"Three Birds Coin"- A special version of the 1934 (Republic of China Year 23) double-sailed silver coin, named for the three flying birds depicted above the sailboat. The market price of this silver coin is over 100 times that of regular"Boat Dollars,"not only due to its scarcity but also because of an emergency recall and destruction caused by a political controversy.
Quick Conclusion:When choosing a"Boat Dollar"buyback service, the most important things to verify are the transparency of the inspection process, whether the quotation lists each item individually, and whether the settlement method is clear.
I. Basic Background of the"Boat Dollar"Series
Issuance History
In March 1933, the Nationalist Government promulgated the"Regulations for the Minting of Silver Standard Currency,"officially replacing theYuan Shikai Dollarwith the"Sun Yat-sen Boat Dollar"as the standard silver coin of the Republic of China. Reasons for this change:
- The political image of Yuan Shikai was no longer suitable (Yuan Shikai's failed attempt to become emperor).
- There was a need to establish a new monetary symbol.
- Sun Yat-sen, as a pioneer of the revolution, was a more appropriate monetary figure.
Main Versions
| Version | Issuance Year | Key Features | Common Grade VF Market Price |
|---|---|---|---|
| Republic of China Year 21 Edition | 1932 (Trial Strike) | Pattern coin, only a few pieces exist | HK$300,000+ |
| Republic of China Year 22 Edition | 1933 | Officially issued version | HK$1,500-3,500 |
| Republic of China Year 23 Edition (Standard) | 1934 | Main circulation version | HK$1,200-2,800 |
| Republic of China Year 23 Edition (Three Birds Coin) | 1934 | Rare variant | HK$120,000-450,000+ |
II. The Origin of the"Three Birds Coin"
What is a Three Birds Coin?
The standard design of the"Boat Dollar"features a double-sailed boat sailing on the sea on its reverse, without any bird patterns. However, in a specific batch minted in Republic of China Year 23 (1934), three flying birds (seagulls) were added to the die above the sailboat, forming a unique variant – this is the"Three Birds Coin."
Location of the Three Birds
The three birds are located above the double-sailed boat on the reverse:
- One flying bird in the upper left
- One flying bird in the upper center
- One flying bird in the upper right
The three birds are in flight (wings spread) and are arranged around the top of the sailboat. The design depicts them as seagulls or seabirds.
Historical Background
Why did the three birds appear? There are several versions of the official explanation:
- Designer's Personal Creativity– A die engraver added bird elements to the die, reflecting the nautical theme.
- Political Implication– The three birds might symbolize the"Three Principles of the People"(Nationalism, Rights of the People, Livelihood of the People), aligning with Sun Yat-sen's political thought.
- Decorative Accident– It might have been an erroneous engraving on the die that was not discovered in time.
The true reason is unknown. However, the appearance of the three birds alarmed the Nationalist Government, which deemed it non-compliant with the standard design and immediately halted its minting and initiated a recall. Consequently, the minting period for the Three Birds Coin was extremely short, and very few pieces remain in existence.
III. Mintage and Surviving Quantity of the Three Birds Coin
Minting Period
The Three Birds Coin was minted for approximately 3-4 months, from March to June 1934. During the same period, the standard Year 23"Boat Dollar"continued to be minted.
Estimated Mintage
Experts estimate the mintage of the Three Birds Coin to be approximately 50,000-100,000 pieces. Compared to the 80 million pieces of the standard Year 23 edition, this represents only 0.1%.
Current Surviving Quantity
Due to government recalls and over 90 years of natural attrition, the estimated current surviving quantity is about 2,000-5,000 pieces. Among these, only 100-300 pieces are in high grade (MS62+).
IV. How to Identify the Three Birds Coin vs. Standard Boat Dollar
Step 1: Look at the Area Above the Double-Sailed Boat on the Reverse
Standard"Boat Dollar": The area above the sailboat is blank sea/sky, without any birds.
Three Birds Coin: There are 3 clearly visible flying birds above the sailboat.
Step 2: Confirm with a 10x Magnifying Glass
Details of the birds on the Three Birds Coin:
- Wings are spread in a flying posture.
- Each bird has a distinct outline.
- Fixed positions (upper left, upper center, upper right).
- Consistent size.
Note: Do not confuse them with surface stains or scratches. Genuine three birds are patterns produced by the die, possessing three-dimensionality and consistency.
Step 3: Compare with Known Images
Official image libraries from PCGS Coin Facts or NGC provide standard images of the Three Birds Coin. It is recommended to compare your own collection with these official images side-by-side.
V. Market Value of the Three Birds Coin
2026 Hong Kong Buyback Price
| Condition | 2026 Buyback Price (HKD) |
|---|---|
| Heavily Worn (G-VG) | $25,000-45,000 |
| Circulated Wear (F-VF) | $45,000-75,000 |
| Lightly Circulated (XF-AU) | $80,000-150,000 |
| Uncirculated Graded (MS62+) | $200,000-380,000 |
| Top Graded (MS65+) | $650,000-1,200,000+ |
Comparison with Market Price of Standard Boat Dollars
| Condition | Standard Boat Dollar Year 23 | Three Birds Coin | Multiple |
|---|---|---|---|
| VF | HK$1,200-2,800 | HK$45,000-75,000 | 26-37× |
| MS62+ | HK$4,500-9,500 | HK$200,000-380,000 | 44-40× |
| MS65+ | HK$25,000-50,000 | HK$650,000-1,200,000+ | 26-24× |
The market price of the Three Birds Coin is 25-45 times that of the standard"Boat Dollar."
VI. PMG / PCGS Grading of the Three Birds Coin
The Three Birds Coin is a common target for high-quality counterfeits in the market. Even genuine un-graded versions have extremely low market acceptance.It is essential to have them graded by PCGS or NGC.
PCGS / NGC Labeling for the Three Birds Coin
Grading holders will clearly state"3 Birds Variety"or similar wording, which is the recognized basis in the market.
VII. High-Quality Counterfeits of the Three Birds Coin in the Market
Common Counterfeiting Methods
Method 1: Engraved Alteration
Using a standard"Boat Dollar"as a base, flying bird patterns are engraved above the sailboat on the reverse. Identification:
- The edges of the engraved birds show knife marks.
- The original coin's patina is damaged at the altered location.
- The depth of the birds is inconsistent with the depth of other details.
Method 2: Machine-Struck High-Quality Counterfeit
The entire silver coin is a counterfeit but uses similar design parameters. Identification:
- Overall lack of natural patina accumulated over 90+ years.
- The angle of the reeding might be slightly off.
- The silver content might not meet standards.
Method 3: Chemical Aging
Counterfeit Three Birds Coins are chemically treated to simulate natural patina. Identification:
- The color of the patina is dull and lacks a gradient.
- There might be a chemical odor.
- If rubbed with a cotton swab dipped in distilled water, the surface of the counterfeit coin will show color fading.
VIII. 5 Tips for Purchasing a Three Birds Coin
Tip 1: Must be in a PCGS / NGC Graded Holder
Un-graded Three Birds Coins carry extremely high risk and are not recommended for purchase. Even if genuine, future liquefaction will be very difficult.
Tip 2: Verifiable Provenance
Choose collectibles with clear provenance:
- Records from international reputable auction houses (Sotheby's, Christie's, China Guardian Hong Kong, etc.).
- Proof from a well-known previous owner.
- Clear records of family inheritance.
Tip 3: Avoid"Cheap"Three Birds Coins
If someone offers a Three Birds Coin at 50% or less of its market price, it's 99% likely to be a counterfeit. Price reflects scarcity; a price that is too low is a red flag.
Tip 4: Professional Consultation
Before purchasing, consult experienced numismatic experts or professional dealers for objective opinions.
Tip 5: Invest in Batches
The market price of Three Birds Coins is extremely high, and it is not advisable to invest your entire budget at once. You can choose to start with one PCGS MS62 grade coin and gradually upgrade.
IX. How to Handle a Suspected Three Birds Coin at Home?
- Make a preliminary judgment using the 3-step identification method in this article.
- Absolutely do not clean or modify it.
- Place it in an acid-free coin flip with cotton gloves.
- Take clear, high-resolution photos of the reverse (especially the area above the sailboat).
- WhatsApp the photos to 98342057 for a free preliminary appraisal by Gu Jin Jian Bao.
- If it has the potential to be genuine, immediately send it for PCGS / NGC grading for confirmation.
Information to Check Before Choosing a Service
- Inspection Method:Confirm that the other party will explain the inspection tools, judgment criteria, and that estimations are not solely verbal.
- Quotation:Request an itemized list including type, condition, weight or variant, deduction items, and the final net amount.
- Settlement Security:Before an in-person or in-store transaction, confirm payment methods, identity verification, receipt, and confidentiality arrangements.
The value of a service-oriented article lies in helping you check if the process is transparent. Before an official transaction, you should ask the other party to itemize the inspection method, quotation basis, and payment method.
Service Quotation Boundary (2026-06-03)
A commitment to a service process does not mean every collectible has a fixed purchase price. Before an official transaction, the actual value should still be calculated item by item based on the authenticity, condition, purity, weight, variant, grading results, and the prevailing market price of the item.
Frequently Asked Questions
How to determine if a buyback service is transparent?
See if the other party is willing to itemize and explain their inspection methods, quotation breakdown, deduction items, and payment methods, rather than just providing a lump sum.
What should I prepare before an in-person transaction?
First, take clear photos of your collectibles, organize quantities and provenance information, and confirm the transaction location, payment method, receipt, and privacy arrangements.
