Watch List notes:

CHINA. Shanghai. Tael, Year 6 (1856). Hsien-feng (Xianfeng). PCGS Genuine--Cleaned, AU Details.
L&M-590; K-903 (type D); WS-1123. Issued by Ching Cheng Chee and engraved by Feng Nien. Obverse: "Cake (of) standard silver (from the) business firm (of) Ching Cheng Chee (in the) Shanghai district (in the) 6th year (of Emperor) Hsien Feng;" Reverse: "Made (by) Feng Nien, silversmith; Supervised (by) Chow Yuen Yu. Exact weight one Tsaoping Tael." A type RARELY encountered, this represents just the third such appearance in one of our sales. Lightly cleaned as noted, along with some minor wear, but also quite alluring and enticing, with some golden-amber toning beginning to take hold around the characters. A great opportunity for a rather difficult type.

Hyper-inflation caused by the Tai Ping Rebellion led to the hoarding of silver. At this time, foreign coins, namely Spanish 8 Reales, circulated in Shanghai at a considerable premium. In 1856, the Shanghai authorities authorized silversmiths to issue coinage in an attempt to replace these 8 Reales. The firms Wong Yung Sheng, Ching Cheng Chee, and Yu Shen Sheng were granted permission to issue coinage in the denominations of One Tael and 5 Mace. This was a short-lived coinage, as the monthly output was only about 3,000 pieces, and was not large enough to meet the demand. This aspect, along with the large number of forgeries entering circulation, doomed the project to a short period of only about six months. Extremely significant, since the Shanghai series represents the first Tael coinage produced in China. To view all items from the Nine Dragons Collection, click here.

From the Nine Dragons Collection.

Estimate: $10000 - $20000