China - Kiangnan dollar - why is that so expensive > 300 tEUR

This coin was sold recently in Holmasto auction in Finland and believe or not, the price ended up to 305.011 eur! Why is that coin so expensive? That is a beautiful piece, XF, but still. Would you pay that price? This is the highest price I have ever seen in coin auction.

Here are the photos:

China. Kiangnan Province. Dollar (7 Mace and 2 Candareens) ND (1898). Circled dragon, 26,82 g.

Maybe 2 bidders did like the coin both, and the one do not like to leave it to his rival?
My focus is not on Chinese coins (because it is hard to read them...:) but for a coin like this 
  I would also pay 300,-euro if it was needed in my collection.

You would pay 300 eur but what about 300.000 eur or 305.011 eur?

Sorry, now I see what you mean, I did not see the point in the figure…. But still it is a battle between two bidders, with more money than brains, imo.

Buying collectibles is a great way to launder money. Nobody can deny the value of the art because art is hype. And hype is artificial value raiser. If a buyer and seller are both from China, no doubt it is a fishy thing at least. I have seen Scandinavian people doing similar things with precious metals coins in SE Asia.  For example, I can draw a black square on a white paper and it is worthless. But if someone hypes me enough I could sell it for millions. This coin is not worth 300.000 euros. It is not rare nor more collectible than Gold Franc or any other similar european coin. Whoever is in this scheme is borderline criminal

I think assumptions, lack of knowledge, and misunderstandings are clouding the issue and value of this particular coin type. The CIRCLED dragon versus UNCIRCLED dragon is the key as well as the condition of the coin. It is not “common” and certainly not a money laundering attempt.  Perhaps simply an investment by somebody with the means. Little wear, no chop marks, beautiful, genuine specimen. People with money and more knowledge have no issue paying top dollar for a quality specimen such as this. 

https://www.lot-art.com/auction-lots/CHINA-Kiangnan-7-Mace-2-Candareens-Dollar-ND-1898-PCGS-Genuine-Cleaned-AU-Details-Gold-Shield/53180-china_kiangnan-08.4.21-stack

N#296911

N#296912

https://www.pcgs.com/prices/detail/1/4608/most-active

Not sure but this may even be an example of the “ornamental” reeding variety.

Edit. I also believe this coin grades far higher than XF.

harryg

I think assumptions, lack of knowledge, and misunderstandings are clouding the issue and value of this particular coin type. The CIRCLED dragon versus UNCIRCLED dragon is the key as well as the condition of the coin. It is not “common” and certainly not a money laundering attempt.  Perhaps simply an investment by somebody with the means. Little wear, no chop marks, beautiful, genuine specimen. People with money and more knowledge have no issue paying top dollar for a quality specimen such as this. 

 

https://www.lot-art.com/auction-lots/CHINA-Kiangnan-7-Mace-2-Candareens-Dollar-ND-1898-PCGS-Genuine-Cleaned-AU-Details-Gold-Shield/53180-china_kiangnan-08.4.21-stack

 

N#296911

N#296912

 

https://www.pcgs.com/prices/detail/1/4608/most-active

 

Not sure but this may even be an example of the “ornamental” reeding variety.

 

Edit. I also believe this coin grades far higher than XF.

 

 

 

 

 

 

 

Bonaparte 40 Gold Francs from 1807 beats this coin any time of the day for the value of around 2000-3000 euros. 90 percent gold coin vs this silver piece, I ll take gold without thinking. This silver coin should be nowhere near top dollar, regardless of rarity. For 300 000 euros, you can get AU Half Disme from 1792, which is a piece of US history and Holy Grail for collectors 

xrp

 

Bonaparte 40 Gold Francs from 1807 beats this coin any time of the day for the value of around 2000-3000 euros. 90 percent gold coin vs this silver piece, I ll take gold without thinking. This silver coin should be nowhere near top dollar, regardless of rarity. For 300 000 euros, you can get AU Half Disme from 1792, which is a piece of US history and Holy Grail for collectors 

I think you have just proven harryg's assessment “People with money and more knowledge have no issue paying top dollar for a quality specimen such as this. ”

You would pay top dollar for  N#25428.  Perhaps the “Holy Grail” for U.S. collectors but, I could put forth a decent argument that this historical piece N#242950 is the “Holy Grail” of ALL collectors.

et tu brute?

Thank you for your comments, now I know why that coin is so expensive and learned at least something more from Chinese coins, which I also collect.