Old Korean Banknote

Discussion in 'Paper Money' started by jlleet, Jan 22, 2018.

  1. jlleet

    jlleet New Member

    Anyone have any ideas on what this is? (history, value?) Something my grandfather had passed down.

    Thanks for any insights!
     

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  3. Dave M

    Dave M Francophiliac

    I know nothing of S. Korea notes, but this look like it might be a nice piece, though a bit damaged. Hopefully @MEC2 has some comment.
     
  4. Bert Gedin

    Bert Gedin Well-Known Member

    Hi Jlleet, The Korean banknote looks like it was before the separation (the 1950's) of North and South. The bad news is that it probably is not genuine - thus the "Speciman"!!!
     
  5. paddyman98

    paddyman98 I'm a professional expert in specializing! Supporter

    I believe Specimen notes demand a premium..
    I saw many at the NYINC coin show a few weeks ago. They were a bit pricey for me.
     
    George McClellan likes this.
  6. Muzyck

    Muzyck Rabbits!

    It is a South Korean note. Listed in "The Standard Catalog" as P-20 with a date of 1956 or 1957. The note pictured in the catalog also has "specimen" on it. Yours is dated 4289 (1956).
     
    Last edited: Jan 23, 2018
    George McClellan likes this.
  7. Bert Gedin

    Bert Gedin Well-Known Member

    I don't understand this. If it says "Bank of Korea", which it does, I would have thought the note was before the separation. The war was in 1950 - 1953. And the banknote is from 1956 !
     
  8. Muzyck

    Muzyck Rabbits!

    Modern notes still have "Bank Of Korea". South Korea is officially the Republic of Korea.

    https://en.wikipedia.org/wiki/Bank_of_Korea
     
  9. lettow

    lettow Senior Member

    In this condition I would estimate a value of $350.00-500.00.

    No specimens are shown to have sold on HA.com.
     
  10. afantiques

    afantiques Well-Known Member

    Many years ago, and certainly up to the 1960s, it was a practice of British bank's foreign exchange departments to have a book of all the current foreign notes they thought they might encounter, as un-numbered 'Specimen' examples of genuine notes.
    I assume that when a new note was issued the old page was destroyed or returned to the head office.
    At that time, as now, most specimen notes carried a high collector value premium but I never encountered more than a rumour of any of these books escaping onto the open market.
     
    George McClellan likes this.
  11. Bert Gedin

    Bert Gedin Well-Known Member

    Ok, Muzyck. But if South Korean modern notes say Bank of Korea, what do North Korean bank notes say ? Kim, or no Kim, it doesn't hurt to know a little about North Korea, too.
     
  12. Muzyck

    Muzyck Rabbits!

    furryfrog02 and George McClellan like this.
  13. Bert Gedin

    Bert Gedin Well-Known Member

    We'll see what bank notes they use when they buy each other meals at the Olympics !!!
     
    George McClellan likes this.
  14. jlleet

    jlleet New Member

    Thanks for everyone's comments - I was curious about what the 'Specimen" meant. My grandfather was an artist, and drew/designed some of the currency back in the day. I assume this is one of them, and might explain how he was able to keep this piece when it was supposed to be destroyed.
     
    Muzyck likes this.
  15. jlleet

    jlleet New Member

    Thanks, unfortunate it wasn't kept in perfect condition.
     
  16. lettow

    lettow Senior Member

    Who was your grandfather? Do you know what notes he designed? Or who he worked for? There is a book, The International Engravers Line that has bios of many world banknote designers.
     
  17. Bert Gedin

    Bert Gedin Well-Known Member

    Maybe, Jlleet, you would like to leave your grandfather's name, here, for people to look up, including his numismatic connections ? Just a thought. But entirely your decision, which we would respect.
     
  18. iceberg

    iceberg New Member

     
  19. iceberg

    iceberg New Member

    The picture on your bill is of Syngman Rhee, he was the Korean Head of State before the Korean war, then was the leader of South Korea after the war. The poster above gave the correct date. I have South Korean coins with a date like that. That date numbering system is from the Korean calendar, not the modernized calendar date we all know and use. I was stationed in South Korea for 2 ½ years and use to have a bunch of South Korean Currency, but they got lost in one of my many moves. I still do have a 1964 10 won bill that says Bank of Korea. I have seen North Korean currency, but never with anything printed in English. In the late 70's, 500 won was worth almost $1.00 american. Hope this helps.
     
    furryfrog02 likes this.
  20. Bert Gedin

    Bert Gedin Well-Known Member

    When North and South Korea, following the war, became two separate countries, North Korea probably would have had to make do with South Korean currency, for some time, perhaps a number of months, until they managed to print their own currency. Here, they may have had help from the Chinese, who had been their allies in the war.
     
  21. Bert Gedin

    Bert Gedin Well-Known Member

    (From Wikipedia). "North Korean currency.- After the division of Korea, North Korea continued using the Korean yen for 2 years until the Central Bank of the Democratic People's Republic of Korea was established on December 6, 1947 and a new currency was issued. It was at the time pegged at par to the Soviet ruble."
     
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