Premium Recommendation -A Set of Sun Yat-sen Nickel Coins

*本次藏品：孙中山镍币一组*

典藏尺寸：重：5.8g直径：24.0mm/重：4.4g直径：20.9mm

两枚镍币的正面均为孙中山侧面肖像，这一形象源自意大利雕刻师 L. 乔奇的设计，后经美国费城造币厂制作模具，成为民国中后期货币的标志性符号。肖像中的孙中山面容庄重，目光坚毅，既体现了对这位革命先驱的纪念，也暗含着国民政府对 “正统性” 的宣示。

肖像上方环绕的 “中华民国二十八年” 纪年文字，采用楷书字体，笔画刚劲有力。在战争年代，这一纪年不仅是时间的标记，更是国家政权在金融领域的存在感体现 —— 即便身处战火，货币的发行仍在按部就班地延续，成为维系社会经济秩序的精神纽带。

需要注意的是，民国二十八年镍币因铸造厂（重庆）的设备限制与原料差异，其肖像的细节刻画、文字的清晰度与战前上海造币厂的产品存在明显区别。如左侧廿分镍币表面的铜绿锈蚀，既反映了其材质（铜镍合金）的自然氧化，也暗示了战时保存条件的简陋；而右侧拾分镍币相对完好的品相，则为我们研究其原始工艺提供了更清晰的样本。

背面的布币图案是这组镍币最具辨识度的设计元素。布币是春秋战国时期流通于中原地区的货币，以 “铲形” 为特征，象征着农耕文明的生产工具。将古代布币作为现代镍币的背面主图，蕴含着多重深意，通过货币形态的古今呼应，强调中国货币文化的延续性，增强民众对法币体系的文化认同；布币作为农业社会的生产工具象征，暗含 “重农固本” 的经济思想，与孙中山 “民生主义” 中关注底层经济的理念形成呼应；布币的几何造型简洁大气，与面值文字 “廿分”“拾分” 及环绕的回纹边饰相得益彰，形成层次分明的视觉效果。回纹边饰是中国传统纹样的典型代表，寓意 “富贵不断头”，将其用于货币边缘，既强化了币面的装饰性，也寄托了在战争阴霾下对经济稳定、民生富足的祈愿。

The obverses of both nickel coins feature a profile portrait of Sun Yat-sen, a design originally created by Italian engraver L. Giorgi. Later, coin dies were produced by the Philadelphia Mint in the United States, and this portrait went on to become an iconic symbol of currency in the mid-to-late period of the Republic of China. In the portrait, Sun Yat-sen has a solemn expression and resolute eyes—this not only serves as a commemoration of this revolutionary pioneer but also implicitly conveys the National Government’s assertion of its "legitimacy".

Surrounding the top of the portrait is the chronological inscriptions "The 28th Year of the Republic of China", written in regular script with bold and forceful strokes. During the war years, this chronological marking was not merely a record of time; it was a manifestation of the national government’s presence in the financial sector. Even amid the chaos of war, the issuance of currency continued in an orderly manner, acting as a spiritual bond that sustained social and economic order.

It is important to note that due to equipment limitations and differences in raw materials at the mint (located in Chongqing) where the 28th Year of the Republic of China nickel coins were produced, there are distinct differences between these coins and those minted by the Shanghai Mint before the war—particularly in the detailed depiction of the portrait and the clarity of the inscriptions. For instance, the green copper rust on the surface of the 20-cent nickel coin on the left not only reflects the natural oxidation of its material (a copper-nickel alloy) but also hints at the harsh preservation conditions during the war. In contrast, the relatively well-preserved condition of the 10-cent nickel coin on the right provides a clearer sample for researching the original minting craftsmanship.

The spade coin pattern on the reverse is the most recognizable design element of this set of nickel coins. Spade coins were a form of currency circulated in the Central Plains region during the Spring and Autumn and Warring States periods, characterized by their "spade-like" shape and symbolizing the farming tools of agricultural civilization. The use of ancient spade coins as the main design on the reverse of modern nickel coins carries multiple layers of meaning:

Through the connection between the ancient and modern forms of currency, it emphasizes the continuity of Chinese monetary culture and strengthens the public’s cultural identification with the legal tender system;

As a symbol of farming tools in an agricultural society, the spade coin implicitly embodies the economic ideology of "valuing agriculture as the foundation", which echoes Sun Yat-sen’s concept of "People’s Livelihood" (Minsheng Zhuyi) that focuses on the economic well-being of the grassroots;

The geometric shape of the spade coin is simple and elegant, complementing the denomination inscriptions "20 Cents" ("廿分") and "10 Cents" ("拾分"), as well as the surrounding meander pattern border, creating a visually layered effect.

The meander pattern border is a classic example of traditional Chinese decorative patterns, symbolizing "endless prosperity". Its use on the edge of the coin not only enhances the ornamental value of the coin’s surface but also embodies the aspiration for economic stability and people’s prosperity amid the shadow of war.

*本次藏品：孙中山镍币一组*

典藏尺寸：重：5.8g直径：24.0mm/重：4.4g直径：20.9mm

1937 年全面抗战爆发后，上海、南京等华东重镇相继沦陷，国民政府的金融中心被迫西迁。作为法币体系的重要辅币，镍币的铸造也随之转移至大后方。民国二十八年（1939 年），重庆造币厂承担起廿分、拾分镍币的铸造任务，成为战时金融体系维系的关键一环。

此时的中国，正处于抗日战争的战略相持阶段。镍作为重要的战略物资，其获取与运输面临重重困难。据史料记载，民国二十四年（1935 年）法币政策实施后，镍辅币的铸造最初由上海中央造币厂负责，后因战争影响，模具与设备辗转内迁。民国二十八年的镍币，便是在重庆造币厂简陋的生产条件下，为满足大后方经济流通需求而铸造的。

从货币体系看，这组镍币属于 “孙像布图镍币” 系列。该系列自民国二十四年（1935 年）开始设计试制，正面统一采用孙中山侧面肖像与民国纪年，背面则以中国古代布币为原型，搭配面值文字，形成了兼具历史传承与现代货币功能的设计风格。民国二十八年的廿分、拾分镍币，是这一系列在战时环境下的延续，其铸造数量、工艺水平均受限于战争资源的匮乏。

民国二十四年（1935 年）最初的镍币采用高镍含量材质（镍 58%、铜 35%、锌 17%），但随着战争爆发，镍资源进口受阻，民国二十八年的镍币不得不调整配方。根据《修正辅币条例》，此时的镍币材质改为低镍合金：镍 18%、铜 55%、锌 27%。这种调整直接导致币面颜色从银白色向铜色偏移（当镍含量低于 16% 时，合金会呈现明显铜色），也使得镍币的抗锈蚀能力下降 —— 左侧廿分镍币表面的绿色铜锈，便是铜含量升高后的自然氧化结果。

民国二十八年镍币的铸造时间短、产量有限，且因战时流通损耗、战后货币改革（如金圆券发行后镍币被大量回收或弃用），存世量相对稀少。其中，廿分镍币的存世量少于拾分镍币，且因材质易锈蚀，品相完好者更为难得。

这组民国二十八年的孙中山镍币，绝非普通的货币藏品，而是一部微型的战争金融史。它见证了：

工业内迁的艰辛：从上海到重庆，造币设备与技术的转移，是抗战时期中国工业 “劫后余生” 的缩影；

法币体系的挣扎：在通货膨胀与物资匮乏的双重压力下，镍币作为辅币的铸造与流通，反映了国民政府维系金融秩序的努力与无奈；

货币文化的传承：通过传统布币图案与现代肖像的结合，展现了中国货币在时代变革中的文化坚守。

对于历史研究者，它是分析战时经济政策、工业生产能力的实物资料；对于收藏爱好者，它是触摸历史温度、感受时代沧桑的载体。当我们凝视这两枚镍币 —— 一枚铜绿斑驳，一枚银辉犹存 —— 仿佛能听到 1939 年重庆造币厂机器的轰鸣，看到大后方民众手持镍币进行日常交易的场景，读懂那枚小小的货币中，蕴含的一个民族在战争中不屈的经济抗争与文化韧性。

After the full-scale outbreak of the War of Resistance Against Japanese Aggression in 1937, major cities in East China such as Shanghai and Nanjing fell one after another, forcing the National Government to relocate its financial center westward. As important fractional currency in the legal tender system, the minting of nickel coins was also moved to the rear areas (the inland regions not occupied by Japanese forces). In the 28th Year of the Republic of China (1939), the Chongqing Mint took on the task of minting 20-cent and 10-cent nickel coins, becoming a crucial link in sustaining the wartime financial system.

At that time, China was in the strategic stalemate phase of the War of Resistance Against Japanese Aggression. Nickel, as a vital strategic material, faced numerous difficulties in acquisition and transportation. According to historical records, after the implementation of the Legal Tender Policy in the 24th Year of the Republic of China (1935), the minting of nickel fractional currency was initially undertaken by the Shanghai Central Mint. Later, due to the impact of the war, the coin dies and equipment were moved inland after a arduous journey. The nickel coins of the 28th Year of the Republic of China were thus minted under the rudimentary production conditions of the Chongqing Mint to meet the demand for economic circulation in the rear areas.

From the perspective of the monetary system, this set of nickel coins belongs to the "Sun Yat-sen Portrait with Spade Coin Design Nickel Coin" series. The design and trial production of this series began in the 24th Year of the Republic of China (1935). The obverse uniformly features Sun Yat-sen’s profile portrait and the Republic of China era notation, while the reverse is based on ancient Chinese spade coins, paired with denomination inscriptions. This design style combines historical inheritance with modern monetary functions. The 20-cent and 10-cent nickel coins of the 28th Year of the Republic of China are a continuation of this series in the wartime context, with their mintage quantity and craftsmanship both constrained by the scarcity of war resources.

The earliest nickel coins (minted in the 24th Year of the Republic of China, 1935) used a material with a high nickel content (58% nickel, 35% copper, 17% zinc). However, with the outbreak of the war, the import of nickel resources was blocked, so the material formula for the 28th Year nickel coins had to be adjusted. In accordance with the Amended Regulations on Fractional Currency, the nickel coins at this time were switched to a low-nickel alloy: 18% nickel, 55% copper, and 27% zinc. This adjustment directly caused the coin’s surface color to shift from silvery white to a copper hue (when nickel content is below 16%, the alloy takes on a distinct copper color) and also reduced the coins’ corrosion resistance. The green copper rust on the surface of the 20-cent nickel coin on the left is a result of natural oxidation caused by the increased copper content.

The nickel coins of the 28th Year of the Republic of China had a short minting period and limited output. Additionally, due to circulation wear during the war and post-war currency reforms (e.g., large-scale recovery or abandonment of nickel coins after the issuance of gold yuan notes), their survival quantity is relatively scarce. Among them, the number of surviving 20-cent nickel coins is smaller than that of 10-cent ones; moreover, due to the material’s susceptibility to corrosion, well-preserved specimens are even harder to come by.

This set of Sun Yat-sen nickel coins from the 28th Year of the Republic of China is by no means an ordinary numismatic collection, but a microcosm of wartime financial history. It bears witness to:

The hardships of industrial relocation: The transfer of minting equipment and technology from Shanghai to Chongqing epitomizes the "survival after disaster" of China’s industry during the War of Resistance;

The struggles of the legal tender system: Amid the dual pressures of inflation and material scarcity, the minting and circulation of nickel coins as fractional currency reflect the National Government’s efforts and helplessness in maintaining financial order;

The inheritance of monetary culture: Through the combination of traditional spade coin patterns and modern portraits, it demonstrates the cultural persistence of Chinese currency amid an era of transformation.

For historical researchers, these coins are tangible materials for analyzing wartime economic policies and industrial production capabilities; for collectors, they are carriers to "touch the warmth of history" and feel the vicissitudes of the times. When we gaze at these two nickel coins—one covered in green patina, the other still retaining a silvery luster—it is as if we can hear the roar of machines in the Chongqing Mint in 1939, see the scenes of people in the rear areas using nickel coins for daily transactions, and understand the unyielding economic struggle and cultural resilience of a nation at war, embodied in this small piece of currency.