Keqin Sun: Monthly Report of Modern Chinese Circulating Coins

Keqin Sun

Autumn arrives soon, but the summer heat has not yet subsided. People’s Bank of China has announced the issuance of the 2023 China National Parks (Three-River-Source National Park and Giant Panda National Park) bimetallic circulating commemorative coins on August 29. The mintage of each type is 80 million.

The mintage of the Three-River-Source National Park coin and the Giant Panda National Park coin have been reduced by one-third compared to the World Heritage Mt. Huang commemorative coin and Mt. Emei - Leshan Giant Buddha commemorative coin, which were issued in April. Presumably, it is due to the weak market performance of the World Heritage coins and collectors’ lack of enthusiasm to acquire them. Evidently, this caused the reduction in the mintage of the National Parks coins. From the perspective of value, the current price for each set can be expected at around 23 CNY (about $3), which is relatively rational.

Click images to enlarge.

During August, the market price of the circulating coins has reached a bottom and found some stability, with certain types slightly increasing. Among the Great Wall coins, a China 1980 Yuan Great Wall graded NGC MS 69 realized 39,960 CNY (about $5,000). This lot demonstrates soft luster and a silky field. A China 1983 Yuan Great Wall graded NGC PF 69 Ultra Cameo with an NGC original condition label realized 13,284 CNY (about $2,000). The lot has a slightly golden surface along with brilliant luster. A China 1984 Yuan Great Wall graded NGC PF 69 Ultra Cameo realized 27,000 CNY (about $4,000). This lot contains a light multi-color toning, and it maintains an elegant condition. The mintage of this specific type of Great Wall coin is 5,750.

Click images to enlarge.

The hammer price of various types of coins are increased slightly compared to the previous month. Looking throughout the future market, the coins returning from the foreign market still show a sharp decline. The prices of the main coin types are going to remain extremely firm. Overall, it is going to enter a slow bull market.

At this time, the prices of early circulating commemorative coins in Mint State condition are fluctuating at the bottom level. The main types have shrunk in transaction volume. The specific prices are shown below:

Click image to enlarge.

Click images to enlarge.

The late Proof commemorative coins graded with NGC’s original condition service have been the auction hot spot of this month. Both boutique collectibles with low population and mediocre collectibles have become the main driver of market transactions. The hammer prices are presenting a polarization trend. The prices of the boutique collectibles are still increasing while the rest of the collectibles remain hovering at the bottom level. This phenomenon is more obvious when the market is at a stage of moving downward. Collectors prefer to reduce the risk of investment by purchasing high-grade collectibles. The price of such collectibles is going to increase along with demand. The population of original condition coins that receive a high grade is relatively low. The supply of such collectibles is much lower than demand.

Click images to enlarge.

This month, the “Standard Catalog of Modern Chinese Circulating Coins” (4th Edition) has been widely acclaimed upon its publication. Collectors feel excited and fully recognize the positive modifications to its layout. The first batch of books with the author’s hand signature were instantly sold out.

Click image to enlarge.

Click image to enlarge.

The thoughts and opinions in this piece are those of their author and are not necessarily the thoughts of the Certified Collectibles Group.