return of the rubbings, Ritchie and I are going to try to make
with the 5 dots at the top, and as he could read Turki it is
some contact prints of the rubbings by the reflex method, for
believed that this is the correct position. Personally I cannot
which we have some paper, and if they turn out successfully
see where the character even looks like the Turki character for Kashgar, and anyhow at the time Tso Tsung-t’ang [ 左宗
we will send you a set. However, it will be a few days until
棠 ] minted them in Lanchow he was some years away from
we can make them. Of the Tibetan pieces, one corresponding to Walsh’s Kong-bo mint [ 康 保 鑄 幣 廠 ] plate III no.4
the conquest of Kashgar and at least a thousand miles. What
as regards the date is entirely a different die. This piece
Shih has in C2-2 is an leaden imitation of C2-3, the actual
conforms closely to Lacouperie’s [ 拉 克 伯 裡 ] number 2,
coin. The latter is struck in silver, while the former is a cast
but is different markedly on the reverse, and seems to be
piece, an imitation and not a pattern.
dated 13/47, altho the last or lower characters of the date do not conform to the typical characters given in the text, but
Sorry to hear that your status here is doubtful. Perhaps with
perhaps the last figure is intended for the 6 and not the 7.
the expiration of time new rulings will be made which will include you. Guess that’s about all for the present. With best
The other specimen is particularly interesting, as the obverse
regards.
conforms in general to the Kong-bo type, excepting that only the character for 1 is made conventionally and I have been
Yours very truly,
unable to determine what the other 3 are, but the reverse is
F. Bowkerr
not even remotely similar to the Kong-bo reverses but is somewhat like the other Tibetah coins minted by Nepal, see
Note: Bowker summarizes the Taiping gold coin is incuse
plate IV(A) no.7 of Walsh. The 3rd piece has the obverse of
like the silver cashes.
the same type, but the other side is similar to the reverse of
Bowker sold Shih a coin, apparently K1000.
the Kong-bo mint. Altogether, a very interesting lot.
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專題
霍华德·包克與耿愛德的通信 （1950 年 1 月——4 月）
霍華德·包克
◎ 编注：史博祿〔美國〕/ 修訂：曾澤祿〔美國〕
耿愛德
1950年1月11日
加州奧克蘭古爾丁路1716號 尊敬的耿愛德先生 ：
鑒， 我 認 為 不 應 該 寫 信 向 他 索 要 書 作。《 錢 幣 文
我收到您31日的來信和裝有小冊子的包裹，特此感謝！
（Mosser） 曾請我寫信給施先生， 想在施先生著作上
儘管我曾有一本克拉克先生（Clark）關於西藏錢幣的
雜誌副本寄給了我，因此目前我有一份《錢幣文獻》雜
獻 》（Numismatic Literature） 的 編 輯 莫 瑟 先 生 為自己的雜誌刊登一篇啟示，並為此將協會圖書館中的
筆記，但是現在沒能找到，對此我感到很遺憾。我一定
誌可供參考。
是把它借給了某個人，但他還沒有歸還。如果以後能找 到，我會寄給您。
昨晚，我在李奇家看到了您的銀錠的照片，並請他為我 印了幾張照片。感謝您讓我有機會獲得這些東西。
我沒有找到您要的 [12月號的《H.S.B.》]，但借到了李 奇（Ritchie）所藏的影本，現隨函附上。這篇文章似乎
我到現在為止還沒有從塞拜（Seaby）那裡聽到任何關
篇文章較為重要，因為上面附有6張西藏紙幣的精美照
枚金幣和香港製造的上海壹兩銀幣。它們將為您的收藏
並不特別重要，但我認為那位作者關於西藏紙幣的前一
於您或太平天國金幣的消息。我希望您能找到並獲得這
片，而我從未在其他地方看到過這些紙幣。
添上濃墨重彩的一筆。
我會努力通過紐約的一位朋友為您買到一隻放大鏡，我
謹啟
的放大鏡就是通過他得到的。放大鏡上面似乎沒有任何
編號，只有製造商的名字，由此我斷定這是為某個經銷 商生產的特殊產品，而不是庫存產品。
包克
注 ： 包克通過李奇獲得了銀錠的照片。 信中提到了太 平天國金幣。
感 謝 您 提 供 施 嘉 幹 的 香 港 地 址。 不 過 因 為 前 車 之
1950年1月15日
洛杉磯
尊敬的包克先生 ：
關於西藏幣方面，我發現新編撰目錄時最難的一章便是
謝謝您本月11日的來信。我此前隨信附上的那篇關於西
並不令人滿意。他說他仍在尋找某本書，但沒有找到。
關於西藏的那章，因為我不識藏文。克拉克給我的答覆
藏盧比的簡短文章確實毫無價值。
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此外，他也不能確定他關於西藏錢幣的書何時會出版。
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FEATURES
我手中的伍茲（Woods）和沃爾什（Walsh）所著文章
Couperie）的文章，但請您全部保存好。
難。比如其中一篇有照片，但只有部分文字。另一篇有
我的妻子告訴我，她還欠您的太太一個食品配方。她沒
本書借給我，我保證在10天內完璧歸趙。克拉克的文章
然後會突然處理所有積壓的私人信件。
的影印件以及文章本身都不完整，因此我遇到了一些困
文章部分，但沒有照片。因此，我不得不請求您把這兩
有忘記這件事，很快就會回覆。她有時沒有時間寫信，
曾經在李奇手中，現在可能也在他那裡。如果他能借給我， 我將不勝感激。這樣我也許就能完成我的目錄手稿了。
我將李奇從《剪報雜誌》上的摘錄內容隨信奉還，並在 此表示感謝和讚賞。
我不知道是否曾在信中提到，根據我從施嘉幹那裡得到 的消息，上海的另一位大收藏家秦子幃正在清理他的藏
此致
品，可以說是以半價出售。我已經把他的藏品拓片寄給
敬禮
了您，大約有10卷。（ 《東亞泉志》注 ：這10卷後來被包 克收藏，現存于冠軍拍賣辦公室）伍德華的藏品也正在
市場上出售。這些情況對中國錢幣的升值是非常不利的。
注 ： 信中提到秦子幃藏品出售一事。
終於我與席伯特中尉取得聯絡，他給我寫了一封信 , 希
信中提到了鄧尼斯 · 希伯特。
伯特告訴我，關於他去世的消息是假的，儘管他希望自
信中提到了秦子幃藏品出售一事。 Ching Tze-wei （秦
何事情都失去了興趣。他表示自己不得不以極低的價格
1949年1月31日正名其名字的英文拼寫為 Ching Tzu-wei.
己已經死了，因為他遭遇了一次嚴重的飛機事故，對任
子幃） 需要有關他的收藏資訊。
賣掉自己的中國錢幣，以支付自己的醫療費用。我本來
張璜最終於1981年出版了他的 《中國銀圓及銀兩幣目
只對他的上海一兩（1867年製造於香港）感興趣，但
錄》 一書。 一些相同的錢幣出現在了兩處。 這些錢
他向我保證他以 700 美元典當了這枚錢幣，而我可以以
幣是張璜的還是希伯特的？或者是為兩人共同給所有？
750 美元得到它之後，我便興趣缺缺。
還是屬於其他人？ 希伯特無疑是指鄧尼斯 · 希伯特 （Dennis W. Sibert，
塞拜的回復則顯得非常漫不經心。他們現在手頭沒有什
1912-1991年）， 阿拉巴馬州人。 他于1946 年與張璜
麼珍品 ；如果有，他們也總會有買家的。當然，他們也
一起在上海編寫中國銀元目錄。 該書於1946年10月出
沒有太平天國金幣這類的。
版， 但1948年7月卻由於希伯特生病， 被取消發行。 這封信說明了病因。 帶有照片的手稿現存于史博祿的
儘管我並不需要您隨附的拉庫伯裡 . 德拉庫普里（de la
書房。
1950年1月25日 洛杉磯
尊敬的包克先生 ：
我還隨信歸還格蘭登寧拍賣公司的拍賣清單，以及三月
本函為回復您本月18日寄來的明信片。我隨信奉還了沃
片效果並不好。我想對您的善意表示感謝。
至四月的《硬幣藏家》 。我有這兩份資料的照片，但照
爾什關於西藏幣的文章，感謝您將它借給我。我有一本
和您一模一樣的，但未發現表 III 和表 IIIa 中提供了任
最近，我收到了一封直接從上海寄來的信，並獲得了一
我已經提供了底片。我認為不必再麻煩了。
和20張1000元人民幣紙鈔。它們各不相同，請收下它們。
何細節。我以為我有一本拷貝，但當您在這裡的時候，
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我不知道您是否知道有一套原準備在1938年發行的鎳 幣，當時華興商業銀行被任命接替中國中央銀行。事實
上，這家銀行確實起了作用，發行了鈔票，而您可能也
已經有這些鈔票。華興銀行還準備了壹分、貳分、伍分、 拾分和貳拾分的鎳幣，但這些鎳幣從未發行，因為該銀 行將這些鎳幣交割給了中國中央儲備銀行。這些鎳幣很
注 ： 另一拓印為民國十八年銀元肖像幣， 後來的信件
少，尤其是5分硬幣，在上海的要價高達200美元。1角
硬幣不那麼罕見，我在信中隨附了這枚幣粗略的拓圖。
（目錄出版後的信件） 顯示這是1932年費城造幣廠製
樣，以換取一枚新疆鎳幣。這個提議非常公平。
文中提到的鎳幣是指哪一枚？是指1934年的硬幣嗎？
造的一枚混合模具銀幣。
我可以用一枚這種1角鎳幣和一枚民國二十一年三鳥銅 此致
敬禮
耿愛德
1950年4月27日
洛杉磯
尊敬的包克先生，
芝加哥造幣廠廠長德雷斯勒先生（Dressel）的一封友
感謝您21日的來信。我的意見與您相反，王博士至今沒
單的資訊表示遺憾 ；只有得到中國有關當局的書面授權，
好的來信，信中對華盛頓不允許他透露任何有關外國訂
有寄來您提到的印刷介紹說明。我為了從他那裡獲得說
他才可以透露細節。所以其中一個模型很有可能是在費
明書，十天前特意去克萊蒙特參加了一個集郵會，否則
城製造的。如果您有一位義大利語寫得很好的朋友，不
我就會因為距離太遠而不去參加。然而，他對這件事隻
妨給羅馬造幣廠寫封信，詢問他們在1929 年上半年是否
字不提，當我冒昧地向他索要時，他似乎很生氣，說他
受託製作過印有孫像幣的正面模型，以及是否能獲得草
還沒有打開行李，過段時間就會寄過來。然而，至今杳
稿圖案。
無音信。
與此同時，我很高興地告訴您，在從維也納訂購這些錢
我對您提到的《華北捷報》（N.G. Herald） 上的那段
幣兩個月後，它們終於到貨了 ；遺憾的是，其中一枚非
話也很熟悉。我手裡有（或曾經有）該報的剪報原件。
常罕見的伍分鎳幣不見了。但其餘的錢幣都非常精美，
上面的信是羅斯（Giuseppe Ros）寫的。我在目錄中
因此我心滿意足。我將從維也納收到的照片的精美影印
詳細提到了這件事，表示我不明白上面提到的一兩代幣
件寄給您，包括了我收到的所有錢幣。此外，還有民國
（ 《東亞泉志》注 ：可能是北洋機器局庫字一兩代幣），
十六年孫中山像陵墓壹圓銀幣，為深灰色噴砂版，堪稱
大小等同於貳角幣的含意。
藝術珍品。其中有些錢幣是獨一無二的，現存的只有1 或2枚。
感謝您提供有關民國十八年孫像幣的文章。我將把這篇
文章寄至大阪造幣廠，給他們一些啟發，因為他們從來
隨影印件一起郵寄給您的還有以下照片 ：
具。他們可能會說“非常可惜”。與此同時，我收到了
放大了4倍的四川大頭盧比和小頭盧比 ：如果您有耐心
不知道或聽說過他們的造幣廠曾受託為中國製作一個模
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用中國墨汁墨拓它的正、背面，就會看到很清楚驚人的
FEATURES
馬先生指馬定祥。 ）肯定地說，這是一枚贗品。他比任何
效果。
人都清楚。此外，伍德華有很好的資料，但他並沒有描 述那枚樣幣。最後，把這枚幣賣給我的那個人是位職業
25年上海和維也納鎳幣照片的影印件 ：可以看出他們的
造假者，並因此在法庭上被起訴。否則，我不會放棄它。
不同之處。
謹致最崇高的敬意
吉林幣背面的錯誤清單。
此致
一張放大的青島壹角鎳幣的底片 ：它證明了青島壹角鎳
敬禮
和第三枚每枚價值50美元。除了青島壹角的底片外，您
隨函附上我迄今為止在施嘉幹目錄中發現的不足之處。
幣有三種設計。第一枚很常見，價值約2.5角。但第二枚 可以留存以上所有照片。如果李奇想要，您也可以複印
我想以後還會發現更多。
一份給他。
我隨信附上一枚可能是真的太平天國五兩金幣的正面和
備注 ： 儘管美國造幣廠報告中提供了一些資訊， 但美
震驚地收到了他的來信，信中描述了他的健康狀況堪憂，
耿愛德收到了來自維也納的陵墓銀幣磨砂樣幣和其他
背面照片。這枚金幣屬於基弗（Keefer）的藏品。我很
國造幣廠官員稱不能透露外國訂單的資訊。
做了三次手術，飽受折磨。我對此感到非常遺憾。
硬幣 （可能來自奧地利維也納造幣廠總雕刻師普拉特
關於老的上海一兩，我擔心無法找到我的底片，因為它
包克 21 日的信件未找到。 1月25日至4月27日期間也未
Placht）。
們擁擠地放在一起 ；此外，這些底片是用萊卡相機拍攝
找到任何信件。
的 , 即玻璃板底片。我會看看是否有複製的照片，如果
注 ： 耿愛德把基弗擁有的太平金幣之相片， 寄給包克。
清晰。
有）。
可能的話，過段時間我會寄給您。但我的照片都不是很
還有2張四川盧比照片， 現存於我的書房 （原為包克所
信中提到耿愛德寄送的3個版別的青島壹角硬幣的底片。
為什麼我認為這枚半兩銀幣是贗品呢？我把它當作真品收
耿愛德認為偽造的半兩銀幣是哪一枚？可能 1856上海半
藏了四五年，並為此付出了高昂的代價。但中國最好的
兩。
錢幣鑒賞家、錢幣商人馬先生（ 《東亞泉志》注 ：此處的
第26頁05-36 您忘了說明這枚硬幣是孤品，目前已知只
注 ： 包克对勘误的意见參見1950年4月30日通信
有一枚樣幣。
施嘉幹目錄中的錯誤——英文版
第29頁 您說現在只剩下兩個造幣廠，一個在南京，一個 在上海。這是不正確的，因為南京造幣廠在 1929 年被 燒毀，後來未恢復生產。
第18頁 02-2 您說 : 是在蘭州鑄造的，但在突厥語中清楚 地寫著喀什噶爾的字樣。
第32頁 , 您稱是上海工部局訂購製造的“壹兩”（1867
年在香港製造）。這是完全錯誤。錢幣為北京政府製造，
第19頁02-20 該幣不是迪化的，而是明確標記有突厥喀
北京政府拒絕接受 C10-7和 C10-8號錢幣。
什噶爾字樣。
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第36頁 吉林省造的 C15-7號幣。您稱之為光緒二十四年
第60頁 , 此處的伍分和拾分鎳幣，應為1909年，而不是
第49頁 D3-2. 您說該幣模具由義大利的 Platte 雕刻。這
第64頁 , 您說 G1-6的貳分鋁幣廣泛流通。事實上，這枚
師 Richard Placht（理查 · 普拉特）雕刻的。
元到30美元不等。現在的可能價格下降了，但它從未流
的錢幣，應加上無紀年字樣。
1907年。
是完全錯誤的，應該是時任奧地利維也納造幣廠總設計
硬幣從未流通過。我離開上海時，它的價格從每枚20美
第60頁 D3-8. 您說 , 所有6款設計均由杭州造幣廠鑄造。
通過。
我不太確定情況是否是這樣，因為它們可能是 1929 年
第60頁 ,FI-22是一枚2分鎳幣。這是一枚造幣自行鑄造
第56頁“E3-1...... 為紀念黎元洪當選，蘇州造幣廠製作
上述內容是我第一眼看到的錯誤或遺漏，應該在下一版
味著幣上是黎元洪的肖像，這顯然是不正確的，因為上
現了，將予以報告。
上半年南京大火前在南京生產的。
的硬幣，不應該被記錄在目錄中。
了相同圖案製造了紀念章，以表達對他的敬意。 ”這意
中得到糾正。目錄中可能還有其他錯誤，如果我之後發
面的是程德全的肖像。
耿愛德
第56頁 E3-3這枚幣毫無疑問是造幣廠自行鑄造。 1950 年 2 月，我曾致函維也納的普拉特先生，詢問目錄
樣的試鑄幣，只是略微大了1毫米。這就是“一枚非常
孫中山像紀念幣的來源。普拉特先生毫不含糊地回答我，
我推薦這枚錢幣，但我從未覺得它值得購買。
中 D3-2號錢幣直徑為 更大的40 毫米（而非39毫米）的
罕見的硬幣”產生的真實原因。在上海時，有人多次向
他絕對沒有製造過這樣的硬幣。在我看來這並不神秘， 因為母模已由維也納運往南京，南京造幣廠打制了480
耿愛德
第6頁 A6-1的這枚袁世凱像金幣沒有面值。正面為壹角
在第 59 頁，您說政府於1927年6月公佈了有關鎳幣的規
鑄造。
從未聽說過1927年 6月公佈的這些的事實。您指的肯定
個 D3-5的樣品，他們也做了一個或多個各個方面完全一
銀幣，背面為花式龍。要麼是假幣，要麼是造幣廠自行
定。我以為自己已經掌握了所有關於鎳幣的規定，但我
不是 1929 年出版的肯默勒報告（Kemmerer Report）
第10頁目錄中稱 A9-1的20元金幣重14克，10元金幣重7
吧？如果不是，請問 1927 年條例的全文是什麼？它們是
克。
在哪裡公佈的？
但在上海稱重時，我發現他們的重量分別為 8.8 克和 4.5
第59頁 , 您說 F1-1這枚幣是用早期的奧地利模具製造。
克。哪個是正確的？
這是不正確的。所有帶字母“A”的鎳幣（1.2 億枚）都
第64頁 您說 G1-2的這枚1939 年的一分鋁幣大量發行。 我認為這枚幣是試鑄品 , 根本沒有流通，是一枚罕見的 錢幣。
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是在維也納（奧地利）鑄造的，沒有一枚是在中國生產
的。相反，大部分帶字母“A”的純鎳幣都是在中國被 熔化了。
注 ：文中所指的是哪本目錄？
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1950年4月30日
加州奧克蘭古爾丁路1716號 尊敬的耿愛德先生 ：
我注意到了您對我手中這枚半兩銀幣的權威評述，我必
27日的來信及幾份附件已收到，很高興得知您終於收到
原版相同，但我注意到一些漢字的書寫方式與伍德華展
須同意您的很多話。不過，這枚錢幣的邊齒排布方法與
了王先生的介紹說明文件。如果我知道您不能及時收到
示的 J 型略有不同。
這份檔，我肯定不會讓他寄出，但當時我在醫院裡，不 知道自己馬上就能回家，也不知道自己的身體是否能恢
我發現，我手中的這枚伍德華 A 型一兩銀幣與索赫爾曼
復到寫信的程度。我相信這將為您找印刷商印刷您的書
（J. Schulman）在 1931 年1月19日拍賣會上售出的第
在這種事情上是出了名的不及時。
為那場拍賣上拍品編號為1427、1433、1434和1438的
提很好的幫助。至少我現在知道更清楚地知道，中國人
1418號拍賣品完全相同。但這枚幣的處境有些不妙，因 幣都是贗品。不過，那場拍賣上還是有一些不錯的錢幣，
我很高興收到太平天國金幣的照片。我已經在之前一段
其中包括1426號拍賣品中的京局製造庚子壹角和庚子貳
時間的閱讀中知道了它們的存在，但這是我第一次看到
角 ；1425號和1421號拍賣品中的北洋一兩和戶部一兩 ；
它們。令人遺憾的是，這張照片的效果很差，需要手工
以及1435 號拍賣品中的一枚民國十八年的錢幣。
來描繪上面文字的輪廓，這就像我收藏的那枚較大的銀 幣一樣。
我可以根據目錄中的插圖辨認出我的錢幣，因為它的邊
我已經有一段時間沒有基弗的消息了，我斷定他一定是
有趣，但這些劃痕不是很要緊！
緣有幾處劃痕，而這些劃痕與照片上的完全一致。這很
又回醫院做了第三次手術，因為他在上一封信中提到只
做了兩次手術。我希望他能成功擺脫病痛，完全恢復健
您信中所提到的幾件附件沒有隨信寄至，因此我認為您
康。不久前，李奇收到了他的一封長信，信中他用了很
一定是分別寄來的，但我還沒有收到。
大篇幅描述了他在醫院裡接受的根治性治療，我也讀了 這封信。他似乎很喜歡講述這些細節對他的影響。
我很高興聽到關於維也納那莊交易的好消息，但也很遺
另外，非常感謝您總結了施嘉幹一書中的錯誤。李奇給
幣都通過了檢查所需要進行的所有檢查和獲得他們所會
憾有一枚硬幣丟失了。我想值得注意的是，這麼多的錢
我看過您的筆記，但我現在發現您某種程度上放大了這
遇到的繁瑣的問題。
些錯誤。我正在利用您的筆記來糾正我手中的施氏目錄 中的錯誤。
我昨天從一位香港通訊員那裡收到了62枚錢幣的拓片，
感謝您提供有關上海壹兩的資訊。我有一個問題，如果
質的、銅質的和鉛質的，還有一些是我從未見過的。鉛
這些拓片在上海以新疆和西藏幣的價格出售。它們有銀
您家裡正好有您手中的樣幣，也許您可以不看照片就為
質的是古錢品種。由於他要求歸還拓片，李奇和我將嘗
我厘清這一點。那就是關於壹兩和半兩的齒邊大小的問
試用我們有的一些相紙用映射法制作一些拓片的印曬相
題。我手中關於這枚壹兩齒邊的資訊顯示兩個邊齒的間
片。如果成功的話，我們會給您寄一套。 不過，我們
距為3毫米或 1/4毫米。我的問題是，它們是分別用不同
還需要幾天時間才能製作出來。在西藏幣中，有一枚幣
測量單位的裝置製作的嗎？我有關於如何將這些曲線的
的日期與沃爾什《西藏鑄幣》（The Tibetan Coinage）
齒邊線條壓制在錢幣上的資料，這是一位英國人在製作
一書中提到的康保鑄幣廠第三號版第4號硬幣完全不同。
錢幣時寫下的，我想確定將這些齒邊線條壓印在錢幣上
這枚錢幣與拉克伯裡（Lacouperie）的2號錢幣基本一
的裝置是可以用於兩種尺寸的錢幣，還是有兩個具有不
致，但背面明顯不同，日期似乎是13/47，儘管日期的
同尺寸設計的裝置，分別用於兩種尺寸的錢幣。
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但也許最後一個數字是6而不是7。
確的位置。就我個人而言，我看不出這個字哪裡像喀什
有另一枚特別有趣的錢幣，其正面大體上符合康保造幣
們的時候，他離征服喀什噶爾還有好幾年，並且至少有
噶爾的字，而且無論如何，當左宗棠下令在蘭州鑄造它
廠鑄幣的類型，但只有一字是按常規製作的，我無法確
一千多公里遠。施嘉幹的 C2-2號錢幣是 C2-3號的鉛質
定其他3個字是什麼，但背面甚至與康保造幣廠鑄幣背
仿製品，而 C2-3才是真品錢幣。後者是銀質的，而前者
面都不甚相似，而是有點像尼泊爾鑄造的其他西藏錢幣，
是仿製品，只是一枚仿鑄件，不是一枚樣幣。
見沃爾什目錄中的第六號版第7號硬幣。第三枚錢幣的
正面與之相同，但另一面與康保造幣廠鑄幣的背面相似。
我聽說您在這裡的狀況有些問題，對此我感到很遺憾。
總之，這批藏品非常有趣。
也許隨著時間的推移，新的規定解決您的狀況。我想目 前就到此為止吧。致以最誠摯的問候。
在您對施嘉幹一書的勘誤清單中，我並不同意您對 C2-2
號錢幣的注釋。在我看來，C2-2應該是與 C2-3相同的。
此致
施嘉幹從我這裡獲得了後一枚錢幣，當時我給了他一張
敬禮
布謝爾（Bushell）對這枚錢幣所做注釋的筆記，拿分
包克
筆記發表在皇家亞洲學會華北分會博物館期刊第32卷， 其中明確指出這枚錢幣是在蘭州鑄造的。請注意，C2-2
注 ： 包克在信中總結道， 太平天國金幣和銀幣一樣是
的反面與 C2-3的反面相似，只是位置相反。布謝爾將反
都是刻雕製成的。
面置於與施嘉幹的圖片呈 90 度的位置，5個圓點位於頂
注 ： 包克賣給施嘉幹一枚硬幣， 顯然是編號為 K1000
部，由於他能讀懂喀什噶爾的文字，因此認為這才是正
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27 YEARS IN ASIAN NUMISMATICS ◎ Ron Guth〔USA〕 Over the past 30 years, the market for Asian coins, particularly
One major change since I wrote those words is that the traffic
those of China, has experienced an unprecedented explosion in
for some Chinese coins is now one way: for instance, it remains
demand and popularity. Long ago, few people envisioned the
perfectly legal to import coins into China, but it is now illegal
possibility of a $100,000 Asian coin, yet now many Chinese
to export classic, pre-modern coins from China. This makes it
coins have broken the million dollar mark. Through a series of
increasingly difficult for collectors outside of China to assemble
fortunate events, and thanks to my good friend, Michael Chou
meaningful collections of Chinese rarities. It also means that a
of Champion Auctions, I have been blessed with the opportunity
worldwide hunt for important Chinese coins is underway.
to participate in this exploding market for Chinese coins, not so much as a purveyor of the coins, but as a facilitator for those
My recollections in the foreword to the second edition (2010) of
who want to collect and deal in these fascinating pieces of
Top Chinese Coins were similar:
numismatic history. The following narrative is derived in large part from the forewords in the second and third editions of Top
“As of this writing, the market for China coins is ‘on fire.’
Chinese Coins , two incredible coffee table books that have
Everyone wants to get in on the action, especially in areas where
helped promote and document the rise of the Asian and Chinese
the true rarity of some of the coins is now being recognized.
coin markets.
Collectors pay attention to (and big premiums for) coins that are condition-rarities – coins where high-grade examples are
In the foreword to the third edition of Top Chinese coins , I
either very rare or are vastly superior to all other survivors.
recounted my initial exposure to the much smaller market of the
The increasing wealth of collectors in Asia creates exceptional
1990:
demand for all coins, but especially for the finest and the rarest. In the search for quality, grading services help establish rigorous
“I have been fortunate to experience the rise in Chinese
grading standards and identify both actual rarity and condition-
numismatics firsthand. My inaugural trip to Hong Kong was in
rarity coins. Increased demand draws coins from collections
1996, when Michael Chou asked me to serve as an auctioneer for
all over the world back to their source. In recent years, large
his first sale and to review the grades of the coins in the auction.
numbers of individual, high-grade rarities and exceptional
Keep in mind that Hong Kong was still under British control in
collections have made their way back to China. The same is true
1996. Pre-handover and post-handover Hong Kong were two
in the modern market, where coins that were once exported are
very different places – both were bustling centers of commerce
now being repatriated by eager collectors.”
but with completely different vibes. When China entered the World Trade Organization in 2001, the economy took off like
Thus, it can be seen that the one-way traffic in Chinese coins
a rocket, the Chinese middle class grew, the entire country
has been a reality for many years. Now, it has been codified into
prospered, and China became the economic powerhouse that
Chinese law.
it is today. Collectors in China, flush with disposable income, began repatriating coins that had been taken overseas by Western
Coin grading in China, now seemingly ubiquitous, was not
collectors and tourists decades earlier. This is why Chinese coins
always so. From the foreword in the third edition:
have risen so dramatically in price – Chinese collectors are feverishly hungry to own relics of their country’s numismatic
“In 2007 and 2008, Michael Chou hosted third-party coin
history.”
grading seminars in Shanghai, Hong Kong, Beijing, and Taipei
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where experts such as Karl Stephens, Bruce Smith, Bob Johnson,
figure out what it meant. However, when looking at an image of the actual coin, the answer became obvious. The “Bountiful
Zhou Xiang (of the Shanghai Museum), Chou Chien Fu (of the
Harvest” was the wreath, which represented the different
Taipei Numismatic Society), and I introduced third-party grading
agricultural products gathered at harvest time. Other, similar
to the Chinese market. One of the biggest benefits of third-party
terms appeared in the text, most of which were resolved with
grading has been consumer protection, particularly in the area
a quick analysis or an email or phone call to Michael’s staff.
of anti-counterfeiting. This, in turn, has inspired confidence in
Converting the Chinese terms, which tended to be effusive and
the market, which brings in more collectors and helps to create
uplifting, into English, which is more dispassionate, was both
higher prices and increased liquidity.”
challenging and enjoyable. And, of course, it became easier with each new book.
The trips in 2007 and 2008, where I represented the Professional Coin Grading Service, were revolutionary, as third-party coin
One of the more interesting books I worked on with Michael
grading was yet unknown in China. During those trips, we
was the 2014 biography of Howard Bowker. The Bowker
held seminars in Beijing and Shagnhai, met with the Beijing
collection had lain dormant for decades, only to be discovered
Chengxuan Auction Company and the China Gold Coin, Inc.,
by Michael through a pure stroke of luck. Though Bowker was
and attended meetings of the Hong Kong and Taipei numismatic
well-known as a scholar in Asian numismatics before his death
societies. We also visited the Shanghai Museum and saw many
in 1970, he might have become a footnote in history were it not
rare coins in the vault. As a result of those efforts, revenues
for this serendipitous event. Bowker’s amazing collection has
from the grading of Chinese and other Asian coins comprise
since been disbursed via generous donations to various museums
significant portions of revenues enjoyed by the grading
throughout the world, including the Shanghai Mint Museum,
companies. The synergy of online auctions and third-party
China Banknote Printing and Minting Museum, Shenyang
grading benefitted from Michael’s early experience with Ebay
Mint, Art Museum of Moritzburg Halle, and the National
on their Taiwan and Eachnet sites.
Museum of American History at the Smithsonian Institution. Select rarities in the collection were sold over several auctions.
When coin grading companies first established connections
Bowker’s library was one of the largest and most important in
with the Asian market, collectors and dealers shipped their coins
the world and he himself was a prolific writer. To preserve the
to America for certification or the grading services sent staff
Bowker legacy, Michael asked me to write a biography that
to Hong Kong and China for special grading events. Now, the
eventually turned into a book entitled Howard Franklin Bowker:
major certification services have standalone operations in China,
Numismatic Pioneer . The Bowker heirs generously provided
partly to satisfy local demand for coin grading, and partly to
background information, images, and personal stories that
comply with the one-way traffic laws previously mentioned. In
became the basis for the book. After writing the book in English,
addition, home-grown Chinese certification companies compete
I turned it over to Michael’s staff, who probably encountered
for a piece of the grading pie.
the same problems in translation that I described earlier. This time the tables were turned. However, as a result of their superb
In the intervening years since the first trip to Hong Kong in
work, this book received the Numismatic Literary Guild’s
1996, Michael has asked me to work with him on several books,
“Extraordinary Merit” Award in 2015.
primarily as an editor. Typically, Michael and his wonderful staff
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provide an English version that was translated from the original
Another fun book was the 2019 catalog of Show Panda Medals
Chinese. This leads to some interesting “losses in translation”.
co-edited with King Chan of Hong Kong. Unlike regular Panda
For instance, when editing the first Top Chinese Coins book, I
coins, which bear a denomination, Show Pandas have no face
came across a Silver Dollar described as having a “Bountiful
value and were made to commemorate various events -- usually
Harvest” on the reverse. Not having ever run into that term used
numismatic conventions - throughout the world. First issued
to describe a coin in the English language, I was at a loss to
in 1984, Show Pandas have become an extremely popular
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collecting area. Most have very low mintages. Several of the
Coins , this time focusing on the Silver Coinage. This book
Show Pandas with high intrinsic gold and silver values feature
includes sixty of the finest and rarest Chinese coins, ranked in
mintages in the single or double-digits. As the editor of this
order based on a 2009 survey in which 102 numismatic experts
book, I was struck by the variety of creative designs that separate
and collectors participated. This bilingual (Chinese and English)
Show Pandas from their regular-issue sisters.
book is both an important reference work for collectors but also a visually impressive work that impresses even non-collectors
In 2021, Michael began a book project to promote the incredible
with its vibrant designs and images.
collection of Chinese rarities formed by Mr. Nelson Chang. Again, I was asked to edit the book. This was a particularly
It is hard to believe that it has been 27 years since my first trip
enjoyable project because Mr. Chang collected only the rarest
to Hong Kong. None of this would have been possible without
of the rare, the best of the best, and the finest of the finest. Mr.
the support and insistence of Michael Chou, who continues
Chang knew his collection better than anyone else, he knew
to be a force in Asian and Chinese numismatics. In recent
the stories of the coins he had purchased, so it was logical that
discussions with Michael, it is clear that he has no intention of
he become the lead author. Though the collection was small in
slowing down. You will soon hear and learn of his new projects
terms of the total number, the coins themselves were stunning.
and I look forward to working with him and his staff for many
In many cases, they were coins that had been off the market
more years come. Thank you Michael and thank you Champion
for so many years that few people even knew they existed.
Auctions.
Subsequently, Michael sold the collection through Champion 中國近代機製幣精品鑒賞
Auctions, where the coins set numerous price records, including
Chinese Show Panda CATALOGUE
1984—2019
the highest per-lot prices ever realized in an auction of Chinese
第三版 Third Edition
TOP CHINESE COINS
and Asian coins – a record that still stands today. The Chang
中國近代機製幣精品鑒賞 TOP CHINESE COINS
book went on to become the Numismatic Literary Guild’s Best
第三版
World Coin Book (1500 to date), making it the first Chinese90000>
東亞泉志出版 JEAN Publications
9 780990 520047
Third Edition
authored book to win an NLG award.
ISBN 978-0-9905200-4-7
Edited by
周邁可 Michael Chou with
古富 Ron Guth 史博祿 Bruce Smith 編著
Chinese Show Panda Catalogue (1984—2019) & 2021 Top Chinese Coins : Third Edition (Chief Editor)
Later in 2021, work began on the third edition of Top Chinese
Ron Guth is a recognized authority on United States and German coins. He is a licensed Certified Public Accountant who has been involved professionally in numismatics for over fifty years as a collector, dealer, researcher, and writer. His books and articles have earned numerous awards, including the American Numismatic Association's Heath Literary award and the Olga & Wayte Raymond awards, the Numismatic Literary Guild's Best Numismatic Investment Book and Best Book of the Year awards, and the Professional Numismatic Guild's Best Book of the Year award. In 2003, Ron received the prestigious President's Award from the American Numismatic Association in recognition of his numerous contributions to numismatics. In 2021, Coin World named Ron as one of the Top Ten Most Influential People in Numismatics for the sixty-year period from 1960-2020.
Collectors Universe, including Director of Numismatic Research, President of the Professional Coin Grading Service, and President of PCGS CoinFacts.
Ron created the CoinFacts website (now PCGS CoinFacts) in 1999 and sold the website to Collectors Universe in 2004 (where it is now presented as PCGS CoinFacts. Ron served in various capacities at
Ron has been a contributor for many years to Krause Publications' Standard Catalog of World Coins, with emphasis on German coins.
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Currently, Ron serves as Chief Investigator at the Numismatic Detective Agency, providing expert provenance on high-end coins. Ron is a familiar face in the Chinese coin market, having served as auctioneer for many of Champion Auctions beginning in 1996. In 2007 and 2008, Ron represented PCGS and certified coin grading at numismatic seminars hosted by Champion Auctions/iAsure in Hong Kong, Shanghai, Beijing and Taiwan.
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OTHER BOOKS BY RON GUTH 2021 Top Chinese Coins：Third Edition (Chief Editor)
2008 100 Greatest U.S. Coins, 3rd Edition (with Jeff Garrett)
2021 A Legacy of Collection-The NC Collection of Chinese Coins
2008 Coin Collecting For Dummies, 2nd Edition (with Neil S. Berman)
2019 Chinese Show Panda Catalogue: 1984-2019 (Editor)
2008 Encyclopedia of U.S. Gold Coins 1795-1933, 2nd Edition (with Jeff Garrett)
2015 100 Greatest Women on Coins
2006 Encyclopedia of U.S. Gold Coins 1795-1933, 1st Edition (with Jeff Garrett)
2014 Howard Franklin Bowker: Numismatic Pioneer (Chief Editor)
2005 100 Greatest U.S. Coins, 2nd Edition (with Jeff Garrett)
2013 Auction Prices Realized for Certified German Coins, 2nd Edition
2005 United States Coinage - A Study By Type (with Jeff Garrett)
2012 Auction Prices Realized for Certified German Coins, 1st Edition
2003 100 Greatest U.S. Coins, 1st Edition (with Jeff Garrett)
2011 Auction Prices Realized for PCGS-graded German Coins, 2nd Edition
2002 United States Proof and Mint Sets 1936-2002 (with Bill Gale)
2011 Top Chinese Coins: Silver Coinage (Chief Editor)
2001 Coin Collecting For Dummies, 1st Edition
2010 Auction Prices Realized for PCGS-graded German Coins, 1st Edition
Schedule of April, 2024 Events in Hong Kong Date
Time
Place
Event Top Chinese Coins Exhibit
11:00-21:00
Legend of Chu Commemorative Coin Series III Launch
13:30-15:00
40th Anniversary Hong Kong Show Panda Launch
will be on display. Yu Min (winner of the Coin of the Year Lifetime Achievement Award for Design) and Lee Chi Ching (Hong Kong leading comic artist) will attend the first release
former PCGS president and president of
Crystal Room 1
NLG. Many legendary numismatic titans and 40th Anniversary Hong Kong Show, Auction
15:00-18:00
Many of the rarities of Chinese numismatics
ceremony. The seminar will be hosted by Ron Guth,
Holiday inn Golden Mile B3 Apr. 6
Introduction
and Show Panda Seminar.
attendees of the 1984 Hong Kong show will make an appearance and give their accounts of the 1984 show and Hong Kong Show Panda release. The seminar will also include the development of Chinese numismatics since 1984. It is a party not to be missed.
19:00-22:00 10:00-18:00 10:00-18:00 Apr. 7
Apr. 8 Apr. 9-11
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Hong Kong Show 40th Anniversary Party Holiday inn Golden Mile B3 Crystal Room 2 Holiday inn Golden Mile B3
HICC/Champion/CAA Auction Preview HICC/Champion/CAA Auction
Crystal Room 1
9:00-12:00 Holiday inn Golden Mile B3
HICC/Champion/CAA Auction Preview
15:00-20:00 Crystal Room 2
HICC/Champion/CAA Auction Pickup
Holiday inn Golden Mile B1 Shop B113 (HICC Office) Holiday inn Golden Mile B3
HICC/Champion/CAA Auction Pickup Daily drawings of prizes include 2024 40th
HICC Show
anniversary Hong Kong show panda medal.
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亞洲錢幣界的27年 ◎ 古 富〔美國〕
亞洲錢幣市場，尤其是中國錢幣市場的需求和受歡迎程度，
人都希望有所作為，特別是一些真正珍稀的錢幣已受到關注
很少有人設想過，亞洲錢幣的單枚拍賣成交價可以達到10
鉅資。頂尖品相的錢幣比其他錢幣更為罕見，或擁有更高的
在過去30年間，出現了前所未有的爆炸式增長。很久以前，
和重視。收藏家對那些頂尖品相的珍品視如至寶，並且投入
萬美元，但現在許多中國錢幣的價值已經突破了百萬美元大
地位。亞洲收藏家手中不斷增長的財富創造了更多的錢幣需
關。我因為一系列幸運的事件，以及我的好朋友、冠軍拍賣
求，但最受歡迎的錢幣則是那些品相最好最稀有的珍品。在
的周邁可的關係，有幸參與到這個呈爆炸式增長的中國錢幣
尋找高質量錢幣的過程中，評級機構建立了嚴格的評級標
市場中。與其說我提供了錢幣，不如說我幫助了那些想要收
準，以幫助收藏家甄選出既存世稀少又品相優良的錢幣。旺
藏和交易這些錢幣史上無比迷人錢幣的收藏者。下面的敘述
盛的需求使錢幣從世界各地流回到原產地。近年來，大量的
大部分源自《中國近代機製幣精品鑒賞》銀幣版和第三版的
好品相珍品和優質收藏品回到了中國。現代機製幣市場也同
前言，這兩本精彩的書籍促進並記錄了亞洲和中國錢幣市場
樣如此，曾經流傳在外的中國現代幣如今被熟情的收藏家回
的崛起。
收到中國。 由此可見，中國錢幣的單向流通情況已經存在多年。而現在，
在《中國近代機製幣精品鑒賞 第三版》的前言中，我講述
這也被寫入了中國的法律。
了自己在20世紀90年代最初接觸這個規模比現在要小得多 的市場的經歷 ：
中國的錢幣評級現在似乎無處不在，但情況並非總是如此。 以下評述摘自第三版前言 ：
我有幸親身經歷了中國錢幣的騰飛。我第一次去香港是在 1996年，當時周邁可邀請我擔任他第一屆拍賣會的拍賣師並 對拍賣錢幣品相進行復核。我記得1996年的香港仍處于英國
2007-2008年， 周 邁 可 在 上 海、 香 港、 北 京 和 臺 北 舉 辦
的統治之下。回歸前和回歸後的香港是兩個截然不同的地
第 三 方 錢 幣 評 級 研 討 會， 一 些 專 家 如 卡 爾 斯 蒂 芬 (Karl
方——都是繁華的商業中心，但氛圍完全不同。2001年，中
Stephens)、 史 博 祿 (Bruce Smith)、 鮑 勃· 詹 森 (Bob
國加入世界貿易組織，經濟如火箭般起飛，中產階級迅速壯
Johnson)、周祥 ( 上海博物館 )、周建福 ( 臺北錢幣學會 )
大，整個國家繁榮昌盛，中國成為了今天的經濟強國。可支
和我將第三方錢幣評級引入中國市場。第三方評級的最大好
配收入迅速增長的中國收藏家開始讓幾十年前被西方收藏
處之一是保護消費者，尤其是在防偽領域。這也為中國錢幣
家和遊客帶到海外的中國錢幣回到中國。這就是中國錢幣價
市場注入了新的活力，增添了購買信心，從而吸引更多的收
格戲劇性飛漲的原因——中國收藏家極為渴望擁有中國錢
藏家，有助于創造更高的成交價格以及有益的流動性。
幣歷史中的這些文化遺產。
2007年和2008年的中國之旅是革命性的。當時第三方硬幣
在我寫下這些文字之後，發生了一個重大變化，那就是現在
評級在中國還鮮為人知，因此我代表 PCGS 前往中國。期
一些中國錢幣的流通是單向的。例如，現在向中國進口錢幣
間，我們在北京和上海舉辦了研討會，會見了北京誠軒拍賣
仍然是完全合法的，但從中國出口古錢幣和近代以前的錢幣
公司和中國金幣總公司負責人，並出席了香港和臺北錢幣學
是非法的。這使得中國以外的收藏家越來越難以收集到具有
會的會議。我們還去參觀了上海博物館，見到了博物館庫藏
歷史意義的中國錢幣珍品。這也意味着全球範圍內都正在追
的很多珍稀錢幣。經過這些努力，中國和其他亞洲硬幣的評
尋重要的中國錢幣。
級收入佔據了評級公司收入的很大一部分。而線上拍賣和第 三方評級能夠產生協同效應也得益于周邁可早年合作 Ebay 臺灣和 Ebay 易趣網站項目的經驗。
我在《中國近代機製幣精品鑒賞 銀幣版》（2010 年）的前 言中也有類似的回憶 ：
當錢幣評級公司首次與亞洲市場建立聯繫時，藏家和幣商還 需要將他們的錢幣運送到美國進行認證，或者評級服務機構
本書出版之際，中國錢幣市場正在如火如荼的發展中。每個
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派工作人員到香港和中國大陸參加特別評級活動。現在，主
行，現已成為一個極受歡迎的收藏領域。大多數熊貓紀念章
足當地對錢幣評級的需求，另一方面也是為了遵守前面提到
高，發行量低至一位數或兩位數。我作為這本書的編輯，被
的發行量都很低。有幾枚熊貓紀念金章和銀章的內在價值很
要的認證服務機構在中國都有獨立的業務，一方面是為了滿
各種創意設計所震撼，這也是它與一般發行的熊貓紀念幣的
的單向流通的法律。此外，中國本土的認證公司也爭相分一
不同之處。
杯羹。
自我在1996年第一次香港之行後的幾年間，周邁可邀請我擔
2021 年，周邁可開始了一個圖書項目，旨在宣傳張南琛先
出色的員工會提供從中文原文翻譯過來的英文版本。這導致
生只收集最稀有的、最好的和最優秀的錢幣，這次這個項目
生的中國珍品錢幣收藏。我再次受邀編輯這本書。因為張先
任編輯，與他合作出版了幾本書。通常情況下，周邁可和他
格外令人愉快。張先生比任何人都更瞭解自己的收藏，知道
了一些有趣的“翻譯損失”。例如，在編輯《中國近代機製
自己購買的硬幣的故事，所以他成為了本書的主要作者，這
幣精品鑒賞》第一版時，我看到一枚銀幣的描述是，背面描
合情合理。雖然其藏品數量不多，但那些錢幣本身卻令人歎
繪了“豐收”。在英語中，我從未見過用這個詞來形容錢幣，
為觀止。裏面的許多錢幣已多年未曾見諸市場，甚至很少有
因此不知道它是什麼意思。然而，當看到一枚錢幣的實物圖
人知道它們的存在。之後，周邁可通過冠軍拍賣出售了這批
片時，答案就顯而易見了。“豐收”是指錢幣上一個類似花
錢幣，這些錢幣創下了多項價格紀錄，其中包括中國和亞洲
環的嘉禾形狀，代表着收穫時節收穫的各種農產品。文本中
錢幣拍賣中的最高單筆成交價，這一紀錄至今仍保持着。而
還出現了其他類似的描述，但其中大部分都可以通過快速分
這本關于張南琛收藏的圖書也榮獲了錢幣文學公會“最佳世
析或給周邁可的工作人員發郵件或打電話來解決。中文用語
界錢幣書籍”獎（1500年至今），這也是第一本華人作者所
往往熱情洋溢、振奮人心，而英文用語則比較冷靜，因此將
著的圖書獲得錢幣文學公會的獎項。
中文用語轉換成英文用語既具有挑戰性，又令人愉快。當然， 隨着新書一本一本的出版，編輯也變得越來越容易了。
《中國機製幣精品鑒賞
我與周邁可合作過的一本非常有趣的書是2014年出版的《霍
半年開始啟動，這一版的重點是銀幣。本書收錄了60枚最
品沉睡了幾十年，直到周邁可偶然發現了它。儘管包克在
修改後，經 102 位錢幣專家和藏家投票排出的。這本中英
精美、最稀有的中國錢幣，而排名是根據 2009 年版的問卷
華德 · 佛蘭克林 · 包克——錢幣學研究先驅者》 。 包克藏
文雙語書籍既是收藏者的重要參考書，也是一本極佳的欣賞
1970年去世前已是亞洲錢幣學界的知名學者，但如果不是
書，其精美的設計和圖片甚至給非收藏者留下了深刻印象。
這次偶然事件，他可能已成為歷史的一個註腳。此後，包克 的偉大收藏被慷慨捐贈給世界各地的多家博物館，包括上海 造幣博物館、中國印鈔造幣博物館、瀋陽造幣有限公司、德
我的第一次香港之行已經過去了 27 年，這簡直難以置信。
物館。藏品中的部分珍品通過幾次拍賣會售出。包克的圖書
其一直是亞洲和中國錢幣學界的一股重要力量。通過最近與
國莫裏茨堡哈勒藝術博物館和史密森學會美國國家歷史博
沒有周邁可的支持和堅持，這一切都不可能實現。周邁可及
收藏是世界上最大、最重要的圖書收藏之一，他本人也是一
周邁可的討論可以明顯感受到，他無意放慢腳步。大家很快
位多產作家。為了保護包克的遺產，周邁可請我為他寫一
就會聽到並瞭解到他的新項目，我期待着與他和他的員工在
本傳記，最終寫成了《霍華德 · 佛蘭克林 · 包克——錢幣學
未來更多的歲月裏共事。感謝周邁可，感謝冠軍拍賣！
研究先驅者》 。包克的繼承人慷慨地提供了包克的背景資料、 寫完這本書後，我把它交給了周邁可的工作人員，他們在翻
中國近代機製幣精品鑒賞
圖片和他的個人故事，這些都是創作這本書的基礎。用英文
Chinese Show Panda CATALOGUE
1984—2019
譯過程中可能也遇到了我之前描述過的問題。這一次，形勢 年獲得了錢幣文學公會的“傑出成就獎”。
第三版
我們和香港的陳景林合作的另一本有趣的著作是2019年的
ISBN 978-0-9905200-4-7
90000>
東亞泉志出版 JEAN Publications
同，熊貓紀念章沒有面值，而是為紀念世界各地的各種活動
A
第三版 Third Edition
Edited by
周邁可 Michael Chou with
古富 Ron Guth 史博祿 Bruce Smith 編著
《中國熊貓紀念章目錄1984-2019》、《中國近代機製幣精 品鑒賞第三版》
（通常是錢幣展）而製作的。熊貓紀念章于 1984年首次發
E
9 780990 520047
Third Edition
《中國熊貓紀念章目錄 1984-2019》 。與有面值的熊貓幣不
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中國近代機製幣精品鑒賞 TOP CHINESE COINS
TOP CHINESE COINS
發生了逆轉。然而，由于他們出色的工作，這本書在2015
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古富
古富主編與撰寫的部分書籍
計師執照，在錢幣業擁有超過50年專業經驗，進行錢幣收
《收藏傳奇——張南琛中國錢幣收藏》（2021年）
藏、交易、研究和寫作。他的錢幣著作和文章贏得無數獎項，
《中國熊貓紀念章目錄1984-2019》（編輯，2019年）
包括美國錢幣協會的 Heath 文學獎和 Olga & Wayte Raymond
《錢幣界最偉大的100位女性》（2015年）
獎、錢幣文學公會的最佳錢幣投資書籍和年度最佳書籍、錢
《霍華德·佛蘭克林·包克——錢幣學研究先驅者》
幣文學公會的年度最佳書籍獎。2003年，他獲得美國錢幣協
（主編，2014年）
會的主席榮譽獎，以表彰他對錢幣業界的出色貢獻。2021年，
《德國認證錢幣拍賣成交價格 第二版》（2013年）
《世界硬幣》 （Coin World）雜誌提名古富為“1960年至2020
《德國認證錢幣拍賣成交價格 第一版》（2012年）
年六十年錢幣界十大最具影響力人物”。
《PCGS認證德國錢幣拍賣成交價格 第二版》（2011年）
1999年，古富創建了CoinFacts網站，2014年將網站出售
《中國近代機製幣精品鑒賞 銀幣版》（主編，2011年）
給美國上市公司收藏家世界（Collectors Universe），現為
《PCGS認證德國錢幣拍賣成交價格 第一版》（2010年）
PCGS旗下CoinFacts公司。古富在收藏家世界任多種職位，
《100枚最偉大的美國錢幣 第三版》（2008年）
包括錢幣研究總監和專業錢幣評級服務公司（PCGS）總
《錢幣收藏入門 第二版》（2008年）
裁，PCGS旗下CoinFacts欄目主席。
《1795-1933美國金幣百科全書 第二版》（2008年）
古富現在擔任錢幣探索機構（Numisamtic Detective
《1795-1933美國金幣百科全書 第一版》（2006年）
Agency）的首席研究員，為高端錢幣提供專家鑒定。
《100枚最偉大的美國錢幣 第二版》（2005年）
古富從1996年開始擔任冠軍拍賣多場拍賣會的拍賣師。
《美國錢幣類別研究》（2005 年）
對中國錢幣市場來說，古富是一個熟悉的面孔。2007
《100枚最偉大的美國錢幣 第一版》（2003年）
年-2008年，古富代表PCGS參加了由愛秀集團和冠軍拍賣在
《1936 - 2002美國鏡面精製錢幣》（2002年）
香港、上海、北京和臺灣舉辦的錢幣評級研討會。
《錢幣收藏入門 第一版》（2001年）
《中國近代機製幣精品鑒賞 第三版》（主編，2021年）
古富是美國和德國錢幣領域方面公認的權威。他擁有註冊會
多年以來，古富一直參與克勞斯出版社《世界錢幣標準目 錄》出版工作，尤其在德國錢幣研究方面貢獻巨大。
2024年4月香港活動日程 日期
時間
地點
11:00-21:00
介紹
中國錢幣珍品展
展覽現場將有諸多中國錢幣大 珍亮相。
13:30-15:00
《楚留香傳奇》紀念幣第三套及 世界硬幣大獎賽終身成就獎得 香港錢幣展會 40 周年熊貓紀念 主余敏、香港漫畫大師李志清 章首發 將出席首發活動。
15:00-18:00
原 PCGS 總 裁、 原 錢 幣 文 學 公會主席古富將主持活動。多 位錢幣界的傳奇人物及出席了 1984 年香港展會的錢幣界人士 香港錢幣展、拍賣、展會熊貓章 將參加此次活動，並分享他們 40 周年論壇 對 于 1984 年 展 會 及 展 會 熊 貓 紀念章發行的回憶，並分析中 國 錢 幣 自 1984 年 來 到 發 展， 不容錯過。
金域假日酒店 B3 麗晶廳 1
4月6日
19:00-22:00
4月7日
活動
40 周年招待晚宴
10:00-18:00
金域假日酒店 B3 麗晶廳 2
HICC/ 冠軍 /CAA 聯合拍賣預展
10:00-18:00 9:00-12:00 15:00-20:00
金域假日酒店 B3 麗晶廳 1
HICC/ 冠軍 /CAA 聯合拍賣 HICC/ 冠軍 /CAA 聯合拍賣預展 HICC/ 冠軍 /CAA 聯合拍賣提貨
金域假日酒店 B3 麗晶廳 2
4月8日
金域假日酒店 B1 HICC 香港店鋪 B113
4月9日 至 11 日
金域假日酒店 B3 HICC 展會
HICC/ 冠軍 /CAA 聯合拍賣提貨 展會期間將有抽獎活動，獎品 包 括 2024 年 香 港 錢 幣 展 會 紀 念章發行 40 周年熊貓紀念章。
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Summer 2023 ANA Show Returns to the Steel City as Global Numismatic Market Remains Hot ◎ J. Matthew Brotherton〔USA〕
As the leaves start to change at home and we head into the Autumn season of 2023, I hope this article finds all of our
Ship Ryal Queen Elizabeth I
readers happy and healthy wherever you are in the world. This year’s Summer 2023 American Numismatic Association’s (“ANA”) World’s Fair of Money show was held at the David L. Lawrence Convention Center in the famous “Steel City” of Pittsburgh, Pennsylvania from August 8th-12th. This was my first ever visit to Pittsburgh, and I am pleased to report that the city did an excellent job of hosting this year’s Summer ANA.
Thrymsa King Eadbald of Kent
Our readers will be glad to know that the coin and currency market continues to thrive as the demand for nice collector coins and currency remains strong. The 2023 Pittsburgh Summer ANA show proved that numismatic collectibles and rarities continue to be a safe and preferred method of investing in a time
coins, and I learned a lot about this area of the numismatic
of uncertain international politics as we go forward to the last
market while set up with Philip in Pittsburgh. Overall, the coin
quarter of 2023.
and currency dealers at the show were pleased with the activity of sales as the numismatic market remains very strong. Sales of
Pittsburgh hosted this year’s ANA World’s Fair of Money show
vintage and key date U.S. type coins continue to do well. As for
which consisted of hundreds of dealers and exhibits from all
U.S. currency, high denomination notes and large size federal
over the world. Pittsburgh is a major U.S. industrial city located
paper money continues to lead the way as it is getting harder to
in western Pennsylvania where three rivers (the Allegheny,
find these items in nicer conditions. For the international coins
Monongahela, and Ohio) come together in the Ohio Valley
and currency market, vintage Chinese gold and silver coins as
region of the United States. The downtown riverfront location
well as vintage Chinese currency continue to be in high demand.
of the David L. Lawrence Convention Center makes for a truly
Although prices have slightly come down in the vintage Chinese
a scenic and beautiful site for a coin show. The city’s most
coin and currency market from the recent highs of the past few
famous nickname is the“Steel City”because this area was home
years, demand is still high as many collectors see this as an
to the largest producers of steel in the world. Pittsburgh is also
opportunistic time to buy such better items. I have also noticed
famous for its athletic teams such as the Pittsburgh Steelers
an uptick in demand for pre-20th century European silver and
(NFL), Pittsburgh Pirates (MLB) and Pittsburgh Penguins (NHL),
gold coins in nicer conditions and vintage Korean paper money
making it one of the best sports cities in the United States. The
in nicer grades as well.
2023 Summer ANA was well attended by thousands of collectors
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over the five day event, and those that attended were very active
The Pittsburgh Summer ANA Show offered a wide variety
buyers. For this Summer ANA, I set up with Michael Chou
of activities such as grading service appraisals, educational
(President of Champion Auctions), and Philip Kapaan (Kapaan
seminars, auctions, collectors meetings, events for young
& Mades GbR located in Bochum, Germany). This was my first
numismatists, and much more. A first for any ANA show, the
show setting up with Philip and it was a true pleasure. Philip is
internationally famous Coin Of The Year (COTY) awards
one of the world’s specialists in vintage German and European
ceremony was held at this year’s Pittsburgh Summer ANA. This
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is the 40th Anniversary of the COTY program and the awards ceremony usually takes place in Berlin, Germany and recognizes outstanding coin designs worldwide in 10 specialized categories. My favorite COTY category is “Most Artistic Coin”and this year’s winner was the Ukrainian 5 hryvnias celebrating “The 30th Anniversary Ukraine’s Independence.”It is always great to see younger numismatists enter into our industry, and the Professional Numismatic Guild (“PNG”) hosted a networking event for about
1937 Pattern Proof Set ：King Eadbald of Ⅷ
20 young dealers during this year’s Summer ANA. There are at least 100 young people who have entered our industry fulltime over the past year, and PNG has started a program called
of all the“tyrants”or rulers of the Thames River region for the
nexGen to encourage these new professionals. It was great to see
past 1,400 years. These rulers included the Saxon kings of Kent,
numismatic veterans such as Jeff Garrett, Mark Salzberg (who
Wessex, East Anglia, and Mercia. Highlights of the collection
funded the PNG nexGen event) and Jim Halperin mingle and
include a gold thrymsa of King Eadbald of Kent (A.D. 616-640,
give great guidance to the newest members of our industry.
struck in London and first Anglo-Saxon specimen to feature the name of the king who issued it), a silver penny of King
The “Money Talks” educational presentations were excellent
Harold II (A.D. 1066, the last Anglo-Saxon king of England
again this year and included“The Renaissance of U.S. Coinage,
before the Normans under William the Conqueror took over), an
1907-1933”presented by Mark Wieclaw which discussed
exceedingly rare gold double leopard of King Edward III (Issued
in depth the sculptors that designed the most beautiful U.S.
from January to August 1344 and only one of three known to
coins from this period, and “The Money of Russian America”
exist), a gold ship ryal of Queen Elizabeth I (struck between
presentation by CJ Buchanan that went into an overview of
1583 and 1603 the rare coin features the queen holding an orb
the money and economy of the Russian-America Company to
and scepter in the middle of a detailed ship), and a“Petition
include paper roubles, Siberian coinage, Spanish issues, and
Crown”of King Charles III (produced in 1663 it is considered to
native mediums of exchange. Another presentation I found very
be one of the most famous of English rare coins). Another great
interesting was“How the Pandemic has Transformed Collecting
exhibit was the Elite Collection of Saint-Gaudens Double Eagles
Coins”by Scott A. Travers and Maurice Rosen. We all know the
displayed by Great Collections valued at over 20 million dollars.
Covid-19 has had an impact on the industry and this presentation
This collection featured 35 of the 61 finest known or tied for
focused on the impact of hobbyists emerging from home and
finest known U.S. gold double eagle coins.
what the future of collecting holds in the post-pandemic era. The presenters focused on providing helpful tips on how to protect
If you ever get a chance to attend an ANA numismatic show I
your coins and collectibles from natural disasters and other
highly recommend it as it is an event of a lifetime for any lover
unexpected events. The discussion also listed prudent steps one
of numismatics. As this summer in Pittsburgh proves, there is
could take to make the world a safer place for rare collectibles
something at the ANA for everyone. This year’s Summer ANA
which many found very informative.
Show in Pittsburgh was a huge success and it was great to see old friends and make new ones. It appears that the numismatic
The ANA Museum Showcase at this year’s Pittsburgh show
industry will continue to be very strong as we head to the end
offered incredible historical numismatic rarities and private
of 2023. I want to wish everyone all the best, and as travel
collections from all over the world. Highlighting this year’s
restrictions continue to improve, I look forward to seeing my
exhibits was The Tyrant Collection’s Tyrants of the Thames
good friends, Michael Chou, Jeffrey Wai, and others once again
2.0 display. This 300-piece exhibit featured the finest private
as I will be in attendance at the 2023 Macau Numismatic Society
collection of English coins outside of Great Britain known.
Annual Meeting from Nov. 23 to Nov. 26 and the upcoming 2023 Champion Macau Auction on Nov. 26. I wish you all
This collection has been valued at over 40 million dollars and
the best in your numismatic pursuits and if you ever are in the
included a continuous run of portrait pieces on English coins
Sarasota, Florida area be sure to stop by and say hello!
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錢幣市場持續火熱——
2023夏季ANA國際錢幣展銷會重返“鋼鐵之城” ◎ 馬修·布拉澤頓〔美國〕
金秋時節，我希望借這篇文章能祝福所有的讀者，無論你
身處何方，都健康快樂！2023年夏季美國錢幣協會（ANA） 國際錢幣展銷會于8月8日至12日在賓夕法尼亞州著名的
“鋼鐵之城”——匹茲堡的大衛 · 勞倫斯會展中心舉行。這
是我第一次前往匹茲堡參與展銷會。我再次很高興地和大家 分享，匹茲堡出色地舉辦了此次展銷會。我高興地看到，由
于對收藏精美錢幣的需求依然強勁，錢幣市場繼續蓬勃發
展。此次展銷會證明，在 2023年最後一個季度到來之際， 儘管國際政治不甚確定，錢幣收藏品和稀有物品仍然是安全 且首選的投資方式。
匹茲堡舉辦2023夏季 ANA 國際錢幣展銷會，吸引了來自
普是世界頂尖的德國和歐洲古幣專家之一，在匹茲堡與菲利
業城市，位于賓夕法尼亞州西部，三條河流彙集于此（阿勒
總體而言，錢幣市場依然非常強勁，幣商對展會上的銷售情
普一起工作期間，我學到了很多關于這一錢幣領域的知識。
世界各地的數百家幣商攜展品參展。匹茲堡是美國主要的工
況感到滿意。古錢幣和重要年份的美國錢幣的銷售繼續保持
格尼河、莫農加希拉河和俄亥俄河），形成了美國的俄亥俄 河谷地區。大衛 · 勞倫斯會展中心位于市中心河畔，是一個
良好態勢。美國紙幣方面，大面額紙幣和大面額聯邦紙幣越
風景優美的錢幣展會場所。這座城市以“鋼鐵之城”為人們
來越難找到好品相的，因此價格繼續領跑。在國際錢幣領域，
所知，因為這裏曾是世界上最大的鋼鐵生產地。匹茲堡還因
中國機製金銀幣以及古錢繼續受到追捧。儘管中國古錢市場
匹茲堡鋼人隊（美國國家橄欖球聯盟）、匹茲堡海盜隊（美
的價格已從過去幾年的高位略有回調，但需求量仍然很大，
國職業棒球大聯盟）和匹茲堡企鵝隊（美國國家冰球聯盟）
因為許多收藏者認為現在是購買此類錢幣的良機。我還注意
到，對品相較好的20世紀前歐洲金銀幣和品相較好的韓國
等運動隊而聞名，是美國最佳體育城市之一。為期五天的活 動吸引了數千名收藏家參加，其中不乏非常活躍的買家。在
古代紙幣的需求也在上升。
卡潘 ( 德國波鴻的 Kapaan & Mades GbR 公司 ) 共用一個
匹茲堡夏季 ANA 國際錢幣展銷會提供了豐富多彩的活動，
此次展銷會上，我與周邁可 ( 冠軍拍賣總裁 ) 以及菲利普 ·
如評級鑒定服務、教育研討會、拍賣會、藏家論壇、青年錢
展位。這是我第一次與菲利普合作，我感到非常榮幸。菲利
幣收藏家活動等。此次展銷會上首次舉行了國際著名的世界
硬幣大獎賽頒獎典禮。2023年是世界硬幣大獎賽項目創立
40周年，之前頒獎儀式通常在德國柏林舉行。大獎賽旨在
表彰全球10個專項類別中的傑出錢幣設計。我最喜歡的世 界硬幣大獎賽類別是“最佳藝術幣”，本屆獲獎者是為慶祝
烏克蘭獨立30周年發行的的烏克蘭5格裏夫納錢幣。看到年
輕的錢幣收藏者進入行業總是件令人高興的事。專業錢幣收
藏協會（PNG）在此次展銷會上為大約20名年輕的幣商舉 辦了一次交流活動。在過去的一年裏，至少有 100 名年輕
人全職進入了錢幣行業。PNG 啟動了一項名為 nexGen 的 122
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最精美的私人英國錢幣收藏。 這些藏品價值超過4 000萬美元，其中包括過去1 400年間
泰晤士河地區所有帶有“暴君”（tyrants）或統治者消息的 英國硬幣。這些統治者包括撒克遜肯特國王、西撒克遜、東
伊麗莎白女王一世像 帆船 Ryal 金幣
盎格利亞和麥西亞的國王。藏品中的亮點包括肯特國王埃 德 巴 爾 德 像 金 幣 Thrymsa（公 元 616-640年， 在 倫 敦 鑄
造，是第一枚帶有發行國王姓名的盎格魯 - 撒克遜錢幣）、 國王哈羅德二世像銀幣（公元1066年，征服者威廉帶領諾
曼人接管英格蘭之前的最後一位盎格魯 - 撒克遜國王）、極
為罕見的國王愛德華三世像雙豹金幣（1344年1月至8月發
行，已知僅存3枚）、伊麗莎白女王一世像帆船金幣（1583
肯特國王 埃德巴爾德像金幣 Thrymsa 金幣
年至 1603 年間鑄造，這枚稀有錢幣的圖案是女王在一艘精 緻的船上，手持寶珠和權杖），以及國王查理三世像“請願
幣”（1663 年製造，被認為是英國最著名的稀有錢幣之一）。
另一場精彩展覽是由 Great Collections 展出的聖 - 高登斯
雙鷹金幣系列，價值超過2 000萬美元。該系列收藏了61枚 已知最精美的美國雙鷹金幣中的35枚。
計劃，以鼓勵這些新進的專業人士。我很高興看到傑夫 · 加
如果您有機會，我希望蒞臨美國錢幣協會錢幣展，因為這對
他資助了 PNG 的 nexGen 活動）和吉姆 · 哈爾佩林（Jim
天證明，在美國錢幣協會錢幣展銷會上，每個人都能找到自
勒特（Jeff Garrett）、馬克 · 薩爾茨伯格（Mark Salzburg，
任何錢幣愛好者來說都是一生難忘的盛會。匹茲堡的這個夏
Halperin）等錢幣界資深人士與我們行業的新成員打成一
己喜歡的東西。此展銷會取得了巨大成功，很高興見到了老
片，並為他們提供了很好的指導。
朋友，結識了新朋友。展望 2023 年底，錢幣行業似乎將繼
續保持強勁勢頭。我希望大家一切順利，隨着旅行限制的不
本次的“金錢論壇”教育演講十分精彩。馬克 · 維克勞（Mark
斷改善，我期待着再次見到我的好朋友周邁可、魏亨泰和其
Wieclaw）的“1907-1933年美國錢幣的文藝復興”主題演
他人，因為我將出席11月23日至26日舉辦的2023年澳門錢
講，深入探討了這一時期最為精美的美國錢幣的設計和雕刻
幣學會年會及11月26日舉行的冠軍2023年澳門拍賣。我祝
，介紹了 家。布坎南（CJ Buchanan）演講的“俄美貨幣”
願你們在錢幣收藏領域一切順利，如果你們來到佛羅里達州
俄美公司的貨幣和經濟概況，包括紙盧布、西伯利亞硬幣和
薩拉索塔，一定要順便過來打個招呼！
當地的交換媒介等方面的內容。斯科特 · 特拉弗斯（Scott A.
Travers）和莫裏斯 · 羅森（Maurice Rosen）的演講“新冠
大流行如何改變錢幣收藏”也讓我覺得非常有趣。我們都知 道新冠對錢幣行業產生了影響，這次演講的重點是講述來自 美國的業餘愛好者因新冠所受的影響以及後新冠大流行時代
對收藏錢幣的展望。主講人重點介紹了如何在自然災害和其 他突發事件中保護錢幣和收藏品的有用技巧。他還列出了人 們可以採取的慎重的步驟，讓世界成為一個可以更安全地收 藏珍稀藏品的地方。許多人認為這些步驟非常有參考價值。
ANA 博物館在此次展銷會上展示了非常多的歷史錢幣珍品
和來自世界各地的私人收藏，展覽的亮點是 Tyrant 收藏中
1937 精製樣品系列：國王愛德華八世像套幣
的泰晤士收藏2.0版。這次展出的 300 件展品是目前已知的 J
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Chinese and Foreign Fantasy Coins Zhang Shaolong〔Beijing〕
The fantasy coin is of great interest. It is one of the most special
and banknotes. As there was no careful study in the past, a lot of
typest in the numismatic world, and cannot be ignored or crudely
fantasy coins were identified as “fake coins” or “old fake coins”.
summarized by the word “fake”. Although many people dislike
Various fantasy coins of the late Qing dynasty and the Republic
fantasy coins and keep away from them their existence is well-
of China period are very worthy of careful study. The so-called
known, as the birth of many fantasy coins is due to a variety of
fantasy coins did not exist in the history of official minting
coincidences, and it is of great interest to explore the story behind
and were produced completely according to the imagination.
them. It is found that China and foreign countries coincidentally
Some hold that they are just a kind of commemorative medal.
produced various fantasy coins in a certain period, and there are
For example, some gold and silver coins with the portraits of
many similar contributing factors to why they were made.
imperial family members were not issued at all. Not until the end of the Qing dynasty did the officially minted Szechuan Rupee
There are not many monographs on various old fantasy coins
coins have the portrait of Emperor Guangxu (the Yunnan Rupee
in China or abroad, which also makes this kind of coin covered
with the portrait of Guangxu is controversial). Of course, not
with a mysterious veil. Sometimes, people follow the herd and
all fantasy coins are completely imaginary. Some fantasy coins
feel the fantasy coin is complicated and confusing, which also
made some changes in material and denominations, or combined
provides a hotbed for counterfeits. Against this background, it
patterns of existing coins. The fantasy Szechuan Rupee coins
is difficult for collectors to distinguish the truth from the false.
even turn the portrait of the Guangxu emperor to the opposite
I have seen some numismatic works with chapters on fantasy
side. There were also fantasy gold coins made according to the
coins, or coin catalogs with sections on fantasy coins. Yet, there
corresponding silver coins. In the past, research was limited, and
is almost no monograph that only focuses on fantasy coins. Also
even many Republican financiers did not know which coins were
most illustrated catalogs on fantasy coins only contain a limited
fantasy and which were official. Some researchers even cover
number of fantasy coins due to the space. The foreign study of
the fantasy coins in the catalogs as officially issued coins.
fantasy coins is also limited, with many listed in numismatic catalogs alongside formal coins, or listed separately such as
Through the comparison of Chinese and foreign fantasy coins,
the Unusual World Coins in Krause’s Standard Catalog of
I found a very interesting situation, that is, the fantasy coins
World Coins . There is a serious shortfall in terms of systematic
at home and abroad were not struck officially but by the coin
organization and research.
dealers, and these coins make up for “historical regrets” resulting from the absence of official minting. The commemorative
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Chinese fantasy coins are very interesting, but they were not
themes of some fantasy coins are properly chosen and the
given enough attention. Chinese fantasy coins generally refer
patterns are well designed. Some fantasy coin makers used other
to various counterfeited machine-struck coins produced in the
fantasy coins for reference, and then different varieties of fantasy
late Qing dynasty and the Republic of China period (there are
coins came into being. For example, the largest group of fantasy
also a small number of fantasy square-hole ancient coins.) They
coins in the West is those commemorating the accession of King
are generally divided according to the year 1949, the victory of
Edward VIII to the throne of the Commonwealth of Nations
the Liberation War. Those minted before the Liberation are old
and its colonies (Fig. 5). Fantasy coins of this theme have been
fantasy coins, which are relatively rare and their style is also
made for many decades. Fantasy coins reflect the minting styles
close to the vintage coins. Also, there are fantasy postage stamps
of the different eras and the earliest batch of fantasy coins are
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Fig. 1 Illustrated Catalog of Chinese Coins Gold; Silver, Nickel, and Aluminum , by Eduard Kann. This book has a section on fantasy coins but the space is limited. The catalog by Eduard Kann allowed collectors to know the fantasy coins at that period of time.
Fig. 2 The Collection and St udy of Moder n World Coins , by Zhang Shaolong, has chapters on Chinese and foreign fantasy coins (fa nt a sy coi n s, re st r i ke c oi n s , p r iv a t ely s t r u ck coins, and coin-like medals).
Fig. 3 Selective Rubbings of Chinese Modern Fantasy Coins by Shi Xinbiao, Zhou Shouyuan, Li Wei. The book i n her it s t he st udy resu lt s of the numismatic exper ts in the Republican per iod, as a monograph of fantasy coins. The early rubbings are selected and introduced, but the book only contains 100 fantasy coins and medals due to the limited space.
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Fig. 4 Unusual World Coins , one of the most commonly used and authoritative numismatic refe re nce book s, i ncludes unusual coins (medals) from various countries, and which has been updated over several editions. It also covers fantasy coins from various countries but they are not listed individually. Generally, it is a reference book with a mixed assortment of coins.
very rare. The reason for choosing Edward VIII is that he was
that Edward VIII did not expect that he would bring to Western
a famous king who loved his lover more than his power. He
countries the hugest fantasy coin system. The series is so various
abdicated soon after his accession, which left a huge regret in
that some overseas monographs are specializing in the study of
the numismatic community, that is, a lot of Commonwealth
these Edward VIII fantasy coins. Although Western countries
countries or regions did not have enough time to issue
have produced fantasy coins up to now, the huge scale of fantasy
commemorative coins. Coin dealers have seized this opportunity
coins of Edward VIII is still impressive.
to produce fantasy coins, and a lot of fantasy coins were minted by commissioning the official mint rather than being struck
The Chinese fantasy coins produced in the late Qing dynasty
sneakily. The fantasy coins of Edward VIII are dated the year
and the Republic of China (some hold that these fantasy vintage
1936 fixedly, as this was the year of his accession to the throne,
coins were all made in the Republic of China), especially the
but we know that these fantasy coins were not minted in 1936.
fantasy coins with the portraits of the imperial family members,
(Fig. 6) These coins are made of almost all kinds of materials,
which were not officially issued, were favored by Westerns who
including gold, silver, copper coins, and even various kinds of
came to China in that period. Therefore, there were coin dealers
alloy, and the quality also includes common commemorative
who manufactured fantasy coins of this kind to make a profit.
coins, proof-like, matte proof, and mirror proof. I am afraid
Due to the increased turnover, the quality of counterfeiting was
Fig. 5
Fig. 6
A 1936 King Edward VIII Bermuda fantasy coin
A 1936 Hong Kong Edward VIII fantasy coin (not minted in 1936)
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Fig. 7
Fig. 9
A fantasy coin with the portrait of Emperor Hongwu in the 8th year of his reign
A fantasy commemorative coin celebrating the restoration of Zhang Xun
gradually increasing, and the varieties became more and more
to produce fantasy coins to make up for this absent type. Anyway,
diverse. Sometimes, it was even hard to distinguish the genuine
at that time there was no central bank announcement. The Ta-
coins from the fantasy ones.
Ching Government Bank did not make door-to-door notice about the issuance of central or provincial coins. Fantasy coins could
Different from the background of the birth of the Edward VIII
have the portraits of Empress Dowager, mysterious Emperor
fantasy coins in the West, Chinese fantasy coins were born at
Guangxu, and young Xuantong. There were even fantasy coins
a turbulent time at the end of the Qing dynasty and beginning
with the theme of the Emperor's wedding and coins featuring
of the Republic of China. Although both were brought about
Buddha statues inscribed with the year of Tongzhi. As for those
by people’s hunt for novelty, their birth has a close relationship
provinces without mints, there were also fantasy coins of various
with the development of society. Though Chinese people were
denominations. Some fantasy coins were inscribed with the year
familiar with foreign silver dollars such as Mexican silver
when there was no machine-striking technique in China or with
dollars and Spanish silver dollars and had given them various
the province which only produced patterns. Some even had the
nicknames, China did not introduce the machine made coins
portrait of the Hongwu Emperor of the Ming dynasty (Fig. 7).
until the end of the Qing dynasty. In the late Qing dynasty and the Republic of China, various foreign silver coins and Chinese
At that time, the Qing dynasty had just collapsed, there was
provincial silver dollars circulated nationwide. However, when
no law issued by the imperial family, and everyone was equal.
survival was the top priority for the Chinese people, there were
Therefore, no one would be held accountable for minting fantasy
only a limited number of Chinese collectors and researchers
coins with imperial family members. In addition to fantasy
who had the money and time to spare in collecting. Against this
coins, books about the secret history of the Qing dynasty were
background, major collectors of Chinese coins were foreigners.
popular. However, the imperial family still seemed mysterious,
Some of them were keen on collecting Chinese coins and
which was interesting to the foreigners. Emperor Guangxu
published some works which are quite classic and have been
was imprisoned in Yingtai for many years, so some people
passed down to this day.
sympathized with him. The photos of Guangxu were destroyed by Empress Dowager Cixi, but his portrait appeared on the
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Chinese fantasy coins germinated at this time. Because of the
fantasy coins instead. The portraits of some military and political
different cultures of China and other countries, Westerners in
dignitaries also appeared on the fantasy coins. Although not all
China were fond of collecting coins with portraits. This is closely
warlords were keen on putting their portraits on commemorative
related to their history of coins, as there were portrait coins
coins or medals, some coin dealers made fantasy coins or
when they still used ancient struck coins. As for China, there
varieties of this kind due to their obsession. For instance, there
was almost no portrait coins, and Chinese emperors followed the
were fantasy coins with the theme of restoration by Chang Xun.
‘ancestral rule’ to issue cash coins with square holes, Due to this
Chang Xun had too much to worry about, so he couldn't issue a
different culture and habit, when foreign collectors wanted to
commemorative medal during the restoration which only lasted
collect portrait coins that China did not have, coin dealers helped
for a few days. Coin dealers were good at grasping the hot spot
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of current events.
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vintage coins were fantasy coins. (Coin dealers created coins such as the coins with the portraits of the imperial family members of
At that time, the Chinese fantasy coins were similar to the later
the Qing dynasty). After the publication of the book, counterfeited
Western fantasy coins, that is, the coin dealers who manufactured
coins were made according to the genuine coins.” The fact that the
these coins learned from each other and shared themes. Though
center of the fantasy coin market gradually moved from Beijing
the places of minting were different, they tried their best and
to the more economically developed Shanghai was experienced
made many varieties of various qualities. Many coin dealers
by those old collectors. Ma Dingxian and other numismatists had
once engaged in the coin industry, with some famous coin
experience in identifying fantasy coins when they collected them
dealers being the retirees of the related bureaus and mints. When
in the past, so naturally, they knew a lot about the counterfeiting
machine-struck coins were introduced at the end of the Qing
behavior of coin dealers and they were able to distinguish the
dynasty, new mints were built while some of the old mints either
officially minted coins and fantasy coins.
upgraded their equipment or improved gradually or died out. However, the employees of these bureaus had to live, so some
The existence of fantasy coins is a normal phenomenon. Many
of them bought depreciated machines or equipment from the
other Asian countries also have fantasy coins. For instance, some
mint or contacted those who were at the existing mint or found
of the Japanese fantasy coins have an ancient flavor and artistic
gold and silver stores to produce fantasy coins. Therefore, these
creativity, some varieties of which are even considered to be the
fantasy coins were different in style and hard to imitate.
Chinese coins in history by many. Hence, the study of fantasy coins can also help to clear up and identify some controversial
Regardless of China or other countries, fantasy coins were given
historical currencies.
birth from the commercialization of the numismatic industry, so these coins were usually found in the big cities owing to the
There are still many other similarities and differences between
huge coin market, trading places, and demands of both Chinese
the fantasy coins of the East and the West, and we look
and foreigners. The Chinese fantasy coins were first produced
forward to seeing more exploration and conclusions by modern
and sold in Beijing and Tianjin, and later, the production and sale
numismatic researchers. We also look forward to the appearance
turned to Shanghai due to the situation, with a small part turning
of more related works.
to Chengdu and other developed urban cities. Regardless of the inscribed place of minting, fantasy coins commonly appeared in large cities, as only the big cities have purchasing power. This is the reason why it doesn't make sense for people to say that they've seen fantasy coins plugging a leak in the roof in remote mountainous areas in later years, as it is unreasonable. If someone did, I'm sorry that he may find a fake coin. Most fantasy coins
A Yen Hsi-Shan fantasy coin minted in the Republic of China period
were purchased by foreigners and taken overseas, so most old fantasy coins were taken out of circulation. The overall mintage of fantasy coins is scarce, and fewer of these coins have been passed down, not to mention the buried. Domestically, most fantasy coins on the market have been returned from overseas in recent years. In the forum of ShouXi.com, Shi Xinbiao, the student of famous
numismatist Ma Dingxiang ( 馬 定 祥 ), said, The Illustration of
Chinese Gold Silver and Nickel Coins (《中國金銀鎳幣圖說》)
A fantasy coin minted later in Taiwan in the 1970s
by Chiang Chung Chuan ( 蔣 仲 川 ) issued in June 1939 is a watershed. Before the publication of this book, the counterfeiting
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A Japanese Tai Chang Tong Bao fantasy coin with a Chinese flavor
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不約而同的中外臆造幣 ◎ 張紹龍〔北京〕
臆造幣是一種很有意思的錢幣，可說是錢幣界裏特殊中的特
中國的臆造幣也很有意思，過去沒有正名。臆造幣泛指清末
對臆造幣很多人往往談之色變甚至盡可能遠離，但存在即是
幣），一般以1949解放前後為期限，中華人民共和國成立前
殊事，不能置之不理，也不能以“假幣”籠統概括之。雖然
民國時期臆造出來的各種機製幣（也有少量方孔古錢臆造
一種合理，或者說很多臆造幣的成因也有各種機緣巧合，探
的算作老臆造幣，總體數量比較稀少，風格也比較近似 ；而
在一定時期不約而同的產生了各種臆造幣，成因也多有類似
研究得不細，很多以“假幣”或“老假”粗略概括，其實這
與機製幣並列的也有臆造郵票與臆造紙幣、票證等物。過去
究其背後的緣由也極為有意思，而且我們還可以發現，中外
種清末民國臆造出來的各類臆造幣，非常值得仔細研究，因
的一面。
為所謂臆造，顧名思義，就是憑空得來，原則上臆造幣只指 那些歷史上並不存在，完全臆想而造出來的“紀念幣”，也
另外，關于中外各種老臆造幣的專著圖書並不多，也使得這
有一種認為這類不過是紀念章牌。比如過去根本沒有發行過
類錢幣或紀念幣蒙上了神秘的面紗，有時候人云亦云，撲朔
的一些皇室成員頭像的金銀幣，因為中國直到清末，正式官
迷離，也給造假者提供了一定的溫床，讓藏者真假難辨，不
方鑄幣才有四川盧比這種幣上有光緒帝頭像（雲南盧比頭像
明就裏。至今基本沒有一本完全講臆造幣的專著 ；見有一些
錢幣著作帶有臆造幣章節（圖1、圖2），或是錢幣目錄工具
存在爭議）。當然也並非所有臆造幣都是完全天馬行空，也
書帶有臆造幣部分，再就是有關臆造幣的圖錄工具書也限于
有部分改變材質，改變面值，或者變化組合圖案等等，甚至
篇幅收納有限（圖3）。外國臆造幣的研究也很有限，很多
四川盧比光緒帝頭像朝向給反向設計或只有銀幣臆造金幣
只是與正用幣並列入錢幣目錄，或很多單獨列入《克勞斯錢
等等。過去研究有限，甚至很多民國時期的金融工作者都不
幣目錄》裏的《克勞斯珍稀幣目錄》（圖4）；從系統整理與
知道哪些是臆造幣哪些是官方正用幣，也有把臆造幣編入正
研究上看，也存在嚴重不足。
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圖1
圖2
《中國幣圖說匯考 : 金銀 鎳鋁》，耿愛德著，此書有 專 門 的 臆 造 幣 目 錄 部 分， 但篇幅有限，耿愛德所處 的時代整理的這本目錄讓 藏家瞭解當時社會上留存 了何種臆造幣章。
《世界現代紀念幣收藏研 究》，錢幣司令（張紹龍） 著，其中專有中外臆造幣 的章節（臆造幣、後鑄幣、 私 鑄 幣、 戲 鑄 幣 和 類 幣 章）。
式的錢幣圖錄之中的事例。
圖3
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《中國近代鑄幣仿造臆造拓選》， 施新彪、周壽遠、李維編著，該 書繼承了民國老一輩錢幣專家對 臆造幣的鑒定研究成果，屬于臆 造幣的專著，並且臆造幣圖案選 用早期拓片形式難能可貴，但只 甄選100枚臆造幣章介紹，實在篇 幅有限。
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圖4 《克勞斯珍稀幣目錄》，屬 于最常用最權威的錢幣工 具書之一，收入各國非常 規的紀念幣（章），已經更 新多版，其中也收錄各國 臆造幣，但並沒有單獨列 出，總體上是混編各類錢 幣的一部工具書。
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圖6
圖5 百慕大1936年愛德華八世國王臆造紀念幣
香港1936年愛德華八世國王臆造紀念幣 （並非真的1936年鑄）
通過橫向對比中外臆造幣，發現臆造幣中外類似，都是官
國的銀元並不陌生，鷹洋、雙柱銀元等等都有見過，也給起
的“歷史遺憾”，而且很多臆造幣的紀念主題因為選取合理
幣的試驗田了，本土機製幣各省也都有鑄造，有全國性的也
方沒有的由幣商私下來鑄造，彌補了很多官方鑄幣中沒有
了各種不土不洋的渾號。雖然說起來清末民國快是各國機製
與圖案設計得當，臆造方均有借鑒，出現了臆造幣裏不同的
有地方性的，但當時畢竟生存溫飽是頭等大事，而有錢有閑
版別。比如西方國家中最為龐大的系列臆造幣，當屬紀念英
的本國收藏者研究者畢竟有限，所以來華集藏錢幣者包括研
王愛德華八世登基各殖民地或英聯邦國家主體的紀念幣（圖
究者多是洋人，不少人也是真摯的喜歡中國錢幣，集藏的同
5），臆造了好幾十年，臆造幣上都體現了不同時代的鑄幣
時也出版了一些著作，有些頗為經典，留存至今。
風格，且本身最早一批的臆造幣都已經非常稀少了。為何選 取愛德華八世，當然是這位不愛江山愛美人的國王，太知名
臆造幣就在這時候發芽的，因為中外文化不同，來華西方人
聯邦相關國家或地區還未來得及為其發行紀念幣。而錢幣商
幣表明，在打製幣時期就開始有人像幣 ；而中國是一個基本
了，並且閃電退位給錢幣界留下遺憾，因為時間太短很多英
熱衷收藏人像幣，這與他們的歷史息息相關。他們的歷史貨
們則抓住這個機會開發臆造幣，很多臆造幣也委託正式造幣
沒有人像幣的國度，這是一種不同的文化習慣。外國人的收
廠代理鑄造，並不偷偷摸摸。愛德華八世即位的臆造紀念幣，
藏習慣就是非要在吃面的地方點炒飯，那既然沒有，我們的
年份都固定在1936年，因為這一年是他即位的年份，但我
皇帝也遵守“祖制”基本都用方孔制錢，到了機製幣時代也
們知道這些臆造幣並非是1936年鑄造的（圖6）。這些臆造
不見把自己身影登上錢幣，于是乎錢幣商幫他們想辦法，你
幣材質幾乎無所不包，金銀銅幣乃至各種合金幣均有之，工
們想收藏的品種沒有，那我們就臆造給你補上。反正當時也
藝也有普制、類精製、亞光精製與鏡面精製等。恐怕愛德華
沒什麼央行公告，中央到地方鑄造個機製幣，大清銀行也不
八世在天之靈也沒有想到，因為他給西方國家帶來的最為龐
會挨家挨戶通知，那皇太后的尊容，相貌神秘的光緒帝，乃
大的一個臆造幣體系，整體系列頗多，海外還有專門研究其
至皇帝的大婚，宣統的幼兒像統統都給你們安排上，誇張點
臆造幣的專著。雖然今天西方國家也有臆造幣的產生，但這
的來點佛像，年頭給往同治往道光推，還有些沒有正式鑄幣
個愛德華八世的系列臆造紀念幣規模的龐大確實令人感慨。
的省份，臆造幣也都給您把各種面值造上了，您就別研究當 時國內有沒有機製幣工藝了，或者某省是否只有樣幣，因為 洪武大帝頭像的錢幣也做出來了（圖7）。
我國清末民國（現在亦有認為這批機製幣均為民國後才誕 生）臆造幣，尤其皇室人像主題的臆造幣也是因為官方並未 發行，而來華西人喜好之，所以自然有錢幣商臆造幣以求謀
利，後來發現這個生意還不錯，臆造的水準也鑄幣增高，花 樣繁多，有些甚至令當時人不辨雌雄。
與西方國家如“愛德華八世即位”臆造紀念幣誕生的背景不 同的是，他們可能是獵奇為主，我們的臆造幣是誕生自清末 民國那個動盪時段，雖然也是獵奇，但究其原因與社會發展
圖7
有緊密的聯繫。清末我們才引入機製幣鑄造工藝，此前對外
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洪武八年皇帝像敕賜歲貢臆造幣
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無論中外，因為臆造幣是錢幣商業化到達一定程度才出現的 事物，所以正常的臆造幣一般出現在大城市，因為這些地方
有錢幣市場，有交易場所，更有華洋混雜的需求人群。中國 早期的臆造幣制銷中心在京津，後來隨着時局轉移滬上，乃 至巴蜀發達城市地區也有小部分份額。無論臆造幣幣面標明 何省所造，但一般當時都出現在大城市，只有大城市才有購
買力，所以後世很多人說在偏遠山區看到或撿漏一些臆造 幣，于常理不合，很抱歉您極可能趕上了很多假幣，因為老
圖8 民國閻錫山臆造幣
臆造幣不參與流通，多為洋人買走，時代並非特別久遠，本 身總體鑄造量稀少，傳世就更少，更別提出土了，國內後來 這些臆造幣也是近年海外回流者居多。
在首席收藏網的論壇中，錢幣大師馬定祥先生的徒弟施新彪 先生說過，“以1939年6月出版的蔣仲川《中國金銀鎳幣圖
說》為分水嶺，此書出版前，機鑄幣造假均為臆造偽品（注 ： 自己開發創造一些品種，如清朝皇室成員等幣）；此書出版
圖9
後，開始出現仿照真錢的仿造偽品”。後來臆造幣中心逐漸
臆造的張勳復辟紀念章
從北京移至經濟更發達的大上海。這些都是老一輩從業者研 究者的經驗之談，對于很多臆造錢幣的甄別更有馬定祥等大
當時大清建立多少年，沒了皇家的王法，人人平等，涉及皇
師過去收藏時親歷其中，自然瞭解很多幣商臆造的行為，能
家人物亦無人追責，不僅臆造幣看上了皇室人物，市井的各
夠分辨出哪些是官方鑄幣哪些是臆造幣。
色書籍也經常把清宮秘史描述得繪聲繪色，皇室的神秘感猶
在，外國人就好這口兒，光緒帝瀛臺泣血遺恨多年，民間也
其實臆造幣是一種正常的現象，包括其他亞洲國家也有類似
禧太后銷毀，反倒是臆造幣上龍顏再現。民國的軍政要員也
有藝術創造力，其中個別品種甚至被很多人認為是中國歷史
放于紀念幣章之上，個別幣商出于對人像幣的執著與有銷
進行厘清與正名。
有不少同情者，于是乎一拍即可，本身光緒帝的照片就被慈
的行為，部分日本的臆造幣頗具古幣氣息（圖10-11），也
是在臆造幣中集中出現，並非所有軍閥都熱衷把自己的頭像
上的貨幣，可見研究臆造幣也能對一些有所爭議的歷史貨幣
路，也臆造了不少軍閥政要的臆造紀念幣（圖8），或者對
一些並不豐富的軍閥頭像錢幣以臆造的方式增加了其品種，
東西方的臆造幣還有很多異同，期待今天的錢幣研究者去探
甚至張勳復辟那麼幾天也有臆造幣推出，顯然張勳是自顧不
究去總結，也期待更多的相關著作問世。
暇鑄造紀念章（圖9），臆造幣錢商們可謂緊抓時事熱點。
當時的臆造幣章和後來的西方臆造幣章類似，就是對于開發 者的錢幣商而言，互相學習主題共用，而鑄造場所不同，所
以八仙過海各顯其能，爾後出現多種版本，或精彩或粗糙歪 扭。當時不少錢幣商與造幣單位有所關聯，其中一些有名的
幣商本身就是過去錢局與造幣廠的退休人員。清末引進機製 鑄幣，建設新式造幣廠的同時舊有錢局有些也還並存，或升
級換代改進設備，或逐步衰亡不了了之。但原有員工要生活， 有些自己購買造幣廠折舊的機器設備，有些聯繫現有造幣廠
圖10 後鑄臆造幣 （部分為我國臺灣20世 紀70年代左右鑄造）
的熟人，還有人找到金店銀樓等加工作坊，擅自臆造紀念 幣，所以後世見到這些幣，風格有類似也各有不同，這些也 是後來假幣難以模仿的地方。 130
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圖11 臺場通寶 - 日本的臆造 幣頗有東方氣息
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Rising Interest Rates and the Rare Coin Market ◎ Jeff Garrett〔USA〕
leverage their inventory positions have increased substantially, and many have told me they are trimming inventory in response. This leads to more supply on the market for everything from bullion-related coins to rare coins. The effects of higher costs for borrowing money are rippling through the numismatic marketplace.
Some collectors also borrow money to buy rare coins, and this has now become prohibitively expensive. Until recently,
During the day, my office television is usually set on CNBC
collectors could use home equity loans for rare coin purchases
news for the latest financial headlines. For nearly a year now,
with minimal interest costs. Those rates have now increased to
the news channel has been hyper-focused on the Federal
8-10% and could rise even higher if the Fed needs to continue
Reserve and interest rates. The talking heads obsess over every
fighting inflation.
utterance by Chairman Jerome Powell and the effects on the markets and US economy each time rates have increased.
The demand for gold and silver bullion, such as American Silver
Interest rates have skyrocketed at the fastest pace in recent
Eagles, has plummeted in the last several weeks. Premiums for
history. Money that was nearly free now carries substantial
these have fallen from over $15 per coin to just a few dollars.
costs for anyone needing a loan.
Prices for circulated Morgan and Peace Dollars have also somewhat dropped lately. This contrasts sharply with the near-
Rising interest rates have definitely impacted the rare coin and
manic demand for bullion in March, when two or three major
bullion market in the last several months. The costs for dealers to
banks failed. Customers were literally rushing to withdraw their money from banks to buy bullion. The news cycle has moved on from that near-disaster, and bullion is no longer a “must-have”for nervous individuals. Higher interest-carrying costs are one the major factors suppressing bullion prices. The fight against inflation (by raising interest rates) seems to be working, and this further dampens demand. Our companies have been buying substantially more bullion from the public in the last few weeks. Even with greatly compressed premiums, retail buyers for gold and silver bullion have become scarce. It will probably take another headline event to rouse interest in bullion for the near term.
▲ The Fed is moving historically fast to tame inflation; Changes in the federal funds target rate in past tightening cycles (in percentage points); Months after first rate hike
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not seen a material change in the market so far.”He did note that
mounting just as higher interest rates make the cost of carrying
some collectors are selling for estate purposes and have been
debt overwhelming.” Fortunately, for collectors who are thinking
able to get around 5% for their money after liquidating, which
of selling most collectibles, including rare coins, the market
makes the proposition more attractive. We both agreed that
remains strong.
collectors buying trophy coins seem unconcerned with higher interest rates. The best of the best continue to break auction
Consumer debt in the United States has soared in the last few
records when they are offered for sale.
years. Americans owe over $1 trillion in credit card debt alone. About 43% choose to only pay the minimum payment on an
Another dealer, Bill Gale of GovMint mentioned, “Collectors are
average $6,000 credit card balance. Interest rates for credit
still more worried about rising inflation than rising interest rates.
cards now average well over 20%. This increased debt load will
Every country is committed to devaluing their currencies in the
probably have an impact on discretionary spending, including
long run.” Bill is spot on about inflation. Wage inflation alone,
entry-level numismatics.
which is nearly impossible to lower, guarantees that inflation will continue to be an issue. Historically, collectibles thrive in an
For now, rising interest rates are a concern, but they have not
inflationary environment.
damaged the market for rare coins substantially. As mentioned above, inflation is a bigger issue. Over the long term, as
Robby Greenberg of Park Avenue Numismatics submitted this
governments around the world, including the United States,
observation: “Rising interest rates often result in a stronger
grapple with massive sovereign debt, inflation is practically
economy, leading to increased competition from other
guaranteed. The market for collectibles will also continue
investment options, such as stocks and bonds. As a result, some
to benefit from a shift in interest of history and nostalgia.
investors may choose to divert their funds away from rare
The growth of the hobby during the COVID-19 crisis should
coins.”There is no doubt that some collectors will be less willing
continue to pay dividends, as long as collectors have extra
to part with money that can be invested with little risk at current
money to spend.
levels above 5%. The conflicting forces of inflation concerns and rising interest Steve Eichenbaum, CEO of the Certified Collectibles Group
rates will undoubtedly be destabilizing for collectibles and many
(which includes NGC and other companies), notes that “business
other areas of the economy. For now, the market seems firm. The
remains strong but rising interest rates could be a factor for large
recently concluded ANA convention in Pittsburgh was a roaring
bulk customers.” This comment probably takes into account
success for anyone with a substantial inventory. We are also
the issue of higher inventory costs due to rising interest rates
coming out of the typical summer doldrums and many dealers
mentioned earlier. Many of the large marketing and retail coin
are hopeful for an active fall and winter season. The future for
companies in the United States have giant inventories. Operating
rare coins seems bright, but the landscape has certainly become
these businesses requires lots of capital, some of which is
more complicated.
provided by banks or other institutions. Higher interest costs will undoubtedly be factored into new projects. A recent article in the Wall Street Journal titled “It's Money over Memorabilia” mentioned that some collectors of memorabilia, such as baseball cards, vinyl records and sneakers, have been selling off their collections. The article stated, “Some collectors say they don’t have a choice. Their budgets have been squeezed by inflation and unexpected setbacks. And their debts are
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利率上升對稀有錢幣市場的影響 ◎ 傑夫·加勒特〔美國〕
在過去的幾個月裏，利率上升對稀有錢幣和金銀幣市場造成 了一定的影響。幣商利用手中錢幣存貨的成本大幅增加。許
多幣商告訴我，他們正在削減庫存。這導致市場上從金銀幣 到稀有錢幣的供應量有所增加。
一些收藏者還借錢購買稀有錢幣，而現在借貸的成本已變得 非常昂貴，令人望而卻步。收藏者不久前還可以使用房屋淨 值貸款購買稀有錢幣，而且利息成本極低。現在，這種貸款
的利率已升至8%-10%，如果美聯儲要繼續對抗通脹，利率
借貸成本上升的影響正波及錢幣市場。
可能會升得更高。
白天，我辦公室的電視通常播放的是 CNBC 新聞頻道最新
的財經頭條。該頻道近一年來一直高度關注美聯儲和利率問
在過去幾周裏，人們對美國鷹洋等金銀幣的需求急劇下降。
國經濟的影響，都是大家關注的焦點。利率正在以近代歷史
摩根銀元與和平銀元流通幣的價格也有所下降。這與兩三家
免費的資金現在要付出高昂的代價。
比。顧客們爭先恐後地從銀行取錢購買金條。新聞週期已經
這些錢幣的溢價已從每枚15美元以上降至幾美元。最近，
題。美聯儲主席鮑威爾的每句話，以及每次加息對市場和美
大銀行在三月倒閉時對金銀近乎瘋狂的需求形成了鮮明對
上最快的速度飆升。對于任何需要貸款的人來說，原本幾乎
從那場近乎災難的事件中走了出來，金銀不再是那些神經緊 張人士的“必需品”。
較高的利息成本是壓低金銀價格的主要因素之一。通過提高 利率以對抗通脹的措施似乎正在奏效，這進一步抑制了對金 銀的需求。我們的公司在過去幾周裏，從公眾手中購買的金 銀條數量大幅增加。即使大幅降低溢價，也鮮有買家購買金
銀。可能還需要另一件重大事件才能在短期內激起人們對金 銀的興趣。
我在撰寫這篇文章時，聯繫了幾位幣商。海瑞得拍賣行首席
執行官史蒂夫 · 艾維（Steve Ivy）表示，到目前為止，我們
還沒有看到市場發生實質性變化。他確實注意到，有些藏家
出于一些目的而出售收藏，在變現後能獲得約5% 的收益，
這使得出售錢幣更具吸引力。我們都認為，購買紀念幣的收 藏者似乎並不關心利率的提高。在拍賣會上，精品中的精品
美聯儲正在以史上最快的速度抑制通脹；圖為過去緊縮週期 中，首次加息數月後，聯邦基金目標利率的變化（以百分點計）
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不斷打破拍賣紀錄。
43% 的人選擇只支付最低還款額。現在信用卡的平均利率
“相 另一位幣商，GovMint 的比爾 · 蓋爾（Bill Gale）提到 ：
遠遠超過20%。這種額外的債務負擔可能會影響可自由支配
比利率上升，收藏家們更擔心通脹上升。從長遠來看，每個
的支出，包括購買入門級錢幣。
國家都致力于讓本國貨幣貶值。 ”比爾對通貨膨脹的看法非
常準確。工資的上漲趨勢幾乎不可能降低，這就明確使通脹
目前，利率上升是一個令人擔憂的問題，但並未對稀有錢幣
繼續成為一個問題。從歷史上看，收藏品在通貨膨脹的環境
市場造成實質性損害。如上所述，通貨膨脹是一個更大的問
中蓬勃發展。
題。從長遠來看，隨着包括美國在內的世界各國政府都在努
力應對巨額主權債務，通貨膨脹幾乎是板上釘釘的事。收藏
Park Avenue Numismatics 公司的羅比 · 格林伯格（Robby
品市場也將繼續受益于歷史和懷舊之情。在新冠疫情期間，
“利率上升通常會使經濟更 Greenberg）發表了以下意見 ：
只要收藏者有多餘的錢可以花費，愛好收藏的習慣就會繼續
加強勁，導致股票和債券等其他投資選擇的競爭加劇。因此，
為其帶來好處。
一些投資者可能會選擇將資金從稀有錢幣上轉移開。 ”毫無
疑問，一些藏家將不太願意放棄目前5% 以上的投資回報率，
因為這些錢幣的投資風險很小。
對通脹的擔憂和利率上升這兩股相互衝突的力量無疑會破
CCG 集團（包括 NGC 和其他公司）的首席執行官史蒂
乎很堅挺。對于擁有大量存貨且銷售額不錯的人來說，剛剛
壞收藏品和許多其他經濟領域的穩定性。目前來看，市場似 結束的匹茲堡國際錢幣展銷會取得了巨大成功。我們也正在
“我們的業務依 文 · 艾森鮑姆（Steve Eichenbaum）指出 ：
走出常見的夏季行情低迷期，許多幣商希望秋冬兩季的銷售
然強勁，但利率上升可能成為影響大宗客戶的一個因素。 ”
情況轉好。稀有錢幣的未來似乎一片光明，但前景無疑變得
這一觀點可能是考慮到了前面提到的利率上升導致存貨成
更加錯綜複雜。
本增加的問題。美國許多大型行銷和零售錢幣公司都有大量 庫存。經營這些企業需要大量資金，其中一些資金由銀行或 其他機構提供。利息成本上升無疑會影響到新項目。
最近，《華爾街日報》發表了一篇題為《為紀念品花錢》的
文章，提到一些棒球卡、黑膠唱片和運動鞋等紀念品的收藏 者一直在變賣自己的收藏品。文章說 ： “一些收藏家說，他
們別無選擇。他們的預算受到通貨膨脹和意外困境的擠壓。 而他們的債務也在不斷增加，因為利率的提高使得舉債成本 不堪重負。 ”幸運的是，對于打算出售包括稀有錢幣在內的 大多數收藏品的收藏者來說，市場需求依然強勁。
在過去幾年裏，美國的消費債務激增。美國人僅信用卡債務
就超過1萬億美元。對于平均 6 000美元的信用卡餘額，約
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Originally published on ngc.com
Getting Started with Ancient Coins ◎ David Vagi〔USA〕
David Vagi explains the many great joys and
exciting opportunities of ancient coin collecting. The ancient world witnessed the rise and fall of great empires
However, there are many exceptions to this rule, and the fact that
and saw the foundation of Western civilization by the Greeks and
both areas have exceptional portrait coins creates a dilemma if
Romans. It’s hard to imagine that their accomplishments were
that is your interest.
largely forgotten for about one thousand years during the Dark
What is it? What's it worth?
Ages and Medieval period, only to be “rediscovered” during the Renaissance — a tradition that we are fortunate to have inherited today.
Fundamental questions such as "What is it?" and "What’s it worth?" often create a barrier to getting started. The first concern
Ancient coins can appear to be hopelessly complex, preventing
is largely resolved by coins that have been graded by NGC
many from getting started on what could be the most rewarding
Ancients because such coins are attributed in detail. Value, as
collecting experience of their lives. Since we owe so much of
always, is more of an open question, but many are surprised to
our culture to the ancient Greeks and Romans, it’s not surprising
learn how affordable ancient coins can be.
that we are inclined to collect their artifacts. There are general price guides, but no real equivalent to the Grey We’ll start with the basics. “Ancient coins,” or “ancients,”
Sheet, the Red Book or Krause-Mishler World coin catalogs.
are terms that loosely apply to all coins of the Western world
Ancients are a lot like antiques, and knowing what to pay is a
produced from about 650 BC to about AD 480. Ancients were
matter of participating in the market, receiving good advice and
struck in the large swath of land from Britain to the border of
learning from experience.
India, which stretched as far north as Germany and as far south as the Mediterranean shore of Africa.
Are ancient coins affordable? The short answer is a resounding Yes! A meaningful, attractive collection of historic coins easily
With such a broad definition, you may ask what doesn’t ancients
can be assembled for between $25 and $250 per coin. If you
include? Geographically, it does not include the contemporary
spend more, you'll find an even greater variety of types.
ancient coinages of India, China and other regions of the Far East. It also does not include coinages struck after about 500
The finest and rarest ancient coins though expensive still bring
AD, except for those of the Byzantine Empire, the successor
only a fraction of comparable US coins, and bargain basement
to the Roman Empire. Because they continue the last issues of
ancients can still be found for less than $10 each.
Rome, Byzantine coins are avidly sought by ancients collectors. Ancients collectors rarely think in terms of a “complete set,” The main division of pre-
and there are no widely distributed coin boards to encourage
AD 500 coins is between
that pursuit. So if you're determined to get a complete set, and
Greek and Roman. One useful
you have only a limited budget, you will need to define an area
generalization is that people
and stick with it. But this is harder than it might seem, for the
often collect Roman coins for
tremendous beauty and diversity of Ancient coins will invariably
history and Greek coins for art.
lead your eye astray.
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COLUMN
專欄
西方古幣收藏入門
原刊載于 ngc.com
◎ 大衛·瓦吉〔美國〕
編者按 大衛 · 瓦吉在本文講述了古幣收藏中的諸多樂趣， 並且闡述了其中蘊含的令人興奮的機會。
古代世界見證了偉大帝國的興衰，也見證了希臘人和羅馬人
公元500年以前的古幣主要分為希臘幣和羅馬幣。人們通常
被遺忘了大約一千年，直到文藝復興時期才被“重新發現”，
句話對古錢幣收藏進行了很好的概括。然而，也有許多例外。
對西方文明的奠基。然而他們的成就在黑暗時代和中世紀
為了瞭解歷史而收集羅馬錢幣，為藝術而收集希臘錢幣，這
這簡直難以想像。而我們今天有幸繼承了這個傳統，仍在
而且這兩個地區都有獨特的肖像幣，如果肖像幣正是你的興
“重新發現”。
趣所在，那就會造成兩難的收藏局面。
古幣看起來極其複雜。這種複雜性使許多人對收藏古幣望而
它是什麼？它的價值幾何？
們的文化在很大程度上歸功于古希臘和古羅馬人，所以我們
“它是什麼？ ”“它的價值幾何？ ”這樣基本的問題往往會對
卻步，而這可能是他們一生中最有價值的收藏體驗。由于我 傾向于收藏他們的文物也就不足為奇了。
錢幣愛好者的入門造成障礙。NGC 古幣評級在很大程度上
解決了第一個問題，因為這種錢幣的細節有各自的特性。而
讓我們先從瞭解基本知識開始。在西方世界，“古幣”是指
價值，一如既往地是一個更為開放性的問題，但許多人驚訝
從公元前650年至公元480年左右製造的所有錢幣。北至德
地發現，有些古幣的價格也可以很便宜。
國，南至非洲地中海沿岸，從英國到印度邊境的大片土地 上，都有打製而成的古幣。
有了這樣一個廣泛的定義，你可能會問哪些不屬于古幣？從
古幣有一般性的價格指南，但沒有真正類似于《紅皮書》或
《克勞斯世界硬幣標準目錄》的價格目錄。古幣收藏很像古
董收藏，只有通過參與市場、接受好的建議和學習經驗，才
地理上看，它不包括印度、中國和遠東其他地區同時期的古
能知道應該付多少錢。
錢幣。它也不包括除了羅馬帝國繼承者拜占庭帝國之外的公
元500年後鑄造的錢幣，因為拜占庭帝國的錢幣延續了羅馬
古幣的價格是否可以承受？回答是肯定的！一枚具有歷史意
帝國錢幣的風格，所以受到了古幣收藏家的熱捧。
義且好味道的古錢幣收藏品每枚的價格在25美元到250美元
之間。如果你願意花更多的錢，就會發現有更多類型的錢幣 可供選擇。
品相最好且最為稀有的古錢幣雖然價格昂貴，但仍只是眾多
美國錢幣中的一小部分，便宜的古錢幣仍然能以不到10美 元的價格買到。
古幣藏家很少從收藏“成套”的角度來考慮，也沒有星羅棋 佈的錢幣協會來鼓勵人們收藏古錢幣。所以，如果你決定入
手整套古幣且預算有限，你就需要確定一個領域並堅持下 去。但這比想像中要難，因為古幣的美感和多樣性必然會讓 你眼花繚亂。 136
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VVIP3
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19 C17
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C56
22 C49
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13 14
C63
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C101
C70
C65
C84
C102
C78
C85
23
C65-C78C77
C72
C73 C74 C75 C76
VVIP4
C86
C79
24 C92
C103
VIP9
16
17
18
C94
25
C122 C123
C111
C105 C106 C107 C108 C109 C110
VIP10
VIP11
VIP12
26
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VIP15
C138 C139
C130
C140
C129
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VIP22
C131-C146
C113
C124 C125 C126 C127 C128
VIP13
VIP39
27
VIP37
A45
A区
A02 A01
A14
A13
A16 A15
4
A12
A17
A10
A19
A11
A06 A07
A08 A09
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A28 A27
5
A18
A20 A21
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A46
VIP26
A53 A51
A30 A29
A33
VIP27
A54
A49 A50
A24
A25
A55
A48
A31 A32
VIP36 A57 A56
8
A47
A26
A22 A23
A58
A52
A42 A41
6
B03
A38
B05
A36 A37
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VIP29
B13
B12 B11
VIP35
VIP34
B10
B06 B07
VIP30
B14
7
B04
A39
A34 A35
B区
B02 B01
A40
B08 B09
VIP31
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VIP32
C131
VIP21
C146 C145
C141 C142 C143 C144
VIP17
VIP38 A44 A43
3
VIP包房 (3m*2m)：5800元
注： 包房赠送背景广告及午餐、玻璃展柜赠送午餐
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C137
C113-C130
C121
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C119 C118 C117 C116 C115
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21 C33
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VIP18
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中路 木齐 乌鲁
展览地址：上海图书馆第一、二展厅 10号线 上海图书馆站
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上海市淮海中路1555号（西门）
上海图书馆
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錢幣、鈔票、古董錶、 珠寶、懷舊品 Coins, Banknotes, Watches, Jewellery, Collectibles
逾百位來自二十多 國參展商 Over 100 exhibitors from more than 20 countries
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逾四十年同一個 市中心場地 Over 40 years in the same downtown location
香港國際錢幣展銷會暨古董錶交易會
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日期 DATE
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2024 9 11/4 08:30-18:00 10:00-18:00 早鳥人士 Early Birds
公眾人士 General Public
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香港九龍尖沙咀彌敦道50號 金域假日酒店麗晶殿及麗晶廳 Crystal Ballroom & Crystal Rooms, Holiday Inn Golden Mile, 50 Nathan Road, Kowloon, Hong Kong
入場費 Admission
早鳥人士 Early Birds
公眾人士 General Public
三日通行票 3 Days Pass
一日通行票 1 Day Pass
主辦商 Organiser 香港國際錢幣展銷會暨古董錶交易會有限公司 Hongkong International Coin Convention & Antique Watch Fair Limited www.hicc.hk 香港九龍尖沙咀彌敦道50號金域假日酒店地庫B-113A舖 Shop B-113A, Holiday Inn Golden Mile, 50 Nathan Road, Tsimshatsui, Kowloon, HK 852 2366 9111 / 852 6717 6617 info@hicc.hk
HK$300
HK$20
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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。
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Here today. Here tomorrow 携手今日 共赢明天 Mish International Monetary Inc Mish国际钱币公司 1154 University Drive Menlo Park, CA 94025, USA 美国加州门罗帕克大学路1154号，邮编94025 Phone(电话):(650) 324-9110 Email(邮箱):robert@mishinternational.com
精彩纷呈的世界钱币展览会，欢迎您的加入 我们期待重逢老友，并结识新的朋友。多年来，世界钱币展览会为常到的330位 展商与16,000位观众提供了特别的机遇。 展览会有大约1万平方米的展览空间，是世界钱币交易和铸币事业最重要的平 台。和其他同类公司一样，我们的客户对技术发展和最新趋势这方面的信息需求甚 高。 我们期待在即将开幕的柏林世界钱币展览会上看到多元化的内容，并利用展览会 完善的配套体系，与国际造币厂的代表们、供应行业的行家以及数百个投资金币界的 专家和币商们沟通交流。 例如，在年度的坤克拍卖会上，不仅有国际币商对拍品感兴趣，还有热忱的钱币 收藏家和投资者。或在星期五举办的媒体论坛上，那些国际运营的造币厂获得了向国 际行业和国际行业媒体展示他们最新年度项目的平台。 世界钱币展览会的技术论坛将在周四举行，这是特别为与铸币技术有关的所有专 业人士设计的。 目前我们拥有的出色的演讲者和学识渊博的专业观众已超过400人。这些业界精 英以及关于技术革新话题的深讨将首次登陆展览会的技术论坛，这不仅使论坛成为界 内的大事件，还使它成为过去几年中世界铸币行业里最重要的会议。 我们期待和你相遇，并见证我们共创的成功。世界钱币展览会——钱币学界的脉 搏，在这里你可以和世界钱币界的专业人士建立联系。
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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 The Journal of East Asian Numismatics (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 Librar y, Har vard 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 Peking Coins of 1900 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
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Relationship between 1897 Chekiang 5 Cents Pattern and 1899 Anhwei 5-Cents Circulation Strike by Tom Keener, and A Forgery of Taiwan’s Old Man Dollar by Dr. Che-lu Tseng. In May 2015, Michael Chou decided to start issuing the journal again star ting in Januar y 2016. The famous numismatic researcher Mr. Yuan Shuiqing will be Chinese chief editor. He is a member of the China Numismatic Societ y, ser ving as executive direc tor 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 The Elite of Monetary 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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2021.5.30 NC Collection Auction Highlights
(100 NC Lots Setting Over 60 Auction Records And USD 18 Million Sold )
CHINA-EMPIRE 1911 One Dollar Silver, Long-Whiskered Dragon, NGC MS64, Incused Leaf, Finest Known Starting: US $150,000 Realized: US $1,344,000
CHINA-EMPIRE 1911 (Year 3) Long Whisker Dragon Dollar Silver, Pointed Petals, PCGS SP61, WL Collection Starting: US $200,000 Realized: US $1,164,000
CHINA-CHIHLI 1907 One Tael Silver Pattern, 3 Tiny Dots On Flame-Ball Arranged in A Straight Line, NGC MS63 Starting: US $200,000 Realized: US $1,104,000
CHINA-KIANGNAN 1898 One Dollar Silver, Circlet-like Scales, NGC MS65, NC Collection, Finest Known Starting: US $100,000 Realized: US $996,000
CHINA-HUPEH 1904 One Tael Set of Three Patterns in Copper and Brass, Possibly Unique, NC Collection. ( ① Brass, Large Character, NGC MS64;
CHINA-REPUBLIC ND(1916) Yuan Shi Kai One Dollar Silver with Flying Dragon, with L.GIORGI, NGC MS64, Ex. Kann Collection, Finest Known Starting: US $200,000 Realized: US $672,000
② Copper, Large Character, NGC MS62 BN; ③ Copper, Small Character,NGC AU50 BN)
Starting: US $200,000 Realized: US $912,000
CHINA-KIANGNAN 1897 One Dollar Silver, herring bone edge, NGC UNC DETAILS, superb example, Hsi/NC Collection Starting: US $50,000 Realized: US $612,000
CHINA-REPUBLIC 1914 Yuan Shi Kai One Dollar Silver with Signature L.GIORGI, NGC SP65, Finest Known Starting: US $150,000 Realized: US $504,000
CHINA-REPUBLIC ND (1916) Yuan Shi Kai One Dollar Silver with Flying Dragon, hat touching rim, NGC MS64, Finest Known example, Kann/NC Collection Starting: US $60,000 Realized: US $504,000
CHINA-KIANGNAN 1898 One Dollar Silver, Reeded Edge, NGC UNC DETAILS, One of Two in Uncirculated, NC Collection Starting: US $60,000 Realized: US $468,000
CHINA-EMPIRE 1906 One Tael Gold, large Clouds, Plain Edge NGC MS64, Finest Known Starting: US $100,000 Realized: US $462,000
CHINA-REPUBLIC ND(1912) Yuan Shi Kai (Named Chin The Chuen before) One Dollar Brass Trial, NGC UNC Details, Ex. Kann Collection, Unique Starting: US $60,000 Realized: US $462,000
Room 1808, Bao Hua Building, No.1211, Changde Rd, Shanghai
Tel: 86-21-62130771
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11/26/2023 Champion Macau Auction https://www.liveauctioneers.com/catalog/306485 11/24 11:00-17:00
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11/27
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Auction (Ancient Coin, Struck Coins) Pickup (6F Promenade, Sofitel Hotel)
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CHINA-TAIWAN ND(18381850）One Dollar Silver, NGC XF40, TCL Collection Starting: USD 20 000
JAPAN 1875 One Yen Silver, NGC AU DETAILS, Cleaned, Chinese Family Collection Starting: USD 5 000
JAPAN 1870 One Yen Silver, Type 3, NGC MS62, Chinese Family Collection Starting: USD 3 000
JAPAN 1874 One Yen Silver, Clockwise Spiral, NGC MS62, Chinese Family Collection Starting: USD 3 000
CHINA-TAIWAN UNDATED One Dollar Silver, Fantasy, KANN-F1, NGC MS61, Ex.Kann/H.F.Bowker East Asia Collection Starting: USD 3 000
CHINA-REPUBLIC 1940 CHIANG KAI-SHEK Kwelin Mint 2nd Anniversary Bronze Medal, NGC AU58 BN, BWS Collection, from 1991 Goodman Auction Starting: USD 1 000
CHINA-CHIHLI ND(1900) One Tael Copper Pattern, CCC-298, NGC AU50 BN, BWS Collection, from 1991 Daniel Ching Auction Starting: USD 1 000
CHINA-REPUBLIC 1913 Gilt Copper Special Medal, 28mm, NGC UNC DETAILS, Mount Removed, BWS Collection, 1991 Goodman Auction LOT 1511 Starting: USD 1000
CHINA-REPUBLIC 1939 Kwelin Mint 1st Anniversary Silvered Bronze Medal, NGC MS62, BWS Collection Starting: USD 1 000
CHINA-SZECHUAN ND(1912) Token Brass, CLSCM.30, NGC MS62, Ex. Goodman/BWS Collection Starting: USD 600
CHINA-Empire ND(13681399) Ming Dynasty 1 Kuan, PMG Choice EF45, Stained, Small Holes Starting：USD 3 000
CHINA 1906 Ta-Ching Government Bank-Chinanfu One Dollar(4560), PMG VF20. Very treasure, PMG highest score Starting：USD 2 000
MACAU 1980 James Death 400th Anniversary 10 Avos Commemorative Stamp Complete Edition(003167), with "PORTUGAL", Only One Record Starting: USD 30 000
CHINA 1945 Chongqing Central Mint 10 Taels Gold Bar, No.:DA7598, Fineness:991.0 Gold, Weight:9.959 Liang, Extremely Fine Starting: USD 20 000
(1)1962 China National Philatelic Corporation First Day Cover bearing a complete set of J94 Mei Lan Fang stamps with perforation, with a first day seal of Beijing on September 1; (2)without perforation, with a first day seal of Beijing on August 8. Total 4 Pieces, Chinese Family Collection Starting: USD 1 500
1951 Cover from Chung Hsiao Lu in Shanghai to Changsha, bearing a complete set of J12 stamps, with a seal of Shanghai on December 15 and an arrival seal of Changsha on December 15, Chinese Family Collection Starting: USD 1000
1953 First Day Cover from Chung Hsiao Lu of Shanghai to Changsha, bearing a complete set of J24 stamps, with a first day seal of Shanghai on July 25 and an arrival seal of July 28, Chinese Family Collection Starting: USD 1000
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