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 Replies: 30 / Views: 10,269 |
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Pillar of the Community
United States
3184 Posts |
lembafc, turn on your pms!
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Valued Member
United States
413 Posts |
Hi Lembafc,
I enjoy your post on BoK 1998 Mint Set. I was surprised that there are people who is willing to pay a huge price sticker....now I understand because of the mintage.
I would like to ask you a question or two regarding Korean coins.
1. Why don't Korean Government issue 1000 won coin to replace their 1000 won note? I think it would be much better that way as that note does not buy much in Korea now, yes?
2. What is your feeling on Korean Government's move not to issue any coins in the future and make people to use a special electronic card for any loose change from their purchases? Will it affect banknotes as well?
Congratulations on your purchase!! You are right about not breaking coin sets. (I learnt an expensive lesson.)
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Valued Member
United States
156 Posts |
http://goccf.com/t/282825&whichpage=2#2566325Carrigna, I'm sure Lembafc will reply sometime, but I know a little about S. Korean numismatics, too. The Koreans won't replace their 1000-Won note with a coin because they are going cashless anyway. That's the big reason. A lesser reason, and one that has been with the Koreans for some time as I have read about it, is that they have had concerns that by turning a bill into a coin, the perception of that value (1,000-Won) will be devalued. It's the same issue with the U.S. One-Dollar denomination, from what I understand. A few people in Korea had similar concerns when they last did this in 1982 with the 500-Won denomination. Also, people don't seem(?) to like to carry around coins but prefer banknotes (lighter, not as clunky?). As for the cashless issue: I believe that most economies that matter in this world will probably switch to this kind of system regardless of what anybody thinks. I'm just fine with the way things are now, so I don't want it to change. Also, I wonder how easy it will be for foreign visitors to Korea to use this new system? Korean systems involving any sort of electronic security seem to be very exclusive. I'm sure accommodations will be made for non-Koreans in the new cashless system. Making money off of tourists is pretty important. I just wonder if we (non-Koreans) will have access to more types of transactions that we cannot make now in the future cashless system? THAT would be a good change. Banknotes will be affected eventually: The idea is to go cashless gradually. The reason for cashless systems, from what I read and what some of us are not keying into, is that the seigniorage gained from electronic currency is higher than the seigniorage gained from printing banknotes and minting coins. You have to SPEND money to make physical money, but you spend much less money making your currency out of zeroes and ones.
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Valued Member
United States
413 Posts |
Thank you for your wonderful and informative explanation, mlov!
You make a valid point re: electronic payments are far more profitable for the government. Never thought about that angle before!
Hope they would make it easier for the tourists in the future!
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Bedrock of the Community
United Kingdom
17970 Posts |
Great purchase, Lembacf, and thanks for posting! There is a similar situation with French BU sets from the 1990s - some sets were issued in very small numbers and contain coins not issued for circulation.
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Valued Member
 Korea, Republic Of
489 Posts |
Quote:
lembafc, turn on your pms! @mkman123, my PMs have been on for as long as I can remember. Quote:
1. Why don't Korean Government issue 1000 won coin to replace their 1000 won note? I think it would be much better that way as that note does not buy much in Korea now, yes?
2. What is your feeling on Korean Government's move not to issue any coins in the future and make people to use a special electronic card for any loose change from their purchases? Will it affect banknotes as well?
Congratulations on your purchase!! You are right about not breaking coin sets. (I learnt an expensive lesson.) @Carrigna, I am so sorry for replying so late. I have not been able to access this due to switching out for a new computer. Don't let Mlov fool you, he is far well versed on Korean coins than I am. He is my sensei :) Just like he said BoK will very likely never do what you mentioned mostly due to the fact that they plan on becoming a coinless society by 2020. They have already begun the process and change is being put into chargeable cards. 1,000 while its small still buys a good bit over here and it feels like it holds more weight than $1 does in the States. Also, how many folks do you see in the states paying with $1 coins nowadays? They practically beg you to take them from banks because noone uses them. With regards to your second question, the BoK's plan ultimately includes ridding of bills as well. There are some issues with this like foreigners visiting, haggling, etc. Coins, I can understand up until the 100 won and 500 won coin. Get rid of the 10 and 50 won; noone uses them. But I think they are going to run into problems when they start digging into the change and bills that people actually use. I mean eventually, a completely cashless society will be just fine in my opinion. There are just some things to work through. Also I actually picked up a second 1998 set and broke it out to send to NGC. I got an MS68 for my 1998 500 won, so it was well worth it. |
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Valued Member
United States
413 Posts |
Hello Lembafc!
Thank you so much for answering my questions! Appreciate it very much!
Glad you got a good news on your 1998 500 won coin!
Best wishes,
Carrigna
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New Member
United States
2 Posts |
When I left South Korea in May of 1998, I picked up a mint set at the duty-free store at the airport in either Incheon or Kimpo. The coins were all encased in one plastic holder and I believe there were six coins. They were a gift for my son when I got back to the US. He says he still has them but they are packed away in a box somewhere in his mother's house. I can't remember the dates of the coins but believe they were either 1997 or 1998. He is searching his mom's house for this set so we can verify which year it is.
While he is searching, can anyone tell me when the 1998 sets would have become available to purchase?
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Valued Member
Korea, Republic Of
489 Posts |
Stucky30,
You would not have been able to get this at a duty-free store. You probably got a tourist gift coin set that has random dates. There were only 8,000 of these made and they were sold by the Bank of Korea itself. Also BoK mint sets typically come out in the middle/end of the year. These coins are not in a plastic holder. You can google "1998 Bank of Korea Mint Set" and you will see the blue set that its in.
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New Member
United States
2 Posts |
Lembafc,
Thank you for your reply.
After doing a little research on this, the set that I got at the duty-free store may actually be a souvenir set. I believe the coins were all the same date (1996 or 1997?) and they were uncirculated.
We'll have to see what my son finds. Until then, I'm only speculating because I can't remember what I bought 22 years ago.
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Moderator
 United States
189222 Posts |
stucky30,  to the Community! |
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New Member
Germany
4 Posts |
Hello Lembafc, can you please tell me what is the actual price for this set?
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Valued Member
Korea, Republic Of
489 Posts |
@Neunumis This set went as much as 4,000,000 Won prior to Corona. However, the price has pretty much stabilized around the $2,300 won to $2,600 price range depending on condition. Currently, one just sold on ebay for around $2400 which is about right. |
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New Member
Germany
4 Posts |
Thank you for your reply, I like your videos, I do nothing understand but very funny.
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Valued Member
Korea, Republic Of
489 Posts |
@neunumis Thank you :) I try hard to make time for English subtitles, but it gets hard doing all the production, editing, and then extra subtitles.
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Replies: 30 / Views: 10,269 |
First Page
Posted 11/13/2017 6:43 pm
