The Kwan Ping series pattern was developed around 1867–68 following a proposal by British diplomat W. F. Wade based on the Maritime Customs weight scale. Intended for production by the Hong Kong Mint, the currency never entered regular circulation due to the facility's abrupt closure in April 1868. Archival research resolved long-standing debates by confirming its London manufacture, revealing that only 102 examples of each denomination were ever produced. The piece displays two intertwined dragons encircling a yin-yang symbol alongside an anchor mintmark.
Key points
Production plans ceased permanently when the Hong Kong Mint closed in April 1868 and sold…: Production plans ceased permanently when the Hong Kong Mint closed in April 1868 and sold its machinery to Japan.
Sample shipments of the unissued coinage were delivered to banking agents in Shanghai and…: Sample shipments of the unissued coinage were delivered to banking agents in Shanghai and Yokohama in late 1875.
The pattern design incorporates an anchor mintmark alongside two intertwined dragons that…: The pattern design incorporates an anchor mintmark alongside two intertwined dragons that surround a central yin-yang motif.
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A silver coin designed more than 150 years ago for a proposed international trading currency has fetched $4.758 million at an auction in Hong Kong, despite never becoming part of regular circulation. Made in London around 1867-68, the rare Kwan Ping Trade Coinage pattern was intended to be part of a proposed Chinese-Foreign Circulating Coin series. The coin had remained out of public view for decades after entering a private collection in the mid-20th century. According to auction house Stack's Bowers Galleries, it became the highest-selling lot at its October 2026 Hong Kong auction, which generated nearly $32 million in total sales.
The coin, officially catalogued as the silver 'Chinese-Foreign Circulating Coin' Tael Pattern, was sold as Lot 41023. It was graded PCGS Specimen-66, a designation reflecting its exceptional preservation and specimen-quality striking. The auction concluded on October 26, with the results announced on November 3. The final price of $4,758,000 included the buyer's premium.
A proposed currency that never reached circulation
The story of the coin goes back to a period when international trade involving China faced difficulties because…
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