Hidden for decades, a rare 'Circle Dragon' coin heads to Paris auction

A rare 1897 Chinese coin, marked 'Kiangnan', from the region now called Jiangnan, has been found, after years of being hidden in a ceiling in France. It could achieve a record price when it goes under the hammer at the Hotel Drouot in Paris.

Specialists predict the final sale could achieve well beyond its conservative guide price.

The coin forms part of a dedicated sale from the Millon Riviera auction house, drawn from the collection of João Rodrigues Simões Affra, Portugal's former ambassador to China.

Affra served in Shanghai from 1945 to 1950 and collected rare Chinese coins.

This 1897 dollar only came to light recently, discovered by his family in the ceiling of their home in southwest France.

"It's exceptional for us to present a special auction dedicated to the collection of this diplomat who, over decades, brought together the most precious and rare Chinese pieces" says Paul-Antoine Vergeau, the auctioneer overseeing the sale.

"We have some truly exceptional items that will very likely set records under the hammer," he says.

Catalogued as Lot 66, the Jiangnan dollar carries an estimate of $47,000–70,000. But experts expect bidding to push the price far higher.

In 2022, a similar Affra-collection piece from 1867 was sold for more than $180,000 at auction. Numismatics expert Daniel Berrous believes this coin could outperform that sale.

"If we are lucky, it can reach $300,000, that kind of price," Berrous says.

"One of these coins has sold for half a million," he said.

Scarcity and design drive the appeal. Only a handful are thought to survive, and this version is distinguished by its dragon motif enclosed within a circle.

"You can have a similar one without the circle dragon," Berrous explained, "and that is not worth as much money."

Authentication is critical as values rise. The coin has been graded MS64+ and sealed by PCGS, an American certification firm.

"Paradoxically, much of the value is about the packaging," Berrous said.

The reeded edge on the coin and precise weight further deter counterfeiting, while an official export 'passport' clears the way for an international buyer to take the coin out of France.

The sale will be broadcast live on September 19 at the Hotel Drouot in Paris, with bidders able to join both online and in person.