REVIEW: ASIAN BANKNOTES: 19 JUNE

The big success story of this auction was the exceptional offering of Chinese Communist notes at the end of the sale, which in total sold for more than HK$1m against estimates of HK$400,000.

A section packed with highlights, standout lots included a Chinese Soviet Republic Sichuan-Shaanxi Provincial Workers and Farmers Bank, 1 Yuan. From the 1933 Yuan issue, and with serial number 168565, it was printed on paper with Stalin at the centre, the reverse showing two workers carrying rifles. Even though the front was quite faded, it secured a mid-estimate bid of HK$65,000.

These banks, established in the 1930s to issue lines of credit to help farmers boost agriculture. The Sichuan-Shaanxi bank for farmers eventually moved to Taiwan during the Chinese civil war.

A Bank of Shen-Fu Special District Anti-Japanese Peoples Revolutionary Committee note from 1936 demonstrated just how keen bidding became. The 1 Chiao (equivalent to 10 Cents), with serial number 101936, and printed on cloth, was a rare note pitched at HK$2,000-2,600; it sold for HK$46,000. A 5 Chiao from the same issue, and with the same estimate, took HK$42,000.

Prices proved equally strong for notes from the Hunan-Hubei-Jiangxi Workers and Farmers Bank. A 1 Yuan, 1931-33 Legal Clause issue, with serial number 17149, made HK$40,000 against hopes of HK$3,000- $3,600.

Another astounding result was the HK$38,000 taken for a rare Northeast Jiangxi Soviet Bank, 5 Jiao, a 1932 Yuan issue, with serial number 22076. The estimate was HK$1,500-2,000.

Many more such multi-estimate prices boosted the bidding for this section of the sale.

“This was an astonishing run of exceptional bids, and we were delighted to have achieved this outstanding result among the Communist banknotes for our inaugural auction in Hong Kong,” said Andrew Pattison, Head of banknotes at Noonans.