The fourteenth issue of JEAN

東亞泉志

No. 14 2019. 04 / Issue 32

THE JOURNAL OF EAST ASIAN NUMISMATICS 中英雙語 - 電子季刊

Bilingual (English - Chinese) Digital Quarterly

漢武帝時期鑄造

Emperor Wu of Han

Dragon 『白金三品』龍幣

“ 中國最早發行的銀幣” Bai Jin San Pin - Dragon Pattern Cake Coin, Horse Pattern Cake Coin and Turtle-shaped Cake Coin.

China’s Earliest Silver Coin.

『本期專題 | FEATURES 』

“白金三品”銘文辨識與解讀

Recognition and Interpretation of Inscriptions on Bai Jin San Pin 第 24 屆首爾奧運會韓國申奧成功紀念幣 (1982、1983 年發行 )

The 24th Olympic Games “Olympic Bid” Commemorative Coins (1982, 1983) 《戳記幣簡史》第二章——淺談戳記的種類

Chopmarked Coins - History Chapter 2 - Types of Chopmarks

25 th

周年

JEAN 1994-2019

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 專家史博祿先生于1994年創辦，是一本學術性錢幣研究專

《東亞泉志》

業雜誌。旨在讓廣大錢幣收藏家、研究學者更深入地了解錢 幣知識，讓世界各地的讀者更好地了解中國深厚的錢幣文化。

2019 免費訂閱

《東亞泉志》于1994年7月份問世，1999年停刊，發行了18 期。2015年5月，周邁可先生決定于2016年1月復刊《東亞

中英雙語 - 電子季刊

Bilingual (English - Chinese) Digital Quarterly

No. 14

25 th

周年

JEAN 1994-2019

泉誌》 ，聘請著名錢幣研究學者袁水清先生擔任主編。

披露最新錢幣收藏研究成果、推介泉界成功 人士的事跡為主。主要欄目有學術研究、人 物專訪、鑒賞爭鳴、拍賣回顧、重要資訊等。

2019. 04 / Issue 32

往期電子雜誌

THE JOURNAL OF EAST ASIAN NUMISMATICS

Welcome to contribute articles. 欢迎投稿 !

Chinese / 中文 / jeanzg@163.com English / 英文 / championghka@gmail.com

Advisor

Chinese Editor

Che-lu Tseng

Yuan Shuiqing

顧問

中文主編

曾澤祿

袁水清

Hans-Henning Goehrum 漢斯 · 亨甯 · 格魯姆 Technical Advisor

US Correspondent

Gu Jun

J. Matthew Brotherton

Publisher & Editor in-Chief

Advertising & Circulation Manager

Michael H. Chou

Yotin Ring

Senior Editor

Design Director

Bruce W. Smith

Joy Chen

技術顧問

美國通訊員

顧軍

馬修 · 布拉澤頓

出版人、總編輯

廣告與發行經理

周邁可

林逾婷

高級編輯

美術設計

史博祿

「 中英雙語 · 電子季刊

陳琳

|

Bilingual (English - Chinese) Digital Quarterly 」

臺北公司 Taipei Office

上海辦事處 Shanghai Office

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Room 1808, Bao Hua Building, No.1211, Changde Road, Shanghai 200060, People's Republic of China 電話 (Tel)：86-21-62130771 郵箱 (Email): championghka@gmail.com

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FOREWORD

Welcome to the 14th edition of the Journal of East Asian Numismatics. Our mission is to promote numismatic exchanges between East and West.

My longtime friend and senior journal editor Bruce Smith has suffered serious health problems just after Chinese New Year and is now recovering in Wisconsin. Our friends and longtime International Banknote Society editor and professor Dr. Steve Feller and Tom Keener are helping us edit the journal while Bruce recovers. During this period our news and book reviews will be slightly different from the past.

We also welcome a new writer, Mr. Zhou Yanling in Shanghai, to our team. Mr. Zhou is a member of the China Numismatic Society and Shanghai Numismatic Society and he has updated his classic article on Bai Jin San Pin as one of our feature articles in this issue.

Bai Jin San Pin is an extremely important coin issued

by Emperor Wu of the Han dynasty and is considered the first silver coin of China. We also have an article Brief Introduction on the Currency Exhibition Hall of Shanghai University of Finance and Economics Business Museum written by Jinxing.

We continue our series on chopmarked coins from the book Chopmarked Coins - A History, by Colin Gullberg. We welcome an article from Mark Lovmo, a specialist on the 24th Olympic Games “Olympic Bid” Commemorative Coins (1982, 1983). Mark has written many articles on Korea coinage and will travel this summer to South Korea for an upcoming book project.

Thanks for the guest report of the first strike of the World Money Fair polymer silver commemorative panda coin by Oliver Strahl, a researcher of modern Chinese coins based in Germany. Another article Innovative Chinese Coinage with the Minting Presses

by Schuler Inc. is also provided by Oliver Strahl.

Thanks for the Review of the 2019 Berlin World Money Fair Technical Forum by Gu Jun, who is the Krause Publication Coin of the Year panel judge, former Shanghai Mint Party Secretary and Shenyang Mint General Manager.

Other interesting articles include David Hartill’s Iron Coinage of Xian Feng, which was published in an early edition of the JEAN magazine but now has been published in an English-Chinese version, Su Jun’s A Research on the Sino-Japanese Amnokkang Timber Forestry Company based on a Rare Silver Yuan Banknote.

We hope you will enjoy these interesting, well researched articles.

Michael Chou Publisher and Editor-in-Chief

CONTENTS

FEATURES

30 Recognition and Interpretation of Inscriptions on Bai Jin San Pin 40 The 24th Olympic Games “Olympic Bid” Commemorative Coins (1982, 1983)

58 Chopmarked Coins - History - Chapter 2 Types of Chopmarks

of Finance and Economics Business Museum

22 B.H. Mayer Mint GmbH & WMF Berlin 2019 Polymer Panda Coin

Company based on a Rare Silver Yuan Banknote

106 The Iron Coinage of Xian Feng

COLUMN

94 Innovative Chinese Coinage with the Minting Presses by Schuler Inc 98 A Research on the Sino-Japanese Amnokkang Timber Forestry

DEPARTMENTS

06 JEAN Book Reviews 14 Review of the 2019 Berlin World Money Fair Technical Forum 18 Brief Introduction on the Currency Exhibition Hall of Shanghai University

前言 （

qian

歡迎閱讀第14 期《東亞泉志》！本刊旨在促進東西方之 間的錢幣文化交流。

我相識已久的好友、 《東亞泉志》高級編輯史博祿先生

在今年中國春節過後遭遇了嚴重的健康問題，現仍在

yan

所著《第24屆首爾奧運會韓國申奧成功紀念幣（1982 、

1983年發行）》。馬克 · 拉福摩曾撰有多篇與韓國貨幣有 關的文章，今年夏季他將為一個新書專案前往韓國。

感謝奧利弗 · 施塔勒（Oliver Strahl）提供的有關世界

威斯康辛州休養康復中。在史先生休養期間，我的友人、

錢幣展覽會聚合物環熊貓紀念銀幣首鑄的文章，奧利

及湯姆 · 基納（Tom Keener）將為雜誌的英文編輯工

舒勒股份公司壓印機 創新中國硬幣鑄造》同樣來自奧

世界紙幣協會編輯、教授史蒂夫 · 費勒（Steve Feller） 作提供支援。這段時間裡我們的新聞和書評欄目較之 以往將略有不同。

本期開始，我們歡迎上海周延齡先生加入我們的編輯

部。周先生是中國錢幣學會會員，上海市錢幣學會常

弗是一名中國現代幣的德籍研究者。另一篇文章《使用 利弗 · 施塔勒。感謝顧軍先生提供的《2019 年柏林世界 錢幣展覽會技術論壇綜述》一篇，顧軍是克勞斯世界 硬幣大獎賽評委、原中共上海造幣有限公司委員會書 記、原瀋陽造幣有限公司總經理。

務理事、學術委員，他為我們貢獻的《“白金三品”銘

本期其他文章均值得一讀，例如早期以英文版發表、現

品”是漢武帝一項極其重要的舉措， “白金三品”應該

作者大衛 · 哈蒂爾，以及蘇駿所撰《從一張罕見的小銀

文辨識與解讀》作為本期重點文章之一。發行“白金三 是銀質的，被視為中國最早發行的銀幣。我們還獲得 金星撰寫的《上海財經大學商學博物館貨幣館簡介》一 文。

本期我們繼續連載臺北高林先生所著《戳記幣簡史》 ，

同時刊登韓國幣研究專家馬克 · 拉福摩（Mark Lovmo）

以中英對照版再次發表于《東亞泉志》的《咸豐鐵錢》， 元券探究中日合辦之鴨綠江采木公司》。

希望諸位讀者能夠喜歡這些集趣味性與研究性為一體 的文章。

《東亞泉志》總編輯兼出版人 : 周邁可

目錄 mu

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36 “白金三品”銘文辨識與解讀 50 第 24 屆首爾奧運會韓國申奧成功紀念幣 (1982、1983 年發行 ) 76 《戳記幣簡史》第二章——淺談戳記的種類

10 《東亞泉志》書評 16 2019 年柏林世界錢幣展覽會技術論壇綜述 20 上海財經大學商學博物館貨幣館簡介 26 梅耶造幣廠造“2019 年世界錢幣展覽會聚合物環熊貓紀念幣”之我見

96 102 114

使用舒勒股份公司壓印機——創新中國硬幣鑄造

從一張罕見的小銀元券探究中日合辦之鴨綠江采木公司 咸豐鐵錢

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REVI E K W OO

Michael Chou〔Taipei〕

Recalling a Century of Changes in World Finance

Medallic Memories by Jiang Jianqing, Volume 2, Beijing 2019, 468 pages, color photographs, Chinese text, ISBN 978-7-5086-9856-4, hardcover.

giving everyone a wonderful presentation about the reasoning and basis of this work on financial history which is based on actual medals from his collection of over 1500 pieces. The analysis of the largest banks from 1913 to 2013, and now 2018 gives great examples of changes in financial history. Also the development of nations such as the United States from an industrial power to economic power, and finally a financial power through its banks, is covered in the book. Other stories such as Sir Isaac Newton's role as Warden of Britain’s Royal Mint were very interesting for the audience.

This is the second volume in a set of books on the history of the world's most important financial banks, persons and events. This volume is divided into 20 chapters, each focusing on an event, person, bank or stock exchange.

These twenty essays are illustrated with medals from the author's 1500-piece collection, which were issued for or related to the topic discussed in the chapter.

Among the topics covered in the second volume are: Top banks from 1913 to 2013; Dr. Henry Duncan; Caja de Ahorro; Friedrich Wilhelm Raiffeisen; Sir Issac Newton; Sir Thomas Gresham; the New York Stock Exchange; the Paris Stock Exchange; the State Bank of the USSR; the National Bank of Austria; Alexander Hamilton and Thomas Jefferson.

After Chairman Jiang's presentation there was an extremely informative panel discussion about the book, financial history and inside stories about the 2008 financial crisis.

Volume Three, containing another twenty essays will be published this summer.

The Question and Answer period was not the usual standard answers, but had an insider's point of view on many important subjects and the audience also got to enjoy Chairman Jiang's wonderful sense of humor. The over 200 capacity crowd of financial industry experts was rewarded with a course in the development of western financial history and the chairman's strategy of long term versus short term outlook. The book signing period was met with great interest by the young bankers.

On March 25th, there was a special book release for volume two which I was fortunate to attend with over 200 financial specialists, friends and clients of the Industrial and Commerical Bank of China Asia (ICBC). It was held at the Champion Towers in Central, Hong Kong for the book release of this book. ICBC Asia Chairwoman Gao Ming hosted this exciting event with Chairman Jiang

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1. ICBC Asia Chairwoman Gao Ming hosting this great event.

2. Mr. Jiang Jianqing delivering a speech.

3. Mr. Jiang Jianqing, Gao Ming, director of ICBC Asia Ke Qinghui and president of GCS Capital (HK) Co., Limited Huan Guocang 4. Mr. Jiang Jianqing signing books.

5. Attendees of the book release are queuing for Mr. Jiang’s signature.

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Jiang Jianqing

Jiang Jianqing was born in Shanghai in 1953 and is also the author of "A History of Foreign Banks in Modern China" (2016), which was reviewed in JEAN 2017 #7. Jiang began his banking career in 1979, working in a small branch of the Peoples Bank of China. In 1984, he graduated from Shanghai University of Finance and Economics, and later received masters and doctoral degrees from Shanghai Jiaotong University. In 1986 he began work as a teller at the Industrial and Commercial Bank of China (ICBC).

Advancing rapidly at the bank, he became president of the Shanghai branch in 1997, and has served as chairman of the board since 2005. ICBC is now the largest bank in China and has become one of the 500 largest enterprises in the world rankings. In 1913, Deutsche Bank was the largest bank in the world; in 2013 ICBC was the largest bank in the world and was led by Chairman Jiang. Chairman Jiang retired from ICBC in 2016.

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Zhou Bian〔Shanghai〕

Illustrated Catalog of the Old Shanghai Gold Bars

This is the first book that systematically illustrates gold bars in modern China. Fu Weiqun, Shanghai Scientific and Technical Publishers, March 2019 issue. 220000 words, 200 pages, ultra 16k color hard cover. Fixed price: 238 Yuan (RMB).

This book contains more than 250 gold bars and 200 precious historical pictures of Shanghai over the past 100 years. It is divided into four parts: 1) gold bars that were cast by the Shanghai Silver Chamber, 2) gold bars that were cast by the Shanghai gold chamber (and silver chamber) [Shanghai small commercial institution], 3) gold bars that were cast by the gold chamber (and silver chamber) under the commission of the Central Bank, 4) gold bars that were cast by the Shanghai Central Mint at various times.

Topics include the price ratio of ancient and modern gold and silver, the relations between gold and foreign exchange, the trades of the gold exchange, the relations between the gold market in China and the gold market in the rest of the world, the purchasing power of gold and the changes in prices. The book includes the literary documents of the gold industry at different times. This book is an important historical record about Shanghai and a good reference for studying currencies, numismatic history and the history of Shanghai, while filling in the blanks of studying modern Chinese gold.

From 1920 to 1930 Shanghai became the Far East Finance Centre and one of the world’s largest gold exchange centers, ranked third behind New York and London. This book depicts the development of both the gold market and gold bars in contemporary Shanghai in the historical context of the development of modern Shanghai, the contemporary coin regimes reform and social life. The writing method used by the author is to write about the gold bars of various dynasties as the main line and some other parts as the auxiliary line.

Fu Weiqun

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The book has an attractive and readable text and is well illustrated at the same time. Many important details in the book are disclosed for the first time; these can be used by: coin collectors, gold and silver coin collectors, especially those who collect old gold bar. This is a new force that has suddenly arisen in the numismatic industry.

It is a must- have reference book for financial institutions, such as banks, museums, gold and silver institutions, and college students who majored in finance.

Brief introduction about the author: Fu Weiqun, researcher of the Shanghai History Museum, the seventh Director of the China Numismatic Society, the Executive Director of the Shanghai Numismatic Society, a member of the Expert Database of the State Administration of Cultural Heritage, a Consultant of the Shanghai - Hong Kong Bank History Exhibition Museum published by the Bank of East Asia, and a Consultant of the Shanghai Green Lotus Pavilion. He has published many monographs, such as Illustrated Chinese Coins, Shanghai Underground Private Banknotes, the Old Shanghai Pawn Shops and Notes, and the Modern Private Financial Illustrated Guide Book.

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R E V I E W S

K BO O

《世界金融百年滄桑記憶 ②》

評 周邁可〔臺北〕

《世界金融百年滄桑記憶2》 “一部記載在幣章中的銀行興衰史” 。薑建清著，2019 年北京，共468頁，彩色插圖，中文，國際標準書號978-7-5086-9856-4，精裝本。 本書是《世界金融百年滄桑記憶》第二卷，記錄世界各國重

冠君大廈。工行亞洲公司主席高明女士擔任整場活動的主

章，每一章對應某個事件、人物、交易所或銀行。文章配

融歷史發表了精彩的演講，分析了1913 年至 2013 年全球大

持人，姜建清就其收藏的逾1 500 枚紀念章及其背後的金

要銀行、金融人物和事件的系列書籍之一。全書共分為20

以作者收藏的1 500枚紀念章插圖，與各章主題相互呼應。

銀行的歷史變 遷，講 述了2018 年金融歷史變更的重大事

例，同時還講述了各個國家的發展歷程，例如美國從工業

“英國 書中涵蓋的主題有1913-2013年全球大銀行的變遷、

到經濟領域的發展及美國通過銀行增強經濟實力的歷程。

儲蓄銀行之父”亨利 · 鄧肯博士、西班牙馬德里儲蓄銀行

此外，牛頓曾擔任多年英國皇家造幣廠廠長的故事十分引

紀念銀章、德國信用合作機構創始人弗裡德里希 · 威廉 ·

人入勝。姜先生演講結束後，引發了與《世界金融百年滄

賴夫艾森紀念銀幣、金融家牛頓的故事、湯瑪斯 · 格雷欣

桑記憶》及其金融歷史有關的熱烈探討，尤其是 2008 年

爵士其人其事、紐約證券交易所、巴黎證券交易所、蘇聯

金融危機的內幕故事。

國家銀行、奧地利國家銀行、亞歷山大 · 漢密爾頓和湯瑪 斯 · 傑弗遜。卷三將於今年夏季出版，共20章。

到了問答環節，姜建清先生不是給出“標準式”回答，而是

我非常榮幸在 3月25日參與了《世界金融百年滄桑記憶》卷

感。與會者收穫了西方金融史發展的知識以及姜建清先生

講述了他參與過的許多重要“內幕”細節，且帶有幽默詼諧

二新書發佈發佈會，逾 200 名金融學專家、朋友、中國工

對長期與短期前景戰略的看法。本書簽名時段，年輕銀行

商銀行亞洲總部的客戶到場。舉辦地位於香港中央商業區

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1. 工行亞洲公司主席高明女士正在主持活動 2. 姜建清先生正在發表演講

3. 姜建清先生、高明與工銀亞洲董事柯清輝、博華資本 （香港）有限公司總裁宦國蒼

4. 姜建清先生給讀者簽名

5. 新書發佈會參與者正在排隊等候姜建清先生簽名

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姜建清（1953年出生於上海），系《近代中國外商銀行史》（2016年版）作者 之一。《 東亞泉志》 第7期（2017年7月刊） 書評欄目曾推介《 近代中國外商銀 行史》 一書。1979年， 姜先生入職中國人民銀行某分行， 開始了銀行工作歷 程。1984年畢業于上海財經大學， 此後在上海交通大學完成了碩士和博士 階段的課程。1986年進入中國工商銀行。之後因管理有方、工作成績突出快 速晉升，1997年任中國工商銀行上海分行行長， 並自2005年伊始擔任中國 姜·建·清

工商銀行董事長。 中國工商銀行現為中國最大的銀行及世界500強企業之一。 1913年， 德意志銀行是世界上最大的銀行， 在姜先生的領導下，2013年中

國工商銀行成為全球最大的銀行。2016年，姜建清先生從工行退休。

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《老上海黃金圖志》

周邊 〔上海〕

第一本近代中國系統的黃金圖志。傅為群編著，上海科技出版社2019年3月出版。 約220千字，共200頁，大16k 彩色精裝。定價人民幣238元。 本書共收錄上海百年來各種金條 250多條，珍貴歷史照片

關係、黃金交易所之交易、中國與世界黃金市場之關係、

2. 上海金號（銀號）鑄造之金條 ；3. 中央銀行委託上海金

期金業的文獻資料。即是貨幣史、錢幣學、上海史研究的

黃金與社會購買力和物價的變化等為輔線 , 同時附有各時

200 幅。內容主要分四個部分 ：1. 上海銀樓鑄造之金條 ； 號銀樓改鑄之金條 ；4. 上海中央造幣廠各時期鑄造的金條。

內容之一，又是重要的城市記憶。填補了近代中國黃金史 研究的空白。

至 20世紀二三十年代，上海成為遠東金融中心，也是世界

三大黃金交易中心，僅次於美國紐約和英國倫敦。本書將

本書圖文並茂，許多珍貴資料為首次披露，可供錢幣收藏

近代幣制改革及社會生活等背景下演繹，以各時期金條實

以及金融機構、博物館、金銀業、大專院校金融專業必備

近代上海金市和金條的發展史，放在上海近代城市發展、

者，金銀幣收藏者，特別是當前異軍突起的老金條收藏者，

物為主線，以反映古近代黃金白銀之比價、黃金與外匯之

之參考書。

傅為群， 上海市歷史博物館研究員， 中國錢幣學會第七屆理事， 上海市錢幣學 會常務理事， 國家文物局專家庫成員， 東亞銀行“ 滬港銀行曆史展覽館” 顧問、 上海青蓮閣拍賣行顧問。 出版專著有《 圖說中國錢幣》《 九府裕民—上海錢莊票 圖史》《 老上海當鋪與當票》《 近代民間金融圖志》等專著。 傅·為·群

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歷史悠久的美國鈔票 1915-1920 年前後展示框，框中放置 1910-1920 年 中國紙鈔，展示框連同紙鈔將在 2019 年 6 月香港海瑞德拍賣會上拍賣

一個重要的拍品，來自歷史悠久的美國鈔票公司的1910-

1920年中國紙鈔，放置於1915-1920年前後製作的玻璃

框架內，將于亞洲領先錢幣盛事“恒博香港國際錢幣展

銷會”舉辦之際在官方拍賣海瑞德拍賣會上拍賣。此次 中國錢幣展由26 種正面試印票和背面試印票構成，包括

來自大清銀行、中國銀行、交 通銀行、國際 銀行公司、 廣東省銀行的稀有試印票，重點展品有包括伍圓、伍拾 圓、壹佰圆面值幾乎完整一 套的1909 年未 發行大清銀

中國銀行1913 年貳拾圓正面和背面試印票，Pick 目錄未列入該面值，美國鈔票公司

行極其稀有紙鈔及1909 年無正面試印票的拾圓背面試印

票。中國銀 行 參展 紙 鈔則包 括1912年、1913年、1914

年試印票，其中有未發行的1913年貳拾圓正面試印票和

背面試印票。中國銀行還展出1914 年袁世凱像伍拾圓正

面試印票和兩張一對壹佰圆正面試印票。美國鈔票公司 紐約辦公室也在1915-1920 年左右展出過該帶展示框的

紙鈔，由年輕的美國鈔票公司實習員工籌備，檔案國際

拍賣公司總裁羅伯特 · 施瓦茨博士（Robert Schwartz） 發現在 2005年的美國鈔票公司檔案館中有相關記錄。羅

伯特 · 施瓦茨是該帶展示框紙鈔擁有人的代理，該帶展

大清銀行1909 年壹佰圓，已列入 Pick 目錄 -A78B ，S/M#T10-34，正面和背面試印票

示框紙鈔的擁有人最終決定在海瑞德拍賣會上拍賣它。

欲 知 更 多 有 關2019 年 6月26-28日 香 港 世 界 錢 幣及 紙

幣 拍 賣 會 資 訊， 聯 繫 海 瑞 德 拍 賣 行 達 拉 斯 辦 公 室 請 撥 總 機 800-872-6467轉 分 機1001， 香 港 辦 公 室 請 撥

+852-21551698， 或 撥 打214-409-1481聯 繫 寄 售 總

監 Michael Moczalla， 或 發 送 郵 件 至 MichaelM@

HA.com 。撥打 201-944-4800或發送郵件至 robert@

archivesinternational.com 可聯繫檔案國際拍賣公司。 大清銀行1909 年伍拾圓，已列入 Pick 目錄 -A78A ，S/M#T10-33，正面和背面試印票

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REVIEW OF THE 2019 BERLIN WORLD MONEY FAIR TECHNICAL FORUM

Figure 1

The Berlin World Money Fair Technology Forum has become a great numismatic industrial event. This year it was held before the opening ceremony of the World Money Fair in the European Hall at the Estrel Hotel in Berlin on January 31, 2019. The forum was co-hosted

by Mr. Dieter Merkle from Schuler Inc. and Mr. Thomas Hogenkamp from Spaleck Company. Mr. Albert Beck, who is the founder of the World Money Fair, delivered an opening speech (see figure 1).

Gu Jun - Shanghai

Note: Schuler Inc. is the largest circulating coin press supplier in the world, and the Spaleck Group is a famous coin polishing equipment supplier.

There were more than 300 participants attending the forum coming from different mints, banks, coin distributors, equipment manufacturers and the media. The topics of environmental protection, coinage technology, process designing and cash payments were discussed at the forum. The speakers who came from different fields presented their research reports and answered questions from each other. After the meeting, all the participants moved to the Second Hall where many types of coinage equipment, process presentations and samples were shown. Most of the participants were old friends and they were talking with each other, creating a very warm atmosphere. It was indeed an important annual grand meeting in the coinage industry.

Since the Coin of the Year Award was given to the 5 Euro polymer coin in 2018, polymer coins have become more and more attractive to mints and collectors (see figure 2). A new polymer coin was presented by the Royal Spanish Mint in this forum (see figure 3). Schuler Company introduced a joining center which produces fully automated tri-material blanks, combining separation, feeding, forming, assembling and joining of up to two rings (for example, one metallic and

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one polymer) and a metal core, a s w e ll a s a n e w p a th f o r a unique production process for high security coins. A structural design of Multiple Composite Coin (MC3) has been developed by the Royal Canadian Mint (RCM) for potential use as their next generation circulation coins. The characteristics, per formance evaluation and manufacturing capabilities of the MC 3 coins in their Phase 1 formula were explored and discussed in the RCMs presentation (see figure 4).

Figure 3

Recently, finite element software has b een use d by more and more mints to analyze stress concentration on the dies and coins. Die failure and coin quality issues can be avoided before striking by this simulation. The United States Mint shared their experience of manufacturing curved coins of various compositions in high volume (see figure 5).

Laser engraving has become more and more popular at many mints , not only to make fine relief coins, but has also been expanded to replace sandblasting. ACSYS presented its latest innovation, 3D-frosting on freeform surfaces and exceptional, absolutely smooth gradient-frostings.

Figure 4

The technical forum is a ver y good communication platform for the coinage industry as it pushes the technical development to always go one step further. This forum has become an important part of the World Money Fair.

Here’s hoping for the best for the upcoming World Money Fair events!

Figure 5

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圖1

每年 柏 林錢幣展開幕前的造幣 技術論 壇已 經 成 為眾人矚目的 業 界 盛會，2019年1月31日下午 一 點 半，第15屆 技 術 論 壇 在 柏

林 Estrel 酒店的歐洲廳如期舉行。會議由德國 Schuler 公司的 Dieter

司是著名的硬幣拋光設備製造商。）

製造商、錢幣媒體的各界人士出席了會議。論壇的議題聚焦環境保護、

上海

共計有三百多位來自世界各地的造幣廠、銀行、錢幣經銷商、造幣設備

顧軍

Merkle 先 生 和 Spaleck 公 司 的 Thomas Hogenkamp 先 生 共 同 主 持，世界錢幣展覽會創始人 Albert Beck 先生致辭（圖1）。 （注 ：德國 Schuler 公司是世界上最大的流通幣生產衝壓設備製造商，Spaleck 公

二〇一九年 柏林世界錢幣展覽會 技術論壇綜述

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造幣技術、工藝設計、售後服務、現金支付等方方面面，有主題演講， 有現場問答，與會者共同探討相關議題。會議結束後，大家移步隔壁的 第二展廳，那是造幣設備製造商的展區，展示着當今最先進的造幣設

備、工藝演示和樣品陳列，引起了眾多業內人士的關注。與會者中很多 人都是彼此熟悉的老朋友，相談甚歡、氣氛熱烈，不愧是造幣業界一年 一度的盛會。

由於德國5歐元聚合物環紀念幣獲得了上一年度克勞斯硬幣大 獎，在錢幣界掀起了對聚合物興趣的熱潮（圖2）。本屆論壇上

西班牙皇家造幣廠發表了聚合物芯與金屬環硬幣的研究 報告（圖3）。Schuler 公司介紹了德國聚合物環紀念幣

坯餅組合設備，將三種分體材料通過進給、預成型、 裝配等過程，把兩個環、一個芯精密地組合成三色坯

餅，整個過程全都是高速自動化完成的，可適用于高防

偽硬幣的大批量生產。隨着設備和工藝的日臻完善，不

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同材質組合成的雙色和三色幣 將 成 為高面值硬幣的主要選 擇，加

拿大皇家造幣廠發佈了基於其自主

智慧財產權的鋼芯多層鍍技術開 發的雙色組合幣的第一階段研究 成果（MC3），將應用於下一代流 通幣的研發（圖4）。

近年來，越來越多的造幣廠將有

限元分析軟體對異型幣或高浮雕

幣的製作進行仿真 模 擬，對由於 應力集中可能導致的模具失效和 產品品質問題 進行預判，更加科

圖3

學地對浮雕佈局和模具參數不斷

予以優化調整，以保證 最 終的產 品效 果和模具壽命。此次論壇上

美國造幣局將在弧形登月系列紀

念幣的研製過程的心得體會和與 會者進行了分享（圖5）。

鐳射雕刻是這些年獨領風騷的新

技術，人們不僅可以在模具上雕刻 出非常精細的圖紋，而且可以用鐳

射進行噴砂效果處理，ACSYS 公

司展示了最 新的在模 具表面任意 進行的3D 噴砂效果處理技術，而

且是可以實現多層次噴砂效果，令

圖4

人刮目相看。

造幣事業的發展離不開工藝技術

的進步，論壇提供了技術交流的平

臺，早已成 為柏 林錢幣展不可或 缺的重要 組 成部分，衷心 希望能 越辦越好。

圖5

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Brief Introduction on the Currency Exhibition Hall of Shanghai University of Finance and Economics Business Museum Jinxing

Shanghai

Zhengli Road

Zhengli Road

The Shanghai University of Finance and Economics Business Museum

G uod o ad ing R

There are three exhibits in the Currency Exhibition Hall: currencies of China’s previous dynasties, the Chinese contemporary currency, and currencies all over the world.

Zhengyun Road

The Shanghai University of Finance and Economics Business Museum is located at No. 777, Guoding Road, Shanghai. It consists of a main exhibition hall the Business Museum, a temporary exhibition hall and four special exhibition halls: the Currency Exhibition Hall, the Tax Exhibition Hall, the Insurance Exhibition Hall, the Arithmetic Exhibition Hall. The Currency Exhibition Hall is one of the features of the Business Museum.

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Currencies of China’s Previous Dynasties ❶ the Han dynasty exhibition displays half tael, Wu Zhu cash coins and Wang Mang coins at different historical stages and with different editions. The key exhibits of this exhibition are gold inlaid knife money value 5000 and spade coin value 10. Exhibition of the Three Kingdoms, the Western and Eastern Jin dynasties and the Southern and Northern dynasties has different currency types of different regimes. Exhibits mainly include currencies from emperor Yongguang and Hanxing’s reign. The Sui dynasty, the Tang dynasty and the Five dynasties exhibition has two showcases, which exhibits currencies from the Sui and Tang dynasties and the Five dynasties.

The key exhibits are ‘Tiance Fubao’ and ‘Deyi Yuanbao’.

Exhibition of the Liao dynasty, the Song dynasty, the Xia dynasty, the Jin dynasty and the Yuan dynasty has three showcases, which exhibits the Northern Song dynasty currencies, the Southern Song dynasty currencies, and currencies of the Liao, Xia, Jin dynasty. The key

Currencies of China’s previous dynasties is the key exhibition of the Business Museum. It shows all representative currencies of China from the Pre-Qin dynasty to the Republican period. This exhibition was divided into seven historical stages: 1)the Pre-Qin dynasty, 2)the Qin dynasty and the Han dynasty, 3)the Three Kingdoms, the Western and Eastern Jin dynasties and the Southern and Northern dynasties, 4)the Sui dynasty, the Tang dynasty and the Five dynasties, 5) the Liao dynasty, the Song dynasty, the Xia dynasty, the Jin dynasty and the Yuan dynasty, 6)the Ming dynasty and the Qing dynasty, and 7)the Republican of China. Starting from the natural sea shell, the Pre-Qin dynasty exhibition systematically displays four major currencies: the spade shaped coin, the knife coin, the round coin, and the ant nose coin. The key exhibits are six characters knife money from State of Qi. Round Coin ( 重 一 两 十二 珠 or 一 珠 重 一 两 十二 ),The Qin dynasty and

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The Currency Exhibition Hall

exhibits include small coin tablet authorized by Lin’an government and Fuchang Tongbao. Exhibition of the Ming dynasty and the Qing dynasty has a Ming dynasty currencies showcase and three Qing dynasty currencies showcases. The key exhibits are Qianlong Tongbao engraved mother coin and Xianfeng Yuanbao large vault

protector coin. The Republican of China exhibition has rich variety of currencies, but due to the limited exhibition space, only the banknotes of four national banks were mainly exhibited. The key exhibits include the 5 million Yuan gold coupons issued by the Central Bank and the 6 billion Yuan banknote issued by the Bank of Xinjiang.

The Chinese Contemporary Currency ❷

Currencies all over the World ❸

China's contemporar y currency exhibition has five editions of RMB and the current circulating currencies of Hong Kong, Macao and Taiwan. In the first RMB showcase, there are 69 varieties of RMB. The second edition to the fifth edition of RMB cover all the varieties of the editions. The showcase of Hong Kong, Macao and Taiwan exhibits the currently circulating currencies issued by different banks.

Exhibition of currencies all over the world is divided into five continents series and exhibits 146 currencies currently circulating in 196 countries. Though limited by the exhibition space, it creatively exhibits the showcase a nd the pull- out boa rd at the s a me time, which completely displays splendid currencies all over the world.

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上海財經大學商學博物館位於上海市國定路777號，

雲

由主展館⸺ 商學館，四個專題展館 ：貨幣館、稅票

路

館、保險館、算具館，以及一個臨展館組成。其中，

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貨幣是該館的館藏特色之一。

定

上海財經大學 商學博物館

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貨幣館的展覽由三個部分內容，分別為中國歷代貨幣、 中國當代貨幣、世界各國流通貨幣。

政

中國歷代貨幣 ❶

民

路

中國歷代貨幣是該館的重點陳列，展出我國從先秦

個展櫃分別展出了隋唐貨幣和五代十國貨幣，重點展

三國兩晉南北朝、隋唐五代、遼宋夏金元、明清、民

展櫃分別展出了北宋貨幣、南宋貨幣、遼夏金元貨幣，

品有天策府寶、得壹元寶等。遼宋夏金元時期分三個

到民國各歷史時期的代表性貨幣，分為先秦、秦漢、

重點展品有臨安府行用錢牌、阜昌通寶等。明清時期

國七個歷史階段。先秦時期由天然海貝開始，系統

由一個明代貨幣展櫃和三個清代貨幣展櫃組成，重點

展出了布幣、刀幣、圜錢、蟻鼻錢 先秦四大 貨幣 體

展品有乾隆通寶雕母錢、咸豐元寶鎮庫大錢等。民

系，重點展品有齊六字刀、重一兩十二一銖（一銖重

國時期貨幣品種十分豐富，受展覽空間限制，主要展

一兩十二）等。秦漢時期展出了不同階段和版別的半

出了四家全國性銀行的紙幣，重點展品有中央銀行發

兩、五銖及王莽錢，重點展品有一刀平五千、 “十布”

行的金圓券伍佰萬圓、新疆省銀行發行的陆拾億圓國

等。三國兩晉南北朝時期展出了不同政權的不同貨幣

幣券等。

品種，重點展品有永光、漢興等。隋唐五代時期分兩 20

金星 〔上海〕 政

上海財經大學 商學博物館貨幣館簡介

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貨 幣 館 展 廳

中國當代貨幣 ❷

世界各國流通貨幣 ❸

中國當代貨幣展出五套人民幣和港澳臺現行流通貨

世界各國流通貨幣展出196個國家現行流通的146種

幣。第一套人民幣展櫃中展出了69個版別的品種。第

貨幣，分五個大洲陳列。受展覽空間限制，創新採用

地區展櫃中展出了各銀行發行的現行流通貨幣。

富多彩的世界各國流通貨幣。

二至第五套人民幣均展出了所有版別的品種。港澳臺

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Oliver Strahl Germany B.H. Mayer Mint GmbH & WMF Berlin 2019 Polymer Panda Coin

★ Official Euro issue of Ireland (10 Euro Silver, 20 Euro Gold); ★ New Zealand issues including gold & silver Kiwi dollars (Fig. 2); ★ 1916/1918 WWI tokens (Fig.3); ★ Rwanda 50 Francs Wild Animal Series; ★ Belarus Ruble issues; ★ Mongolian coins; ★ Somalia elephant coin; i l ve r & nd s ala Ze ★ Coins form the Cook ew Islands, Maldives, Congo, Togo, Gambia, Nauru, Bhutan, Benin, Samoa, Seychelles, Andorra and many more. lar

s

In January this year we had the honor to receive a personal invitation on the occasion of the ceremony for the first strike of the new polymer pandas for the world money fair 2019.

gold

K iwi d ol

This new coin was minted by the B.H. Mayer Mint in Karlsfeld near Munich. I would like to give you an insight behind the scenes, since I found this day very interesting as a numismatist.

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First of All, I Want to Introduce You to the B.H. Mayer Mint.

The B.H. Mayer Mint is located very close to Bavarian’s capital city Munich. So the ride was a stone's throw from us. Until the invitation, I didn't know anything about the Bavarian Mint and left it with a great admiration.

This is already impressive and it can be assumed that almost every collector of modern precious metal coins has already held a special coin from the German Company B.H. Mayer Mint GmbH. In my research, I discovered almost 500 different coins that have been produced by the mint.

Fi g

The Mint has a long tradition and was founded in 1871 by Bernhard Heinrich Mayer in Pforzheim. Medals, coins, badges, and jewelry were made here. A well-known example is the WWII - Iron Cross medal (Fig. 1).

.1 t he "W WI IIr o

In 1993, the B.H. Mayer Mint was divided into two areas with a subsidiary. The newly founded B.H. Mayer's IdentifySign continues to produce badges, pins and name tags in Pforzheim. Kunstprägeanstalt KG continues to be responsible for coin and medal production.

r os n C

We enjoyed an invitation to the first strike ceremony of the polymer panda coin (Fig. 4) and traveled to the mint on a grey winter day.

The sidewalk to the mint was covered with snow; a few rays of sunshine were looking for a way through the clouds. When we arrived Fig. en 3 1 ok 916/1918 WWI t at the entrance and pressed the bell, we were invited in for coffee and pastries in the conference room. Here we waited for a short time and talked a little with Mr. Richard Stein, the director of NGC European operations. The striking was still kept secret up until the moment it happened. A few moments later, Mr. Michael Chou came into the room and asked us to follow him. In front of the minting hall, the president of the B.H. Mayer Mint Mr. Wegner was waiting and opened the door for us. Also present was staff from the auction house Kuenker, which took over the sales of the new coin and other attendees. In addition, Mark Sutton from the Middle Earth Mint had arrived.

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In 1999, the Kunstprägeanstalt KG was taken over from the firm Münz-Prägstätt GmbH. The new name was now "B.H. Mayer Mint GmbH" and the production has been moved to Karlsfeld.

Today B.H. Mayer Mint GmbH is one of the largest leading private minting companies in Europe. If you think private mints only produce medals, let me tell you this is not the case. The products minted correspond to the highest standards and since 1991, official legal tender has also been produced.

I would like to Show You a Few Samples of the Coins Minted at B.H. Mayer Mint:

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At the minting hall, Mr. Wegner started the ceremony at 11:00 am. In addition, there was a statement by Michael Chou (Fig. 5).

After the Chinese numismatic designer Yu Min finished his design draft for the new polymer panda, he submitted it to the mint. Here the dies for the coinage were made.

This happened with corrections and consultation with the designer, as the panda on the coin should look cute and natural at the same time. Such a design was created by the best panda coin designer in China.

The silver panda medal minted at the Berlin Mint in Germany is often unnatural looking. The animal pictured usually looks like a poor mixture of a panda and a brown bear.

Fig. 5 Michael Chou giving a short speech

After the address, a ceremony was carried out (Fig.6). A moment later, the first official polymer panda was born.

This one, with the red polymer ring, was thoroughly inspected.

The panda coin is made of tri blanks. This was shown to us individually in the proof condition. The red translucent polymer ring, which is struck with the two silver cores, can also be found. The outer ring and the inner core are made of 999 fine silver and together weigh 1 oz.

Fig. 6 Michael Chou and Mark Sutton striking the first coin

Issue Country | Tanzania

40mm

Issuing Year | 2019 World Money Fair Logo

National Shield of Tanzania

Red Polymer Ring Nominal Value 1000 Shillings

Fig. 4 World Money Fair Berlin 2019 polymer silver panda coin

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China is committed to humanitarian aid and hundreds of Chinese doctors have done service in newly built hospitals for the people of Tanzania.

Finally, we had the opportunity to examine a few test specimens. Here you can see different relief treatment processes of the coin’s image. ［ Technical Data of the Coin ］

At the end of the 1970s, relationships were also extended to other economic areas. For Tanzania, China is unchallenged as the most important trading partner, especially in the construction sector. China has built two Confucius institutes in Tanzania for knowledge sharing.

Here you can get the most professional training courses from experts. There are also places available directly in China for study.

Metal and Purity: 1 oz. silver. 999 with red polymer ring Diameter: 40 mm Issue Country: Tanzania Nominal Value: 1000 shillings Issuing Year: 2019 Reverse: national shield of Tanzania and official World Money Fair logo Time of First Strike: 25th January 2019 Issue for: the World Money Fair in Berlin 2019 Mintage: 1000 pieces

Through this close cooperation, China is viewed as a role model, China has contributed more and more investment and support in this country in the last few years, so a new building project was built. China also supports this country in the further development of its agricultural sector.

Due to this extensive and close partnership, the reason for issuing this polymer coin under the authority of the United Republic of Tanzania can be easily understood.

Some collectors also prefer a coin with nominal value compared to a medal and so this issue is used to serve the interest of both sides.

At the moment, there are many fantasy polymer coins, where the ring is only glued and that carry a fantasy nominal value like “10 xeros”. Thus, this issue is the first officially issued polymer coin, according to the German 5 and 10 euro polymer coins. At the same time, it is the first polymer edition that has been minted with a nominal value in precious metal.

Why was the Country of Tanzania Selected?

The coin designed in China by Yu Min. I suspect that the Chinese mints have not yet designed a polymer coin like they have in Germany. A nominal value of yuan would certainly have been interesting, but in this quantity and for the issue of the World Money Fair Berlin only medals are produced here. However, these medal products are often state-approved in China, subject to strict rules and are worth the collection value. A very famous example is the 1982 panda without a nominal value in gold.

The reverse of the polymer coin carries the emblem of Tanzania, which is similar in design to the official COTY Award given in Berlin. In addition, the WMF Berlin logo is located above the national shield of Tanzania.

C h i n a h a s s t a r te d to b u i l d d i p l o m a ti c r e l a ti o n s with Tanz ania ve r y e a rly, in 19 62, a s one of the first countries with relations with the PRC. Western countries rejected the construction of a railway line in Tanzania due to inefficiency. China started in 1965 with the planning and construction of the 1,160 mile long Tasara Railway Line from the Tanzania’s Port at Dar es Salaam across the countr y to Zambia.

The project, completed in 1975, is the cornerstone of the cooperation between both countries. During construction, more than 50,000 Chinese were on site to build the 450 million dollar project. During these years there was also a construction of a large textile factory.

This panda is the first issue and is part of a series. The issue number of the coin should be increased from the next issue.

What performance this first coin could have, I'm not going to say here. The market is of ten extremely unpredictable. For me, this successful panda motif is being used as a celebration of the World Money Fair 2019 and in connection with this article and the knowledge of what Tanzania has to do with China. In addition, my little son will probably be very happy about a cute bear with bright red ring.

Author and Pictures: Oliver Strahl

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梅耶造幣廠造『2019 年世界錢幣展覽會 聚合物環熊貓紀念幣』之我見 奧利弗 · 施塔勒〔德國〕

今年一月，我們很榮幸受邀參與2019 年世界錢幣展覽會聚

我想與各位分享下列梅耶造幣廠的幾枚鑄幣 ：

合物環熊貓紀念幣的首打儀式，作為一名錢幣學家我感到

★ 愛爾蘭發行的10 歐元紀念銀幣、20 歐元紀念金幣 ；

度過了相當有趣的一天。在此，我與各位分享這款紀念幣

★ 紐西蘭幣，包括奇異鳥紐西蘭元金銀幣（圖2）；

背後的故事，它是由位於德國慕尼克卡爾斯菲爾德附近的

★ 1916年 /1918年第一次世界大戰代幣（圖3）；

梅耶造幣廠鑄造的。

★ 白俄羅斯盧布幣 ；

首先，請允許我向各位介紹梅耶造幣廠。

★ 索馬里非洲大象紀念幣 ； ★ 科克群島、馬爾地夫、剛

距離並不算遠。在受到邀請前，我對這個毗鄰巴伐利亞州

圖2

果、 多 哥、 甘 比 亞、 諾

知之甚少，一直對此抱有莫大的好奇心。

魯、不丹、貝南、薩 摩

梅 耶造 幣 廠 歷 史 悠 久，1871年由 創

亞、塞席爾、安道爾等

始人伯恩 哈 德 · 海恩裡 希 · 梅 耶創

國流通幣、紀念幣。

建於普福爾茨海姆，此地金屬、 錢 幣、 勳 章、 珠 寶 業 發 達。

這 些幣 令人印象深刻，幾 乎所

圖1

最為著名的“產品”便是“二

有現代貴金屬幣收藏家都曾入手德國

梅耶造幣廠的某版鑄幣。據我研究，幾乎有500 種不同的

9 193

戰鐵十字勳章” （圖1）。

年二 戰

鑄幣是有面值的。

鐵

1993 年， 梅 耶 造 币厂分 为

字 十 勳 章

两个廠區，其中一個是子公司。

在一個冬日，我與其他同行者欣然前往梅耶造幣廠參與聚 合物環熊貓幣（圖4）首打活動。通往

直 至 今 日， 最 新 成 立 的 IdentifySign

GmbH 繼 續 在 普 福 爾 茨 海 姆 生 產 勳 章、 胸 針、 名 牌。

造 幣廠 的路上覆 蓋 著 着皚皚白雪，

而 Kunstprägeanstalt KG 則 繼 續 負 責 生 產 錢 幣 和 獎

幾縷陽光穿透雲層灑向大地。我

章。1999 年，Kunstprägeanstalt KG 接 管 了 Münz-

們抵達入口，按響門鈴，即被熱

Prägstätt GmbH 公司的業務，如今更名為“梅耶造幣廠”

情 迎 進 會 議 室， 招 待 以 咖 啡 和

糕 點。我們 在 此 與 NGC 歐 洲業

並將 生產區 遷往卡爾斯菲爾德。德國梅 耶造幣廠是當今

如此。這家造幣廠不僅鑄造最高標準的產品，還自1991

仍然完全保密。片刻之後，周邁可先生將我們帶入一扇門

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Stein）先生交談。等候期間，首打之事

年起鑄造官方法定貨幣。

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代 幣

務 部 總 監 理 查 · 施 泰 因（Richard

圖

歐洲規模最大的私人造幣公司。如果你認 為私人造幣廠

只生 產獎章，不生 產 鑄幣，然而梅 耶造幣廠的事實並非

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年 新 西 蘭

奇 異 鳥 金 銀 幣

★ 蒙古幣 ；

梅耶造幣廠毗鄰巴伐利亞州首府慕尼克，因此對我們來說 的造幣廠

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★ 盧旺達 50法郎野生動物系列幣 ；

戰

界大 /191 8年第一次世

內，讓我們跟隨他走進去。梅耶造幣廠的總裁瓦格納先生

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已經站在會客廳門口等我們，並為我們開門。其他還有來

自負責出售新幣的坤克拍賣行的人員及其他參與嘉賓。此 外，Middle Earth Mint 馬 克 · 修 頓（Mark Sutton） 也

已到達現場。

首打儀式於上午11:00 在會客廳揭開序幕，瓦格納先生宣佈 首打儀式正式開始，周邁可先生發表演講（圖5）。

我們從周先生的演講中得知，中國錢幣設計師余敏完成聚 合物環熊貓銀幣的設計圖稿後即將它交給梅耶造幣廠生產

模具。為了使熊貓圖案看起來更加可愛自然，在這個過程

圖5 周邁可正在發表簡短演講

中，各方與設計師幾經修改與探討，而余敏是中國最好的 熊貓幣設計師。德國柏林造幣廠鑄造的熊貓紀念章通常看 起來不自然，是既不像熊又不像貓的“二不像”。

演講完畢，首打活動開始（圖6）。不久，第一枚聚合物環

熊貓銀幣便宣告誕生。整枚幣包括紅色聚合物環都經過徹 底的檢查。

這款品相精美的熊貓幣由三個坯模組成。透明的紅色聚合 物環連接外環與內環，外環和內環都由99.9% 銀製成，總

重1盎司。

圖6 周邁可與馬克 · 修頓試打第一枚幣

發行國 | 坦桑尼亞

40mm

發行時間 | 2019年 世界錢幣展覽會標誌

坦桑尼亞國徽

聚合物環

面值 | 1000先令

圖4 2019年世界錢幣展覽會聚合物環熊貓銀幣

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最後，我們還有機會檢查了幾枚測試中的樣幣，這款幣的

個大型的紡織廠。中國一直出於人道主義致力於援助坦桑

鑄造採用不同的浮雕處理常式。

尼亞，在坦桑尼亞新建醫院項目上還派遣了數百名醫生到 該醫院工作。

［錢幣技術資料］

20世紀70年代末，兩國合作深入經濟區。對於坦桑尼亞而

含銀量及成色 ：1盎司銀，含紅色聚合物環

言，中國無疑是其最重要的交易夥伴，尤其是在建設方面。

直徑 ：40 毫米

中國已在坦桑尼亞建造了兩座孔子學院傳播知識。這兩所

發行國 ：坦桑尼亞

學院的教授課程都是相當專業的。中國也有同樣可供直接

面值 ：1 000 先令

學習的孔子學院。

發行時間 ：2019 年

反面圖案 ：坦桑尼亚国徽及2019年世界錢幣展覽會標誌

因其提供的密切援助，中國被視為榜樣，在過去數年為坦

發行原因 ：為2019 年世界錢幣展覽會發行

中国還幫助這個國家進一步發展農業。

首打時間 ：2019 年1月25日

桑尼亞做出越來越多的投資和支持。新的項目正在建設中。

鑄造量 ：1 000 枚

鑒於兩國之間的廣泛交往與密切合作，這款聚合物環熊貓 幣經授權在坦尚尼亞共和國發行，個中緣由不難理解。

相比獎章，一些收藏家更願意收藏帶面值的幣，而這款幣 能夠同時滿足錢幣和獎章收藏家的要求。

市場上曾出現 過許 多臆 造的聚 合 物環幣，臆 造幣當中的 聚合物環是用膠水粘上去的，面值也是臆造的，比如“10

xeros”。相比 之前的德國5歐元和10歐元聚合物環幣，這

款幣還是首次官方發行的聚合物環錢幣，同時它還是首款 帶面值以貴金屬鑄造的聚合物環幣。

為何選擇坦桑尼亞作為發行國？

2019年世界錢幣展覽會聚合物環熊貓紀念銀幣的設計師是

這款聚合物環銀幣的反面圖案是坦尚桑亞國徽，與獲得克

聚合物環錢幣。假如採用中國“元”作為面值，當然是有

坦桑尼亞國徽之上是德國世界錢幣展覽會標誌。

中國的余敏，我想中國造幣廠從來沒有像德國一樣設計過

勞斯“世界大 獎賽”的官方鑄造柏 林幣形狀相似。此外，

趣的嘗試，但是像這款幣一樣的數量且為世界錢幣展覽會 發行，恐怕只有紀念章了。然而這些獎章在中國的鑄造通

這款熊貓幣只是一個系列熊貓幣中的第一款。

高，一個著名的例子就是1982年熊貓金幣，但無面值。

從下一款熊貓幣開始將增加鑄造量。

1962年起，中國開始與坦桑尼亞等國建交。西方國家以效

第一款熊貓幣的銷量如何，我不好妄下判斷，因為市場通

開始計劃並建設長達1.160英里，從赞比亞港口沙蘭港出發

賀2019 年世界錢幣展覽會的成功舉辦，並將前文提到的坦

常要經國家批准，通過嚴格的制度審批，並且收藏價值很

率低下為由拒絕幫助坦尚尼亞建造鐵路。中國卻於1965年

常是不可預測的。我認為，這款幣上的熊貓圖案被用來慶

穿越赞比亞的坦贊鐵路。該项目於1975年竣工，成為兩國

桑尼亞與中國的關係聯繫起來，紀念意義非同一般。

間合作的基石。鐵路在建期間，超過5萬名中國人參與這

項投資高達 4.5億美元的昂貴項目。這幾年之間還建設了一

我的小兒子看到帶有明亮紅圈的可愛熊貓，可能會很高興。

攝影 ：奧利弗 · 施塔勒

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Recognition and Interpretation of Inscriptions on Bai Jin San Pin A set of three types of coins: dragon, horse, turtle pattern coin.

Zhou Yanling

Shanghai

academic seminar on the topic of these three kinds The dragon pattern cake coin has over 100 years’ of cake coins in August 2003 in Hanzhong, Shaanxi history, it was recorded in the Shen Zhou Da Guan Province. The seminar achieved great progress, and new written by the late Qing dynasty poet Zheng Wenzhuo discoveries on these cake coins were found shortly after in 1913. Thereafter, several cake coins have been found the seminar. At that time, I wrote two articles about the and reported in several places. In the 1990s, it was dragon pattern cake coin, horse pattern cake coin and discovered that, in addition to the dragon pattern cake turtle-shaped cake coin of the Western Han dynasty ② . coins, horse pattern cake coins and turtle-shaped cake coins had been unearthed in Liu’an County, Anhui My main points and new understandings about Bai Jin Province and Mei County, Shaanxi Province. The shape San Pin can be summarized as below. and features of these cake coins were consistent with the records written in the Records of the Grand HistorianIn the winter of the fourth year of Emperor Wu’s reign Pinghuai Treatise and the Book of Han - Food Culture, (119 B.C.), Emperor Wu of the Han dynasty issued three hence it is commonly believed these dragon pattern kinds of cake coins collectively named Bai Jin San Pin cake coins, horse pattern after suggestions by Zhang cake coins and tur tle Tang. The Records of the shap e d c ake c oins we re Grand Historian - Pinghuai three kinds of cake coins Treatise has more detailed (collectively named Bai Jin re c ords. Its author Sima San Pin in Chinese, a series Qian lived during the Han of three coins with different dynasty under Emperor denominations: dragon, Wu’s reign. When the three hor se a nd tur tle) minte d kinds of cake coins were during the reign of Emperor issued and circulated, Sima Bai Jin San Pin - dragon pattern cake coin Wu ① . Most of them were Qian was about 30 years old, he should have seen or found today at the original used these cake coins. While the Records of the Grand site of Han City or the tomb of the Western Han dynasty.

Historian was written in 104 B.C., the author’s record Sometimes they were unearthed together with half-tael should not have too many inconsistencies. Therefore, we cash coins weighing four zhu. Therefore, the speculation may conclude that the descriptions and records of these is correct - these three kinds of cake coins should have cake coins in the Records of the Grand Historian are been minted during the Western Han dynasty. credible and accurate.

In orde r to dis cu s s fur the r a nd re se a rch on the So you might wonder, what is Bai Jin? Is it made of leadproblems that have not been solved yet, such as by tin alloy or silver-tin alloy? which institution these cake coins were minted and understanding the characters, seals, patterns and It was commonly believed that the component of the shapes of the cake coins, the China Numismatic Society cake coins was lead-tin alloy after being certified. and the Shaanxi Numismatic Society held a national

① Li Yongdeng: Three Metalwares (cake coins) Dragon Pattern Cake coin, Horse Pattern Cake coin and Turtle-shaped Cake coin Discovered in Liu’an County, 1st issue, 1994, Anhui Numismatics, page 17.

② Zhou Yanling: Reanalyze and Research on Cake coins Minted in the Western Han Dynasty, 4th issue, 2004, page 62; Zhou Yanling: Analysis and Research on the Inscriptions of the Cake coins Minted in the Western Han Dynasty, 2nd issue, 2004, Anhui Numismatics, page 6.

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shaped cake coin and the lead turtle-shaped cake coin But according to Explaining Graphs and Analyzing have the same pattern, inscriptions and shape ③ .

Characters, “silver, iron fetters and cupronickel all can be recognized as Bai Jin”. According to the definition described in Er Ya, “Bai jin normally refers to silver, but if According to the Grand Historian - Pinghuai Treatise and it is in extremely fine condition, it is named iron fetters”. the third volume of the Book of Han - Food Culture, “In In addition, Guangya - Shiqi which is a glossary that the five years the Bai Jin San Pin and Wu Zhu cash coins has records on cupronickel. were minted, hundreds and However, laws of the Western thousands of people were H a n d y n a s t y s p e c u l a te d sentenced to death due to coins could not be minted pirated and privately minted using base metals such as coins. A large number of lead or iron. The Western people were sentenced Han dynasty legally could to d e a th s e c re tl y. T h e re not use the base metal such were more than one million as lead-iron to cast money. people who were released In the numismatic history, from punishment by paying Bai Jin San Pin - horse pattern cake coin the Western Han dynasty a ransom. However, fewer is the dynasty most widely than half of the people using precious metals. Gold could afford the ransom. If was normally use d when everybody could afford the granting a reward, storing ransom, the private minting treasures, or paying a formal situation would have been visit to the emperor. The Kirin out of control.” The private fingernail-shaped gold and producer used lead-tin alloy the horseshoe-shaped gold to disguise the of f icially were created by Emperor Wu making silver-tin alloy to Bai Jin San Pin horse pattern silver cake coin of the Han dynasty. Here is at tain huge profits. As a the description on gold from result, Bai Jin cake coins the Book of Han - Food Culture: “Gold can be divided were stopped to be used gradually. This was why the into three levels. The yellow gold has the best quality three kinds of cake coins Bai Jin San Pin were abolished (level 1), the white gold has the middle level quality (level in less than four years after their circulation. The discovery 2) while red copper has the lowest level quality (level 3)”. of silver horse pattern cake coin and turtle pattern cake The book also attached a note about this description: coin confirmed that these cake coins minted by Emperor “Bai Jin refers to silver”. The Grand Historian - Pinghuai Wu of the Han dynasty were silver cake coins. While the Treatise has the similar record: “there are three levels of lead-tin alloy cake coins were pirated and minted privately. golds. Bai Jin was minted using silver-tin alloy”.

After interpreting and researching the inscription which is We may see from above that Bai Jin refers to silver or silverwithin the circle on the reverse of the dragon pattern cake tin alloy; it is impossible that it is made of lead-tin alloy. coin, Chinese and foreign scholars think the characters are the language from the Parthian Empire, Kharosthi In 2007, a silver horse pattern cake coin was discovered (an ancient language of Central Asia) or mutated Greek near the Maoling Mausoleum of Xingping, Shaanxi letters. Some people think the inscriptions have Greek Province. The silver horse pattern cake coin and the letters originated from the Central Asia influenced by lead horse pattern cake coin have the same pattern and the Western Region culture. The basis of this saying is shape, but the former has no chopmark on the reverse. it has the mutated Greek letters as the inscription, and In 2011, another silver horse pattern cake coin was found after certification it did prove the coins were minted and in a batch of Han dynasty half-tael coins unearthed in circulated by the Parthian Empire. Some people think the Lintong, Shaanxi Province, it has a chopmark on the inscription is a miswriting of ancient Greek, but it can be reverse. Later, a silver turtle-shaped cake coin was found concluded that the coins were from Central Asian. Some under the Gudu Bridge, which situated in the northern people think these cake coins were relics passed down suburb of Xi’an, Shaanxi Province. The silver turtlefrom the Kushan Empire. ③ Zhang Jibao: Re-discussion of Bai Jin San Pin – Analyzed from Silver Turtle-shaped Cake coin Discovered in the Western Han Dynasty, written in the Western Finance and Numismatic Research 2011 Supplement Issue, page 36.

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The above letters all appear on the cake coins and can be read rotating in any direction. The magical combination between different letters reflects the ingenious idea of the designer. The discovery of these interesting combinations may provide extremely important information to us to finally reveal the mysterious veil behind the inscriptions.

The inscription of the dragon pattern cake coin is composed of 32 letters (see Chart 1), actually 12 basic letters (Chart 1). Please see the list of letters from Chart 1; you will find the letters are correct no matter from which direction you read it. To read the script in a clockwise or counterclockwise direction it is correct.

For example, if we rotate letter 4 from up to down, it becomes letter 6 (the same with letter 7 and 11 in Chart 2); if we rotate the left side of letter 10 to the right side, it becomes letter 12. Except for letter 7, all other letters in Chart 1 can be changed into other letters after rotation.

Of course, this change will only be meaningful when the letter can be understood and read as a word, i.e.,to read from obverse it is readable, and when is reversed by 180 degrees it is still readable.

If the inscriptions are Greek letters, first of all, there is one question about the inscription, why do most Greek-like letters such as Σ, φ, ψ, Δ not appear in the inscription. In addition, if the inscription can be read and understood from any dire ction, it cannot be a Western alphabet. Secondly, the odd letter combination, especially after combination of letters 4, 4, 5, 5, 6, 6 or the combination of letters 6, 6, 5, 5, 4, 4, will produce problems in spelling.

Bai Jin San Pin - turtle-shaped cake coin

We found some carved symbols from pottery, bone tablets, bamboo chips and wood chips unearthed from Xi'an Banpo, the fifth floor of Maqiao Relics Park in Shanghai, the Liangzhu Site in Zhejiang Province, Fengbi Mountain in Taiwan, Ledu Liuwan in Qinghai Province and Banshan Machang in Gansu Province. These carved symbols are very similar to the inscriptions of the dragon pattern cake coin (see Chart 3). In the ethnic minority areas of China, stone plaques such as the stone plaques of the Shang dynasty Zhuang residential area unearthed in Nage Village, Dasi Town, Qinzhou, Guangxi, there are some similar symbols as the inscriptions of the dragon pattern cake coin, such as letter 2, 3, 4, 8, and 11 of the dragon pattern cake coin ④ . The carved symbols were

What is more, letter 5,10, 11, and 12 are unique letters used in Eastern China and its surrounding areas, same letters cannot be found in the Greek language.

In addition, Chart 2 has all the inscriptions of the dragon pattern cake coin and it is the combination of letters from Chart 1. We can find some interesting letter combinations in Chart 2. As shown in Chart 2, the combination of letters 1 and 2 appears three times in the inscription; there are also some other combinations of Chart 1 characters which appear in Chart 2, such as the combination of letter 4 and letter 6 or the combination of letter 6 with letter 4 and with letter 6; the combination of letter 4 and 4,5,5,6,6 or the combination of letters 6,6,5,5,4,4.

Chart 1: The number of the 12 letters.

No.

1

2

3

4

5

6

7

8

9

10

11

12

5

4

1

7

4

4

1

1

2

1

1

1

Letter Comprised of how many letters

Chart 2: The 32 letters of the dragon pattern cake coin.

Read from outside to inside Read from inside to outside

④ Guan Yuesheng (chief editor): Chinese National Characters and Calligraphy Dictionary, Encyclopedia of China Publishing House, October 2001, pages 270, 344.

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is the ancient imperial seal script, the sixth is the ancient imperial seal script, the seventh is Mo Shu (a special script engraved on weapons), and the eighth is official script known as ‘Li Shu’. In the early years of the Eastern Han dynasty, the cursive script emerged.” It can be seen that since the Qin dynasty unified China, there have been many kinds of calligraphy. You can find a lot of letters or characters similar to the inscriptions of the dragon shaped cake coin in the Pre-Qin dynasty currency and the Chinese four bahts and a half tael cash coins. Chart 4 lists the symbols used on the Pre-Qin dynasty currency that are similar to the inscriptions on the cake coins.

From Chart 4 we can see that these characters are mostly numbers.

very popular in the Shang dynasty. Another example, the language used by the Yi ethnic minority living in Liangshan in Sichuan Province, Guizhou Province and Yunnan Province borrowed from many ancient Chinese characters and regular script calligraphy of the six countries of the Warring States Period. In order to express the syllables, the 26 character components in the Methods of Checking the Yi Ethnic Minority Language ⑤, are the same as the inscriptions of the dragon pattern cake coin. In addition, in the pictographic characters of the Naxi minority and the Shui minority characters, there are also many letters that appear the same as the inscriptions on the dragon pattern cake coin.

According to the records in Explaining Graphs and A n a l y z i ng C h a r a cte r s, “ th e re a re e i g ht k in d s of calligraphy in the Qin dynasty, the first is the big seal style, the second is the small seal style, the third is the carved symbols, the fourth is the insect script, the fifth

Some Chinese and foreign scholars think TLV-shaped decorative patterns have astronomical meanings⑥ . They believe the astrolabe unearthed from the tomb of Wang Yu, the sundial and the Han dynasty bronze mirror have

Chart 3: Inspections on the dragon pattern cake coin and their corresponding written style in other languages.

Inspections on the dragon pattern cake coin Greek letters Carved symbols of Yangshao culture Character components of the Yi minority language Carved symbols of currencies Carved symbols unearthed from the Eastern Han dynasty tombs in Guangxi Province

Chart 4: Books recording the inscriptions of the coins in the Pre-Qin dynasty, most of them are numbers. 符記

釋義

先秦貨幣符記所載書籍

（六） 《古泉匯》李佐賢

（幺） 《河北倉縣肖家樓刀幣》原拓本 （吕） 《古今錢略》倪模

（六） 《續泉匯》

（一） 《古泉匯》李佐賢、 《古今錢略》倪模

（五） 《歷代古泉圖說》丁福保《續泉匯補遺》 （己） 《古金志存》李光庭《泉布統志》孟逸岡

（五） 《續泉匯》李佐賢《洛陽附近地區出土古錢幣》原拓本 未考

《河北倉縣肖家樓刀幣》原拓本

未考

《河北倉縣肖家樓刀幣》原拓本

未考

《古泉匯》李佐賢

（四） 《古泉匯》李佐賢

⑤ Guizhou Bijie District Civil Affairs Committee Yi Language Translation Group: Yi Language Dictionary, June 1978.

⑥ Kong Xiangxing, Liu Yiman: Ancient Chinese Bronze Mirrors, Cultural Relics Publishing House, December 1984, page 81.

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as ‘Baixuan’, meaning ‘Bai Jin’ and weighting eight taels.

Perhaps because of the influence of the Bai Jin San Pin minted by the Emperor Wu of the Han dynasty, Baixuan became the representation of silver or silver coins.

similar TLV-shaped decorative patterns. When we come to the sundial, the letter ‘L’ and ‘V’ represent time; ‘L’ represents the summer solstice, the autumn equinox and the spring equinox in the Chinese lunar calendar; ‘V’ represents the beginning of the four seasons; and T represents outer space. In addition, words engraved on gold cake cake coins from the Warring States period often represented outer space. The dragon pattern combined with astronomy and each of the 32 letters represented a galaxy, or a group of letters forming a galaxy. The 32 letters are fixed on the cake coin. So maybe the 12 letters have astronomical meaning after being combined. But what the astronomical meaning is, is still a riddle to be solved.

Analyzed from the shape, the pattern, the chopmark and the inscription, Bai Jin San Pin are completely the product of traditional Chinese culture. The gold cake, the gold bar of the Chu state, and the copper, lead or muddy paper money burned with the dead were mostly round, turtle, square (or rectangular) in shape.

The patterns and chopmarks on the cake coins also o r i g i n a te d f r o m C h i n e s e culture. The inscriptions on the d r ag o n - s ha p e d c a ke coins formed a circle shape, the same as the inscriptions These cake coins all have on the bronze mirror, the square chopmarks, there eave tiles and the charms are two chopmarks on the in the Pre-Qin dynasty, Qin dragon pattern cake coin, d y na s t y o r Ha n d y na s t y. and normally one chopmark Bai Jin San Pin - turtle-shaped silver cake coin The concept of the design on the horse pattern cake emphases heaven, earth and people reflecting the coin and one on the turtle-shaped cake coin. However, ideology of the Chinese emperor. there is a silver horse pattern cake coin without a chopmark, but which engraved with the Chinese character “shao”, meaning “Shaofu”, one of the nine Generally speaking, we can conclude the following: official positions of the Western Han dynasty and who was responsible for the emperor's personal finances and 1) The Bai Jin San Pin minted by Emperor Wu of the Han life affairs. Emperor Wu of the Han dynasty authorized dynasty was made of silver, and the lead-tin alloy cake the power of minting coins to the Shaofu for the intention coins were counterfeits and minted privately; of controlling the issuing rights of the currency, thus the 2) The inscriptions on the dragon-shaped lead cake issuing rights of the currency could be concentrated in coins are not mutated Greek characters or other letters, the hands of the emperor. but ancient Chinese characters, and most of them are related to numbers, their meanings are yet to be The turtle-shaped cake coin has the turtle pattern on interpreted; one side and two artistic inscriptions on the other side, 3 The chopmark on the reverse of the cake coins is arranged from top to bottom. The top letter has the left engraved with the Chinese character “shao”, meaning and right structure, consisting of the Chinese character “Shaofu”, one of the nine of ficial positions of the ‘li’ ( 力 )on the right side, but the left side is uncertain.

Western Han dynasty. The character at the top of the turtle-shaped cake coin is yet to be translated, but the It has been speculated that it is the word ‘chui’ ( 垂 ) or characters at the bottom is ‘guang’. ‘gong’ ( 功 ). The bottom letter is ‘guang’ ( 光 ). Combining 4) T he dragon pat te r n cake coin wa s commonly the top letter with the bottom letter it reads ‘Chui guang’ known as or referred to as ‘Baixuan’, meaning ‘Bai Jin or ‘gong guang’, meaning praise for the extraordinary weighting eight taels’. achievements of Emperor Wu during his reign ⑦.

5) The Bai Jin San Pin minted by Emperor Wu of the Han dynasty are the earliest silver coins (or currency The Grand Historian - Pinghuai Treatise said the dragon containing silver) issued in China. pattern cake coin was commonly known as or referred to Image source: http://wemedia.ifeng.com/91715225/wemedia.shtml ⑦ Huang Xiquan: Brief Discussion on Seal Inscriptions of Bai Jin San Pin and the Related Questions, 3rd issue, 2003, China Numismatics.

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『白金三品 』銘文辨識與解讀 周延齡

上海

龍紋鉛餅自1913年晚清詞人鄭文焯在《神州大觀》上披露

作者的記憶不會出現大的偏差，因此， 《史記》中有關“白

以來，已有百餘年。其後，各地屢有發現的報導。上世紀

金三品”的描述與記載是可信和準確的。

90年代安徽省六安縣與陝西省眉縣發現除龍紋鉛餅外，同

時出土的還有馬紋與龜形鉛餅，其性質形態與《史記 · 平准

對發現的“白金三品”實物經檢測其成份均為鉛錫。白金

武帝所鑄的“白金三品”。 而它們大都發現在漢城故址、西

作白金的有銀、鐐與鋈。 《爾雅》中釋“白金謂之銀，其美

書》《漢書 · 食貨志》記載一致，因此認為這類鉛餅就是漢

到底是記載中的銀錫，還是鉛錫合金？被《說文解字》稱

①

者謂之鐐。”“鋈”是白銅，其解釋可見《廣雅 · 釋器》。西

漢墓中或與漢代四銖半兩錢同時出土，所以，鉛餅的年代

漢 法 定 是不能 用鉛 鐵 等賤 金

應該與西漢同期的推論是可以

屬鑄錢的。同時它又是中國貨

成立的。

幣史 上使 用貴 金 屬最 盛 行 的 時代，賞賜、平賈、庫藏、朝

由於對發現的鉛餅由誰鑄造，

覲 等大 都 使 用黃 金。麟 趾 金

鉛 餅 文 字、 印 章、 圖 案 與 形

與馬蹄金也都是漢武帝所創。

制 上 的 許 多問 題沒有得 到 解

《漢書 · 食貨志》言：金有三等，

決，為了深入討論與研究。中 國 錢 幣 學 會與 陝西省錢 幣 學

會於2003年8月在陝西省漢中

市召開的全國西漢“白金三品”

“ 白金三品” ——龍紋鉛餅

下。下注曰 ：白金銀也。司馬 遷在《史記 · 平准書》先記有

司言金有三等，再言以銀錫造白金。可見白金在這裡就是

專題學術研討會，取得了不小的進步。其後“白金三品”又

有了新的發現。我期間寫過兩篇關於鉛餅的文章， 現綜合 主要觀點與新認識闡述如下 :

黃金為上，白金為中，赤金為

指銀或銀錫合金 ；而決不是鉛錫合金。

②

2007年，在陝西省興平漢武帝茂陵附近，發現銀質馬幣一

漢武帝在元狩四年冬（西元前119 年）根據張湯的建議發行

枚。其圖案形制與鉛質馬幣一致，只是背面無印戳。2011

“白金三品”， 《史記 · 平准書》對它的記載比較詳細。作者

年陝西省臨潼在出土的一批漢代半兩錢中又發現一枚銀質

司馬遷生活在漢武帝時代， “白金三品”發行與流通的年間，

馬幣，錢幣背面有印戳。其後，在陝西省西安市北郊改道

他正值三十歲左右的青壯年，應該見過或使用過白金三品。

後乾涸的渭河古渡橋下發現了一枚銀質龜幣。圖案文字和

而《史記》又撰寫於其間不遠的太初元年（西元前104 年），

形制與鉛質龜幣相同。③

① 李勇等 ： 《六安發現三枚龍、馬、龜型金屬器（幣）》； 《安徽錢幣》1994 、1 ；P17。

《西漢鉛餅相關問題再探》； 《西安金融》2004 、4 ；P62 。周延齡 ： 《西漢鉛餅銘文考析》； 《安徽錢幣》2004 、2 ；P6 。 ② 周延齡 ：

《再論“白金三品 - 從陝西發現白金三品之銀質馬幣說起” 》； 《西部金融 · 錢幣研究 2010增刊》2010 ；P36 。張吉保 ： 《陝西再次發現西漢“白金三品”之銀質馬幣》； 《西部 ③ 張吉保 ：

金融 · 錢幣研究 2011增刊》2011 ；P40 。

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變化了位置 ；編號10與12左右向起了變化 ；編號 7與11上下

根據《史書 · 平准書》與《漢書 · 食貨志 · 下》中記載 ： “自 造白金五 銖 錢 後 五歲，赦吏民之坐 盜鑄金 錢 死者數十萬

向有了顛倒（見附表 2）。只有附表1編號 7的字母，把它作

不能半自出，天下大氐無慮皆金錢矣。”民間盜鑄者用鉛錫

附表1所占字數若改為外向旋讀則編號4、5、6起相應變化。

人。其不發覺相殺者，不可勝數，赦自出者百余萬人，然

為文字在識讀上有極大的變異外，其他字母並不會有變化。 當然，這種變化也只在我們把它作為一種文字時，在拼讀

合金冒充官鑄的銀錫合金以取暴利，使“白金稍賤，民不

與表意上才會有變化和意義。

寶 用”。也 是“白金 三 品”使 用不 到 四 年 就 廢止 的 重 要原

另外，在附表 2 的排列中，發

因。銀質馬幣與龜幣的發現， 證實了漢武帝官鑄的“白金三

現有下列幾 處 有 趣 的字母 組

龍、馬、龜鉛餅，则是當時民

組 配 在 銘 文中發 現 三 處 ；另

配。 如 表1編 號“1、2” 字母

品”是銀質的。而鉛錫合金的

外還有編號4、6 、4（或6 、4、

間的盜鑄品。

對 龍 紋 鉛 餅背面圓圈 銘 文 字

6）字母組配；編號4、4、5、5、 6、6（ 或6、6、5、5、4、4）

“ 白金三品” ——馬紋鉛餅

等較奇異的字母組配。

母的考釋，中外學者目前大都

認為它是安息文、佉盧文或變 異的希臘文字母。是漢武帝受

以 上 鉛 餅 銘 文可內外向 旋 讀

希臘化 時 代 文 字 來 鑄造 的 錢

組 配，更 多地 連 想 到 銘 文 的

均 能 通 識，符 記 之間 的 奇異

西域文化影響下，用中亞一帶

製作 設計 者的細 緻 用心 與含

幣 ；依據鉛餅上有“失傳變形

的希臘文字”，考證是”帕提

亞”( 古 安息 ) 鑄造 和發 行的

意。而 銘 文 字母與 組 配 這 些 有 趣 的 問 題 的 發 現，可能 為

“ 白金三品” ——馬紋銀餅

貨幣。或認為面文是古希臘文

字的錯寫，推斷是希臘化的中亞西亞國家的貨幣。也有識

提供極為重要的資訊。

讀鉛餅為“貴霜遺物”的。

我們最 終解開鉛 餅銘文 之 迷

首先，對識讀為希臘文的疑點是，最具希臘文字母特點的

經辨 認龍 紋鉛 餅銘文是由12個基本字母共32個字數 構成

如 ：Σ、φ、ψ、Δ 等字母在鉛餅中沒有出現。另外，銘文

的（見附表1）。從環旋的字母圈中隨機截取起始段，並順

可以內外或顛倒，都能通讀，西方拼音文字是沒有這種可

能的。其次，奇特的字母組配，特別是編號4、4、5、5、6 、

時針方向排列展開後，又發現了一個新的問題，即這段銘

6（或反之）組配，作為拼音文字，在拼讀中會出現問題。

文在鉛餅的排列上不管內向旋讀或外向旋讀（就是按序排

，它的字母除位置變化外， 列展開後將字母顛倒180 °認讀） 銘文都能成立。

我們從西安半坡、上海馬橋遺址第五層、浙江良渚，臺灣

改變內外向旋 讀方向，附表1中的編號4和6的字母上下尖

器、骨片、竹片與木片上，都發現了一些刻符，而許多字母

鳳 鼻山、青海 樂 都 柳灣及甘 肅半山馬廠等 各地出土的陶

表1 符記編號與銘文字數 字母編號

1

2

3

4

5

6

7

8

9

10

11

12

所占字數

5

4

1

7

4

4

1

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表2 龍紋鉛餅32個符記內外旋讀排列表 由內旋讀

由外旋讀

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與龍紋鉛餅上的字母極相似（見附表 3）。在我國少數民族

母是表示時間。L 表示夏至、秋分、春分 ；V 表示四季的

磬上即刻有類似鉛餅編號 2 、3、4、8、11等符號 ； 說明

有天干、地支和方位詞。白金龍幣即以“天用莫如龍”的

及雲南的彝族，其彝文在發展過程中借用了不少戰國時代

個星宿，或幾個字母組配成一個星系。各字母在鉛餅中圓

開始 ；T 則含有空間的意義。另外，戰國的餅金上也常刻

地區，如廣西欽州大寺鎮那葛村出土的商代壯族地區的石 ④

這種符號在商代仍在流行。生活在我國四川省涼山、貴州

思想鑄造的。龍紋與天文結合，三十二個字母或各表示一

六國的古漢文和後世的楷書。

形排列中被相對固定在相同的

為表 達音節， 《 彝 文 檢 字法 》

方位上。那麼，銘文中的十二

二十六個部首中 , 即有不少

個符記，它們之間的組配會產

⑤

與龍紋鉛餅銘文相同的字母。

生 那些天文學意義 上的內容，

另 外，納西 族 的 象 形 字、水

這仍是有待解決的問題。

族 的 水 書中，也有 不 少與 鉛

餅 銘文 相同的字母出現。編

鉛餅上均有方戳印，龍紋鉛餅

是東方中國及 周邊地區所特

為一個戳印（發現的一枚銀質

號5、10、11、12 的 字 母，

上有兩戳印，馬、龜紋鉛餅上

有的，在希臘 文中 找 不到相

馬幣上沒有戳印）。其璽文為一

應的字母。

“少”字。考證為西漢 政 權中

九卿之一“少府”之印章。少

《說文解字》中記載“自爾秦

府是主管皇帝個人財政與生活

書 有八 體， 一曰大 篆、 二曰

“ 白金三品” ——龜紋鉛餅

小篆、三曰刻符、四曰蟲書、

“大司農供軍 表 · 顏師古注》：

五曰摹印、六曰署書、七曰殳書、八曰隸書。漢興有草書”。

國之用，少府以養天子也。 ”漢武帝將鑄造 錢幣的權力不

秦貨幣及漢四銖半兩錢上，也能找到不少與龍紋鉛餅符記

將鑄幣權力集中在皇帝一人手中。

歸大司農而歸屬少府，是為了最大程度控制貨幣的發行權，

可見自秦統一文字後，文字仍有許多種的書寫方法。在先

極類似的字母。將鉛餅銘文與先秦貨幣上的類似符記對應， 排列製成附表4 。從表中我們可以見到這些字母大都是代表

龜幣一面為龜甲紋，另一面有兩個藝術化的陰文篆字，上

數位。

下排列。上一字左右結構，右為“力”也可確認。左側偏

旁釋讀有難度；因為在篆書中“工、王、萬、蟲、正、巨、么”

中外學者根據王盱墓出土的占星盤上有 TLV 形紋飾，以

等字都可有類似結構寫法。有考證它為為“垂”字或“功”。

及漢化的日晷上與漢規矩鏡上均有相似的 TLV 紋飾。認

其下一字可確定為“光”字。 “垂光”或“功光”，是讚譽漢

為該紋飾具有天文學上的意義 。根據日晷推測 L 和 V 字

武帝功業光大 ⑦。

⑥

表3 龍紋鉛餅符記與其他文字對照表 龍形鉛餅符記 希臘文字母

仰紹文化刻符 彝文部首

貨幣刻符

廣西戰國東漢墓葬出圖刻符

④ 關樂昇主編 ： 《中國民族文字與書法寶典》 ，中國大百科全書出版社 ；2001、10 ；P344 ；P270 。 《彝文字典》；1978 ；6 。 ⑤ 貴州畢節地區民委彝文翻譯組 ：

《中國古代銅鏡》 ，文物出版社 ；1984、12 ；P81。 ⑥ 孔祥星 劉一曼 ：

《 “白金三品”篆文及有關問題略議》 ， 《中國錢幣》2003年3月。 ⑦ 黃錫全 ：

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事務的官職。 《漢書 · 百官公卿

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與泥質的冥幣，其形制也大都是圓餅、龜版與方（或長方）

《史書 · 平准書》稱龍幣為“白選”。 《漢書 · 食貨志 · 下》中

形的。鉛餅上的紋飾，戳印等也源于中國文化。龍紋鉛餅

則將“選”寫為“撰”字。 “白”字可解釋為銀的顏色。 “選”

上的銘文成圈狀，都可以從先秦、秦或漢朝的銅鏡、瓦當

字古時“撰”、 “饌”的發音與字意均可通“選”，兩字作“選”

與花錢上的環繞銘文中找到它的影子。天、地、人用的發

時不讀 Zhuan，而讀 xuan 音。但史籍上明確記載“白選”

行理念也體現了華夏統治者的思想意識。

重八兩，而“饌”才六兩，饌為戰國乃至更早的計量單位， 當 時 一饌 為六兩。由於西漢 時 計重每兩的 實際 重 量 要重

從以上的分析來看，漢武帝鑄

而改變。 “白選”重八兩。按

發現的鉛餅是當時的盜鑄品。

的“白金三品”應該是銀質的，

于 戰 國，饌 的 計 量可能因此

龍紋鉛餅上的銘文字母不是變

字面與史籍記載去理解， “白

異的希臘文或其它拼音字母，

選 ” 即 是 民 間 簡 稱 或 俗 稱，

是中國的古文字。大都與數字

就是 ： “白金 八 兩”。 《漢書 ·

有關。其含義有待識讀。背戳

蕭望之傳》中“甫刑之罰，小

印中的“少”字提示是西漢政

過赦，薄罪贖，有金選之品。”

權中九卿之一的少府。龜幣上

這裡的“金選”是指黃金和白

的文字第一字仍有爭議，後一

銀。以“選”替代了銀。

字為“光”。龍幣稱“白選”字 義 是“白金 八兩”。漢 武帝 的

或 許 是由於漢 武帝 鑄 行白金

三品的影響， “選”成了銀或

“白金三品” ——龜紋銀餅

銀幣的代稱。

“白金三品”是我國最早發行

的銀幣（或含銀成分的貨幣）。

圖片來源 ：網路文章《“白金三品”原是張騫出使西域用的

“白金三品”從形制、文飾、印戳和文字上分析，完全是

盤纏》。

中國傳統文化的產物。先秦時期的餅金、楚爰金，銅、鉛

表4 先秦貨幣上類似符記所載書籍一覽表 符記

釋義

先秦貨幣符記所載書籍

（六） 《古泉匯》李佐賢

（幺） 《河北倉縣肖家樓刀幣》原拓本 （吕） 《古今錢略》倪模

（六） 《續泉匯》

（一） 《古泉匯》李佐賢、 《古今錢略》倪模

（五） 《歷代古泉圖說》丁福保《續泉匯補遺》 （己） 《古金志存》李光庭《泉布統志》孟逸岡

（五） 《續泉匯》李佐賢《洛陽附近地區出土古錢幣》原拓本 未考

《河北倉縣肖家樓刀幣》原拓本

未考

《河北倉縣肖家樓刀幣》原拓本

未考

《古泉匯》李佐賢

（四） 《古泉匯》李佐賢

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The 24th Olympic Games “Olympic Bid” Commemorative Coins (1982, 1983) Mark Lovmo (USA) I n 19 8 2, S o u t h Ko r e a i n t r o d u c e d t h e ve r y f i r s t commemorative coins that were issued to “bid” (as in “invite”) the Olympics to a host country. The coins were also purposely issued on the first anniversary of Seoul’s successful “bid” (as in “attempt to win”) at the International Olympic Committee (IOC) vote for the right to host the 1988 XXIV Summer Olympic Games. The quirky title for these commemoratives partly derives from the fact that the coins were not “official” Olympics commemoratives. In addition to their unusual provenance, these coins also inaugurated the legal procedure in Korea for the financing of expe nsive inte r national spor ting eve nts through commemorative coin sales. Indeed, the popularity of these commemorative coins encouraged this fund raising method, setting a precedent for the funding of both the 1986 Asian Games and the 1988 Summer Olympics. However, this “Olympic Bid” commemorative coin episode saw the Bank of Korea having to yet again contend with challenges to its authority on matters intimate to its jurisdiction as an independent institution.

strongest contender, and Korea’s main rival, Japan was expected to be the winner of the 1988 Summer Olympics. Seoul beat the city of Nagoya in the vote by an unexpected margin. After signing the contract to host the Olympics, Seoul’s mayor stated, “Today is a day Seoul will remember for always. I was so excited it was difficult signing my name.” (UPI, 1981) In the context of South Korea’s hard-won economic rise in the 1970s, the mayor’s sentiments reflected those of many Koreans, who understood the result of the IOC vote as an invitation for the Republic of Korea to take its place among the developed nations of the world. Therefore, the victorious bid itself was seen as justification to celebrate.

A few days af ter the vote, the Bank of Korea announced preliminary details of a planned Olympics commemorative coin issue, and the Bank soon got to work reviewing other countries’ previous Olympic commemoratives, such as the coins issued for the 1976 Montreal Olympics. Bank of Korea officials were confident that they could produce quality commemorative pieces, citing their recent successes with having minted three commemorative-coin issues since 1975, including the Fifth Republic commemorative coins, released just a few months before. (Dong-a 10-3-81).

The Winning “Bid” ❶ South Korea’s win at the IOC vote on September 30, 1981 came as a surprise, especially since the

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Coins and Fundraising ❷

proposed coins was to “invite the Olympics to Korea,” as well as to commemorate the first anniversary of Korea’s victory the previous September at the IOC vote that determined the host city for the XXIV Summer Olympic Games. The Committee decided that the first anniversary of Seoul’s win at the IOC vote, September 30, 1982, was to be celebrated as a “national event,” and thereby requested the Bank of Korea to issue coins to commemorate it. (Oh, #96 4-2-2018) The proposal itself was rather unique in that no other country had ever issued coins to commemorate the anniversary of winning the IOC vote for an Olympics, nor had any country issued coins to “invite the Olympics.” All previous Olympics host countries had only issued coins commemorating the Olympics themselves.

On New Year’s Eve 1981, two months after winning the vote for the Olympics, the South Korean government under President Chun Do-hwan enacted the “Seoul Olympic Games Organizing Committee Support Act,” (Law 3535). The purpose of the law was to allow the Organizing Committee of the Seoul Olympics to procure funding and to immediately begin coordinating various government agencies’ efforts for the country’s Olympic effort. The Seoul Olympic Committee therefore had license to control the fund-raising operations and the authority to secure cooperation from these governmental bodies through an interagency staff comprised of practitioners from each department, including the Bank of Korea. (Maeil Kyungjae 4-3-82)

When the Olympic Committee’s intentions reached higher levels at the Bank of Korea, this obvious point had not gone unnoticed, and reactions were not positive. Not only did Bank officials see no precedent for the title of the commemorative coins, they also had problems with the idea that the Bank of Korea and the coins it issued could be utilized in the Committee’s fund-raising efforts, with Bank officials citing due process under the country’s existing central banking laws. The Bank did not yet have an official procedure for selling commemorative coins with an added markup on their face value in the form of a surcharge for the purpose of funding the Olympics, as the Committee intended. More concerning for the Bank was when they learned that the Committee also had ideas of exploiting the proposed commemorative coins’ seigniorage as a method of fundraising for the Olympics (Jo, 120)

These government personnel were soon dispatched to the offices that the Olympic Committee had leased out of the Korea Exchange Bank building in the Euljiro district in the center of Seoul in early March 1982.

Using the example of previous Olympics hosts, the Seoul Olympic Committee and its interagency office got to work on establishing extensive fundraising schemes, such as the sales of lottery tickets, postage stamps, television broadcasting rights, emblem usage fees, as well as the issue of commemorative coins. (Jo, 118) Among the interagency staff was a South Korean Mint employee to help coordinate the commemorative coin projects, while the Bank of Korea assigned two personnel, one of whom was veteran currency designer, Jo Byeong-soo, who was assigned to provide the Bank’s cooperation with any currency-issue concerns. It was in the months of March and April 1982 when the Olympic Committee began meeting with their interagency staff to confer about issuing commemorative coins. During these meetings the Committee shared their idea of asking the Bank of Korea to help produce and sell such coins with an added surcharge for Olympics fundraising.

(Jo, p.118) Perhaps by coincidence, the congress of the United States was at this same time concluding 10 months of extensive hearings on its own proposed 1984 Summer Olympics commemorative coins. As the Korean press had been covering the deliberations, it is almost certain that members of the Korean Olympic Committee were following the battle in Washington D.C. over the competing legislation that would define the content and scale of the 1984 Los Angeles Olympics commemorative coin program, as well as the form of its sales scheme that would help fund the Olympics. (Provost, 2014)

The Olympic Committee responded to the Bank of Korea’s initial negative feedback by going over their heads to the only person who ultimately mattered: President Chun Do-hwan.

In early May, the Committee won over the Minister of Sports and Toursim, Lee Won-gyeong, and got his backing to promote the commemorative coin plan with higher officials, even though the plan itself was not yet ready for submission for government approval. With Minister Lee’s help, the Committee secured the Prime Minister’s sanction, which quickly secured for them the approval of the Ministry of Finance (the Bank of Korea’s overseers), and soon enough, President Chun’s signature. (Jo, 119; Oh #96) Having completely circumvented the Bank’s principled opposition to their coin plan, the Committee and the Bank of Korea now had to work together on the project.

However, the Committee’s ham-fisted approach to the Bank of Korea did not exactly bode well for “inter-

When meeting with their interagency staff, the Korean Olympic Committee revealed that the subject of their

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The First Series “Olympic Bid” Commemorative Coins ❹

organizational cooperation” between the two.

Presented with a fait accompli, and despite the snub, the Bank’s staff got to work, researching from different angles some possible approaches to issuing these “Olympic Bid” commemorative coins while also securing Olympics funding from their sale.

With a way forward to both issue the coins and raise funds for the Olympic Committee, the Bank of Korea submit ted the of ficial issue application for three commemorative coins, which included the designs and other details, to the Finance Ministry on May 19, 1982.

South Korea’s Monetary Policy Committee approved the commemorative coin issue less than a month later on June 3rd, while the release date was set for September 30, 1982. (Jo, 121-122)

Legal Obstacles Remained ❸ From the very beginning, the Bank of Korea had difficulty reconciling the provisions of the “Seoul Olympic Games Organizing Committee Suppor t Act” with its own current laws to sell the coins with added surcharges.

Additionally, they could not find any legal way to provide seigniorage profits for the Olympic Committee from the coins’ manufacture, especially without the possibility of experiencing various financial difficulties, or at the very least, setting a bad precedent. Bank officials argued that, in theory, they had no such profits to exploit in the first place, since the idea that the seigniorage produced by the Bank of Korea’s coins could be regarded as exploitable “minting revenue” that could be shifted to the Olympic Committee was not supported by its governing laws. (Jo, p. 120)

These “Olympic Host” commemorative coins were planned to appear as a 35-millimeter diameter 20,000Won silver coin, a 30-millimeter diameter 10,000Won silver coin, and a 33-millimeter diameter 1,000Won cupronickel coin. Interestingly, the existing Korean numismatic literature on these coins does not reveal which members of the Komsco design and engraving teams had worked on these coins, only that “many draft designs were created.” (Oh Soon-hwan, Currency Stories #96).

Upon the first hint of the coins in early April 1982, the Seoul daily papers initially reported the planned number of coins at 200,000 pieces for the 20,000Won coin, 300,000 pieces for the 10,000-Won coin, while the 1,000-Won coin’s production was supposed to be set at five million pieces. The newspaper articles immediately made a connection between this new 1,000Won commemorative coin and the hugely unpopular five million-mintage 100-Won cupronickel coin of the Fif th Republic Inauguration commemorative issue the year before. This may explain why the Committee later revised the 1,000-Won coin’s mintage downward to just two million pieces. (Maeil 4-3-82) Among the new coins, 10,200 of each denomination were to be struck as frosted proofs, and an equal number of each denomination were to be struck as unfrosted proofs. The remaining coins were to be mint strikes. (Jo, p.123)

At an impasse, the Bank reported its opinion to the Finance Ministr y. Eventually, the Bank settled on an alternate approach that would both satisfy the requirements of the “Olympic Committee Suppor t Act” while also not going against Bank of Korea Law. It involved issuing the entire quantity of these “Olympic Bid” commemorative coins to banks on behalf of the Organizing Committee, allowing the Committee to sell the coins at financial institutions with the additional markups on their face value for the purpose of funding the Olympics. (Jo, 120 -121) Although seigniorage revenues from commemorative coin sales had been utilized for previous Olympics, such as the 1972 Munich Games, the Bank of Korea would not surrender the Olympic Bid coins’ seigniorage over to the Olympic Committee. Therefore, the Olympic Bid coins would generate Olympics funding solely from the surcharges on the commemoratives as they were issued from banks.

As the Olympic Committee was responsible for selling the entire disbursement of coins via bank-teller windows, it was they who determined the surcharges and arranged the sales procedures. The coins that appeared as frosted proofs (Fig 1) and unfrosted proofs were to be sold exclusively as three-coin sets that included one proof coin from each denomination, while the mint strikes were to be sold as single coins. The Committee decided to have customers preorder the coins at their local financial institutions, and stipulated a policy of one 3-coin proof set per-customer along with a limit of ten mint-strike coins per-customer. Customers also needed to pay the entire price of the coins in advance upon placing their orders.

This method of issuing the coins through commercial banks was similar to how the Bank of Korea had overcome problems with selling approximately half of the 42nd World Shooting Championships coins five years before. This compromise arrangement of restricting the release of commemorative coins through banks for funding purposes was one that would be later be used to issue the 1986 Seoul Asian Games commemoratives and the 1988 Seoul Olympic Games commemoratives.

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September 30th. The Committee was expecting profits from the surcharges to amount to 4.4 billion won ($5.9 million in 1982 USD). (KH 7-24-82)

The proof-coin sets had a face value of 31,000 won since they contained one each of the 20,000-Won, 10,000Won and 1,000-Won coins. However, after adding their Olympics funding surcharges, the Olympic Organizing Committee priced the frosted proofs sets at 100,000 won each, a markup of 323%. The price for an unfrosted proof (Fig 2) set was 80,000 won, making for a markup of 288%. The Committee sold the mint strike coins with smaller markups above face-value: 30,000 won for the 20,000-Won coin (Fig 3), 15,000 won for the 10,000-Won coin, and 1,200 won for the 1,000-Won coin. (Dong-a 6-4-82 and Kyung Hyang 1982.07.24)

Much to everyone’s surprise, the first day of reservations saw overwhelming public demand.

Newspapers reported that people who had come to their local bank to place orders for the coins that first day, August 16, 1982, were surprised by the demand for them, as were bank staffs. One customer arrived five minutes before his local Hanil Bank opened at 9:30am and was happy to see that he was the second person in line to place his order. However, when the man reached the teller window, he found out that his was the 94th customer order already taken at that location that morning! The bank explained that orders had been flooding in even before the branch opened. There was particular demand for the proof-coin sets. (Dong-a, 8-17-82)

The South Korean Mint’s Gyeongsan facility struck the first of these coins in the form of specimen pieces on July 23, 1982, and continued minting the coins throughout the summer. Meanwhile, the Committee had planned for the issuing banks to take customer orders starting on August 16th and ending on August 31st and to begin fulfilling these preorders on the issue date of

Fig 1. Frosted Proof, 3-coin set, Olympic Bid coins, 1st series 1982, Photo Courtesy of MA Shops

Fig 2. 20,000-Won, Unfrosted Proof, Olympic Bid coins, 1st series 1982, Photo Courtesy of Alexander Franz

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for the frosted proof sets. (Jo, p.122) See Annex 1 for total number of coins produced.

Customers began complaining about such inconsistencies in the preordering process; with many unable to reserve the coins they wanted just days after the ordering period had begun. By August 20th, the Donga Ilbo was reporting that the number of orders received for the proof sets had exhausted the allotted number of sets just two days after the first orders were taken. After most of the coins had quickly sold out, the reservation process for the most popular coins was therefore abandoned, and well before the planned end date of August 31st.

(Donga, 8-20-82) The planners actually extended the preordering window to September 8th for the 1,000-Won mint strike coins, while also allowing for any remaining coins to be sold via general issue after their release date of September 30th. (Jo, p.122)

The Committee itself turned a decent profit of 4.8 billion won ($6.4 million in 1982 USD), which exceeded their expected return on the surcharges. (Oh, #96) However, the direct costs of hosting the 1988 Summer Olympics was being projected at 460 billion won (over $617 million in 1982 USD) at the time, with 150 billion won of that amount to come from the Olympic Organizing Committee’s efforts in selling stamps, lottery tickets and commemorative coins. (Donga, 9-18-82) With their profits from the surcharges seeming like a molehill in comparison to the mountain of their funding responsibilities, the Committee eyed another data point that resulted from issuing the coins. They saw that the combined face value of these commemoratives issued in late 1982 was 9 billion won while the total cost of manufacturing the coins was 2.8 billion won, resulting in 6.2 billion won in seigniorage. (Oh, #96)

Despite some snags involving customer orders, the coins were a hit with the public, and the Olympic Committee breathed a sigh of relief - and likely because past experience proved that there were no guarantees in regard to the popularity of such coins in South Korea.

(Dong-a, 8-20-82)

In the following months, the Committee would utilize their political allies and renew the effort to go after these “seigniorage profits.”

Although financial institutions had been swamped with orders for the coins, the mint-strike version of the cupronickel 1,000-Won coin was the least popular coin among them. The final number of orders received for this coin was almost 200,000 short of the planned mintage of 1,980,000 pieces. As with earlier Bank of Korea commemoratives, the least popular coins were the smaller-denomination, non-precious metal mintstrikes made in relatively larger numbers. As for the rest of the coins, they had completely sold out early in the reservation period. In fact, the Olympic Committee fulfilled only 13% of the customer orders received for the unfrosted proof sets and only 7% of the orders received

The Second Series “Olympic Bid” Commemorative Coins ❺ The missed opportunity for even larger profits inspired the Olympic Organizing Committee to have another go at selling more “Olympic Bid” commemoratives. In a move that angered many successful buyers of the first group of coins, the Committee announced to the Korean press on September 23, 1982 its decision to issue “additional largedenomination” Olympic Bid commemorative coins, citing

Annex 1. Mintages for the first series "Olympic Bid” Commemorative Coins (1982), according to different sources.

KOMSCO (1991) Denomination

20,000-Won Silver

10,000-Won Silver

1,000-Won cupronickel

Total Number of Coins

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Ohsung K&C Catalog (2016)

Daegwangsa Catalog (2016)

Bank of Korea Website (2018)

Finish Type

Mintage

Finish Type

Mintage

Finish Type

Mintage

Finish Type

Mint

179,600

Mint

180,000

Mint

180,000

Mint

Unfrosted Proof

10,200

Unfrosted Proof

10,000

Unfrosted Proof

10,000

Unfrosted Proof

Frosted Proof

10,200

Frosted Proof

10,000

Frosted Proof

10,000

Frosted Proof

Total

200,000

Total

200,000

Total

200,000

Total

Mint

279,600

Mint

280,000

Mint

280,000

Mint

Unfrosted Proof

10,200

Unfrosted Proof

10,000

Unfrosted Proof

10,000

Unfrosted Proof

Frosted Proof

10,200

Frosted Proof

10,000

Frosted Proof

10,000

Frosted Proof

Total

300,000

Total

300,000

Total

300,000

Total

Mint

1,979,600

Mint

1,980,000

Mint

1,980,000

Mint

Unfrosted Proof

10,200

Unfrosted Proof

10,000

Unfrosted Proof

10,000

Unfrosted Proof

Frosted Proof

10,200

Frosted Proof

10,000

Frosted Proof

10,000

Frosted Proof

Total

2,000,000

Total

2,000,000

Total

2,000,000

Total

2,500,000

2,500,000

2,500,000

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199,800

299,800

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public demand. (Donga, 9-23-82) The announcement came just days prior to the issue date of the first group of “Olympic Bid” commemorative coins that customers had reserved the previous month, and before these customers even had these coins in their hands.

DEPARTMENTS

president’s signature affixed, the Olympic Committee plunked the draft coin-release plan on the desk of the Governor of the Bank of Korea a month later on December 22nd. According to the plan, the reasons for issuing the new coins were to meet public demand for these coins and to subsidize the Olympic Committee with “additional funds.” (Jo, 126)

Buyers were quite upset at the prospect of a significant drop in the absolute-rarity value of their coins, knowing that ma ny thous a nds more would now p robably be issued. Coin dealers and investors accused the Olympic Committee of going against “the interests of the people,” and argued that in any case it would take a year for the Bank of Korea to issue any new coins for the people who had missed out the first time, considering the manufacturing capacity at the Korean Mint. (Donga, 9-23-1982)

The plan also insisted that the coins be similar to the first series’ specifications but with new designs, and that production should be expanded to 150,000 sets each of the unfrosted and frosted proof three-coin sets (Fig 4, Fig 5, Fig 6). As for the mint strike versions of the coins, their numbers were to be determined by the amount of customer orders. (Jo, 126) Since the normal planning and approval process had been expedited by the President’s signature, the Mint abbreviated the design process, which resulted in the hasty selection of three leftover obverse images that the Mint’s design team had created for the first series of Olympic Bid coins. According to former Komsco designer, Jo Byeong-soo, the detailed drawings for the new second-series coins were prepared within a month, and this tight schedule resulted in design work that was not as innovative and as well executed as it could have been. (Jo, 127)

Despite the discontent, the Committee moved ahead with its plan to sell this second series of the Olympic Bid coins. Clearly animated by a tangible desire for the more lucrative “seigniorage profits,” Committee me mb e r s b e g a n u rgin g the ir a llie s in the S ou th Korean legislature, a body that was dominated by President Chun’s cronies, to submit an amendment to the “Olympic Games Support Act” to bolster the Committee’s right to acquire “the difference between the face value and the manufacturing cost” of the coins. (Donga, 10-23-1982) Around this same time, the Committee informed the Korean Mint that new commemorative coins would be issued soon, and the Mint’s design team got to work. However, when the Olympic Committee submitted its draft coin plan through the normal channels at the Bank of Korea, the officials there again strenuously opposed it. (Oh, #96)

At the start of the new year, January 1, 1983, the South Korean legislature passed the anticipated amendment to the “Seoul Olympic Games Organizing Committee Support Act,” the text of which can reasonably be interpreted as allowing the Olympic Committee to obtain the “seigniorage revenue” from any coin issued for sporting events under its purview. The amendment specified that Bank of Korea Law should suppor t the Olympic Organizing Committee’s right to secure “contributions from the nation within the scope of the difference between the issued face-value and the minting costs” of coins issued on the Committee’s behalf. (Seoul

In a repeat performance, the Committee worked around this resistance, using its political connections to secure the Finance Minister’s cooperation to convince President Chun to sign off on this second round of Olympic Bid coins, which he did on November 25, 1982. With the

Fig 4. Frosted Proof, 3-coin set, Olympic Bid coins, 2nd series 1983, Photo Courtesy of Mr. Wu YiTing, Shanghai

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Fig 5. 20,000-Won, Unfrosted Proof, Olympic Bid coins, 2nd series 1983, photo courtesy of Alexander Franz

Fig 6. 10,000-Won, Unfrosted Proof, Olympic Bid coins, 2nd series 1983, photo courtesy of Petar Bukarica

Asian Games · Olympic Games Organizing Committee Support Act (Law No. 3535, 1983), art. 3, (R. O. Korea).)

beginning March 2nd, with the reservation window lasting until March 12, 1983. The issue date for the coins was initially forecast for sometime in July, but was later set for August 1st. (KH 2-3-83)

With the Committee again having forced the Bank of Korea’s hand, the Bank submitted an application for government approval for the coins on January 31st, and

by February 3, 1983 the Monetary Policy Committee approved their issue. That same day, the chairman of the Olympic Committee, Kim Yong-sik, announced to the Korean media the Committee’s intention to issue another group of three Olympic Bid commemoratives. (KH 2-3-83)

When the preordering period ended, it was evident that the sales of the second series Olympic Bid commemoratives fell far short of expectations.

Preorders received for the second series did not even reach one-third of the expected total amount, while customer demand for the proof coins was half of the expected total production of 300,000 proof sets. Based on their disappointing numbers of preorders, the Olympic Committee requested a total of 1,033,725 of the new coins from the Mint. The Committee also ordered an additional 27,275 coins that they intended to keep in reserve for their own purposes. Adding to the total number minted was the Bank of Korea’s order of 200 specimen pieces of each type and finish for its own historical and research purposes. The specimens added a further 1,800 pieces to the total. Finally, the Mint produced an additional 800 frosted proof 10,000-Won coins and 800 frosted proof 1,000-Won coins for the Korean national assembly to use as gifts to be presented to visiting representatives from the Inter-Parliamentary Union’s 70th Assembly, which was held in Seoul that year from October 2 to October 13, 1983. Altogether, the second series Olympic Bid commemorative coins numbered 1,064,400 pieces total.

(Jo, p. 128-129, Oh, #96) The Bank of Korea would later publish mintage figures that were short of this total by 35,200 coins. See Annex 2.

For this second coin release, much consideration was placed on attempting to better match the amount of coins issued to the number of customer orders received, while an underlying assumption seems to have been that the demand for these new coins would exceed the demand seen for the first series. The Committee expected higher profits from the surcharges as a result - to the tune of 14 billion won (over $18 million in 1982 USD). (Maeilgyungjae 2-4-83) Driving their assumptions were the number of preorders from the first series coins in August 1982 that showed that the Committee had missed out on considerable profits due to the estimated total of 400,000 unfulfilled orders. Included in this number were over 196,000 unfulfilled orders for the more profitable proof sets. (Jo, p. 127) In response to this problem, the Committee established a mintage policy for the second series that would be based on both the number of preorders received and the manufacturing capacity of the Mint. The policy further stipulated that if the number of preorders exceeded the initial production estimate of 150,000 each for the two types of proof sets, the sets would be issued to customers via lottery until additional ordering periods could later be arranged, again depending on demand and production capacity. As an incentive, customers this time only needed to deposit 30% of the sales price to reserve their orders. All other details involving the sales procedures and pricing were exactly as before, and banks throughout Seoul would start accepting preorders

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Earlier concerns about the Mint’s production capacities turned out to be valid when the Olympic Committee announced on June 29th that only the mint strike versions of the second series Olympic Bid coins would be ready by the updated issue date of August 4th, while the release of the proof-coin sets would be delayed by over two months when those coins would be issued to the general public starting on October 22, 1983.

(Maeilkyeongjae 6-29-83) Perhaps as an indication of

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It was not as if the Korean Olympic funding effort had not profited from the surcharges on the Olympic Bid coins.

The Donga Ilbo reported in November 1983 that the Olympic Bid coins had raised 14.9 billion won in profits.

(Donga 11-3-83) However, when writing about these coins years later, Jo Byung-soo cited a smaller figure of 11.6 billion won ($14.5 million in 1983 USD), of which, 4.7 billion won came from the surcharges on the first series coins, and 6.9 billion won came from the surcharges on the second series coins. (Jo, p.131) At any rate, even before all of the second series Olympic Bid coins had been issued, the Organizing Committee had moved on to bigger and better profits from another source: Lottery tickets.

the loss of enthusiasm for these coins, the issuing banks evidently had some number of these coins left unclaimed by the end of the year. The Olympic Committee even felt the need to place a notice in the December 21, 1983 edition of the Kyunghyang Shinmun alerting customers that they would lose their 30% down payments and the coins they ordered if they did not come to claim and pay the balance on their coins by New Year’s Eve. After the deadline, the forfeited down payments were to go toward the “Olympic funding effort.” (KH 12-21-83) In all, the total face value of the second series Olympic Bid coins wa s just ove r 9 billion won, while the manufacturing cost paid to Komsco was almost 5.3 billion won. That made for a Seigniorage amount of 3.7 billion won. (Oh, #96) Combined, the first and second series of the Olympic Bid coins produced an estimated seigniorage total of 9.9 billion won (over $12 million in 1983 USD). The Olympic Committee believed that seigniorage would be an added source of funds on which they could rely this time.

In April 1983, the Olympic Committee authorized its own Olympic lottery that sold three million 500-Won lottery tickets that each week had totaled 1.5 billion won in sales, of which 35% to 40% went toward Olympic revenues. (Official report: Games of the XXIVth Olympiad)

By August that year, the Committee was confident that its revenue target of 91.1 billion won from these sales would be met. (Maeil Kyungjae 8-20-83) With lottery tickets generating weekly revenues such as these (and would be doing so for the next five and-a-half years), the Committee’s inability to capture the seigniorage profits from the Olympic Bid coins was certainly all but forgotten.

Despite the Committee’s efforts, including legislation that seemingly authorized the transfer of the commemorative coins’ seigniorage to the Olympic effort, this did not happen. In the end, the Korean government did not allow the transfer of its funds based on seigniorage. (Jo, p.130131) Although the Olympic Committee’s failure to secure this seigniorage funding was not subjected to journalistic inquiry at the time, which is not surprising, the likely explanation for the Committee’s failure is that the Bank of Korea’s laws had held firm. In light of the fact that the central banking authority of South Korea was often compromised at the whim of government dictates in this era, this little episode can be seen as a small victory in the Bank of Korea’s battle for independence.

The Olympic Bid Commemorative Coins in the Collector Market ❻ When the Olympic Bid commemorative coins first went on sale at bank branches across Seoul in August 1982, the impressive public demand must have seemed like a

Annex 2. Mintages for the Second Series "Olympic Bid*' Commemorative Coins (1983), According to different sources.

KOMSCO (1991) Denomination

20,000-Won Silver

10,000-Won Silver

1,000-Won cupronickel

Total Number of Coins

Ohsung K&C Catalog (2016)

Oaegwangsa Catalog (2016)

Bank of Korea Website (2018)

Finish Type

Mintage

Finish Type

Mintage

Finish Type

Mintage

Finish Type

Mint

123,200

Mint

123,200

Mint

123,200

Mint

Unfrosted Proof

56,200

Unfrosted Proof

56,200

Unfrosted Proof

56,200

Unfrosted Proof

Frosted Proof

101,200

Frosted Proof

101,200

Frosted Proof

101,200

Frosted Proof

Total

280,600

Total

280,600

Total

280,600

Total

Mint

137,200

Mint

137,200

Mint

137,200

Mint

Unfrosted Proof

56,200

Unfrosted Proof

56,200

Unfrosted Proof

56,200

Unfrosted Proof

Frosted Proof

102,000

Frosted Proof

101,200

Frosted Proof

101,200

Frosted Proof

Total

295,400

Total

294,600

Total

294,600

Total

Mint

330,200

Mint

330,200

Mint

330,200

Mint

Unfrosted Proof

56,000

Unfrosted Proof

56,200

Unfrosted Proof

56,200

Unfrosted Proof

Frosted Proof

102,000

Frosted Proof

101,200

Frosted Proof

101,200

Frosted Proof

Total

488,400

Total

487,600

Total

487,600

Total

1,064,400

1,062,800

1,062,800

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268,800

283,700

476,700

1,029,200

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repeat of the same popular excitement that surrounded the release of the 42nd World Shooting Championships 5,000-Won silver commemorative coin in 1978. The desire for the return on an investment that attracted 30,000 people to crowd around the Bank of Korea building one morning in 1978 was probably also at work when the first Olympic Bid coins were released.

Precious-metal commemorative coins of limited issue again proved to be the winning formula when the entire amount of 20,000 proof coins of the first series Olympic Bid coins sold out in only two days.

unclaimed coins and the down payments made on them increased. By February 1984, the second series coins were selling for only about 70% of their issue prices, and blame was being laid on the Olympic Committee’s fundamental ignorance of the fact that scarcity drove the commemorative coins’ value as collectibles. (Maeil Kyungjae 2-28-84; Donga 9-23-82) Adding to the bleak outlook for the Olympic Bid coins was the perception that the coins were not “official” Olympics commemoratives, according to the Maeil Kyungjae. The paper explained that the Organizing Committee had produced the coins prior to securing the rights to use the Olympic Games’ “five rings” symbol, which created the possibility that overseas collectors would not consider them official Olympics commemoratives, if it did not prohibit their export from Korea altogether. (Maeil Kyungjae 2-28-84) Despite this claim, a Korean company acquired and made plans to export 60,000 Olympic Bid coins in 1986. The company reportedly paid the same amount for the silver coins in this allotment that it took to manufacture the coins two to three years before. A company spokesman revealed that although their export project would not raise any money for the Olympics, it might function as a promotional effort. (Maeil Kyungjae 2-4-86)

However, the Olympic Committee’s early decision to issue tens of thousands more of the same kind of coins just days before the first series coins were released had initially weakened their marketability, which the Donga Ilbo described as having been “greatly reduced” on the very day of the announcement. (Donga 9-23-82) The collector value of the Olympic Bid coins never really recovered.

The effect, however, was not immediately perceived; at least for the next few years. In fact, a year and-a-half after their sale, the news was not all that bad for buyers of the first series coins, since the values of these coins had more than doubled in Korea by January 1984. At that time, the frosted proof sets were selling for 250,000 won compared to their initial sale price of 100,000 won, and the unfrosted proof sets were selling for 160,000 won compared to their issue price of 80,000 won. The single mint-strike silver coins had also risen in value, albeit by much smaller percentages above their initial sale prices.

Over 30 years later, South Korean retail prices for the Olympic Bid coins evidenced a rather negative return on investment. The second series frosted proof and unfrosted proof three-coin sets both sell for around 50,000 won… in 2018 South Korean won! The first series unfrosted proof sets sell for around 100,000 won in 2018, while retail prices for the mint strikes from both series were being sold in 2018 for about the same price figures as when they were first issued.

(Maeil Kyungjae 1-13-84) The resale values for the second series coins were another story. Their values immediately plummeted after their release and they never regained the loss, generating an angr y response from buyers. Soon, this commemorative coin debacle became a news story. The Seoul dailies reported that as soon as the values of the second series coins dropped in the eyes of coin dealers and investors, the number of cases of

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The first series frosted proof sets released in 1982, the most valued of the Olympic Bid coins, were selling for around 150,000 won each in the South Korean retail market in the year 2018. A coin set that was once valued in Korea at $312 USD in 1984 (in 1984 USD) only sold for around $135 USD (in 2018 USD) thirty-five years later.

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第 24 屆首爾奧運會韓國申奧成功紀念幣 (1982、1983 年發行) 馬克 · 拉 福摩〔美國 〕

1982年，韓國推出了第一版競標（申請）作為奧運會東道

主要競爭對手日本曾被認為有望奪得1988年夏季奧運會的

“競標” （或說“嘗試取得”）1988年第24屆夏季奧運會舉

簽署舉辦奧運會的合同後說道 ： “今天是首爾人將永遠銘

國的紀念幣。這版紀念幣也是專為首爾（舊稱漢城）成功

舉辦權，首爾以壓倒性的優勢擊敗了名古屋。首爾市長在

辦權一周年而發行的。基於這版紀念幣是非“官方”發行

記的一天。我已激動到難以簽下我的名字。” （合眾國際社，

的申奧成功紀念幣之事實，因此本文採用這個標題。除卻

1981年）結合 20世紀70年代的韓國發展背景，當時韓國經

程式先河，即通過銷售紀念幣為成本高昂的國際體育賽事

會有的反應，他們將在國際奧委會投票中勝出，理解為全

濟正在艱難崛起，市長對申奧成功的反應恰是許多韓國人

不同尋常的來源，這批紀念幣還開創了韓國一項新的合法

世界發達國家向他們發出的邀請，邀請大韓民國與之共進

提供資金支持。事實證明，這版紀念幣大受歡迎，鼓勵了

新的資金籌集方式的推行。1986年漢城亞 運會和1988年

退共發展。因此，韓國人認為申奧成功值得慶賀。

漢城夏季奧運會先後“破天荒”採用這一集資方式。新的 申奧紀念幣對韓國銀行而言，意味着必須再次經受其作為

投票結果揭曉後幾天，韓國銀行發佈擬鑄奧 運會紀念幣

獨立機構與紀念幣相關事項之決策權威的挑戰。

的 初步細節。隨後，韓國銀行開始查閱其他國家以前發

行的奧運會紀念幣，包括 1976 年蒙特利爾奧運會紀念幣。

贏得“競標”❶

韓國銀行的工作人員自信能夠生產出高品質的紀念幣，理

1981年9月30日韓國在國際奧委會投票中勝出，這個結果

括數 月前發行的第五共和國紀 念幣（《 東 亞日報 》，1981

由是韓國銀行自1975 年起便成功鑄造過三種 紀念幣，包 年10月3日）。

讓人倍感意外，尤其是在競爭十分激烈的情況下，韓國的

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紀念幣與籌集資金 ❷

以奧運賽事本身為主題的紀念幣。

1981年韓國新年前夕，在贏得奧運會舉 辦權的兩個月後，

當奧委會想要韓國銀行完成更艱難的任務時，反響並不樂

動會組織委員會支援法》（第3535號法案）。該法案頒佈的

例，他們還對通過加收附加費為奧會籌集資金等想法表示

韓國政府在總統金鬥煥的領導下頒佈了《首爾奧林匹克運

觀。銀行工作人員從沒見過如此與眾不同的紀念幣主題先

目的，是為首爾奧運會組委會籌集資金，並協調各政府機

疑惑重重，甚至還引用韓國當時現行的中央銀行法律項下

構立即為國家奧運工作付出努力。首爾奧運會組委會由此

的正當程式提出質疑。通過做上奧運標記的紀念品來增收

獲得授權控制奧運會的資金籌集，並有權通過由各機構所

的方式，按奧委會的計劃為首爾奧運會籌集資金出售奧運

屬部門的從業人員，包括韓國銀行從業人員組成的機構間

會紀念幣並無正式的法律程式可遵循。當得知奧委會擬借

工作人員，來確保政府機構間的合作（《東亞日報》，1982

用為紀念幣徵收鑄幣稅的方式籌集資金時，韓國銀行愈發

年 4月3日）。

疑惑（曹秉須著書 , 第120頁）。

這些政府工作人員很快就被派遣到奧委會於1982年3月初

對於韓國銀行的負面回應，韓國奧委會將視線轉向一名至

在首爾市中心乙支路（Eulji-ro）的韓國外匯銀行大樓租用

關重要的人物 ：金鬥煥總統。

的辦公室。韓國奧委會及相關機構仿照之前的奧運會主辦

5月初，韓國奧委會贏得了體育及旅 遊部部長李源京的支

國的做法，制定範圍覆蓋廣泛的集資計劃，例如出售彩票、

援，準備向高級官員提請商議他們的紀念幣計劃，儘管該

郵票、電視轉播權及籌集會徽使用費、發行紀念幣（曹秉 須著書，第118頁）。

提交給政府批准的計劃尚未準備齊全。在李部長的幫助下， 奧會得到總理的獲准，隨即迅速獲得了財政部（韓國銀行

在機構間工作人員隊伍中，有一名韓國造幣廠的員工，其任

的監察員）的批准，最後經金鬥煥總統簽名批准（曹秉須 著書 ,119; 吳順煥著書 #96）。

務是為紀念幣項目提供協助。而韓國銀行則分配了兩名工

作人員，其中一名是資深錢幣設計師曹秉須，他的任務是 從事銀行與錢幣有關的合作項目。1982年3月和4月，韓國

為徹底規 避其他銀行對其紀念幣計劃提出的一致反對呼

間，奧委會分享了他們的想法，要求韓國銀行幫助生產和

為該 項目共同努力。然而，韓國奧委會 對 韓國銀 行採 取

奧委會開始與機構間工作人員商談紀念幣的發行事宜。期

聲，韓國奧委會和韓國銀行如今不得不“站在統一戰線上”

銷售紀念幣並加收奧運會附加費用為奧運會籌集資金（曹

的強硬 態度 意味着兩者之間的“跨 組 織 合作”將 不能完

秉須著書，第118頁）。巧合的是，美國國會在此時就擬發

好地開展。

行1984 年夏季奧運會紀念幣舉行了為期10 個月的聽證會。

由於韓國媒體一直就此進行仔細研究，幾乎可以確定，韓

儘管“孤軍奮戰”已既成事實，且時有冷嘲熱諷，韓國銀

論中，該立法將界定1984 年洛杉磯奧運會紀念幣的內容和

功紀念幣的所有可行方法，同時將出售紀念幣獲得的收入

國奧委會成員也與華盛頓一樣，為立法的界定陷入熱烈討

行的職員們仍然埋頭工作，從不同的角度研究發行申奧成

規模，以及為奧運會籌集資金的銷售模式（大衛 · 普洛弗

作為奧運會資助資金。

斯特著書，2014 年）。

法律障礙仍未消弭 ❸

韓國奧委會成員在與機構間工作人員會面時透露，紀念幣

當以“邀請奧運來到韓國”為主題，同時紀念韓國於1981

從一開始，韓國銀行就很難找到與《首爾奧林匹克運動會

舉 辦權一周年。韓國奧委會決定，1982年9月30日，即韓

幣的同時加收附加費用。此外，在沒有遇到財政困難的情

年9月在國際奧委會投票中勝出並奪得第24屆夏季奧運會

組織委員會支援法》相匹配的現行法律，以期在出售紀念

國贏得第24屆夏季奧運會舉辦權一周年將作為“舉國盛事”

況下，韓國銀行找不到任何從紀念幣的製造中為奧委會獲

慶祝，因此要求韓國銀行發行紀念幣以示紀念（吳順煥著

取鑄幣稅的合法途徑。倘若真這樣做了，將開不好的先例。

書 ,#96,2018年 4月2日）。該 提 案可謂史 無 前例，因為 從

銀行職員堅決認為，從理論上講，銀行壓根就沒有這樣可

來沒有其他國家以發行紀念幣來紀念在奧委會投票中勝出

供使用的利潤，而韓國銀行發行的紀念幣所產生的鑄幣稅

周年紀念日，也從沒有任何其他國家發行以“邀請奧運會”

要作為奧運會的資金，此舉並不受管轄法律的支持（曹秉

為主題的紀念幣。所有在此之前的奧運會主辦國僅發行過

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進退兩難的韓國銀行將自己的想法反映給了財政部。最終，

這一版申奧成功紀念幣分別是直徑35毫米的20 000 韓元銀

運動會組織委員會支援法》的要求，又不違反韓國的銀行法

韓元白銅幣。有趣的是，有關這版幣的現有韓國錢幣文獻

功紀念幣，允許奧委會在金融機構出售紀念幣，並推出附加

刻團隊設計雕刻的，僅載有“許多設計樣稿都被鑄造出來

幣、直徑30 毫米的10 000 韓元銀幣和直徑33毫米的1 000

韓國銀行想出了一個絕佳解決方案，既滿足《首爾奧林匹克

上並沒有透露它們是由韓國造幣公社的哪些工作人員和雕

案。該方案包括代表奧委會向銀行發行全部數量的申奧成

了” （吳順煥， 《貨幣故事》#96）。

奧運會標記的紀念品，所得款項用以資助奧運會（曹秉須著

。儘管已有過將出售紀念幣所得收入用於 書 , 第120-121頁）

奧運會的先例，譬如1972年慕尼黑奧運會，但韓國銀行是

1982年 4月初，報紙上首次出現了有關這版幣的報道，據

不會將申奧成功紀念幣所產生的鑄幣稅交給奧委會的。由

《 漢 城日報 》最初 報 道，這 版 幣 的 預 計 發 行 量 為，面 值

為奧運資助資金，只能從紀念幣的奧運資金附加費中取得。

韓元白銅幣500萬枚。但是報紙上的文章立即將新的1 000

20 000 韓元銀幣20萬枚、10 000 韓元銀幣30萬枚、1 000

於紀念幣是銀行發行的，想要將申奧成功紀念幣鑄幣稅作

韓元白銅幣與前一年發行後大受冷落的發行量為500萬枚

的第五共和國就職典禮100 韓元白銅紀念幣聯繫起來。這

這種通過商業銀行發行紀念幣的方式仿佛歷史的重演，韓 國銀行曾在五年前售出了將近一半數量的第42屆世界射擊

也是為什麼奧組委後來將1 000 韓元白銅幣的發行量調為

錦標賽紀念幣，從而解決遇到的難題。借由銀行這個平臺

200萬枚的原因（《每日經濟新聞》，1982年 4月3日）。這版

奧運會和1988年漢城奧運會紀念品的發行也都相繼採用了

各發行10 200 枚各種面值的非霜面精製幣。其餘的紀念幣

限制紀念幣的發行，並將收入用於籌資，後來1986年漢城

幣中，各發行10 200 枚各種面值的霜面精製幣，同樣的，

這個方法。

由造幣廠鑄造（曹秉須著書，第123頁）。

第一版申奧成功紀念幣 ❹

由於韓國奧委會負責經由銀行櫃檯出售全部紀念幣，因此

為了發行紀念幣同時為奧運會籌集資金，韓國銀行於1982

霜面精製幣將成套獨家出售，一套3枚，每種面值的精製幣

請，其中包括這些紀念幣的設計及其他細節。韓國貨幣政

讓客戶在當地的金融機構預先訂購紀念幣，並制定出一個

日批准了這些紀念幣的發行，發行日期定在1982年9月30日

的規定。客戶必須在下訂單時提前支付紀念幣的全額費用。

也負責安排附加費用和銷售程式。霜面精製幣（圖1）和非 各1枚，而造幣廠鑄造的紀念幣則單枚出售。奧委會還決定

年5月19日向財政部提交了三個版本紀念幣的正式發行申

客戶只能預訂一套3枚裝精製幣和10枚造幣廠鑄造的紀念幣

策委員會在發行申請提交之後不到一個月，即1982年 6月3

（曹秉須著書 , 第121-122頁）。

圖1 1982 年第一版首爾奧運會韓國申奧成功紀念幣3 枚一套霜面精製幣，照片來源 ：MA Shops

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3枚 裝 精製幣 的面值 共31 000 韓元，含 20 000 韓元 銀幣、

裝幣的特殊渴求（《東亞日報》,1982年8月17日）。

會資金附加費後，奧委會將霜面精製幣套裝的定價調整為

於是買家們開始抱怨紀念幣預訂過程中出現的這種不一致

套裝的價格 是8萬韓元，加價幅度為288 ％。而對於韓國

《東亞 無法預訂到他們想要購買的紀念幣。截至8月20日，

10 000 韓元銀幣 和1 000 韓元白銅幣。然而，在增加奧 運

每套10萬韓元，加價幅度為323 ％。非霜面精製幣（圖2）

的情況，甚至有許多人在開始預訂日期之後短短幾天內就

造幣廠鑄造的紀念幣，奧會的加價幅度較小，20 000 韓元

日報》報道，在第一批訂單發出兩天后，預訂精製幣套裝

15 000 韓元，1 000 韓元幣的售價為1 200 韓元（《東亞日報》

紀念幣很快就被搶購一空，最受歡迎的紀念幣的預訂程式

幣（圖3）的售 價為30 000 韓元，10 000 韓元幣的售 價為

訂單的數量已經超過了實際可以發貨的套裝數量。大部分

1982年6月4日 ;《綜合日報》1982年7月24日）。

如同虛設，一直到預訂截止日期 8月31日結束（《東亞日報》,

1982年8月20日）。實際 上，預訂 程 式的 實 施 者已將造幣

1982年7月23日，韓國造幣廠的慶山工廠鑄造出第一版幣

廠鑄造的1 000 韓元紀念幣的預訂視窗開放時間延長至9月

的第一套樣幣，這一年的整個夏季，該廠繼續鑄造紀念幣。

8日，同時還允許在9月30日紀念幣正式發行之日後將所有

訂，預訂時間截止8月31日，並在9月30日也就是紀念幣發

頁）。

入將達到44億韓元（按1982年的費率計算，為590萬美元）

儘 管在客戶預訂過程中出了點岔子，但 紀念幣廣受歡 迎，

與此同時，奧委會讓發行 銀行從8月16日開始接受客戶預

未賣出的紀念幣作為普通發行幣出售（曹秉須著書 , 第122

行日開始發行客戶預訂的紀念幣。奧委會預計附加費的收 （大韓民國（韓國舊稱）法令，1982年7月24日）。

奧委會總算 松了一口氣⸺ 可能是 過去的經 驗告訴他們， 類似的紀念幣在韓國並不是一直都深受公眾青睞的（ 《東亞 日報》，1982年8月20日）。

出乎公眾意料之外，預訂的第一天就呈現出對紀念幣勢不 可擋的需求景象。

在各金融機構淹沒于訂單海洋的當口，造幣廠鑄造的1 000

據報紙報道，1982年8月16日，即下訂單預訂紀念幣的第

韓元白銅幣顯然是最不受歡迎的。這類幣的最終訂單數量 相比預期中的198萬枚足足少了20萬枚。與早期的韓國銀

一天，有人來到當地銀行卻驚訝地發現想要訂購紀念幣的

人非常之多，銀行工作人員同樣對此感到十分驚訝。一名

行紀念幣一樣，最不受歡迎的通常是較小面值且造幣廠鑄

行門口，他很高興看到自己是第二個排隊下訂單的人。但

已經完全售罄。事實上，奧委會只完成了13％的非霜面精

顧客在其當地的韓一銀行上午9:30 開業前5分鐘就守在銀

造數量相對較多的非貴金屬幣。但剩下的幣在預訂期間就

製幣套裝的客戶訂單以及7％的霜面精製幣套裝（曹秉須著

結果並非他所願，當他來到銀行櫃檯要下訂單的時候，他

才發現他已經是那天早上在同一個地方下訂單的第94個客

書 , 第122頁），詳細參見表一（第一版1982年申奧成功紀

戶！該銀行向他解釋，在銀行開門營業之前，訂單已經如

念幣發行量）。

洪水般湧入。這個報道足以說明當時人們對奧運會精製套

圖2 1982 年第一版首爾奧運會韓國申奧成功非霜面精製 20 000 韓元紀念幣，照片來 源 ：Alexander Franz

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表1 1982年第一版申奧成功紀念幣發行量，單位 ：枚。數據來自不同資料。 面值

20,000 韓元

銀幣

10,000 韓元 銀幣

1,000 韓元 白銅幣

三種材質幣 總量

韓國造幣公社 (1991年 )

Ohsung K&C 目錄 (2016 年 )

Daegwangsa 目錄 (2016 年 )

韓國銀行官網 (2018 年 )

造幣廠造

179,600

造幣廠造

180,000

造幣廠造

180,000

造幣廠造

霜面精製幣

10,200

霜面精製幣

10,000

霜面精製幣

10,000

鑄造類型

非霜面精製幣 總量

造幣廠造

非霜面精製幣 霜面精製幣 總量

造幣廠造

非霜面精製幣 霜面精製幣 總量

發行量

10,200 200,000 279,600 10,200 10,200 300,000 1,979,600 10,200 10,200 2,000,000

2,500,000

鑄造類型

發行量

非霜面精製幣 總量

非霜面精製幣

總量

霜面精製幣 總量

造幣廠造

280,000

非霜面精製幣

10,000

霜面精製幣

10,000 300,000

造幣廠造

非霜面精製幣 霜面精製幣 總量

1,980,000 10,000 10,000 2,000,000

2,500,000

總量

造幣廠造

非霜面精製幣 霜面精製幣 總量

發行量

10,000 200,000 280,000 10,000 10,000 300,000 1,980,000 10,000 10,000 2,000,000

2,500,000

鑄造類型

發行量

非霜面精製幣 霜面精製幣 總量

造幣廠造

199,800

非霜面精製幣 霜面精製幣 總量

造幣廠造

299,800

非霜面精製幣 霜面精製幣 總量

1,999,700

2,499,300

韓國奧委會賺得豐厚的利潤48億韓元（按1982年費率計算，

數以萬計的新的紀念幣，之前買到的幣價值難免會貶低，

順煥著書 , #96）。而舉辦1988年夏季奧運會的直接成本預

韓國奧委會將“人民的利益”棄之不顧，他們認為鑒於韓

為 640萬美元），超過了預期的奧運會資金附加費收入（吳

買家 對此 感到非常沮喪。錢幣交易商 和投資者紛紛指責

計是4 600 億韓元（1982年超過6.17億美元），其中有1 500

國造幣廠的生產能力，無論如何韓國銀行都需要花費一年

億韓元的資金來自奧委會出售郵票、彩票和紀念幣（《東亞

的時間才能補鑄第一版幣訂購者 錯失的幣（《東亞日報》，

日報》, 1982年9月18日）。相比壓在肩頭的籌款重任，奧

1982年9月23日）。

委會籌集到的奧運會資金附加費猶如冰山一角，他們將目

光轉向了發行紀念幣所產生的利潤。他們看到，1982年底

面對各種質疑及不滿，韓國奧委會依然堅持繼續推行出售

本是 28億韓元，從而產生了62億韓元的鑄幣稅（吳順煥著

的大好機會。奧委會成員開始敦促其在韓國立法機關中的

發行的紀念幣的總面值為90 億韓元，而製造紀念幣的總成

第二版申奧成功紀念幣的計劃，不想錯失賺取更多鑄幣稅

書 , #96）。

盟友⸺ 一個由金鬥煥總統的親信主管的機構，通過《首 爾奧林匹克運動會組織委員會支援法》修正法案，使奧委

接下來幾個月，奧委會動用其政治盟友重新努力獲得這些

會有權獲得紀念幣的“面值與生產成本之間的差額” （《東 亞日報》，1982年10月23日）。與此同時，韓國奧委會通知

“鑄幣稅”。

韓國造幣廠很快就要發行新的紀念幣，讓造幣廠的設計團 隊開始着手工作。然而，當奧會通過常規管道向韓國銀行

第二版申奧成功紀念幣 ❺

提交新幣草案時，再次遭到韓國銀行工作人員的強烈反對

通過第一輪紀念幣銷售，韓國奧委會明白他們可以通過這

（吳順煥著書 , #96）。

樣的方式賺取更多的利潤，於是決定再次出售申奧成功紀 念幣。1982年9月23日，奧委會向韓國媒體宣佈決定發行“其

面對銀行職員的再一次阻撓，韓國奧委會利用其政治關係

動惹怒了許多成功買下第一版紀念幣的買家（《東亞日報》,

版申奧成功紀念幣的銷售。1982年11月25日金鬥煥總統正

他大面值”的申奧成功紀念幣以滿足公眾的要求，這一舉

確保財政部長與之合作，以說服金鬥煥總統簽署同意第二

1982年9月23日）。很多買家剛在前一個月預訂第一版申奧

式簽署同意。在金鬥煥總統簽名後一個月，即12月22日，

日的前幾天傳來了要發行第二版幣的消息，這些買家有的

幣的草案。依據該新幣發行計劃，發行第二版紀念幣旨在

成功紀念幣，而且恰巧就在第一版申奧成功紀念幣發行之

奧委會在韓國銀行行長的辦公桌上確定了擬發行新版紀念

甚至已經拿到了幣。

滿足公眾對紀念幣的需求，並將發售第二版紀念幣所得附 加費作為奧運會資金（曹秉須著書 , 第126頁）。

原本以為自己所買到的幣是絕對稀有的，現在看來會發行

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10,000 200,000

造幣廠造

鑄造類型

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隨後，韓國奧委會再次迫使韓國銀行同意，銀行遂於1月31

該計劃還規定，第二版紀念幣必須與第一版紀念幣的規格 類似，但是採用新的設計，並且非霜面與霜面3枚一套紀念

日提請政府批准鑄造新申奧成功紀念幣。1983年2月3日，

幣（圖4、圖5、圖6）的發行量都將各增至15萬套。造幣廠

貨幣政策委員會批准了韓國銀行的申請。同一天，奧會主

第126頁） 。

質的申奧成功紀念幣（大韓民國（韓國舊稱）法 令，1983

鑄造的新幣數量則將由客戶訂單的數量決定（曹秉須著書 ,

席金溶植向韓國媒體宣佈，奧委會打算再發行一版三種材 年2月3日）。

由於總統的簽名加速了正常的設計和審批過程，造幣廠縮 短了設計過程，導致倉促選擇了造幣廠的設計團隊選用了

對於第二版申奧成功紀念幣的發行，更多的是考慮到發行

幣公社設計師曹秉須曾提過，新的第二版申奧成功紀念幣

推斷，第二版申奧成功紀念幣的訂單需求將超過第一版幣。

的紀念幣數量能夠與收到的客戶訂單數量相匹配，而且據

設計第一版申奧成功紀念幣時用剩的三個正面圖。韓國造

奧委會進一步推算，所賺得的奧運會資金附加費將增加至

的詳細圖紙是在一個月內準備好的，如此倉促的時間安排

140 億韓元（1982年超 過1 800萬美元）（《每日經濟新聞》

最終導致了設計工作並沒有做到盡善盡美，而且在創新方 面也打了折扣（曹秉須著書 , 第127頁）。

1983年2月4日）。促使奧委會做出這樣推算的緣由是1982

年8月第一版申奧成功紀念幣出乎意料的訂單數量，由於超

1983年1月1日新年伊始，韓國立法機構通過了《首爾奧林

出預估數量的訂單共計約40萬個，奧委會就這樣與一筆可

匹克運動會組織委員會支援法》修正法案，允許奧委會獲

觀的利潤擦肩而過。這筆錯失利潤的訂單中有逾196 000

得為任何體育賽事發行的所有紀念幣的“鑄幣稅”。該修正

個訂單是精製幣套裝的訂單（曹秉須著書，第127頁）。

幣的“面值與生產成本之間的差額” （《首爾奧林匹克運動

針對這個問題，奧委會為第二版申奧成功紀念幣制定了一

法案還規定，韓國的銀行法應當支持奧委會有權獲得紀念

會組織委員會支援法》 （1983年，第3535號法案）第3條（大

套鑄造政策，該政策規定新幣的鑄造應參考實際收到的訂

韓民國））。

圖4 1983 年第二版首爾奧運會韓國申奧成功紀念幣3 枚一套霜面精製幣，照片來源 ：上海 Wu YiTing

圖5 1983 年第二版首爾奧運會韓國申奧成功非霜面精製 20 000 韓元紀念幣，照片 來源 ：Alexander Franz

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圖 6 1983 年第二版首爾奧運會韓國申奧成功非霜面精製10 000 韓元紀念幣，照片 來源 ：Petar Bukarica

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單數量和造幣廠的鑄造量。該政策進一步規定，如果兩類

韓國奧委會於6月29日宣佈，造幣廠鑄造的第二版申奧成功

精製幣套裝的訂單數量超過初始生產估計數各150 000 套，

紀念幣最早發行日期已更新至8月4日，而精製幣套裝的發

關機構安排好新的訂購日期，同樣取決於買家的購買量和

到1983年10月22日了（《每日經濟新聞》1983年 6月29日）。

將通過抽籤的方式發放給買家這兩類精製幣套裝，直至相

行日期將延後兩個月，最早開始向公眾發行的日期也得要

造幣廠的鑄造量。作為鼓勵購買，客戶這次只需要交付銷

也許是真的對新幣的期待熱情被澆滅，發行新幣的一些銀

細節與第一版幣完全一致，首爾各銀行從1983年3月2日開

已經有必 要在1983年12月21日版的韓國日報《 京鄉新聞》

售價格的30% 來預訂。與銷售程式和定價有關的所有其他

行發現到了年底顯然有些新幣無人認領。奧委會甚至覺得

始接受預訂訂單，預訂視窗將持續開放至1983年3月12日。

(Kyunghyang Shinmun) 中發佈通告提醒新幣買家，若不

第二版申奧成功紀念幣最初定在7月份發行，但後來改到 8

在除夕夜之前付掉餘款並取走自己訂購的紀念幣，銀行仍

月1日（大韓民國（韓國舊稱）法令，1983年2月3日）。

將收取買家之前墊付的30％預付款。過了除夕夜這個截止

日期，買家墊付的預付款將被充作奧運資金（大韓民國（韓 國舊稱）法令，1983年12月21日）。

當預訂期終止，很顯然，第二版申奧成功紀念幣的訂單數 量遠遠沒有預想的多。

如此算來，第二版申奧成功紀念幣的面值總額為90 億韓元

第二版紀念幣的預訂量甚至還不達預期量的1/3，對精製

出頭，而支付給韓國造幣公社的製造成本約53億韓元，鑄

這一令人失望的訂單數，韓國奧會要求造幣廠總共只需生

二版申奧成功紀念幣合計鑄幣稅總額為99 億韓元（按1983

幣套裝的購買需求只有預期總鑄造量30萬套的一半。基於

幣稅金額即達 37億韓元（吳順煥著書 , #96）。第一版和第

產1 033 725枚新幣。奧委會還另行訂購了27 275枚新幣，

年的匯率計算，超過1 200萬美元）。奧委會相信這筆鑄幣

留作己用。除了這些鑄造總數，為自身的歷史或研究用途，

稅將是舉辦奧運會可依賴的額外資金來源。

樣幣1 800 枚。最後，造幣廠還為韓國國民大會額外鑄造

儘管奥委會付出諸多努力，包括爭取申請獲得紀念幣鑄幣

幣，作為贈送給1983年10月2-13日在首爾舉辦的各國議會

有同意將鑄幣稅的資金轉移給奧委會（曹秉須著書 , 第130-

韓國銀行還訂購了每種類型樣幣200 枚。如此，總共新鑄

了800 枚10 000 韓元霜面精緻幣和800 枚1 000元霜面精製

稅的立法，但結果並不是盡如人意的。最後韓國政府並沒

聯盟第 70屆大會訪韓代表的禮物。至此，第二版申奧成功

131頁）。未能獲得鑄幣稅資金的奧會當時並未受到新聞界

紀念幣共計1 064 400 枚（曹秉須著書 , 第128-129頁 , 吳

的追查，這事一點也不令人驚訝，奧委會未能獲得鑄幣稅

總數少了35 200 枚。詳見表二（第二版1983年申奧紀念幣

於在那個時代，韓國的中央銀行機構通常是政府下達命令

，然而，韓國銀行公佈的鑄造總量比這個 順煥著書 , #96）

可能是因為韓國銀行的法律已經有對此做出明文規定。鑒

發行量）。

後妥協的一方，這次可謂是韓國銀行打的一場小勝仗。

表 2 1983年第二版申奧成功紀念幣發行量，單位 ：枚。數據來自不同資料。 面值

20,000 韓元

銀幣

10,000 韓元 銀幣

1,000 韓元 白銅幣

三種材質幣 總量

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韓國造幣公社 (1991年 )

Ohsung K&C 目錄 (2016 年 )

Oaegwangsa 目錄 (2016 年 )

韓國銀行官網 (2018 年 )

造幣廠造

123,200

造幣廠造

123,200

造幣廠造

123,200

造幣廠造

霜面精製幣

101,200

霜面精製幣

101,200

霜面精製幣

101,200

鑄造類型

非霜面精製幣 總量

造幣廠造

非霜面精製幣 霜面精製幣 總量

造幣廠造

非霜面精製幣 霜面精製幣 總量

1,064,400

發行量

56,200 280,600 137,200 56,200 102,000 295,400 330,200 56,000 102,000 488,400

鑄造類型

發行量

非霜面精製幣 總量

56,200 280,600

造幣廠造

非霜面精製幣 霜面精製幣 總量

137,200 56,200 101,200 294,600

造幣廠造

非霜面精製幣 霜面精製幣 總量

330,200 56,200 101,200 487,600

1,062,800

鑄造類型

非霜面精製幣 總量

造幣廠造

非霜面精製幣 霜面精製幣 總量

造幣廠造

非霜面精製幣 霜面精製幣 總量

1,062,800

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發行量

56,200 280,600 137,200 56,200 101,200 294,600 330,200 56,200 101,200 487,600

鑄造類型

發行量

非霜面精製幣 霜面精製幣 總量

造幣廠造

268,800

非霜面精製幣 霜面精製幣 總量

造幣廠造

283,700

非霜面精製幣 霜面精製幣 總量

1,029,200

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專題

DEPARTMENTS

但是這並不等同于韓國奧運會沒有將申奧成功紀念幣的附

幣的價值在韓國增加了一倍以 上。相比發行價10萬韓元，

月，已籌集149 億韓元的申奧成功紀念幣附加費（《東亞日

的售價為16萬韓元，而它們的發行價只有80 000 韓元。造

加費作為資助資金。據《東亞日報》報道，截至1983年11

霜面精製幣套裝的售價已達 25萬韓元。非霜面精製幣套裝

報》1983年11月3日）。然而，多年後寫到這些紀念幣時，

幣廠鑄造的銀幣價值也有所上漲，其售價遠高於最初的發

Jo Byung-soo 引用了一個較小的資料116億韓元（按1983

行價（《每日經濟新聞》，1984 年1月13日）。

年的匯率計算，1 450萬美元），其中47億韓元來自第一版

申奧成功紀念幣的附加費，69 億韓元來自第二版申奧成功

還有一個與第二版申奧成功紀念幣售價有關的故事。發行

版申奧成功紀念幣發行之前，奧委會已經找到另一個能夠

彌補的，導致買家的憤怒與不滿。很快，這版紀念幣的暴

紀念幣的附加費（曹秉須著書，第131頁）。不過，在這兩

後不久這版幣售價立即暴跌，而且因此造成的損失是不可

賺取更多資金的來源 ：彩票。

跌成為熱議的話題。 《首爾日報》稱，只要錢幣交易商和投 資者認為第二版申奧成功紀念幣的價值下跌，無人認領的

1983年 4月， 韓 國 奧會 授 權自己 的 奧 林 匹 克 彩 券 基 金 會

幣數量就會增加，其預付款數額就會相應增加。到1984 年

銷 售300萬 張500 韓 元 的 彩 票， 每 週 銷 售 總 額 達15億 韓

2月，第二版申奧成功紀念幣售出的總價僅為其發行總價

元，其中有35％至40 ％的收入用於奧運會（官方報告 ：第

的 70％左右，許多人紛紛指責奧委會忽視了一個基本事實，

售賣彩票的收入可以達到911億韓元（《每日經濟新聞》,1983

《東亞日報》1982年9月23日）。 聞》，1984 年2月28日 ；

二十四屆奧林匹克 運 動會）。截至同年8月，奧委會相信，

即稀缺才能提高紀念幣作為收 藏品的價值（《每日經濟新

年8月20日）。隨着彩票每週產生如此高的收入（在未來五

《每日經濟新聞》曾披露，申奧成功紀念幣並不是奧運會官

年半內將持續售賣彩票），奧委會便漸漸將無法獲取申奧成

方紀念品，這使得這款幣前景黯淡。該報解釋，奧委會在

功紀念幣鑄幣稅的事情拋之腦後。

確保使用奧運會“五環”標誌的權利之前已經鑄造了申奧 成功紀念幣，如果不禁止從韓國出口，海外收藏家就不會

收藏家市場中的申奧成功紀念幣 ❻

認 為申奧成功紀念幣是奧運會官方紀念品（《每日經濟新

聞》1984 年2月28日）。儘管有這樣的說法，一家韓國公司

1982年8月，首爾各大銀行開始發售申奧成功紀念幣時的

場景仿若1978年第42屆世界射擊錦標賽5 000 韓元紀念銀

仍在1986年收購並計劃出口6萬枚申奧成功紀念幣。據報

着“付出為了得到回報”的心情聚集在韓國銀行大樓周圍，

該版紀念銀幣。該公司發言人透露，他們的出口項目不會

道，該公司支付了與兩三年前製造紀念幣相同的金額購買

幣發售時的情景再現。1978年的一個早晨，3萬名買家本

為奧運會籌集任何資金，但可能會起到促銷的作用（ 《每日

第一版申奧成功紀念幣發行時也是如此場景。限量發行貴

經濟新聞》，1986年2月4日）。

金屬紀念幣再次證明是一次成功的行銷，第一版申奧成功 紀念幣精製幣僅在兩天內便售罄了，總數是 20 000 枚。

30多年後，韓國申奧成功紀念幣的零售價格證明其投資回

報相當不理想。第二版3枚一套霜面精製幣和非霜面精製幣

然而，奧委會在第一版申奧成功紀念幣發行前幾天就草率

售 價均約為50 000 韓元，2018年第一版韓國第24屆奧 運

決定再發行成千上百萬枚同樣的幣，這無疑削弱了產品的

會申奧成功紀念幣非霜面精製幣套裝售價約100 000 韓元，

適銷性， 《東亞日報》稱再發行當天，新幣的購買量已“大

而造幣廠鑄造的兩個版本的申奧成功紀念幣在 2018年的零

大減少” （《東亞日報》1982年9月23日）。

售價與首次發行時的售價相同。

此次申奧成功紀念幣從未真正回到應有的收藏價值。

1982年發佈的第一版申奧成功套裝霜面精製銀幣，在 2018

年韓國市場的零售價是每套約15萬韓元，是申奧成功紀念

然而，至少在接下來的幾年中，購買量的減少所帶來的影

幣中售價最高的。而1984 年售價312美元的套裝 紀 念幣，

響並未立即被察覺。事實上，在紀念幣出售之後一年半以

在35年後（即2018年）僅以135美元的價格出售。

內，對於第一版申奧成功紀念幣的買家而言，購買量的減

少並不是那麼糟糕的事，因為截至1984 年1月，這些紀念

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Chopmarked Coins - History Chapter 2 - Types of Chopmarks Colin James Gullberg - Taipei Followed by No.13 Issue

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before the Communist takeover (in fact he was forced to leave part of his collection behind), states that over time defaced dollars used in South China were classified in five categories:218

s many of the silver coins that entered China during the Qing dynasty (1644-1911) and early Republican period passed through the hands of shroffs, it is important to know what the different varieties of chopmarks look like and how to identify a chopmark.

Some of them were Chinese characters but just as many were pseudo-Chinese words, symbols and even western (or other languages) letters and numbers.

1. Chopped dollars; 2. Punched dollars; 3. Cut dollars; 4. Broken dollars; 5. Scooped or scraped dollars.

Unfortunately, I am not yet ready to write a catalog listing all the known chopmarks - that will have to wait for another day. The reason for this is simple; when I first started collecting chopmarked coins in 2006, I thought there were perhaps a few hundred different chopmarks.

After a few years editing Chopmark News I thought maybe a thousand. Now, after looking at thousands of coins, I know that there are thousands. They were applied for about 300 years by hundreds if not thousands of individuals over a large area of Eastern China and nearby Asian countries. In fact, no one that I am aware of has ever tried to list all the known chopmarks; it is an ongoing project being undertaken by me through Chopmark News. So if you have a coin with a chopmark that is not listed in this volume please get in touch with me at the email address in the Introduction.

Rose219 classifies chops into twelve categories: 1. Test marks; 2. Edge cuts; 3. Small chops; 4. Large chops; 5. Chops in relief; 6. Assay chops; 7. Letter chops; 8. Number chops; 9. Manchu chops; 10. Bankers ink chops; 11. Paper chops; 12. Presentation chops.

In lieu of a complete list of known chops, collectors should at least have the ability to know, with a reasonable amount of accuracy, if a coin is in fact chopmarked. This means we need to know what chopmarks look like; this is not as easy as it may first appear.

The difference between these lists is the result of the different way Kann and Rose looked at chops. Kann was basically uninterested in chops whereas, for Rose, they were his raison d’être. Although Kann actually lived in China when chopping was going on he did not appear to have studied them and only mentioned them in passing as a minor aspect of Chinese monetary history; mainly how the chopped coins were used in trade in China at that time. Rose lived and breathed chops and so divided them into many more categories.

Only two well-known numismatists have written on the subject of chopmark classification in the Englishlanguage literature: Eduard Kann and Frank Rose, although I am sure other collectors have made similar lists.217 Kann, who lived in China from 1900 until just days

217 Collector Ron Waddell’s list is quite detailed. See: R. Waddell, A Chop Mark Analysis, Chopmark News, vol. 16, issue 3, (Sept 2012), p. 102 218 E. Kann; op. cit., p. 148 219 F.M. Rose; op. cit., p. 4

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owever, Rose did consider Kann’s observations on how chopped coins circulated in China.220 Rose noticed that the Chinese would literally chop a coin until the entire coin was covered in chops and no recognizable design remained, as you can see from the 1787 Mexican 8 reales in picture 105.

105 Mexico 1787 MO F.M. 8 Reales, KM-106.2a, R-7.

This Mexican 8 reales is so heavily chopped virtually no design remains.

Coins, in fact, would sometimes be chopped until there were holes in the coin (“spectacle dollars”). This also resulted in the circulation of a variety of broken pieces which traded by weight. Most of these were probably melted down to make sycee.

106 Mexico 1858 ZS M.O. 8 Reales, KM-377.13, R-7.

A “spectacle dollar.” This Mexican 8 reales has had a hole chopped in it.

220 Ibid., p. 7

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107a & 107b “Broken dollars,” R-7.

These very small fragments of silver weigh less than 1g. each. Coins were chopped until they broke apart into pieces and would have traded by weight.

108 Mexico 1787 MO F.M. 8 Reales, KM-106.2a, R-7.

This 8 reales has been cut in half.

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6. Pseudo-Chinese character chops; 7. Number chops; 8. Latin letter chops; 9. Other language chops; 10. Symbols; 11. Assay or multiple-word chops; 12. Ink chops; 13. Chops on gold coins; 14. Chops on copper coins; 15. Chops on Chinese cash coins; 16. Chops on sycee; 17. Chops on banknotes; 18. (Test marks and edge cuts); 19. (Wedding chops); 20. (Contemporary counterfeit chops) .

ometimes coins were cut or broken in half as was the Mexican 8 reales above. Sometimes the chopping would cause the coin to “dish” as it became concave after repeated chopping. These pieces are interesting to collect and every chopmark collector should have at least one of each type of “broken dollar” in his or her collection.

I am going to amend Rose’s list to the new “Gullberg” list: 1. Incuse chops; 2. Relief chops; 3. Small chops; 4. Large chops; 5. Chinese character chops;

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which were presented to the king of Spain for approval.

est marks and edge cuts are not true chops but are simply the basic means of testing for copper or base metal plating. However, they were done by a shroff and should not be considered typical damage either.

Wedding chops (paper chops) are not chops in the sense of guaranteeing the coin is acceptable silver, but are a kind of cultural tradition or fad that was in vogue in the 1920s and perhaps earlier.

Small and large chops perhaps should not be considered separate types, but as they seem to have predominated at different periods of time, I will classify them as two different types. There are also chopmarks on sycee and banknotes (types 16 and 17).

Let’s take a look at each of these in more detail.

Rose includes Presentation chops in his list. He describes them as “drawn in India ink. They are very elaborate, with letters surrounded by fancy borders, with dragons, flowers and such. They cover almost the whole coin.”221 However, Rose does not include a picture of a Presentation chop nor have I managed to locate one so I will not include it on my list. It is hard to ascertain the purpose of a Presentation chop. Shroffs would handle far too many coins to inscribe each coin with calligraphy. Perhaps they were given out as special pieces or at special ceremonies somewhat like the almost perfectly round “royal” cobs

1 Incuse Chops All chops are either incuse or relief, but the vast majority, probably 90%, are incuse. An incuse chop is simply one in which the chop is punched into the coin leaving a character or symbol cut into the surface of the coin. The chop itself may be complex or simple.

All the chops on this Mexican 8 reales are incuse chops of common Chinese words.

109 Mexico 1877 PI M.H. 8 Reales, KM-377.12, R-7.

2 Relief Chops feature of the chop as such a die would have been more difficult and expensive to manufacture. Many collectors consider chopmarked coins with relief chops to be more valuable due to their relative scarcity compared to coins with incuse chops.

A relief chop is usually, but not always, of a more complex nature. The area around the character or symbol is pushed into the coin giving the character or symbol a raised appearance. Assay chops are always in relief (although there are two-word incuse chops). I believe that the relief feature may have been a further security

221 Ibid., p. 7

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Incuse chops Relief chops

110 Mexico 1758 MO M.M. 8 Reales, KM-104.2, R-7.

3 Small Chops & 4 Large Chops Chops of 1 to 3 mm in size (as measured by the longest side of the chop) can be classified as small. Large chops would be 4 mm or more. Several theories as to why the size of the chops seemed to change have been put forward which I explored on page 27. To recap, very broadly small chops seemed to dominate from the cob period until around 1810. After 1820, large chops dominated until about 1910, when small chops returned.

Pillar dollars are found with both indicating that either large chops were also used in the 1730-70 period or these pillar dollar survived until after the 1820s, when silver prices were rising and shroffs were demanding types of coins known to contain good silver. This undoubtedly partly explains why Carolus dollars were so desired decades after they had stopped being minted.

Large chopmarks

Small chopmarks

111 Mexico 1798 MO F.M. 8 Reales, KM-109, R-7.

This Mexican 8 reales probably circulated in China in the 1798-1810 period where it obtained the small chops. It survived into the 1850s or later when the larger chopmarks were likely applied.

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5 Chinese Characters These are words that can be read and understood by any Chinese literate person. Chinese character chops are perhaps the most common type of chopmark. That is not wholly unexpected since a chop is much like a signature, and most people – companies as well – would use at least one of the characters in their name in their “signature.” This is not the place for a primer on reading Chinese 222 but Chinese is quite different than other languages. Quite unlike western languages, Chinese names of people and firms would include common words like “tree,” “rock,” “forest,” “flower,” “jade,” etc.

For example, my Chinese name is 高 林 [gao lin] which literally means “tall forest.” Identifying a character chopped onto a coin is exciting, but it does not really tell

us who or where the chopping was done.

Western collectors always want to know what the chopmarks mean. This is a Western cultural bias. Eastern collectors never ask this question, and not only because they can read the characters. They know a Chinese word can have hundreds of meanings depending on how it is used or with which characters it is used with. So, except with the possible exception of two or three word chops we will probably never know what the chops originally meant.

Below is a USA trade dollar from 1874 with Chinese characters in both incuse and relief chops.

The Chinese character 京 [ jing] means: “capital city” or “great.”

The Chinese character 盛 [sheng] (in relief) means: “prosperous, rich or abundant.” It is also a Chinese family name.

112 USA 1874-CC Trade Dollar, KM-108, R-7.

for and similarly would be easiest to read on the surface of a coin. Many characters, especially simple ones, were used by several different shroffs. I have discovered and listed over 25 different varieties of 大 [da], a basic character meaning “big.” Many other characters, pseudo-characters, and even symbols have multiple varieties.

The most common characters are usually simple ones.

Characters are made up of strokes, which follow a particular order. Also, every character has a radical that is a “root” character that is the basis of the word.

Most Chinese character chopmarks have two to nine strokes but a few have up to 20 or more. Naturally, the simplest characters would be easiest to make punches

222 See: C. Gullberg; Reading Chinese: An Introduction, Chopmark News, vol. 15, issue 4, (December 2012), p. 133

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6 Pseudo-Chinese Characters These look like Chinese characters to the non-Chinese reader, but, are in fact combinations of several Chinese words, archaic words or simply symbols that bear a resemblance to Chinese words.

This appears to be a Chinese word, but in fact it is not.

113 USA 1869-S Half Dollar, KM-99, R-6.

7 Numbers These refer to Arabic numbers, and not Chinese numbers, which are included in the Chinese characters.

The number “8” seems to be the most common, unsurprisingly since it is considered lucky in Cantonese

as its pronunciation “faat” is quite similar to that of “fortune” or “wealth.” Rose223 reported that he found “8” to be the most common number chop followed by “5.”

The number 8 is considered lucky and appears twice on this Bolivian 8 reales.

114 Bolivia 1820 PTS. P.J. 8 Reales, KM-84, R-7.

223 I bid., p.6

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8 Latin Letters These include any identifiable letters (A, B, C, etc.) that may have been picked up by shrof fs dealing with merchants in the China trade. They could be in retrograde but are usually in capital form. Care should be taken if the only chop that appears on the coin is a Latin

letter. It would be very simple for someone in the West to punch a letter (or Arabic number) into a less common coin of the period. Coins with a mixture of Latin letters and Chinese or pseudo-Chinese chops are more likely to be genuine.

Unu s u a ll y, a c a p i t a l “SWC” (wi th a strange symbol following the “C”) has been stamped into this Mexican 8 reales.

Perhaps it is the initials of a business.

115 Mexico 1896 MO A.M. 8 Reales, KM-377.10, R-7.

9 Other Languages These include Japanese, Thai, Mongolian and Manchu.

It is difficult to know if the chop actually is a word or character from another language as the shroffs may not have actually been able to read that language or the chop simply resembles another language. One of the most common is a chop that appears to resemble the Japanese character ま [ma].

Pictured below is an unusual coin. It is an American dime (10 cents) from 1836 with what Rose believed was a Mongolian language chop. I question his conclusion, but it is an interesting piece.

116 USA 1836 One Dime, KM-48, R-2.

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10 Symbols Even to the non-Chinese reader these are obviously not any sort of Chinese character. Common symbols include sun shapes, flowers, swastikas (a Buddhist symbol) in addition to hundreds of other symbols.

This “6-ball” flower chop is a commonly found symbol.

117 Japan Year 29 (1896) One Yen, Y-A25.3, JNDA-01-10A, R-7.

The swastika is a symbol in Buddhism and commonly used as a chop.

118 Mexico 1859 ZS M.O. 8 Reales, KM-377.13, R-7.

11 Assay or Multiple Word Chops These chops use a combination of two or three Chinese words (or pseudo-Chinese words) usually in relief. They are highly sought after by collectors. Many are names,

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The two-word assay chop in relief reads: 宝藏 [bao tsung] meaning “treasury, a treasure house, or a collection of treasures.”

119 Straits Settlements 1903 One Dollar, KM-25, R-7.

12 Ink Chops These chops were stamped onto the coin in ink, mostly in the late nineteenth and early twentieth centur y.

They contain some of the most beautiful and artistic chops. The ink could be black, blue, red, orange, purple or other color. Kann mentioned that they were in use in Shanghai in the 1920s, when he was resident in China. Kann stated224 in Shanghai and North China many changers were using ink chops as not to deface the coin and reduce its value in the marketplace as chopped coins were, at that time, trading at a discount to non-chopped coins.

Ink chops had several advantages to the old style chops. First, the chop could be much more sophisticated and thus more secure against counterfeit chops. Second, previously coins were often covered in chops after passing through several merchants’ hands and thus it was difficult to read any individual chops on the coin whereas an ink chop could be easily removed and another stamped in its place. Finally, the ink chop did no damage to the host coin improving acceptance in the marketplace.

120 Mexico 1879 AS D.L. 8 Reales, KM-377, R-7.

224 E. Kann; op. cit., p. 148

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but, as they stayed in circulation for over a century, a few survived until the 1880s (as evidenced by the “Shanghai Electric” hoard mentioned previously) or later when they were chopped with ink.

ose stated that he had never seen an ink-chop on a coin minted prior to 1880 but I have three portrait dollars in my collection and have seen a few more on the internet. Clearly, ink chops on portraits are uncommon

121 Mexico 1798 MO F.M. 8 Reales, KM-109, R-3.

Rarity rating refers to the fact that the ink chop is on a portrait dollar.

122 China – Kwangtung Prov. Year 9 (1920) 20 Cents, Y-423, LM-150, K-729, R-7.

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123 China – Republic 1928 Memento Dollar, Y-318a.1, LM-49, K-608, R-7.

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124 China – Republic 1928 Memento Dollar, Y-318a.1, LM-49, K-608, R-7.

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125 Mexico 1897 MO A.M. 8 Reales, KM-377.10, R-7.

13 Chops on Gold Coins rare, perhaps unique. The chop, 桂 [guey] has three meanings: (1) cinnamon, (2) the short form for Kwangsi Province, and is also (3) a Chinese family name. The chop exists on one other known gold coin; a USA 1880S half eagle, which was sold by Heritage Auctions in June 2000. The half eagle sold for $2,000, about seven or eight times a similar non-chopmarked piece would have sold for at the time.

Chopmarks on gold coins are all rare as China was never on the gold standard. Most marks I have seen on gold coins are likely to be jeweler’s marks or graffiti, not chopmarks regardless of what many auction catalog descriptions state. Nevertheless, there are chopmarked gold coins.

The following coin is chopmarked and is extremely

126 Great Britain 1872 One Sovereign, KM-752, R-1/2.

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14 Chops on Copper Coins These are fairly rare but are occasionally seen on late nineteenth century and early twentieth century coins.

The Hong Kong one cent is probably the most commonly found chopmarked copper coin. It is hard to know why they were chopped, clearly they were a base metal and would have been unacceptable in transactions (after all the purpose of chopping was to prove the coin was not copper). Rose 225 speculates that copper coins like the U.S. large cent and the Hong Kong cent pictured were

chopped as an early morning warm-up, or perhaps just to make some noise so the boss would think the shroff was busy when he wasn’t. I find these explanations unconvincing (they would rarely come in contact with coins like an American large cent or the flying eagle cent that Rose owned). For the present the reason for chops on copper coins will remain a mystery and most must be considered spurious.

I doubt it was done by a shroff but is more likely done as a souvenir or to create a “lucky penny” to give as a gift to a child.

T his Ho n g Ko n g o ne c e nt has one chop, 褔 [fu meaning “luck y” or “prosperous”] stamped several time on both sides of the coin.

127 Hong Kong 1863 One Cent, KM-4.1, R-3.

15 Chops on Chinese Cash Coins Rose 226 said that even though he had no evidence to support it he believed the large 50 and 100 cash coins were under weight in copper (or had baser metals added to increase weight). Later in the reign the coin diameters shrank significantly. In other words, the Qing government was debasing its own copper cash coinage.

I confirmed this with Prof. Zhou Weirong227 in Beijing who has undertaken metallurgical tests of many coins from this period. He found that most of the Fujian large cash contained 70-75% copper (although some were full-

Rose may be on firmer ground discussing chopmarks on Chinese cash coins. Cash coins were cast, not struck, and were minted for several thousand years, until the end of the Qing dynasty. The last one was produced in 1912. In general, there was no need to chop cash coins, they were not silver and were usually not used in large business transactions due to their bulkiness.

Nevertheless, in the Xianfeng Emperor’s reign (r. 1850-61) many (usually large denomination 50 or 100 cash) coins from Fujian received small chopmarks on the rims of the coins. No one knows the definite reason for this.

225 F.M. Rose; op. cit., p. 27 226 Ibid., p. 36 227 See: Letters, Chopmark News, vol. 16, issue 3, (Sept. 2012), p. 82

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below their face value. The chopped coins included smaller denominations like the 10 cash shown below as well as the larger 50 and 100 cash which are commonly found with small chopmarks.

bodied). Dr. Tseng told me that he thought Fujian cash coins were chopped because they were the only province to issue full-bodied coins (thus the intrinsic value was close to their face value). Other provinces in China had already debased their cash coins and thus they traded

128 China – Fujian Prov. ND (1851-53) Xian Feng 10 Cash, C-10-8, H-22.793, R-7.

16 Chops on Sycee Sycee228 were ingots of silver that were made in specific weights. They would be used for tax payments and large transactions. The sycee were cast with the silversmith’s information but some of these ingots were chopped again after casting.

Pictured below is one that has been chopped. It sold in a Stack’s Bowers Hong Kong sale of April 2-3, 2013 (lot 21024) for $5,378 (including B.P.)

A pseudoChinese chop.

A Chinese chop of the character 玄 [hsuan “mysterious”] 129 China – Hubei, Yuanbao. Provincial Principle Ingots. 27 Tael Tax Ingot, ND (Ca. 1875-1908). Image courtesy Stack’s Bowers, www.stacksbowers.com

228 Sycee’s name cannot be authenticated, but it is most probably derived from the Cantonese expression “Si soi” ( 細絲 ), meaning “fine silk.” [Source: E. Kann; The Currencies of China, 2nd ed., (1975), p. 59]. For an excellent introduction into sycee see Stephen Tai’s website http://www.sycee-on-line.com/

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130 China Qing Dynasty: Silver 50-Tael Square Sycee, 1880 g.

Image courtesy A.H. Baldwin’s & Sons, Ltd., www.baldwin.co.uk

17 Chops on Banknotes Although outside of the realm of this article, banknotes also are found with chopmarks. In fact, the chopping of banknotes continues to be practiced in Latin America and Asia. The reason is the same as when shroffs chopped silver in the Qing dynasty – the lack of trust when accepting large value denominations for payments.

Nowadays, it is quite common when changing foreign money in many countries that the clerk will inspect the note under a high-powered loupe or magnifying glass.

If the clerk is satisfied with the note he or she will chop it with an ink chop. The reason is many banknotes, especially the older series U.S. $100 bill, had weak security features and were widely counterfeited, even by some governments, like North Korea’s.

Collecting chopped notes is a niche area of chopmark collecting and little has been written on the subject. The American note below has one Chinese ink chop in blue.

131 USA San Francisco, CA $10 note 1929 Type 2 The Anglo California NB Ch. # 9174Sold in a Heritage internet Auction 34041, lot 21817, on April 15, 2004. Price $46.

Picture courtesy Heritage Auctions, www.HA.com

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132 1926 Provincial Bank of Chihli - Tientsin Branch 5 Yuan (0147572), PS1289, AU. Sold in the Champion Auction 14, lot 0066, in April 2011.

18 Edge Cuts, Test Cuts and Test Marks (Drill Holes) with the coin, but they are not typical damage either.

The purpose was to verify that the coin was not plated copper or some other base metal.

Edge cuts, test cuts and test marks (drill holes) were used by shroffs to verify the coin was not silver plated base metal. They are not actual chopmarks, as they do not show a character or symbol that connects the shroff

Edge cut 133 Mexico 1749 MO M.F. 8 Reales, KM-104.1, R-7.

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The following Mexico 8 reales had two test cuts that were struck so hard that the coin is now dished.

Dished

Test cuts 134 Mexico 1881 PI M.H. 8 Reales, KM-377.12, R-7.

The paper is always red, the luckiest color for Chinese.

Even today, no wedding would be complete with a large red paper cutout of this symbol. Currently, in modern Chinese culture, red envelopes filled with cash are given to the bride and groom by guests at a wedding, but in the 1920s and 1930s a silver dollar would not have been an inconsequential sum of money and guests would give these coins with the double happiness red paper glued on.

Dishing occurred when the coin was struck repeatedly on one side in the center area. Dr. Tseng speculates, reasonably in my opinion, that shrof fs purposely dished coins (over time) in order to stack them more conveniently.

19 Wedding Chops These are not really chops in the true sense of the word as the “chop” has nothing to do with the legitimacy of the coin or quality of the silver; nevertheless, they are still collected by chopmark collectors as interesting cultural items. A wedding chop is a red paper cut out of the “double happiness” Chinese character of 喜 [hsi] doubled (thus appearing: 囍). The single character means “like” or “happy” and, because of its symmetry, is “doubled” to represent the bride and groom together.

I suspect that many of these coins were kept as wedding day souvenirs as they are somewhat uncommon but not really scarce. A major Hong Kong dealer told me that Hong Kong dealers used to wash the red paper off of the coin for reselling which is unfortunate since they now sell for a premium to the underlying coin.

135 China – Republic Year 3 (1914) One Yuan, Y-329, LM-63, K-646, R-4.

Rarity refers to the wedding chop, not the host coin.

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20 Contemporary Counterfeit Chops the coin; sometimes it was chopped by an outside shroff. The Chinese did not care if the coin was genuine or counterfeit. If the silver was at the correct fineness it would be accepted and chopped.

Counterfeits are a growing problem in the hobby but the collecting of contemporary counterfeit chopped coins is an interesting area in itself. Many counterfeit coins manufactured in the Qing dynasty, mainly inside China, included chopmarks. Bruce Smith229 has stated during times of shortages (such as when Spain was at war with England) that counterfeit Spanish dollars counterfeit ones were manufactured, often in China.

These coins were often good silver and were acceptable in trade in China. Sometimes the chops were cast into

This crudely cast counterfeit Carolus IIII 1 reale dated 1800 has one chop that may have been cast when the coin was made or it may have been chopped by a third party shroff later. The portrait was been re-engraved in an attempt, I assume, to give the coin a more “realistic” look.

136 Contemporary counterfeit Mexico 1800 MO F.M. 1 Reale, R-3.

Additional counterfeit and “problem” chops will be discussed further in the final chapter.

229 See: The Interview – Part II: Bruce Smith, Chopmark News, vol. 16, issue 1 (March 2012), p. 34

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《戳記幣簡史》第二章

淺談戳記的種類

高林 - 臺北

上接第 13 期

清朝（1644-1911年）及民國初年，外國銀幣經由兌換處流

南方使用過的外觀受損的錢幣可分為五種類型 ：218

且戳記種類繁多，因此瞭解並學會辨別戳記種類是至關重

1. 帶戳記的錢幣 ；

阿拉伯數字（或其他語言字元）。

3. 帶切痕的錢幣 ；

入中國。這段時期有數以萬計流入中國的銀幣被打上戳記

2. 打孔的錢幣 ；

要的。戳記中有中文字，有偽中文字、符號，也有西方字母、

4. 碎裂的錢幣 ；

5. 鑿洞或帶刮痕的錢幣。

我一直想寫一本冊子，將我所知的戳記種類收錄其中，可

至今仍遲遲未動筆⸺ 總想着擇日再動手去做這件事。想

寫卻一再拖延的理由很簡單，2006年我開始收集戳記幣，

羅斯 219將戳記分為以下十二類 ：

年《戳記幣資訊》之後，我所知道的戳記種類就變成了將近

1. 檢測標記 ；

戳記的種類在我的認知中一躍達到數千種。過去近三百年

3. 小戳記 ；

當時我認為世上可能有幾百種不同的戳記，但是在編撰數

2. 邊緣切痕 ；

一千種。而隨着眼界的開闊，我有幸看到過上千種戳記幣，

4. 大戳記 ；

間，使用帶戳記錢幣者不計其數，這數千種錢幣曾在中國

5. 信用戳記 ；

東部大片區域及中國周邊的亞洲國家輾轉流通。實際上，

6. 檢驗戳記 ；

據我所知，過去尚無人將所見所聞的戳記種類彙編成冊。

7. 字符戳記 ；

因而，我借編撰《戳記幣資訊》之機開展這項工作，這是一

8. 數字戳記 ；

個需要靠恒心來完成的工程。如果您擁有本章所列戳記種

9. 滿洲戳記 ；

類之外的戳記幣，請通過引言中的郵箱地址與我取得聯繫。

10. 典當行墨蹟戳記 ； 11. 紙質戳記 ；

作為一名收藏家，即使無須通曉完整的戳記種類，也得具 備準確辨別戳記真偽的能力，這就意味着收藏家必須對戳

12. 介紹戳記。

記有基本的認識，但對於首次出現的戳記，要能辨認出來 實非易事。

由於耿愛德與羅斯對戳記研究的深淺程度不一，他們對戳

迄今僅有兩名知名錢幣學家寫過與戳記分類有關的英文書

而羅斯研究戳記到了愛不釋手的地步。儘管在戳記幣普遍

記的分類方式自然也就不同。耿愛德對戳記研究興趣不大，

籍， 他們是愛 德華 · 耿愛 德 （Eduard Kann） 與弗蘭克

流通之時耿愛德正住在中國，但他並沒有仔細研究過戳記，

福 · 羅斯 （Frank Rose）， 我不能夠確定其他收藏家是否

偶有提及也只是將其作為中國錢幣發展史上的一小部分幾

有寫過與此相關的書籍。 1900 年前， 耿愛德一直住在中

筆帶過，並且主要概述在他那個時期戳記幣是如何用來交

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國， 直到共產黨進駐上海前夕才離開 （離開前被迫放棄

易的。羅斯則潛心研究戳記，對戳記進行了更為詳細的分

帶走部分藏品）。 耿愛德曾說， 在很長一段時間裡， 中國

門別類。

217 收藏家羅恩 · 沃德爾編纂的內容已相當詳盡。詳見羅恩 · 沃德爾《戳記幣分析》，載《戳記幣資訊》第16卷第3期（2012 年9月）第102頁。

218 愛德華 · 耿愛德 ：參考文獻，第148頁。 219 弗蘭克福 · 羅斯 ：參考文獻 ；第4頁。 76

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然而，對於耿愛德所述戳記幣如何在中國流通一說，羅斯未加考慮。220 羅斯注意到，中國人會在錢幣上打上戳記，直到打 滿戳記，重重戳記疊加之後就變得難以辨明，正如圖105所示的這枚1787年墨西哥8裡亞爾銀幣。

圖105 墨西哥1787年 MO F.M. 8裡亞爾幣銀幣，KM-106.2a，R-7。

這枚墨西哥8裡亞爾銀幣已被多次打上戳記，幣面上的戳記模糊難辨。

就這樣反反復複，有些錢幣會不斷被打上戳記，直至打出孔洞（這種錢幣被稱為“戳記孔幣”） 。如此一來，錢幣容易被打 壓碎，破碎的錢幣再以其實際重量流通。許多被打壓碎的錢幣還可能被熔鑄成錠。圖106-107。

圖106 墨西哥1858年 ZS M.O. 8裡亞爾銀幣，KM-377.13，R-7。

這是一枚墨西哥8裡亞爾“戳記孔幣”，幣上有一個打穿的孔洞。

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圖107a 和圖107b“碎銀子”R-7。這兩塊碎銀子重量都少於1克。 反復打上戳記直到錢幣碎裂，碎裂的幣按重量進行交易。

圖108 墨西哥1787年 MO F.M. 8裡亞爾銀幣，KM-106.2a，R-7。 這枚8裡亞爾銀幣已經對半碎裂。

有時銀幣會像圖108所示墨西哥8 裡亞爾銀幣一樣對半切開

7. 數字戳記 ；

狀。這些錢幣對於收藏家們而言是相當有趣的，每個戳記

9. 其他語言字符戳記 ；

8. 拉丁文戳記 ；

或碎裂，甚至在重複打上戳記後，錢幣就會變成凹陷的碟

10. 字符戳記 ；

幣收藏家都會集全全部種類的受損錢幣，每類至少一件。

11. 檢驗戳記、多片語合戳記 ； 12. 墨蹟戳記 ；

在此我欲將羅斯總結的戳記種類改為下列種類，並將之稱

13. 金幣戳記 ；

為新“戈佈雷希特幣”目錄 ：

14. 銅幣戳記 ；

1. 硬戳 ；

15. 中國銅錢戳記 ；

2. 信用戳記 ；

16. 銀錠戳記 ；

3. 小戳記 ；

17. 紙幣戳記 ；

4. 大戳記 ；

18.（檢測標記與邊緣切痕）；

5. 中文字戳記 ；

19.（ 婚用戳記）；

6. 偽中文字戳記 ；

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檢測標記和邊緣切痕並不能算作戳記，它們是檢測銅或基

原則上，沒有必要將小戳記和大戳記細分為兩類戳記，因

被視為具有代表性的外觀受損的錢幣。如果說打上戳記的

分為兩類。此外還有銀錠戳記和紙幣戳記（第16 類戳記與

礎金屬印版的基本方式，是做出的標記或切痕，因此不能

這兩類戳記不同時期在市場上的流通地位不同，故而將之 第17類戳記）。

硬幣一定要作為銀幣來使用，婚用戳記（紙質戳記）不能 算作嚴格意義上的戳記，而是 20世紀 20 年代乃至更為早期

的一種文化傳統或流行時尚。

讓我們共同在此詳細探討以上幾類戳記。

羅斯劃分的十二類戳記中包含介紹戳記，他將這類戳記描

述為“戳 蓋印度 墨，異常精巧，字符周邊環 繞 花式 邊框，

1 硬戳

斯從未展示過他的介紹戳記藏品，我曾設法尋找此類戳記

90%）是硬戳。硬戳是用沖鑿具在硬幣表面敲刻出文字或

所有的 戳 記 都屬於 硬戳 或信用戳 記，但 絕 大 多數（ 大 概

綴以龍、花等圖飾，幾近覆蓋整個幣面”。221 雖如此說，羅

符號的戳記。這種戳記可能含複雜字體，也可能含筆畫簡

的下落，卻一無所獲，因此我不打算將介紹戳記收錄冊中。

單的中文字。

我們很難確定，介紹戳記是出於什麼原因面世的，縱然是

兌換處，要在每一枚硬幣上戳蓋出如此精細的圖案也須花

圖109中墨西哥8 裡亞爾銀幣的所有戳記字符都是筆畫簡單

費不少的工夫。也許這種戳記是作為特殊藏品或面向特定

的中文字。

場合推出的，類似於禮贈西班牙國王的“皇家”塊幣，一 種擁有接近完美圓度的特殊展示塊幣。

圖109 墨西哥1877年 PI M.H.8裡亞爾銀幣，KM-377.12，R-7。

2

信用戳記

信用戳記往往呈現較複雜的性質，但這種情況不是絕對的。

特徵更明顯，因為這種戳記的範本更難生產且價格較貴，

該文字或符號有明顯的凸起。檢驗戳記通常帶有信用戳記

的錢幣收藏價值更高（圖110）。

這種戳記通常在幣面特定區域附近沖鑿進文字或符號，使

許多收藏家認為相比硬質戳記，因其稀缺性，帶信用戳記

（儘管也有兩個字的硬戳）。我認為信用戳記在戳記中信用

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硬戳 信用戳記

圖110 墨西哥1758 MO M.M. 8裡亞爾銀幣，KM-104.2，R-7。

3 小戳記 、4 大戳記

尺寸為1-3毫米的戳記（按戳記最長的一邊來計算）可歸類

小戳記回歸作為重點使用。而雙柱銀元的發現則說明，從

為小戳記。大戳記的尺寸通常大於或等於4毫米。我在 27頁

1730年到1770年大戳記就已被廣泛使用，另外直到19世紀

從塊幣流通的時期到1810年左右，小戳記的使用範圍有限。

兌換處急需各種成色高的銀幣。這點無疑解釋了卡洛斯銀

的內容中提出了幾個有關戳記尺寸變化的原因。概括來說，

20年代之後這種雙柱銀元仍在市場上流通，當時銀價上漲，

1820年之後，大戳記佔據主體地位 ；一直到1910年左右，

元在停鑄後數十年需求量沒有下降的部分原因。 （图111）

大戳記

小戳記

圖111 墨西哥1798年 MO F.M.8裡亞爾銀幣， KM-109， R-7。

圖中墨西哥8裡亞爾銀幣有可能於1789-1810年間在中國流通， 這個時期小戳記出現， 直到19 世紀50年代或稍後的時期， 市場上大抵已經開始使用大戳記了。

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5 中文字戳記

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這 類戳記 上面的中文字是 任 何一名識字的中國人都能看

但是對於西方的收藏家而言，他們通常會去深究戳記上文

的普遍使用在意料之中，因為這類戳記更像是簽名，許多

東方的收藏家從來不會問這樣的問題，因為東方的收藏家

懂的，因而中文字戳記可能是最普遍使用的一類戳記。它

字的意思，這是西方文化與東方文化之間的偏差造成的。

人或者公司會將其姓名或公司名的其中一個字鑿為戳記用 作“簽名”。本章節並非中文啟蒙課，

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不僅能看懂這些文字，還知道一個中文字可以有好幾百種

但中文確實與其他

意思，使用場景或搭配文字的不同都可能導致意思的懸殊。

語言不同，尤其是西方語言。中國的人名和公司名會包含

因此，除了帶有兩個或三個字的戳記，我們也許永遠都難

“木”“岩”“林” “花”“玉”等常見字眼。比如，我的中文

以知曉戳記文字的原意。

名叫“高林”，其字面意思是“高大的林木”。能夠辨認出幣 面上戳蓋的文字着實令人興奮，但這類戳記上的文字並不

圖112是是1874 年的一枚美國貿易銀元，幣面上戳蓋帶中

能告訴我們打戳的人物及地點。

文字的硬戳和信用戳記。

中文字“ 京 [ jing]” 意為“ 京

中文字“ 盛 [sheng]”（ 在信

用戳記上） 意為“ 茂盛、 繁

城”；也可表示數量之多， 即

盛或豐盛”， 這個字在中國還

古代數目名，指一千萬。

可以用作姓氏。

圖112 美國1874-CC 貿易銀元， KM-108， R-7。

戳記上最常見的中文字往往是筆畫簡單的字。中文字是由

上最容易沖鑿和讀懂的。許多字體，尤其是簡單字，會被

個字都有一個基本的字根，字根是構成漢字最基本的單位。

的“大”字戳記後將之列出，這個字的中文基本意思是龐大、

多數中文字戳記上的文字有兩到九筆筆畫，也有一些筆畫

不同的字體。

多個不同的兌換處同時使用。我在發現超過 25種不同字體

筆畫組成的，筆畫是按照特定的先後順序書寫的，而且每

盛大。除此之外，其他中文字、偽中文字、字元都有多種

數是二十甚至更多。一般來說，最簡單的字應該是在幣面

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6 偽中文字戳記

偽中文字是中文讀者讀來酷似中文而實際上只含有漢字部分構造的字體，有些看起來像漢語古體字，有些只是看起來像 簡體字。見圖113 。

這個字看似中文字，實際上並不是。 圖113 美國1869-S 半美元，KM-99， R-6。

7 數字戳記

這種戳記中的數字指的是阿拉伯數字，而非中文數字，這

所稱，他發現這類戳記中最常見的是數字“8” ，其次是數字

，其發 類戳記是中文字戳記的一種。最常見的是數字“8”

音與粵語的“發”相近，寓意“發財”或“財富” 。據羅斯

。見圖114。 “5”

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數字“8” 含有好運的寓意， 在這枚玻利維亞8裡亞爾銀幣 中出現了兩次。 圖114 玻利維亞1820年 PTS.P.J. 8裡亞爾銀幣，KM-84， R-7。

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8 拉丁文戳記

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這類戳記包含兌換處與對華貿易的商家打交道過程中可能

入較為少見的硬幣上。如果幣面上同時混合拉丁文、中文

但通常採用大寫形式。如果只有拉丁文戳記，須小心讀字

115。

使用的所有可識別字母（A、B、C……）。它們有的是倒寫的，

字或偽中文字的戳記，這種硬幣是真品的可能性挺大。圖

以防混淆。那個時期的西方人常把字母（或阿拉伯數字）鑿

這枚墨西哥8裡亞爾銀幣上的戳記比較罕見， 在“SWC” 之“ C”的後面還連着一個奇怪的

字符， 可能是某個商鋪代號的字頭。

圖115 墨西哥1896年 MO A.M.8裡亞爾銀幣， KM-377.10，R-7。

9 其他語言

其他語言包括日語、泰語、蒙古語、滿洲語。我們很難知

下圖所示也是一枚罕見硬幣，圖116來自1836年的美國一角

曉戳記上是哪種語言的文字或字符，因為兌換處本身可能

（10 分）鑄幣，羅斯認為幣面上的戳記帶蒙古語，我對此表

並不能真正讀懂戳記上的語言，或者將它們和與之相似的

示質疑，但這的確是件有趣的藏品。

另一種語言混淆起來，最常見的典型例子是帶有看似日語 五十音ま [ma] 的戳記。

圖116 美國1836年一角鑄幣，KM-48， R-2。

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10 字符戳記

即使是非中文讀者，也能看出下圖中的戳記不是中文字戳記。字符戳記 通常有太陽形狀、花、卍字飾（佛教標誌“萬字 符”）等五花八門的字符。見圖117-118 。

這個戳記上有六個小圓球組成的 梅花圖樣，是常見的字符之一。

圖117 日本年號29年（ 中國日曆年1896年） 一圓錢幣，JNDA-01-10A，R-7。

圖中“ 卐” 是佛教萬字元，經常被用作戳記。 注 ：因“ 卐” 圖案形似納粹萬字元， 關於此處有爭議。 但作者認為此處符號應當是蓋戳後反向 的佛教萬字元， 若畫下此符號， 從反面看， 就是圖中的形狀。 而納粹萬字元是納粹德國時期啟 用的標誌， 該符號已於1934年左右停止戳蓋， 因此這枚墨西哥銀幣上戳蓋的是佛教萬字元。 圖118 墨西哥1859年 ZS M.O. 8裡亞爾銀幣， KM-377.13， R-7。

11 檢驗戳記或多文字戳記

這類戳記由兩到三個中文字（或偽中文字）組 成的，通常

般是個人姓名或商家商號。由於大量仿品充斥市場，收藏

表示信用。它們是收藏家競相收藏的物件。戳記上的字一

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兩字檢驗戳記， 通常表示信用， 讀曰 ：寶藏 [bao tsung] ，意為儲藏的珍寶或財富。 圖119 1903年海峽殖民地壹圓銀幣， KM-25，R-7。

12 墨蹟戳記

墨 蹟 戳記即帶 有墨 蹟的戳記，大多數出現在 19 世 紀晚 期

相比老式打戳戳記，墨蹟戳記有三個優 勢。首先，墨蹟戳

記圖案 。墨 蹟 戳記有各種各樣的顏色，如黑色、藍色、紅

在若干商人經手之後會覆蓋整個幣面，致使幣面上的個人

記更加複雜，因此仿造的難度大些；其次，老式打戳戳記

及 20 世紀早 期。這類戳記中有最美麗和最具藝術性的戳

戳記模糊難辨，但是墨蹟戳記就很容易移除，移除後可加

色、橙色、紫色……耿愛德提到過，20 世紀 20 年代的上海 用過墨蹟戳記，當時耿愛德正住在上海。耿愛德還說

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蓋上新的戳記；最後，由於對錢幣無損毀，墨蹟戳記更能

，

為市場所接受。

由於當時 打過戳記的錢幣是按沒有打過戳記 錢幣的折扣

價來使用的，上海和中國北方的許多人改用墨蹟戳記，以 避免打戳會損毀錢幣並降低錢幣的市場價值。

圖120 墨西哥1879年 AS D.L.8裡亞爾幣，KM-377，R-7。

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羅斯表 示他從沒見過1880 年前鑄造的錢幣上有墨蹟戳記

19 世紀 80 年代仍有些許流傳（可以通過前面提到過的“上

且我曾在 網上看到過一些。顯 然，帶墨 蹟 戳記的肖像 銀

時期，即使用墨蹟戳記的時期。圖120-125 。

的，但是我收藏的三枚有肖像的銀元上就有墨蹟戳記，而

海電氣”的集中發展得到證實），甚至一直流通到更晚的

元 不常見，但有肖像的銀元 持 續流 通 逾一 個世 紀，直 到

圖121 墨西哥1789年 MO F.M. 8裡亞爾，KM-109，R-3。

稀有度等級（ R1-R7） 指的是有戳蓋墨蹟戳記的肖像銀元的稀有度等級。

圖122 中國廣東省造中華民國九年（ 1920年） 貳毫銀幣，

圖123 中華民國十七年（ 1928年） 版孫像開國紀念幣，

Y-423， LM-150， K-729， R-7。

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圖125 墨西哥1897年 MO A.M.8裡亞爾幣銀幣，

圖124 中華民國十七年（ 1928年） 版孫像開國紀念幣， Y-318a.1， LM-49， K-608， R-7。

KM-377.10， R-7

13 金幣戳記

帶戳記的金幣在中國完全屬稀罕珍品，因為中國從未將金

下圖是帶有戳記的金幣，存世極其稀少，甚至有可能是孤

都是珠寶商的標記或塗鴉，皆非許多拍賣目錄上描述的作

廣西的簡稱 ； （3）可用作中文名。圖中戳記曾出現在另一枚

幣作為標準流通錢幣。我見過的大多數金幣上的戳記可能

（1）桂花； （2） 品。圖126 戳記上的“桂”字有以下三種意思：

為戳記之用。無論如何，確有存在帶戳記的金幣。

著名的金幣中，這是一枚美國1880-S 版半鷹金幣，2000

年 6月由海瑞德拍賣行售出。這枚半鷹金幣售價 2000美元， 是當時與之類似的無戳記金幣售價的七到八倍。

圖126 1872年英國1英鎊金幣， KM-752，R-1/2。

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14 銅幣戳記

銅幣戳記相當稀有，19世紀晚期及 20世紀初偶有出現。香

運動”，也許是打戳人想在躲懶時通過打戳的方式弄出點

在這些銅幣上打戳的原因，顯然它們都是用基礎金屬鑄造

腳（人們很難接觸到羅斯收藏的美國大美分銅幣或飛鷹美

是銅幣）。據羅斯推測，在美國大美分銅幣和下圖中的香

謎，與此相關的多數說法都是值得商榷的。圖127。

港一仙銅幣可能是最常見的帶戳記銅幣。我們已難以知曉

聲音，以避開老闆的質問225。我發現這些說法大多站不住

而成的，曾在交易中流通（而打戳的目的是為了證明錢幣不

分銅幣） 。截至目前，為何在銅幣上打戳，這仍是個未解之

港一仙銅幣等銅幣上打戳也許只是作為早晨工作的“熱身

這枚香港一仙銅幣正反面都多次戳

我懷疑這是某位打戳人蓋打的戳

蓋了“ 福”字（ 福意為“ 幸運”或“ 福

記， 但它更有可能是用作紀念品，

氣”） 戳記。

或者作為賀禮送給小孩的， 有“福 壽雙全” 的寓意。

圖127 香港1863年一仙銅幣， KM-4.1，R-3。

15 中國銅錢戳記

羅斯以前探討過中國的銅錢戳記，且有理有據。銅錢一般以

羅斯 226表示，即使他沒有證據證明大面值50文和100文銅

末年，最後一枚銅錢鑄造於1912年。一般情況下是沒有必要

在 之後的流 通 過程中，錢幣的直徑 大 大減少了。換言之，

銅鑄造，非機械衝壓而成，鑄造時間長達數千年，直至清朝

錢的銅含量過少（或是為了增加重量注入了基礎金屬）。但

在銅錢上打戳的，因其十分粗重，銅錢既不是銀幣，也不經

清政府貶低了其鑄造的銅錢價值。關於這點，我曾請教來

常用於大宗商品交易。然而，清朝咸豐帝年間（1850-1861

自北京的周衛榮（Zhou Weirong ）教授 227並在最後得到

年）許多來自福建的銅錢（一般是大面值銅錢，如 50 文或

證實 ，他負責這一時期許多錢幣的金屬測試工作，在工作

100文）邊緣都被打上了戳記，具體原因無人知曉。

過程中他發現大多數附件大銅錢含銅量為70%-75%（儘管

225 F.M. 羅斯 ：參考文獻，第27頁。 226 出處同上，第36頁。

227 詳見 ：信件， 《戳記幣資訊》第16 卷第3期（2012年9月）第82頁。 88

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也有百分百含銅量的銅錢）。曾澤祿告訴我，他認為福建所

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其他省份貶低了銅錢價值，因此其交易價低於其面值。圖

128所示10文錢等較小面值的銅錢以及50文和100文等大

用銅錢打戳的原因在於福建是發行百分之百含銅量銅錢的

面值銅錢，上面都帶有小的戳記。

唯一省份（因此其交易價接近其面值）。同一時期，中國的

圖128 中國—福建省造（ 1851-1853年）咸豐重寶一十母錢，C-10-8， H-22.793， R-7。

16 銀錠戳記

銀錠 228是按特定重量熔鑄成錠的白銀，主要用於納稅及大

圖129-130 銀錠在鑄造完成後多次打戳，2013年 4月2日至3

宗交易。銀錠上通常有鑄造銀匠的資訊，但是有些銀錠在

日（拍品號 21024）該銀錠在香港斯坦科鮑爾斯拍賣會上以

鑄造完成後還會再次打上戳記。

5378美元的價格售出（含保價）。

偽中文字戳記

中文字戳記，文 字為玄 [hsuan -

意為“神秘的”] 圖129 中國—湖北省造光緒（1875-1908年） 元寶二十七兩稅銀錠。 圖片來源 ：香港斯坦科鮑爾斯（Stack's Bowers），www.stacksbowers.com。

228 關於銀錠的名稱起源沒有確切說法，它極有可能源自粵語“Si soi ”（細絲），意為“精細的絲線”( 來源 ：耿愛德著

《中國貨幣論》（1975年）第二版第59頁 )。欲知與銀錠有關的精彩介紹，請查看 Stephen Tai 的網站網址 http://

www.sycee-on-line.com/。

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圖130 中國清代五十兩方錠， 重1880克。 圖片來源 ：馬德和錢鈔有限公司（A.H. Baldwin's & Sons, Ltd.），www.baldwin.co.uk。

17 紙鈔戳記

儘管不在本書詳細討論的分類範疇內，蓋戳的紙鈔並不罕

特別是舊版100美元紙鈔的防偽力度不夠，大量假鈔被使

見。事實上，拉丁美洲和亞洲地區仍有在紙鈔上蓋戳的習

用，假鈔使用者中甚至包括一些政府官員，比如朝鮮的政

慣，蓋戳的理由與清代兌換處在銀幣上打戳的理由如出一

府官員。圖131-132 。

轍⸺ 唯恐收到的大面值錢幣 / 紙鈔是假幣 / 假鈔。許多

國家兌換外幣時也普遍存在這種現象，銀行職員會使用高

加蓋戳記的紙鈔是戳記收藏的一個重要領域，但是鮮有與

鈔是真鈔，銀行職員會在紙鈔上蓋上墨戳。因為很多紙鈔

國墨蹟戳記。

功率紙鈔鑒別儀放大鏡鑒別紙鈔的真偽。倘若鑒定過的紙

此相關的書面記錄。圖131美國10美元紙鈔蓋有藍色的中

圖131 美國三藩市鶯古路信託銀行製1929年第二版10美元， 中國編號 # 9174。 2004年4月15日海瑞德網路拍賣公司售出， 拍品號21817， 售價46美元。 圖片來源 ：海瑞德拍賣公司， www.HA.com。

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圖132 1926年直隸省銀行天津分行伍圓紙鈔（0147572），PS1289，AU。 2011年4月冠軍拍賣公司售出， 拍品號0066。

18 邊緣切痕、檢測切痕與檢測標記（鑽孔） 邊緣切痕、檢測切痕與檢測標記（鑽孔）是兌換處用來檢測

實質意義上的戳記，也並非典型的外觀受損錢幣。打上這類

中沒有出現與打戳人關聯的文字或符號，因此它們並不是

图133-134 。

銀幣中是否混入其他基礎金屬所做的標記。由於這類標記

標記的目的是為了檢測錢幣中是否鍍銅或其他基礎金屬。

邊緣切痕 圖133 墨西哥1749年 MO M.F.8裡亞爾銀幣，KM-104.1， R-7。

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圖134的墨西哥8 裡亞爾銀幣上打了兩個檢測切痕，由於戳打力度太深，整個錢幣呈中間凹陷的碟狀。

呈碟狀錢幣

檢測切痕 圖134 墨西哥1881年 PI M.H.8裡亞爾銀幣，KM-377.12， R-7。 只要重複在錢幣的一面中心位置打上切痕，整個錢幣就有

慶。現在，這種用紅紙剪出的大雙喜戳記不再出現于婚慶

的） ， （隨着時間推移）重複打戳的目的是為了方便堆疊錢幣。

宴席上將現金裝入紅包交給新郎新娘，而在 20世紀 20 年代

可能呈凹陷的碟狀。曾澤祿推測（我認為這個推測是合理

場合。現代中國文化與古代有所不同，現在人們會在婚禮

至30 年代，一枚銀元也具有類似的價值，出席婚禮的賓客

19 婚用戳記

會在錢幣上貼上象徵喜慶意義的紅紙，然後把它們交給喜

幣的合法性或銀幣的品質無關。儘管如此，仍有許多戳記

我猜想，這些錢幣有可能被用作婚禮紀念品，因為它們雖

剪出的兩個中文“喜”字 （寫法：囍）。單個“喜”字意為 “喜歡”

香港幣商過去常常將錢幣上的紅紙洗掉以便再次售賣，這

結連理的新人。圖135 。

婚用戳記並不是實質意義上的“戳記”，這類戳記與檢測錢 收藏家將之作為有趣的文化珍品收藏。婚用戳記是用紅紙

然並不常見，但也不是十分稀缺。一名香港幣商告訴我，

或“歡喜”，對稱合併的兩個“喜”字則代表新郎與新娘喜

樣做有點可惜，因為沒有婚用戳記的錢幣只能賣出錢幣的

結連理。婚用戳記通常用的是紅紙，紅色在中國象徵着喜

基礎價。

圖135 中華民國三年（ 1914年）袁像壹圓銀幣，Y-329， LM-63，K-646， R-4。 該錢幣的稀有之處在於幣面的紅色戳記， 而非錢幣本身。

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20 現代仿造戳記

仿造問題長期困擾收藏界且日趨嚴重，但現代仿造戳記幣

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幣外來地的打戳人戳打的。中國人並不介意錢幣是真幣或

仍是許多收藏家樂此不疲的收藏領域。不少戳記幣產於清

仿幣，只要白銀成色沒有問題，就是可用的錢幣和戳記。

代，產地主要集中在中國境內，戳記亦是如此。布魯斯·史密

斯（ Bruce Smith）229曾提到過，仿造幣的生產通常出現在

圖134 看似粗製的卡洛斯四世1裡亞爾仿幣鑄造日期為1800

西班牙銀元稀缺的時段（比如西班牙與英國戰爭期間），而

年，上面有一個戳記，可能是在鑄造錢幣時戳打上去的，或

貿易中普遍可用。有時會在幣面打上戳記，有時戳記是由錢

想，重新雕刻的肖像是為了賦予錢幣更加“逼真的”外觀。

者是在錢幣鑄造完成後由一名協力廠商打戳人戳打的。我猜

且仿造地通常在中國。仿造幣使用成色好的銀鑄成，在對華

圖136 墨西哥1800年 MO F.M. 1裡亞爾現代仿幣， R-3。

我們將在最後一章中進一步討論更多仿幣及“問題”戳記。

（未完待續）

229 詳見 ：人物訪談第二部分 ：史博祿， 《戳記幣資訊》第16 卷第1期（2012年3月）第34頁。 J

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INNOVATIVE CHINESE COINAGE WITH THE MINTING PRESSES BY SCHULER INC Oliver Strahl

Germany

The coins offers a wide knowledge, thus every coin has its own story. But to make this happen, the coin must be struck first. ......

M

ore than thousand years ago people started producing coins that had to get minted one by one. Later on in medieval times they have been using rotary striking as a method to produce coins. The manual spindle press was another implement being

used in the Middle Ages. It was merely able to produce three coins per minute. Each of these coins had its own subtleties and the relief was always a bit different. From the 19th century on they have put high requirements on the similarity of coins. Moreover the producing had

The industrial era of coinage began in 1870 with the striking dies known to us. With the engine - driven minting presses, the evolution could no longer be slowed down and ever higher demands could easily be met. Today, modern minting machines can mint more than 500 coins per minute. This is not only done on normal metals, because the innovation is already since long time a part of this craft. The latest d eve l o p m e nt s in c lu d e p o l y m e r minting with a translucent polymer ring, which are officially defined as tri-material coins.

T he company Schule r Inc. wa s founded in 1839 with headquarters in Göppingen. Schuler manufactures modern coin minting presses for the entire world market. Already at the beginning of industrialization, the German company equipped mints such as the KöniglichWürttembergische Münzamt with minting presses. The toggle presses used at the end of the 19th century were able to mint a remarkable 60

Hydraulic Presses produced by Schuler Inc.

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been a laborious and stressful work.

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coins per minute at that time. This was in contrast to the 3-6 coins pe r minute before an excelle nt performance.

The first economic trade with China took place in 1895. The first minting press was delivered to the Middle Kingdom. This relationship is already lasting since more than one hundred years and the last minting press was delivered in the summer of 2017.

The travel report of the Saxon mint master and foreman Buschik and Choulant from their visit in China in 1905 reveals that a number of 30 minting presses had been delivered till then.

By the mid-1930s, more than 1,000 bent lever presses had already been delivered to around 50 countries.

The minting presses were subject to continuous improvement and further development. Some of them are still in operation.

At t h e Wo r l d M o n e y Fa i r 2019 in Berlin Schuler Inc. had been presented by their booth and Mr. D iete r Me r k le, G e ne ral Minting Depar tment Manager, explained some numerous background information.

Schuler is currently represented in more than 40 countries worldwide.

Since 1992 there have been four branches in China, including Shanghai and Beijing. The company employs a total of 6,600 people.

The annual turnover in 2017 was 1.2 billion euros. Not only embossing machines are getting manufactured

by Schuler. The rage of activities is much broader and also extends to the automotive and aerospace industries as well as the household appliance, the forging and electrical industries.

As the demand of modern precious metal coins in China is rising, a high-quality “MRV-200” minting

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press was ordered in 2017. Schuler Inc. offers a comprehensive service combined with extensive experience as a special selling point. The new minting machine can strike 650 coins per minute. The new minting machine is also suitable for the p r o d u c t i o n o f c o m m e m o r a t i ve coins with multiple striking. By a multiple strike of up to nine times considerably improves the surface quality and the mintage of collector coins. The supplied system can also be used to produce bimetallic coins, with joining and minting taking place in only one single work step.

The 5 & 10 Euro polymer minting from Germany were produced by a coin minting press from Schuler Inc. . The 5 Euro coin from 2016 with the theme “blue planet earth” won two awards at the Coin Award of the Year Award ceremony in Berlin in 2018. It was the most innovative coin and also the coin of the year 2018.

S c hule r In c of fe r s a n in clu s ive package as a turnkey supplier up to the finished coin. Cooperation can lead to a coin design. The finished design is transferred to the dies, which are then hardened.

In conclusion, it can be said that the numismatic collector market is still extremely active. Despite the news of the abolition of cash, more and more coins are needed and minted worldwide.

Schuler par ticipated in the development of bi-metallic and trimetallic coins as well as the new polymer tri-material coins. In the field of edge let tering, an edge forming machine which can produce a forgery-proof “Security Edge” is offered. This is particularly useful for Piedfort coins. A current example is the 5 Rand coin from South Africa.

Fur ther innovations for the coin market are under development.

2019.2.13 www.schulergroup.com

To ensure that the polymer coins remain stable and do not break, the materials are joined together in the principle of tongue and groove. The durability of the polymer ring coin is designed for eternity.

Most of the circulated coins in the world were minted by Schuler Inc. Hydraulic Presses

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使用舒勒股份公司壓印機 創新中國硬幣鑄造 奧利弗 · 施塔勒

德國

硬幣內容豐富，每壹類幣都有屬於自己的故事。 當然，先有鑄造出來的硬幣，才有了硬幣的故事。 ······ 一千多年前，人們手工打造硬幣，

而早在中世紀就產生了壓印工具。 產生於中世紀的另一種硬幣生產

工具是手動螺旋壓力機，這種機

出了更高的要求，那時鑄造硬幣還 是一項艱苦而緊張的工作。

造幣行業始於1870年，造幣 伊始

器每分鐘只能生產3枚幣。生產出

采用了人們所熟 知的 沖壓模 具技

圖案亦是各不 相同。從19世 紀開

革命勢不可擋，輕松滿足了更高的

的每枚幣都有細節的差異，浮雕

始，人們對硬幣鑄造的精確性提

術。由電機驅動的沖壓機帶來的 技術要求。時至今日，現代壓印機

每分鐘可以生產500多枚幣。由於

造幣行業日益呈現的創新性，這些 機器不僅僅適用於生產普通金屬

材質的硬幣。目前業內最新開發了 聚合 物壓製技術，所壓製的成品 帶有半透明聚合 物環，生產出來

的幣被稱為三重聚合物材料硬幣。 舒勒公司成 立於1839年，總部位

於格平根，為全 球市場生產現代

化的造幣機器。早在工業化初期， 這家德國公司的造幣設備部門與 皇家符騰 堡 州造幣局一樣 配備了

壓印機。值得註 意的是，19世 紀

末使用的肘桿式壓力機每分鐘已 經可以 鑄造出60枚幣。相比 於 過

去 每 分 鐘3 - 6枚幣的生 產 速 度，

這已是驚人效率。

該公司於1895年首次與中國往 來 貿易，並將第一臺壓印機交付給了

中國。迄今與中國的貿易關系已經 持續了一百多年。2017年夏季，公

司將當時 生產的最後一臺壓印機 也一並交付給了中國使用。

舒勒硬幣壓印機

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薩克森州錢幣學家和冶金學家布

用電器和電氣工業領域。

用於厚 坯 硬幣。最 近使用該技術

他們於1905年訪問中國時，已 經

中國對現代貴金屬硬幣的需求量

公司仍在開發硬幣市場的其他 創

什克寇蘭特在其遊記中記錄，當 有30臺壓印機被交付給中國。

急 劇 增 加， 為 提 升 生 產 量， 於

2017年訂購了“MRV-200”型高

的一個例子是南非5蘭特幣。目前 新型硬幣。

到20世紀30年代中期，已有超過

品質壓印機。舒勒股份公司為此

使 用舒勒公司的硬幣壓印機可以

國家。這些壓印機隨後不斷經過

務。新的壓印機每分鐘可壓印650

進行聚合 物壓印。舒勒公司鑄造

程 紀 念幣。在多達九次的多沖程

主題紀念幣同時斬獲柏林2018年

1000臺曲桿式壓印機銷往約50個 改 進與開發，但其中的一部分機 器目前仍在運行中。

在 2019 年 柏 林 世 界 硬 幣 展 覽 會

上， 舒 勒 股 份 公 司 設 立了展 臺， 通 過 造幣 設備部總 經理 迪特 · 梅

結合豐富的經驗，提供了全面的服 枚 流 通幣，同時 適用於生產多沖

下，紀 念幣的表面質量 和外形將 得 到 顯著 改善。此 外，該 壓印機

也可以生產雙金屬硬幣，同一工作

對德國5歐元和10歐元面值的硬幣

的2016年 德國5歐 元“藍 色 地 球 ” 世界硬幣大獎賽“最佳硬幣獎”和

“最佳創意幣獎”。

步驟下可以同時完成連接和壓印。

為了使聚合物硬幣 保持 穩定不破

背景信息。

舒勒股份公司提供 從一攬子套餐

接材料。聚合物環的設計使得 硬

今日的舒勒在全 球40多個國家及

可與 客戶合作 設計硬幣，通 過模

克爾先生向觀眾介紹了公司豐富的

地 區設有代 表處，自1992年以 來 在中國設有上海 和北 京在內的四 家分公司。

目前公司雇員達6600名，2017年

的年營業 額為12億歐元。公司主

營業務從壓印機的製造延伸到汽 車和航空航天工程以及 鍛造、家

到 鑄 造 完 整 硬 幣 的 全 方位 服 務， 具和隨後的淬火將完成的設計轉 化為樣品。

舒勒也參與了雙 金屬和三金屬硬

幣的開發以及新的三重聚合物材

料硬幣的開發。公司開發了邊緣成

型機 進行 邊 緣壓花，該機器可以 壓印防偽“安全邊緣” 。這尤其適

裂，基本上采用榫舌和凹槽來 連 幣持久耐用。

總之，硬幣收 藏市場仍然非常活

躍。盡管有消息稱將取消使用現

金，但目前全世界對硬幣的使用需 求仍然與日俱增。

2019年2月13日 來源 ：www.schulergroup.com

舒勒壓印機鑄造出世界各地流通的大多數硬幣

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Hashigu Masami

Su Jun (Peking)

Qian Heng

Lin Qingchi's collection Size: 138mm × 85mm

A Research on the Sino-Japanese Amnokkang Timber Forestry Company based on a Rare Silver Yuan Banknote Su Jun

Peking

The Amnokkang Timber Forestry Company was a SinoJapanese company officially opened on September 25th, 1908 (the thirty-fourth year of the Ching emperor Guangxu's reign). Later it was merged into Amnokkang Timber Industry Wireless Company with An Dong County Da Cang Timber Industry Research Institute on October 1, 1915. After the merger, the new company conducted business for more than 30 years.

other denominations of Amnokkang Co. notes have been found. I did a research on the Amnokkang notes which was based on this sole surviving note. · Rich Forest Resources in Northeast China · The forests of the three northeastern provinces of China have long been famous. Endless mountains and natural forests cover the eastern province of Liaoning, especially along the Ya and Hun Rivers. Abundant trees, such as Korean pine, white pine, larch, yew, growing in coniferous forests, are good materials for construction, papermaking, bridges and electrical poles. Other abundant trees in broad-leaf forest such as eucalyptus, poplar, birch, sap timber, Amur Cork-Tree, Septemlobate Kalopanax, Manchurian ash, are superior raw materials for furniture, guns, and paddles. According to a rough investigation conducted at the end of the Ching dynasty, the forest along the Ya River and the Hun River covered

The Amnokkang Timber Forestry Company (hereinafter referred to as ‘Amnokkang Co.’) published silver banknotes during the Ching dynasty. Mr. Lin Qingchi of Taiwan has several of these silver banknotes in his collection. The note pictured from Mr. Lin’s collection is an Amnokkang 100 cents small silver banknote (size: 138 mm x 85 mm). On the left side is the signature of Qian Heng, the third Chinese Chairman of the Amnokkang Co.. On the right side is the signature of the first Japanese Chairman Hashigu Masami. Up until now, no

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an area of nearly 3.586 million Mu (15 Mu=1 hectare), and the amount of accumulated timber growing in forests was about 1.2 billion cubic meters.

became a grabbed target for the empires of Japan and the Russia.

The Japanese Government Forced the Ching Dynasty · Government to Sign Unequal Treaties and Establish · the Amnokkang Timber Forestry Company

· Covert Competition between Japan and Russia · Japan and Russia had been competing for the rich forests along the Ya and the Hun Rivers since early times. The book Fengtian Provincial Gazetteer recorded that before the middle of the Ching dynasty, areas along the Ya and the Hun were still divided as restricted areas. During emperor Tongzhi’s reign, Shandong province suffered a great famine and some refugees moved to this area. This area has developed since then. According to legend, in the twenty-fifth year of emperor Daoguang’s reign (1845), there was a person living in Shandong province who collected taxes on the timber products transported from the upstream near the juncture of the Ai River and the Amnokkang River.

At the time, professional mining timber group had not been formed. In the twenty-eighth year of emperor Guangxu’s reign (1902), the Dadong Muzhi Company was established by the official government and other commercial enterprises, with a fixed capital of 200,000 taels. It was managed by the Northeastern Railroad’s administrative division. At the time, Russia wanted to grab this resource, thus a commercial firm, Forest Firm (Japanese name: Moli kaisha), was established.

However, the establishment of the company violated public international law. The Ching government had to send delegates to Tonghua, situated along the Hun River, to compete with the Dadong Muzhi Company. In the following year, Japanese businessmen colluded with Chinese businessmen and set up the Yisheng Company in the capital of North Korea to compete with the Forest Firm. The forests along the Ya River and the Hun River

▲ Thirteen Ditche

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Russia was defeated in the 1904 Japanese-Russian War. Areas along the Amnokkang River were occupied by the Japanese army, as the Japanese army regarded this area as a trophy given for winning the war. The next year the Japanese army set up a timber factory in Andong for military use. In addition to slashing and deforestation wildly along the Amnokkang River, the Japanese army bought timber almost ever y where and plundered unscrupulously.

In the thirty-first year of emperor Guangxu’s reign (1905), Japan and Russia held peace talks. Japan seized the privilege from Russia of the southern part of China's three most nor theastern provinces. On December 22, Japan’s Foreign Minister Komura Jutarō, Ambassador of Japan to the Ching dynasty Uchida Kōsai, Minister of Foreign Affairs of the Ching dynasty Yi Xu, Secretary of Foreign Affairs Zhai Hongji, and Viceroy of Zhili Yuan Shih-kai signed the unequal treaty in Beijing. It was the Treaty of the China-Japan Conference on the Three Northeast Provinces of China (also known as the Manchuria Aftermath Agreement).

This treaty was signed to force the Ching dynasty government to recognize the provisions of the Treaty of Portsmouth: all the privileges owned by the Russian empire in the southern regions of the three northeast provinces of China were all transferred to Japan, Japan was allowed to harvest timber on the right bank of the Amnokkang River.

▲ Amnokkang Timber Forestry Company

▲ Woods would be transported to Japan

▲ Sixth Ditche

▲ Nineteen Ditche

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Japanese company the Amnokkang Timber Forestry Company. The area covered a distance of 60 Chinese li (30km, 1 li is equal to half a kilometer) away from the right bank of the Amnokkang River, from the Bai Maoer Mountain to the Twenty-four Ditches. China and Japan invested 1.5 million yuan respectively, with a 25-year effective term. The company's head office was located in Andong and was supervised by the Northeastern Railroad’s administrative division. Both China and Japan appointed one chairman. China gained a margin of 5% from all the company's profits. After the company was officially under operation, all the timber factories along the Amnokkang River were allowed to be removed by the Japanese government. On September 25th of the thirty-fourth year of emperor Guangxu’s reign (1908), the Sino-Japanese company Amnokkang Timber Forestry Company was officially opened due to the Japanese imperialist aggression. Japanese aggression was getting deeper and deeper into China’s timber forestry industry.

In July, the seventh month of the thirty-second year of emperor Guangxu’s reign (1906), Japanese ambassador Hayashi drew up important clauses for the Amnokkang Timber Forestry Company and delivered them to the Ching dynasty government for consultation. In March of the following year, Japanese ambassador Hayashi went to Tianjin several times to attend peace talks with representatives of the Ching dynasty government. During the conversations, Hayashi proposed unreasonably that the Hun River should be included in“the right bank of the Amnokkang”. However, the Ching dynasty government representatives refused all the proposals. Shortly after that, Hayashi returned to Japan, the acting ambassador Moritaro Abe changed the previous proposals slightly.

The Ching government representatives still insisted that the Hun River within the Tunghua area should not be divided as the“the right bank of the Amnokkang River”. After repeated arguments, they reached a final agreement. There were 13 articles in the memorandum and the topic of the memorandum was the Sino-

· Memorandum of the Amnokkang Timber Forestry Company · Based on the 10th clause in the Japan - Manchuria treaty, specifically delegated Japanese plenipotentiary ambassador Lin Quanzhu, and Minister of Foreign Affairs of the Ching dynasty Natong, who was appointed by the local government, signed the memorandum on December 22, the thirty eighth year of the Meiji’s reign (i.e. November 26th of the thirty-first year of Guangxu’s reign). The memorandum of the Amnokkang Timber Forestry Company was regulated as follows:

yuan, contributed 50% each by Japan and the Ching dynasty governments.

Article 4 The Company shall set up its head office in Andong. In addition, if the company deems necessary, branches will be set up in various places to supervise the the operation of the company.

Article 5 The Company agrees to preserve the previous Wood Handle Industry① of the Ching dynasty. According to the definition of article 1, the area within the specified boundary, from the Bai Maoer Mountain to the Twentyfour Ditches belongs to Amnokkang Co., the areas outside the boundary and the forest along the Hun River still belong to the Ching government. However, when the Ching government needs to conduct business with the Wood Handle organization, it should borrow employees from the Amnokkang Timber Forestry Company. The cut timber, except for wood required by the Jiangsu-Zhejiang Province Railway Company and the timber required by the residents along the Hun River, can be purchased directly from the wood handlers, all the remaining timber should be acquired by Amnokkang Co.. The company can sell the timber directly at the market price but may not arbitrarily monopolize the market.

Article 1 A distance of 60 Chinese li (30km) away from the right bank of the Amnokkang River, from the Bai Maoer Mountain to the Twenty-four Ditches, within such area Japan and the Ching dynasty will jointly conduct the forestry business. However, at the beginning of the operation of the company, the two countries will delegate several persons to set up a bureau. One year later, when all matters were properly rectified, the business should be undertaken by the two countries.

Article 2 The name of the timber company co-organized by the Japanese government and the Ching dynasty government is Amnokkang Timber Forestry Company.

Article 3 The capital of the company is three million

① ‘Wood handle Industry’ is an industry formed after some Shandong immigrants moved to the east of Shanhaiguan Pass and systematically deforestated the area, then sawing the timber into coffin materials, and hiring sailboats to ship the coffin materials to Shandong for sale. The organization conducted the business is called a wood handler.

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A r t i c l e 6 I f t h e C h i n g g ove r n m e n t a n d r e l a te d bureaucratic structures need to purchase timber cut

by Amnokkang Co. and timber purchased from the wood handlers, the Ching government shall purchase it from Amnokkang Co. using passports as the purchase certificate. However, the company must charge at the actual price and cannot raise the market price.

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Article 10 The company shall deduct the net profit from the income, and 5% of the income shall be submitted to the Ching government as reward funding. The remaining profits should be divided among the shareholders of the two countries as a dividend. The company's expenses shall not be arbitrarily paid. Payment of salaries and all other expenses of the company's employees shall be reported to the Supervisor for approval.

Article 7 The valid term of the company is twentyfive years. After the expiration of the term, if the Ching government believes that the company's business operations are still needed, the company may petition the Ching government to extend the time limit of the company’s incorporation.

Article 11 Detailed regulations in connection with all measures taken for the establishment of the company shall, within one month after the determination of this memorandum, be consulted by the two committees respectively which were appointed by the Fengtian Inspector and the Japanese Consul-General in Fengtian.

After consultation, the detailed regulations will be delivered to Amnokkang Co. for approval, and thereafter the company will be opened within three months. In the future, if the company will make other provisions and regulations, these must be approved by the Supervisor.

Article 8 The company shall have one supervisor who will concurrently act as Dongbian Daotai ② and will be appointed by the Fengtian Inspector to supervise the company's business operations; In addition, two chairmen shall be appointed respectively by Japan and the Ching government to manage all the business of the company. Other directors and engineers shall be appointed by the chairmen after consultation. If it is necessary to employ workers from other countries for timber felling within the boundary, the chairman shall apply to the supervisor for approval in advance before confirming the employment.

Article 12 When the Fengtian government discusses the company’s payable timber taxes, the exact tax volume shall be checked clearly by the committees of the two countries according to the previous provisions. The tax volume will be decreased after consultation by the officers at their discretion. Taxes including Lijin tax on the machines and timber imported by the company shall be exempted.

Article 9 The company shall prepare business reports and income statements at the end of each year, and submit them to the relevant officials of the two countries for inspection.

Article 13 As soon as the Japanese government agrees to conduct business with Amnokkang Co., it shall remove all the timber factories along the Amnokkang River.

Lin Quanzhu, specifically delegated Japanese plenipotentiary ambassador.

Natong, Minister of Foreign Affairs of the Ching government.

May 14th, the forty-first year of the Meiji Emperor’s reign, the Empire of Japan.

April 15th, the thirty-fourth year of the Ching dynasty emperor Guangxu’s reign.

② Dongbian Daotai was the name of the Northeastern Railroad administrative division when it was managed by the Japanese.

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橋口正美

錢鑅

林清池藏品 票幅 ：138毫米× 85毫米

從一張罕見的小銀元券探究中日合辦之 鴨綠江采木公司 蘇駿

北京

鴨 綠 江 采 木公司 為 中日合 辦， 正 式 開 張 於 清 光 緒

元券。筆者依此實物，對中日合辦之鴨綠江采木公司

三十四年（1908年 ) 九月二十五。1915年10月1日，鴨

做了探究。

綠江采木公司和安東縣大倉制材所合併為鴨綠江制材

· 中國東北富饒的森林資源 ·

無限公司。合併後經營30餘年。

根據臺灣林清池先生收藏的罕見實物，鴨綠江采木

中國東北三省之森林。早已聞名於世。而遼寧東部，

綠江采木公司小銀元拾角券”，憑帖支取，其票幅 ：

域最為繁茂。盛產針葉林，如紅松、白松、落葉松、

山巒綿亙，天然森林，一望無際。尤以鴨、渾兩江流

公司曾在清代發行過銀元票。林先生的這張票為“鴨

赤柏松、汕松等，為建 築、造紙、橋樑、枕 木、電

138毫米×85毫米。左邊中方第三任理事長錢鑅簽名，

柱之良材 ；闊葉林 ：如椴木、楊木、樺木、色木、核

左邊日方第一任理事長橋口正美簽名（如上圖）。截至

桃楸、黃波羅、刺楸、水曲柳等，為傢俱、槍桿、船

目前，還未發現鴨綠江采木公司發行過其他面額的銀 102

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槳等上品原料，據清末時粗略調查，鴨、渾兩江流域

DEPARTMENTS

奪取了沙俄在中國東 三省南部地區的特權。十二月

之森林面積，約358.6萬餘畝，積材量約12億立方米。

二十二日，日本外務相小村壽太郎、駐華公使內田康 哉與清外務部總理大臣奕勖、外務部尚書翟鴻機、直

隸總督袁世凱在北京簽訂不平等條約《中日會議東三

· 日俄之垂涎與相爭 ·

省事宜條約》( 又稱《滿州善後協約》)，強迫清政府

鴨、渾兩江流域之富饒森林，早已引起日、俄帝國主義

承認《樸資茅斯和約》中有關東三省的規定 ：沙俄在

之垂涎與相爭。據《奉天通志》記載：清代中葉以前，鴨、

東三省南部的一切特權全部轉讓給日本，允許日本在

渾兩江流域，仍屬封禁之地。迨同治年間，山東大饑，

鴨綠江右岸采伐森林。

一部分饑民，移住於此，從事開拓。相傳道光二十五 年間（1845年） ，有山東某人，在愛河與鴨綠江合流處

光緒三十二年（1906年 ) 七月，日本使臣林權助擬訂

馬市台附近，徵收從上游輸出之木稅。其時，采木尚

鴨綠江木植公司要目函送清政府會商。翌年三月，日

官商共組大東木植公司，額定資本20萬兩銀，隸東邊

綠江右岸”系指該地全段而言，連渾江流域均包括在

無專業，木把尚無團體。光緒二十八年 (1902年 )，由

本林使到天津的清政府代表會談數次，無理提出“鴨

道管理。斯時，沙俄垂涎，創設森林會社，違背國際

內。而清政府代表將所送提案逐條辯駁，迄未就範。

公法，清政府派員駐渾江流域之通化，以與木植公司

未幾，林使回國，代理使臣阿部守太郎將前提案略加

相爭。翌年，日本商人又勾結中國商人，設義盛公司於

改易，清政府代表仍與剖辯，堅持渾江流域，通化以

朝鮮之京城，與沙俄之森林會社相抗。鴨、渾兩江流

內，不能混為鴨江右岸之地。後又複爭。始行定議，

域之森林，一時成為日、俄帝國主義相爭的一塊肥肉。

所訂章程大綱十三條，名為 ：中日合辦鴨綠江采木公

司。劃定鴨綠江右岸距江面幹流60華里為界，自帽兒 山起至二十四道溝止。中日兩國各出資150萬元，以

· 日政府強迫清政府不平等立約成立鴨綠江采木公司 ·

25年為限。該公司總局設在安東，以東邊道台為督

1904年，日俄交戰，沙俄敗北。鴨綠江流域為日軍

辦，中日兩國各派理事長一員。公司所有進款，以餘

設軍用木材廠于安東，除在鴨綠江沿岸狂采濫伐外，

綠江木材廠一概撤去，光緒三十四年（1908年 ) 九月

所占，沿岸森林，亦被日軍視為戰利品。翌年，日本

利5% 報效中國。該公司開辦後，日本政府允許將鴨

更於各處買收木材，肆無忌憚地進行掠奪。

二十五日，日本帝國主義侵略下的產物⸺ 中日合辦

鴨綠江采木公司即正式開張，日本侵略勢力染指中國

光緒三十一年（1905年 )，日俄講和。日本帝國主義

▲ 十三道溝木材筏

森林采伐業愈演愈烈。

▲ 鴨綠江采木公司

▲ 三道浪頭木材裝入汽船運往日本

▲ 六道溝木材聚集地

▲ 十九道溝的木材

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· 鴨綠江采木公司章程 · 大日本特命全權公使男爵林權助、大清國外務部會辦大

② 第八條 本公司設督辦一人， 由奉天督撫命凍邊道台 兼

臣那桐， 各奉本國政府委任， 基於明治三十八年十二月

任 , 監督公司經營事業 ；另設理事長二名， 由日清兩國

二十二日即光緒三十一年十一月二十六日締結之有關滿洲

各任， 經理公司一切業務 ；其他理事、 工程師等由理事

之日清條約所附協約第十條規定， 議定日清合辦材木公

長協商任命。 若在界內為進山伐木需兼用別國之人， 由

司章程如下 ：

理事長預先報請督辦認可後定之。

第一條 自鴨綠江右岸帽兒山至二十四道溝之間、距該江

第九條 本公司當於每年年底編制年內一切事業報告書

面六十華里內劃定為界 ( 由奉天派委員會同日本委員測

及收支計算書，上呈兩國相關官憲，接受查閱。

定，樹標示界 )，界內木材由日清兩國合資經營采伐事業。

但在公司創業之初， 由兩國派委員設局經營， 待一年後

第十條 本公司從收人中扣除一切費用後之純利，百分之

一切事務整頓妥當，應由兩國招商承辦。

五作為報效金上交清國政府， 所剩利潤歸日清兩國股東 按股分紅。 公司之費用不得任意支出， 當按期預算公司

第二條 日清合辦之材木公司稱為鴨綠江采木公司。

雇員薪酬及其他一切經費數額，呈報督辦，得其批准。

第三條 本公司資本為三百萬元，日清兩國各出資一半。

第十一條 有關公司設立之一切辦法，當在此大綱議定後 一個月以內， 由奉天督撫及在奉天日本總領事各任命一

第四條 本公司將其總局設于安東， 此外， 在本公司認

名委員，商議詳細章程，議定後將其交付公司遵照辦理，

為必要時，得具禀督辦，在各地設立分局。

限三個月以內開業。 以後公司另定規章時， 須經督辦批 准施行。

① 第五條 本公司同意保全以往之清國木把業 ， 第一條言

明之劃定界內歸公司采伐， 其界外及渾江之森林， 仍歸

第十二條 本公司應納之木材稅， 在奉天商議詳細章程

以往之清國木把采伐，但木把所需資本，當從本公司借

時， 由兩國委員查明以往規定之稅額， 商得地方長官同

入。 采伐之木材， 除江浙鐵路公司所需枕木及渾江沿

意後酌減。 但公司進口之機器及木材所需之器具等， 當

岸居民所需木材可直接從木把購買之外， 其餘全部歸公

免所有稅金厘金等等。

司收購。公司按市價直接出售，不得任意壟斷。 第十三條 日本國政府同意在本公司開業後， 撤去現在 第六條 公司自采木材及從木把收購之木材， 清國政府

全部之鴨綠江木材廠。

及清國各官衙需用時， 當持護照從公司購買， 但此時公 司須按實價計算，不得抬高價格。

大日本特命全權公使男爵林權助印 大清國外務部會辦大臣那桐印

第七條 本公司經營期限為二十五年， 至期滿， 如清國政

大日本國明治四十一年五月十四日

府認為公司經營事業尚屬妥當， 公司得呈請清國政府准

大清國光緒三十四年四月十五日於北京

許延長期限。

① 木把業就是山東闖關東的災民（移民）有組織地採伐木材，鋸成棺材料，雇風船，運到山東出售。由此形成的行業稱號叫“木材把頭”, 簡稱“木把”。 ② 凍邊道台是東邊道台一度讓給日商管理時期的叫法。

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· 公司組織機構及職員設定 · ［公司總局］ 設置在安東縣 ( 今丹東市 )。開辦之初設

木業公會之事務。這樣，采木公司不僅染指中國森林

四課。調查課、營業課、會計課、秘書課。四年後 進行改組，將調查、營業兩課並為總務課 ；會計課改 為度支課 ；秘書課改為秘書處。

采伐之經營，而且插手中國民間事務之處理。

［公司總局之職員設定］ 督辦一人。由奉天省署 ( 今遼 寧省 ) 派東邊道尹兼任，監督公司經營事務 ；1929年

［公司分局］ 於鴨、渾兩岸設分局（通化、八道江、帽

兒山、十三道溝、長白）五處，辦理采伐、流筏監督 及漂木整理等業務。分局位置，管區如下 ：

［直轄分所］ 在安東縣六道溝設置貯木所。辦理到排 檢收、抓凳 ③ 保管及漂木整理等業務 ；在安東縣沙河

鎮設置沙河鎮分所，辦理料棧 ( 木商 ) 排到安檢查及

漂木整理等業務。

［临时编排所］有長白縣之二十道溝、十九道溝、十五 道溝、八道溝及臨江縣之五道溝等所。辦理編排發 送及漂木整理等業務。自流筏開始至終筏結束。

改為省農礦廳長兼務。

［理事長二人］ 由中日兩國政府各派一人，經理公司一 切業務。

［理事二人以上］ 由理事長會同選派，分別報請批准， 輔佐理事長監查事任。

［技師、參事若干人］ 由理事長協商派充。兩國員額 對等。技師掌握技術事宜 ；參事辦理營業事宜。

［副技師、副參事若干人］由理事長協商派充，兩國員 額對等。

［临时检查所］有臨江縣之望江樓 ( 大粟子溝 )、輯安

縣之外岔溝，寬甸縣之渾江口，安東縣之馬市台等所。 ［辦事員若干人，雇員若干人］ 由理事長協商派充，辦 理一切事務、雇員享受准職員待遇。

專辦區間筏接送檢查及發給排夫賃金等業務。

1915年，又增設了兩個所謂附屬機構 , 即漂木整理局 ［檢查助手若干人］ 由理事長協商派充，兩國員額對 等，協助職員服務，雇員待遇。

和兩江保護木業事務所。

［漂木整理局］ 木排在江中流放時，觸礁時有發生， ［船長、船員若干人］ 由理事長協商派充。准職員待

遇；其他：護勇、夜警、事業夫、雜役、小使等若干人。

造成人落水中，木排散失。零散木材即順江漂流而 下。過去，這些漂木都由木業團體⸺ 木會負責打撈

處理。1915年，采木公司總局便在安東縣六道溝設

立漂木整理局，與原貯木所合署辦公，將漂木打撈處

［歷年理事長 ( 依歷任順序 )］ 中方 ：胡宗贏、程道元、錢鑅、佟兆元、李友蘭、喬

理權奪取過來，從中漁利。

庚雲、于國翰、韓夢琦、林丙炎。

［兩江保護業事務所］ 安東原有木業團體組織⸺ 木 業公會，從事保護木業，調處數萬名木把 ( 勞動工人 )

日方 ：橋口正美、村田重治、永田正吉、內藤確介、

之間糾葛及上百家料棧 ( 木商 ) 之間的紛爭。1915年，

高尾亨、八木元八。

采木公司總局在安東設立兩江保護木業事務所，取代

③ 抓凳是將木材運上岸後，嗎垛出售的意思。區別于水上賣卻的專業用詞。

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THE IRON COINAGE o f XIAN FENG David Hartill〔England〕

【 PART

01

1 THE PEKING MINTS 】 on its carbon content, at 1150℃ upwards. This was overcome by adapting the copper furnaces to melt iron by joining two pairs of bellows to each furnace.

Nevertheless the extra expenditure on coal and labour meant that is was expedient to cast two thirds Value Ten coins and one third regulation coins, which would not increase expenditure by much, but would overall produce a surplus, while some regulation coins would still be produced for the convenience of the army and the people. Further savings could be made by buying up scrap cooking utensils within the city, as these cost 30 cash a catty as opposed to 80 cash for ordinary iron purchased from Shanxi.

In 1853 the shortage of copper due to the Taiping rebellion led to drastic measures being adopted by the government to provide enough coinage to pay the armies. On 1853/12/14 (14th December 1853) the Prince Hui, Mian Yu (the fifth son of Jia Qing and Commander in Chief of the forces defending Tianjin and Peking) memorialised that in his humble opinion, the needs of the Treasury were numerous and perplexing, and with regard to the Army Estimates, there was the very greatest need of ready cash. The government had decided to issue official bank notes and large coins, but soon the copper stores would be exhausted from casting the large coins. What if iron and zinc were used for the casting of ordinary regulation coins? Iron and zinc coins could be used in the same way as copper coins, and the ensuing savings would be enough to relieve the present situation.

After careful deliberation, Prince Hui decided to set up 100 furnaces and recruit labour progressively. As each furnace required 25 workmen, including the supervisory and security staff, a total of 3,000 people would be required. To make it easier to find premises for the furnaces, the mint was to be divided into four branches, and premises for the first branch were available in the fifty rooms of the Manchu Orthodox Blue Banner Horse Yards in Dong Zhang An Street South. A separate Yamen was set up to manage the public affairs, an Iron Treasury to collect iron, and a Coin Treasur y to collect the coins; thus the Iron Coin mint was an entirely separate establishment from the Boards of Revenue and Works mints.

Imperial Approval was given to this proposal, and by 1854/4/20 (April 1854) Prince Hui was able to report a successful trial casting. On 1854/2/7 a furnace had been set up but the first attempt was not a success as the workmen were not familiar with the technique for working with iron. However, three more foundry workmen were recruited and on the 12th day another trial casting was made which, contrary to expectations, produced excellent results, and by the 15th day coin branches were respectfully presented for the Emperor’s inspection.

The difficulties in the trials must have been caused by the higher melting point of iron as compared with copper. Copper melts at 1080°C, while iron, depending

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Precise details of the output required from the furnaces were laid down.

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Each furnace is to cast for 25 days a month. Each day one furnace, with two bellows joined together, is to cast 44 firings. 30 firings are to be of regulation coins.

Deducting "leakage”, they are to deliver 20 chuan (strings), the equivalent of 40 diao (small strings) of Peking cash. 14 firings are to be of Value Ten large coins.

Not deducting leakage”，they are ordered to deliver 4 strings a day, the equivalent of 80 diao of Peking cash.

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(60 + 31) furnaces between them. The implications of this memorial on the frequency of changing ancestor coins, and hence the production of different coin types are too great to elaborate on here.

By XF5/12/3(Jan 1856) Prince Hui was able to report that the establishment of premises for the East, South, West, and North branches was complete, that 100 furnaces were in operation with the workmen experienced in their trade, and that casting of Value Ten and regulation coins was taking place daily. To date a total of 498,040 strings of regulation coins, and 216,858 strings of Value Tens had been produced.

For the 25 workmen, on working days grant wages of 25 diao of Peking cash, on the remaining days do not grant wages. Each firing uses 17 catties of iron, with a daily total of 748 catties. For each 100 catties allow scrap of 20 catties.

At first the iron coins won acceptance from the people.

The regulation coins at least had a weight comparable with the coinage of previous reigns. However the temptation to forge the Value Tens was great. The people could buy a catty of iron for 40 cash; this catty of iron could be then used to make 30 Value Ten coins, resulting in a nominal profit of some 250 cash. By XF7 (1857), all confidence in the iron Value Tens was lost, and a contemporary account says “To-night people used them, early the next morning they were thrown about the streets.” Another says that if one attempted to use a Value Ten iron coin to buy white flour, then not only would the price be five times higher, but the merchant would adulterate the flour with other things to the extent that you would not be able to eat the stuff.③ In XF7/5/10 (May 1857) casting of the Value Tens was stopped, and only regulation coins were produced thereafter.

The iron left over from the "branches” should immediately be made part of the next day’s quota. Each firing uses 10 catties of coal.

T he H u id i a n S h i l i① quote s a me mor ia l of X F4 “(Concerning) Casting Value Five iron coins, each coin is to weigh 2 qian 4 fen (9.0 grams). Iron regulation coins are each to weigh 1 qian 2 fen (4.5 grams).” No weight is given for the Value Ten iron coin. Although the weight of the brass Value Tens had been reduced from 6 qian (22.4 grams) to 4 qian 4 fen (16.4 grams) at this time, the relative size of the iron Value Tens points to the 6 qian standard.

Unusually, there is a memorial concerning the production of ancestor and mother coins:

Xian Feng Fifth Year. Xun Feng Commissariat.

There are 100 furnaces established. Engrave three regulation coin ancestor coins and four Value Ten ancestor coins. Distribute these to the mints of the Board of Revenue and Board of Works. Each year in accordance with the two seasons replace 39,600 regulation mother coins and 11,552 Value Ten mother coins. In the Spring, in the third month, and in the Autumn in the ninth month distribute these to the mint.②

Yet there was still not enough coinage to pay the Army, and in XF7/8/21 (Sept 1857), when the Board of Works mint stopped casting the Value Five coins, their spare capacity was used to cast 5 mao of regulation iron coins in the second half of the month, while copper coins were cast in the first half. The Board of Revenue, too, set up temporary buildings for 32 furnaces for casting iron coins. In XF8/9 (Oct 1858) a fifth branch, known as the Middle branch, was added to the Iron Coin mint giving it a total of 125 furnaces.

If we take it that the instruction to distribute the ancestor coins to the Boards of Revenue and Works mints was to enable their workshops to prepare the mother coins, and pass them on rather than retain them for their own use. then surely the 100 furnaces must refer to the Iron coin mint as the Boards of Revenue and Works only had 91

Eventually it became clear that the iron coinage was more or less worthless, and not worth the cost of the coal and iron used in its manufacture. On XF9/7/28 the Board of Revenue gave orders to close down the Iron Coin mint entirely, and also the furnaces in the Boards of Revenue and Works mints that were still casting iron coins.

① Qinding Da Qing Huidiari Shili (1899 version). Vol 214 p.9. ② Ibid. Vol 990 p. 15.

③ A Monetary History of China. Peng Xinwei trans Kaplan, p.744.

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However, in XF9/4, the monthly quota of the five mint branches is given as 265,625 chuan, which would imply an annual casting level of 3,187,500 chuan which is not plausible even with 125 furnaces; the monthly quota should be in diao, and the total annual production was 1,593,750 chuan, which is of the expected order of magnitude. The actual production for the period XF4/3 to XF5/11 has been given above; for the period XF5/12 to XF7/4 we shall assume production of regulation coins and Value Tens at around 90% of the theoretical level; for XF7/5 to XF8/8 casting at the 1,593,750 chuan level pro-rated down for 100 instead of 125 furnaces, and for the last year the full 1,593,700 chuan level. In XF9 it was reported that the 31 furnaces of the Board of Works were casting 50,000 strings (chuan, but again this must be diao) of iron coins a month, so we can assume that the Board of Revenue was casting twice that amount as its 32 furnaces were casting iron coins for the full month.

It is surprisingly difficult to establish the theoretical casting levels of iron coins from the various figures quoted. This is partly because the records are not always complete, or just give the production of trial castings. Another complication is that total casting is not always given in terms of the actual quantities of each type of coin cast, but in terms of the total nominal value cast, with Value Tens counting as ten; thus, unless the proportion of Value Tens to regulation coins is known, the absolute quantities cannot be determined. Thirdly, there is some confusion between chuan and diao. For example, in XF7/7 a memorial quotes a monthly casting level of 280,000 diao (note that the regulations imply a level of 300,000 diao) for the Iron Coin mint. If only regulation cash were being cast by then, this implies an annual casting level of 280,000×12÷2=1,680,000 chuan.

By comparison with the next example, this amount seems to be too high, and it is likely that the 280,000 was an old figure which still included the Value Tens.

Table 1 Estimated Production Of Iron Coins Strings (Chuan)

Iron Coin Mint

B of RE

B of Works

Reg Coins

Reg Coins

Year/Month Reg Coins XF 4/3-5/11 XF 5/12-7/4

Value 10

498,000

217,000

779,000

156,000

XF 7/5-8/8

1,700,000

-

XF 8/9-9/7

1,460,000

-

XF 7/5-9/7

600,000 1,000,000

XF 7/12-9/7 Total

【 PART

4,437,000

373,000

1,000,000

02

1 LIST OF IRON COINAGE OF XIAN FENG 】

No one source gives a definitive list of all the iron coin types.

This account is based mostly on the Shincho Senpu④, with exceptions noted. I have concentrated on items that may have been intended for normal production.

④ Shincho Senpu. Hanawa Shiro.

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TYPE A Coins of this type are written in an elegant form of writing known as Daishu script, which was created

by Dai Chunshi. Only known from the Board of Revenue.

VALUE ONE Obverse: Xian Feng tong bao. Reverse: Boo chiowan in Manchu, the name used by the Board of Revenue Bao quan mint.

1

Type 1 The commonly found variety with an orthodox tong head.

Type 2 This specimen is illustrated in Quan Bi⑤ and has a square head tong. The specimen is described as a mother coin, but I have not seen any evidence of regular production from this.

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VALUE FIVE Obverse：Xian Feng Zhong Bao. Reverse: Top, bottom, Dang wu (equivalent of five). Left, right, Manchu mint name as above. This specimen exists as a sample only, for although the memorial of XF4 in the HDSL authorised its production, the subsequent records do not mention a Value Five; it must have soon been decided that it was not economical to produce. From the Palace Collection. ⑥

VALUE TEN Obverse Xian Feng Zhong Bao. Reverse: Top, bottom, Dang shi (equivalent of ten). Left, right, Manchu mint name as above. If there was any regular production of this type, it was must have been very low. From 400 Rare Qing coins.

As the Daishu script is seen on the trial Board of Revenue Value Five, Type A must have been the first type to have been made by the Iron Coin mint, and so can be dated to XF4 (1854) until possibly early XF5 or such time as it was decided to use privy marks to distinguish the mint branches as they were established.

⑤ Quan Bi. No 14. p.36. ⑥ Gugong Qing Qian Pu. Huang Pengxia. p.85.

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TYPE B Coins of this type are in normal script, and show privy marks, which although undoubtedly referring to the various branches of the mint, will be given numeric references to start with as their attribution is not altogether straightforward.

BOARD OF REVENUEVALUE ONE The common obverse is Xian Feng tang bao, and the reverse, Boo chiowan.

Type 1 Six stroke bei , orthodox head tong with two dots.

Type 2 Seven stroke bei, square head tong with two dots. Not explicitly described anywhere except in the Palace Collection. ⑧ I have a specimen which appears to have a square head tong, but is so corroded I cannot be absolutely sure.

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Type 3 Normal calligraphy, but the down strokes of the er component of bao have degenerated into dots. The commonest type.

Type 4 Orthodox tong and bao.

Protruding head boo. SCSP implies that this type was cast in iron, but there is no definite illustration of an iron specimen.

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5

Type 5 The right hand middle component of bao is written like chen.

BOARD OF REVENUEVALUE TEN The common obverse is Xian Feng zhong bao. On the reverse, top and bottom Dang shi (equivalent to ten), left and right Boo chiowan.

Type 1 Bao with the right hand middle component of bao written like er, and six stroke bei.

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⑧ Gugong Qing Qian Pu. P 84.

Otherwise Zhongguo Jindai Huobi Shi Ziliao. P 203-257.

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TYPE B Type 2 Bao with the right hand middle component written like fou seven stroke bei.

Type 3 Bao with the right hand middle component written like er, seven stroke bei. I have taken the type with dots instead of down strokes in er to be a variety of this, rather than a deliberate privy mark.

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Type 4 Normal calligraphy, but with a protruding head on boo.

Type 5 Bao with the right hand middle component written like chen, seven stroke bei.

5

For neither denomination have I allocated Type B.v with the chen bao. As there are Value Tens (whose production ceased in XF7/5) of this type, it cannot be attributed to the Middle branch which was not opened until XF8/9, or to the casting of the Boards of Revenue and Works mints who only cast regulation iron coins.

There is another possibility. In XF5 a mint was opened in the Pingding prefecture of Shanxi to cast iron coins. This is referred to as a branch office (fenju) of the Board of Revenue mint and to start with was managed by a Board of Revenue Special Commissioner. This mint initially had 29 furnaces (so was slightly larger than a Board of Revenue mint branch). This was reduced to 15 in XF9, and the mint was closed in XF9/7 (Aug 1859). Iron coins with the Shanxi Boo Jin mint name are extremely rare, so it seems that the Pingding branch mint used the Board of Revenue mint name, with the chen bao privy mark. Thus the two B.v types can be attributed to this Shanxi branch mint.

It would appear reasonable to attribute three of the Value One regulation coins, the grandchildren of the three ancestor coins mentioned above, to mint branches in accordance with the normal Board of Revenue Privy marks. Thus Type 1 is for the East branch, Type 2 is for the South branch, and Type 4 with the protruding boo can be attributed to the North branch. This leaves Type 3 for the West branch. Should an iron coin with the normal West branch privy mark of square head tong with one dot be known, we would have to revise this allocation.

The Daishu type was presumably cast before all mint branches were in operation, although the two types of the Value Ones could be candidates for the West and South branches. We do not seem to have a type for the Middle Branch which would not have a corresponding Value Ten type. Nor do we have a type for iron coins cast by the Board of Revenue mint itself.

Similarly the Value Tens can be attributed: Type 1 to the East branch, Types 2 and 3 to the South and West branches (there being no obvious clue as to which is which), and Type 4 to the North branch.

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BOARD OF WORKS A Value One Board of Works coin is recorded in SCSP, and Bruce Griffiths has sent me this rubbing. SCSP also shows an Board of Works iron Value Ten coin. However, in light of the chronology presented above, this cannot possibly be genuine. A profitable method of forgery would be to use a normal Board of Works brass coin as a mother coin for an iron coin. The Value One coin has the square head tong with two dots privy mark of the Old branch of the Board of Works mint.

Although the casting levels show that iron coins formed a significant proportion of the coinage of China for about six years, nowadays specimens are not common. Mainly this is because most were subsequently melted down as scrap, while the survivors succumbed to rust. Nevertheless, I feel that closer examination of existing specimens could add to this exploratory account.

Value One Value Ten Board of Works

Brief introduction about David Hartill David Hartill, who has been collecting and studying Chinese coins since he was a child. He is the author of Qing Cash, Cast Chinese Coins, Early Japanese Coins, and A Guide to Cash Coins.

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咸豐鐵錢 大衛 · 哈蒂爾〔英國〕

01

【 第一 部分 · 北 京造幣局】

1853年，太平天國運動導致銅料稀缺，於是清政府 採取嚴厲措施提供足量鐵錢以支付軍費。同年12月14 日，時為惠親王的愛新覺羅 · 綿愉（嘉慶第五子，防

山西購買常規用鐵則需支付80文 / 斤。

經過一番考量，惠親王決定逐步設立100 個火爐並雇

己見，鑒於大量複雜的用錢需求，根據軍隊的財政評

管人員和安保人員，合計需約3000名員工。為便於

紙鈔和大錢，但是隨後鑄銅商鋪無力鑄造大錢。綿

選址東長安街南邊滿洲正藍旗馬圈場的五十個房間。

剿天津與北京地區太平天國軍隊的奉命大將軍）直抒

傭勞工。由於每設立一個火爐需要25名員工，包括監

估，備足可用資金已屬萬急之需。政府決定發行官方

尋找建造火爐的場地，分建了四個造幣廠。首個分廠

愉便建議使用鐵和鋅來鑄造通用鐵錢。鐵、鋅鑄成

增設一個獨立的衙門管理公共事務，一個存鐵庫集

的幣可當成銅錢來使用，而且如果使用鐵和鋅，由此

藏鐵，一個鐵錢庫集藏鐵錢。因此鐵錢造幣廠是從

節省的資金得以緩解資金緊缺的情況。

戶部和工部造幣廠獨立出來的完整分支機搆。

綿愉的這項建議得到了清政府的批准。1854年4月20

下列是詳細的火爐生產輸出量 ：

2月7日火爐製成，但因其鑄造人員不熟悉用鐵鑄造的

每個火爐每月鑄造25天，每天一個火爐，同時配備兩

鑄造人員，12日再次試鑄。與預期不同，再次試鑄取

除“遺漏”的部分，30台鑄錢爐能生產20串，約等於

日，惠親王向上彙報試鑄成功的消息。之前，1854年 工藝，首次試鑄宣告失敗。此次失敗後，增雇了三名

台風箱，用44台鑄錢爐。30台用來生產普通鐵錢，扣

得良好的成果。15日，各鑄錢局接受了皇帝的檢查。

40吊北京銅錢。14台鑄錢爐用來生產當十大錢，不扣 除遺漏的部分，需每天生產4串即80吊北京銅錢注。

相比銅，鐵的熔點更高，因此試鑄遇到困難。銅的熔

點是1080 ° C，而鐵的熔點是1150 ° C 以上，因依其

工作日發給負責每個火爐的25名員工的薪資是 25吊

含碳量而定。故在鑄造鐵錢時 , 在每個火爐再加入兩

北京銅錢（指北京寶泉局或寶源局製錢），非工作日

的煤炭和人工方面的支出意味着最好的情況是鑄造

每生產100斤會產生 20斤的廢料。

對風箱就可熔鐵，這個問題便迎刃而解了。然而額外

無 薪 資。每 個 火 爐 用鐵17斤，每日共 需用鐵 748斤。

三分之二的當十錢和三分之一的普通鐵錢。如此一來， 既不會增加開支，又可產生盈餘，而一些普通鐵錢還

每個分廠當天剩餘的鐵隔天繼續使用。每個火爐使

可供給軍隊和百姓使用。另外，在市內購買炊具廢鐵

用10斤的煤炭。

料可節省更多開支，這樣做只需支付30文 / 斤，而從

編者注 ：清時，1吊為製錢1000 枚，也稱1貫，1串等於1吊或1貫。此文1串等於 2吊。原文如此備此注之。

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《清會典事例》① 記載了咸豐四年的鑄造量 ： “( 關於 )

儘管如此，依舊沒有足夠的錢支付軍費。咸豐七年農

鐵幣每枚 重一錢二分（4.5克）。”書上沒有關於當十

當五錢，仍有餘力在首個半月裡鑄造銅錢，在接下來

鑄造當五鐵幣，每枚幣重量二錢四分（9.0克）。普通

曆八月二十一（公曆1857年9月），當工部局停止鑄造

鐵幣重量的記錄。儘管黃銅當十錢的重量已從六錢

的半個月裡鑄造普通鐵幣。戶部也設立了安放32個火

（22.4克）減少至四錢四分（16.4克），當十鐵幣的重

爐的臨時建築物用以鑄造鐵幣。咸豐八年九月（公曆

量仍以六錢為標準。

1858年10月），第五個造幣分廠中部造幣廠增設成功， 成為其中一個鐵幣鑄造廠，至此共設125個火爐。

較為不尋常的是，書中記錄了關於祖錢和母錢的生產：

後來鐵幣價值越來越低，甚至低於其生產過程中使

用的煤炭和鐵礦。咸豐九年七月二十八，戶部下令完

咸豐五年，咸豊工部寶源局

全關停鐵幣鑄造廠，並停止使用鑄造鐵幣的戶部和工

共設100個火爐。 雕刻三枚普通祖錢和四枚當十祖

部造幣廠。

錢。 雕刻好的鐵錢被運往戶部和工部。 每年在兩個 季節更換39600枚普通母錢和11552枚當十母錢，

依據已有記錄的資料從理論上劃定鑄造鐵幣的不同

在春季即每年第三個月和秋季即每年第九個月將鐵

等級，實屬不易，因為這些記錄不詳細，或者它們

②

錢送往造幣廠 。

只是試鑄的資料。此外，鑄造總量通常不只是依據

每種類型鑄造鐵錢的實際數量計算，還要結合面值

祖錢送至戶部和工部造幣廠是為了方便造幣機構鑄造

總量，例如當十面值為“十”；因此，除非清楚將當

母錢，並將這些祖錢流傳開來而非留作己用，顯然，

十轉換為普通錢幣的比例，否則不能按照數量來計

這100 個火爐指的是鐵幣造幣廠裡的火爐，因為工部

算。 “串”和“吊”也是經常讓人混淆的計錢單位。例

只有91（60 + 31）個火爐。書中又提到按季時常更

如，據載，鐵幣造幣廠鑄造咸豐七年七月的每月鑄造

換祖錢，因此很難詳盡說明所生產的不同鐵錢類型。

量是 280 000吊（需注 意一 般 鑄造 量是300 000吊）。 如果鑄造出的只有普通錢幣，這就相當於年度鑄造

咸豐五年農曆十二月初三（公曆1856年1月），惠親王

量 是 280 000×12÷2=1 680 000串。與 接下來 我們

稟告已選好東西南北各個分廠的廠址，100 個火爐成 功運轉，並配備經驗豐富的操作人員，當十錢和普通

要舉的例子相比，這個數值顯然太高，280 000很可

產出共498040串普通鐵錢和216858串當十錢。

咸豐九年四月的五個造幣分廠的月鑄造量是 265625

能還是老的資料，其中包括當十錢的鑄造量。而鑄造

鐵錢的每日鑄造已準備就緒。截至1856年1月，已生

串， 假 若 是125個 火 爐 不 停 生 產， 其 年 鑄 造 量 是

3 187 500 串 ；如果每月配額以“吊”為單位，年鑄 造量為1 593 750吊，此為預期內的鑄造量。咸豐四

起初鐵錢還是能為大眾所接受，普通錢幣的重量至

少與上一個皇帝鑄造的錢幣相等。然而，人們迫切需 要當十錢的鑄造。40文錢可以購買一斤鐵，這一斤鐵

年三月至咸豐五年十一月的實際鑄造量如上所述 ；咸

1857年，人們對當十鐵幣的使用耐心盡失，在一份

當十錢的鑄造量約是理論數值的90% 。咸豐七年五月

豐五年十二月至咸豐七年四月這一時期的普通鐵錢和

可鑄造30枚當十錢，從而產生 250余文的利潤。直到

當代資料中記載有“今晚人們還在使用它們，隔天一

至咸豐八年八月這段期間，按比例鑄造1 593 750 銅

鐵錢購買白麵粉，不僅價格會高出五倍，商人還會在

年鑄造量是1 593 700串。在咸豐九年期間，據載工

錢用的是100 個火爐而不是125個火爐，咸豐六年的

早它們就被扔到大街上了”，還有人說如果想用當十

部31個火爐每月鑄造了50 000串（其實此處亦應該是

麵粉裡摻雜其他東西，麵粉已經盡失原味 。1857年 ③

“吊”）鐵幣，我們可以據此推算，戶部完整一月的鑄

5月停止鑄造當十錢，此後只鑄造普通錢幣。

造量是32個火爐鑄造鐵幣數量的兩倍。

① 《欽定大清會典事例》（1899 年版），第214 卷第9頁。 ② 同上，第990 卷第15頁。

③《中國貨幣史》，彭信威著，愛德華 · H · 卡普蘭譯，第 744頁。

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表一 鐵錢預期產量 鐵錢造幣廠

［注］XF 即“咸豐”/ 單位 ：串

戶部造幣廠

工部造幣廠

普通錢幣

普通錢幣

年/月 普通錢幣

XF 4/3-5/11 XF 5/12-7/4 XF 7/5-8/8 XF 8/9-9/7 XF 7/5-9/7 XF 7/12-9/7

當十

498,000 779,000 1,700,000 1,460,000

217,000 156,000 600,000 1,000,000

4,437,000

總計

373,000

1,000,000

600,000

02

【 第二部分 · 各 類 咸 豐 鐵 錢 一覽表】 沒有資料詳細記載鐵錢的具體類型。大部分資料來源於《清朝錢譜》④ ， 其他來源均有注釋。我更加專注研究那些普通用途的鐵錢類型。

“ 第一 類 ”

第一類鐵錢銘文鐫以優雅的戴書文體，為戴醇士所創，這類鐵錢如今只有戶部鑄造的面世。 當一錢 正面 ：咸豐通寶 ；背面 ：背滿文

“寶泉”，戶部造幣廠之名。

1

版别1 普遍使用的類型，角頭通 ；

版 别2 樣 幣， 登 載 於《 泉 幣 》⑤，

方 頭 通。 這 類 幣 樣 幣 俗 稱 母 錢， 但我沒有看到過有資料記載曾大 量生產這類樣幣。

2

④ 《清朝錢譜》，平尾聚泉著。 ⑤ 《泉幣》第14 卷第36頁。

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第一类 當五錢 正面 ：咸豐重寶 ；背面 ：上下“當五” （相當於5枚小平錢的價值） 。

左右為滿文“寶泉” 。此為樣幣，據《清會典事例》記載此類錢在

咸豐四年期間是經過授權生產的，並無後續記錄提及當五錢，可 見當時並無經濟條件鑄造當五錢。參考來源 ：宮廷系列⑥。

當十錢 正面 ：咸豐重寶 ；背面 ：上下“當

十” （相當於10枚小平錢的價值）。 左右為滿文“寶泉”。如果這類鐵 錢 是有鑄造的 話，其鑄造 量不會

多。參 考來 源 ： 《400枚 罕見清 朝 錢幣》⑦。

由於戶部當五鐵錢上有戴書銘文，第一類鐵錢必定是鐵幣造幣廠生產的第一種類型鐵錢，鑄造時

間為咸豐四年（1854年）至咸豐五年早期，或鑄造鐵錢時使用私人標記區分不同造幣分廠的時間。

“ 第二類 ”

這種類型的鐵錢書一般銘文，帶私人標記，以區分辨別不同的造幣分廠，由於區分不明，這類 鐵錢通常帶數位識別碼。

戶部當一錢 通常正面為“咸豐通寶” ，背面為“寶泉” 。 版别1 六筆貝寶，方頭通，帶兩點 ；

1

版别2 七筆貝寶，方頭通，帶兩點。 只收錄在宮廷系列中⑧。我有一個

圓頭通樣幣，但我也只能根據記載

2

判定而不能完全判斷這枚幣 ；

⑥《故宮清錢譜》黃鵬霄，第85頁。

⑦《故宮清錢譜》第85頁。

其他參見《 中國近代貨幣史資料》第203-257頁。

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第二類 版别3 普通書法字體，爾寶蛻化為

點寶字 ；

版别4 方頭通，出頭寶， 《清朝錢

3

譜》中有說明這種類型的鐵錢是

用鐵鑄的，但並無確切資料說明

4

這是一枚鐵鑄樣幣 ； 版别5 珍寶。

5

戶部當十錢 普通正面為“咸豐重寶” ，背面：上下镌“當十”

版别1 爾寶及六筆貝寶 ；

（相當於10枚小平錢的價值） ，左右為造幣廠

版别2 缶寶，七筆貝 ；

的名稱“寶泉” 。

1

2

版别3 爾寶，七筆貝。 “爾”最後兩筆為點而 非撇捺，無私人標誌 ；

版别4 普通書法字體，出頭寶 ；

版别5 珍寶，七筆貝。

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鑄造（沒有明確區分是哪個造幣分廠），第四小類是

按照一般的戶部標識將3枚普通的當一錢即上述提及

北方造幣分廠鑄造的注。

的3枚祖錢的子錢分歸為不同的造幣分廠鑄造，這是

合理的。由此推斷，前文第一小類是東方造幣分廠鑄

造的，第二小類是南方造幣分廠鑄造的，第四小類出

無論是何種面值，第五小類帶珍寶且有當十這種面值

頭寶幣是北方造幣分廠鑄造的，剩下的第三小類爾寶

（于咸豐七年五月停止生產）。這種類型的鐵錢不會是

分廠標識的圓頭通帶一點鐵幣，我們就要對這些分

只鑄造普通鐵幣的戶部和工部造幣分廠鑄造的。或者

幣就是西方造幣分廠鑄造的。一旦發現帶有西方造幣

咸豐八年九月開設的中部造幣分廠鑄造的，也不會是

類進行修改。鐫楷書銘文的鐵錢有可能是在所有造幣

還有一種可能，是山西平定縣開設的某家造幣廠鑄造

分廠運營前鑄造的，而兩種類型的當一錢可能是西方

的鐵幣。這家造幣廠是戶部造幣廠的分廠，起初是由

造幣分廠和南方造幣分廠鑄造的。我們沒有提到中部

戶部特殊專員管理的。剛開始這家造幣廠有29個火爐

造幣分廠鑄造的類型，中部造幣分廠沒有鑄造過當十

（比戶部造幣分廠的稍大些） 。咸豐九年火爐數量減

錢，我們也沒有發現戶部造幣廠鑄造的任何一類鐵幣。

少為15個，造幣廠於1859年8月關閉。帶山西寶晉局

名稱的鐵幣是極為罕見的，因此平定造幣分廠鑄幣時

同樣，當十錢第一小類應當是東方造幣分廠鑄造的，

可能使用了戶部造幣廠的名稱而以此為私隱寶泉局標

第二小類和第三小類是南方造幣分廠和西方造幣分廠

識。以上兩種第五小類都可以歸為山西寶晉局鑄造。

“ 工部 ”

工部寶源局鑄當一錢在《清朝錢譜》中有記載，布魯斯 · 格里菲斯曾發

給我這類錢的拓本。 《清朝錢譜》中還列出了工部寶源局鑄當十鐵幣。然

而，根據前述列出的年份，工部鑄當十錢不可能是真幣。一種有利可圖

的偽造方法是使用普通的工部寶源局鑄黃銅幣作為生產鐵幣的母幣。當 一錢上的“通”字是圓頭通，帶工部造幣廠老分廠的帶兩點私隱標識。

儘管鑄造水準表明鐵錢在約莫長達六年的時間內佔據中國錢幣極為重要

的一部分，如今也很少能經常見到鐵幣樣幣。主要原因在於許多樣幣後 來都被熔為廢料了，或者隨着時間的推移生銹了。儘管如此，我覺得依 然有必要細細檢查現有的樣幣，以增加這種說法的可信度。

當一錢 疑似仿幣

當十錢

作 者簡 介 大衛 · 哈蒂爾（英），自兒時起開始收集並研究中國錢幣，是多部英文錢幣著作的作者。 編者注 ：本文中的東西南北方造幣分廠，應該是指造幣廠。

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On WOPA+ coin collectors can buy coin new issues from all participating countries in one single purchase, with one payment, in the currency of their choice.

Moreover WOPA+ offers a loyalty program that allows its customers to collect points that can be redeemed for valuable prizes.

Currently WOPA+ offers the possibility of ordering coins from 8 issuing authorities and expects to substantially increase this number in the course of 2018.

Glendon Martinez, managing director of WOPA+, declared: “ At WOPA+ we are committed to offer all coin collectors the most convenient and effective way to purchase coin new issues from reputable issuing authorities around the world. At the same time we are offering all major Mints and Central Banks the possibility to reach our ever growing collector database with an efficient and tested Internet site, which has recently been completely revamped and is continuously improved. We are devoting all our energy and resources to reach more and more collectors anywhere in the world.

We are convinced that putting in direct contact issuing authorities and coin collectors is benefitting everyone. E-commerce is one of the greatest business success story of the 21st century and we are proud to participate in it in thanks to cooperation with our collector subscribers and issuing authorities worldwide”.

WOPA+ was founded in 2011 and has expanded its offer consistently for the last seven years. It now has more than 50’000 products on his site and 30’000 email subscribers. More recently, in October 2017, WOPA reinvented itself with a completely revamped new website, with more products and new features to make the shopping experience even better.

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TOP CHINESE COINS 2nd Edition 《中國近代機製幣精品鑒賞》第二版 Price( 售價 )：US $100 Plus Postage( 不含郵費 )

In June 2010, Top Chinese Coins Vol. 1 was published by iAsure Group and the The Journal of East Asian Numismatics (JEAN). Top Chinese Coins Vol. 1 offers an in-depth summary of the final results from the Top Chinese Coins Survey, a landmark event held in winter 2009 to search for the 10 most valuable Chinese struck coins. Coins submitted for review were judged by their rarity, historical importance, artistic appeal, condition, market value and group identity.

The deluxe bound book offered details on the Top Chinese Coins Survey as well as high-quality pictures, price trends, degrees of rarity and historical context of the 60 top Modern Chinese Coins.

Top Chinese Coins , Vol. 1 had a limited print run of 1000, leaving many numismatists and enthusiasts unable to purchase a copy of their own. In response to high demand, iAsure has made certain that the second volume which released in June 2011 will be available to a much wider audience. While Top Chinese Coins Vol. 1 included gold, silver and copper coins, the second volume highlights the great range of silver coins.

It will also add summaries from auction sales that list pricing, degree of rarity, pedigree and grades.

2010年6月，愛秀集團和《東亞泉志》出版了《中國

版的基礎上出版第二版。第二版于2011年6月發行，相比

近代機製幣精品鑒賞》第一版。該書對60枚中國最頂級

第一版60枚錢幣囊括金幣、銀幣和銅元，第二版專注於

的近代機製幣進行了全面、深入、係統的研究與展現。

60枚中國近代機製銀幣，定名為《中國近代機製銀幣精

其內容涵蓋高清錢幣圖像、流傳脈絡、拍賣紀錄、市場

品鑒賞•銀幣版》 (簡稱《銀幣鑒賞》)。

趨勢、珍稀度解析和背景故事等，在錢幣業界引起巨大 的轟動和反響，備受讚譽，被譽為“全景式展現中國珍 稀機製幣的重要鑒賞書籍”。

由於頁面所限，第二版刊載60枚中國銀幣精品的重 要資訊，在第一版的基礎上有多方面改進和加強。《銀 幣鑒賞》在最受歡迎和好評的照片拍攝和排版下更多功

儘管因時間蒼促、經驗不足，書中存在一些缺陷和

夫，並提供更多詳細、準確和豐富的近期拍賣成交價格

錯誤，但仍得到讀者的肯定和欣賞。由於該書僅限量印

記錄、歷史評估、珍稀度和譜係說明。所有內容均為中

刷1000本，無法滿足廣大錢幣愛好者的需求。經多位資

英雙語，彩色精裝印刷。第一版中有關錢幣背景的“故

深錢幣專家、學者、收藏家建議，愛秀集團決定在第一

事閱讀”部分將以附件方式另行印刷成冊。

If required, please contact Champion Auction 如果需要請聯繫冠軍拍賣公司 Tel:021-6213 0771 Email: jeanzg@163.com

Chopmarked Coins - A History 《戳記幣簡史》 Colin Gullberg 高林

Price ( 售價 ): US $50 Plus Postage ( 不含郵費 ) The book Chopmarked Coins- A History by Colin Gullberg is funded by iAsure Group. The softcover book is 187 pages in length, 210mm×285mm, fourcolor printing. It covers the history of foreign silver coins that circulated in China from 1600 to 1935 and contains images of some 150 coins. Gullberg includes firstperson accounts, summaries of all modern sources of knowledge on the subject and scans from a shroff’s handbook (circa 1890). It is the first English- language book on the subject since 1990 and only the second English language book on the subject.

愛秀集團贊助出版發行的 戳記幣英文專著《戳記幣簡 史》為軟裝本，正文內容187 頁，開本210mm×285mm， 四色印刷，闡述了1600年至 1935年間中國流通的外國戳記 銀幣概況，作者高林先生採用 第一人稱敘述，總結了現代有 關戳記幣的詳盡知識，並配有 某錢莊的手冊（約1890年）掃 描插圖和150多張戳記幣高清 圖片。本書是1990年之後的第 一本戳記幣英文專著，也是有 史以來的第二本戳記幣英文專 著。

Chinese And Foreign Papermoney Errors 《華洋怪鈔—中外錯體紙幣賞析圖鉴》 David Chio 趙康池 Aguang Chan 陳耀光

Price ( 售價 )：MOP $300; RMB 240; US $30 Plus Postage ( 不含郵費 ) In December 2015, this book was released by Macau Numismatic Society and edited by David Chio and Aguang Chan. A total of 1,000 copies was printed, 200 in hard cover and 800 soft cover. The book is 323 pages of full color A4 size 210×285 mm and features over 300 error notes and 800 photos. Notes from Chin dynasty to modern times and more than 10 countries and region is covered. The books also cover causes of errors, background information on the printing process and authenticity of errors. This is the first book in Chinese to feature this type of information on error notes and its collection.

该书由澳門錢幣學會於2015年 12月出版，趙康池、陳耀光編著。 印行1000冊，其中精裝本200冊， 平裝本800冊。是書全彩精印，小 A4开本，210mm×285mm，323 頁，選錄了中外錯體紙幣300多 種，圖片800多張，涵蓋中國自清 末到現今使用的紙幣，涉及中外十 多個國家和地區。本書對中外錯 體、錯版、變體等紙幣的成因、歷 史背景和辨偽，實事求是地作了係 統的、科學的分析與歸納，並介紹 了印鈔基本步驟和印鈔過程中所產 生的“另類”紙幣，補充了不少紙 幣收藏的基礎知識。可以說，本書 是首本對錯體紙幣進行全方位論述 的著作。

If required, please contact Champion Auction 如果需要請聯繫冠軍拍賣公司 Tel: 021-6213 0771 Email: jeanzg@163.com

Appreciation of Modern Precious Metal Coins in China (Volume 1-5), edited by Wang Shihong, a famous Chinese gold and silver coins collector has been issued recently. This series of books were published by Encyclopedia of China Publishing House (ECPH), supervised by Coin Collection Committee, the branch of China Association of Collectors(CAC), and printed by Shanghai Artron Graphic Arts Company Limited. Ma Delun, former deputy governor of the People’s Bank of China, wrote the forward, and Dai Zhiqiang, the first curator of China Numismatic Museum, wrote a report for this series.

When it comes to the main purpose of this book, the chief editor Wang Shihong says, “It is hoped that this series of books can provide relevant knowledge of modern gold and silver coins in China comprehensively and systematically and carry forward the excellent culture of our motherland, so that readers can have a more particular knowledge of the history and connotations of gold and silver coins, and better appreciate their artistic value.”

He also hopes to attract more enthusiasts to participate in the investment and collection of gold and silver coins, gradually expand the size of collecting team, improve the brand effect of Chinese gold and silver coins and enhance their influence at home and abroad in order to realize a faster development of Chinese gold and silver coin industry.”

Writing this series of books, Appreciation of Modern Precious Metal Coins in China (Volume 1-5), is a systematic project, so we set up the expert advisory committee and the editorial board. It took the Chinese professional elite team more than five years to compile these books. This series of books reveal the development of modern precious metal coins in China through the exclusive interviews with the decision-makers, designers, carvers, and coin collectors, as well as a large number of firsthand information rarely known by the people.

This series of books is an encyclopedia of modern precious metal coins in China. With unique academic perspective and simple words, this series gives a full explanation of processes of project selection, design, production and so on, and also

Contact Information (for purchasing purposes): Domestic

Shanghai Hong’an Culture Communication Co. Ltd. Pay before delivery.

Payment should be remitted to Hongkou subbranch of Shanghai branch of the Bank of Communications.

The post office remittance is also acceptable. Account Number: 310066030018170238495 Contact Person & Phone Number: Luo Fei, 17717536767

International Price: 160USD (without postage)

Contact Person: Champiom Auction Phone Number: 021-62130771 Email: championghka@gmail.com

Appreciation of Modern Precious Metal Coins in China (Volume 1-5)

Wang Shihong, chief editor of Appreciation of Modern Precious Metal Coins in China

make an intensive study of their cultural value, collectiing characteristics of precious metal coins.

As a combination of authority, historical events, groovy knowledge, artistry, technicality, and readability, Appreciation of Modern Precious Metal Coins in China, not only serves as references for academic researchers and financial workers, but also as a standard work showing modern precious metal coins in China from an overall perspective for collectors of gold or silver coins.

This series is 235mm X 290mm in size, octavo, with, composed of 5 volumes, containing about 2.5 million words and 2,000 pictures which are all exquisitely printed according to the original drawings. All the Chinese modern precious metal coins issued by People’s Bank of China from 1979 to 2014 are included in these books. Besides, related materials, such as the development history of modern precious metal coins in China, comparison table of classified catalog of modern precious metal coins in China, and materials about gold or silver coins, are also recorded in appendix.

In order to promote the spread and popularization of professional knowledge of gold or silver coins and to release the readers’ economic burden, the chief editor, Wang Shihong takes the compilation, publication of this series of books as a public welfare undertaking. Expenses, such as compiling and management expenses, all come from selfless devotees who are interested in Chinese gold or silver coins. Therefore, the price of these 5 books is 160 USD (without postage), containing only costs of publication, printing, and issue. At the same time, the brass commemorative medal designed by the famous designer Luo Yonghui for the issue of Appreciation of Modern Precious Metal Coins in China will also be issued at the price of 450RMB for each.

學術性和可讀性於一體，不僅是學術研究者和金融工作者完 整的參考資料，也是金銀幣收藏者全面瞭解中國現代貴金屬 幣全貌的權威著作。 《中國現代貴金屬幣賞析》叢書的尺寸為 235mm X 290mm，8 開，全套共 5 本，約 250 萬字，累計有近兩千餘幅圖片 ( 所 有金銀紀念幣圖譜均按原大精印 )。 《中國現代貴金屬幣賞析》 收錄了 1979——2014 年中國人民銀行發行的所有中國現代貴 金屬紀念幣，而且還在附錄部分刊載了“中國現代貴金屬幣 發展簡史”、中國現代貴金屬幣分類目錄對照表及金銀帀相 關資料等。

《中國現代貴金屬幣賞析》主編王世宏先生 由中國大百科全書出版社出版，中國收藏家協會錢幣收藏委 員會監製，上海雅昌藝術印刷有限公司承印，中國人民銀行 讀後感，中國著名金銀幣收藏家王世宏主編的《中國現代貴 金屬幣賞析》( 第 1—5 冊 ) 已經出版發行。

負擔，王世宏主編把該書的編寫與發行當作一項公益事業來 做，所有編寫費用、管理費用等，全部由熱心中國金銀幣事 業的無私奉獻者捐贈解決，書價只含出版、印刷、發行等費用， 全書五冊定價僅 950 元（國際售價 160 美金，不含郵費）。同時， 還發行由著名設計大師羅永輝設計的《中國現代貴金屬帀賞 析》發行紀念大銅章，每枚定價 450 元。

王世宏主編在談及組織編寫《中國現代貴金屬幣賞析》主要 目的時表示：希望通過本書全面、系統地介紹中國現代金銀 幣的相關知識，弘揚祖國優秀文化，使廣大讀者能進一步瞭 解金銀幣的歷史和內涵，提高大家對其藝術價值的賞析能力， 以吸引更多的愛好者參與金銀幣的投資與收藏，逐步擴大金 銀幣的集藏隊伍，提高中國金銀幣的品牌效應和海內外影響 力，促進中國金銀幣事業的更快發展。 編寫《中國現代貴金屬幣賞析》是一項系統工程，為此，成 立了專家顧問委員會、編輯委員會，由中國專業精英團隊耗 時 5 年多時間精心編著。全書通過對決策者、設計師、雕刻師、 以及錢幣收藏家們的專訪，以大量鮮為人知的第一手資料， 揭示了中國現代貴金屬幣的發展脈絡與軌跡。 《中國現代貴金屬幣賞析》以其獨特的學術視角，樸素的敘 述文字，多角度、全方位地展示了中國現代貴金屬幣的選題 立項、設計雕刻、工藝製作等過程，同時在文化價值、收藏 屬性等方面做了較為深入的探討，是中國現代貴金屬幣資訊 資料的百科大全。

國內 欲購者請與上海宏盎文化傳播有限公司聯繫，款到發貨 書款請匯交通銀行上海分行虹口支行或郵局匯付 賬號 310066030018170238495 聯絡人：駱 飛 電話：17717536767 國外

售價：160 美元（不包含郵費） 欲購者請與冠軍拍賣上海辦事處聯繫 電話：15000120957 郵箱：championghka@gmail.com

冊）發行 1—5

原副行長馬德倫作序，中國錢幣博物館首任館長戴志強撰寫

為了利於金銀帀專業知識的傳播和普及，降低廣大讀者經濟

《中國現代貴金屬幣賞析》 第 (

《中國現代貴金屬幣賞析》集權威性、史料性、知識性、藝術性、

Unofficial Banknotes Issued in Jiangxi Province

By Xu Anmin Price ：RMB ￥298 Unofficial Banknotes Issued in Jiangxi Province was written by prominent paper money collector Xu Anmin, and was published in December 2014 by Jiangxi People’s Press, with the support and planning of the Jiang Xi Banking Industry. The unofficial banknotes cataloged in this book were issued by local administrative agencies, banks and organizations (such as local armed forces, cooperatives) etc. The face value of these paper notes was the same as that of the national legal currency which was circulated in some defined regions. The book is illustrated with pictures of 185 of the banknotes issued in Jiangxi Province, of which 25 were issued in the Qing Dynasty, 11 by local administrative agencies, 15 by local armed forces, 19 by chambers of commerce, and 88 by money houses and business houses. In addition, there are 21 local gold dollar coupons, 4 silver coupons, and 2 special money.

Additionally, there are about 30 printing blocks and anticounterfeiting seals. The 200 physical coupons are from the author’s collection. This is the first time these precious coupons, some of which are unique, have been published.

comments were mainly on the collectors’ errors, value,

The book is divided into the following sections:

star-rating, collection methods, current existing condition and personal target.The postscript presents author ’s 20

the foreword, brief introduction, catalog, comments,

years collecting experience, his star-rating and calculating

references and postscript.The guide defines the scope

method, which will help collectors.The references include

and the time of the research and collecting and the

the relative historical resources, monographs and research

definition of unofficial banknotes. This is the first time

articles from modern times.In additional, the author

these banknotes have been categorized according to their

verified the authenticity of physical bonds which need to

different features. A brief introduction was also given

be proved. He also wrote another two articles about the paper money: “The Research of Banknotes Issued by Wu

to each chapter of the book.The General Introduction includes features, the development of unofficial banknotes, the rise of collecting these notes and the research achievements for unofficial banknotes. The pictures of the banknotes, local gold coupons ( 金圆券 ), local silver coupons ( 银 圆 券 ), special money, printing blocks and anti-counterfeiting seals are illustrated in the book. The book comprehensively describes each physical coupon of the banknotes. Many ancient stories were discovered such as the words of celebrities, family rules, poetry and prose from the script and pattern of the banknotes.The

Zheng-Yuan Private Bank of JianYi (Feng Cheng City) ”, and “Remark on 1896 Banknotes Issued by Kiangsi Official Silver Bank Again ”. This book is 281 pages long and has more than 300 colorful pictures of the banknotes.

It is printed in A4 size on colorful bronze paper with a fine binding. It is a professional book for collecting and researching the unofficial banknotes issued in Jiangxi. It is sold by Xinhua Book Stores all over the country at a price of 298 yuan.

《江西民間鈔票》 作者：徐安民 售價：RMB ￥298

在江西省銀行業的精心策劃和組織下，由國內著名

特點、發展階段、民間鈔票收藏的興起及研究成果；圖

纸币收藏家徐安民先生撰寫的《江西民間鈔票》2014

錄，囊括清代錢莊鈔票、行政機構鈔票、地方武裝鈔票、

年 12 月由江西人民出版社出版發行。該書收集的實物

商會鈔票、錢莊商號鈔票、地方金圓券、地方銀元券、

函括清代至民國時期江西省境內地方行政機構、團體組

特殊幣、鈔版及印章等實物。本章節還對各不同時期民

織及各錢莊商號等發行的紙幣。主要包括錢莊、地方基

間鈔票進行了扼要綜述，對收錄的每張實物券進行了專

層行政機構、地方武裝組織、合作社、商會、商號及其

業點評，并根據鈔票上的各類文字圖案挖掘出大量中國

他機構組織發行的紙幣，且在一定社會區域與國家法定

古代名人格言、家訓及詩賦等歷史典故；收藏感悟，梳

貨幣等值流通的鈔票。全書共收集到江西民間鈔票圖片

理了民間鈔票收藏者的誤區、民間鈔票的收藏價值、星

185 張，其中清代鈔票 25 張，基層行政機構鈔票 11 張，

級評定、收藏模式與現狀及個人定位。收藏感悟係作者

地方武裝鈔票 15 張，商會鈔票 19 張，錢莊商號鈔票

20 多年收藏實踐經驗的親身感悟和思想提煉，并創造

88 張，地方金圓券 21 張，地方銀元券 4 張，特殊幣 2 枚。

性的提出了“星級別評定”的方法和計算方式，對收藏

另有，鈔版及防偽印章 30 余件。書中所錄選的 200 多

愛好者有着極大的啟發和幫助；參考文獻，主要收錄近

件實物券，均來自作者 20 多年的私人收藏品。在這些

代江西民間鈔票相關的史料、專著以及研究文章等。此

紙幣實物券中絕大多數為首次披露，極其珍貴，有些實

外，作者對收藏圈里頗有爭議和影響的實物券進行詳細

物券屬孤品或僅見品。

考證，并專門撰寫《劍邑吳正元錢號票考略》和《光緒 丙申年“江西官銀號”銀錢票再議》等文章，提出作者

全書主要由凡例、概述、圖錄、收藏感悟、參考文

觀點，供讀者參閱。該書圖文并茂，大 16 開本，全彩

獻及後記等構成。凡例，確定了本書收集和研究的範圍

銅牌紙印刷，精裝幀，281 頁，300 多幅實物原大彩圖，

及上下年限，完整地闡述了民間鈔票的科學定義，首次

是一本集史料性、實物性、知識性、專業性為一體的近

按照民間鈔票的不同性質進行分門歸類，并對各章節進

代江西民間鈔票收藏與研究的工具書。該書由全國新華

行了簡要介紹和說明；概述，包括江西民間鈔票的主要

書店經銷，定價 298 元。

PRESS RELEASE:

Artist Yu Min Was Given the Lifetime Achievement Award

by Krause Publication Coin of the Year Award Committee

Editor of World Coin News David C. Harper (L.) and Chinese Embassy Culture Department Secretary Dr. Li Gang

Shanghai Mint Co., Ltd senior designer Yu Min is watching CCTV News live

A Lifetime Achievement Award in Coin Design was given to Yu Min of the Shanghai Mint Co., Ltd., Feb. 4 at the Coin of the Year Award ceremony at the World Money Fair in Berlin, Germany.

He began designing and engraving coins in 1980 and participated in the entire development process of gold and silver Pandas as a designer and engraver since the frst gold panda coin was issued in 1982.

The trophy was accepted by Dr. Li Gang, Secretary of the Culture Department of Embassy of People’s Republic of China to the Federal Republic of Germany.

His 1983 silver Panda won the Best Silver Coin award in the 1985 Coin of the Year competition. He has designed and engraved over 200 Modern Chinese coins including over 40 commemorative Panda coins, including the 2005, 2006, 2008, 2009, 2010, 2012 and 2013 gold and silver commemorative Panda coins, over the years. Mr Yu Min may hold the world record for the number of coins designed/engraved by a artist for a modern mint.

Yu Min is the first Asian Designer to win the award , the previous three edition of the award went to Herbert Wahner of Austria, Maria Carmela Colaneri of Italy, and Heinz Hoyer and Sneschana Russewa-Hoyer of Germany.

Giving the award was David C. Harper, editor of World Coin News, founding sponsor of the award. The award is also sponsored by the World Money Fair.

The publisher of the Journal of East Asian Numismatics, Michael Chou, introduced Dr. Li. His publication is the third sponsor of the Coin of the Year Awards and it prepared a biography of Yu Min. Yu Min graduated from Shanghai Arts and Crafts School inAugust 1980 and entered the Shanghai Mint (now known as the Shanghai Mint Co., Ltd) to design and to engrave coins in the design and pattern shop at the same year.

From February to June 1996 he went to Russia and studied in the Sculpture Department of Repin Academy of Fine Arts. He was enrolled as a member of the China Sculpture Institute in July 2004.

The 2009 Panda coin designed by Yu Min was named the Best Commemorative Coin by a German magazine.

Among commemorative coins, he designed and engraved the portrait of Chairman Mao on the circulating coin to Mark the 100th birthday of Mao Tse-tung. It was very diffcult to engrave a raised image of the chairman to be struck on a very hard nickelclad steel coin. Yu Min accomplished this after repeated trials.

In the selection process of the 2008 Beijing Olympic coins, Yu Min’s design was one of the finalists and his four joint engraving designs (the fencing, pentathlon, archery and soccer coins) were adopted by the head offce of Bank of China.

AUCOFFRE.COM was founded in 2009 by its French CEO and founder, Jean-François FAURE. AuCoffre.com ​is an online platform for private investors worldwide to buy and sell vault stored gold and silver coins. The Company has some 20,000 customers, 4 tons of vaulted gold, 11 tons of vaulted silver, 25 employees​ ​and​ ​a​ ​turnover​ ​of​ ​35​ ​millions​ ​euros​ ​worth​ ​in​ ​2015.

At the end of 2011, AuCoffre.com decided to strike its own coin, one oz fine gold Vera Valor (with a title of 999.9%°). It has been the gold coin the most sold in France, Belgium and Switzerland in 2012. More than 35,000 Vera​ ​Valor​ ​coins​ ​have​ ​been​ ​sold​ ​since​ ​it​ ​was​ ​launched.

Since then, AuCoffre.com decided to diversify its production and started to strike various editions of Vera coins (1/10 oz gold Vera Max Collector, 1 oz Vera Silver and so on …). More than 400,000 Vera Coins have been struck since its initial creation, which makes VeraValor.com the first private Mint in France.

In 2015, AuCoffre.com decided to strike a Map Coin Collection promoting small territories. The Company started to strike the first legal tender Vera Silver one ounce Zanzibar with a facial value of 1000 shillings of Tanzania (50,000 coins). These coins were sold quite quickly and the customers were even asking for further editions. Gibraltar is the second territory to be represented : 50,000 one oz Vera Silver and 5,000 one oz Vera Valor will be struck​ ​with​ ​legal​ ​tenders.

In 2013, AuCoffre.com launched the VeraCash, the first and unique debit card that is backed by physical gold, the Vera Valor - unlike other debit cards that are backed by cryptocurrencies or dematerialised currencies. For the VeraCash, it is the physical gold that will determine the exact amount spent based on the gold price. Through the VeraCash card and the mobile application, it is also possible to send VeraCash units to another user as a means of payment : a VeraCash unit equals​ ​one​ ​unit​ ​of​ ​the​ ​national​ ​currency.

VeraValor.com and VeraCash.com wish to put forward the true values of physical gold​ ​and​ ​silver​ ​whether​ ​in​ ​physical​ ​coins​ ​or​ ​as​ ​a​ ​means​ ​of​ p ​ ayment.

Mish International Monetary Inc. Mish國際錢幣公司 Specialists in 專營 Pandas since 1982 1982年起發行的熊貓幣 China Modern since 1979 1979年起發行的中國現代金銀幣 World Coins since 1964 1964年起專營世界錢幣

Looking To Buy?想買？ 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年中國現代金銀幣首次進入國際市場后，Mish 國際的員工及其藏家客戶積累了豐富的庫存和專 業的錢幣知識。

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. 想買中國幣？我們或許恰好有；也許多年前我們賣過，現在或許還能從原始買家手中買回來。

Looking To Sell?想賣？ 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. 瞬息萬變的市場環境，Mish 國際仍是助您銷售錢幣的最佳選擇。雄厚的資金實力，專業的錢幣知識， 出色的協調能力，我們同時收購單枚幣和大型收藏，價格合理，快速付款。

Since 1964 始於1964

Here today. Here tomorrow 攜手今日 共贏明天 Mish International Monetary Inc Mish國際錢幣公司 1154 University Drive Menlo Park, CA 94025, USA 美國加州門羅帕克大學路1154號，郵編94025 Phone(電話):(650) 324-9110 Email(電郵):robert@mishinternational.com

入會申請表 Application Form 申請日期 Application date： 申請會員類別：

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外地會員 Non Macau Member

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職業 Occupation：

錢幣收集範圍 Interst：

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繳納會費：

會費 新會員需交付：入會費 MOP500.00 New membership fee: MOP 500.00

本會宗旨：團結錢幣愛好者，推動錢幣之收藏及研究 介紹人 Referee：（需我會兩位成員推薦 two members of the Society） 會員姓名編號 Member No： 會員姓名編號 Member No： 此欄由澳門錢幣學會填寫 (Filled by the Society only)： 新會員入會日期： 新會員編號： 1）新會員需認同本會宗旨。 New members should comply with the Society regulations.

2）入會申請人需填妥本申請表、交 1 張相片及繳納相關入會費用。 Please attach one photo and pay the membership fee.

Add: AV. DR. RODRIGO RODRIGUES. 600E-P105 FIRST INTERNATIONAL COM. CENTER, MACAU Tel: (853)2833 4556 Fax: (853)2830 4772 Email: dcdesign@macau.ctm.net

地址：澳門羅理基博士大馬路 600E-1 樓 P105 室 電話：(853)2833 4556 傳真：(853)2830 4772 Email：dcdesign@macau.ctm.net

余敏榮獲克勞斯出版社世界硬幣大獎評委會頒發的 終身成就獎

《世界錢幣新聞》主編 David C. Harper（左）和中國駐德國大使館文化部秘書李剛

上海造幣有限公司高級工藝美術師余敏在觀看 CCTV 新聞頻道

本屆世界硬幣大獎頒獎典禮於2月4日在德國柏林的世界錢幣展

1996年2月至6月期間，赴 俄羅斯列賓美 術學院雕塑系進修。

上舉行。本屆的世界硬幣大獎錢幣設計終身成就獎的獲得者是

1993年獲工藝美術師任職資格，並被聘為工藝美術師。2004

上海造幣有限公司的設計雕刻師——余敏。

年7月，被中國雕塑學會吸收為會員。

中華人民共和國駐德意志聯邦共和國大使館文化部秘書——李

余敏從1980年從事錢幣設計雕刻至今已30年，從1993年聘為

剛代表獲獎者領獎並發表獲獎感言。

工藝美術師至今也已23年。從1982年發行第一枚熊貓金幣起， 至今已有近三十年歷史。余敏作為設計雕刻人員參與並見證了

余敏是首位獲得這項大獎的亞洲錢幣設計師，前三屆終身成

熊貓金銀幣發展的整個過程。

就 獎 的 獲 得 者 分 別 是 ：奧 地 利 的 赫 爾 伯 特 •韋 納、 義 大 利 的 瑪 利 亞•卡 梅 拉•柯 蘭 納 瑞以 及德 國 的 Heinz Hoyer 和

由余敏設計雕刻的1983版熊貓銀幣獲得了1985年世界硬幣大

Sneschana Russewa-Hoyer 夫婦二人。

獎最佳銀幣獎，這些年，余敏一共設計和雕刻了40多枚紀念熊 貓， 包 括2005、2006、2008、2009、2010、2012和2013

獎項由《世界硬幣新聞》主編及世界硬幣大獎的發起人之一的

熊貓金銀幣。余敏為現代造幣廠設計和雕刻的錢幣數量之多，

大衛•C• 哈珀負責頒發，而世界錢幣展也是本屆獎項的贊助商

很可能在當今世界範圍內也無出其右。

之一。 他所設計的2009版熊貓幣被德國錢幣雜誌評為最佳紀念幣。 《東亞泉志》出版人周邁可先生為李博士做了一下介紹。周先生 的《東亞泉志》不僅贊助本次的世界硬幣大獎，同時也準備了一

紀念幣方面，余敏設計並雕刻了毛澤東誕辰100周年流通紀念

篇余敏的生平簡介。

幣中的毛澤東頭像一面。在非常堅硬的鎳包鋼產品上製作浮雕 是一個近乎苛刻的任務，經過多次實驗之後，余敏最終圓滿完

余敏1980年8月畢業於上海工藝美術學校（中專）。同年進上海

成任務。

造幣廠（上海造幣有限公司前身）設計製模車間從事錢幣設計雕 刻工作。

在2008北京奧運幣的競標中，余敏的設計成為了入圍了最終的 決賽圈。余敏與他人合作的設計（擊劍、五項全能、射箭、足球） 也在競標被中國銀行選中。

由余敏負責設計、上海造幣廠生產的第一枚心形紀念熊貓 母親節特別收藏加厚版紀念熊貓（50g），鑄造量 300 枚

50 克的峨眉山面有金頂 佛光

30 克

30 克的峨眉山面沒有金 頂佛光

50 克

余敏此次設計的母親節紀念熊貓是上海造幣廠生產的第一枚心

熊貓，附帶原包裝盒及證書，每人限購一枚。購買事宜請聯繫

形紀念熊貓。其中銀質熊貓共生產1000枚，品質為30克 ；金質

冠軍公司美國經銷商 Jerica，電話 ：941 952 0100 ；郵箱 ：

熊貓為100枚，重8克，另外還有特別收藏版50加厚克銀質熊貓，

jericainternational@gmail.com。

鑄造量為300枚，每枚熊貓上均打有編號。正面圖案為母親節 康乃馨、熊貓母親和倆個熊貓寶寶 ；背面圖案為熊貓故鄉——

地 址 ：佛 羅 里 達 薩 拉 索 塔34236，1650大 道，Estate Coin

四川峨嵋山金頂及佛光。峨眉山是中國四大佛教聖山之一。

and Jewelry Galleria 公司。

每枚母親節熊貓均有單獨編號，並附有上海造幣有限公司特製

此前由冠軍公司出品、上海造幣有限公司工藝美術師余敏設計

包裝盒。紀念熊貓由冠軍拍賣出品，上海造幣廠資深工藝美

的展會熊貓曾在2014年6月的澳門錢幣學會年展、2016年7月

術師余敏負責設計，並由上海造幣有限公司負責生產。有意購

的柏林世界錢幣展以及2016年美國錢幣協會展覽上取得過巨大

買者可以499美元的價格購得這種母親節特別收藏加厚版紀念

的成功。

2016年澳門錢幣學會國際年展紀念熊貓

2016年美國錢幣協會安娜海年會紀念熊貓

2017年柏林世界錢幣展覽會三色銅紀念熊貓

2017年柏林世界錢幣展覽會三色銅紀念熊貓

AUCOFFRE.COM 成立於 2009 年，其創始人兼法國總裁是讓·弗朗索瓦·福爾。 AUCOFFRE.COM 是一家為全球私人投資者提供庫存金銀幣交易的網上平臺。 公司大約有 2 萬名顧客，4 噸黃金庫存，11 噸白銀庫存，25 名員工。2015 年 成交額達到 3500 萬歐元。 2011 年底，AUCOFFRE.COM 決定自鑄錢幣——1 盎司純金金幣 Vera Valor（意為“真實的價值”， 含金量為 999.9%°）。2012 年，在法國、比利時 和瑞士，Vera Valor 已成為銷量最大的金幣。該金 幣自發行起，銷量已超過 35,000 枚。 此後，AUCOFFRE.COM 決定使產品多樣化，開始鑄造各種版別的 Vera 錢 幣——1/10 盎司 Vera Max 金質收藏幣、1 盎司 Vera 銀幣等。Vera 錢幣自誕 生以來，鑄造量已超過 400,000 枚，VeraValor.com 因此成為法國的第一私營造幣廠。 2015 年，AUCOFFRE.COM 決定打造一個宣傳小塊領土的地圖幣收藏集， 開始鑄造第一種法定貨幣——桑吉巴 1 盎司 Vera 銀幣，面值為 1000 坦尚 尼亞先令，鑄造量為 50,000 枚。這些 Vera 銀幣很快被搶購一空，很多顧 客甚至還想購買這種幣的更多版別。具有代表性的第二塊領土是直布羅陀， 也將鑄造此種法定貨幣—— 50,000 枚 1 盎司 Vera 銀幣和 5,000 枚 1 盎司 Vera Valor 金幣。 2013 年，AUCOFFRE.COM 發 行 了 VeraCash 金 卡——唯一也是首個消費實物黃金 Vera Valor 的借 記卡。和其他的借記卡不同，其他的借記卡消費的 是加密數位貨幣或虛擬貨幣。對於 VeraCash 金卡來 說，按照黃金價格，用實物黃金來確定用戶所花費 的確切金額。通過 VeraCash 金卡和移動應用，將 VeraCash 的金額發給另一用戶，也能成為一種支付 方式。一個單位的 VeraCash 錢幣等於一個單位的該 國貨幣。 不論是作為實物錢幣，還是一種支付方式，VeraValor.com 和 VeraCash.com 都希望體現實物黃金和白 銀的真實價值。

East Asia Journal 1984 Issue 《東亞通寶》第 1 期 1984 年發行

First Issue of JEAN digital edition January 2016 Issue 《東亞泉志》電子雜誌第 1 期 2016 年 1 月發行

專欄

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《东亚泉志》电子杂志 《东亚泉志》为冠军拍卖公司总裁周迈可和著名钱币学专家史博禄于1994年创办， 是一本学术性钱币研究专业杂志。旨在让广大钱币收藏家、研究学者更深入地了解钱 币知识，让世界各地的读者更好地了解中国深厚的钱币文化。 杂志高级编辑史博禄1951年生于美国密苏里州圣路易斯市，为密苏里大学历史系学 士，哈佛大学中国研究专业硕士。1974-1977年在克劳斯出版社任《世界钱币新闻》 助理编辑，参与《世界硬币标准目录》与《世界纸钞标准目录》编辑工作。史博禄拥 有30多年的收藏和研究中国钱币的丰富经验。他在《东亚泉志》上发表的研究文献极 大地丰富了中国钱币的知识内涵。 《东亚泉志》于1994年7月份问世，在20多个国家发行，广受欢迎，长期占据许多重 要图书馆书架的显著位置，包括美国国家博物馆史密森尼学会、大英博物馆、哈佛燕 京图书馆、哈佛大学、耶鲁大学、哥伦比亚大学、斯坦福大学、康奈尔大学和美国钱 币学会、美国钱币协会。杂志刊发过不少有重要学术价值的文章，如詹姆斯•史威尼 写的《1900年京局银元》、史博禄写的《徐世昌刻字纪念章》和《民国二十五年和 民国二十六年之中国银元故事》、汤姆•基纳写的《1897年浙江三分六厘样币和1899 年安徽三分六厘流通币的关系》以及曾泽禄写的《台湾老公银伪品》等。 2015年5月，周迈可决定于2016年1月复刊《东亚泉志》为电子季刊，中英双语。内 容以披露最新钱币收藏研究成果、推介泉界成功人士的事迹为主。主要栏目有学术研 究、人物专访、鉴赏争鸣、拍卖回顾、重要信息等。聘请著名钱币研究学者袁水清担 任中文主编。袁水清，1948年生，大学金融专科毕业，从事银行工作30多年。中国 钱币学会会员，陕西省钱币学会常务理事，西安市收藏协会常务副会长。同时聘请国 内外知名的钱币学者、收藏家及专业人士加入，如美国华人钱币学者曾泽禄、美国纸 钞专家弗雷德·施万、美国东南亚钱币专家霍华德·丹尼尔、德国中国现代币研究学者 塞巴斯蒂安·威斯霍夫斯基、香港中国现代金银币研究学者陈景林、台湾钱币学者周 建福、《戳记币简史》作者台湾东吴大学加拿大籍高林教授等。 从2017年起，《东亚泉志》加盟由克劳斯在德国柏林世界钱币展览会期间举办的 “世界硬币大奖”颁奖活动。

《东亚泉志》2017年免费订阅，如果需要，请把您的邮箱发到 jeanzg@163.com！ 《东亚泉志》第一期在线阅读：issuu.com/jean388/docs/the_first_issue_of_jean

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 1991-1993, Mr. Smith was a graduate student at Harvard University. In 1994-1998, 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, the remainder in Chinese. The journal was distributed in over 20 countries, and remained a mainstay on many important library shelves, including the Smithsonian Institution, the British Museum, the Harvard Yenching Library, Harvard University, Yale University, Columbia University, Stanford University, Cornell University, the ANS (American Numismatic Society), and the ANA (American Numismatic Association). The journal enjoyed great popularity and many important articles were published in JEAN, including “Peking Coins of 1900” by James Sweeny, “More on the Hsu Shih-chang Medals with engraved names” and “The true story of China’s 1936 and 1937 Silver Dollars” by Bruce Smith, “The Apparent Relationship

JEAN Online Links 《東亞泉志》在線閱讀

1st Issue 2nd Issue 3rd Issue 4th Issue 5th Issue 6th Issue 7th Issue 8th Issue 9th Issue 10th Issue 11th Issue 12th Issue 13th Issue

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 starting in January 2016. The famous numismatic researcher Mr. Yuan Shuiqing will be chinese chief editor. He is a member of China Numismatic Society, serving as executive director of the Shenxi Numismatic Society and executive vice president of the Xi’an Collectors Association. As a numismatic researcher, he was chief editor of Collections and China Numismatics. He has published over 100 numismatic research articles and the masterpiece 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 BowkerNumismatic Pioneer), Colin Gullberg (Canada, author of Chopmarked Coins-A History), Chinese American senior numismatist Dr. Chelu Tseng, Steve Feller former international banknote societ y 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 quar terly, bilingual e-journal, covering the latest numismatic research, interviews with famous collectors, auction reviews, and general news. The Journal's distribution is now over 5,000, including over 2,000 in Greater China region.

Starting in 2017, Journal of East Asian Numismatics is a co-sponsor of Krause's Coin of the Year Award Ceremony in Berlin with World Money Fair.

You are welcome to subscribe, submit articles for publication, and advertise in the upcoming JEAN. The 2019 subscription is free of charge. Please send your email to jeanzg@163.com.

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Contact JEAN Shanghai Office Tel: 021-62130771 Email: jeanzg@163.com Add: Room 1808, Bao Hua Building No. 1211, Changde Rd.

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東亞泉志 電子季刊 · 中英双语 《東亞泉志》為冠軍拍賣公司總裁周邁可先生和著名錢幣學專家史

2015年5月，周邁可先生決定于2016年1月復刊《東亞泉誌》，聘請著

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

名錢幣研究學者袁水清先生擔任主編。袁水清，1948年生，大學金融

讓廣大錢幣收藏家、研究學者更深入地了解錢幣知識，讓世界各地

專科畢業，從事銀行工作30多年。中國錢幣學會會員，澳門錢幣學會

的讀者更好地了解中國深厚的錢幣文化。

學術顧問，陝西省錢幣學會第六屆常務理事，西安市收藏協會常務副

雜誌高級編輯史博祿先生 1951年生於美國密蘇里州聖路易斯市，

誌的責任編輯， 《中國錢幣界》雜誌主編。多年來他傾力于中國貨幣史

為密蘇里大學歷史係學士，哈佛大學中國研究專業碩士。19741977年在克勞斯出版社任《世界錢幣新聞》助理編輯，參與《世界 硬幣標準目錄》與《世界紙鈔標準目錄》編輯工作。1977-1987年 全職進行錢幣交易。1988-1989年在中國鄭州大學留學，主修中國 研究課程。1991-1993年在哈佛大學攻讀碩士。1994-1998年任《東 亞泉志》總編。史博祿先生擁有30多年的收藏和研究中國錢幣的 豐富經驗。他在《東亞泉志》上發表的研究文獻極大地豐富了中國 錢幣的知識內涵。

會長。退休后，歷任《收藏》 《古泉園地》 《西部金融 • 錢幣研究》雜 和錢幣學的研究，發表過近百篇錢幣研究文章 ；2012年，出版了匯集 中國古今錢幣的鴻篇巨製《中國貨幣史之最》 。同時聘請國內外知名的 錢幣學者、收藏家及專業人士加入，如《霍华德 • 富兰克林 • 包克—— 錢幣學研究先驅者》作者史博祿先生、 《戳記幣简史》作者高林先生、 美國華人資深錢幣學者曾澤祿先生、國際紙鈔收藏協會前任總編輯

Steve Feller、香港中国现代金银币资深研究学者陳景林先生、台灣資 深錢幣學者周建福先生、美國東南亞錢幣專家亞當 • 比亞吉先生以及 北京錢幣網总裁郭嘉華先生等。

《東亞泉志》于1994年7月份問世，1999年停刊，發行了18期。雜 誌中大部分文章是英文，只有少部分是中文，在20多個國家發行， 廣受歡迎，長期佔據許多重要圖書館書架的顯著位置，包括美國國

復刊后的《東亞泉誌》為電子季刊，中英双语。內容以披露最新錢 幣收藏研究成果、推介泉界成功人士的事跡為主。主要欄目有學術 研究、人物專訪、鑒賞爭鳴、拍賣回顧、重要資訊等。

家博物館史密森尼學會、大英博物館、哈佛燕京圖書館、哈佛大學、 耶魯大學、哥倫比亞大學、斯坦福大學、康奈爾大學和美國錢幣學

從2017年起， 《東亞泉志》加盟由克勞斯在德國柏林世界錢幣展覽

會、美國錢幣協會。雜誌刊發過不少有重要學術價值的文章，如詹

會期間舉辦的“世界硬幣大獎”頒獎活動。

姆斯 • 史威尼寫的《1900年京局銀元》、史博祿寫的《徐世昌刻字 紀念章》和《民國二十五年和民國二十六年之中國銀元故事》、湯姆 • 基納寫的《1897年浙江三分六釐樣幣和1899年安徽三分六釐流通

《 東 亞 泉 志 》2019年免 費訂 閱， 如 果 需 要， 請 把 您的 郵 箱 發 到

jeanzg@163.com ！

幣的關係》以及曾澤祿寫的《台灣老公銀偽品》等。

JEAN Online Links 《東亞泉志》在線閱讀

第1期 第2期 第3期 第4期 第5期 第6期 第7期 第8期 第9期 第 10 期 第 11 期 第 12 期 第 13 期

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2019-2020 年《東亞泉志》的廣告現在接受預定！ 2019-2020 年

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坦桑尼亞聚合物環熊貓紀念幣 帶 LED 燈的收藏盒 照亮你的錢幣 2019 World Money Fair Berlin Polymer Ring Silver Commemorative Panda with Ring of Light Box

Price 價格

USD 150 / EURO 129 / RMB 998 Design by Yu Min (China Shanghia Mint) / 余敏設計 Produced by B.H. Mayer Mint / 德國梅耶造幣廠 1 oz / 40mm / 99.9% Silver Total 1000 pieces / 發行量 1000 枚

外包裝

內盒

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光 |寶 |盒 底座內置 LED 燈

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購買請聯繫

Please Contact

European Distribution Fritz Rudolf Kuenker Inja MacClure (+49) 541 96202801 inja.macclure@kuenker.de

Asia Distribution Champion Auction Michael Chou (+86) 021 62130771 championghka@gmail.com

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