Heritage Offers One of China’s Greatest Paper Money Rarities, Certified by PMG

Posted on 5/19/2026

Renowned for the horses on its front, the 1951 10,000 Yuan is just one of many spectacular PMG-certified world banknotes in the May auction.

One of the most eagerly sought-after paper money rarities in all of Chinese numismatics is among more than 600 banknotes certified by PMG® in the Heritage Auctions’ World Paper Money Signature Auction. Bidding opens in late May for the elite sale, which concludes June 16, 2026.

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Front and center in this auction is a China / People’s Republic 1951 10,000 Yuan (Pick# 858Aa) graded PMG 30 Very Fine (lot 23106), with an estimate of at least $100,000. One of several Peh Family Collection rarities featured in this sale, this note depicting a herdsman and horses traversing the steppe stands as one of the most iconic issues from this early People’s Bank of China series. The note was created specifically for circulation in the remote regions of Inner Mongolia and Xinjiang. Two related 10,000 Yuan notes were produced for the region, one featuring horses and the other camels, but the horse design is regarded as the scarcer and more desirable of the pair.

Fittingly, its appearance comes during the Chinese Year of the Horse, adding another layer of symbolism and collector appeal to an already legendary rarity. At the time of cataloging, only 43 examples are recorded in the PMG Population Report, and examples generally realize six figures on the rare occasions they are offered at auction.

Other PMG-certified banknotes offered in this auction include:

  • a China, Yunnan Government Currency 1855 2,000 Cash pedigreed to the Peh Family Collection and graded PMG 30 Very Fine (lot 23021), with an estimate of at least $50,000
  • a China / People’s Republic 1951 500 Yuan pedigreed to the Peh Family Collection and graded PMG 50 About Uncirculated (lot 23102), with an estimate of at least $50,000
  • a China / People’s Republic 1951 5,000 Yuan graded PMG 25 Very Fine (lot 22093), with an estimate of at least $40,000
  • a Hong Kong ND (1903-12) 5 Dollars Specimen graded PMG 53 About Uncirculated (lot 22250), with an estimate of at least $40,000
  • a China / People’s Republic 1951 10,000 Yuan (Pick# 858a) pedigreed to the Peh Family Collection and graded PMG 53 About Uncirculated (lot 23105), with an estimate of at least $30,000
  • a Hong Kong 1909-12 500 Dollars Specimen graded PMG 64 Choice Uncirculated (lot 22286), with an estimate of at least $30,000
  • a Netherlands Indies, Javasche Bank 1938-39 1,000 Gulden graded PMG 30 Very Fine (lot 22428), with an estimate of at least $30,000
  • a Hong Kong 1906-09 100 Dollars Specimen graded PMG 63 Choice Uncirculated (lot 22285), with an estimate of at least $25,000
  • a Malaysia, Bank Negara ND (1976-81) 1,000 Ringgit pedigreed to the Peh Family Collection and graded PMG 66 Gem Uncirculated EPQ (lot 23196), with an estimate of at least $20,000
  • a China, Empire 1264-1341 2 Kuan – Yuan Dynasty graded PMG 15 Choice Fine NET (lot 22026), with an estimate of at least $20,000
  • a China, Kansu Government Currency 1868-71 1,000 Cash pedigreed to the Peh Family Collection graded PMG 30 Very Fine NET (lot 23015), with an estimate of at least $20,000

All estimates are provided by the auction house. The $ symbol represents US Dollars.


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