The Stack’s Bowers and Ponterio April 2017 Hong Kong Showcase Auction will
commence in just a few days. In anticipation of our auction we preview a
fabulous lot that commemorates the Return of Hong Kong to China. Featured in lot 74359 is a three piece set of 500 Yuan from
the years leading up to the summer 1997 transfer of Hong Kong to China.
Following the conclusion of the First Opium War in 1842, the British
Empire acquired Hong Kong Island. After the Second Opium War the British
expanded into Kowloon Peninsula, and in 1898 Britain secured a 99-year lease
for the “New Territories.” Hong Kong attracted immigration from Europe and
China, allowing for a diverse society, though the various ethnicities were not
always equal under colonial law. Under the Japanese occupation of Hong Kong
during the Second World War, the population was reduced by nearly one million.
This setback was reversed due to skilled labor entering Hong Kong during the
Chinese Civil War. A trend of industrialization flourished, and the
manufacturing boom helped to increase the standard of living in the 1950s and
1960s. Just as the manufacturing sector began to wind down in Hong Kong, in the
1980s and 1990s the territory became one of the globe’s premier financial
centers. The laissez-faire economy soon became one of the fastest growing in
the world. In 1984 Great Britain and China formally agreed that the former
would hand over sovereignty of Hong Kong to China. Hong Kong would retain its
free market economy along with other stipulations as a Special Administrative
Region.
Each coin included in lot 74359 features the same reverse design, the
Chinese inscription at the top states: “The People’s Republic of China.” This
stands above a beautiful rendition of the “Gate of Heavenly Peace” which
separates the Imperial Palace from Tiananmen Square. The date (1995, 1996 or
1997 respectively) appears below an ornamental totem and peony flowers.
The obverse design for the first issue (minted in 1995) features the
denomination of 500 Yuan at the lower section of the coin, amidst of the waves
of the Hong Kong harbor, next to a ferry. The skyline appears just beyond, with
the inscription of: “One Country Two Systems” between two of the skyscrapers.
Five doves flank the left facing bust of Deng Xiaoping, the key player in
advancing the negotiations between Great Britain and China, which led to the
signing of the Sino-British Joint Declaration in 1984. This agreement set the
parameters for the future sovereignty of Hong Kong. The 1996 design features a
similar design but this iteration shows a different portion of the skyline and
the western style ferry has been replaced by a traditional Chinese Junk boat. The
Chinese and English inscriptions state: “Smooth Transition Long-Term
Prosperity” around the book of Basic Law of the People’s Republic of China
governing the Special Administrative Region of Hong Kong. The 1997 issue rounds
out the set and commemorates the formal transition. The Chinese and English
inscriptions state: “The Founding of Hong Kong Special Administrative Region of
P.R. (People’s Republic of) China.” The motif is a view with the skyline in the
foreground looking out across the harbor to Hong Kong Island. The bust of Deng
Xiaoping appears again, beaming with pride. Each piece is serial number 9, an auspicious
number and extremely early for the total mintage of just 228 pieces (for each
year). This well matched and impressive set is sure to occupy a place of
prestige in the next collection it enters.
While we are no longer accepting consignments for our April Hong Kong
Showcase Auction, we are accepting consignments of Chinese and other Asian
coins and currency for our August 2017 Hong Kong Showcase Auction. In addition,
we are currently taking consignments of world and ancient coins as well as
world paper money for our May 2017 Collector’s Choice Online Auction and August
2017 ANA Auction. Time is running short, so if you are interested in consigning
your coins and paper currency (whether a whole collection or a single rarity)
be sure to contact one of our consignment directors.
