2 Yuan Chinese Proof Note of 1975 Auctioned for a Massive $240,000

2019-03-28 Thu

A 2 Yuan Proof note from China, issued in 1975, Graded PMG 62 Uncirculated, was auctioned by Stack’s Bowers on 25th March in Hong Kong for $240,000, crossing its estimated value of $75,000 to $100,000 by a big margin. The note depicts “Iron Man” Wang Jinxi who was a famous leader of the People’s Republic of China in 1960 and rose to fame because of his dedicated work at China’s first world-class oil field, Daqing. The oil field is featured on the reverse side of the note. The proof note was issued featuring a proposed design which was eventually rejected.

Several other interesting banknotes were sold during the event. A 5,000 Yuan note of China issued in 1951, graded PMG 20 Very Fine was sold for $51,600. A 100 Dollars note from Straits Settlements, issued in 1901, graded PMG 25 Very Fine was auctioned for $40,800. A 50 Dollars note issued by Hong Kong – Mercantile Bank of India Ltd. in 1941, graded PMG 30 Very Fine was sold for $26,400, against an estimated value of $10,000 to $15,000. A 1,000 Baht note with Fancy Serial Numbers from Thailand issued in 1992, graded PMG 58 Choice About Uncirculated EPQ to PMG Choice Uncirculated 64 was sold for $18,000 against a low estimate of $7,500 to $10,000.

Image Courtesy: Stack’s Bowers Auction