NGC-certified Chinese Rarity Tops $1 Million Mark in Hong Kong Auction
At Champion’s Hong Kong Auction 15, on August 28, 2011, a 1992 China Compass 2000 Yuan 1 Kg Gold graded NGC PF 69 Ultra Cameo realized US $1,298,000. This sale set a new world record price for a modern kilogram gold Chinese certified coin.
The 2000 Yuan coin is part of a series celebrating Chinese inventions and discoveries. The obverse features a depiction of a compass and the Great Wall of China is on the reverse.
Produced by the Shenyang Mint, this extreme rarity is numbered 06 from a maximum of 10 pieces struck. According to Michael Chou, CEO of iAsure, it may be the rarest of all authorized coinage of China.
This 5 kilogram rarity became the third Chinese coin to cross the $1 million mark and the second highest price for a modern Chinese coin within the last five months. The 2000 Yuan coin ranks as the second most expensive modern Chinese coin sold at auction.
According to Chou, the previous record holder for a 1 kilogram coin, a 1994 Year of the Unicorn, realized approximately US $602,326 in Champion’s June auction.
The overall record price for a modern Chinese coin was established earlier this year by a Proof 1991 10 kilogram .999 fine gold 10000 Yuan coin that realized US $1,567,190.
The 186-lot August auction, Champion’s second focused on modern Chinese material, realized US $5,170,382. The high-visibility rarities in the Champion Hong Kong Auction’s sale, drew a lot of wealthy bidders to the auction.