The Warlord’s Portrait: Chang Tso-Lin Rarity Hits the Market
Rare 1926 Chang Tso-Lin coin emerges at auction after 40 years.
As Chang Tso-Lin conquered and ruled northeastern China in the 1920s and became Generalissimo of the Military Government of the Republic of China in 1927, the Tientsin Mint made commemorative coins bearing the portrait of the warlord. These issues were exquisitely crafted in a three-year series, which ended after Tso-Lin’s assassination in 1928, using the highest-level minting techniques of the time in China, showcasing well-made features and lifelike portraiture.
A 1926 coin from this series has reached the collection of Champion Macau Auction and will go on sale in the company’s November 29 auction. The extremely rare coin is making its public debut after 40 years in the ownership of Nelson Chang, who acquired the issue in the 1980s from renowned Hong Kong coin dealer Chang Huang.
Graded MS 62 by NGC, the 31.97-gram issue was made from 83% copper and 16% nickel, as determined through an X-ray fluorescence analysis using professional metallurgical equipment, which was one of the multiple highly detailed methods employed in certifying the coin. This is a new variety, as it is the only publicly discovered pattern made for this issue from this alloy combination and unrecorded in any coin catalog.
“When NGC certified the L&M-870 Chang Tso Lin Dollar that was plate-matched to the 1971 Jess Peters price list with an accompanying pedigree from the Kann sale and Kann reference, it then sold in excess of $2 million in 2022,” says Senior Vice President of World Coin Grading at NGC Ben Wengel in his article, “New Discovery: NGC Certifies Previously Unknown Chang Tso-Lin Dollar in Copper-Nickel from Famed NC Collection.” “This was the first example graded by NGC in more than 20 years. Although that coin had a different reverse design, its certification by NGC proved to be an important reference piece in certifying the copper-nickel example.”
The coin may have been a trial strike issue made for a first test of the pressing machine. Contributing factors to this theory are the alloy composition of the coin, which is harder than silver, the heavy weight at nearly 32 grams, and the fact that it has a thick planchet with weak striking on the reeded edges.
“Genuine Chang Tso-Lin coins are extremely rare,” writes Wengel. “Even specialized numismatists working for top auction houses or grading services may only see an example once every decade or even longer.”
Go to liveauctioneers.com for more information about the Chang Tso-Lin coin and the Champion Macau Auction event.
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