（直径40.4mm，厚度1.8mm，重17.9g）
一、历史背景与稀缺性奠定价值基石
1.
铸造背景的特殊性
该币铸造于1913年（民国二年），正值辛亥革命后政权更迭时期。四川军政府为应对财政需求，沿用前清钢模增铸200文大面额铜元，成为民国时期四川铜元中唯一使用中英文双语铸造的货币 体现了币制与国际接轨的尝试，具有鲜明的时代特征。
2.
存世量的稀缺性
因国民政府统一币制后，地方造币厂停止铸造，该币流通时间极短，且铸造量远低于同期十文、二十文面值。据公开拍卖记录显示，直缨版存世量不足百枚，普通版流通品存世量亦稀少，品相完好的评级币更是凤毛麟角。例如，2025年香港春拍中，一枚PCGS MS62级黄铜直缨版以288.7万港元成交，印证了其稀缺性对价值的支撑。
二、市场表现与价格趋势
拍卖市场的高溢价成交
2025年拍卖纪录：
1. 一枚错版币（背逆角度超45度）以276万元成交，创年度纪录；
2. 中西合璧版（带英文）成交价常超百万，如2025年秋拍一枚MS63级样币以320万元落槌；
1. 收藏逻辑 历史包浆与工艺：自然包浆、文字清晰、浮雕感强的钱币更受藏家青睐。如2025年一枚保存完好的中西合璧版以299万元成交，其“纹路清晰、包浆浑厚”被重点强调。
三、收藏价值的多维度解析
历史价值
该币见证了辛亥革命后政权更迭、币制改革的复杂历史，是研究民国初期经济、政治的重要实物资料。其双语铸造模式，反映了当时中国试图融入国际货币体系的尝试，具有独特的学术研究价值。
艺术价值
1. 设计元素：正面嘉穗图案寓意农业繁荣，背面交叉双旗象征共和理想，整体布局规整，文字刚劲有力，展现了民国初期铸币工艺的高水平。
2. 中西合璧：英文标注与中文面值结合，体现了文化交融的时代特征，艺术审美价值突出。
投资潜力
1. 市场热度持续升温：2025年稀有双旗币拍卖竞价轮次同比翻倍，藏家对高端品种的争夺愈发激烈。
2. 抗通胀属性：古钱币作为实物资产，其价值与经济周期关联度较低，长期持有可抵御货币贬值风险。
3. 文化认同驱动需求：随着国内收藏群体扩大，尤其是年轻藏家对民国历史的兴趣提升，该币的市场需求有望持续增长。
1.
长期持有策略
鉴于高端品种拍卖价格屡创新高，建议藏家以5-10年为周期持有，避免短期投机。同时，关注政策动态（如文物进出境限制）对市场的影响。
历史价值与艺术魅力，对于资深藏家而言，此币不仅是资产配置的优质标的，更是传承民国历史文化的珍贵载体。
Analysis of the Appreciation Space and Collection Value of the Two Hundred Wen Double Flag Coin in the Second Year of the Republic of China
(Diameter 40.4mm, thickness 1.8mm, weight 17.9g)
1、 Historical background and scarcity lay the foundation for value
one
The particularity of casting background
This coin was minted in 1913 (the second year of the Republic of China), during the period of regime change after the Xinhai Revolution. In response to financial needs, the Sichuan Military Government continued to cast 200 high denomination copper coins using steel molds from the Qing Dynasty, becoming the only currency in Sichuan during the Republic of China period to be minted in both Chinese and English. This reflects the attempt to align the currency system with international standards and has distinct characteristics of the times.
two
The scarcity of existing quantity
After the Nationalist government unified the currency system, local mints stopped minting the currency, resulting in a very short circulation time and a much lower minting volume than the denomination of ten or twenty wen during the same period. According to public auction records, the number of surviving Zhiying edition coins is less than a hundred, and the number of circulating ordinary edition coins is also rare. Even rating coins with intact appearance are extremely rare. For example, in the 2025 Hong Kong spring auction, a PCGS MS62 grade brass straight tassel version was sold for HKD 2.887 million, confirming its scarcity as a support for value.
2、 Market performance and price trends
High premium transactions in the auction market
Auction Records in 2025:
1. A wrong version coin (with a reverse angle exceeding 45 degrees) was sold for 2.76 million yuan, setting an annual record;
2. The Chinese Western fusion version (with English) often has a transaction price of over one million yuan, such as a MS63 level sample coin being sold for 3.2 million yuan in the autumn of 2025;
1. Collection logic
1. Historical patina and craftsmanship: Coins with natural patina, clear text, and strong relief are more favored by collectors. In 2025, a well preserved Chinese Western fusion version was sold for 2.99 million yuan, with its "clear patterns and thick coating" being emphasized.
3、 Multidimensional analysis of collection value
historical value
This coin witnessed the complex history of regime change and currency reform after the Xinhai Revolution, and is an important material for studying the economy and politics of the early Republic of China. Its bilingual casting model reflects China's attempt to integrate into the international monetary system at that time and has unique academic research value.
artistic value
1. Design elements: The front tassel pattern symbolizes agricultural prosperity, and the back cross double flag symbolizes republican ideals. The overall layout is neat, and the text is strong and powerful, showcasing the high level of coinage craftsmanship in the early Republic of China.
2. Combining Chinese and Western elements: The combination of English annotations and Chinese face values reflects the characteristics of cultural integration in the era, highlighting the outstanding artistic aesthetic value.
investment potential
1. Market heat continues to heat up: In 2025, the bidding rounds for rare dual flag coin auctions will double year-on-year, and the competition among collectors for high-end varieties will become increasingly fierce.
2. Anti inflation attribute: As physical assets, ancient coins have a low correlation between their value and economic cycles, and long-term holding can resist the risk of currency depreciation.
3. Cultural identity driven demand: With the expansion of the domestic collection group, especially the increasing interest of young collectors in the history of the Republic of China, the market demand for this coin is expected to continue to grow.
one
Long term holding strategy
Considering the high auction prices of high-end varieties, it is recommended that collectors hold them for a period of 5-10 years to avoid short-term speculation. Meanwhile, pay attention to the impact of policy developments (such as restrictions on the import and export of cultural relics) on the market.
For experienced collectors, the historical value and artistic charm of this coin are not only high-quality assets for asset allocation, but also precious carriers for inheriting the history and culture of the Republic of China.
