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High Cost Of Coins In South Korea

 
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Author Previous TopicReplies: 11 / Views: 476Next Topic  
Valued Member
Russian Federation
372 Posts
 Posted 08/05/2021  11:20 am Show Profile   Check Slerk's eBay Listings Bookmark this topic Add Slerk to your friends list Get a Link to this Message
For several months now, I have been watching a seller who sells PCGS MS certified coins to South Korea.
I noticed that these coins leave the auction for a very decent day. In this regard, I have a question. Are coins in South Korea starting to grow in price? Are they rare in the MS state? Have they always been so expensive?
Valued Member
497 Posts
 Posted 08/05/2021  11:36 am  Show Profile   Bookmark this reply Add Numister to your friends list Get a Link to this Reply
Good Korean coins have always been hard to find outside of Korea.

So maybe scarcity plus a affluent Korean collector base plus China influence equals steady increase in demand ?
Pillar of the Community
Australia
3376 Posts
 Posted 08/05/2021  11:43 am  Show Profile   Bookmark this reply Add gxseries to your friends list Get a Link to this Reply
South Korean coin prices have appreciated drastically in the last 5 years. Early coins from 1959 to 1970 are often not well preserved and therefore command some absurd prices. The 1966 to 1970 5 and 10 won coins in particular are prone to corrosion due to the alloy.

Lefmafc can tell you more about it
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.
Valued Member
United States
152 Posts
 Posted 08/06/2021  11:05 pm  Show Profile   Bookmark this reply Add newguy22 to your friends list Get a Link to this Reply
My question regarding Korean coins in general is why are the older coins from the 1890s-1900s so valuable? Some of the pieces can be really expensive, like thousands of dollars expensive! Would anyone here be able to shed some light as to why this is?
Pillar of the Community
Australia
3376 Posts
 Posted 08/07/2021  12:19 am  Show Profile   Bookmark this reply Add gxseries to your friends list Get a Link to this Reply
They have always been expensive. The gold and nickel coins in particular are the most expensive. Perhaps even an arm and leg isn't enough to buy the entire set!

A lot of earlier Korean coins were struck at a time where there were a lot of mistrust with the government issued coins. You must remember that this is a time when Korea was the meat in the sandwich between China, Japan and even the Russians are involved. The first machine struck coins for the Korean Empire were planned by German engineer but with Japanese equipment and technicians from Osaka Mint.

Coin production was meant to be started in late 1892 but was only issued in 1894. When the coins were first issued, it was compounded by China's disagreement on the use of "Great Korea" and thus the mint was forced to issue some coins without the character "Great". When China lost the war to Japan, I guess the mint had better things to do and didn't care less. Thus you have a lot of varieties with the coins issued from 1892 to 1902.

When Korea became a Japanese protectorate, coins were issued in Osaka mint from 1905. Older coins were phased out and it was well known that many 5 fun coins were sold as scrap metal and exported to China. Some 5 fun coins were used as overstrikes in China. To compound the trust issue, nickel prices have tanked and the public think they are getting ripped off. This is because with the public's experience with the older cast copper coins. Good quality copper coins were smelted down and recast as cheaper bronze alloy coins, devaluing the metal content. Thus many nickel copper coins from 1899 (including 1897) are extremely rare. Nickel copper coins were the first one to be demonetized due to the huge mistrust - some millions of them were recalled from circulation.

When Korea became a Japanese colony in 1910, there was no longer a need to issue special coins and instead Japanese coins and banknotes were used instead. Of course that meant that a lot of Korean coins were melted down along the years. With lots of older Koreans not liking the Japanese - it's no wonder why these coins have always been hard to find. Have been underrated but the prices have definitely appreciated drastically in the last 10 years.
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.
Edited by gxseries
08/07/2021 12:21 am
Valued Member
Korea, Republic Of
473 Posts
 Posted 08/11/2021  10:52 am  Show Profile   Bookmark this reply Add Lembafc to your friends list Get a Link to this Reply
Short answer, yes. Modern and Bank of Korea coins in MS state have become ridiculously expensive over the last five years. Some of them increase in price by 600% to 700%. Ebay has also made it easy for foreign buyers to purchase things from US sellers, so the prices go even higher because there are more bidders.

The 1998 Mint set has gone from $1500 in 2015/16 to $5,000 just recently. The 1970 100 won has gone from a $200 coin in MS to over $1,000 in very high grades. More recently one sold for $2,300 on eBay. There are more collectors in Korea now as well. An XF 1981 100 won used to cost $15 on eBay; now they are well over $100. With more information on YouTube to aid the hobby and COVID-19 keeping everyone indoors, more and more are getting into or getting back into the hobby.

A big part of it is that there are more buyers and people are finally realizing the value of rare Korean coins in high MS state.
Valued Member
Korea, Republic Of
473 Posts
 Posted 08/11/2021  10:55 am  Show Profile   Bookmark this reply Add Lembafc to your friends list Get a Link to this Reply

Quote:
My question regarding Korean coins in general is why are the older coins from the 1890s-1900s so valuable?


This is easy to answer. The intrinsic value of these (and all) coins is driven by rarity and quality. There are a number of 1890~1900s coins that are nearly unobtainable. A good majority of them were minted in Japan, then taken by Japan during occupation and then melted, and then taken/melted by the US after WW2. So the number of surviving extreme rarities are very, very low.

Even for less rare, finding very high MS specimens is very hard and thus, make them worth more money.
Valued Member
Russian Federation
372 Posts
 Posted 08/11/2021  2:52 pm  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply
@Lembafc I just saw 100 won on ebay, which already has a bid of more than $ 600. Is this a rare coin? Is the market in Korea starting to grow ? Should we stock up on coins as XF-MS ?
I recently purchased 1 won of 1966, 1967 AU and was surprised when I saw how much such coins go for on eBay.
Pillar of the Community
United Kingdom
1925 Posts
 Posted 08/11/2021  9:15 pm  Show Profile   Bookmark this reply Add Pertinax to your friends list Get a Link to this Reply
I don't understand these comments.

I've looked at https://www.NGCcoin.com/price-guide/world/, MA Shops and eBay and most of the post 1960 coins are priced at a few dollars or cheaper.
Life Fellow, Royal Numismatic Society

My wants list: http://goccf.com/t/283145
Pillar of the Community
Australia
3376 Posts
 Posted 08/12/2021  05:16 am  Show Profile   Bookmark this reply Add gxseries to your friends list Get a Link to this Reply
The common circulatrd coins are cheap. It is the uncirculated especially 1960s to mid 1970s that are worth a decent premium. The early bronze / brass alloys are notorious for poor alloy mix and often have bad zinc spots.

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.
Valued Member
Korea, Republic Of
473 Posts
 Posted 08/12/2021  09:00 am  Show Profile   Bookmark this reply Add Lembafc to your friends list Get a Link to this Reply

Quote:
I just saw 100 won on ebay, which already has a bid of more than $ 600. Is this a rare coin? Is the market in Korea starting to grow ? Should we stock up on coins as XF-MS ?
I recently purchased 1 won of 1966, 1967 AU and was surprised when I saw how much such coins go for on eBay.


Don't take this the wrong way, but you don't seem to understand Korean coins. 1970 is the very first year of the 100 Won coin, ever. So yes, it is intrinsically rare, but especially rare in MS. You should have been stocking up on this and other rare Korean coins for a long time. Right now is a great time to sell with the prices. The 1966 1W is also a another expensive one, but the 1967 1W isn't worth much.


Quote:
I don't understand these comments.


The "prices" on that NGC values page are not updated and do not consider the markets where the coins are from. We are also talking about MS state coins, not circulated stuff; which is worth nothing most of the time.
Valued Member
Russian Federation
372 Posts
 Posted 08/12/2021  1:14 pm  Show Profile   Check Slerk's eBay Listings Bookmark this reply Add Slerk to your friends list Get a Link to this Reply

Quote:
Don't take this the wrong way, but you don't seem to understand Korean coins. 1970 is the very first year of the 100 Won coin, ever. So yes, it is intrinsically rare, but especially rare in MS.
.
That's why I've been waiting for you here. I'm very bad at Asian coins.


Quote:
Right now is a great time to sell with the prices
.
Do you think the price will fall ?
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