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How Did Countries Introduce Nickel?

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Pillar of the Community
Australia
3831 Posts
 Posted 08/25/2017  08:41 am  Show Profile   Bookmark this reply Add gxseries to your friends list Get a Link to this Reply
I think in general, with any new coinage regardless of whether the public likes it or not, if they are not given an alternative, they will use them, unless shown to be worthless. US dollar coin is a good example.

In the case of Asia, Japan first started off with the 1889 5 sen coin followed by Korea in 1892 (issued in 1894). China followed by in 1909, first issued by the German terrority Qingdao. While this was not too much of a problem in Japan, people's faith in the new coinage didn't last too long. Previously, mint officers were well known to be corrupt - coins were not based by weight value as the alloy could have been of a cheap alloy. It was only a matter of time when people's fear of "worthless" coins cause a havoc.

This proved to be true. In 1909 when nickel prices started to fall, Koreans immediately demanded their coins to be converted into "proper" money. These caused the coins to rapidly disappear from the public and by the following year, due to massive demand - nickel coins were no longer legal tender. Supposedly more than 200+ million coins were sent back to Japan to be melted down. You can only imagine the irony as Korea's nickel copper coins are perhaps some of the world's most expensive coins other than the illusive 1913 nickel.

Similar story happened in China. The public initially did not like them. Over time, the public got used to them.
My partial coin collection http://www.omnicoin.com/collection/gxseries
My numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htm
Regularly updated at least once a month.
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