Counterfeit Detection: Hong Kong 10 Dollars

Among the rarer Hong Kong banknotes is Pick# 143, an 1893-98 10 Dollars that was issued by the Hongkong and Shanghai Banking Corporation. The PMG Population Report contains a mere five genuine issued examples, with the “Top Pop” being one graded PMG 30 Very Fine. A genuine example graded PMG 15 Choice Fine realized $26,400 at a Heritage Auctions sale in June 2024.

The PMG Population Report also contains three Remainders and four Contemporary Counterfeits. Certain Contemporary Counterfeits are of keen interest to the paper money collecting community, and PMG certifies ones associated with select catalog numbers at its sole discretion. A Contemporary Counterfeit graded PMG 15 Choice Fine NET realized $1,140 in a Stack’s Bowers Galleries auction in April 2025. Clearly, it is important to know whether you have a genuine note or a Contemporary Counterfeit.

Another Contemporary Counterfeit, with a grade of PMG 15 Choice Fine, is being offered by Heritage Auctions in June 2026. This Contemporary Counterfeit was created separately from the one in the Stack’s Bowers sale. However, certain areas of the design stand out in each as a challenge for forgers and, therefore, are worthy of close examination by anyone who encounters one of these notes.

Let’s start with the back of the note — in particular, the colonial badge of Hong Kong (which is based on the coat of arms of the United Kingdom). The partially obscured text should say HONI SOIT QUI MAL Y PENSE, meaning “shamed be anyone who thinks evil of it” (which was the motto of the Order of the Garter, founded in the 1300s). One of these Contemporary Counterfeits incorrectly rendered QUI as OCI. The other appears to have dropped a letter and rendered the Q as an O (in addition to getting the N backward in MON in the ribbon beneath).

Genuine	Contemporary Counterfeit #1	Contemporary Counterfeit #2
Click images to enlarge.

The lion to the left was executed poorly on one counterfeit, with a nearly straight line for a mouth and a narrow nose. However, it was actually done quite well on the other counterfeit. (If you want to see more poorly executed lions that show how important artistic capabilities are for a would-be counterfeiter, check out this Counterfeit Detection column.)

Genuine	Contemporary Counterfeit #1	Contemporary Counterfeit #2
Click images to enlarge.

The printer’s name on the bottom of the front of the note also shows the differences in skill that went into each counterfeit. While one looks almost passable, the other contains multiple spelling errors, including the ‘B’ and ‘y’ that appear in the word Engraved.

Genuine	Contemporary Counterfeit #1	Contemporary Counterfeit #2
Click images to enlarge.

Finally, a detailed examination of the center of the front of the note shows both counterfeiters struggled to accurately reproduce the repeating ‘ten dollars’ text that forms the blue background. Each had difficulty keeping the text consistent and in a straight line. This is a key anti-counterfeiting measure because of the amount of time and skill they require.

Though these issues seem clear when viewing the enlarged images of the counterfeits compared to the genuine, it is important to remember these were not available to the people using this banknote in circulation over a century ago. This explains why these Contemporary Counterfeits saw such heavy circulation.

If you are unsure whether your note is genuine, remember that PMG backs its determinations of authenticity and grade with the PMG Guarantee.