China 1932 Plain Edge Pattern Silver Dollar — history, rarity and what it’s worth

The China 1932 Plain Edge Pattern Silver Dollar is one of the modern world’s most dramatic numismatic surprises — a striking Sun Yat-sen bust obverse paired with a two-masted junk on the reverse, struck as an experimental “Gold Standard” pattern in 1932 and never officially issued. What makes this piece unforgettable is not only the design and the story behind it, but its extreme rarity and the eye-popping prices it has realized at auction in recent years. 

Short history & design

In the early 1930s China briefly explored a Gold Standard coinage program. The 1932 pattern dollar (often cataloged as a pattern or experimental 1 yuan) was produced in a handful of variants — including reeded, smooth (plain) and an unusual “cherry-blossom” edge — and was struck at the Philadelphia Mint using dies engraved by American artists. The obverse carries a portrait of Sun Yat-sen; the reverse shows a junk (traditional Chinese sailing ship) with birds and a rising sun — a composition that has earned some examples the informal nickname “Junk Dollar.” The coin exists in a handful of varieties and edge types, which collectors use to separate pattern pieces. 

Why collectors prize it

Several factors combine to make the 1932 Plain-Edge pattern dollar exceptionally collectible:

Rarity. The pattern series is tiny — only a small number were struck and most were reportedly destroyed or melted during the political turmoil that followed. Published reports tied to pedigreed collections put the known population in the low-teens for certain varieties. 

Aesthetic & historical appeal. Sun Yat-sen’s portrait plus the classic junk motif make it visually and historically compelling for both Chinese and world coin collectors. 

Provenance and certification. When an example appears with pedigree (for example the prestigious Kann Collection) and a reliable third-party grade (NGC or PCGS), it tends to attract intense bidding from major collectors and auction houses. 

Auction records — headline prices

The best way to understand what these coins are worth is to look at recent auction results. In the Taisei (Hong Kong) sales and other high-profile auctions, 1932 pattern dollars have fetched seven-figure prices:

One China (1932) Plain-Edge Pattern Silver Dollar graded NGC MS-60 and pedigreed to the Kann Collection realized ¥184,000,000 (about US$1.41 million) in a 2022 Taisei sale. That lot shocked the market by selling for nearly 100× its modest starting price. 

Another reporting from NGC indicates a similar China (1932) Plain-Edge Pattern Silver Dollar (NGC MS-60, Kann Collection) realized ¥155,250,000 (about US$1.1 million) in a later sale — illustrating that realized prices can vary by auction, lot number and how currency conversions are reported. 

Those headline results are real — they demonstrate that the very finest, pedigreed plain-edge pattern dollars can climb into the low- to mid-seven figures when the right collectors compete.

What a collector should expect to pay today

If you’re trying to place a market value on a 1932 plain-edge pattern dollar today, think in bands rather than a single number:

Lower-grade/unprovenanced examples (if available): could be offered or sold in the tens of thousands of dollars — these are rare, but not all examples reach the auction podium at major houses. (Taisei’s own advertised start prices for some pattern lots were in the tens to low hundreds of thousands of RMB/USD equivalents.) 

Attractive, certified mid-grade specimens with decent provenance: can push well into the hundreds of thousands.

Top-of-the-market pedigreed, mint-state examples: have already shown they can reach over US$1 million in competitive international auctions. The record results cited above are the best direct evidence of what the market will pay when supply, provenance and collector demand align. 

How grade, edge type and provenance affect price

Grade. As with all coins, grade (the coin’s condition) is decisive. A certified MS-65 example would command a huge premium over MS-60 or an uncertified piece. Auction records show MS-60 pieces selling for over $1M when pedigree is strong — so a higher grade can push the price substantially higher. 

Edge type/variety. Collectors track edge variants (plain/smooth, reeded, cherry-blossom); some edge types are scarcer and thus more collectible. 

Provenance & certification. A Kann Collection pedigree or a reliable third-party grading slab (NGC/PCGS) substantially increases buyer confidence — and price. Auction houses also attract institutional and wealthy private buyers, which can push prices to records. 

Bottom line

The China 1932 Plain-Edge Pattern Silver Dollar is not a run-of-the-mill rarity. It sits among the elite tier of 20th-century Chinese rarities: extremely scarce, historically fascinating and capable of producing seven-figure auction results when the right example and provenance meet eager bidders. For practical valuation today, expect a wide range — from tens of thousands of dollars for lower or unprovenanced pieces up to and beyond US$1 million for certified, pedigreed mint-state examples; recent auction results show realized prices in the neighborhood of US$1.1M to US$1.4M for top examples. If you own (or are thinking of buying) one of these patterns, professional grading and working with an established auction house will almost always maximize realization.

Cheerio!