CHINA-SHANGHAI 1856 One Tael Silver Cake, issued by Wang Yung Sheng (Wang Yong Sheng), L&M589, Kann 900, NGC AU58. Because of the uncertainty created by the Taiping Rebellion (1851-1865), the Spanish and American silver dollars in which trade in China was conducted soon disappeared or were available only at a large premium. In an effort to make silver coins available for trade, the taotai (a low level government official) of Shanghai authorized the minting of tael coins in 1856. These coins have the name of the issuing firm on the obverse and the name of the engraver on the reverse. Three different issuers produced coins using three different engravers. The square steel dies used to strike the coins were apparently made in Shanghai. One pair of these dies, in fact, the ones used to strike the coin offered here, still exists today in the Victoria & Albert Museum in London, England. The coins were only made briefly during 1856, then production ceased supposedly due to the appearance of counterfeits in circulation. The full story of these fascinating coins can be found in the September and October 1956 issues of The Numismatist.

NGC AU58