There is much excitement in the online Chinese coin collecting community, as August saw the first appearance of coins graded using the new Yuantai system in online auction houses. Officially announced on the 5th August 2014, China’s new coin grading system is still in its infancy and trial stages, but the first pieces with Yuantai grades to hit online auction houses have created quite a storm among bidders. More information on the specific ins and outs of the system, which grades coins on a 100-point scale, can be found here.
September has seen a flurry of internet activity, with online auction house, Zhao Online, hosting a number of special auctions featuring Yuantai graded coins. On 15th September, Zhao Online Auction House became the focal point of the market, as a small date variety 1991 1 oz BU silver Panda coin with a Yuantai grade of 99 underwent 73 rounds of intensive bidding, attracting a final bid of 1194 yuan from a buyer in Guangzhou. The final price was about 400 yuan higher than you would expect to pay for a similar ungraded coin.
A 2010 1 oz silver scallop-shaped Year of the Tiger proof coin, having a Yuantai grade of 99, set a new record paid for a coin of this type with a price of 945 yuan when the hammer fell.
Yesterday (22nd September) Zhao Online kicked off another set of online auctions featuring Yuantai graded coins. This particular set of lots has stirred up significant interest in the online community as several of the coins featured in the auction have attained the top – and apparently rarely given – Yuantai rating of 100. This auction also features a high proportion of other coins which grade particularly highly on the Yuantai scale.
Chinese bidders, particularly the more patriotic ones, will have been waiting eagerly for their chance to get their hands on the first pieces to be appraised under the Yuantai system. With these coins raising the temperature of the market and attracting a lot of attention, they will no doubt be paying a premium for this opportunity. Bids are currently live, ending on the 25th September. Click here to view the lots.