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 Replies: 9 / Views: 1,303 |
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Valued Member
Korea, Republic Of
489 Posts |
https://www.ft.com/content/bf5c929c...95d1533d9a62Apparently the Bank of Korea is going to be killing the coin here in Korea in about three years.What in the world am I going to do if the source of my collection and the lamb to my hunt is taken away? I mean... seriously what do I do? I am going to hoard for the next three years. Any better ideas?
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Pillar of the Community
United States
9395 Posts |
Will they be outlawing the possession of all coins and currency, including collectible ones? (the article is hidden behind a paywall, so many of us can't read it).
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Pillar of the Community
Norway
1358 Posts |
I found an article on it here: http://www.cnbc.com/2016/12/01/sout...society.htmlIt seems mainly to be a cost reduction, for what I see. They claim it's to increase convenient as 'only' 20% of all transactions is in cash. To me that means that for about 20% of the people, cash is thus a convenient payment method. And how about tourists and people who can't do techno stuff? They'll be excluded for society, in a way. I'd certainly hoard some coins for now, but make sure you reduce the amount again when the coins become obsolete: the coins will be worthless then and they're not special enough to sell over the internet or so to make a profit on. Maybe you can get some cases or rolls at the banks to search? I can't recall finding coin shops in South Korea when I was there, but I guess there might be some. That'd be the next resort, I guess. |
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Pillar of the Community
Russian Federation
5172 Posts |
From what I understand, they're taking the path of Vietnam, Venezuela and Mongolia (Uzbekistan too maybe, don't recall) by stopping to make coins and having the lowest non-card denomination be already a banknote. I don't think they're even demonetising the coins, they're just not planning to make any more. (And I wouldn't put it beyond them to continue making a small amount for sets anyway.)
Most of the countries that actually do this are high-inflation (and mostly poor), so to be honest I'm not sure what they're going for. And it could be very inconvenient to have the lowest denomination be nearly a dollar.
But IIRC South Korea already has really high prices, so you probably can't buy anything there for less than a few dollars anyway (in which case they might as well round to the dollar). And maybe they're hoping for extremely high inflation, which will make the denominations more manageable (though it would obviously wreck the rest of the economy).
EDIT: on second thought maybe not Venezuela, IIRC they're planning to introduce 50 bolivar coins or something. Belarus and Kyrgyzstan might be better examples, though both of them had switched out to coins lately.
Edited by january1may
01/31/2017 07:05 am
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Valued Member
 Korea, Republic Of
489 Posts |
There are tons of shops here and I frequent the most famous here in Seoul. I plan on using nothing but cash and getting as many of the coins as possible. I will also be going to the mint and picking up rolls and rolls and rolls until my floor collapses.
I imagine that they will continue to make mint sets for a long long time. They still make mint sets with the 1 and 5 won coin and those have been obsolete/not in production since 1995.
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Valued Member
Korea, Republic Of
489 Posts |
Quote:
But IIRC South Korea already has really high prices, so you probably can't buy anything there for less than a few dollars anyway (in which case they might as well round to the dollar). The thing is, in most cases here in Korea, items are almost always rounded to the "dollar" anyway. For example you will never see an item on sale for 18,450 Won. You only see that in stores that take/use cards. However, on the streets and open markets it will always be either 19,000 or 18,000. The only stuff that is expensive here is western brand names. They want to, as it seems, get rid of all material cash eventually and move to an all card-based system. |
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Valued Member
Canada
206 Posts |
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Valued Member
Korea, Republic Of
489 Posts |
Yeap. I know many of those coin shop owners personally, but by "What should I do" I was kind of looking for other folks that have collected coins from countries that rid of coinage. Do coins that normally wouldn't have value begin to attain value due to the end of coins?
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Valued Member
Finland
294 Posts |
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Do coins that normally wouldn't have value begin to attain value due to the end of coins? It seems that usually when the usage of something (stamps,coins, phonecards etc.) goes down also values go down. If you donīt see coins in your everyday life you wouldnīt be interested in coins so easily. So less collectors means lower prices. Also there are tons and tons of old basic coins out there so this change wonīt affect them nearly at all. For example most of Finnish pre euros (markka and penni) are selling now under face value as you canīt exchange them anymore. Too much basic stuff around. Edited by Eurocoin
02/01/2017 03:09 am
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Valued Member
Korea, Republic Of
489 Posts |
So I should probably hunt as hard as I can until 2020 and change to rest to bills when the time comes.
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Replies: 9 / Views: 1,303 |
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Posted 01/31/2017 06:46 am
