Premium Recommendation -A set of two Guangxu Yuanbao coins (1 mace and 4 candareens each)

*本次藏品：光绪元宝一钱四分一组（两枚）*

典藏尺寸：重：5.5g直径：23.4mm/重：5.4g直径：23.5mm

光绪三十三年（1907 年），清政府为整顿全国币制、统一银元标准，批准云南省在昆明宝云局旧址设立云南银元局（后更名云南造币分厂）。该厂引进德国铸币机器，由天津户部造币总厂提供祖模，招募四川技工，于 1908 年起铸行 “光绪元宝” 系列银币，涵盖七钱二分（一元）、三钱六分（五角）、一钱四分四厘（二角）、七分二厘（一角）四等币值。

这一举措的核心动因，是清末西南地区货币流通的混乱：民间长期混用银两、制钱、外国银圆（如 “鹰洋”），交易换算繁琐。云南银元局的设立，既是中央 “统一币制” 政策的落地，也是边省稳定经济、抵制外钞的现实需求 —— 一钱四分四厘银毫作为小额辅币，正是为适配民间日常交易而生，其铸造量虽少于主币，却深度嵌入了晚清云南的市井经济。

从图片可见，这两枚均为云南省造光绪元宝库平一钱四分四厘 “新龙（困龙）版”，是 1911 年（宣统三年）云南造币分厂改良后的版别。

正面（文字面）特征

主体文字：珠圈内置 “光绪元宝” 四字，字体为楷书，笔力饱满；珠圈外上环 “云南省造”，下环 “库平一钱四分四厘”，左右两侧各饰一枚六瓣梅花星（云南铸币的标志性装饰）。

版式差异：两枚正面的 “分”“钱” 等字的笔画细节略有不同（如右侧币 “四” 字更方正），属于同一版别下的模具细微差异，是手工修模时代的典型特征。

背面（龙纹面）特征

龙纹设计：核心为 “困龙” 图案 —— 蟠龙被珠圈完全包裹（区别于老龙版的 “开放式龙纹”），龙身鳞纹细密如织，龙首昂扬，龙爪张弛有力，火珠位于龙身中央；火珠下方可见三圈纹（版别标识，对应 “新龙三圈版”）。

工艺细节：采用德国机器的高浮雕技术，龙纹层次分明，地章平整光滑；边齿为 “橄榄齿 + 直齿” 复合结构（早期云南银毫的防伪特征），齿距均匀，磨损处可见自然的手工加工痕迹。

包浆与状态：左侧币包浆更厚重，龙鳞磨损稍多；右侧币包浆较浅，龙纹细节更清晰。

In the 33rd year of the Guangxu reign (1907), the Qing government, aiming to streamline the national currency system and standardize silver dollars, approved the establishment of the Yunnan Silver Dollar Bureau (later renamed Yunnan Branch Mint) on the original site of Baoyun Bureau in Kunming, Yunnan Province. The bureau imported German coin - minting machinery, obtained master dies from the Household Department Central Mint in Tianjin, recruited skilled craftsmen from Sichuan Province, and began minting the "Guangxu Yuanbao" series of silver coins in 1908. The series included four denominations: 7 mace and 2 candareens (equivalent to one yuan), 3 mace and 6 candareens (equivalent to fifty cents), 1 mace 4.4 candareens (equivalent to twenty cents), and 7.2 candareens (equivalent to ten cents).

The core motivation behind this initiative was the chaotic currency circulation in southwest China in the late Qing Dynasty: silver taels, copper coins, and foreign silver dollars (such as the Mexican "Eagle Dollar") had long been mixed in civilian transactions, resulting in cumbersome exchange calculations. The establishment of the Yunnan Silver Dollar Bureau was not only the implementation of the central government's policy of "unifying the currency system" but also a practical need for border provinces to stabilize the economy and resist foreign currencies. As a small - denomination subsidiary coin, the 1 mace 4.4 candareens silver coin was precisely minted to meet the demands of daily civilian transactions. Although its mintage was lower than that of the main currency, it was deeply integrated into the urban and rural economy of Yunnan in the late Qing Dynasty.

As can be seen from the pictures, these two coins are both the "New Dragon (Trapped Dragon) Version" of the Yunnan - minted Guangxu Yuanbao with a weight of 1 mace 4.4 candareens, a revised version produced by Yunnan Branch Mint in 1911 (the 3rd year of the Xuantong reign).

Features of the Obverse (Character Side)

Main Inscriptions: The four characters "Guangxu Yuanbao" are inscribed inside a beaded circle in a bold and vigorous regular script. Outside the beaded circle, the upper ring bears the inscription "Made in Yunnan Province", while the lower ring reads "Kuping 1 Mace 4.4 Candareens". On each side, there is a six - petal plum blossom star, a distinctive decorative element of Yunnan - minted coins.

Version Variations: There are slight differences in the stroke details of characters such as "Fen" (cent) and "Qian" (mace) on the obverses of the two coins (for example, the character "Si" (four) on the right coin is more square - shaped). These variations are minor die differences within the same version, a typical feature of the era of manual die modification.

Features of the Reverse (Dragon Side)

Dragon Design: The core pattern is the "Trapped Dragon"—the coiled dragon is completely enclosed within a beaded circle (distinguishing it from the "Open Dragon Design" of the Old Dragon Version). The dragon's scales are densely arranged like woven fabric, its head held high, and its claws are powerful and well - defined. A flaming pearl is positioned at the center of the dragon's body, with three concentric circles beneath it (a version identifier corresponding to the "New Dragon Three - Circle Version").

Craftsmanship Details: High - relief technology from German machinery was adopted, giving the dragon pattern distinct layers and a smooth field. The edge teeth feature a composite structure of "olive - shaped teeth + straight teeth", an anti - counterfeiting feature of early Yunnan silver coins. The tooth spacing is uniform, and natural traces of manual processing can be seen at the worn areas.

Patina and Preservation Condition: The left coin has a thicker patina with slightly more wear on the dragon scales, while the right coin has a lighter patina with clearer details of the dragon pattern.

*本次藏品：光绪元宝一钱四分一组（两枚）*

典藏尺寸：重：5.5g直径：23.4mm/重：5.4g直径：23.5mm

在清朝光绪年间，中国货币体系处于传统制钱与近代机制币并存的转型阶段。随着西方近代货币制度和铸造技术的传入，以及国内商品经济的发展，传统的制钱铸造方式已难以满足日益增长的货币流通需求。在此背景下，清政府开始引进西方机器设备，建立近代造币厂，铸造机制银币和铜币。

云南省作为中国西南边疆的重要省份，在光绪时期也积极响应并参与到货币改革的进程中。当时，云南的货币流通情况较为复杂，既有传统的制钱，也有外来流入的银元等。为了统一货币，规范金融秩序，云南省决定效仿沿海省份，设立造币厂，铸造具有本省特色的机制银币。

光绪元宝一钱四分四厘银币便是这一历史背景下的产物。其铸造旨在满足云南本地及周边地区小额货币流通的需求，与当时国内其他省份铸造的银币形成一定的互补关系，共同构建起更为完善的近代货币体系。同时，这也是云南省在近代化进程中，在经济金融领域的一次重要尝试和实践，反映了当时中国社会在经济层面逐渐与世界接轨的趋势。云南省在铸造光绪元宝一钱四分四厘银币时，引进了西方先进的造币设备和铸造技术。这些设备包括蒸汽动力的冲压机、轧片机等，大大提高了银币的铸造效率和质量。与传统的手工铸造方式相比，机制铸造能够保证银币的规格统一，重量和成色更加精准，减少了人为因素对银币质量的影响。

模具是铸造银币的关键环节，其质量直接影响到银币的外观和品质。云南省造币厂聘请了专业的技师进行模具的设计和制作，模具上的文字和图案雕刻精细，线条流畅，立体感强。在模具的使用过程中，也注重保养和维护，定期进行修模和更换，以确保银币的铸造质量始终保持在较高水平。

该银币的材质主要为白银，同时含有一定比例的铜等其他金属，以增加银币的硬度和耐磨性。在成色控制方面，造币厂严格按照规定的标准进行配比和铸造，通过化学分析和物理检测等手段，确保每一枚银币的含银量符合要求。一般来说，云南省造光绪元宝一钱四分四厘银币的成色较高，在市场上具有较好的信誉。

这两枚银毫不仅是交易工具，更是清末社会的实物标本：

币制改革的见证：它是清政府 “废两改元” 的尝试之一，将 “库平”（中央重量标准）与地方铸币结合，推动了货币的标准化。

边地经济的缩影：作为云南民间小额交易的主力货币，它参与了清末滇商与东南亚的贸易往来，币面的磨损痕迹是百年前市井生活的烟火气印记。

中西工艺的碰撞：德国机器的高浮雕技术与传统龙纹美学结合，背面的 “梅花星”（中式装饰）与机器压印的精准线条（西式工艺），是近代中国工业化的微缩体现。

During the Guangxu reign of the Qing Dynasty, China’s monetary system was in a transitional phase where traditional copper coins coexisted with modern machine-struck currency. With the introduction of Western monetary systems and minting technologies, coupled with the development of domestic commodity economies, the traditional manual coin-making methods could no longer meet the growing demand for currency circulation. Against this backdrop, the Qing government began to import Western machinery and equipment, establish modern mints, and produce machine-struck silver and copper coins.

As an important border province in southwest China, Yunnan actively responded to and participated in the currency reform during the Guangxu period. At that time, the currency circulation in Yunnan was rather complex, with both traditional copper coins and foreign silver dollars in circulation. To unify the currency and regulate financial order, Yunnan decided to follow the example of coastal provinces by setting up a mint and producing machine-struck silver coins with distinctive local characteristics.

The Guangxu Yuanbao silver coin of 1 mace and 4.4 candareens was a product of this historical context. It was minted to meet the demand for small-denomination currency circulation in Yunnan and its surrounding areas, complementing the silver coins produced by other provinces across the country and jointly contributing to a more refined modern monetary system. Meanwhile, it represented an important attempt and practice by Yunnan in the economic and financial sectors during its modernization drive, reflecting the trend of China’s economic integration with the world at that time. In minting this silver coin, Yunnan imported advanced Western minting equipment and technologies, including steam-powered stamping machines and rolling mills. These facilities significantly improved the efficiency and quality of silver coin production. In contrast to traditional manual minting, machine-struck coinage ensured standardized specifications, precise weight and fineness, and reduced the impact of human factors on coin quality.

Mold-making was a crucial step in silver coin production, as mold quality directly determined the appearance and fineness of the final coins. The Yunnan Mint hired professional technicians to design and produce the molds, which featured exquisitely carved characters and patterns with smooth lines and strong three-dimensionality. During the mold usage process, regular maintenance, repair, and replacement were carried out to ensure that the minting quality of silver coins was consistently maintained at a high level.

The coin was primarily made of silver, with a certain proportion of copper and other metals added to enhance its hardness and wear resistance. In terms of fineness control, the mint strictly followed the prescribed standards for alloy ratio and coinage, employing chemical analysis and physical testing methods to ensure that the silver content of each coin met the required specifications. Generally speaking, the Yunnan-minted Guangxu Yuanbao silver coin of 1 mace and 4.4 candareens boasted high fineness and enjoyed a good reputation in the market.

These two silver coins were more than just instruments of trade—they were tangible relics of late Qing society:

A Witness to Currency Reform

They were part of the Qing government’s attempt to replace the silver tael system with a silver dollar standard, integrating the Kuping (imperial weight standard) with local minting practices and driving the standardization of China’s currency.

A Microcosm of Borderland Economy

As the primary small-denomination currency for daily transactions in Yunnan, these coins facilitated trade between Yunnan merchants and Southeast Asia in the late Qing Dynasty. The signs of wear on their surfaces are vivid imprints of the bustling daily life of that era over a century ago.

A Fusion of Chinese and Western Craftsmanship

Combining high-relief technology from German machinery with the traditional aesthetic of dragon patterns, the coins embodied the collision of Eastern and Western techniques. The plum blossom stars (a traditional Chinese decorative motif) on the obverse, paired with the precise lines rendered by machine stamping (a Western technology), stand as a miniature reflection of China’s industrialization in the modern era.

*本次藏品：光绪元宝一钱四分一组（两枚）*

典藏尺寸：重：5.5g直径：23.4mm/重：5.4g直径：23.5mm

以上藏品相关信息请与：四川尚亿拍卖有限公司联系。 

For information about the above collections, please contact: Sichuan Jun Zailai Auction Group Co.