Explore the Rich Legacy of Chinese Coins: From Spade Money to Pandas
More Than 2,000 Years of Chinese Coins
Few countries have a coin history as long as China’s. Bronze money shaped like farm tools was in use more than 2,500 years ago. The round coin with a square hole followed and stayed in use for about two thousand years. Machine-struck silver dragon dollars came at the end of the Qing dynasty, Republic-era silver dollars followed, and today’s Gold and Silver Pandas are collected around the world.
This guide walks through each era, shows what genuine examples look like and explains what makes some Chinese coins valuable. It also covers counterfeits, a serious problem with Chinese coins, and how to get a free appraisal if you are thinking of selling.
American Rarities has bought rare coins since 1990 and has purchased over $400 million in rare coins. We buy Chinese coins of every era, along with world coins and bullion, from collectors, families and estates across the United States.
Ancient Chinese Money: Spade and Knife Coins
Long before round coins, people in China traded with bronze pieces cast in the shape of tools. Spade money (bu) is shaped like a hoe or spade and was used mainly in the central states. Knife money (dao) is shaped like a small knife, often with a ring at the end of the handle, and was used mainly in the north and east, including the state of Qi.
Both forms were cast during the Zhou dynasty and reached their peak during the Warring States period (475 to 221 BC), when each state issued its own money. Many pieces carry the name of the city or state that made them. Condition, the type and the inscription all affect value, and rare city names or unusual shapes bring a premium.
Cash Coins: The Round Coin with a Square Hole
After the Qin state unified China in 221 BC, it standardized the money around the Ban Liang, a round bronze coin with a square hole. The design was practical: coins could be strung together on a cord in hundreds or thousands. It became the pattern for Chinese cash coins for roughly the next two thousand years.
In 621, under the first Tang emperor, China began casting the Kaiyuan Tongbao. It was the first cash coin inscribed tongbao (通寶), a term that later dynasties kept using on their coins. Cash coins were still being made at the end of the Qing dynasty in the early 1900s.
Most cash coins are common, but rare reigns, large denominations, mint marks, unusual inscriptions and charm coins can be worth a great deal. To learn more about older Chinese money, see our guides to Chinese coin currency and Chinese old coins value.
Dragon Dollars of the Qing Dynasty
By the 1800s, foreign silver dollars such as the Spanish and Mexican 8 reales were circulating widely in China. In 1889 the new Guangdong mint began striking China’s own machine-made silver dollars, and other provinces soon followed. Because these coins show a coiled dragon, collectors know them as dragon dollars.
Provincial dollars from mints such as Guangdong, Hubei, Jilin (Kirin), Beiyang and Sichuan are denominated in weights: 7 mace and 2 candareens for the dollar. Late in the dynasty the central government issued national coins, including the 1911 dollar of year 3 of the Xuantong emperor shown here. Rare provinces, scarce dates, pattern coins and high grades are what collectors pay the most for.
Republic of China Silver Dollars: Fat Man and Junk Dollars
After the Qing dynasty fell in 1912, the new Republic of China needed a national coin. Beginning in 1914, it struck the Yuan Shikai dollar, with a portrait of the president in military uniform. In the U.S. it is nicknamed the “fat man” dollar. In Chinese it is known as Yuan Datou, “Yuan big head.” It was struck in very large numbers, mostly dated year 3, 8, 9 and 10 (1914, 1919, 1920 and 1921).
The Sun Yat-sen dollar of 1932 to 1934 shows a sailing junk on the back, so it is known as the junk dollar. The 1932 (year 21) version with birds and a rising sun over the junk was withdrawn soon after it was issued and is scarce today. For more about these and other rarities, see our guides to Chinese rare coins and rare China coins value.
Modern Chinese Coins: Gold and Silver Pandas
The People’s Republic of China introduced the Gold Panda in 1982 and the Silver Panda the following year. The panda design changes most years, which makes date sets popular. Coins dated before 2016 are struck in troy ounce weights, and those from 2016 on are struck in grams.
China also issues Lunar zodiac coins, proof sets, commemoratives and other gold and silver coins in limited mintages. Original packaging and certificates help the value of proof issues. See our guide to Chinese modern coins for more on Pandas and other modern issues.
What Makes a Chinese Coin Valuable?
Age alone does not make a Chinese coin valuable. Millions of cash coins and Yuan Shikai dollars survive, and common examples sell for modest amounts. These are the things that make the biggest difference:
- Authenticity. A counterfeit is worth nothing as a coin, so it is the first thing to settle.
- Rarity. Scarce provinces, dates, varieties and pattern coins bring far more than common types.
- Condition. Wear, cleaning, scratches and damage all lower the value. Graded coins in high grades bring strong premiums.
- Demand. Collectors in China and around the world compete for the best Chinese coins.
- Metal content. Silver and gold coins have a floor value tied to the metal, while modern Pandas often sell close to that value unless they are scarce dates or proofs.
Counterfeit Chinese Coins and Why Testing Matters
Chinese coins are among the most counterfeited coins in the world. Fake dragon dollars, Yuan Shikai dollars, junk dollars, cash coins and Pandas are made in large numbers, and some are good enough to fool experienced buyers. The Kirin Province dragon dollar shown here is a fake we examined.
We test coins with XRF (X-ray fluorescence) metal analysis and examine them under a digital microscope. As an NGC and PCGS authorized dealer, we can also submit your coins to PCGS or NGC for authentication and grading. See more pictures of fake coins we have caught.
Get a Free Appraisal for Your Chinese Coins
If you have Chinese coins to sell, here is what you can expect from American Rarities:
- Experience. We have been buying rare coins since 1990, with hundreds of years of combined experience on our team.
- Free grading and appraisals. We grade your coins in-house for free, through our free coin grading and free online coin appraisal. You are under no obligation to sell.
- Fast answers. Appraisals are usually done within 24 hours.
- Immediate payment. Once we agree on a price, we pay immediately by check, wire or ACH.
- Options for rare coins. If a coin would do better at auction, we can consign it at preferential auction fees.
- Nationwide service. We offer home visits for larger collections, and mail-in shipments are fully covered with no deductible.
- Credentials. We are Life Members of the American Numismatic Association, hold an A+ rating from the Better Business Bureau and have 4.7 out of 5 stars on Google from 86 reviews.
To find out what your Chinese coins are worth, email us at staff@americanrarities.com, text photos to 720-600-4740 or use the appraisal form below.
Chinese Coins: Quick Answers
Which Chinese dragon and Republic dollars are valuable?
Rare late Qing and early Republic pieces, such as pattern dollars, scarce provincial dragon dollars, rare Yuan Shikai and Sun Yat-sen varieties and the 1932 “birds over junk” dollar. Condition and authenticity decide most of the value.
How can I tell if a Chinese coin is real?
Fakes are very common. Warning signs are the wrong weight or size and soft details; most genuine Chinese silver dollars weigh about 26.4 to 27 grams. We confirm with XRF and a digital microscope.
How old are Chinese coins?
More than 2,500 years old. Spade and knife money came first, round cash coins were made from 221 BC to the early 1900s, and machine-struck silver dollars began in 1889.
Free Appraisal for Your Coins and Coin Collections
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Email: staff@americanrarities.com | Text: 720-600-4740
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