CK Shows
Coin & Currency Show
Many of the key dates and most valuable pieces of modern Chinese
coinage are survivors of the turbulence that accompanied Hong Kong’s
reunification with China.
“This is 1996. One day a couple of guys walk into the shop.” Peter
Yeung, President of Panda America leans forward on the conference
table as he speaks. “They want to buy Silver Pandas, so I sell them some
for $15 each. Then the phone starts ringing. Everybody wants to buy
silver Pandas. I sold mine too cheap; I found out that they were going
for double that in Hong Kong.”
All of Hong Kong was alive with anticipation of the day when Hong
Kong would return to China after 156 years of foreign rule. Everyone
also tried to figure out what the transfer will mean for them. People
wondered what would happen to their bank deposits under a new
regime. Would the currency be devalued? Weekends were especially
worrisome; what if the banks didn’t open on Monday?
Coins looked like a good store of value. The China Mint had struck
three sets of coins to celebrate the transfer in 1995, 1996 and 1997.
These were strongly bid up by collectors and speculators. The same was
true for the yearly Panda coins. Demand for the 1996 and 1997 Silver
Pandas zoomed. Prices climbed as high as $100 a coin.
Peter Yeung continues, “It wasn’t just coins. Everyone wanted the last
Hong Kong stamps with Queen Elizabeth on them. Customers lined up
outside post offices. At one post office the line was so long it stretched
from one subway station to the next. One man died in line. Even the
criminals got into it. Outside post offices there were gang members
holding up signs that read, ‘We Buy Coins and Stamps.’ It was crazy.”
On July 1, 1997 screaming crowds jammed the streets, fireworks lit the
sky, trumpets blared, soldiers marched and British Prime Minister
Tony Blair watched as Hong Kong returned to China.
It was also the end of the road for the numismatic bubble. The currency
kept its value so the driving force of the speculation had been a
phantom fear. As Peter Yeung puts it, “Of course, a mania like that can’t
last, but a lot of people couldn’t see it coming. After the handover to
China the market crashed. People who didn’t get out in time got
burned. After that nobody wanted to buy coins.”
A pall settled over the numismatic scene. Many
speculators went bankrupt. Sales collapsed and coin
dealers wiled away the time playing cards as they
waited for the infrequent customer. The Kuan Yin
series nearly expired. The run of 1/10 and 1/20 oz.
Platinum Panda series ended with a final mintage of
just hundreds. 1998 was the final year for the 1/2 oz.
Silver Pandas.
Many individual coins met their end in the melting
pot during this time because there was no market for
them beyond their bullion value. Gold Pandas
became gold chains as jewelers turned them into
more popular products. Other coins, both gold and
silver, which had been used as collateral for loans
were melted down when the loans defaulted. The
widespread destruction left many mysteries for later
collectors to solve as the surviving populations often
bear little relationship to the original mintages.
The memories of the crash that followed the transfer
of Hong Kong are so bad that to this day some
collectors shun coins of this period. But there is a
silver lining. Many of the key dates and most valuable
of modern Chinese coinage are the survivors of the
turbulence that accompanied Hong Kong’s
reunification with China. Today they are often the
most prized items in a collection and even worth
standing in line for.
Peter Anthony is an expert on Chinese modern coins
with a particular focus on Panda coins. He is an
analyst for the NGC Chinese Modern Coin Price
Guide as well as a consultant on Chinese modern
coins.
Las Vegas Numismatic
Society Coin Show
BUY-SELL-TRADE US & Foreign Coins, Ancients, Currency, Stamps, Casino Chips, Tokens, Fine Jewelry, Vintage Collectibles, Supplies and Books
SPECIAL EVENT RATE 2025
Tuscany Suites and Casino
255 E. Flamingo, Las Vegas, NV 89102
Dealer Set-Up Thurs: 12 Noon-7
Hours: Fri-Sat: 10-6 / Sun: 10-3
The Vegas National
SPECIAL EVENT RATE 2025
Tuscany Suites and Casino
255 E. Flamingo
Las Vegas, NV 89102
Dealer Set-Up Thurs: 12 Noon-7
Hours: Fri-Sat: 10-6 / Sun: 10-3
The Vegas National
SPECIAL EVENT RATE 2025
Tuscany Suites and Casino
255 E. Flamingo
Las Vegas, NV 89102
Dealer Set-Up Thurs: 12 Noon-7
Hours: Fri-Sat: 10-6 / Sun: 10-3