An incredibly rare Chang Tso Lin coin is the top highlight in an auction featuring a remarkable selection of vintage and modern Chinese rarities that are certified by Numismatic Guaranty Company® (NGC®). Bidding is already underway for the Champion Macau Auction that concludes on November 29, 2025.
With an estimate of $350,000 to $700,000, the top lot in this auction is a China YR15(1926) Chang Tso Lin Silver Dollar – Copper Nickel graded NGC MS 62 (lot 0140).
This coin is a New Discovery. The copper-nickel variety, which is pedigreed to the Nelson Chang Collection, was previously unknown.
Chang Tso Lin was a warlord who gained control of Beijing in 1926 but was forced to flee two years later and was subsequently assassinated. Genuine Chang Tso Lin pieces are exceptionally scarce, with many purported examples proving to be early fantasy issues or modern counterfeits, making NGC’s certification of any authentic example a major numismatic event.
How NGC authenticated this fascinating coin.
Following extensive examination, testing and research, specialists confirmed that the submitted coin was an undocumented major rarity: a Chang Tso Lin dollar of type L&M-868 struck not in silver, but in copper-nickel.
This discovery is extraordinary because authentic Chang Tso Lin issues are among the rarest early Republican Chinese coins. Even experts at major auction houses or grading services may encounter a genuine example only once in a decade — and nearly all pieces submitted today turn out to be modern counterfeits.
Counterfeit versions typically reveal themselves through incorrect texture, luster or collar shape, or through repeating depressions that match known forgeries. Many counterfeits are also fabricated from “fantasy” dies that do not perfectly reproduce details from original Tientsin Mint dies.
When this copper-nickel specimen first arrived in the NGC grading room, graders initially believed it to be a silver coin. They immediately noticed several unusual characteristics, particularly on the reverse. Despite correct die work and overall proper texture, the coin displayed streaking inconsistent with commemorative Chinese silver dollars of the period.
These anomalies prompted further investigation.
A metallurgical analysis provided the crucial breakthrough: the piece contained approximately 83% copper and 16% nickel. This composition was entirely unexpected for this type, but it explained all the observed irregularities, confirming the coin was not a counterfeit but a genuine off-metal example.
Additional support came from its long-standing pedigree. Collector Nelson Chang purchased the coin from a respected Hong Kong dealer in the early 1980s. A provenance of more than 40 years places the piece well before the widespread emergence of high-quality die-transfer counterfeits that began appearing in the market decades later.
Although the precise purpose of this copper-nickel striking remains unknown, it may represent a pattern, an experimental off-metal strike, or an unofficial mint product (“mint sport”). Because its true intent cannot be definitively determined, NGC certified the coin as L&M-868 VAR and noted its copper-nickel alloy on the label without assigning a specific classification.
Considerations:
- Coin identified as an undocumented Chang Tso Lin L&M-868 dollar struck in copper-nickel.
- Genuine Chang Tso Lin dollars are extremely rare; most submissions are counterfeit.
- Early examination revealed unusual reverse streaking despite correct die work.
- Metallurgical testing showed 83% copper, 16% nickel, explaining anomalies.
Long pedigree tracing back to early 1980s supports authenticity. - Exact origin unclear: possibly a pattern, off-metal strike, or mint sport.
- NGC certified it as L&M-868 VAR with its alloy noted on the label.
Read NGC Article on this Discovery
Back to the Champion Macau Auction:
Also available is a China YR3(1911) Silver Dollar – Raised Veins on Leaves graded NGC AU 58 (lot 0143), with an estimate of $200,000 to $400,000.
This Silver Dollar is a prized variety from the final year of the Qing Dynasty, struck during a turbulent transitional period in Chinese history. Only 17 examples are recorded in the NGC Census.
Other NGC-certified coins in this auction include:
- China YR24(1898) Anhwei Silver Dollar – Small Rosette graded NGC MS 66★ and pedigreed to Hsi/NC Collection (lot 0120), with an estimate of $100,000 to $200,000
- China 1898 Kiangnan Silver Dollar – Circlet Scale Dragon graded NGC MS 61 and pedigreed to the YIF Collection (lot 0156), with an estimate of $80,000 to $160,000
- China (1912) Li Yuan Hung Silver Dollar graded NGC MS 64 and pedigreed to the NC Collection (lot 0139), with an estimate of $10,000 to $20,000
- China YR24(1898) Fengtien Silver Dollar graded NGC AU 58 and pedigreed to the NC Collection (lot 0123), with an estimate of $8,000 to $16,000
- China YR24(1898) Fengtien Silver Dollar – Large Mouth Dragon graded NGC AU 55 and pedigreed to the NC Collection (lot 0124), with an estimate of $8,000 to $16,000
- China 2021 2 Ounce Gold Macau Numismatic Society Annual Expo Panda Medal graded NGC PF 70 Ultra Cameo (lot 0240), with an estimate of $8,000 to $16,000
- China 2024 Gold Berlin World Money Fair Panda Medal graded NGC PF 70 Ultra Cameo (lot 0251), with an estimate of $7,000 to $14,000
- China 2023 50 Gram Gold Berlin World Money Fair Panda Medal graded NGC PF 70 Ultra Cameo (lot 0244), with an estimate of $7,000 to $14,000
- China 2015 2 Ounce Gold Macau Numismatic Society Annual Expo Panda Medal graded NGC PF 70 Ultra Cameo (lot 0232), with an estimate of $7,000 to $14,000
- Niue 2023 Legend of Chu 55th Anniversary Gold Dollar graded NGC PF 70 Ultra Cameo (lot 0249), with an estimate of $6,500 to $13,000
The post New Discovery – Copper-Nickel Variety Among Rare Chinese Coins Certified by NGC appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.
