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Mark Lovmo's Blog

20 May 2018

My First NGC Submission and Result

Coins | Mark Lovmo

Some coins that I submitted to NGC at the Central States show. 
They came back!

The coins are:
Two South Korean 10-Won coins (1970) 
Two Japanese Five-Yen coins (Showa-32; 1957) 
...and One Swaziland Silver 10-Emalangeni (1975)

Comments

$75 for metallurgical analysis seems like a big expense to pay for most coins. What are these coins worth, if you don't mind me asking?

Mark Lovmo

Level 3

Well, they would probably not sell for much more than $300 here in North America. In South Korea, with this grade, the analysis on the tag, and their luster, these coins would probably sell for between ₩700,000~₩800,000 Korean won, which is currently about $650~$745 dollars at retail and even auction/"Buy it now" online sales. From what I know about these 1970 88% copper variety 10-Won coins, they are probably quite scarce in higher grades, and are very hard to find this nice. You can trust me on that one: It took me a span of 15 years to find these two.

World_Coin_Nut

Level 5

Nice coins. There are only a hand full of Asian coins in my collection. I just haven't taken the time to study them enough. Thanks for sharing.

CoinLady

Level 6

Thanks for the info. $75 for metal analysis? Wow!

Mike B

Level 7

Thank you this blog I learned from that's a good day anytime I can pick anything up. Thanks for the pictures to. There great coins thanks Mike. Well done.

Kepi

Level 6

Pretty coins! That's great that you got to sent them in right at the coin show!

Mark Lovmo

Level 3

Yep, but a little disappointed that they didn't have on-site grading. At the 2016 CSNS show, NGC was doing on-site grading, meaning that you could submit and get your coins graded and holdered right there, within 24 hours. They didn't have on-site grading this year, and the coin show looked really dead compared to years past. Something's happening with the market: Either people are dropping out, not enough new people coming into coin collecting, or people are just migrating to online...?

Longstrider

Level 6

Good job. Too bad on the one cleaned. Still a nice looker.. Why the metal content test on those two??? Isn't it fun sending them in and waiting and hoping. Looks like you know what your doing. Thanks!

Mark Lovmo

Level 3

I knew it was harshly cleaned. I just wanted it in a holder with the "Mint Error" noted. I have found that Japanese collectors of these coins will pay stupid prices for them at Yahoo Japan (Japanese numismatists' preferred auction site it seems). Well, they pay stupid prices among each other, but they probably wouldn't pay that to somebody outside of Japan. I find the same phenomenon in South Korea: Many dealers of South Korean coins obtain their coins here in North America (eBay, etc) and resell the coins for huge profits in their own country.

Longstrider

Level 6

Thanks Mark. You cleared that up for me. Wow!! $75 bucks for former free . Sounds about right. Thanks again!

Mark Lovmo

Level 3

These coins are brass. Halfway through the minting of these 1970 10-Won coins at the South Korean Dongnae Mint facility (near the south-coast city of Pusan), the Mint changed the Copper-to-Zinc ratio from the 88% Copper - 12% Zinc composition coining metal they had been using since 1966, to a 65% Copper - 35%Zinc composition. The Mint made the change after July 16, 1970, after which they only produced the new, reduced-copper planchets. The reason for this was due to spikes in copper prices, which were probably generated by demand from the Vietnam War, and also by shortages in copper production caused by labor strikes at both the Kennecott and the Calumet & Hecla copper mines in the USA. There is no actual known mintage figure breakdown for the two varieties (that I have yet heard about), but the overall mintage is 157 million 10-Won coins for 1970. In any case, in the South Korean and non-Korean numismatic communities, the 88% Copper varieties are valued at 2X or 3X the value of the 65% Copper varieties. Although you can see a color-tone difference between the two kinds IF they are in mint state, it's sometimes hard to tell, and there may be a question as to what variety you have when it's time to sell. The metallurgical analysis puts any arguments to rest, and increases your final sale price. (That's the theory, anyway). Note that I had to pay SEVENTY-FIVE DOLLARS for each of those metal analyses. If I wanted my coins to have the variety attribution on the tags, that's what I have to pay. By the way, the attribution of the variety of these 1970 10-Won coins used to be typed automatically on the tags in past years, and was free from NGC. It seems that they've taken a hint from the airline industry and are charging for stuff that used to be free.

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