Four PMG-certified Chinese Banknotes Each Realize Over $100,000

Four First Series Renminbi banknotes certified by Paper Money Guaranty® (PMG®) each realized prices over $100,000. They were among dozens of PMG-graded Chinese banknotes in a pair of Spink auctions held on June 25, 2022.

The top PMG-certified lot was a China / People’s Republic 1951 10,000 Yuan graded PMG 40 Extremely Fine (CSS81, lot 87) that realized HK$1.74 million (about $221,700 USD). This example of a high-denomination note that is known as “Running Horses” is regarded as one of the greatest treasures in Chinese paper money.

China / People’s Republic 1951 10,000 Yuan graded PMG 40 Extremely Fine. Realized: HK$1.74 million (about $221,700 USD) Click images to enlarge.

Another rarity, a China / People’s Republic 1951 500 Yuan graded PMG 64 Choice Uncirculated (CSS81, lot 82), realized HK$1.5 million (about $191,100 USD). This note is one of 27 examples in the PMG Population Report, with only two others possessing a higher grade. Like other banknotes of the First Series Renminbi, this note displays a vignette that honors China’s heritage.

China / People’s Republic 1951 500 Yuan graded PMG 64 Choice Uncirculated. Realized: HK$1.5 million (about $191,100 USD) Click images to enlarge.

Other PMG-certified highlights in auctions CSS81 and CSS88 included:

• a China / People’s Republic 1951 5,000 Yuan graded PMG 45 Choice Extremely Fine (CSS81, lot 84) that realized HK$1.32 million (about $168,200 USD)
• a China / People’s Republic 1951 1,000 Yuan graded PMG 58 Choice About Uncirculated (CSS81, lot 83) that realized HK$876,000 (about $111,600 USD)
• a China / People’s Republic 1953 5,000 Yuan graded PMG 64 Choice Uncirculated EPQ (CSS81, lot 88) that realized HK$480,000 (about $61,160 USD)
• a China / People’s Republic 1951 10,000 Yuan graded PMG 45 Choice Extremely Fine (CSS81, lot 86) that realized HK$468,000 (about $59,600 USD)
• a China / People’s Republic 1949 5,000 Yuan graded PMG 65 Gem Uncirculated EPQ (CSS81, lot 75) that realized HK$336,000 (about $42,800 USD)
• a China / Board of Revenue 1855 50 Taels graded PMG 25 Very Fine (CSS81, lot 9) that realized HK$312,000 (about $39,700 USD)
• a China / People’s Republic 1951 5,000 Yuan graded PMG 40 Extremely Fine (CSS81, lot 85) that realized HK$312,000 (about $39,700 USD)
• a China, Board of Revenue 1854 50 Taels graded PMG 20 Very Fine (CSS88, lot 1020) that realized HK$288,000 (about $36,700 USD)
• a China, Pei-yang Tientsin Bank ND (circa 1910) 1 Dollar graded PMG 65 Gem Uncirculated EPQ (CSS88, lot 1040) that realized HK$240,000 (about $30,600 USD) 
• a China, Pei-yang Tientsin Bank ND (circa 1910) 3 Dollars graded PMG 65 Gem Uncirculated EPQ (CSS88, lot 1041) that realized HK$288,000 (about $36,700 USD)

All prices realized include buyer’s premium.