Author Topic: Tuvalu - coin issuer of last resort  (Read 3137 times)

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Offline Figleaf

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Tuvalu - coin issuer of last resort
« on: March 09, 2010, 07:28:57 PM »
Why Kim Yu-na Coins Are Issued in Tuvalu
08/03/2010

The Korean Olympic Committee on Friday said it will issue commemorative coins to celebrate Kim Yu-na's Olympic gold medal and share the moment of joy. But they will be issued in Tuvalu instead of Korea and have been minted in Perth, Australia. Tuvalu, a member of the British Commonwealth, lies northeast of Australia and has a population of just 12,000.

The Kim Yu-na commemorative coins come in gold and silver, with the face value denominated in Australian dollars. The gold coin with the face value of 25 dollars will sell for W880,000 (US$1=W1,141) and the 1-dollar silver coin for W121,000. "The Bank of Korea Act stipulates that coins minted by the Korea Minting and Security Printing Corporation cannot be sold to generate added value," said the KOC. "So we had no choice but to manufacture the coins overseas." Hwadong, the company that sells the coins, said it needed to look for a partner with the latest technology and signed a contract with the Perth Mint in Australia, which got direct approval from Tuvalu to circulate the coins there.

The head of the coins features an image of Kim's free skating performance and signature, and the KOC's insignia. A total of 30,000 gold and 30,000 silver coins have been minted. Portions of the profits will be used to help the development of sports in Korea. Hwadong has been involved in issuing commemorative coins for the late president Kim Dae-jung made in Norway and for Cardinal Stephen Kim Sou-hwan manufactured in Liberia.

Source: Chosun Ilbo
An unidentified coin is a piece of metal. An identified coin is a piece of history.

translateltd

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Re: Tuvalu - coin issuer of last resort
« Reply #1 on: March 09, 2010, 07:49:13 PM »
"Issued in Tuvalu" is a phrase I would dispute.  "Issued on behalf of Tuvalu", perhaps.  I would be surprised if any of these "coins" ever reach any of that country's atolls, or what use they would be if they did.  I hope for Tuvalu's sake that some of the profits do.




andyg

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Re: Tuvalu - coin issuer of last resort
« Reply #2 on: March 09, 2010, 08:08:58 PM »
"cannot be sold to generate added value"

So they could be sold at face value then?

Offline chrisild

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Re: Tuvalu - coin issuer of last resort
« Reply #3 on: March 11, 2010, 11:13:49 AM »
Either the act (in that version) is new, or it simply means that the added value may not be generated by third parties. Here for example http://www.worldofcoins.eu/forum/index.php/topic,5285.0.html Peter showed a South Korean pseudo-coin dated 2006. So I assume such "coins" can be sold above face if the revenue goes to the central bank's budget - but you can (even if you are the National Olympic Committee) not go to the central bank and say, I would like you to issue some coins for me and the sack the profit myself. ;D Just a guess though ...

Christian

Offline Bimat

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Tuvalu - coin issuer of last resort
« Reply #4 on: March 11, 2010, 02:23:26 PM »
I have seen very few coins which show someone's signature.Apart from this one (though it's NCLT),I could remember these coins which have signature on them-
India 5 Rupees (2009)-shows signature of Annadurai
Austria 2 euro (2005)-Shows five signatures (of foreign ministers/ambassadors' of Soviet Union,UK,USA,France and Austria)

Anymore examples?

A nice theme for collection,isn't it?

Aditya
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Offline UK Decimal +

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Re: Tuvalu - coin issuer of last resort
« Reply #5 on: March 11, 2010, 03:07:14 PM »
I have seen very few coins which show someone's signature.Apart from this one (though it's NCLT),I could remember these coins which have signature on them-
India 5 Rupees (2009)-shows signature of Annadurai
Austria 2 euro (2005)-Shows five signatures (of foreign ministers/ambassadors' of Soviet Union,UK,USA,France and Austria)

Anymore examples?

A nice theme for collection,isn't it?

Aditya

Here's another one for you, the UK 2000 5 Queen Mother's 100th birthday issue.

Bill.
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People look for problems and complain.   Engineers find solutions but people still complain.

Offline chrisild

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Re: Tuvalu - coin issuer of last resort
« Reply #6 on: March 11, 2010, 04:28:05 PM »
There are quite a few coins with signatures. Usually it's only one though:

Johann Sebastian Bach: http://www.muenzauktion.com/franz/item.php5?id=64
Max Planck: http://www.muenzauktion.com/kuenkerheritage/item.php5?id=61
Immanuel Kant: http://www.muenzauktion.com/ritter/item.php5?id=22232
Gotthold Ephraim Lessing: http://www.muenzauktion.com/ritter/item.php5?id=22247
Willem van Oranje (Nassau): http://www.muenzauktion.info/auction/item.php?id=1944562

The Austrian 2 coin, by the way, shows nine signatures - those of the five foreign ministers and the four allied High Commissioners. Here is a photo that shows the details: http://www.muenzauktion.com/aurich/item.php5?id=61

Christian