Vikramm Chand’s
The Silk Road Collection III
+ World Coins, Banknotes & Medals
A numismatic journey along the
ancient Euro-Asian trading routes
October 23, 2025
17:00 CET
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The Silk Road
Collection III
Vikramm Chand’s
Everness Hotel & Resort
Les Champs-Blancs 70b, 1279 Chavannes-de-Bogis, Vaud, Switzerland
October 23, 2025 at 17:00 CET
+ World Coins, Banknotes & Medals
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SMALL OBJECTS
Entrust us with your
GREAT VALUE
of
VAN CLEEF & ARPELS – Cigarette box and lighter.
Sold for CHF 9’840, GrandAuction,
Ritz-Carlton Hotel de la Paix, Geneva, June 15, 2025.
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VIEWING & AUCTION
Viewing: October 23, 2025, 11:00-16:30
Auction: October 23, 2025 at 17:00 CET
Everness Hotel & Resort
Les Champs-Blancs 70b, 1279 Chavannes-de-Bogis, Vaud, Switzerland
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I started building a curio-cabinet from the age of 11 years, after I was first gifted
an old-world stamp album from my grandmother, which sparked my interest in
general collecting. Since then, I have always been absorbed in the History of Art and
Antiquity. This field of awareness led me to start accumulating antiques and other
finer collectables of the past.
In this progression, I specialized in classic philately and eventually ancient
numismatology. “The Silk Road Collection” of gold coins, which tells a numismatic
journey along the Euro-Asian trading routes, was formed over 33 years.
1. British Museum, UK in 1998
In 1998 the majority of this unique collection was housed at the Coin & Medal
Department of the British Museum, London, UK, for scholars to research. The collection
was housed at the department for over 20 years. It was researched, referenced and
finally recorded along with many of the other ancient coins in the Museum’s digitally
catalogued archive. During this period, I initiated the “Chand A&Z Numismatic Fund”,
with the guidance of Joe Cribb & support of the department, to help fund up-coming
scholars on their research related with the museum’s various numismatic projects.
2. Asian Civilization Museum, Singapore in 2002
In 2002, with the assistance of the British Museum, a small segment of this growing
collection was also displayed at the Asian Civilization Museum, Singapore, to represent
the Ancient South & East-Asian heritage and their connectivity. The collection was
housed on permanent display in one of the main galleries for nearly 20 years.
3. Fitzwilliam Museum, Cambridge, UK in 2010
In 2010, I gifted to the Department of Coins & Medals, four very important Ancient
Chinese gold coins ranging from the Chu Dynasty, Warring States Period of Wester
Han Dynasty, Xin Dynasty and Song Dynasty.
Today, the third part of this collection will be auctioned off by “Feldman International
Auctions”, Geneva, Switzerland. I’m confident that each piece finds a new home and
an owner who will appreciate its historical importance.
Vikramm Chand FRPSL
A WORD FROM VIKRAMM CHAND
For a fruitful outcome, numismatic research on Gupta gold coins has always
depended heavily on access to sufficient coins and their metadata, either first hand or
via catalogues. Luckily, heritage institutes such as the British Museum, and numismatic
societies, such as the American Numismatic Society in New York, now offer direct
digital access to their holdings. Hopefully, several Indian museums with important
collections of Gupta coins stowed away and shielded from access, will follow suit. In
the meantime, online auction houses have also unlocked routes to coin data (visual
and documentary) that would have otherwise been hard to bring together.
From the early days of Gupta coin collecting, now going back 200 years, private
collectors such as Vincent Tregear and J.H. Rivett-Carnac, opened up their treasure
boxes for research and publication, and thus propelled Gupta coin research along.
Vikramm Chand’s cabinet of Gupta gold coins at the British Museum exposed
established and aspiring students of Gupta coin arts to the rich palette of forms and
varieties that these coins have on offer.
Gupta coin studies are very much alive, and I can only mention a few of the
contributors. Pankaj Tandon has engaged with the attribution of heavier Archer coins,
of a King Chandra, (e.g., auction ## 1146-1148). More importantly, he brought out the
true identity of coins of Huna rulers ‘hiding’ among later Gupta coins (## 1165-1167).
Sanjeev Kumar’s ‘immersive exploration of the Gupta dynasty’ resulted in a beautifully
presented type catalogue referenced in the descriptions of the coins in auction.
Both Kumar and Tandon have used the availability of X-ray fluorescence technique
(which can bring out the elemental composition of a coin) to publish a wealth of
data on the metal content of Gupta gold coins. These data allow for a much more
accurate assessment of the gradual changes in fabric, and thus help develop our ideas
on the chronology of their production. That their first manufacture was modelled
after the coins of the Kushanas and Later Kushanas (e.g., auction ## 1050-1068) was
evident from the earliest academic studies in the 1830s onwards. In 2023, Joe Cribb
systematically addressed the ‘progression of changes’, either intentional or incidental,
that would transform the coins into a recognizably ‘Gupta’ corpus.
My own dealings with the legacy in gold left by the Guptas resulted in a thesis and
research papers that aimed to explore and expose the patterns of similarity and
change behind the overwhelming diversity in engraving styles, iconographies and
fabric features. This research has culminated in a series of books entitled Dealing with
Diversity in Gupta Gold Coins, that is presently under production. References added to
the descriptions in the present auction pertain to the group classification elaborated in
the series. The patterns discerned can only be brought out by a sufficiently large and
diverse corpus of coins, such as that of Vikramm Chand. To bring out these patterns,
distinctions between ‘special’ and ‘common’ coins are hardly relevant, as it is only in
unison that these coins reveal the weave of Gupta coin making.
Ellen M. Raven
(Leiden University)
FOREWORD
by Ellen Raven
And so we have made it to the third part of the Vikramm Chand Silk Road Collection
sale. Yet Silk Road doesn’t quite capture the range of what is being offered here, which
is almost entirely the fascinating and artistic gold coins minted by the rulers of the
Kushan and Gupta Empires in what is today Northwest India and Eastern Iran between
c. 100 AD and the 5th century.
The sale starts with an exceptional new discovery of the earliest Buddhist gold coin of
ancient India, a diminutive coin stamped with an image of the Bodhi tree under which
the Buddha sat and attained spiritual enlightenment. It is a coin of the highest order of
cultural and historical importance, and it is thought that no more than five examples
have survived.
Then follows a wide-ranging selection of the types and varieties of the scarce and
sought-after coins of Kushan and Gupta.
Kushan – more than 60 coins make up this part, ranging from the coins of the mighty
ruler King Kanishka to a specialized section of 20 coins of Emperor Shaka, which
may in fact be a late tribal issue. This range shows the Kushans to be an eclectic
blend of ethnicities worshipping a colourful pantheon of deities. Nothing captures
this better than the exceedingly rare coin of King Huvishka with a reverse featuring
the god Serapis a Graeco-Egyptian god that merged worship of Osiris and the sacred
bull Apis (lot 1025).
Gupta – the ever-popular Gupta coins are represented by 100 specimens in this sale,
and these include well-known and desirable types such as the lion slayer, horseman,
the Asvamedha (or horse sacrifice) type, the lyre player, and many other besides. Once
again, it is a great pleasure to offer an enticing selection of these remarkably creative
and dynamic ancient designs impressed into solid gold.
General Coin and Banknote sale
The general sale features a selection of Greek and Roman ancients, and we draw
special attention to the Egyptian coins and medals, as well as an impressive range of
Egyptian banknotes that hail from a Swiss private collection. This includes an example
of the first Egyptian banknote, the 1 pound of June 1898 (lot 2119), an iconic banknote
and one of the most famous and desirable banknotes of the nineteenth century.
Once again, we direct our clients to the online auction on the Feldman International
Auctions website, where high-resolution images can be studied. We also invite you to
contact us if you have a need for additional images and videos of the lots.
Allan F. Westphall,
Geneva, September 2025
INTRODUCTION
NOTES TO
THIS CATALOGUE
ACKNOWLEDGEMENTS
The Chand Gold Coin Collection has been on long-term loan for over 20
years at the Coin and Medal Department of the British Museum, London, for
scholars to research. Most of the coins come with the Museum’s research
cataloging and reference number on an accompanying label.
Dr Allan Westphall, PhD, philatelist and numismatist with Feldman
International Auctions is responsible for lot descriptions, research,
grading and condition statements of the lots in this auction. Gregor
Gätjens has assisted with grading and describing. Dr Ellen Raven has
contributed substantially to the descriptions for the Gupta section of
the auction.
Special thanks go to Sanjeev Kumar for his valuable advice and assistance.
Malcolm Todywalla and Mitresh Singh have also provided valuable
assistance through the production of this catalogue. Francesco Baita
oversaw the project’s IT, while Alex Porter managed graphic design,
layouts and the editorial care of this catalogue. Ratsamee Feldman has
been an invaluable assistant in the preparation of this auction.
In descriptions of Gupta coins, references are made to the types, varieties,
and groups described in two authoritative publications:
• Sanjeev Kumar, Treasures of the Gupta Empire, 2nd edition, Archaeo Press:
Oxford, 2024
• Ellen Raven, Dealing with Diversity in Gupta Gold Coins, to be published
later this year.
We invite clients to request additional images or handling videos. Please
contact info@feldmanauctions.com.
The images in this catalogue are for reference only. For more detailed images
of the lots please visit the online auction at www.feldmanauctions.com.
All coins are shown at their actual size. Unless otherwise stated, enlarged
images are displayed at 150% of the original scale.
ANCIENT INDIA
& ANCIENT
MISCELLANEOUS
The Silk Road Collection III
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October 23, 2025 – 17:00 CET
Ancient India, Mauryan kings, Silk Road region
THE EARLIEST BUDDHIST GOLD COIN OF ANCIENT INDIA
1000
India, c. 300-200 BC, uncertain location, AV 2.14 g. Uniface coin with a punch of a tree with seven branches inside
a railing, blank reverse.
Choice XF, with good centreing and light dark deposits that provide excellent contrast. Most attractive and with sharp
details.
This extremely rare Indian gold coin is an example of indigenous gold coinage from the time before the well-
known Bactrian Indo-Greek stater coins of around 255 BCE, and the coins of the Kushanas from the first century
CE. This specimen stands together with the few other early die-struck gold coins, such as the fish-in-tank uniface
coin (1 g.) and the coin with the Zebu bull from the Taxila area (c. 2.2 g.), and they point to an early developed
currency system in which a full unit weighed around 2 g. and the half unit 1 g. Probably this coinage was an
indigenous system independent of the established Greek weight standard.
The tree in railing is one of the preeminent symbol in Indian numismatics, a sacred and auspicious motif, commonly
understood to be connected to the Buddha. Homage to Buddha was paid through worship of the Bodhi tree, the tree
under which Buddha sat and gained spiritual enlightenment. This tree was sometimes placed inside a protective and
ornamental enclosure to prevent worshippers from breaking off branches. This gold coin finds an equivalent in the
many punch-marked copper coins of Northern India from the post-Mauryan period that often show a tree in railing
with many accompanying symbols. As the earliest identifiable Buddhist gold coin, this type featured an imagery that
would have been understood as Buddhist by people at the time; it is not until the time of Kushan emperor Kanishka I
(127-152 AD) that we find a truly recognisable image of the Buddha with his characteristic features and posture.
The coin offered here is an unrecorded and newly discovered example found misidentified at a trade show in January
2025. To our knowledge, no census exists of this type, but it is believed that no more than five examples exist today.
Another example of this coin, not as well struck and well centred as this one, was offered in our Vikramm Chand Silk
Road Collection sale in December 2024, lot 10031.
Preshant P. Kulkarni, “Earliest Gold Coins of India and Baktria”, Numismatic Digest, 40, 2016, pp. 29-46.
CHF 4’000 - 8’000
600%
The Silk Road Collection III
October 23, 2025 – 17:00 CET
1001
A group of rings on a modern necklace attributed to the “Mature Harrapan” period (1500-2000 BC), approximately 65
discs of varying diameters, approximately 31.97 g.Rings similar to these were reported from a large hoard unearthed
at Mandi in Muzaffarnagar district of Uttar Pradesh, possibly in the vicinity of a yet un-excavated Harappan site. While
these were chiefly used as jewellery, they possibly had a monetary function.
CHF 3’500 - 6’000
14
The Silk Road Collection III
15
October 23, 2025 – 17:00 CET
Ancients and Miscellaneous
1002
Greco-Bactrian Kingdom, Diodotus I Soter (c. 255-235 BC), AV stater 8.33 g. (19 mm), with test cut, in the name of
King Antiochos II, c. 255-246 BC. Obverse: diademed head of Diodotus I right. Reverse: ΒΑΣΙΛΕΩΣ - ANTIOXOY
Zeus nude advancing to left, seen from behind, his extended left arm draped with an aegis and preparing to hurl a
thunderbolt with his right hand; at his feet to left, eagle standing left with folded wings; in inner left N.
CNG AU 5/5 - 2/5 test cut. (https://www.ngccoin.com/certlookup/6692634-003/NGCAncients/)
CHF 1’500 - 2’500
1003
Greco-Bactrian Kingdom, Diodotus I Soter (c. 255-235 BC), AV stater 8.30 g. (19 mm), test cut, in the name of
King Antiochos II, c. 255-246 BC. Obverse: diademed head of Diodotos I right. Reverse: ΒΑΣΙΛΕΩΣ - ANTIOXOY
Zeus nude advancing to left, seen from behind, his extended left arm draped with an aegis and preparing to hurl a
thunderbolt with his right hand; at his feet to left, eagle standing left with folded wings; in inner left N.
CNG XF 5/5 - 2/5. (https://www.ngccoin.com/certlookup/6692634-004/NGCAncients/)
CHF 1’500 - 2’500
1004
Hunnic tribes, Alchon Huns (Eastern), Adomano, mid-late 5th century, AV (electrum) dinar, 7.12 g. (34 mm), uncertain
mint in Bactria. Obverse: Kushano-Sasanian style king standing front, head to left, wearing crenellated crown with
globe on top between two broad horizontally-pleated ribbons and holding trident in his left hand; to left, trident
above small altar, to right is tamgha, Bactrian legend around. Reverse: incuse of obverse.
VF, a very well-centred example with good relief. .
Ex Chand Collection
CHF 500 - 700
KUSHAN
The Silk Road Collection III
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October 23, 2025 – 17:00 CET
Kushan
1005
Kushanas, Kanishka I, c. 127-152 AD, AV dinar 7.80 g. (20 mm). Obverse: Kanishka I standing facing, head left, with long
beard, flame emanating from right shoulder, wearing round cap, trousers, and boots, sacrificing with right hand over
altar at left, grounded spear in left hand, dotted border beneath feet, encircled by Bactrian legend ÞAONANOÞAO
KA-NhÞKI KOÞANO (King of kings, Kanishka Kushan). Reverse: Goddess Nana standing right, nimbate, holding bowl
and scepter, tamgha at right, with Bactrian legend NANA to left.
VF details, legible legends, flan slightly bent. Ex Chand Collection British Museum no 8.06.03
CHF 500 - 1’000
1006
Kushanas, Kanishka I, c. 127-152, AV dinar, 8.00 g. (20 mm). Obverse: Kanishka I standing facing, head left, flame from
right shoulder, wearing round cap, cloak around shoulders and tunic, trousers, and boots, sacrificing with right hand
over altar at left, spear in left hand, encircled by Bactrian legend ÞAONANOÞAO KA NhÞKI KOÞANO (King of kings,
Kanishka Kushan). Reverse: Orlagno, wearing helmet with bird design, standing facing, head right, holding lance in
right hand, and sword in left; tamgha to right, Bactrian inscription OPΛAΓNO to left, within dotted border.
VF-EF details, fully legible and well-defined features, some cleaning. This very rare coin depicts the Zoroastrian god
Bahram, who was adopted into the Kushan pantheon as OPΛAΓNO, Orlagno, the personification of military victory.
Ex Chand Collection British Museum no 3.1.05
CHF 1’500 - 3’000
1007
Kushanas, Kanishka I, c. 127-152 AD, AV dinar 7.97 g. (20 mm). Obverse: Kanishka I standing facing, head left, with long
beard, flame emanating from right shoulder, wearing round cap, trousers, and boots, sacrificing with right hand over
altar at left, grounded spear in left hand, dotted border beneath feet, encircled by Bactrian legend ÞAONANOÞAO
KA-NhÞKI KOÞANO (King of kings, Kanishka Kushan). Reverse: Goddess Miiro standing left, nimbate, holding hilt of
sword and gesturing, tamgha at right, with Bactrian legend MIIRO to left.
UNC, well-struck with strong details on both sides, perfectly centred and legible legends. Ex Baldwin’s
CHF 1’500 - 2’500
The Silk Road Collection III
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October 23, 2025 – 17:00 CET
1008
1009
1008
Kushanas, Kanishka I, c. 127-152, CU tetradrachm 16.13 g. (25 mm). Obverse: Kanishka standing left, sacrificing over
altar and holding standard. Reverse: Seated Maitreya Buddha: Buddha seated cross-legged facing on stool, hand
raised in gesture of abhayamudrā and holding kamanḍalu/kuṇḍikā (water pot); tamgha to inner left.
Near fine, with green and brown patina, with some porosity and roughness. Ex Chand Collection British Museum no
8.06.06
CHF 100 - 200
1009
Kushanas, Kanishka I, c. 127-152, CU tetradrachm 15.09 g. (25 mm). Obverse: Kanishka standing left, sacrificing over
altar and holding standard. Reverse: Seated Maitreya Buddha: Buddha seated cross-legged facing on stool, hand
raised in gesture of abhayamudrā and holding kamanḍalu/kuṇḍikā (water pot); tamgha to inner left.Good to fine
details, some roughness to obverse with dark brown patina, reverse struck off centre. Ex Chand Collection British
Museum no 5.01.26
CHF 100 - 200
1011
1010
1010
Kushanas, Kanishka I, c. 127-152, CU tetradrachm 15.92 g. (25 mm). Obverse: Kanishka standing left, sacrificing over
altar and holding standard. Reverse: Seated Maitreya Buddha: Buddha seated cross-legged facing on stool, hand
raised in gesture of abhayamudrā and holding kamanḍalu/kuṇḍikā (water pot); tamgha to inner left.
Fine, with all the main design elements clear, even dark brown and green patina on both sides, with some roughness
and porosity. Ex Chand Collection British Museum No 5.01.25
CHF 100 - 200
1011
Kushanas, Kanishka I, c. 127-152, CU didrachm 8.38 g. (22 mm). Obverse: Kanishka standing left, sacrificing over
altar and holding standard. Reverse: Standing Śākyamuni Buddha: Buddha standing facing, hand raised in gesture of
abhayamudrā; tamgha to inner left.
Fine+, with even dark brown tone, much of the reverse legend is legible, struck slightly off-centre. Ex Chand Collection
CHF 100 - 200
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October 23, 2025 – 17:00 CET
1012
1013
1012
Kushanas, Kanishka I, c. 127-152, CU tetradrachm 16.15 g. (22 mm). Obverse: Kanishka standing left, sacrificing over
altar and holding standard. Reverse: Standing Śākyamuni Buddha: Buddha standing facing, hand raised in gesture of
abhayamudrā; tamgha to inner left.
Near VF, with even dark tone and well-defined details for this type, especially on the obverse. Ex Chand Collection
British Museum no 8.06.05
CHF 100 - 200
1013
Kushanas, Kanishka I, c. 127-152, CU didrachm 7.57 g. (22 mm). Obverse: Kanishka standing left, sacrificing over
altar and holding standard. Reverse: Standing Śākyamuni Buddha: Buddha standing facing, hand raised in gesture of
abhayamudrā; tamgha to inner left.
F-VF, with deep brown patina and all design elements apparent; a pleasing reverse with a good portion of legend
legible and good definition to the Buddha figure. Ex Chand Collection British Museum no 4.99.01
CHF 100 - 200
150%
150%
1014
1015
1014
Kushanas, Huvishka, c. 151-192, AV dinar, 7.68 g. (19 mm). Obverse: Crowned and diademed half-length bust facing
left placed on clouds, halo around head, holding mace-scepter and hilt of sword, with Bactrian legend around.
Reverse: Ardoksho standing facing, head right, holding cornucopia, tamgha to right, with straight-line Bactrian
legend APΔOXÞO (Ardoksho) to right and tamgha to left, within dotted border. Featuring the bust of king Huvishka
wearing pointed helmet decorated with chakra and pellets. Ardoksho was the Iranian goddess of wealth and would
later be known as Lakshmi. At the middle of the Kushan era, Ardoksho was usually the only deity, together with the
male counterpart Oesho, to be featured on coins.
About VF details, lightly cleaned, struck from weak dies and with some flatness to high points. Ex Chand Collection
British Museum no 6.3.17
CHF 1’000 - 2’000
1015
Kushanas, Huvishka, c. 151-192, AV dinar, 7.87 g. (20 mm). Obverse: Crowned and diademed half-length bust facing
left placed on clouds, halo around head, holding mace-scepter and hilt of sword, with Bactrian legend around.
Reverse: Ardoksho standing facing, head right, holding cornucopia, tamgha to right, with straight-line Bactrian
legend ΔOXÞO (Ardoksho) to right and tamgha to left, within dotted border.
An important coin with a sharp reverse with excellent details on the goddess and cornucopia. Featuring an unusual
Bactrian spelling ΔOXÞO to the right.
VF-EF as struck, good lustrous surfaces, struck from weaker dies, especially on the obverse; the reverse is very sharply
struck with dark deposits that give pleasing contrast. Ex Chand Collection British Museum no 6.3.15
CHF 1’000 - 2’000