Historic 'Short-Whiskered Dragon' Dollar Leads Heritage's World & Ancient Coins and World Paper Money Auctions to Combined $27 Million

1951 10,000 Yuan paces World Paper Money event at $134,200 DOWNLOAD DIGITAL PRESS KIT DALLAS, Texas (June 22, 2026) — A magnificent example of one of the most celebrated pattern coins from the final years of Imperial China’s Qing Dynasty sold for $4.88 million, setting one of numerous records in Heritage’s HKINF World & Ancient Coins Platinum Session and Signature® Auction and boosting the auction total to $23,674,954. That result, coupled with Heritage’s June 16 World Paper Money Signature® Auction — Hong Kong, which realized $3,288,983, drove the combined total for the events to $26,963,937. The result for the Hsüan-t’ung silver Specimen Pattern "Short-Whiskered Dragon" Dollar Year 3 (1911) SP64+ PCGS made it one of the three most expensive World coins ever sold and the most valuable ever sold at Heritage. One of nearly 400 lots in the auction from The Peh Family Collection, it eclipsed the $4.32 million paid in the December 2025 HKINF auction for a Republic Chang Tso-lin silver Specimen Pattern Dollar Year 16 (1927) SP63 PCGS. The World & Ancient Coins auction is the fourth-largest in Heritage history and the second-highest total ever achieved by Heritage in Hong Kong, underscoring continued global demand for elite Chinese coins, rare pattern issues and trophy-caliber world numismatics. "We are thrilled to set yet another record at HKINF," says Kyle Johnson, Heritage’s Managing Director of World & Ancient Coins. "The Peh Family Collection continues to produce some of the finest coins ever to reach the collecting market, and we look forward to bringing more to the auction block at the Dec. 5-7 HKINF World & Ancient Coins Platinum Session and Signature® Auction." Part of the well-recognized 1911 Ta Ching dollar patterns from the Central Mint in Tientsin, the Short-Whiskered Dragon, which has been called "the Apex Predator of Chinese numismatics," was produced as the imperial government worked toward a unified national coinage. Under the direction of chief engraver Luigi Giorgi, a series of experimental dollar designs was created, each featuring a similar obverse (reverse as holdered) paired with varying dragon motifs on the reverse (obverse as holdered). These patterns represent the final phase of Qing Dynasty coinage, struck on the eve of the dynasty’s collapse. Among these, the "Short-Whiskered" variety stands out. Only three of the eight documented survivors are privately owned. The auction was anchored by nearly 400 lots from the Peh Family Collection, one of the most important collections of Chinese numismatics ever assembled. Leading the way was the celebrated 1911 "Short-Whiskered Dragon" Dollar, one of the rarest and most coveted pattern coins from the final years of the Qing Dynasty. The extraordinary result established the coin as one of the most valuable Chinese numismatic treasures ever sold by Heritage Auctions. "This auction delivered extraordinary results across every level of the market, from legendary Chinese pattern coins to iconic provincial issues and historic Southeast Asian rarities," says Johnson. "The strength of bidding for the Peh Family Collection once again demonstrated the continued growth and sophistication of the international market for exceptional Chinese numismatics." Another standout from the Peh Family Collection was a Chihli. Kuang-hsü Tael Year 33 (1907) MS62 PCGS that realized $1.769 million, a record for the type. One of the rarest emissions of the Chihli series and among the most elusive Chinese Tael issues, the coin represents a significant chapter in late Qing monetary reform. Struck at the reestablished Tientsin Mint after its destruction during the Boxer Rebellion, the piece is one of only a handful known to collectors and generated intense competition among advanced Chinese coin specialists. A spectacular British Colony. Victoria Proof Pattern Tael 1867 PR64 PCGS realized $1.037 million. Struck by the short-lived Hong Kong Mint as part of an effort to secure coinage contracts from the Chinese government, the Pattern Tael is considered one of the great rarities of Hong Kong numismatics. The finest of only three certified examples, the coin has appeared publicly only twice in the last two decades and was famously described by renowned collector Robert Goodman as the "King of Hong Kong." Collectors also pursued another legendary Qing Dynasty pattern rarity from the Peh Family Collection, a Hsüan-t’ung silver Specimen Pattern "Long-Whiskered Dragon" Dollar Year 3 (1911) SP63 PCGS that realized $671,000. The iconic design, also created under Luigi Giorgi’s supervision, remains among the most celebrated pattern dollars in Chinese numismatics and continues to command intense interest whenever offered. A remarkable Kiangsu-Shanghai Yu Shen Sheng Zuwen Yingbing ("Pure Silver Cake") 1 Tael realized $536,800, a record for the type. Widely regarded as a key issue within the Shanghai Tael series, the piece is one of only a few known survivors and represents an important relic of China’s commercial silver economy during the Qing Dynasty. Also reaching $536,800 was a Republic Yuan Shih-kai silver Specimen Pattern "L. Giorgi" Dollar Year 3 (1914) SP63 PCGS, featuring the distinctive three-quarter portrait design proposed by the famed Italian engraver whose influence helped shape modern Chinese coinage. Another Yuan Shih-kai silver Specimen Pattern "L. Giorgi" Dollar Year 3 (1914) SP63 PCGS realized $463,600. This elusive three-quarter-facing portrait pattern ranks among the most difficult-to-acquire issues in the entire Republican-era pattern series and reflects the artistic experimentation that accompanied the emergence of modern Chinese coinage during the early years of the Republic. Additional highlights included an exceptional Kirin. Kuang-hsü Dollar CD 1908 MS62 PCGS from the Peh Family Collection that realized $439,200. A celebrated rarity among provincial Chinese dollars, the issue is seldom encountered in Mint State preservation and drew strong attention from collectors seeking trophy-level examples from China’s provincial mints. The auction also featured important offerings from The Mahal Collection of Spanish and U.S. Philippines Coins, Part XIII, led by a Spanish Colony. Isabel II 20 Centavos 1866 MS66 PCGS that drew a winning bid of $42,700, along with elite rarities from Hong Kong, China and across the world coin market, helping drive one of the strongest results ever achieved for a Heritage World & Ancient Coins auction in Asia. Another type record was set when an Anhwei. Kuang-hsü 50 Cents Year 24 (1898) MS66 PCGS brought $183,000. Complete results can be found at HA.com/3134. World Paper Money DOWNLOAD DIGITAL PRESS KIT Leading the auction at $134,200 was a China People’s Bank of China 10,000 Yuan 1951 Pick 858Aa PMG Very Fine 30, one of the most coveted notes from the first series of People’s Bank issues. Featuring a herdsman and horses on the steppe, the note was created for circulation in the remote regions of Inner Mongolia and Xinjiang and is widely regarded as the most desirable banknote of the People’s Bank series issued between 1948 and 1951. This rarity had not been offered at Heritage since 2014. "It was expected that a banknote of this pedigree would bring an exceptional result, and this extraordinary example certainly lived up to those expectations," says Craig Eustace, Heritage’s Director of World Currency Auctions. "It is the kind of numismatic treasure that rarely reaches the auction market and immediately will assume a significant spot in a new collection." Another celebrated rarity from The Peh Family Collection, a China Yunnan Government Currency 2000 Cash 1855 Pick UNL PMG Very Fine 30 realized $109,800. This gigantic vertical issue, reminiscent of Ch’ing Dynasty-era notes, is among the rarest pieces of provincial Chinese paper money. Heritage had never previously offered a cash note from Yunnan Province, and the appearance of this extraordinary survivor represented a significant opportunity for advanced collectors of Chinese currency. Chinese material dominated many of the auction’s strongest results, led by a China People’s Bank of China 500 Yuan 1951 Pick 857a PMG About Uncirculated 50 that brought $85,400. The only 500 Yuan denomination within the coveted Outer Provinces series of 1951, the note is remarkably elusive, with only a small number graded by PMG. This example, appearing for the first time at Heritage, attracted substantial attention due to its superior preservation and exceptional eye appeal. Among the most notable offerings was another Outer Provinces rarity, a China People’s Bank of China 10,000 Yuan 1951 Pick 858a PMG About Uncirculated 53that realized $45,140. The highest denomination of the series issued for Inner Mongolia and Xinjiang, the note remains one of the most sought-after types from the formative years of the People’s Republic of China. Its strong grade and scarcity helped propel it among the auction’s top realizations. The sale also featured two extraordinary Republic of Hawaii Specimen notes that rank among the greatest rarities in all of world paper money collecting. A Republic of Hawaii, Department of Finance 5 Dollars 1895 (ND 1899) Pick 6as Specimen PMG Gem Uncirculated 65 EPQ realized $67,100. Redeemable for United States gold coinage, the original denomination represented a substantial sum at the turn of the century. Only 5,000 notes were issued, all ultimately redeemed, making surviving examples exceptionally rare. This Specimen, one of only two examples graded by PMG, captivated collectors with its remarkable preservation, vivid color and intact original selvage. Matching that result at $67,100 was a Republic of Hawaii, Department of Finance 5 Dollars 1895 (ND 1897) Pick 11as Specimen PMG Gem Uncirculated 66 EPQ. Part of the famed Silver Certificate series backed by Hawaiian or United States silver coinage, this magnificent Specimen is the only example graded in the PMG Population Report. Its extraordinary condition, broad margins and surviving counterfoil elevated it into the upper echelon of Hawaiian numismatic rarities. Another standout rarity emerged from The Norman Lin Collection, where a China Russo-Chinese Bank 25 Kuping Taels 1898 Pick UNL Specimen PMG Choice Extremely Fine 45 realized $46,360. This spectacularly rare, unissued denomination is absent from standard references and has appeared publicly only once in recent memory. Its unusual design, combined with its extraordinary rarity and historical significance, generated strong interest from collectors specializing in Imperial Chinese banking history. Complete results can be found at HA.com/4059. Heritage Auctions is the largest fine art and collectibles auction house founded in the United States, and the world's largest collectibles auctioneer. Heritage maintains offices in New York, Dallas, Beverly Hills, Chicago, Palm Beach, London, Paris, Amsterdam, Brussels, Hong Kong and Tokyo. Heritage also enjoys the highest Online traffic and dollar volume of any auction house on earth (source: SimilarWeb and Hiscox Report). The Internet's most popular auction-house website, HA.com, has more than 2 million registered bidder-members and searchable free archives of 7,000,000 past auction records with prices realized, descriptions and enlargeable photos. Reproduction rights routinely granted to media for photo credit. For breaking stories, follow us: HA.com/Facebook and HA.com/Twitter . Link to this release or view prior press releases . Hi-Res images available: Steve Lansdale, Public Relations Specialist 214-409-1699 or SteveL@HA.com