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HapKi
Joined: 10 Dec 2004
Location: TALL BUILDING-SEOUL
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 Posted: Wed Jan 19, 2005 9:37 pm Post subject: Do you have a 1998 500 won coin? I doubt it. |
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My wife just heard on the radio (Korean) that 500 won coins minted in 1998 can be redeemed at any bank for over 500,000 won. I guess that during the IMF crisis, they cost too much to mint up in large amounts.
Of course, I immediately checked my 500 won jar, with over 150,00 won worth, and alas, not a one.
Would love to hear if anyone finds one!! |
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thorin
Joined: 14 Apr 2003
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| Posted: Thu Jan 20, 2005 2:10 am Post subject: |
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| I always wonder why people don't spend their coins. I only have two 500 won (1983 and 2002). |
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Hollywoodaction
Joined: 02 Jul 2004
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| Posted: Thu Jan 20, 2005 2:22 am Post subject: Re: Do you have a 1998 500 won coin? I doubt it. |
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| HapKi wrote: |
My wife just heard on the radio (Korean) that 500 won coins minted in 1998 can be redeemed at any bank for over 500,000 won. I guess that during the IMF crisis, they cost too much to mint up in large amounts.
Of course, I immediately checked my 500 won jar, with over 150,00 won worth, and alas, not a one.
Would love to hear if anyone finds one!! |
Too expensive to mint? If I remember correctly, the price of some metals dropped to below the production cost in 1998 because the demand in Asia was so low, so I'm not convinced it was too expensive to mint the 500 won coin. Besides, if it was too expensive to mint coins they would stopped minting the 10 won coin instead because it has a lower face value. In any case, unless they minted just a couple dozen of them, there's no collector in his right mind who would pay that much for a Korean coin. Sounds to me like another urban legend being reported by the media as fact. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Thu Jan 20, 2005 3:03 am Post subject: Re: Do you have a 1998 500 won coin? I doubt it. |
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| HapKi wrote: |
My wife just heard on the radio (Korean) that 500 won coins minted in 1998 can be redeemed at any bank for over 500,000 won. I guess that during the IMF crisis, they cost too much to mint up in large amounts.
Of course, I immediately checked my 500 won jar, with over 150,00 won worth, and alas, not a one.
Would love to hear if anyone finds one!! |
Money seems to generate a lot of urban legends. In Canada, a dollar coin redesign started an urban legend that the crown on the queen was wrong and the mint was trying to recall the coins. One of these dollar coins was worth untold wealth to collectors.
So this could true but does it make sense a bank would redeem any coin for more than face value? If they are rare they might have value to a collector, assuming you can find one who will buy it and assuming it's in mint condition. But what's the bank's role? |
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SuperHero
Joined: 10 Dec 2003
Location: Superhero Hideout
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| Posted: Thu Jan 20, 2005 5:10 am Post subject: |
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| thorin wrote: |
| I always wonder why people don't spend their coins. |
Every 6 months I get around 200,000won of free money to spend. It's a good way to save money for a rainy day that doesn't really feel like saving. |
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chiaa
Joined: 23 Aug 2003
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Sage Monkey
Joined: 01 Nov 2004
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| Posted: Thu Jan 20, 2005 6:56 am Post subject: |
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It says something about the average North Korea making an average of 60-100 won per month so a 500 won coin is worth a lot there.
I'm not so sure how this relates to the IMF crisis, the mint, and collectors though! |
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HapKi
Joined: 10 Dec 2004
Location: TALL BUILDING-SEOUL
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| Posted: Thu Jan 20, 2005 6:59 am Post subject: |
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If the worth of the metal costs more than the face value, there's always a chance of a lowered production, or a change in metel composition. I believe that's what happened to the pre-1964 US silver dollars. The silver in the dollar cost more than the dollar. People started hoarding them and they lost their function. I heard recently its also an arguement to discontinue the 10 won coin, with its brass-nickel composition.
Hollywood, its only a guess that the lowered 1998 production was related to costs. The copper-nickel comp could have been excessive in IMF times. Would love to know for sure. |
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chiaa
Joined: 23 Aug 2003
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| Posted: Thu Jan 20, 2005 7:17 am Post subject: |
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| Sage Monkey wrote: |
It says something about the average North Korea making an average of 60-100 won per month so a 500 won coin is worth a lot there.
I'm not so sure how this relates to the IMF crisis, the mint, and collectors though! |
Tells you how good my Korean is  |
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everydavid
Joined: 26 Aug 2004
Location: dans la lune
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| Posted: Thu Jan 20, 2005 5:43 pm Post subject: |
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I just went through about 300 of my 500won coins. Was not the most useful 10 minutes of my life.
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thorin
Joined: 14 Apr 2003
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| Posted: Thu Jan 20, 2005 8:33 pm Post subject: |
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| SuperHero wrote: |
| thorin wrote: |
| I always wonder why people don't spend their coins. |
Every 6 months I get around 200,000won of free money to spend. It's a good way to save money for a rainy day that doesn't really feel like saving. |
You're pretty stupid if you can trick yourself into thinking you're getting "free money". I've got that 200,000 in the bank any time I want it. |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Thu Jan 20, 2005 9:18 pm Post subject: |
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| thorin wrote: |
| SuperHero wrote: |
| thorin wrote: |
| I always wonder why people don't spend their coins. |
Every 6 months I get around 200,000won of free money to spend. It's a good way to save money for a rainy day that doesn't really feel like saving. |
You're pretty stupid if you can trick yourself into thinking you're getting "free money". I've got that 200,000 in the bank any time I want it. |
Yeah. We did a thread on this a few months ago. I couldn't believe how many people posted as if they were getting something out of nothing. Money is money for gods sake. Whether in paper form or coin form. It's the same thing.
I think it's way too much trouble to put coins in a jar and then haul that heavy-assed jar to the bank every month.
Just spend them as you go! |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Thu Jan 20, 2005 9:26 pm Post subject: |
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I've always preferred coins. Their look, their feel, their weightiness. Paper money has always been just ... well, paper. We've got A4 paper, newspaper, toilet paper, and this here money paper. Meh.
I wish that Korea had 1,000 won coins, but I still enjoy paying for meals, drinks, taxis, and smallish purchases all in 500 won coins whenever I can manage it. It's always good fun to drop (neatly set with a "thud!") a tall stack of 500 won coins (16 let's say) on the counter after a large lunch, spin and head for the door ... while the ajumma is all Abbaddabadabababab!!, flinging her arms around, peeing herself for fear I've gypped her, trying to rapid-count and hector me back to the counter at the same time. Of course I don't even pause as I exit the place, and I always make damn sure the amount I leave is correct. I don't care how many times I've seen that, it still makes my day. |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Thu Jan 20, 2005 9:30 pm Post subject: |
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| Quote: |
| while the ajumma is all Abbaddabadabababab!!, |
That's funny 'cause that's exactly what it sounds like to me too!!!
I even give shopkeepers 10 won coins. In protest at them not having a charity box for me to drop them into.
The usually just give that, 'you wacky foreigners!!', smile. |
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Hollywoodaction
Joined: 02 Jul 2004
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| Posted: Thu Jan 20, 2005 9:50 pm Post subject: |
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| HapKi wrote: |
If the worth of the metal costs more than the face value, there's always a chance of a lowered production, or a change in metel composition. I believe that's what happened to the pre-1964 US silver dollars. The silver in the dollar cost more than the dollar. People started hoarding them and they lost their function. I heard recently its also an arguement to discontinue the 10 won coin, with its brass-nickel composition.
Hollywood, its only a guess that the lowered 1998 production was related to costs. The copper-nickel comp could have been excessive in IMF times. Would love to know for sure. |
Well, the price of some metals fell so low in 1998 that they where valued at far less than production cost. One of the largest zinc-copper-silver mines in the world is in my hometown (it thought it was pretty cool when one of my students, who was a mining engineers, mentioned that fact after I told the class that I doubted that they had ever heard of my hometown). Lots of miners were laid off because of this. |
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