The China YR16 (1927) Chang Tso-lin Silver Dollar — history, rarity, and why collectors pay so much

The China YR16 (1927) Chang Tso-lin silver dollar is one of the most dramatic and desirable pieces in the field of modern Chinese numismatics. Struck in the chaotic years of the Republic of China, the coin carries the portrait of Zhang (Chang) Zuolin — a powerful Manchurian warlord who dominated northeastern China until his assassination in 1928 — and it now commands auction prices that surprise even seasoned collectors. Below I explain what the coin is, why it’s rare, and what drives its value today.

A short history and what the coin looks like

YR16 means “Year 16 of the Republic,” i.e., 1927. The design is a portrait-type commemorative or pattern-style issue that shows Chang Tso-lin on the obverse; the reverse typically bears denomination and legend elements in the style of other Republic-era “dollars” (often called yuan). These pieces are linked to the political instability of the 1920s: minting, distribution, and documentation were inconsistent, and many pattern and presentation pieces were struck in small numbers. That background — connection to an important historical person and tiny surviving populations — is the essence of the coin’s appeal. 

Rarity and provenance: why YR16 pieces are so scarce

Unlike mass-produced circulation coins, the Chang Tso-lin issues were not minted in large quantities for everyday commerce. Many survive as specimens, presentation pieces, or medals rather than circulating dollars. Over the decades, collectors, museums, and famous collections (such as the Kann Collection) have retained the best examples, leaving only a handful of high-quality specimens to appear at auction. Low mintage, coupled with high collector interest in politically significant portrait coins, creates the classic supply-and-demand pressure that sends prices upward. Several examples have pedigrees and third-party grading which further cement their status. 

Auction stunners — real prices that prove the demand

The 1927 Chang Tso-lin Silver Dollar's value varies significantly, with a record-setting sale of approximately $2.125 million for a high-grade example and other coins realizing prices over $5 million, while lower-grade coins can be worth much less. For example, a specific 1927 Chang Tso-lin coin with an estimated auction value of $500,000 to $860,000 sold for over $5.1 million, demonstrating the immense range in price based on grade and specific features. 

The market has repeatedly shown that the YR16 Chang Tso-lin types can fetch eye-popping sums. At a Taisei auction in 2022, an NGC-graded MS62 example (pedigreed to the Kann Collection) realized ¥276,000,000 — roughly $2.1 million at the time — setting a record within that sale for any Chinese coin. That lot proved there is international appetite (and deep-pocket buyers) for top-grade Chang Tso-lin pieces. 

Not every Chang Tso-lin piece reaches seven figures — smaller-denomination pattern or medallic pieces and lower-grade examples trade in much lower bands — but even mid-tier examples can bring four- or five-figure sums. For example, a Chang Tso-lin 50-cent medallic piece graded MS63 PCGS realized $144,000 in a Heritage sale, demonstrating that different denominations and varieties of the Chang Tso-lin “family” can each be highly valued. 

There are related rarities too: gold pattern issues with Chang Tso-lin have realized multi-million-dollar prices at auction (one gold pattern reportedly sold for over $5 million), showing that provenance and metal type can dramatically amplify value. 

Authenticity, surprises, and a collector warning

Because these coins are so valuable, authentication is critical. In recent years, professional grading services and third-party labs have played an essential role. Notably, ongoing research and testing sometimes produce unexpected findings: a November 2024 report by NGC described a recently certified Chang Tso-lin dollar that tested as copper-nickel rather than silver — an unusual result that explained some anomalies in appearance and underscored the importance of metallurgical testing for rare patterns and varieties. That case highlights why buyers should insist on sound certification and, when in doubt, metallurgical or X-ray analysis. 

What determines value — practical factors for buyers

If you’re trying to understand how much a YR16 Chang Tso-lin coin is worth, weigh these variables:

Grade/condition: Top-graded specimens (MS/PR 60+) earn premiums. Even a few points on a grading scale can change value dramatically.

Metal & denomination: Gold and unique metal patterns may sell for multiples of silver or base-metal pieces.

Provenance: Coins from famous collections or with well-documented pedigrees command higher prices.

Authenticity & lab attribution: NGC, PCGS, and reputable auction-house certificates reduce buyer risk and increase sale prices.

Market environment & provenance demand: Auction dynamics and collector trends (e.g., a renewed interest in warlord-era pieces) strongly affect realized prices.

Practical advice for collectors and sellers

Have any Chang Tso-lin piece authenticated and slabbed by a major grading service; provenance makes a measurable difference in sale outcomes.

If buying privately, ask for prior auction records, high-resolution images, and any lab tests.

For sellers: consigning to a reputable auction house with experienced Chinese-coin specialists will likely produce the best exposure and price realization.

For serious buyers: consider metallurgical testing (XRF) to resolve any doubts about composition before purchase.

Conclusion

The China YR16 (1927) Chang Tso-lin silver dollar sits at the intersection of dramatic history and extreme numismatic scarcity — a combination that drives intense collector interest and, in turn, remarkable prices. From five-figure sales for medallic varieties to multi-million-dollar results for the finest examples, the market has repeatedly proven that when an authentic, well-graded Chang Tso-lin appears at auction, serious buyers will compete. If you own one (or are chasing one), treat it as both a historical object and a high-value collectible: authenticate, document, and consign wisely.

Cheerio!