PMG-certified Chinese Progressive Proof Realizes $120,000

A Paper Money Guaranty® (PMG®)-certified 1965 China 10 Yuan Progressive Proof was the top lot at a sale in late June 2019 presented by Heritage Auctions. Graded PMG 63 Choice Uncirculated, it realized $120,000 (USD).

The People’s Republic of China 1965 10 Yuan Progressive Proof graded PMG 63 Choice Uncirculated. It realized $120,000 (USD). Click image to enlarge.

The note is a progressive proof, meaning it was created with a partial lithographic print as a step in the development of the final version. A 10 yuan with a similar design was used in circulation, but that version had some key differences, including fewer medals on the citizens on the front of the note.

Heritage Auctions’ HKINF World Currency Signature Auction - Hong Kong, China was dominated by PMG-graded notes. In fact, the top 20 single-note lots were all graded by PMG. These included a Yuan Dynasty note on mulberry paper that is about 700 years old, as well as other notes from China and elsewhere in Asia.

PMG-graded highlights from the auction included:

• A China Deutsch-Asiatische Bank 1914 100 Dollars graded PMG Gem Uncirculated 65 EPQ that realized $66,000 (USD)
• A China Central Bank of China 1936 1 Yuan graded PMG 66 Gem Uncirculated EPQ that realized $55,200 (USD)
• A Hong Kong, China undated (1912-30) $50 Color Trial Specimen graded PMG 53 About Uncirculated that realized $54,000 (USD)
• A China Deutsch-Asiatische Bank 1907 $5 Specimen graded PMG 65 Gem Uncirculated EPQ that realized $50,400 (USD)
• A China Yuan Dynasty undated (1264-1341) 2 Kuan graded PMG 12 Fine NET that realized $36,000 (USD)
• A Straits Settlements undated (1875-99) $100 Specimen graded PMG 63 Choice Uncirculated NET that realized $33,600 (USD)
• A Japan undated (1873) 10 Yen graded PMG 20 Very Fine that realized $28,800 (USD)
• A China 1953 10 Yuan graded PMG 53 About Uncirculated that realized $25,200 (USD)
• A China Ch’ing Dynasty 1858 100,000 Cash graded PMG 20 Very Fine that realized $19,200.