World of Coins

Other tokens and medals => Other tokens used for payments => Topic started by: johnkooij on June 12, 2019, 08:49:42 PM

Title: Token for Palette Restaurant
Post by: johnkooij on June 12, 2019, 08:49:42 PM
This is a 20.8 mm brass token, with stated value 100. Who can tell me about it?
Title: Re: Unidentified token Palette Restaurant
Post by: eurocoin on June 13, 2019, 09:38:37 AM

A South Korean company by the name Elcanto Co. Ltd. tried to trademark this logo in South Korea in 1995. They also tried to trademark a version of the logo with the text in Korean. Both applications were refused in 1997. They tried it again in 2009 but it was again refused.
Title: Re: Unidentified token Palette Restaurant
Post by: eurocoin on June 19, 2019, 02:35:57 PM
In 1994 the South Korean company Elcanto Co. Ltd. opened a 7-storey fashion department store called V-Exchange in the Myeongdong area in Seoul. It was mainly aimed at people between the ages of 15 and 25. One year later, in 1995, a restaurant was opened on the fifth floor of the building which they called the Palette Restaurant. It was not a conventional restaurant but rather the name of a so-called food court consisting of 13 different vendors ranging from a pizzeria to a chinese restaurant, a coffee shop, salad bar, hamburger and icecream shops but also restaurants that sold more typical asian dishes. The shops and restaurants of the food court were divided over 3 zones: western, oriental and snack. It was not only used by shoppers but also by regular people. In 1997 a second V-Exchange was opened. From what I understand this branch was smaller and did not have a Palette restaurant. Not long after that, the entire Elcanto concern went bankrupt as a result of the Asian financial crisis that started in 1997. Parts of the concern were sold and are still in business today, not the V-Exchange and Palette restaurant though.

It is known that V-Exchange used to give away small gifts to both people who just entered the building as well as to people who bought for a certain amount. I think it is possible that these tokens may also have been distributed that way. The V shape on the reverse is (a part of) the logo of V-Exchange.

It is interesting you obtained this token, given the 'restaurant' only existed for a few years.
Title: Re: Unidentified token Palette Restaurant
Post by: malj1 on July 26, 2019, 08:45:33 AM
I noticed another on eBay today listed as British but no doubt a guess! same value of 100
Title: Re: Unidentified token Palette Restaurant
Post by: eurocoin on February 16, 2020, 10:43:07 PM
The slight differences between the pieces are interesting. If anyone is interested, the second and third piece are currently for sale.



Title: Re: Unidentified token Palette Restaurant
Post by: malj1 on February 16, 2020, 11:09:32 PM
It is interesting you obtained this token, given the 'restaurant' only existed for a few years.

It is also interesting that three varieties were issued in such a short span of years.  ::)

Do we know why the Trademark applications were refused? ???
Title: Re: Unidentified token Palette Restaurant
Post by: eurocoin on February 19, 2020, 10:48:34 PM
I will look into this but given the extreme complexity, it will take time.

In the meantime I take this occasion to remark that it is a pity that the information I provided above, the result of a lot of complicated research, never got the praise it deserved. With 100% certainty there can be guaranteed that the main information provided is correct. I kindly ask people who are not convinced to once more read all of the information I provided. Possibly some small details are not completely accurate but that is almost inevitable given that all of the information is in Korean and a part of it is related to Korean intellectual property law.

That there are only people who criticize the findings or just ignore them altogether is to be regretted.
Title: Re: Unidentified token Palette Restaurant
Post by: Figleaf on February 20, 2020, 09:34:53 AM
Re-reading the thread, I haven't found the criticism you are talking about.

That said, your remark touches on how science works. It starts with a hypothesis. A researcher investigates the hypothesis and when he or she is satisfied that the hypothesis holds, publishes the findings. At that point, other scientists chime in. They try to replicate the tests, apply the findings in practice, try to think of alternative explanations for the findings. That's not because they hate the original researcher but because it's their job as scientists. If the findings survive the scepticism, they will be widely adopted. Note the word scepticism. In the area of climate change, scientists argue that climate deniers are (my term) immoral dorks, not climate change sceptics. It is the scientists who were climate sceptics and they have done their job.

Obviously we are not a bunch of scientists. We don't need 100% watertight evidence and we like to appreciate, admire and joke. However, in cases of doubt, we use a scientific approach to make up our minds. That is our right, that is the right way to go about it and that should be supported and maintained. That's what I am doing now.

Title: Re: Unidentified token Palette Restaurant
Post by: eurocoin on April 03, 2020, 05:05:13 PM
I have looked into this and, as I wrote, the El Canto concern did indeed go bankrupt as a result of the 1997 Asian financial crisis, but this was not immediately. As for the V-Exchange and the Palette Restaurant I was able to find news articles about events taking place there until 2001 so I guess it closed around that time. It was therefore opened from 1996 up to and including 2000 which is around 5 years. It was located in a large building that is/was located in a busy shopping street in the capital so it is normal that many pieces were made and variants exist.

I also found a message of a South Korean who uploaded the photo below in 2016 with a reference to the year 1998 and the V-Exchange in Myeongdong, which must be where he obtained them. As you can see there apparently exist other denominations. At least 500 but likely also 1000 exists.

In regard of your question about the trademarks, the following rather boring information: In 1995 El Canto indeed submitted applications for the 2 versions of their logo with the text 'Palette Restaurant' in respectively English and Korean on it, which can be seen above. The applications were refused as there already existed a trademark on the word 'Palette' in the particular category. El Canto subsequently brought a case before the Korean Intellectual Property Office (KIPO) which they won. The company that had registered the word 'Palette' (Samsung) had not been using the mark for more than 3 years without an excusable reason and therefore El Canto under Korean IP law had a right to ask for their registration to be ended. After having won, El Canto in 1998 again applied for a trademark on the English version of the logo which was approved in the following year. In 2009 the mark was due to expire but was renewed even although the Palette Restaurant had then long been closed. In 2011 El Canto's trademark on the logo was invalidated after they had not been using it for more than 3 years and someone who wanted to register a trademark with the word 'Palette' as part of it, which was not possible because of the existence of El Canto's mark, went to the KIPO.

In further research there will have to be found out how these pieces were used.

Title: Re: Unidentified token Palette Restaurant
Post by: malj1 on April 04, 2020, 12:03:06 AM
Very interesting solution to the the tokens history ending in bankruptcy..

Lovely to see the picture showing three types we can only speculate but the picture does suggest the largest piece may be a 1000 value.

Thanks for the information regarding the trademark this may be boring but it does explain the time-frame of its existence.