CNG 103, Lot: 997. Estimate $15000. Sold for $22000. This amount does not include the buyer’s fee.

CHINA, Zhōnghuá Mínguó (Republic of China). General issues. 1912-1949. AV ‘Yuán’ (39mm, 35.64 g, 11h). Commemorating the Signing of the Provisional Constitution. Tiānjīn Central mint. Struck 1923. Bust of President Cáo Kūn facing slightly left in military uniform / Crossed flags; stars around. L&M 1127 (Medal); Kann 1572; KM Pn67; Friedberg –. In NGC encapsulation graded UNC Details, obverse scratched. Very rare. Off-metal strike in gold.

Ex Dr. Lawrence A. Adams Collection (Triton XIX, 5 January 2016), lot 2286 (hammer $27,500, but not paid), purchased from M. Louis Teller, December 1986.

This very rare issue was struck at the behest of the recently elected President Cáo Kūn to commemorate the new constitution. Two types were struck in silver, of the same size weight as the dollar, and in gold, depicting the new president in both civilian and military dress. The gold examples were distributed to the senators. The dual typologyof this issue is indicative of Cáo’s rise to power. A member of the Běiyáng Clique, a powerful warlord faction, Cáo only gained the vote by directly bribing the assembly members with 5000 silver dollars each.