An ancient coin sold yesterday for 500,000 yuan (US$60,241) in a private online auction hosted by Shanghai's EachNet.com.

The silver 50-cent coin was minted in Anhui Province in 1897 and is the rarest Chinese silver 50-cent piece from the Qing Dynasty (1644-1911). Only one bid was made by a buyer identified as "ran138" at the floor price of 500,000 yuan.

The coin is the most expensive single item ever sold on EachNet.com, one of China's leading e-business platforms, the Website said.

"The purchase proves that people are willing to buy such an expensive antique through the Internet and marks a great milestone in China's customer-to-customer e-business," said Tang Lei, the Website's PR manager.

An online coin auction that began last Tuesday includes 68 ancient coins, worth an estimated 3 million yuan in total. The highlight is a set of three gold coins, China Hupoo 1903 Gold Tael, which has a floor price of 800,000 yuan.

While 2,700 people looked at the coins online, they failed to attract a single bid during the weeklong auction.

Another 50-cent coin made in 1899 was also bought by the same buyer "ran138" for 20,200 yuan during the auction.

(Shanghai Daily November 10, 2004)