The Reality Of Japanese Coin Values

So one would in fact expect to pay $7 for one of these in EF in a shop? Interesting.

gxseries- Oh, I knew that it had a rather high face value, which is why I was happy to pay 25 cents for them. So is the vending machine issue the only reason why the Japanese government is trying to remove all of the old 500s? Does this mean that many of these coins have been removed and melted?

I can appreciate the Japanese vending systems, I was in South Korea recently and you can buy all kinds of funky stuff in them. Books in subway terminals are the most obvious, but the variety of other things is kind of mind boggling (toothbrushes, tampons, etc, etc, etc). Particularly strange since stores to sell these types of items are rarely more than a block away (in any direction). However, on the same trip I saw vending machines at the airport in America that were selling items as high as $300 (ipods and Nintendo DS's). The American vending machines took credit cards.

Jays-Dad- Oh I totally agree that demand is going to rise in Russia, China, and probably India as well in the near future.

I must say that I am a bit surprised about the older generations in Japan not being that interested in Numismatics. Japan has the reputation of having such an overdeveloped entertainment industry, which has yielded such booming collector markets in the past (i.e the Pokemon franchise, collectibles relating to other anime/manga, video games, & etc). As a country that in some ways is depicted as epitomizing the consumer market, you would think that numismatics, being related to something (such as history) not viewed as frivolous as modern mass pop culture, that the older generations would catch the collecting bug.

I have a feeling that there probably are many who are older and are numismatists. But there really is the possibility that modern coinage is not viewed as worth saving, so only coins from, say, the Meiji Period and back are collected. If this also is true, then there could also be collector market that is a bit stunted by the fact that before the Meiji Restoration, the coinage used was undated cash coins, silver Ichibu, and gold Ryo. The latter two were also melted in great numbers in the late nineteenth century. So this really does cut down on what is even available to collect.

Jays-Dad-hmm, very interesting point. But are you sure that this is how the majority of people there feel? After all, there are Korean proof sets and commemorative coins issued. Even in the states it seems that you will get that same reaction (Well, that and the presumption that you are rich), yet there still is quite a population of numismatists.

It is great that academics are well-respected over there. (It really should be that way here). Also, I'm glad to hear of a professor who is a numismatist since it has been my observation that many within academia, especially within the areas of History and other social sciences, tend to have a very low opinion of the hobby.

gxseries You are indicating that it is NOT the coin itself that is rare "they made millions" it is the condition only that is rare. A nice presentable AU of the same coin could be well within reach of the average collector.

In my opinion, the "valuable" rarities of the MS68 up class are overvalued at the present time. Prices have been driven artificially high by speculators and investors who are interested in profit margins. I know people (some very good friends) who buy only slabbed high grade coins for an investment. They absolutely know NOTHING about the coin and could not care less. They stash their coins away and never look at them. They have a list - like a stock portfolio and watch as prices rise and fall on spread sheets. Those are the "collectors" who are driving this investment bubble.

Is it overinflated? Is it going to expand or burst? I just refuse to get on the band wagon.

I can remember when there was only one grade of Uncirculated and that was a happier time with lower prices. Coins came out of pocket change and you were happy with what you were able to find. Of course you were always looking to upgrade your 1955S to one that had a bit of mint luster, but it was much more fun. The coins themselves were fun. Even foreign coins, which came mostly from "junk boxes" in New England were more fun. That is where I started finding old contemporary circulating counterfeit coins when I was 10 years old.

I know everyone seems to want the MS70 copy of every coin, but I prefer a lightly worn copy VF or EF or so - and a bit toned or even dirty to show off the details. That coin in VF also circulated a bit. The MS70 never did that it never went into any-one's pocket. It was never spent as money.

Perhaps it is the romantic attachment to coins, wondering who might have spent this coin - that is one of the primary reasons I collect. I am very content to own a lower grade and will not pay an excessive premium for a high grade coin. If more people felt that way prices would fall at the top end and perhaps the true coin collectors would return to the hobby.

Gentlemen, I think I didn't make myself clear with my previous post. By UNC, I did not discriminate the difference between MS61-MS68 nor intended to talk about "how 1 point grading difference makes huge value difference". The above 10 won that I've illustrated is just a PCGS MS64.

Suppose if we can safely assume that almost everyone in Japan and Korea cared less about coin collecting - back then their economy wasn't doing so well, people just couldn't afford to stash money. From what I have been seeing about the Korean coin market, a significant number of uncirculated Korean coins are offered from overseas market, not within Korea. Would you think that it's unreasonable for me to claim that because there is a lack of people back in the 70s that did appreciate coin collecting caused a shortage of decent grade coins and hence causing collectors to look abroad?

Condition itself is one big factor that does affect price. Trust me, try looking up uncirculated or about uncirculated coins or even XF of the following if you do have the time or happened by any chance to look at Korean coins:

1959 10 hwan
1966 1 won
1970 10 won (old type)
1970 100 won
1972 50 won

Although they might have been struck in millions, reality wise they are much tougher to find in reasonable condition. I am not aware if there have been any major scrap program but maybe a possiblity with the 1959 10 hwan and 1966 1 won. This list is based upon my experience looking for these coins for a few years and after many attempts sending emails to random sellers. They did cost a few pretty dollars even though their face value is less than a few cents. There are a few more coins that are difficult to locate which I haven't but don't quite remember them off my head.

Japanese coins on the other hand while in general seems to undervalued or perhaps overpriced with its current commemorative coins, scarce coins are sold at what they deserve. For instance Japanese oban, Trade dollars, gold coins such as this one: http://search.japantimes.co.jp/cgi-...80225a3.html