Peh Family Collection Returns to Spotlight in Heritage’s World Paper Money Auction

Historic Chinese rarities, including elusive 1951 People’s Bank of China 10,000 Yuan note, headline June 16 event DOWNLOAD DIGITAL PRESS KIT DALLAS, Texas (May 26, 2026) — If something works, why change? This could be the mindset of many World Paper Money collectors when they consider the bids they will make in Heritage’s June 16 World Paper Money Signature® Auction, in which many of the top offerings will be found among the 215 lots from The Peh Family Collection. The notes in this auction are not the first to cross the auction block at Heritage from the Peh Family Collection, which also produced numerous top lots and enjoyed extraordinary success in Heritage’s HKINF World Paper Money Signature® Auction Dec. 5-9. “It is a great pleasure to offer such a well-curated assemblage to Heritage’s collectors,” says Craig Eustace, Heritage’s Director of World Currency. “The collection was put together with a discerning eye and a vast knowledge of great material, much of it from China, and should be enormously popular among the most serious of collectors.” Among the top offerings in the collection is a People’s Bank of China 10,000 Yuan 1951 Pick 858Aa S/M#C282 PMG Very Fine 30 that is one of just 43 in the PMG Population Report. Featuring a herdsman and horses in the steppe, the 10,000 Yuan of 1951 is the most cherished banknote in the extensive People’s Bank series that began in 1948 and culminated in 1951 and one of the most important Chinese banknotes ever offered at Heritage, the world’s leading auctioneer of currency and coins. This banknote was designed for issue in Inner Mongolia and Xinjiang, an isolated, remote region represented in its design and texts. There are two similar 10,000 Yuan notes prepared for this region, each dated 1951 and withdrawn in 1955; one features horses and the other depicts camels. The example offered in this auction is the scarcer of the two, and it is rarely offered in the marketplace today. Another highlight from the Peh Family Collection is a China People’s Bank of China 500 Yuan 1951 Pick 857a S/M#C282 PMG About Uncirculated 50. This initial denomination from the rare and extremely desirable Outer Provinces series of 1951 is the only 500 Yuan of the series, and surprisingly rare: PMG has graded only 54 issued banknotes of this type, few of which have traded publicly in the marketplace. Remarkably, this is the first example of the type Heritage has offered. A China Yunnan Government Currency 2000 Cash 1855 Pick UNL PMG Very Fine 30 is as impressive in aesthetics as it is in sheer size — similar to the Ch’ing Dynasty issues, but wider in shape and with different texts. It is the first Cash note issued in Yunnan Province ever offered at Heritage and very well may be the most valuable of all Yunnan Province notes ever offered at Heritage, and it is likely the first example of the type offered publicly in decades. Banknotes from the remote provinces of Inner Mongolia and Xinjiang are exceedingly popular with collectors, because few remain from scant issuances. Of those coveted lots, the 10,000 Yuan was the highest denomination from the series dated 1951 and one of just two different banknotes of the denomination issued in the region. Of the 110 examples graded in the PMG Population Report, only 16 carry higher grades than the People’s Bank of China 10,000 Yuan 1951 Pick 858a S/M#C282 PMG About Uncirculated 53 that is offered in this auction. An incredibly rare Chinese Revolutionary Army 5 Dollars 4609 / ND (1912) Pick UNL PMG Very Fine 30 is an unquestioned rarity from the tumultuous period during which the Xinhai Revolution in 1911 ended nearly 2,000 years of Imperial Rule in China. The Qing Dynasty was deposed Feb. 12, 1912, and the era of the Republic of China began. This remarkable note never has been offered before at Heritage, and reliable auction records are also scant, if they exist at all. PMG calls it a fundraising certificate, virtually all of which may have been redeemed or lost over the past century. Coins and banknotes from 20th-century Kansu sometimes are encountered, but 19th-century examples like the Kansu Government Currency 1000 Cash (1869-71) Pick UNL PMG Very Fine 30 Net that is in play in this auction are extremely rare. This large-format, vertical 1000 Cash from 1869-71 is the first ever offered at Heritage, and it is assuredly one of only a small amount known extant. The strong offerings in the auction, of course, are not limited to The Peh Family Collection. A People’s Bank of China 5000 Yuan 1951 Pick 857Ba S/M#C282 PMG Very Fine 25 is another of the rarest and most desired banknotes from the vast People’s Bank series from 1948 to 1951. This note is one of a handful of denominations that were prepared for and sent to the remote regions of Inner Mongolia and Xinjiang. This type most likely circulated for two years or less, and most have been redeemed or lost over the following decades. PMG has graded only 69 examples of this famed rarity, just three of which ever have been offered at Heritage. A Hong Kong Chartered Bank of India, Australia & China 5 Dollars ND (1903-12) Pick 34s KNB14S Specimen PMG About Uncirculated 53 is a magnificent note from the bank that operated in Hong Kong and Mainland China in the late 19th and early 20th centuries. The series that circulated in Hong Kong from the 1890s until approximately 1912 is extremely rare and virtually unseen in any format. This $5 was the initial denomination of the series, and few are known to exist today. PMG has graded only seven issued banknotes, two remainders and two Specimen; this offering is the finer of the two Specimen-graded examples. The Javanese Dancers series of Netherlands Indies banknotes is particularly popular among collectors worldwide, and the high denominations are notoriously rare, especially in issued format. This 1000 Gulden was the highest denomination of the series and it is virtually unseen in the marketplace today. The Netherlands Indies Javasche Bank 1000 Gulden 31.5.1938 Pick 85a PMG Very Fine 30 that is offered in this auction is just the fifth example graded in the PMG database. Heritage never has offered this type in issued format. A Hawaii Republic Of Hawaii, Department of Finance 5 Dollars 1895 (ND 1897) Pick 11as Specimen PMG Gem Uncirculated 66 EPQ is an exceptional example of the initial denomination of a series of Silver Certificate notes that was issued by the Department of Finance and backed by either Hawaiian or United States coinage minted in 90% silver. This note is most likely the most readily available Hawaiian banknote in issued format, despite being one of just 10,00 were printed, with 15 extant as of 1916. Of the 15 notes not redeemed by 1916, 12 of these are known and accounted for, with an additional two canceled examples known to exist. However, this Specimen is the first and only example graded in the PMG Population Report, and it is the first ever offered at Heritage. An incredible Hongkong & Shanghai Banking Corp. 1 Dollar 31.12.1873 Pick 112 KNB13 PMG About Uncirculated 50, more than 150 years old yet in a remarkable technical grade is tied for the finest grade among just 21 examples of this early type graded by PMG. This design was issued from 1872-88, with all known dates in that range being rare in any grade. An incredible and seldom-seen prototype from an era of Indian Paper Money, a Government of India, Kurrachee / Bombay 5 Rupees 20.1.1871 Pick A2p1 Jhunjhunwalla-Razack 2A.1.1 Proof PMG Gem Uncirculated 65 EPQ is a Proof example created by the Bank of England, which printed Indian Government notes during the second half of the 19th century. The printer notation on top front, reading “No 8 - Aug 21 - 1871 - 8 notes returned from B.O.E” tells how few of these Proofs were actually made. This example is the first Heritage has offered, and an item that may not be seen again for quite some time — if ever. Images and information about all lots in the auction can be found at HA.com/4059. Heritage Auctions is the largest fine art and collectibles auction house founded in the United States, and the world's largest collectibles auctioneer. Heritage maintains offices in New York, Dallas, Beverly Hills, Chicago, Palm Beach, London, Paris, Amsterdam, Brussels, Hong Kong and Tokyo. Heritage also enjoys the highest Online traffic and dollar volume of any auction house on earth (source: SimilarWeb and Hiscox Report). The Internet's most popular auction-house website, HA.com, has more than 2 million registered bidder-members and searchable free archives of 7,000,000 past auction records with prices realized, descriptions and enlargeable photos. Reproduction rights routinely granted to media for photo credit. For breaking stories, follow us: HA.com/Facebook and HA.com/Twitter . Link to this release or view prior press releases . Hi-Res images available: Steve Lansdale, Public Relations Specialist 214-409-1699 or SteveL@HA.com