Early People’s Republic of China Notes Certified by PMG in Spink Sale

Two rare Chinese banknotes certified by Paper Money Guaranty® (PMG®) are in the spotlight in an upcoming Spink currency auction. Nearly 100 PMG-certified collectibles are featured in the sale, mainly from the First Series Renminbi. Bidding for auction CSS81 is currently underway, with the sale ending June 25, 2022.

Released in 1948, the new People’s Bank of China introduced the first series of Renminbi banknotes. They were created to unify and replace the currency being used throughout the provinces until 1955. The series was issued in 12 denominations and featured 62 designs, including vignettes of agricultural, industrial, transportation and cultural sites.

One of the top notes in the sale is a China / People’s Republic 1951 500 Yuan graded PMG 64 Choice Uncirculated (lot 82). This note features a building in the countryside, surrounded by a deep red border. This note is one of 27 of this catalog number in the PMG Population Report, with only two others having a higher grade. It has an estimate of HK$1.2 million to HK$2.4 million (about $153,000 to $306,000 USD).

China / People’s Republic 1951 500 Yuan graded PMG 64 Choice Uncirculated Click images to enlarge.

Another great rarity in the sale is a China / People’s Republic 1951 10,000 Yuan graded PMG 40 Extremely Fine (lot 87), with an estimate of HK$1.2 million to HK$2.4 million (about $153,000 to $306,000 USD). Commonly known as “Running Horses,” this note is coveted by advanced Chinese banknote collectors. The high denomination makes examples like this one extremely rare and a challenge to acquire.

China / People’s Republic 1951 10,000 Yuan graded PMG 40 Extremely Fine Click images to enlarge.

Other PMG-certified banknotes in the sale include:

• a China / People’s Republic 1951 5,000 Yuan graded PMG 45 Choice Extremely Fine (lot 84), with an estimate of HK$800,000 to HK$1.5 million (about $102,000 to $191,000 USD)
• a China / People’s Republic 1953 5,000 Yuan graded PMG 64 Choice Uncirculated EPQ (lot 88), with an estimate of HK$350,000 to HK$700,000 (about $44,600 to $89,200 USD)
• a China / People’s Republic 1951 1,000 Yuan graded PMG 58 Choice About Uncirculated (lot 83), with an estimate of HK$300,000 to HK$600,000 (about $38,000 to 76,400 USD)
• a China / People’s Republic 1951 10,000 Yuan graded PMG 45 Choice Extremely Fine (lot 86), with an estimate of HK$260,000 to HK$500,000 (about $33,100 to $63,700 USD)
• a China / People’s Republic 1950 50,000 Yuan graded PMG 35 Choice Very Fine (lot 80), with an estimate of HK$240,000 to HK$500,000 (about $30,000 to $63,700 USD)
• a China / Board of Revenue 1855 50 Taels graded PMG 25 Very Fine (lot 9), with an estimate of HK$200,000 to HK$400,000 (about $25,400 to $50,900 USD)
• a China / People’s Republic 1951 5,000 Yuan graded PMG 40 Extremely Fine (lot 85), with an estimate of HK$200,000 to HK$400,000 (about $25,400 to $50,900 USD)
• a China / People’s Republic 1949 10,000 Yuan graded PMG 66 Gem Uncirculated EPQ (lot 77), with an estimate of HK$180,000 to HK$350,000 (about $22,900 to $44,600 USD)
• a China / People’s Republic 1950 50,000 Yuan graded PMG 40 Extremely Fine (lot 81), with an estimate of HK$150,000 to HK$300,000 (about $19,100 to $38,200 USD)

All estimates are provided by the auction house.