PMG-certified Kiau Chau Banknotes Crush Pre-auction Estimates in Stack's Bowers Auction

Posted on 5/17/2024

A pair of notes from a German bank in China finished atop the auction on May 9, realizing more than 10 times their pre-auction estimates.

A pair of Kiau Chau Specimens certified by Paper Money Guaranty® (PMG®) far exceeded their estimated value to lead more than 600 banknotes from across the globe in a Stack’s Bowers Galleries sale. The Spring 2024 Maastricht Auction of World Paper Money was held on May 9, 2024.

The top lot of the auction was a Kiau Chau 1907 10 Dollars Specimen graded PMG 63 Choice Uncirculated (lot 50223), which far exceeded its pre-auction estimate of $3,000 to $5,000 and realized an amazing $78,000. Kiau Chau was a German colony from 1898 to 1914 located in China on Jiaozhou Bay, about halfway between Shanghai and Beijing.

Click images to enlarge.

Also finishing exceedingly well was a Kiau Chau 1907 1 Dollar Specimen graded PMG 64 Choice Uncirculated (lot 50222), which raced past its estimate of $3,000 to $5,000, realizing $72,000. Each of these Kiau Chau notes stands alone in the PMG Population Report as the only graded Specimens for their catalog number.

Click images to enlarge.

Other PMG-certified highlights sold in this auction included:

  • a Latvia, State Treasury Note 1935 20 Latu Specimen graded PMG 58 Choice About Uncirculated (lot 50487), which realized $43,200
  • A Russia, Government Credit Note 1919 50 Rubles graded PMG 25 Very Fine (lot 50603), which realized $26,400
  • a Tannu-Tava / Republic 1935 3 Aksha graded PMG 30 Very Fine (lot 50677), which realized $24,000
  • a German East Africa 1912 500 Rupien graded PMG 55 About Uncirculated (lot 50361), which realized $20,400
  • an India, Reserve Bank ND (1959) 100 Rupees graded PMG 25 Very Fine NET (lot 50412), which realized $19,200
  • a China, Deutsch-Asiatische Bank 1914 100 Dollars graded PMG 64 Choice Uncirculated (lot 50224), which realized $18,000
  • a Jordan, Currency Board 1949 50 Dinars Specimen graded PMG 64 Choice Uncirculated (lot 50477), which realized $17,400
  • a Costa Rica, Banco Internacional 1931-36 2 Colones graded PMG 65 Gem Uncirculated EPQ (lot 50228), which realized $15,600
  • a Curacao / Dutch Administration 1930 250 Gulden graded PMG 30 Very Fine (lot 50237), which realized $14,400
  • a Curacao / Dutch Administration 1954 100 Gulden graded PMG 35 Choice Very Fine (lot 50268), which realized $13,200

Prices realized includes a buyer’s premium. The $ symbol indicates US Dollars.

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