The $1 Million Coin: The Story Behind China’s 1932 Plain Edge Silver Dollar
The 1932 China Plain Edge Pattern Silver Dollar is one of the most elusive and significant coins in Chinese numismatic history. Often referred to among collectors simply as a “pattern” issue, this coin was never released for general circulation, making authentic specimens extraordinarily rare.
Historical Background
In 1932 (Republic of China Year 21), a series of silver dollars were proposed under the theme of moving China closer to the gold standard. The design includes the portrait of Sun Yat‑sen on the obverse and a traditional Chinese junk ship on the reverse.
What is particularly striking about this “plain edge” variant is the edge style: unlike many circulating “junk dollar” coins which had reeds or other modifications, this pattern issue features a smooth (plain) edge—indicating its status as a pattern rather than a circulation piece.
Specifications & Rarity
Although exact numbers of pieces struck are not publicly documented, catalogues and auction houses confirm that only about 10 examples of the plain edge version are known to exist.
The prototype nature of the coin, combined with its
limited survival, makes it extraordinarily rare.
The coin’s listing in major catalogs shows it identified as KM-Pn 628 (plain edge) and KM-Pn 628a (another variant).
Auction Records & Market Value
This coin has achieved remarkable values at auction. For example, a plain edge example graded NGC MS 60 realized ¥155,250,000 (approx. US $1.1 million) in June 2023.
Given its extreme rarity, any example offered at a very high grade would command a similarly dramatic price. The plain edge attribute further elevates its desirability among the small circle of advanced collectors in Chinese patterns.
Why It Matters
Design & symbolism: The portrait of Sun Yat-sen and the traditional junk ship tie the coin to a moment of national ambition in modern China—an attempt to reform coinage and link the Republic to global monetary standards.
Pattern status: As a pattern (experimental) coin that never entered circulation, its very existence bridges numismatics and monetary history.
Rarity and exclusivity: With only about 10 known pieces,
many collectors will never have the opportunity to see one in person, let alone
own one.
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