Featured Breaking News: Bank of Korea 2020 Proof Sets

Discussion in 'World Coins' started by mlov43, Apr 14, 2020.

  1. mlov43

    mlov43 주화 수집가

    Well congratulations!

    Yes, you need Korean nationals to help you do this...
     
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  3. masterswimmer

    masterswimmer A Caretaker, can't take it with me

    Thanks!

    Yes, that was the key here.
     
  4. masterswimmer

    masterswimmer A Caretaker, can't take it with me

    This might sound weird but I had more in mind.

    I asked my DiL to have her sister order me the max five sets. I offered to give two of those sets to her two sons all the while hoping she wouldn't want them since she couldn't care less about coins. My intention was to offer you one of those sets since you brought this to my attention.

    Since she didn't want them, yaaaay, she took it upon herself to reduce the order by those two sets thereby negating my original intent to hook you up. :(

    Feels bizarre to say but, I'm sorry, I tried.
     
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  5. mlov43

    mlov43 주화 수집가

    No problem.

    Kind of you to think about me.

    Perhaps I can get my friends in Korea to trade with me. There's a couple of guys I know from FB that I've traded US coins for annual sets before. I'll see if they're willing...
     
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  6. mlov43

    mlov43 주화 수집가

    It seems that the number of reservations has exceeded the 70,000-total supply of Proof Sets. The lottery has been triggered, and the lots will be drawn on May 27th.

    People have noticed a difference in the design of the coin (the right tip of the crane's wing feathers). Take a look.

    Thanks to fellow collectors in Korea, Lee Byungho and "Time Machine" for this information.
    Screen Shot 2020-05-03 at 8.52.32 AM.png

    Time Machine's YouTube channel:
    https://www.youtube.com/channel/UCmvPm0MrUEEIYzkg-0ye1_A
     
    Last edited: May 3, 2020
  7. gxseries

    gxseries Coin Collector

    I wouldn't be surprised. The asking price is pretty low considering Korea has not issued proof mint set since 1982. There are some proof like / specimen set issued in 2000s but are scarce.

    I reckon once they appear on ebay - asking price would exceed 100USD without question. I would be a sucker to be honest...
     
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  8. masterswimmer

    masterswimmer A Caretaker, can't take it with me

    Ok, now for the bad news.

    Because the orders received and processed by the Bank of Korea exceeds the 70,000 units minted they apparently are reducing all households ordering more than one to a reduced maximum of one.

    What this means for me is this. I had my daughter in laws sister order me three. My order was reduced to one. I no longer have enough to keep one and give each of my two 1/2 Korean grandsons one each. Bummer :(

    Oh well, hopefully I'll receive my set in a month or so along with my refund for the other two undelivered sets.

    Pix to follow if I'm lucky enough to receive my one set.
     
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  9. gxseries

    gxseries Coin Collector

    Darn. Looks like I'll be on the hunt on eBay and let it ruin my pocket...

    Still wished I got my hands on the 1982 proof set when I could have... They don't even appear in the market
     
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  10. mlov43

    mlov43 주화 수집가

    I don't know why this was chosen to be a featured article... but, okay. That's good!

    Anyway, the lottery was triggered (more than 70,000 orders were placed) and on May 27th people found out how many they were allowed to purchase.

    Remember, people had to pay, up front, for their orders of between 1 to a maximum of 5 sets. Sets were 30,000 KRW. People needed to have a Korean "I-pin" (a sort of security number that identifies you as you), which would allow people to set up a membership with the Korean Mint (KOMSCO)'s sales site in order to buy sets there. To pay in advance, buyers needed to provide a special number for an automatic withdrawal from a Korean checking account, and this is ALSO how the refunds are executed for those bids that did not win. I'm not sure, but refunds will be returned sometime before distribution of the coins sets. That's supposed to be later this summer, I guess.

    Well, most of the people in Korea who I know went after these sets have won at least one set. Some have won two, and some have won three. At least, that's what I heard on FB. All of these people put in FIVE bids (for five sets). This is how the "random lottery" works. I wish the U.S. Mint would have maximum sales-triggered random lotteries (and then NOT mint more coins later!). A much more fair distribution is achieved with this system, it seems.

    Now, how much will resellers demand?
    Only time will tell...
     
    Last edited: Jun 5, 2020
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  11. mlov43

    mlov43 주화 수집가

    Yeah, not as much anymore. You used to see one on eBay once a year. There's supposedly only 2,000 of them (only sold in sets). Many fewer than the 70K mintage 2020 proof sets. A lot of these 1982 proof sets were scattered around the world as gifts, and that's why I see people emailing or FBing me about the 82 proof set that they got decades ago when they worked for the Bank of Korea's office in London, or when the Governor of the Bank of Korea visited their banknote printing facility in Europe somewhere. People who dig these out of their closet wonder if it has any value, go on the internet, and because I wrote about the only English-language information on them, they connect with me.

    Price-wise, the 1982 proof sets are now beyond most people's budget, at around $3,000-$5,000 USD. And then when you find one, not only is it expensive, the brass Five-Won and 10-Won coins in the set are often toned with the ugly "South Korean Spots" that plague that country's copper-based coins.
     
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  12. gxseries

    gxseries Coin Collector

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  13. mlov43

    mlov43 주화 수집가

  14. mlov43

    mlov43 주화 수집가

    But if you have a Korean I-Pin, you can buy one (locally) for 50,000 KRW (approx. $47 USD!) at a Korean online retailer: 103946425_923743781384004_7816996161590282456_o.jpg
     
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  15. spoon

    spoon Junior Member

    Oof. Just got my first eBay alert. Someone claiming to have more than 10 available... at $219 each!!
     
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  16. mlov43

    mlov43 주화 수집가

    It's up to you, but I'm not buying at THAT price!
     
  17. mlov43

    mlov43 주화 수집가

    Also, people are seeing scratches and other sort of quality issues resulting from handling in these proof sets. This means that the ones I buy will FOR SURE be messed up like this. Sellers will retain the condition rarities and sell the dross to the rest of us... :( Screen Shot 2020-06-12 at 12.11.15 PM.png
     
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  18. gxseries

    gxseries Coin Collector

    Found a video online - I'm sure Mike has been featured a few times.



    Looks like he's furious with the poor control quality.

    Honestly though, I would be more than happy to pay 50 USD if the quality is good. But with what's going on - 200 is most certainly a stretch! (maybe if they are struck in silver)
     
    iPen likes this.
  19. mlov43

    mlov43 주화 수집가

    The coins are not silver, and definitely NOT going to be "good quality" if you want a set. More than half of them probably have some of these "problems." Honestly, I think the outrage in Korea is just a ~little~ much. They struck them as proofs, handled and packaged them in about the same fashion as they have been doing so for their mint sets for the past 10 or so years (which isn't the greatest, as I've noticed the same problems in previous mint sets). The mint definitely did NOT use its dust-free facilities that they normally use for their proof commemorative coins, which are almost perfect in every way and have been for the past 10 or so years.

    I think the Bank of Korea wanted to get this over with and wasn't too concerned about "proof quality." Kind of like, "Oh, alright. Here's your damn mint sets!"
     
  20. masterswimmer

    masterswimmer A Caretaker, can't take it with me

    Just found out today that my daughter in laws sister received my one set. With the fees charged for wiring her the funds in USD's and the cost of international shipping, MY COST for this one set is $60 USD's.

    I'm happy to pay the price, but don't y'all think for a moment the cost is what the Korean mint charged. That was the price to get it out the door.

    Not sure when I'll have it in hand. At least I know I've got one on its way, soon.
     
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  21. gxseries

    gxseries Coin Collector

    I guess it's a bit of a farce.

    Next door neighbor Japan has been issuing proof mint set for years, on average about 50 USD. Mind you, their face value is 666 yen which is about 6 USD (depending on exchange rate). 30 USD would have been right but when sellers try to rip people off at multiple times of that price...

    To take it into context where KOMSCO takes pride in trying to win international coin orders - from supplying planchets to striking coins; to issue sub standard proof mint set for their own country is a joke.
     
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