World Paper Money of the Week: Finest PMG Certified Ming Dynasty 1 to be Featured in Hong Kong this August.

By Matt Quinn, Director of Currency

Stack’s Bowers and Ponterio is pleased to offer the finest PMG certified Ming Dynasty 1 Kuan (1368-99) in our August 20-22, 2012 Hong Kong sale. This note is graded PMG About Uncirculated 55 Net.

This example of the "earliest collectible banknote” trumps all others we have handled in the past. The note is nearly Uncirculated and offers some of the best paper body and original vermillion stamping we have seen for this issue. A bold impression of the shockingly large format gives great detail to the design features and cash strings depicting the denomination at center. The banknote is fully free from repairs and defects other than a single tear mentioned by PMG in the comments section of the holder. A deeply inked back impression situated at lower center displays dark inks and strong detail. The paper body is quite thick with minimal light visible when back lit. We are sure it will be many years before we see another of equal or better quality.

The issue has received tremendous attention as of late with the strong increase in demand for Chinese paper money. It is truly of a special breed and an item, which always creates conversation when viewed by those unaware of the note’s existence. Most known today were originally discovered during the Boxer Rising in the early 20th century. A later trove then came to light during demolition of a temple around the outskirts of Beijing in the 1930s. The historical banknotes were found within a time capsule in the temple and represent a large population in higher quality. Dates noticed for this P-AA10 type range between 1368 and 1399 and with the large quantity available they quickly became well regarded by collectors and dealers for their incredible age and large format.

Of the several we have handled in past auctions, the next closest in terms of quality and appeal was lot 80009 in our August 2011 Hong Kong sale. That note was certified by PMG as Extremely Fine 40 and realized $22,705. We feel this item handily trumps that note in appeal and overall quality. It seems that even with the market remaining strong for Chinese bank notes, Ming notes are becoming more scrutinized. Collectors are now realizing the vast amount available, but also the scarcity of nicer material, a fact which further highlights the importance of this finest certified by PMG piece.

An incredible array of currency will be found within the Paper Money session of the August 2012 Stack’s Bowers Ponterio Hong Kong Auction. Banknotes issued throughout the mainland will be seen alongside important groupings of Hong Kong and French Indo-China paper. Several rarities, which seldom appear at public offerings will be presented including One and Ten Dollar notes from the Sin Chun Bank of China series and also two denominations from the colorful Pei-Yang Tientsin Bank issue. Quality of material is high with several lots representing notes certified at the finest level according to current population. Designs that we have never previously handled are numerous with many currently unlisted in both the Smith & Matravers and Standard Catalog to World Paper Money references. Overall an offering that will rival the largely successful April event we held earlier this year.