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STACK'S BOWERS: DECEMBER 2025 HONG KONG AUCTIONStack's Bowers will be hosting their December 2025 Hong Kong Auction of world paper money from December 12-15. Select items are discussed below. -Garrett 
(t) CHINA--REPUBLIC. Bank of Communication. 10 Dollars, 1912. P-108c. Expedient Specimen. PMG About Uncirculated 55. Tientsin. An extremely rare Year 1 (1912) 'Crossed Five Colour Flags' 10 Dollar specimen on serial number 826085. This is the first issue by the Bank in the Republic of China era and is instantly recognsiable by the design elements including the crossed Five Colour Flags and vignette of a steam locomotive passing by a busy dockside. Although notes from Year 2 are occasionally and Year 3 quite frequently encountered, Year 1 notes are, with the exception of Yingkow branches, extremely rare, let alone a high denomination such as a 10 Dollar. The total PMG population from this note stands at three, and this the SOLE TOP POP note. An exceptional note not to be missed! PMG Comments "Cancelled". Estimate: $10,000 - $15,000.
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CHINA--FOREIGN BANKS. Hong Kong & Shanghai Banking Corporation. 5 Dollars, 1.9.1922. P-S316cts. S/M#Y13. Color Trial Specimen. PMG Choice About Uncirculated 58. Chefoo. Printed by TDLR. Cancelled perforated. A visually striking note, offering bold colours which are quite different from those found on the issued note. Arms are depicted at the left, while a woman making lace is shown at the right. Dark green "5" underprint below the central written denomination. The bank name is encased within a light blue ink, while the rest of the design is in a dark and light brown colour. The two bank buildings are on the reverse (Hong Kong and Shanghai). The back showcases intricate lathe work in dark brown ink. Counters are in each corner. One of just five examples graded by PMG. PMG Comments "Previously Mounted." Estimate: $3,000 - $5,000.
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CHINA--EMPIRE. Kwangtung Currency Bureau. 5 Mexican Dollars, 1907. P-S2390. PMG Choice Fine 15. Shanghai. A phenomenal offering of a 5 Mexican Dollar note issued by the Kwangtung Currency Bureau in the waning years of the Qing Dynasty. Printed by PYOG, in black on light green, it shows the typical design of facing dragons, Kwangtung silver dollars and a Chinese mansion on the obverse. The Chinese characters 'Shang Hai' and 'Ying Yuan' (Eagle Dollars, i.e. Mexican Dollars) are found near the lower border. The note has seen circulation but is completely original and untampered. The is one of the great classical rarities from the Qing era and no more than three notes are thought to be extant, despite its total PMG population of two at the time of cataloguing. Here is the chance to acquire this phenomenal piece for your collection. Estimate: $25,000 - $30,000.
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CHINA--TIBET. Local Government of Tibet. 50 Tam, ND (1913). P-5r. Remainder. PMG Very Fine 25. A phenomenal offering of the highest denomination from the first Tibetan issue, believed to be the only note known without seals and serial numbers. Wood block printing in deep blue, the obverse features two facing lions playing with a ball against a mountainous background. The reverse shows a venerable elderly man sitting under a tree with two cranes and two deer beside him. Early Tibetan notes from this period, except for the 5 Tam, are all rare to extremely rare. The 50 Tam is the highest denomination of the series and considered rare. In fact, PMG has only graded four issued examples of the blue colour variety and just one example of this 'remainder' type. Regardless of whether this note was intended as a proof, remainder or an error note without the seals or serial numbers, it is hitherto unique and an exciting note for the Tibetan specialist. Not to be missed. PMG Comments "Ink Rub." Estimate: $7,000 - $10,000.
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HONG KONG (SAR). Chartered Bank of India, Australia & China. 50 Dollars, 1.5.1924. P-44. KNB29. PMG Very Fine 20. A splendid offering of the iconic 'Gourd 50 Dollars, so called due to the shape of its central vignette, issued between 1912 and 1929. Brightly coloured in orange and green, with the printed signature of Fergusson at lower right and a deep and neat hand drawn signature at lower left. Some minor paper damage that is mostly outside of the printed design and a couple of light annotations on the reverse. Otherwise a great looking note with good retention of is original colours. An iconic and rare note that is missing in many advanced collections of Hong Kong paper money. PMG Comments "Paper Damage." Estimate: $30,000 - $45,000.
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HONG KONG (SAR). Chartered Bank of India, Australia, & China. 50 Dollars, 1.7.1931. P-56. KNB36a. PMG Very Fine 25. Serial number U/H 005723. Brown and black on light blue, male Roman soldier at left, watermark area at right, a large and clear hand-signed signature at lower left, reverse brown, rice harvesting scene and pagoda at right. A nice, first date of issue 50 Dollars from the 'Roman' series. With the note largely retaining its original colours and details, expert minor repair and a few brush pen annotations are all there is to report. Given the immense popularity of this note, it will be closely watched and attract strong interest on the day of the live sale. PMG Comments "Minor Repair." Estimate: $15,000 - $20,000.
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HONG KONG (SAR). Hong Kong & Shanghai Banking Corporation. 50 Dollars, 1.1.1923. P-168s. KNB56S. Specimen. PMG About Uncirculated 55. Excellent offering of the 'Apollo' 50 Dollars issued by HSBC from 1921 to 1923. Coloured in rich purple and black on a light green underprint, together with the classic bust of Apollo at centre, this combination results in a distinctive and iconic design that is instantly recognisable. Issued notes bearing both dates exist and are all extremely rare given its short issue life owing to severe counterfeiting problems. The total PMG population for issued notes is only four. Specimens are slightly more available but still only has a total PMG population of twelve. Missing in many collections advanced Hong Kong paper money, here is the chance to acquire a specimen to help you complete you collection! PMG Comments "Pinholes, Rust." Estimate: $20,000 - $30,000.
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JAPAN. Great Imperial Japanese Government. 5 Yen, 1880 (ND 1882). P-18. PMG Choice Very Fine 35. Block 23. A highly scarce Five Yen denomination on this Empress Jingu series and one of just a scant few we have handled. Pleasing mid-grade appeal and as such is bested by only 2 examples on the PMG census. A truly significant opportunity for the serious collector of Japanese rarities. Estimate: $2,000 - $3,000.
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STRAITS SETTLEMENTS. Government of the Straits Settlements. 5 Dollars, 1.1.1925. P-10a. KNB18a. PMG Very Fine 30. Much nicer than typically seen for this popular and quintessential type of the Straits Settlements. Entirely problem-free, with lovely green colors and both sides, and no heavy or distracting folds that break the paper. While their may be numerically higher-graded examples in the PMG population report, we suspect many come with problems such as stains, foxing, or rust, but this note is entirely problem-free and an excellent representative for the type. Estimate: $3,000 - $5,000.
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