Wednesday, November 28, 2012

Exploring the Technical Process of Minting Precious Metal Coins in China and Early Sand Blasted (Matte) Coins

By Huang Ruiyong
Source: http://bbs.jibi.net/dispbbs.asp?boardid=91&Id=53783&page=3

Translator's note: "sand blast" refers to the process to produce effects normally known as "frosting" and "matte" on coins. Since the term "sand blasting" is used in Chinese to cover both, I am doing a direct translation to be consistent. English readers should be able to figure out when it refers to frosting and when to matte. Also, I added some pictures to the original post to show some of the coins.

Silver coins are small and delicate,

Requiring highly sophisticated minting process,

Mirror fields and frosting are both gorgeous,

Sand blasting is especially important.

Year of Children takes the center,

Followed closely by Soccer and Volleyball,

Alpine Skiing is most lovely,

All glitter on the dome of sky.

A poem to the tune of Qingpingyue

Good evening, everyone. The topic tonight is the technical process, and sand blasted coins of the early years from the PRC will also be discussed in the meantime.

This is a very important topic. For coin collectors, understanding the technical process is like learning how to swim. With such understanding, they can feel at home in the ocean of precious metal coins.

First let's discuss the technical process.

We all come across two simple terms from time to time: proof coins and BU coins. Probably every coin collector can give some features of these two types of coins, but what are their accurate definitions?

In general, "BU" comes from "Brilliant Uncirculated" in English, meaning uncirculated coins with mint luster. On the other hand, "proof" in English means "minted with great care."

Now we run into a problem, because in our country, collectors normally distinguish BU coins and proof coins based on the mirror field. Coins with mirror fields are considered proof coins, and coins without mirror fields are normally treated as BU coins.

However, internationally many coin catalogs and numismatists hold a different view than the criterion above. In reality, we cannot use the mirror field as the only criterion for proof coins against BU coins.

Let's look at BU coins first, and return to proof coins later.

BU coins fall into the following categories:

1. BU coins with mint luster, "BU" in its true sense. These are coins struck under pressure, with mint luster, such as the Fat Man, and Sun Yat Sen coins;

2. Coins treated with sulfuration, with the color of ancient silver, which results from the reaction of silver to potassium sulfide solution. These coins can be played with in hands, such as the Beijing International Coin Expo coin;

3. Common BU coins, such as BU silver pandas in several years, Auspicious Matters, and some Guanyin coins. These coins do not have mirror fields in the strict sense, with a dull surface that cannot reflect human images.

Are sand blasted coins included in BU coins? It is premature to reach a conclusion now. Let's see how sand blasted coins are minted.

Many coin collector friends are mistaken in their understanding of the technical process for minting sand blasted coins. This is the process in their understanding: Working dies, usually made of steel, are needed to mint milled coins. But many people may think that striking machines apply pressure on the die, to produce coins with mirror fields from silver planchets, and then fine sands are blasted through a high pressure gun on the coins, to form sand blasted coins.

But this understanding is wrong. If the minting process followed these steps, we would see that:

1. Silver coin production is highly costly;

2. The surface of the silver coins will look very unsightly, like a human face ravaged by small pox, with little pits and hollows everywhere.

What is the correct technical process to mint sand blasted coins? There are two approaches.

1. Blast fine sands evenly to the working die, and then strike to produce sand blasted silver coins;

2. Mint mirror coins with a mirrored working die, and when the production quota is met, blast sands on the working die, to strike sand blasted silver coin in the same fashion.

People may ask: why there are different effects among sand blasted coins? They have this question because some of the sand blasted surfaces are dark, which we call "dark sand blast", and other sand blasted surfaces are bright, which we call "bright sand blast." Examples of each include the kilo silver Horse, 8 gram and 15 gram lunars, and dodecagonal coins.

The answers are:

1. Sands used are different. Slightly different sands can lead to various appearances in color and luster;

 2. How long the working die has been used. Freshly sand-blasted working dies leave a striking effect on silver coins. With more coins struck, the sand-blasted effect will diminish gradually.

Now that we know how sand blasting works, let's come back to the discussion of proof and BU coins.

Proof coins require meticulous workmanship. It is true that a high quality mirror field is a sign of such meticulous workmanship, but I tend to believe that some coins can qualify as proof coins based on their finely sand-blasted surface. For example, the 2oz Longmen Grotto silver coin does not have any mirror field. Only sand blasting and anti-sand blasting technologies were used on it. For this reason, we can define this type of coins as proof sand blasted coin.

(Longmen Grotto)



The same goes for the colored Red Cross silver coin and the 2oz Maijishan silver coin. They both have one mirrored side, and the other side is sand blasted. But they are definitely proof silver coins.

So at this moment, we should all be clear about the definitions of proof coins and BU coins. Please note that the mirror field cannot be used as the sole criterion to distinguish the two, just as market economy is not the only criterion between socialism and capitalism.

Now that we have the sand blasting technology, its twin brother anti-sand blasting technology would be naturally invented in time. What is anti-sand blasting, then?

Everyone knows that sand blasting was invented for the relief part on precious metal coins. The bottom of the coin is a mirror field, and the relief is sand blasted. This brings out the best contrast on the coin.

But how about sand blasting the field of the coin, while leaving the relief part bright and shiny? It has been proved that if the technologies are aptly applied, this kind of coin is also eye catching. This process is what is normally known as "anti-sand blasting."

The anti-sand blasting technology was first applied on the 1992 panda gold and silver coins. Before that year, the Temple of Heaven occurred on the obverse of all panda coins, in the form of a sand blasted image. Starting in 1992, onto 93, 94, 95… the Temple of Heaven changed to the anti-sand blasted form, to the great joy of panda fans.

(1993 silver Panda)


Talking about the anti-sand blasting technology on panda coins, we are obliged to highlight the painstaking efforts by metal coin designers of our country. We all know that the 83 gold Panda designed by Mr. Chen Jian won the honor of Best Gold Coin international award, which laid a solid foundation for Chinese precious metal coins to be recognized internationally. Mr. Chen Jian made use of raised and sunken surfaces in the engraved image to mimic the black and white color of pandas. But after that, due to the continuous releases of panda coins and medals, all panda movements were presented on the coin, in an effort to avoid repetitions: pandas playing, drinking, having fun with water, mother and cub, strolling, eating bamboo… What was missing might just be pandas relieving their bowels. What was the way out?

Fortunately, the anti-sand blasting technology came to the timely rescue in 1995. After that, panda's black and white colors are presented in greatly enriched ways. Starting from 1995 till now, the anti-sand blasting technology has been used to show the cuddly pandas.

(1995 Panda)


Apart from the panda coins, anti-sand blasting was applied to other themes as well: the river next to the girl on the 1992 Environmental Protection silver coin, the 1997 Peacock coin, and the flyover on the 2002 Beijing Coin Expo coin. But the most applaudable application of the sand blasting and anti-sand blasting technologies was the 100th Anniversary of the Dunhuang Caves Discovery silver coin set. The Sixteen Country Flying Apsaras, the Beiwei Flying Apsaras, the Xiwei Flying Apsaras, the Beizhou Flying Apsaras, the Sui Dynasty Flying Apsaras and the Tang Dynasty Flying Apsaras float through the sky gracefully, or appear with a dignified bearing, or rise with the wind. All this, in addition to the most exquisite packaging, is intoxicating beyond description.

(1992 Environmental Protection)


(1997 Peacock)


(flyover on the 2002 Beijing Coin Expo coin)


(Sixteen Country Flying Apsaras)




Sand blasted silver coins that leave the deepest impressions on me include the following gems (many of which are award winners):

1986 27 gram Sun Yat-Sen: this is a coin with coin alignment. The sand blasting effect of Sun Yat-Sen's head portrait exceeds that on most coins released in the 20 years since then.

(1986 27 gram Sun Yat-Sen)


1990 Woman Diving: the elegant figure makes a beautiful curve in the air. It was absolutely qualified for the Ten Best in the world for that year.

(1990 Woman Diving)


1993 5oz and 20oz silver Peacock: every feather is strikingly carved in great detail. The master piece from Giuseppe Castiglione well deserves its fame.

(1993 5oz Peacock)

2001 Dunhuang Tang Dynasty Buddha: the holy appearance is both stately and life-like. One can never over-praise the World's Best Coin that combines high relief, sand blasting, anti-sand blasting, a beautiful mirror field and piefort technologies in one.

(2001 Dunhuang Tang Dynasty Buddha)



Next we will focus on the four top gems among the early sand blasted coins from China.

The accurate term for the early sand blasted coins from the PRC, such as Year of Children, Women's Volleyball, Men's Soccer, China Empress, Men's Alpine Skiing and the 1989 Save the Children Fund (whether it should be categorized as sand blasted or light BU is still under discussion), should be: fully sand blasted BU coin.

(Year of Children)
http://www.dxcoin.com/coin-9.html

(Women's Volleyball)
http://www.dxcoin.com/coin-109.html

(Men's Soccer)
http://www.dxcoin.com/coin-142.html

(China Empress)
首航中国的美国“中国皇后”号帆船纪念银币
 首航中国的美国“中国皇后”号帆船纪念银币

(Save the Children Fund)
http://www.dxcoin.com/coin-275.html

Among them, Year of Children, Women's Volleyball, Men's Soccer and Men's Alpine Skiing are the four top gems among early fully sand blasted BU coins. Probably few are aware of the stories behind the four top gems. They all share the following characteristics:

1. Very low mintage, especially for silver coins of these sizes. Year of Children, Volleyball and Soccer only had a mintage of 1,000. Among proof silver coins of this size, only the Sitting Song Qingling can be their match. Alpine Skiing is even less, to our dismay. The mintage is said to be 500, but it is extremely elusive internationally. As far as I know, only the senior collector Mr. Li Kaoming in Taiwan has a genuine specimen of this coin.

2. Except for Alpine Skiing, the other three top gems were distributed by Paramount in the USA. Also, the actual minting year was 1988, 8 years after the proof Year of Children coin was officially released. The fact that there was a huge gap between the year on the coin and the actual production year will enable these three gems to be remembered forever in history. In contrast, the biggest gap between the year on the coin and the actual production year among proof silver coins is 5 years: The 1992 Ancient Inventions and Discoveries kilo silver coins were actually minted in 1997.

3. When the three top gems (excluding Alpine Skiing) first began to backflow from abroad, they were priced similarly to their brethren with mirror fields, or even less. For example, as close as in 2002 and 2003, the sand blasted Soccer was priced around 500 Yuan, and the sand blasted Volleyball was more regularly seen. Even the sand blasted Year of Children was priced between mere 800 to 1,000 Yuan. These top gems were absolutely not worshipped by coin collectors then. They hardly had their respect.

4. These four top gems represent an unforgettable episode in the history of gold and silver coin releases from our country. Why did Paramount pick out the three top gems and release them in the sand blasted version? Why the Two Players Passing the Ball was selected, but the Single Player Controlling the Ball was ignored? Who was the distributor of the sand blasted Alpine Skiing coin? What was the process of its release? Why only these four top gems?

Probably we will never have answers to these questions. But just because of all these mysteries, prices of these four top gems will sky-rocket.

However, as the four top gems are highly priced, their older brothers from the same origin—the mirror coins with identical designs—would feel indignant and wronged by fate. How come after their release, these more favored rivals should come on the scene?

As a result, there have been cases where the big brother from the same origin is disguised as the top gems by way of some tricks, which makes our hair stand on end.

We all know that silver coins with mirror fields are in fact very delicate. If they are treated with potassium sulfide solution, they will immediately take on the appearance of ancient silver. But what if an old hand treats them with nitric acid of the right concentration? The answer is erosion. The mirror field is eroded, changing into the looks of fake sand blasted coins. The so-called sand blasted Alpine Skiing coins at the Lugong Market in Shanghai were fabricated this way.

But when placed next to the genuine coins, the fakes are readily exposed. First, the genuine coins have mint luster, and when the sand blasted coins are turned 360 degrees, the mint luster will show the effect of concentric circles growing larger and larger. Secondly, the fake coin is dull, which cannot reflect any light, like a fresh and juicy green pepper losing water and becoming a withered yellow pepper in the end. Thirdly, the fake coin gives a flawless appearance, because the nitric acid completely flattens the surface of the coin. But this is where it is betrayed, because genuine sand blasted coins have an uneven surface due to the technological process.

If you happen to run into these four top gems, be sure to stay focused and hold your breath. You feel the urge to act, but need to restrain yourself. Slow down, observe closely and carefully, and then pounce on it. There is no room for indecision.

These four top gems popped up frequently in the Lugong market a couple of years ago. And many coin dealers had a headache selling them. But now they are long gone from Lugong, and collectors can only view them with lingering regret at auctions.

We now all understand why among early silver coins, sand blasted BU coins are superior to proof silver coins of the same design. But there are exceptions: for example, the 1986 China Empress is said to have a proof version, which is a top gem. It is different from the sand blasted BU coin in that:

1. The sails on the junk on the proof coin are wide, while those on the sand blasted coin are narrow.

2. The text on the proof coin is “Commemorate the Maiden Voyage to China by the Junk Empress”, while that on the sand blasted version is “China Empress Junk from America.”

3. The ship’s hull is perpendicular to the sight of the viewer on the proof coin, while the hull is almost parallel to the viewer’s sight on the sand blasted version.

The proof version of the China Empress coin is an extreme rarity.

Talking about the four top gems reminds me of the first modern Chinese silver coin, the mirror Year of Children. Veterans of Shanghai Mint only have good words for this coin, claiming its mirror fields as the pinnacle among silver coins from the PRC. Why?

It was because the early production of gold and silver coins in China was a political assignment, an endeavor to boost the honor and reputation of the country. Many in Shanghai Mint and Shenyang Mint were inspired by this lofty sense and lost themselves in the production. The result was a stream of gem coins.

Here is an example. Why are the mirror fields on the silver proof Year of Children coin so bright and even? It was because Shanghai Mint used three smooth planes in grinding, to ensure absolute evenness of the flat surface. If two planes grind against each other, there is no guarantee that all the unevenness will be removed. Three planes grinding together led to the birth of the exemplary mirror fields among silver coins from the PRC—1979 Year of Children.

However, three planes grinding together are much too meticulous, leading to prolonged production time. So Shanghai Mint changed the rules later on, to save production time whenever they could. From then on, the quality of mirror fields began to slip, and the well-known line in the trade “proof coins are not proof enough, and BU coins are more than BU” started to go around right about that time.

Time flew by and up came the new millennium. Shanghai Mint won the bid for the Dunhuang Cave Discovery project that year. To ensure that the mirror fields were flawless, they started to experiment with three planes grinding together, not knowing that the older generation mastered the technology some 20 years back. Luckily, the Dunhuang coins shot to fame, restoring the reputation of Shanghai Mint. It is interesting to watch the change of fate. All things under the sun are in samsara.

To be honest, the machines for minting precious metal coins are more and more sophisticated these days. In terms of hardware, the simple equipment of the early years was no match. But the “software” of those years was unprecedented: expertise in design, engraving and technical process, in addition to the strong determination in production to defend the honor. It is not true that we can always claim that today’s coins are superior in workmanship to those in the early years.

To summarize: The key to enjoy coins is the word “enjoy.” There are many levels of enjoyment. If coin knowledge is the boat, coins are food, coin collection ethics is our spiritual support, then understanding the technical process of coin making is like a life jacket. With all these, we can brave the waves and head for the ocean of coins.

Thanks, everyone.

Monday, November 19, 2012

Stepping into the Magic Hall of Mini Gold Coins

by Huang Ruiyong
Source: http://www.taoguba.com.cn/Article/298598/1

Good evening, everyone. Today’s topic is: Stepping into the Magic Hall of Mini Gold Coins.

Whether we are appreciating gold coins for their aesthetic beauty, or evaluating them for collection, big coins have their splendor, and small ones have their own appeal, too.

Mini gold coins, as opposed to large size gold coins (those with a diameter over 50mm), refer to super small gold coins with a diameter under 20mm, including 1 gram, 1/25oz, 1/20oz and 1/10oz gold coins.

This coin family is often overlooked by collectors, probably because of their small size. But there are many gorgeous coins among them. We need to appreciate them as miniature engraving artworks, in a cheerful mood, with good eyesight or a magnifier. The charm of this group of coins has to be enjoyed with both our eyes and our heart. Now let’s examine some of them.

First, we have 1 gram gold coins. Up till now, the PRC issued only three 1 gram gold coins: 1983 Marco Polo, 1990 Dragon and Phoenix and 1991 Panda. These are among the smallest gold coins in the world. It is not an exaggeration to claim that 1 gram gold coins from the PRC are outstanding epitomes of the art of miniature engraving. When we gaze into Marco Polo’s profound eyes, or watch the lovely and good-natured panda munching on bamboo branches, we often forget that this masterpiece is achieved on a space 10mm in diameter. Once we realize the physical size, we would feel nothing but admiration towards this perfect combination of human engraving and machine striking. We are lucky to have this wonderful opportunity to fully appreciate the best of modern artworks.
      
One advantage of collecting all the three 1 gram gold coins is that we can take them around. With an eye-friendly Carl Zeiss magnifier, we can share with our friends at any moment this elegant taste hard to find in the metropolis. They are unlike our expensive gold coins, which have to be locked up in the safe or in a safe deposit box. We cannot lay our hand on the latter whenever we want them for appreciation, which is a spoiler to our enthusiasm. 1 gram gold coins are simply wonderful.

Let’s talk about 1/25oz gold coins. This size is only available after the set of 25 commemorative gold coins was issued for the 25 year anniversary of panda gold coins. The packaging of the set is much too luxurious and too heavy. With two such sets in our arms, it is our physical strength that will be tested, not our eyes. For those who are not familiar with panda gold coins, if they buy this set of 25 gold coins when they start collecting, they will gradually warm up to the panda designs of each year, and make progress in collection.

Now let’s turn to 1/20oz gold coins. In contrast to the simple group of 1 gram gold coins, we suddenly run into a lot more members in the 1/20oz gold coin family, so many more that we are dazzled by them.

How should we go about collecting them? Let’s get down to the details. We all know that the formal issue of 1/20oz gold coins started with the 83 panda gold coins. 1982 was the first year of panda gold coins. They followed the convention of leaving out denomination on Krugerrand gold coins from South Africa. So the 1982 panda coins neither had denominations nor the 1/20oz size.

Starting from 1983, BU panda gold coins were issued in the five fixed sizes of 1oz, 1/2oz, 1/4oz, 1/10oz and 1/20oz, which have been the norm up to now. From 1983 to 2010, 28 BU 1/20oz panda gold coins were issued. If one collects the complete set, the little pandas in various postures are a lot of fun to watch.

If someone intends to collect the tough 1/20oz proof panda gold coins, the years range from 1986 to 1994, 9 coins in total. The problem is that proof gold coins all come in sets. They cannot be purchased as individual pieces like BU panda gold coins. So to collect all the nine 1/20oz proof panda gold coins (with P), one has to buy all the proof gold sets. Collectors in China reaching this level are very few.

Two other 1/20oz gold coins inseparable from their sets both were issued in 1993: one is the Songshan gold coin in the Famous Mountains gold coin set; the other is the 1/20oz gold coin in the proof Guanyin gold coin set. As they are not individually available, collectors devoted to 1/20oz gold coins can simply ignore them.
    
What 1/20oz gold coins are available for collection, then? Please note that we are talking about individual 1/20oz gold coins not belonging to any set.

These coins are small in number. You can count them on two hands, but they are fascinating nevertheless. They include: 1993 1/20oz Guanyin gold coin (with and without “S”), 1996 1/20oz Guanyin gold coin, 1997 1/20oz Guanyin gold coin, 1994 1/20oz Unicorn gold coin, 1995 1/20oz Unicorn gold coin, 1996 1/20oz Unicorn gold coin (with and without “P”), 1997 1/20oz Auspicious Matters gold coin, 9 in all. These nine coins are all the 1/20oz gold coins excluding the 1/20oz gold coins in the panda sets and in other sets. Once we have them all, they can be placed into the pretty American Air-Tite capsules. We can bring them along, for showing off, or to enjoy them privately. It is a lot of fun.

Let’s explore further. When we look into more details of these 9 coins, we are taken by surprise: the 1993 1/20oz Guanyin gold coin has two varieties, with and without “S”, like the 1/2oz gold coin for Mao Zedong’s 100th anniversary. This is the charm of gold coins from the PRC. A lot of information is missing from official catalogs, and we recover the information during collection.

When we set out to look for them, we will find that the 1/20oz Guanyin gold coin with “S” is much harder to find than that without “S”. This in turn stimulates our interest in exploring the ocean of gold coins.

The 1996 1/20oz Guanyin gold coin is also rare because the China Gold Coin Co. placed an order with Nanjing Mint to make chest buckles with it. The 1997 1/20oz Guanyin gold coin has always been difficult to spot. The attached picture shows a talisman with the coin on it which was custom made by Shanghai Mint and consecrated by the reputable Jade Buddha Temple in Shanghai.

Unicorn is a series that came to the attention of many collections just in the past year. We know that unicorn coins saw a lot of mishaps in China. Unicorn gold and silver coins were minted in Shenyang Mint during 1994 and 1995, but they moved to Shanghai Mint in 1996, and ended at Shenzhen Guobao Mint in misery in 1997. According to the plan, the 1997 Unicorn was going to be issued much the same way as in 94—96, in five sizes of 1oz, 1/2oz, 1/4oz, 1/10oz and 1/20oz, five in all. But the market crashed in 1997, and as a result, only 1/10oz gold unicorn was issued that year. Other sizes remained as patterns. Among the 1/20oz size gold Unicorns, the 1996 Unicorn Head (with “P”) is the most difficult to obtain. It is a lot pricier than the Unicorn Head with out “P”.

Many collectors do not care about mini gold coins, or collect them without much research. They may easily miss out a gem——1997 1/20oz Auspicious Matters gold coin.

This coin, like its elder brother (1997 1/10oz Auspicious Matters gold coin), has the release mintage of 100000. But it has been discovered that its actual mintage was only 8000. My goodness: everyone bought these coins as gifts assuming they had a mintage of 100000, in addition to those melted. In the past few years, the 1997 1/20oz Auspicious Matters gold coin was simply buried among the commonplace. In terms of market availability, the 1/20oz gold Auspicious Matters is a lot less than the 1/10oz gold Auspicious Matters. The mirror field and frosting are both gorgeous on this coin, making it well worth collecting.

Despite the small size of these coins, it requires expertise to collect them. If we can collect all the 9 standalone 1/20oz gold coins, it is a remarkable feat.

As we all know, there is an important difference between Chinese and foreign collectors: Chinese collectors emphasize collecting series of coins, while foreign collectors may be fascinated with just one coin out of a series.

We feel that series of coins have an overwhelming splendor, especially when there are multiple sets in a series, and each set is relatively difficult to collect. We can use an analogy to explain this point.

We know that the Year of Children piefort gold coin is undoubtedly the Mount Everest of small size gold coins from the PRC, and that the 1oz Traditional Culture gold coin Set 1 is also one of the peaks of small size MCC gold coins.

If we take any set out of the 5 Ancient Inventions and Discoveries gold coin sets, it is easily dwarfed by the Year of Children piefort gold coin or the 1oz Traditional Culture gold coin Set 1. If we categorize the Year of Children piefort gold coin and the 1oz Traditional Culture gold coin Set 1 as the top tier, each set in the Ancient Inventions and Discoveries gold coin series will fall into the second tier. Pitting any set in this series against the top tier would be a lost cause. However, if all the 5 sets in the Ancient Inventions and Discoveries gold coin series are combined, they can rival the Year of Children piefort gold coin or the 1oz Traditional Culture gold coin Set 1.

The same can be said of the 9 standalone 1/20oz gold coins, as the 93 Guanyin with “S” is the most difficult to obtain. Among the others, the 93 Guanyin without “S”, 97 Guanyin, 97 Auspicious Matters and 96 Unicorn with “P” are all rare coins. Having a set of all of them will bring about an immense sense of success.

Moving from 1/20oz to 1/10oz, we find that although the size increases by only 4mm, from 14mm to 18mm, the coins look considerably bigger, and the designers and engravers had much more room to work on.

In the 1/10oz gold coin group, we run into more categories, and the themes are richer and more colorful, too. For example, a well-known ancient painting unearthed at Changsha, Man Riding a Dragon, appeared on the 1998 1/10oz gold coin in the Culture of Dragon series. This painting is as famous as the “Kui and Phoenix” painting, reflecting the artistic achievements of our ancestors in the Warring States period. The silk paintings look simple and unsophisticated, but make lingering impressions on their viewers.
     
Themes of 1/10oz gold coins include pandas, lunars, Guanyin, unicorns, folk culture (Auspicious Matters, Welcome the Spring), and traditional cultures, a rich variety indeed.

From the perspective of technology, coin alignment (from 98 color gold Tiger to color gold Rat), hologram (the Guanyin series), color transfer printing, bimetal (Dragon and Phoenix, Panda) were all used on 1/10oz gold coins.

For collection, we can look for 1/10oz coins of the same theme, or focus on 1/10oz gold coin sets. Besides, we can also collect standalone 1/10oz gold coins. There are so many to choose from, which present beautiful feasts to our eyes.

For example, we can collect based on varieties. These include mint marks, such as on 93 1/10oz Guanyin gold coins (with and without “S”); the alignment of the reverse and obverse, such as on 05 Rooster colored gold coin (medal alignment vs. coin alignment); different designs on the coin, such as on the 2000 Dragon colored gold coin (辰 with a long stroke and with a short stroke); and the 96 bimetal little panda (anti-frosting big eye and anti-frosting small eye). Over time, collection based on varieties will achieve great sophistication.
     
We can also collect key dates or standalone coins. This process promotes the advance of coin knowledge. Only through research while collecting, can we understand the rule of “a tiny difference makes a huge impact on price.” For example, for the same Welcome the Spring 1/10oz gold coin, the second release is much rarer than the first release. Another example is the 1/10oz BU Guanyin gold coin. The 1996 release is a lot less valuable than the 93, 94 and 97 releases.

These findings will force us to dive into coin knowledge. For example, we all know that the second set of the Traditional Culture 1/10oz gold coins is far superior to the first set of 1/10oz gold coins in the series. But why? After some research, we will notice an interesting fact: in the history of gold and silver coins released by the PRC, there were three years in which some categories of coins had very low actual mintage.

First came 1989. Due to the political turmoil of the year, the release of Dragon and Phoenix gold and silver coins was postponed to 1990. At the same time, the 1oz piefort silver Snake, 5oz silver Snake and the 12oz silver Snake all had the lowest mintage in their series. Besides, 1oz platinum and palladium Pandas of this year both had a small mintage and became very rare.

Next was 1995, which featured releases of a large variety of coin categories. However, just because too many categories were released, many of them have very low actual mintage or surviving mintage, for example: 5oz gold Dragon Boat, 1/2oz gold Ancient Ships, 5oz Xu Beihong, 12oz and 20oz silver Unicorns, 5oz and 12oz silver Pandas, 1oz Traditional Culture Set 1 gold coins, 2x1oz gold coins of the 50th anniversary of the Anti-Japanese War, 1oz proof gold panda…

The third period was 1997-1998. Many coins were canceled or changed. For example, 5 sets of Traditional Culture hand been planned, but the series stopped at Set 2. 6 sets of Ancient Inventions and Discoveries had been planned, but the 6th set remained as patterns. 3 sets of the Culture of the Yellow River had been planned, but Set 2 closed the series. The dodecagon birds were totally re-invented, from the natural color dodecagon coins to colored Bird of Paradise (Bird and Flowers) and Hoopoe Bird. Many coins never got released, and remained as patterns, such as 12oz 97 and 98 silver Auspicious Matters, 98 piefort Auspicious Matters, 98 World Cup, 98 Children at Play, 97 bimetal large size Panda, 1/4oz gold coin and 1oz proof silver coin in the 2nd set of Welcome the Spring, 97 Guanyin piefort silver coin…

With full understanding of the interesting facts in the years mentioned above, we can now more easily track the flow and market availability of some of the 1/10oz gold coins, and conduct a more logical analysis of the turnover of many coins.
     
Let’s look at the breadth of the 1/10oz gold coins in the context of modern Chinese gold and silver coins. As recorded in the official catalogs, 114 coins were released officially (including bimetal coins, but excluding the varieties of panda coins from different mints, and varieties resulting from varying details on the coin). There are a lot of hidden treasures among them, some of which are favorites of top collectors, and others gems for the masses. This sector is cool both for beginners and more advanced collectors on their way up. For those with collection and investment in mind at the same time, this sector’s future potential should never be underestimated. 
     
I missed the 1985 1/10oz Baoyuan Vault Protector and 1990 1/10oz Five Fortunes gold medal during the discussion of the 1/10oz gold coin sector. The former originated from ancient vault protectors, and the latter from ancient exorcism coins. They are in the same category as the 1998 1/10oz Tang Dynasty Vault Protector gold coin. These are all modern inheritors of the Chinese numismatic culture.

I have been compiling a star list for gold and silver coins from the PRC since 2007, in an effort to accurately describe the rarity of the important precious metal coins. They are listed in the independent categories of large size gold coins (5oz and above), small size gold coins (2oz and under), silver coins, platinum and palladium coins and panda coins. I have been fine tuning the list, and included the details of the list in my book Ode to Grace in a Prosperous Time – Collection, Investment and Appreciation of Modern Chinese Precious Metal Coins and Medals, published by the Shanghai Classics Publishing House.
     
Here is the star list of the mini gold coins (good for April, 2010):

Four stars: 1997 1/10oz Traditional Culture gold coin Set 2

Three and a half stars: 1993 1/20oz BU Guanyin gold coin (with “S”), 1998 1/10oz colored gold Tiger, 1998 1/10oz Welcome the Spring gold coin Set 2

Three stars: 1993 1/10oz BU Guanyin gold coin (with and without “S”), 1994 bimetal Dragon and Phoenix, 1995 1/10oz Guanyin gold coin set, 1996 1/20oz gold Unicorn (with “P”), 1997 1/10oz gold Unicorn, 1997 1/20oz gold Guanyin

Two and a half stars: 1993 1/20oz BU Guanyin gold coin (without “S”), 1997 1/10oz gold Guanyin, 1998 1/10oz gold Culture of Dragon, 2005 1/10oz colored gold Rooster (medal alignment)

Two stars: 1994 1/10oz gold Guanyin, 94-96 1/10oz gold Unicorn, 1995 1/10oz Traditional Culture Set 1, 1997 1/20oz Auspicious Matters, 2002 1/10oz colored gold Horse, 2006 1/10oz colored gold Dog

One star: 1983 1 gram Marco Polo, 1990 1 gram gold Dragon and Phoenix, 1997 1/10oz colored Auspicious Matters

Oversight may occur despite our best efforts, and the ranking list above should have some room for improvement. Moreover, the ranking of modern Chinese gold and silver coins does not have to be static. It can be tuned dynamically. For example, some gold coins with a large mintage were ignored by collectors, and so many coin dealers just had them melted into gold for sale. The unintended consequence is that rarity of these coins was enhanced continuously. This case is especially noticeable when the international gold price spikes. As a result, the ranking list needs to be adjusted as time goes on. Likewise, the China Rich List by Rupert Hoogewerf was updated repeatedly before achieving accuracy. A good ranking list should have the following features:

1.       Attracts a large audience
2.       Updated dynamically on a regular basis
3.       Plays a significant role in the history of scholarship
4.       Serves as a valid guide to collection
     
“Birds chirp, to seek response from companions.” Hopefully the star list can bring together the many friends who love modern Chinese gold and silver coins with passion. Let a hundred schools of thought contend, and let a hundred flowers bloom together, so that we can keep exploring and sharing our findings, and elevate the collection of modern Chinese coins to a new level.

The star list will be expanded with modern Chinese precious metal medals and coin varieties. Everyone is welcome to explore them with me.

The Labor Day golden week holiday is just around the corner. My hearty thanks to you all who spent this enjoyable evening with me.

A graceful hobby in a prosperous time; immense pleasure from coin collection.

Wish everyone a happy holiday, loving, hunting for, playing with and making money from coin collection.