The Peh Family Collection powered multiple seven-figure results, including Heritage’s top World & Ancient coin price and a Hong Kong auction-house record.
By Intelligent Collector Staff | December 10, 2025
Heritage Auctions’ December HKINF week delivered one of the strongest showings in the firm’s World & Ancient Coins category, totaling $42,140,458 across coins and paper money, according to the company. The combined figure includes $39,522,122 from the Dec. 6–9 HKINF World & Ancient Coins Platinum Session® and Signature® Auction and $2,618,336 from the HKINF World Paper Money Signature® Auction.
The headline result came from the Peh Family Collection, Part III, led by a Republic Chang Tso-lin silver Specimen Pattern Dollar, Year 16 (1927), SP63 (PCGS), which realized $4.32 million. Heritage said the price is the most ever paid for a coin in its World & Ancient Coins department and also the most ever paid in Hong Kong through any auction house. The firm noted that six Peh Family Collection coins in the event reached seven figures and that 79 lots achieved six-figure results.
Heritage’s press release frames the Chang Tso-lin “Mukden Tiger” dollar as a pattern issue from a brief historical window, noting that only four official dollar designs were minted during Chang Tso-lin’s 1926–28 hold over Tientsin and Beijing. These designs were not released into circulation and, as described, exist for collectors primarily in pattern format.
Other seven-figure results from the Peh Family Collection included a Hsüan-t’ung Specimen Pattern “Large-Tailed Dragon” Dollar, Year 3 (1911), SP64 (PCGS) at $1.74 million, which Heritage described as the second-finest of six certified by PCGS. A Kiangnan Kuang-hsü Specimen Pattern Dollar, ND (1897), SP66 (PCGS) realized $1.5 million, noted as tied for the top of the PCGS census with one other example. An elite Kuang-hsü gold Specimen Pattern Kuping Tael (Liang), CD 1906, SP64+ (PCGS) closed at $1.26 million, with Heritage describing it as the finest of the 1906 issues and second-finest within the 1906–07 series by a half point. Two additional coins reached $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).
Beyond Chinese numismatics, the sale included strong results from additional named collections, including the Geneva Collection of Russian material. Heritage highlighted a Peter I gold Medallic Polupoltina of 3 Ducats (1702), AU Details (NGC) at $720,000, and several other six-figure outcomes. The release also noted a standout from the Mahal Collection of Spanish and U.S. Philippines coins: a Malolos Revolutionary copper 2 Centavos (1899), XF40 (PCGS) that realized $192,000, described as believed to be the most expensive coin from the Philippines ever sold.
For collectors, the HKINF week result reads as both a top-end record and a depth signal: seven-figure pattern dollars anchored by a single $4.32 million centerpiece, backed by dozens of six-figure outcomes across multiple collecting lanes.
Source: Heritage Auctions press release (December 10, 2025).