Stack's Bowers and Ponterio is excited to offer this week's August 2014 Hong Kong Showcase Auction highlight - a unique 1868 Hong Kong Proof Set, the only complete set known to exist. While unique as a complete set, on an individual basis every coin present is a great rarity. The 5 Cents, 10 Cents and Dollar were unknown to both Pridmore and Remick (two of the leading authors in this field). In fact, the 5 Cents and 10 Cents were totally unpublished and reportedly unknown as proofs prior to the discovery of this set.

In researching the Irving Goodman, Jerry Remick, Fred Pridmore, Diana, and Dragon Collection, the only record for any denomination of 1868 Proof coinage appeared in Superior's 1995 auction of the Irving Goodman collection that contained a 50 Cent 1868 Proof which sold for $109,250. Prior to the discovery of this set, the Goodman collection noted "possibly only one other 1868 50 Cent exists in a museum," thus suggesting only two examples are known in private hands.

This unique 1868 Hong Kong proof set first became known to the numismatic community when it appeared in Spink's Auction #7023 (Lot #236, September 27, 2007). Prior to this, the set was completely unpublished and remained unknown to numismatic scholars. It was originally acquired in the course of doing business in Hong Kong and remained in the same family for more than 100 years.

Authorization to establish the mint in Hong Kong was granted by England on April 10, 1863 and production began May 7, 1866. The mint in Hong Kong served as a colonial branch of the British Royal Mint; however, the operation proved to be a financial failure and shut down in April of 1868. After this closure, the machinery was sold to the Osaka Mint in Japan. The 1866-68 coinage is highly important, as it represents the first modern machine struck coinage actually produced in Hong Kong. Subsequent Hong Kong issues were produced in England, with the large majority being produced by the Heaton Mint at Birmingham.

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