Bank of Korea 2021 Mint Set

Discussion in 'World Coins' started by mlov43, Sep 22, 2021.

  1. mlov43

    mlov43 주화 수집가

    The 2021 Bank of Korea (BOK) Mint Set has been released.

    I finally got one. This one is even MORE hard to find and obtain than the 2020 70th Anniversary of the BOK Coin Set (proof set). This 2021 BOK mint set is already selling in the South Korean numismatic market for 350,000 KRW, right out of the gate! (The Korean Mint sold them at their website for only 10,000 KRW -about $9 bucks).

    The dang thing cost me, in trade with a Korean friend, one Innovation Dollars folder, one State Quarters and Territories folder, One Presidential Dollars folder, and one National Parks quarters folder...INCLUDING the coins to go in 'em (no proofs, and one coin each, not each mint mark, thank God). To be fair, he gave me a bunch of nice extras with the 2021 mint set.

    What happened to make this 2021 set so expensive in the Korean numismatic market so soon?

    Well, someone at the Korean Mint publicly released to Korea's numismatic "insiders" some information that revealed the absence of a large order for coin blanks for the 100-Won coin from their industry source (Poongsan Metals). This meant that the few 100-Won coins in this year's 2021 BOK mint set (60,000 sets total) will make this set a very high-demand item, especially in the context of numismatics EXPLODING in popularity in South Korea nowadays.

    The "insider sources" say that there will only be 100,000 100-Won coins minted in 2021.

    The low mintage is likely due to the gradually-applied "Coinless Society Plan," and because the 100-Won coin will soon be re-designed for reasons I elucidated in an earlier post. 2021 is probably the last year that this particular 100-Won design (dating from 1983) will be issued.
    See:
    https://www.cointalk.com/threads/cancel-culture-the-100-won-coins-image-is-to-be-redone.370200/

    Without further ado, here are pics...
    DSC04256.jpeg

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    DSC04260.jpeg
     
    Last edited: Sep 22, 2021
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  3. furryfrog02

    furryfrog02 Well-Known Member

    Very nice!
    I really wish I would've bought the mint sets when I lived there and had the chance to get them from the money museum.
     
  4. mlov43

    mlov43 주화 수집가

    Yep. They were actually AVAILABLE from the Money Museum at that time, too.
    Unlike this year and last year...
     
    furryfrog02 likes this.
  5. Jaelus

    Jaelus The Hungarian Antiquarian Supporter

    I always look forward to reading about your latest Korean acquisitions. Though I know little about these coins, your obvious passion for them makes reading about them a joy. Great post.
     
    TheGame, ddddd and mlov43 like this.
  6. furryfrog02

    furryfrog02 Well-Known Member

    Oh I know...I saw them and thought “I’ll get them next time...” then when I came back they were sold out. Super bummed.
     
  7. mlov43

    mlov43 주화 수집가

    I have the same opinion about your postings on Hungarian coins here at CT.

    Keep 'em coming...
     
    Jaelus likes this.
  8. mlov43

    mlov43 주화 수집가

    Yeah, when you see them at that little shop in the Museum, you gotta grab 'em! This was especially the case after about 2014...
     
    furryfrog02 likes this.
  9. fretboard

    fretboard Defender of Old Coinage!

    Great looking mint set, glad to hear you were able to get one! thumbsup.gif I've always liked the 100 Won coin, good to see it still looks the same as the 1970's version even though it probably has a number of differences. :D
     
  10. Amarques

    Amarques New Member

    I have a coin with a hole, but I'm not sure is from Korea
     
  11. mlov43

    mlov43 주화 수집가

    If it looks like a modern coin, and has a round hole, it's probably Japanese (50-Yen, Five-Yen) or some other country, like Denmark.
     
  12. mlov43

    mlov43 주화 수집가

    The Koreans revamped their entire currency system with a redesign in 1982-1983. So, yes, the 1983 and later100-Won will look different from the 1970s version.
     
    fretboard likes this.
  13. iPen

    iPen Well-Known Member

    Nice write up! I'd have never come to know about this information if it weren't for your posts. Thanks. :)

    Question - does 2021 have a proof set, or was the proof strikes only for the 70th anniversary set in 2020? I'd guess no, seeing as how you seem to be very thorough and I didn't see mention of it. But, just making sure.
     
  14. mlov43

    mlov43 주화 수집가

    Hey!
    2021 does NOT have a proof set. There MAY be a special "Foreign Gift Set" that looks just like the regular mint set, but the FGS should have only English text on its case and cover. These are also not proofs (if the current trend holds). The proof coins were only in the 2020 70th Anniversary (of the Bank of Korea) coin set.

    I reveal all of this and more in my book.

    Do you see a 2021 set you're going to pull the trigger on?
     
    iPen and charley like this.
  15. iPen

    iPen Well-Known Member

    I'm interested in proof or proof-like, so probably only the 2020 set.
     
    mlov43 likes this.
  16. mlov43

    mlov43 주화 수집가

    I thought I saw a 2020 proof (70th Anniversary of the Bank of Korea Gift Set) on eBay recently.
    If you can take the $400+ price...
     
    iPen likes this.
  17. masterswimmer

    masterswimmer A Caretaker, can't take it with me

    This was a nightmare to get. I've posted it before but figured this was a good time to reintroduce it. :)

    IMG_20201105_234516567.jpg IMG_20201105_234200230.jpg IMG_20201105_234318499.jpg IMG_20201105_234358691.jpg
     
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  18. KSorbo

    KSorbo Well-Known Member

    I’m surprised that the denominations are the same as for Japanese coins considering that the won only has a tenth of the value. It seems a one or five won coin would not circulate.
     
  19. mlov43

    mlov43 주화 수집가

    True on both counts. 1/10th indeed. It has caused some friction between the countries (Korea and Japan) because of the similarity in weight and diameter of the coins, too, esp. when criminals in Japan were using S. Korean 500-Won coins as "500-Yen" (and later 100-Won for 100-Yen) in vending and cash machines. That was the 1990s and early 2000s.

    The One and Five-Won coins haven't circulated since the late 1980s to early 1990s at the latest. They are only made for mint and gift sets produced by the Korean Mint and the Bank of Korea.
     
    iPen, KSorbo and masterswimmer like this.
  20. mlov43

    mlov43 주화 수집가

    Yes, I remember the rigamarole you went through. I had a similar experience, but it was in a trade for US coins with a Korean collector. Cost me, but was worth getting the two 2020 proofs sets.

    I, at least, appreciate the images you posted here.
     
    masterswimmer likes this.
  21. iPen

    iPen Well-Known Member

    @mlov43
    Do you focus mostly/exclusively on S. Korean coins, or do you also do research on Korean Empire and/or N. Korean coins, too?
     
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