FRENCH INDOCHINA: Tonkin, 1/600 piastre, 1905(a), KM-P1, Lec-1, piefort (piedfort) issue, PCGS graded Specimen 62, ex Howard A. Daniel III Collection. Tonkin was a French protectorate since the Sino-French war of 1885, and later became part of North Vietnam. It only issued one coin - commonly known as the sapèque (or cash); it was supposed to replace the Vietnamese and Chinese cash coins that largely circulated in the region. It was issued in the style of a cash coin, round with a square hole. They proved to be unpopular with the locals and the majority of the mintage was never put into circulation. This is the rare double-thick piefort (piedfort) strike of this issue.

Estimate: USD 200 - 300