Take a look at this South Korean 1998 Mintset. I see that this mintset is going for $1,500.00 (according to the Korean coin catalogue publisher, Daewonsa). Can anyone tell me the reasons for its high price? How about the "Monster" mintsets that YOU have? Do other World Coin mintsets command such a high price? Kinda new to this...It would help to hear from others on this topic
sure it isn't 1500 WON, which equals $1.34 USD Here is a site which may help some. http://antivirusfree.eu/Korea/1/4185.htm
DEFINITELY not! It IS "One-Thousand, Five-Hundred DOLLARS" in Korean won, 1,500,000 Won (One-Million, Five-Hundred Thousand Won).
Not sure what the current price is, but assuming it is 1,500 US dollars, here is a possible explanation: "Currently after the 1982 proof coin with a mintage of just 2,000, the 1998 500 won is said to be the second rarest. This is simply because none of them circulated in South Korea. 8000 of such coins were produced only in mint sets and all of them were meant for export." http://www.gxseries.com/numis/koreatype/koreatype_early_all.htm As for other expensive coin sets, well, here in the euro area there is the Vatican 2002 set for example: €1,000 in proof, €500 in BU. The price is so high because those were the very first VA euro sets, and there aren't too many of them. Monaco is a little less expensive; the 2001 sets are about €600 (proof) and €300 (BU). Christian
Another example of a rare mint set is the 1986 Irish one, mintage 6,750. The reason it's currently valued at €575 is that the ½p, 10p and 50p coins were only produced that year for this set (some 'escaped' into circulation, and one of the coins had about 3,250 extras for circulation, making a round 10,000 mintage). So a combination of mintage, rarity of certain coins within and demonitisation. I for one would love to have that set! Weirdly enough, the 1996 set has a mintage of just 3,500, but its retail is just €45 (and I have 5 of them). Reason? All coins therein were mass produced for circulation as well.
There are a lot of world mint sets that have or will be going through the roof over the next fifty years. Coins for mint sets are often the best quality and freuently just about the sole source for BU coins since most moderns haven't been saved. Throw in the typically low mintages and very high attrition rates and it's a prescription for far highr prices and collectors are waking up to this. Mint sets have long just accumulated on the maket because there has been almost no demand. Dealers cut them up and throw them in the junk boxes just to get the coins to move. The coins from these boxes usually end up in poundage where they will be degraded and lost.
Only 1500USD? The last time I remember seeing it for sale is over 2000+USD. As chrisild mentioned, the mintage of the 1998 500 won is extremely low with only 8000 coins struck. All mintsets were exported so this commands extremely high price in Korea. I don't see why this mintset price will come down any time soon. This isn't the only mint set that commands such high price. The 1982 proof mint set also commands a high price. Similar Chinese proof mint set struck from 1980-1985(?) all exceed over 1000 dollars.
Thanks for the insights into World Coin mint sets! I will definitely keep my eyes peeled for that Vatican Euro 2002 set and that 1986 Irish set. I really appreciate it.
My Father left me a bunch of Nepalese Mint sets from the late '60s...they ain't worth squat. (interesting coins, though).
Might be a matter of time to be honest. Chinese proof sets weren't worth much until the middle of last year which some of them shot up pretty much over TEN fold!
