A clearing crew emptying out a septic tank at Gangnan Elementary School in Hsinchu on Thursday found 317 coins, including some minted during the Japanese colonial era, school authorities said.
The administration hires cleaning crews every year to pump out the septic tank, the school said, adding that it did not expect to find the coins.
The coin cache includes 284 one-dollar coins minted by the Republic of China (ROC) government in 1914, 1919, 1920 and 1921, as well as 33 one-dollar coins minted and distributed by the Japanese colonial government.
Photo: Wang Chun-chieh, Taipei Times
According to a coin collection shop owner surnamed Hu (胡), if the coins are authentic, then the ROC coins, commonly called Yuan Ta Tou (袁大頭) due to the portrait of Yuan Shihkai (袁世凱) imprinted on the back of the coin, are worth NT$3,000 per coin, adding that each Japanese-era coin would be worth between NT$2,000 and NT$5,000.
Yuan was the first president of the ROC and had introduced the coins in an effort to stabilize his administration and stimulate the economy.
The coins were known for their high silver content.
After the People’s Republic of China (PRC) was established, it pulled the Yuan Ta Tou coins from circulation and melted them down, causing the coins to become a collector’s item.
According to Hu, the antique market saw prices of NT$3,000 to NT$18,000 for Yuan Ta Tou coins, adding that the value depended on the year the coin was minted and its condition.
However, the high prices the coins fetch have also left the market rife with counterfeits, Hu said.
Meanwhile, the school said the kindergarten on which the septic tank was located was registered to the local community in 1968, adding that it was later donated to the elementary school.
The restroom for the kindergarten was renovated in the 1990s, but there had been no signs of the coins then, the school said.
The school said it has turned the findings over to the police.
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