Making the Korean Chiwoo, Tiger and ZI SIN Medallions Legal Tender?
Do you like these products but wish they would just go ahead and make them legal tender and put a Won denomination on them?
You are not alone, many are wishing that these KOMSCO products would be legal tender coins instead of medallions. I have lived in South Korea for the past decade and here is my theory about the subject.
Once the government of Korea believes that a sovereign legal tender bullion product can be successful in the market place, only then will they allow them to be made.
Right now, the National Bank of Korea is blocking the idea. I believe it has to do with Asian culture and not wanting to be embarrassed on the international stage with a national sovereign bullion product that fails!
With the continued successes of the programs currently under way, Chiwoo, Tiger and ZI SIN, I think they may change their mind and feel it's time to put a Won denomination on the medallion. There has been speculation that when this decision is made, it will be the Korean Tiger that may become the first Korean sovereign legal tender bullion coin!
If they do, imagine how valuable the pre- Won designated medallions would be! Just my thought!
Nice thought Torch, it’s quite possible. Because I’m sure the montages would skyrocket as well.
That's what i'm thinking, at least as a possibility. Time will tell!
Are the Chiwoo medallions priced less in South Korea than they are here in the US? They seem to be having so much success marketing the series, the medallions are priced higher than any other bullion coin. Should they have bullion coins, I hope that they don't price it so high that I won't consider buying them.
They do not sell the Chiwoo domestically since the 2016 release when they held half of the inventory back for local nationals to purchase. It's selling well enough that they only export to world markets. The price gouging is not coming from the mint or the distributor. It's coming from the dealers we are buying from! It's frustrating!
But how many Won would that be ? 1,000,000. ? I remember from my job that the Won is in the tens os thousands...
Well, the current exchange rate is roughly 1,100 won to a US dollar. I'm not sure how creative they would get with it, or just put 1,000 on it! Good thought though!.
i love these coins, looking to buy the '18s soon
Yep, the first batch has left Korea and they are on there way to the dealers now! Once the dealers finish processing them they should hit the streets! Keep an eye out!