PMG-graded Chinese Proof Realizes $240,000 at Auction

A stunning China 1975 2 Yuan Proof that was certified by Paper Money Guaranty® (PMG®) was the star of a Stack's Bowers paper money auction held March 25 in Hong Kong, China. Graded PMG 62 Uncirculated, the note was the top lot in the auction, realizing $240,000 (USD), far above its pre-auction estimate of $75,000 to $100,000.

Pick Unlisted 1975 People’s Republic of China 2 Yuan Proof, front. Realized: $240,000 (USD) PMG 62 Uncirculated Click image to enlarge.

Pick Unlisted 1975 People’s Republic of China 2 Yuan Proof, back PMG 62 Uncirculated Click image to enlarge.

The note was a proposed design that was ultimately not approved for circulation. It features “Iron Man” Wang Jinxi, regarded as a hero in the People's Republic of China for his work in 1960 at the Daqing Oil Field. This was China's first world-class oil field, and it is pictured on the back of the note. (To learn more about this note, click here.)

"We are very pleased with the result of this note in our auction," said Aris Maragoudakis, director of World Currency Auctions at Stack's Bowers Auctions. "This is an excellent example of the strength of PMG certification."

In fact, nine of the top 10 prices realized in the auction were for lots certified by PMG, a leading paper money certification service. Founded in 2005, PMG has graded nearly 4 million banknotes from around the world, about half of them from China.

"PMG is honored that collectors and dealers continue to look to us to certify the greatest paper money rarities," said Steven R. Eichenbaum, CEO of PMG. "Bidders feel greater confidence because notes in PMG holders are backed by the PMG Guarantee of authenticity and grade."

Other PMG-graded highlights from the Session A - Chinese, Hong Kong and World Paper Money auction include:

• Lot 50163: China 1951 5,000 Yuan, graded PMG 20 Very Fine. Realized $51,600.
• Lot 50456: Straits Settlements 1901 100 Dollars, graded PMG 25 Very Fine. Realized: $40,800.
• Lot 50304: Hong Kong, China - Mercantile Bank of India Ltd. 1941 50 Dollars, graded PMG 30 Very Fine. Realized $26,400, well above its pre-auction estimate of $10,000 to $15,000
• Lot 50473 (11 notes): Thailand ND (1992) 1,000 Baht with Fancy Serial Numbers, graded PMG 58 Choice About Uncirculated EPQ to PMG Choice Uncirculated 64. Realized $18,000, well above their pre-auction estimate of $7,500 to $10,000