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Chinese proof brings $240,000 for Stack’s Bowers

A 1975 2-yuan proof note from China was the star of Stack’s Bowers’ paper money auction held March 25 in Hong Kong.

“Iron Man” Wang Jinxi, regarded as a hero in the People’s Republic of China for his work in 1960 at the Daqing Oil Field, appears on the front of this 1975 2-yuan proof note from China. It sold for $240,000 in Stack’s Bowers’ March 25 paper money auction held in Hong Kong.

Certified by Paper Money Guaranty and graded PMG 62 UNC, the lot realized $240,000, far above its pre-sale estimate of $75,000-$100,000.

The proposed design features “Iron Man” Wang Jinxi, regarded as a hero in the People’s Republic of China for his work in 1960 at the Daqing Oil Field. This was China’s first world-class oil field, and it is pictured on the back of the note.

“We are very pleased with the result,” said Aris Maragoudakis, director of World Currency Auctions at Stack’s Bowers. “This is an excellent example of the strength of PMG certification.”

In fact, nine of the top 10 prices realized in the auction were for lots certified by PMG, a leading paper money certification service. Founded in 2005, the firm has graded nearly four million bank notes from around the world, about half of them from China.

According to CEO Steven R. Eichenbaum, “PMG is honored that collectors and dealers continue to look to us to certify the greatest paper money rarities.”

Other PMG-graded highlights from the Session A – Chinese, Hong Kong and World Paper Money auction include:

• China 1951 5,000 yuan, PMG 20 VF, $51,600
• Straits Settlements 1901 100 dollars, PMG 25 VF, $40,800
• Hong Kong – Mercantile Bank of India Ltd. 1941 50 dollars, PMG 30 VF, $26,400 (est. $10,000-$15,000)
• Thailand ND (1992) 1,000 baht with fancy serial numbers, 11 notes, ranging from PMG 58 Choice UNC EPQ to PMG Choice UNC 64, $18,000 (est. $7,500-$10,000)

For more information about PMG, visit PMGnotes.com or call 877-PMG-5570.

For further auction results, see the Stack’s Bowers website at www.stacksbowers.com.


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