CHANG TSO-LIN DOLLAR FETCHES RECORD $4.23 MILLION
By Steve Lansdale | December 16, 2025
A magnificent coin from an equally magnificent collection broke auction records at Heritage this month. The Republic Chang Tso-lin silver Specimen Pattern Dollar Year 16 (1927) SP63 PCGS from the Peh Family Collection, Part III soared to a record $4.32 million to lead Heritage’s December 6-9 HKINF World & Ancient Coins Platinum Session® and Signature® Auction to $39,522,122. That total is the second-highest total for a World & Ancient Coins auction at Heritage, behind only The Paramount Collection World & Ancient Coins Signature® Auction that brought nearly $42 million in 2021. When coupled with Heritage’s $2,618,336 HKINF World Paper Money Signature® Auction, it raises the total for the events to $42,140,458.
Republic Chang Tso-lin silver Specimen Pattern Dollar Year 16 (1927) SP63 PCGS. Sold for $4.32 million in Heritage’s December 6-9 HKINF World & Ancient Coins Platinum Session® and Signature® Auction.
The $4.32 million result for the Chang Tso-lin Dollar is the most ever paid for any coin in Heritage’s World & Ancient Coins department and the most ever paid in Hong Kong through any auction house. It is one of six coins in the auction – all from the Peh Family Collection – that reached seven figures; 79 drew six-figure results.
“This is a magnificent coin that comes from one of the elite collections of Chinese numismatics,” says Kyle Johnson, Heritage’s Managing Director of World & Ancient Coins. “We expected it to perform well, but this spectacular coin and this superb collection have exceeded even our most optimistic expectations. The overall results of the auction are incredible, shining a spotlight on the massive growth in demand for Chinese numismatics and an emphatic confirmation of Heritage’s position atop the world coins and currency market.”
The Chang Tso-lin Dollar is a remarkable example of a coin that has become among the most sought-after and record-breaking items in all of Chinese numismatics. Only four official dollar designs were minted across the Mukden Tiger’s brief hold over Tientsin and Beijing from 1926-28, but they were not released into circulation and are currently available to collectors only in Pattern format.
Hsüan-t’ung Specimen Pattern ‘Large-Tailed Dragon’ Dollar Year 3 (1911) SP64 PCGS. Sold for $1.74 million in Heritage’s December 6-9 HKINF World & Ancient Coins Platinum Session® and Signature® Auction.
Also from the Peh Family Collection, a Hsüan-t’ung Specimen Pattern “Large-Tailed Dragon” Dollar Year 3 (1911) SP64 PCGS, an elusive Pattern that earned the “Large-Tailed Dragon” moniker due to the spread nature of the expanded tail when compared to the production issue, brought $1.74 million. Pattern Dollars from this era are highly sought-after, struck in the final years of the Qing dynasty and usually featuring an emblematic, stoic dragon. Of the six certified by PCGS, this specimen ranks as the second-finest and just a single point from the top of the grading roster.
Meanwhile, a Kiangnan Kuang-hsü Specimen Pattern Dollar ND (1897) SP66 PCGS from the same collection logged 29 bids on its way to $1.5 million, and an elite Kuang-hsü gold Specimen Pattern Kuping Tael (Liang) CD 1906 SP64+ PCGS closed at $1.26 million. Two other coins reached seven figures, each at $1.14 million: a Kweichow Kuang-hsü Dollar (Silver Cake) Year 16 (1890) MS61 PCGS and a Kwangtung. Kuang-hsü Specimen “Seven Three Reversed Pattern” Dollar ND (1889) SP67 PCGS.
Peter I gold Medallic Polupoltina of 3 Ducats 1702 AU Details (Removed from Jewelry) NGC. Sold for $720,000 in Heritage’s December 6-9 HKINF World & Ancient Coins Platinum Session® and Signature® Auction.
The auction also drew extraordinary results for the 105-lot Geneva Collection, a landmark cabinet that represents the most distinguished Russian numismatic material – including plate coins, elusive patterns, and conditional rarities – to reach the collecting market in years. Among the highlights was a Peter I gold Medallic Polupoltina of 3 Ducats 1702 AU Details (Removed from Jewelry) NGC that brought $720,000. An exceptional representative of early Russian gold, it is a coveted piece that has been a part of some of Russia’s greatest collections, including Hutten-Czapski and Soedermann.
From the same collection came an Alexander II gold Proof 25 Roubles 1876-CПБ PR62 NGC that climbed to $492,000. The rare commemorative piece was struck for the 30th birthday of the Tsar’s fourth son, Vladimir Alexandrovich. Two offerings from the collection ended at $480,000: a Nicholas II gold 25 Roubles (2-1/2 Imperials) 1896 MS63★ NGC and a Nicholas II gold 37 Roubles 50 Kopecks 1902 MS64 NGC.
The auction also included the finest collection of Spanish Philippines to hit the market in decades. Among the top offerings was a Malolos Revolutionary copper 2 Centavos 1899 XF40 PCGS believed to be the most expensive coin from the Philippines ever sold. It drew 54 bids and soared past pre-auction expectations on its way to $192,000.
The auction’s Platinum Session produced numerous strong results, including a Kuang-hsü gold Specimen Pattern Kuping Tael (Liang) 1907 SP61 PCGS that achieved $552,000. Arguably the most iconic, and certainly the most renowned, gold Pattern of the late Qing Dynasty, this imposing Kuping Tael stands as a veritable giant of Chinese numismatics. From the same session came a Hsüan-t’ung Specimen Dollar Year 3 (1911) SP63 PCGS that ended at $432,000 and a Kweichow. Republic “Auto” Dollar Year 17 (1928) AU58 PCGS that reached $360,000.
Malaya and British Borneo Board of Commissioners of Currency 1000 Dollars 21.3.1953 Pick 6a B106 KNB6a PMG About Uncirculated 50 EPQ. Sold for $204,000 in Heritage’s December 5-9 HKINF World Paper Money Signature® Auction.
World Paper Money
An extraordinary Malaya and British Borneo Board of Commissioners of Currency 1000 Dollars 21.3.1953 Pick 6a B106 KNB6a PMG About Uncirculated 50 EPQ nearly tripled its pre-auction estimate when it sold for a record $204,000 to lead Heritage’s HKINF World Paper Money Signature® Auction. Like the top lots in the World & Ancient Coins event, this magnificent note is also from the Peh Family Collection.
“Any banknote of this caliber, from an elite numismatic collection like the Peh Family Collection, is expected to bring outstanding results, and this was no exception,” says Dustin Johnston, Senior Vice President of Numismatics at Heritage Auctions. “It proved to be the headliner in a very strong auction, in which 16 lots brought at least $30,000, eight clearing at least $50,000.”
The Board of Commissioners of Currency in Malaya and British Borneo replaced Straits Settlements with notes of the same denominations in 1953, including the banknote that brought the auction’s top result. Queen Elizabeth II replaced King George VI on this series, which was in service from at least 1953-67 at minimum, and possibly until 1973 in some cases. The 1000 Dollars was the highest denomination of the series that was available for use by the public; the $10,000 note was used strictly between banks. It was a considerable sum of money in this region, and as such, issuance of this denomination was small: Only 22 examples of this note are graded by PMG, with only two pieces earning higher grades.
Also from the Peh Family Collection, a large, vibrant China Yunnan Official Currency Bureau 7 Mace 2 Candareens=1 Dollar 1907 Pick UNL PMG Very Fine 25 more than tripled its pre-auction estimate when it reached $78,000. This auction marked the first time this exceptionally rare, vertical Qing Dynasty note from Yunnan Province in Southern China ever has been offered at Heritage.
China Deutsch-Asiatische Bank, Shanghai 20 Taels 1.3.1907 Pick S292 S/M#T101-13c PMG Choice Very Fine 35. Sold for $78,000 in Heritage’s December 5-9 HKINF World Paper Money Signature® Auction.
Also closing at $78,000 was a China Deutsch-Asiatische Bank, Shanghai 20 Taels 1.3.1907 Pick S292 S/M#T101-13c PMG from the Peh Family Collection that was offered at Heritage for the first time and is the only example graded in the PMG Population Report. Banknotes notably were issued denominated in both Dollars and Taels; this offering from the Shanghai branch of the bank is denominated in Taels and is the highest degree of rarity.
A Straits Settlements Asiatic Banking Corporation, Singapore 500 Dollars ND (ca. 1860s) Pick S79r KNB5 Remainder PMG Choice Uncirculated 63 more than doubled its pre-auction estimate when it fetched $66,000. The only example graded in the PMG Population Report, and either the only example or one of very few extant, it is an exceptional rarity from the first few decades of British rule in Singapore.
Large-denomination notes always generate ample interest, and that was the case with a China People’s Bank of China 10,000 Yuan 1951 Pick 858a S/M#C282 PMG About Uncirculated 55 that prompted 29 bids on its way to $57,600, nearly twice its estimate. A superb example of the second-highest denomination of the extensive People’s Bank series that was issued from 1948-51, it is one of the scarcest notes of the entire inflationary series, with just over 100 examples graded in the PMG Population Report, only six of which have received higher grades.
China Bank of China 1 Dollar ND (1912) Pick UNL S/M#C294 Commemorative Front and Back Proof PMG About Uncirculated 50; Uncirculated 62 Net. Sold for $50,400 in Heritage’s December 5-9 HKINF World Paper Money Signature® Auction.
Three lots ended at $50,400, including an unissued China Bank of China 1 Dollar ND (1912) Pick UNL S/M#C294 Commemorative Front and Back Proof PMG in Proof format. This beautiful rarity was created to commemorate the birth of the Chinese Republic. Immediately grabbing attention is the fact that the front features a complete design, but it was printed only in black and white, while the back, which is lacking issuer titles and signatures, was printed in green and black. Although never issued, a few prototypes were created which are very rare today.
Also reaching $50,400 was a beautiful China Shensi Official Currency Bureau 10 Taels (1911-12) Pick UNL S/M#S22 PMG Very Fine 30 from the Peh Family Collection and a China Kiangse Government Bank 2 Taels 1907 Pick UNL S/M#C95 PMG Choice Extremely Fine 45.
