Oct 2, 2011

China 1kilo gold coin sold USD1.29million

A 1992 China Compass 2,000 yuan one kilo gold proof coin, produced by the Shenyang Mint, was sold in August for US$1.29 million (HK$10.06 million), the auctioneer Champion Hong Kong announced.

The auctioneer said that it was a new world record price for a modern kilo gold Chinese coin. The coin had been certified by third-party agency, Numismatic Guaranty Corp, which provides grading services for numismatists. The 2,000 yuan coin is part of a series celebrating Chinese inventions and discoveries. The obverse features a compass and the Great Wall is on the reverse.

A Korean Yung Hi gold 20 won coin was sold for US$632,500, (including the 15 percent buyer's fee), early last month, Coin World reports.

1992 China Compass 2,000 yuan one kilo gold proof coin

The sale was recorded at the Dr Norman Jacobs Collection of Japanese and Korean coins auction on September 8 conducted by US-based Heritage Auction Galleries. The gold coin is part of the only set of Year 3 (1909) Korean Yung Hi gold five, 10 and 20-won coins available in private hands. The only other known set is held in the Bank of Japan museum, Coin World says.

Recommended reading: 2011 Standard Catalog of World Coins 1901-2000, and The Expert's Guide to Collecting and Investing in Rare Coins

Noteworthy: It was in 1974 that the United States restored the right to private gold ownership. Read More.