Keqin Sun: Monthly Report of Modern Chinese Circulating Coins

Keqin Sun

As we look back on January, I would like to wish all collectors the best of luck and happiness for the Chinese New Year. In the report of this past December, we discussed that the Chinese numismatic market was seeking a fresh value system and a new development process. The market performance trend of the 2024 Year of the Dragon commemorative banknotes after their issuance have subverted the expectations of fellow collectors and reflected my opinion at the same time.

This phenomenon has indeed ignited the numismatic market. The demand for the newly issued coins was stimulated by the collecting interest from the public and the necessity of preparing gifts for the Chinese New Year. The market price of the 2024 Year of the Dragon bimetallic commemorative coins was set at 14 CNY (about $1.95) per coin after its issuance and it was continuously raised to 21 CNY (about $2.92) per coin. Eventually, the average market price was settled at 19 CNY (about $2.64) per coin. The market price of the 2023 Chinese Peking Opera Art commemorative coins climbed from 8 CNY (about $1.11) per coin to 16 CNY (about $2.22) per coin.

The current market performance trend is ideal in general. However, the prices are expected to fall back after the Chinese New Year due to the pattern of market law.

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In addition to the popular collectibles mentioned above, the general market condition of the modern circulating coins remained in a downturn. The volume of market supply has exceeded the collectors’ demand. However, the prices of coins with excellent condition, exceptional grade and natural toning have exceeded the market expectation.

The price difference between particular coin types with the same grade has been blurred; for example, the price of a China 1985 1 Yuan - 20th Anniversary of the Tibetan Autonomous Region versus a China 1985 1 Yuan - 30th Anniversary of the Xinjiang Uygur Autonomous Region (Mirrored Field) with the same grade or price of a China 1984 1 Yuan - Great Wall coin in Proof struck by Shanghai Mint versus a China 1984 1 Yuan - Great Wall coin in Proof struck by Shenyang Mint with the same grade.

The Great Wall Coin Section:

Circulating coin sets presented by Coin001.com in January 2024. Click image to enlarge.

The sales invoice of a circulating coin set of 1982 in Proof condition issued by Beijing Qianmen Hotel in the year of 1984. Click image to enlarge.

In the monthly auction of January 2024 presented by Coin001.com, the NGC-graded lots were realized with a relatively stable price. A China 1981 1 Yuan - Great Wall (Shenyang Mint) graded NGC MS 69 realized 11,340 CNY (about $1,576). According to the NGC Census, this lot is one of the 17 coins in its type that received the finest grade.

A China 1983 1 Yuan - Great Wall graded NGC MS 69 realized 18,792 CNY (about $2,612). This is also a top-graded lot, and it demonstrates a silky field. A China 1983 1 Yuan Great Wall graded NGC PF 69 Ultra Cameo with NGC Original Condition label realized 13,608 CNY (about $1,891).

A China 1984 1 Yuan - Great Wall (Shenyang Mint) graded NGC PF 69 Ultra Cameo realized 28,080 CNY (about $3,904). This lot has been graded and encapsulated for about 10 years. It demonstrates an outstanding condition.

Coincidentally, a China 1984 1 Yuan – Great Wall (Shanghai Mint) graded NGC PF 69 Ultra Cameo presented in the monthly auction of January 2024 has also realized 28,080 CNY (about $3,904).

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Speaking of the 1 Yuan with “Peony” design, 5 Jiao with “Plum” blossom design and 1 Jiao with “Chrysanthemum” design, one of the market transaction focuses was the official coin sets (Year of 1991-2000 Circulating Coin Proof Sets). The other focus was the graded 5 Jiao with “Plum” design in Mint State condition.

Some of the top lots included:

• a China 1994 1 Yuan graded NGC PF 69 Ultra Cameo that realized 4,752 CNY (about $660)
• a China 1995 1 Yuan graded NGC PF 69 Ultra Cameo that realized 6,589 CNY (about $916)
• a China 1998 5 Jiao graded NGC PF 69 Ultra Cameo that realized 14,148 CNY (about $1,967)
• a China 2000 1 Yuan graded NGC PF 69 Ultra Cameo that realized 15,444 CNY (about 2,147)
• a China 2000 5 Jiao graded NGC PF 68 Ultra Cameo that realized 6,372 CNY (about $885)

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In this month, the commemorative coin section fluctuated. A China 1985 1 Yuan - 20th Anniversary of the Tibetan Autonomous Region graded NGC PF 69 Ultra Cameo realized 25,991 CNY (about $3,613). This lot demonstrates natural luster, light golden toning and impeccable condition.

A China 1985 1 Yuan – 30^th Anniversary of the Xinjiang Uygur Autonomous Region (Mirrored Field) graded NGC PF 69 Ultra Cameo realized 28,144 CNY (about $3,912). This lot demonstrates shiny silver luster.

A set of three China 1991 1 Yuan – Chinese Arbor Day coins graded NGC PF 69 (Planting) to NGC PF 69 Cameo (Environmental Protection, Beautify the Future) realized 55,080 CNY (about $7,657).

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Meanwhile:

• A China 1997 5 Yuan – Red-Crowned Crane graded NGC MS 69 RD PL realized 4,492 CNY (about $624).
• A China 1997 5 Yuan – Crested Ibis graded NGC MS 69 RD PL with NGC Original Condition label realized 16,524 CNY (about $2,297).
• A China 2002 5 Yuan – Great Wall graded NGC PF 68★ Ultra Cameo realized 4,901 CNY (about $681).
• A China 2012J 1 Yuan – Lunar Series, Year of the Dragon graded NGC PF 69 Ultra Cameo realized 5,027 CNY (about $698).
• A China 2013J 1 Yuan – Lunar Series, Year of the Snake graded NGC PF 68 Ultra Cameo realized 5,292 CNY (about $735).
• A China 2010J 1 Yuan – Shanghai World Exposition graded NGC PF 69 Ultra Cameo realized 8,640 CNY (about $1,201).

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Although the coin types mentioned above were sold with an ideal hammer price, the general collectibles were still hovering at the bottom level, especially the late circulating coin sets sealed in the original mint package, which were generally priced between 2,000 CNY and 3,000 CNY (about $278 and $417). The late circulating coin sets contain investment potential from a long-term perspective.

The thoughts and opinions in this piece are those of their author and are not necessarily the thoughts of the Certified Collectibles Group. The $ symbol represents US Dollars.