I know someone here at CT recently posted about a coin he submitted that a TPG refused to make a judgement on. The TPG was suspicious about the coin's countermark. A close up of the countermark on this 100 Hwan coin shows the Korean word, "견 양," for specimen. South Korean coins with these specimen countermarks have seen much higher realized prices than those without specimen countermarks in the same condition. Often there is a two- or three-fold price difference. The Krause Catalog cites these counter-marked Hwan coins as “bank samples,” and says that some quantity of these coins “in uncirculated condition were countermarked… for distribution to government and banking agencies.” I always wondered: How hard have the Third Party Grading (TPG) grading companies scrutinized these countermarks in the past? Do the TPGs have diagnostics for all of the counter marked coins that they cite and grade as such? After all, someone with the fabrication skills to make a metal punch could just do so and make her own "bank samples" out of some non-countermarked South Korean coins, and then turn these doctored coins around for a nice profit. I think I'm kinda negative sometimes, but it would make me think twice before investing in one of these...
Question: So the counter mark reads "Specimen" yet the coin looks so ordinary. Something does not compute. Please educate me.
That is the idea insider. These coins were first released to government organization before they were released to the public. The idea is to first get the bank employees to get used to the coins. You need to realize that before this coin was first released in 1959 - the last time Korea used coins was when Korea was still a Japanese protectorate in 1910! So you have a generation of people who would have no idea what coins were at one stage.
So its like a sample they sent out to the banks, so people could see them before the rest were released for circulation? That's pretty cool. I've never heard of these, so I can't really help answer the OP's question... but the idea of them is cool.
Here's another example: These are simply business-strike coins that are punched with the Korean word for "Sample" or "Specimen." These coins were also new to people when they started appearing in circulation in around 1967. This is why I wonder if the TPGs have diagnostics on these stampings. Regular circulation coins simply punch-stamped? Can you say, "counterfeit bait"?
I guess historically TPGs would have some database of such coins and continue to update their library internally. On top of this, they would have some specialists who look at these coins all day until they know the details inside out. In most times when TPGs manage to detect them - it's only when some unusually huge hoard appear all at once for submission and that's when they have to up their game. A while back some iron Russian German occupation coins did hit the TPGs big time and it was rather unexpected - they weren't particularly rare coins. And so back to the question - it's possible that these counterstamp could be 'manufactured'. But when UNC coins are somewhat pricey to begin with and these counterstamped coins even raise their prices further - you really hope that some crooks aren't reading this... Personally I'll be much happier with UNC coins without the counterstamp.
I have heard that Fake counter stamps have been around almost since the first country started to use them on other coins. I think the TPGS should be extremely careful when examining them. As for these things...I VOTE NO...ineligible type! They are too easily faked. Nevertheless, I should prefer to have one of these in my collection rather than a regular one.
The best answer you'll get will be from NGC itself. You can call them, or you can post a question on their "Ask NGC" forum here: http://boards.collectors-society.com/ubbthreads.php?ubb=postlist&Board=5&page=1 Out of curiosity, how many of these were made?
According to Krause, "quantities." And no word on numbers concerning Specimens of any coin that I have been able to come across with my Korean sources , so far.
Interesting. They remind me a little of Chinese "training money," used to train bank teller on handling foreign currency.
