New article on Korean Coins

[Verify-12]

Greetings.

I added an article about a commemorative issue at my webpage on South Korean coins:

http://dokdo-research.com/fifthrepubliccommems.html

Anyone else here write about coins?  I know dheer has a link to a Republic of India coins site that I find very useful.  I've been finding several Indian Mint Sets (1970s) at local coins stores and have been giving them a good look since.  Let me know if you know of good resources for non-US coins.   I'd appreciate it.

[<k>]

An excellent article, set against the background of South Korea's recent history. I particularly like the sketches of the unadopted designs. They would fit well in the Unrealised designs board in this forum.




Could I ask what the artifact in the middle (left) is?

[Figleaf]

It's a ceremonial bell. They are often found outside temples. Korean bells have a free hanging wooden beam (foreground right) or metal bar on the outside serving as clapper.

Peter

[<k>]

Thanks, Peter. 

[Verify-12]

It's actually a very famous Korean bell that hangs at the Kyongju National Museum. Known as the 'Emille Bell', it was cast in 771 to commemorate the Silla Dynasty's King Songdok. It's 3.5 meters high and 2.5 meters tall and weighs 23,000 kg. The name of the bell comes from the legend connected to the casting of the bell: After failed attempts to cast the bell, the temple's head monk was inspired by a spirit in a dream to find a young girl born in the year, month, day, and hour of the dragon. She was to be thrown into the molten casting metal before it was poured in order to appease the fire spirit dragon. This was done, and the bell was successfully cast. However, when they went to strike the bell for the first time, it didn't boom like a bell, but sounded with the mournful cry of the child for her mother in the ancient Silla langauge-"emille..".

Remember, it's just a legend.  No actual children were hurt (probably!).

[Figleaf]

Similar legends exist all over the world. They probably refer to the tradition of bringing an (animal) sacrifice for the bell. Casting a bell is a delicate and dangerous job. Since this type of sacrifice is frowned upon by official christendom, the legends usually connect the demand for a sacrifice to the devil.

Peter

[<k>]

It's actually a very famous Korean bell that hangs at the Kyongju National Museum. Known as the 'Emille Bell', it was cast in 771 to commemorate the Silla Dynasty's King Songdok.

Thank you for those details. 

[Gaurav]

Thanks for the articles on Korean coins! I am in Korea right now and hope to collect a few decent coins, and your articles are very helpful! Especially the shops one as I am not sure about the prices, this will be the first time I will (might) be dealing in Korean coins.

[Verify-12]

Thanks for the articles on Korean coins! I am in Korea right now and hope to collect a few decent coins, and your articles are very helpful! Especially the shops one as I am not sure about the prices, this will be the first time I will (might) be dealing in Korean coins.

No problem, Gaurav.

Make sure to visit Sujipbank and the other little shops in the Hoehyeon Arcade near the old Bank of Korea building. 

If you can, try to visit Sujipmol, which is in Anyang City. The owner is a really nice guy (Mr. Kang), and has good-condition, Key-date Korean numismatics.  He doesn't speak much English, so if you speak some Korean you'll do fine.  If not, maybe bring a Korean friend there for an outing (and as translator!).

At least buy the latest Korean Mint set.  They sell them in the Bank of Korea building (Museum) at the souvenier stand for the lowest price.  Limit one per customer(!)
Tell me what you pick up!
Mark

[Gaurav]

No problem, Gaurav.

Make sure to visit Sujipbank and the other little shops in the Hoehyeon Arcade near the old Bank of Korea building. 

If you can, try to visit Sujipmol, which is in Anyang City. The owner is a really nice guy (Mr. Kang), and has good-condition, Key-date Korean numismatics.  He doesn't speak much English, so if you speak some Korean you'll do fine.  If not, maybe bring a Korean friend there for an outing (and as translator!).

At least buy the latest Korean Mint set.  They sell them in the Bank of Korea building (Museum) at the souvenier stand for the lowest price.  Limit one per customer(!)
Tell me what you pick up!
Mark

Thanks for the reply. I have already visited the Bank of Korea Museum to buy the mint set, but unfortunately the 2013 ones have sold out and 2014 ones are several months away I did pick up the uncut notes though (2x 5000 and 10000 ones). I will definitely visit the Hoehyeon Underground Center, and see if I can pick up the mint set for cheap.

I don't speak Korean but I do use Offline Google Translate which, while not perfect, has been very helpful.

[Gaurav]

I went out and bought mint sets for 2008, 2009, 2010, 2011 and 2013. I also bought Fifa World cup set released in 2001 and another themed set released in 2001.

I have a few questions, which I will ask here rather than start a new thread.

1. Is the 2002 Fifa World Cup set really worth it for 40K? This one comes in blue folder and I can't seem to find it on the net. The shopkeeper told me it has low mintage.
2. I bought a themed 2002 set, similar to this link (http://www.ebay.com/itm/Korea-South-2002-Coins-of-Mint-Set-/230770842778), but with a different central coin/token. What is this set? I understand that this is not the official 2002 set as it does not state Bank of Korea, but the minting is done by Korea Minting & Security Printing Corporation.
3. If I have the set of point 2 does it really ad much value to consider buying the more expensive 2002 variety (~70K)?. In short would appreciate if you can highlight the difference between the two.

[Gaurav]

Finally got an online link to the 2002 version of World Cup mint set from CStamps (not in stock at the store though). What I would like to understand is why is the second link below being quoted for twice the price, when it has one less medal and the other coins are the same. Is it only because of the packaging? Or is there a fundamental difference?

http://www.cstamp.co.kr/shop/goods/goods_view.php?&goodsno=12805&category=031003

http://www.cstamp.co.kr/shop/goods/goods_view.php?&goodsno=12812&category=031003

EDIT: Forgot to add there is another 2002 version as I had written in the previous post (http://www.ebay.com/itm/Korea-South-2002-Coins-of-Mint-Set-/230770842778), which is what I bought for 20K. Again the same set of coins but significantl cheaper than the original mint set (70K).

[Verify-12]

Finally got an online link to the 2002 version of World Cup mint set from CStamps (not in stock at the store though). What I would like to understand is why is the second link below being quoted for twice the price, when it has one less medal and the other coins are the same. Is it only because of the packaging? Or is there a fundamental difference?

http://www.cstamp.co.kr/shop/goods/goods_view.php?&goodsno=12805&category=031003

http://www.cstamp.co.kr/shop/goods/goods_view.php?&goodsno=12812&category=031003

EDIT: Forgot to add there is another 2002 version as I had written in the previous post (http://www.ebay.com/itm/Korea-South-2002-Coins-of-Mint-Set-/230770842778), which is what I bought for 20K. Again the same set of coins but significantl cheaper than the original mint set (70K).

Hey Gaurav,

If you haven't already, I would suggest that you purchase the Dae Gwang-sa "Korean Coins and Banknotes Catalogue" for this year.  I purchase mine in the Hoehyeon Arcade from Woo Jeong Sa (우정사), which is at location LA-17 in the arcade (check my Coin Stores in Korea webpage).  Don't get the "Oh-Sung K & C" catalogue, as the info is not as good, I think; but having BOTH would not be a bad idea.  Another GREAT book (but in the Korean language) is "Korean Commemorative Coins" by Jo Byung-soo.  That was actually published by Oh-Sung K & C in 2006.  Lots of info about Korean coins, not just commems.

Like with any "catalogue," you cannot exactly rely on the prices quoted in the Dae Gwang-sa book (they quote much higher than market), but they do have the mintages for coins and sets listed in them, as well as all of the banknotes.  Unless the collecting community in Korea creates something akin to the US "greysheet" price-guides, you'll just have to check the "sold" listing (in Advance Search) at Ebay and other online auction sites, and compare them with selling prices in Korea (brick-and-mortar and internet retailers) to gauge the current market prices.  Generally, Korean coins sold in North America go for less or much less than Korean coins sold in Korea (unless the US seller is a Korean!).  Also, check Sujipbank and Sujipmol websites.

About the 2001 and 2002 mintsets:

One way that I have determined the TOTAL mintage of the 2001/2 mint sets (the special sets made for the world cup by BOK and KOMSCO, the red and blue "Wedding Gift" sets made that year, and the "official" 2001/2 mint sets) is by looking at the mintages for the 5 Won and 1 Won coins, which ONLY appear in mint sets.  The mintage for both of those coins is the same: 130,000 coins for 2001 and 122,000 coins for 2002.  Previous-year mintages were only 15,000 (1995 to 1997) and 30,000 for the year 2000.

Clearly the huge increase in 1 Won and 5 Won coins was due to the special mint sets they made.  Now, the "official" (and expensive) 2001 and 2002 mint sets, the ones with the stylized crane motifs on the covers, only had a production of 30,000 for 2001 (5,000 "matte" proof sets, and 25,000 regular-strike sets), and 26,500 for 2002 (3,500 "matte" proof sets, and 23,000 regular-stike sets).  That would account for the difference.  ...And the fact that they are the "official" mint sets. 

Those World Cup and other non-official mint sets are actually a little collectible, only because they haven't made special sets like that every single year since then.  Really only in 2000, 2001 and 2002.  I don't collect them myself (due to the high mintages), but I have bought them because they have VERY cleanly-struck, and sometimes beautifully-mint, coins in them.  I bought those to break out and put in my coin albums, which you can see at the bottom of my main Korean coins webpage:  http://www.dokdo-research.com/koreancoins.html

NOTE:  If you see mint sets in Korea or online that do NOT have the CURRENT-YEAR 1 Won or 5 Won coins in them, then they are NOT made by KOMSCO or the BOK.  Curio and tchotchke sellers assemble them and try to pass them off to foreigners as "valuable treasures" at stupid prices.  Not collectible, not worth it.

Let me know if you have any more questions about Korean coins... 

[Gaurav]

Thanks Verify.

I did try to find a catalog, but all of them were in Korean. I will try to see again if t Dae Gwang-sa "Korean Coins and Banknotes Catalogue" (hopefully it is in English) is available.

Hmm.. interesting info about the mints. From what I understand 2001 had only 1 extra set, the world cup one, whereas 2002 had 2 — world cup + a themed version, so maybe the shopkeeper was right. The 2002 World cup coin set was low mintage (relatively), still not very comfortable paying 40K for that.

Also, I think they have again started minting "unofficial" sets through the Korea Money Fair. So maybe the mintage has increased again.

Also how to identify matte/proof version? Is it written on the set in English? So far I haven't seen any, or have missed, even on the older sets being quoted for as much as 300K!

PS: I just wish the Korean coins would be more varied with more designs and more commemoratives.
PS2: Any cheap way to get 10/50/100won coins in bulk as I would like to collect 1 of each year, but would like to avoid paying a dollar (or more) for each of them.

[Verify-12]

Thanks Verify.

I did try to find a catalog, but all of them were in Korean. I will try to see again if t Dae Gwang-sa "Korean Coins and Banknotes Catalogue" (hopefully it is in English) is available.

Hmm.. interesting info about the mints. From what I understand 2001 had only 1 extra set, the world cup one, whereas 2002 had 2 — world cup + a themed version, so maybe the shopkeeper was right. The 2002 World cup coin set was low mintage (relatively), still not very comfortable paying 40K for that.

Also, I think they have again started minting "unofficial" sets through the Korea Money Fair. So maybe the mintage has increased again.

Also how to identify matte/proof version? Is it written on the set in English? So far I haven't seen any, or have missed, even on the older sets being quoted for as much as 300K!

PS: I just wish the Korean coins would be more varied with more designs and more commemoratives.
PS2: Any cheap way to get 10/50/100won coins in bulk as I would like to collect 1 of each year, but would like to avoid paying a dollar (or more) for each of them.

The Dae Gwang-sa catalogue has some English explanations of some of the information included in it (poorly translated).  However, mintage numbers, photos, and (less important) prices are universal.   

Your guess is as good as mine when it comes to mintages on the non-official mint sets.  They are NOT enumerated (or included) in any of the catalogues.  I guess the "powers that be" in the publishing community, who are many of the same people in the collecting and selling community in Korea, don't really consider those mint sets as "legit" numismatics collectibles.

Yes, It seems that KOMSCO is churning out more sets, but what I notice nowadays are the silver proof coins.  The quality of those coins is great, but they are starting to make FAR too many of them in my opinion, and the mintages are too big.   Don't worry about diversity:  It seems that they are well on their way!

The "Matte Proof" versions of the BOK official yearly mint sets were made for years 2000 (proof only), and 2001 to 2004.  They were actually meant to be sold OUTSIDE of Korea, or given as "diplomatic gifts".  Not sure on that last point, but that's the rumor.  All I know is that they command a premium.  I just saw two of those up for sale at ebay last week for $300 to $400 each.  After 2004, they kept making "Foreign Special Proof Sets" (as they are called in Korea: 해외증정용 프루프).  You can always tell that they are the Foreign Special Proof Sets just by looking at the covers:  It's all written in ENGLISH, no Korean Hangul characters at all, and none on the inside of the set.  Other than that, the 2001 to 2004 proof sets look almost identical to their regular-strike cousins of the same years, which are bi-lingual (Korean and English).  The coins inside the proof sets look like matte, or "satin" proof coins.  They STILL make the Foreign Special Proof Sets, but the coins are regular-strikes, not matte proofs since 2005.  But even these still command high prices.   They only make 3,000 of them every year.

And there really is NO way to get bulk coins, other than live in Korea and go to a bank every year and get fresh mint rolls when the BOK releases them to the commercial banks.  I was in contact with a guy in Korea who obviously had done that since the 1970s (or got his coins from someone who did).  That's where I got about 70% of all of the coins in my albums.  He had an online store, but now defunct.  Sorry to say, I paid a dollar for each coin, unless it had a smaller mintage, then I paid more.  All of the Key Date coins I got in North America.

Let me know what else you find!