CORRECTIONS, ADDENDA and CITATIONS for the book,

South Korean Coins in the Era of Development

by Mark Lovmo

CORRECTIONS

The following are a few necessary corrections to errors found in the text and chart information:
***Please note that the RED RECTANGLES indicate location of error and its NOW CORRECTED form.

Page 71 Problem: Wrong Ohsung Catalog Number. Correct catalog number [54.9] as it should appear is shown here.

Page 76 Problem: Wrong Ohsung Catalog Number. Correct catalog number [54.9A] as it should appear is shown here.

Page 121 Problem: Wrong Government Approval date, and page citation. Correct date [July 25] and the location of the citation [page 212] is shown here.

Page 226 Problem: Wrong date of issue. Correct date [August 14] is shown here.

Page 188 and 189 Problem: Wrong mintage figures for 1985 10-Won, 1992 10-Won and 1995 100-Won. Correct mintages [1985 10-Won = 65,000,000; 1992 10-Won = 150,000,000; and 1995 100-Won = 228,000,000] are shown here.

Page 318 Problems: 1) Wrong metal composition for 1,000-Won coin. Correct metal name (Nickel 6.0%) is shown corrected here. 2) Catalog numbers next to photos of coins were transposed. Correct catalog numbers shown here.

Page 320 Problem: Wrong metals in Composition. Corrected metal composition [Silver 92.5%, Copper 7.5%] shown here.

Page 327 Problem: Wrong KM Catalog number and wrong KM catalog number and wrong Korean catalog numbers next to photo of coin.
Corrected catalog numbers [KM# 121, DK: 21-107, OS: 55.107] shown here.

Page 328 Problem: Wrong title. Correct title [G20 Seoul Summit (2010) shown here.

Page 328 Problem: Wrong Date in Korean title. Correct Date [2011] shown here.

Page 328 Problem: Wrong Date in Korean title. Correct date [2012] shown here.

Page 329 Problem: Wrong surface finish on 1,000-Won Yeosu Expo coin. Correct finish [Mint finish] shown here.

Page 334 Problem: Catalog numbers and Obverse descriptions were transposed. Corrected here.

Page 335 Problem: Wrong Issue Date for Coin II and wrong diameter size. Correct Issue Date [December 7, 2015] and correct diamter size [33 mm] shown here.

Page 337 Problem: Missing numeral in Weight for 20,000-Won coin. Correct weight [15.55g] shown here.

Page 338 Problem: Missing numeral in Weight for 20,000-Won coin. Correct weight [15.55g] shown here.

Page 339 Problem: Wrong Issue Dates and incorrect catalog numbers next to photos. Correct Issue Dates (December 19, 2017) and correct catalog numbers
[KM# ______ , DK: 21-165, OS: 55.165] and [KM#____, DK: 21-166, OS: 55.166] shown here.

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ADDENDA

The following is an informational addendum to South Korean Coins in the Era of Development:

Actual Silver Weight (ASW) and Actual Gold Weight (AGW) for South Korean Precious Metal Coins

Source: Standard Catalog of World Coins (except: [*] determined by the author)

Year Issued	Issue Name	Denomination	KM#	Design	ASW in troy oz.	AGW in troy oz.
1970 (1971)	Five Millennia History of Korea	25,000-Won	19.1 and 19.2	King Sejong the Great	-----	2.8009
1970 (1971)	Five Millennia History of Korea	20,000-Won	18.1 and 18.2	Gold Crown of Geumgwanchong	-----	2.2395
1970 (1971)	Five Millennia History of Korea	10,000-Won	17.1 and 17.2	President Park	-----	1.1203
1970 (1971)	Five Millennia History of Korea	5,000-Won	16.1 and 16.2	Joseon Royal Navy Turtle Ship	-----	0.5602
1970 (1971)	Five Millennia History of Korea	2,500-Won	15.1 and 15.2	Queen Seondeok of the Silla Dynasty	-----	0.2801
1970 (1971)	Five Millennia History of Korea	2,500-Won	14.1 and 14.2	Great South Gate Seungnyemun	-----	0.1120
1970 (1971)	Five Millennia History of Korea	1,000-Won	13	United Nations Forces in the Korean War	1.7986	-----
1970 (1971)	Five Millennia History of Korea	500-Won	12	Manjusri Boddhisatva of Seokguram Grotto	0.8993	------
1970 (1971)	Five Millennia History of Korea	250-Won	11	President Park	0.4496	-----
1970 (1971)	Five Millennia History of Korea	200-Won	10	Goryeo Dynasty Celedon Vase	0.3597	-----
1970 (1971)	Five Millennia History of Korea	100-Won	8	Admiral Yi Sun-sin	0.1799	-----
1970 (1971)	Five Millennia History of Korea	50-Won	7	Independence Martyr, Yu Gwan-sun	0.0899	-----
1978	42nd World Shooting Championships	5,000-Won	23	Muyong Mounted Archer	0.6655	-----
1981	Inauguration of the Fifth Republic	20,000-Won	26	Archetypal citizens beneath fluttering flag	0.6519	-----
1982	Olympic Bid	20,000-Won	30	Torch	0.6655	-----
1982	Olympic Bid	10,000-Won	29	Seungnyemun Gate with Rose of Sharon	0.4340	-----
1983	Olympic Bid	20,000-Won	38	Ssireum (Korean wrestling)	0.6655	-----
1983	Olympic Bid	10,000-Won	37	Gyeonghoeru Pavillion in Gyeongbok Palace	0.4340	-----
1984	Bicentennial of the Catholic Church in Korea	10,000-Won	40	Father Kim Daegon and two other martyrs	0.3585	-----
1986	10th Asian Games	20,000-Won	45	Bulguk Temple	0.8102	-----
1986	10th Asian Games	20,000-Won	44	Athlete bearing torch	0.8102	-----
1986	10th Asian Games	10,000-Won	44	Soccer	0.6655	-----
1986	10th Asian Games	10,000-Won	42	Badminton	0.6655	-----
1986	1988 Seoul Olympics	50,000-Won	59	Turtle Ship	-----	0.9998
1987	1988 Seoul Olympics	50,000-Won	65	Seungnyemun Gate	-----	0.9998
1987	1988 Seoul Olympics	50,000-Won	69	Silla Ceramic Horse and Rider	-----	0.9998
1988	1988 Seoul Olympics	50,000-Won	73	Dabo Pagoda	-----	0.9998
1986	1988 Seoul Olympics	25,000-Won	58	Farmers' Dance	-----	0.4999
1987	1988 Seoul Olympics	25,000-Won	64	Fan Dance	-----	0.4999
1987 and 1988	1988 Seoul Olympics	25,000-Won	68	Kite Flying	-----	0.4999
1988	1988 Seoul Olympics	25,000-Won	72	Korean Seesaw	-----	0.4999
1986	1988 Seoul Olympics	10,000-Won	56	Marathon Runner	0.9998	-----
1987	1988 Seoul Olympics	10,000-Won	63	Volleyball	0.9998	-----
1987	1988 Seoul Olympics	10,000-Won	57	Diving	0.9998	-----
1987 and 1988	1988 Seoul Olympics	10,000-Won	62	Archery	0.9998	-----
1988	1988 Seoul Olympics	10,000-Won	75	Equestrian Show Jumping	0.9998	-----
1988	1988 Seoul Olympics	10,000-Won	74	Rhythmic Gymnastics	0.9998	-----
1988	1988 Seoul Olympics	10,000-Won	76	Cycling	0.9998	-----
1988	1988 Seoul Olympics	10,000-Won	77	Soccer	0.9998	-----
1986	1988 Seoul Olympics	5,000-Won	54	Mascot "Hodori"	0.4999	-----
1986	1988 Seoul Olympics	5,000-Won	55	Tug-of-war game Juldarigi	0.4999	-----
1987	1988 Seoul Olympics	5,000-Won	60	Main Stadium	0.4999	-----
1987	1988 Seoul Olympics	5,000-Won	61	Kicking Jegi	0.4999	-----
1987	1988 Seoul Olympics	5,000-Won	66	Taekwondo	0.4999	-----
1987	1988 Seoul Olympics	5,000-Won	67	Swinging	0.4999	-----
1988	1988 Seoul Olympics	5,000-Won	70	Ssireum (Korean wrestling)	0.4999	-----
1988	1988 Seoul Olympics	5,000-Won	71	Top Spinning	0.4999	-----
1993	Taejon International Exposition	50,000-Won	83	Tower of Great Light	-----	0.9998
1993	Taejon International Exposition	25,000-Won	82	Astronomical Observation Instrument	-----	0.4999
1993	Taejon International Exposition	10,000-Won	81	Celadon Wine Jug in the Shape of a Dragon	0.9998	-----
1993	Taejon International Exposition	5,000-Won	80	Farmers' Band	0.4999	-----
1993	Taejon International Exposition	5,000-Won	79	Seated figure spinning yarn	0.4999	-----
1995	50th Anniversary of Liberation	10,000-Won	86	Portrait of An Jung-geun	0.6655	-----
1998	50th Anniversary of the Republic of Korea	10,000-Won	84	Cloisonne taeguk	0.6691	-----
2000	Asia-Europe Meeting (ASEM)	20,000-Won	????	Asia-Europe map	* 0.4972	-----
2001	2002 FIFA World Cup	30,000-Won	95	History of Soccer	-----	0.999
2001	2002 FIFA World Cup	20,000-Won	94	World Cup Trophy	-----	0.4994
2001	2002 FIFA World Cup	10,000-Won	90	Gwangju Stadium	0.999	-----
2001	2002 FIFA World Cup	10,000-Won	92	Daegu Main Stadium	0.999	-----
2001	2002 FIFA World Cup	10,000-Won	91	Busan Main Stadium	0.999	-----
2001	2002 FIFA World Cup	10,000-Won	93	Suwon Stadium	0.999	-----
2002	2002 FIFA World Cup	30,000-Won	114	Seoul World Cup Stadium	-----	0.999
2002	2002 FIFA World Cup	20,000-Won	113	Football and map of Korea	----	0.4994
2002	2002 FIFA World Cup	10,000-Won	99	Jeonju Stadium	0.999	-----
2002	2002 FIFA World Cup	10,000-Won	100	Ulsan Munsu Stadium	0.999	-----
2002	2002 FIFA World Cup	10,000-Won	98	Daejeon Stadium	0.999	-----
2002	2002 FIFA World Cup	10,000-Won	101	Incheon Mungak Stadium	0.999	-----
2002	14th Busan Asian Games	30,000-Won	120	Five hands and map of Asia	-----	0.999
2002	14th Busan Asian Games	20,000-Won	119	Kaya king's crown	-----	0.4994
2002	14th Busan Asian Games	10,000-Won	117	Busan Sports Complex with mascot "Duria"	0.999	-----
2002	14th Busan Asian Games	10,000-Won	118	Traditional Busan dances	0.999	-----
2006	Hangeul Day	20,000-Won	104	Replica of old Korean coin and hangeul	0.6103	-----
2005	APEC Summit	20,000-Won	97	Illustration of Nurimaru	* 0.6649	-----
2006	60th Anniversary of Liberation	20,000-Won	102	Hands of Adult and Child	0.6649	-----
2007	Traditional Folk Games	20,000-Won	105	Eunyul mask dance	0.6103	-----
2008	Traditional Folk Games	20,000-Won	106	Ganggangsullae dance	0.6103	-----
2009	Traditional Folk Games	20,000-Won	108	Yeongsan Juldarigi tug-of-war	0.6103	-----
2008	60th Anniversary of Liberation	30,000-Won	107	National flag	* 0.7387	-----
2010	UNESCO World Heritage	30,000-Won	110	Jongmyo Shrine	0.6103	-----
2011	UNESCO World Heritage	50,000-Won	121	Mt. Halla	0.6103	-----
2012	UNESCO World Heritage	50,000-Won	130	Bulguk Temple	0.6103	-----
2011	IAAF Daegu	50,000-Won	122	High Jump	0.6103	-----
2012	Seoul Nuclear Security Summit	50,000-Won	123	Hands holding up the Earth	0.6103	-----
2012	Yeosu International Exposition	20,000-Won	129	International Pavillion	-----	0.4994
2012	Yeosu International Exposition	15,000-Won	128	Big-O main stage	-----	0.2496
2012	Yeosu International Exposition	10,000-Won	126	Sky Tower	0.999	-----
2012	Yeosu International Exposition	5,000-Won	124	Korea Pavillion	0.4978	-----
2012	Yeosu International Exposition	5,000-Won	125	Theme Pavillion	0.4978	-----
2012	World Conservation Congress	50,000-Won	131	Seven animal speicies	0.6103	-----
2013	Seungnyemun Gate Restoration	50,000-Won	111	Restored Seungnyemun Gate	* 0.6103	-----
2013	Successful Launch of Naro Rocket	50,000-Won	????	Naro Rocket	* 0.6103	-----
2013	Korean Cultural Heritage Series	50,000-Won	????	Injeongjeon throne hall	* 0.6103	-----
2013	Korean Cultural Heritage Series	50,000-Won	????	Gongsimdon tower	* 0.6103	-----
2013	Korean Cultural Heritage Series	50,000-Won	????	Consonants and Vowels of hangeul	* 0.6103	-----
2014	17th Asian Games Incheon	20,000-Won	????	Main Stadium, High Jump	-----	* 0.999
2014	17th Asian Games Incheon	15,000-Won	????	Soccer	-----	* 0.3327
2014	17th Asian Games Incheon	10,000-Won	????	Rhythmic Gymnastics	* 0.999	-----
2014	17th Asian Games Incheon	5,000-Won	????	Swimming	* 0.4978	-----
2014	17th Asian Games Incheon	5,000-Won	????	Taekwondo	* 0.4978	-----
2014	Pope's Visit to Korea	50,000-Won	132	Taeguk pattern and dove	0.6103	-----
2014	Korean Cultural Heritage Series	50,000-Won	????	Historic Villages of Korea	* 0.6103	-----
2014	Korean Cultural Heritage Series	50,000-Won	????	View of Janggyeong Panjeon	* 0.6103	-----
2014	Korean Cultural Heritage Series	50,000-Won	????	East Gate of Namhansanseong	* 0.6103	-----
2015	70th Anniversary of Liberation	50,000-Won	????	Center of composite 3-coin image	* 0.999	-----
2015	70th Anniversary of Liberation	30,000-Won	????	Left side of composite 3-coin image	* 0.4978	-----
2015	Korean Cultural Heritage Series	30,000-Won	????	View of Donggung Palace	* 0.4978	-----
2015	Korean Cultural Heritage Series	30,000-Won	????	Great gilt bronze incense burner	* 0.4978	-----
2016	Korean Cultural Heritage Series	50,000-Won	????	Korean dolmens	* 0.6745	-----
2016	Korean Cultural Heritage Series	50,000-Won	????	King Taejo's tomb	* 0.6745	-----
2016	2018 Pyeongchang Winter Olympics First Issue	30,000-Won	????	Maple wood sleds	-----	* 0.999
2016	2018 Pyeongchang Winter Olympics First Issue	20,000-Won	????	Alpensia ski jump	-----	* 0.4978
2016	2018 Pyeongchang Winter Olympics First Issue	5,000-Won	????	Short track speedskating	* 0.4978	-----
2016	2018 Pyeongchang Winter Olympics First Issue	5,000-Won	????	Speedskating	* 0.4978	-----
2016	2018 Pyeongchang Winter Olympics First Issue	5,000-Won	????	Bobsleigh	* 0.4978	-----
2016	2018 Pyeongchang Winter Olympics First Issue	5,000-Won	????	Alpine skiing	* 0.4978	-----
2016	2018 Pyeongchang Winter Olympics First Issue	5,000-Won	????	Curling	* 0.4978	-----
2016	2018 Pyeongchang Winter Olympics First Issue	5,000-Won	????	Ice hockey	* 0.4978	-----
2016	2018 Pyeongchang Winter Olympics First Issue	5,000-Won	????	Luge	* 0.4978	-----
2016	2018 Pyeongchang Winter Olympics First Issue	5,000-Won	????	Biathlon	* 0.4978	-----
2017	2018 Pyeongchang Winter Olympics Second Issue	30,000-Won	????	Jwibulnori (traditional fire spinning)	-----	* 0.999
2017	2018 Pyeongchang Winter Olympics Second Issue	20,000-Won	????	Gangneung Ice Arena	-----	* 0.4978
2017	2018 Pyeongchang Winter Olympics Second Issue	5,000-Won	????	Figure skating	* 0.4978	-----
2017	2018 Pyeongchang Winter Olympics Second Issue	5,000-Won	????	Ski jumping	* 0.4978	-----
2017	2018 Pyeongchang Winter Olympics Second Issue	5,000-Won	????	Snowboarding	* 0.4978	-----
2017	2018 Pyeongchang Winter Olympics Second Issue	5,000-Won	????	Freestyle skiing	* 0.4978	-----
2017	2018 Pyeongchang Winter Olympics Second Issue	5,000-Won	????	Cross-country skiing	* 0.4978	-----
2017	2018 Pyeongchang Winter Olympics Second Issue	5,000-Won	????	Skeleton	* 0.4978	-----
2017	2018 Pyeongchang Winter Olympics Second Issue	5,000-Won	????	Nordic combined	* 0.4978	-----
2017	2018 Pyeongchang Paralympic Winter Olympics	5,000-Won	????	Para biathlon	* 0.4978	-----
2017	Korean National Parks	30,000-Won	????	Cheonwangbong at Mt. Jiri	* 0.4496	-----
2017	Korean National Parks	30,000-Won	????	Insubong at Mt. Bukhan	* 0.4496	-----
2018	Korean National Parks	30,000-Won	????	Muju Gucheong-dong valley	* 0.4496	-----
2018	Korean National Parks	30,000-Won	????	Columnar joints at Ipseokdae	* 0.4496	-----
2018	Korean National Parks	30,000-Won	????	Lighthouse Island at Somaemuldo	* 0.4496	-----
2018	Korean National Parks	30,000-Won	????	Muju Gucheong-dong valley	* 0.4496	-----
2019	Centennial of March 1st Independence Movement	50,000-Won	????	3.1 Spirit statue	* 0.999	-----
2019	Centennial of March 1st Independence Movement	50,000-Won	????	Provisional Assembly in Shanghai	* 0.999	-----
2019	Centennial of March 1st Independence Movement	50,000-Won	????	Industrialization in Korea	* 0.999	-----
2019	Centennial of March 1st Independence Movement	50,000-Won	????	June Democracy Movement in 1987	* 0.999	-----
2019	Centennial of March 1st Independence Movement	50,000-Won	????	Grandfather and child	* 0.999	-----
2019	100th National Sports Festival	30,000-Won	????	Baseball, tennis, soccer, basketball and track	* 0.4496	-----
2019	18th FINA World Championships	30,000-Won	????	Swimmer	* 0.4496	-----
2019	Korean National Parks	30,000-Won	????	Munjangdae Peak at Songnisan	* 0.4496	-----
2019	Korean National Parks	30,000-Won	????	Autumn foliage in Naejangsan	* 0.4496	-----
2019	Korean National Parks	30,000-Won	????	Namsan and rock-carved Bodhisattva	* 0.4496	-----
2020	Korean National Parks	50,000-Won	????	Yeonbong Peak in Woraksan	* 0.999	-----
2020	Korean National Parks	50,000-Won	????	Ridges and peaks at Gyerongsan	* 0.999	-----
2020	Korean National Parks	50,000-Won	????	Baengnokdam Lake at Mt. Halla	* 0.999	-----
2020	Korean National Parks	50,000-Won	????	Beach and rocks at Taeanhaean	* 0.999	-----
2022	Korean National Parks	50,000-Won	????	Manmulsang at Haein Temple and Leopard Cat (Prionailurus bengalensis) Kaysan National Park	* 0.7387	-----
2022	Korean National Parks	50,000-Won	????	Chaeseokgang Cliffs and Puan Spine Loach (Iksookimia pumila) Byeonsanbando National Park	* 0.7387	-----
2022	Korean National Parks	50,000-Won	????	Sogeumgang stream and Ural Owl (Strix uralensis) Odaesan National Park	* 0.7387	-----
2022	2023 SaeManGeum 25th World Scout Jamboree	50,000-Won (Coin I)	????	Items needed for Jamboree activities: Tent, compass, flashlight, and a drone Reverse: Saebeomi, tiger mascot	* 0.4985	-----
2022	2023 SaeManGeum 25th World Scout Jamboree	50,000-Won (Coin II)	????	Scout member rock climbing alongside the SaeManGeum seawall (the world's longest man-made dyke, at 33.9km) in the background Reverse: Emblem of the Korea Scout Association	* 0.4985	-----
2022	Successful launch of the Nuri space rocket	50,000-Won (Coin I)	????	Nuri space rocket taking off (KSLV-Ⅱ) from the launch pad Reverse: Five rockets depicting the development of South Korea's launch vehicles and a Taegeuk two-comma roundel and the word “Nuri“ written in hangeul, all using latent imaging technology	* 0.4985	-----
2022	Successful launch of the Nuri space rocket	50,000-Won (Coin II)	????	Third-stage engine of the Nuri space rocket entering orbit and the surface of the Moon, and a portion of the Celestial Chart Stone, a representative Korean cultural heritage relic concerning astronomy and the stars Reverse: Five rockets depicting the development of South Korea's launch vehicles and a Taegeuk two-comma roundel and the word “Nuri“ written in hangeul, all using latent imaging technology	* 0.4985	-----

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CITATIONS ( ENDNOTES )

The original Korean-language newspaper articles (non-Web) cited in these endnotes below can be found using the search function at the online Naver News Library Archive.
Simply copy the Korean-text article titles and paste them into the Naver News Library's "기워드검색 (Key Word Search)" function, which in October 2021, was located here:

newslibrary.naver.com/search/searchByKeyword.naver

Notes

CHAPTER ONE

1 Cribb, Joe. Money: From Cowrie Shells to Credit Cards, (London: British Museum Publications for the Trustees of the British Museum: 1986) 12.

2 Peterson, Jordan B. “2017 Personality 04/05: Heroic and Shamanic Initiations,” YouTube, uploaded by Jordan B. Peterson, 26 Jan. 2017, www.youtube.com/watch?v=wLc_MC7NQek&t=8386s.

3 “Economy of South Korea.” Wikipedia, Wikimedia Foundation, 30 May 2021, en.wikipedia.org/wiki/Economy_of_South_Korea.

4 Sources consulted:
"Monetary History of Korea," Armstrong Economics (Researching the past to predict the future). 10 April 2012. www.armstrongeconomics.com/research/monetary-history-of-the-world/by-country/korea/. Accessed 20 April 2019.
Boling, Joseph E. "Beyond Cash: A Numismatic Survey of Korea," World Coins, July 1988, 38-39.
Bank of Korea. The History of Korean Money [증보 한국화폐사], (Seoul: Bank of Korea, 1969) 118-153.
Daegwangsa (Publisher), Korean Coins and Banknotes Catalog [大韓民國貨幣價格圖錄/대한민국화폐가격도록 ], (Seoul: Daegwangsa, 2018) 187-204.

5 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004), 56.

6 Monetary Policy Board Resolution No. 33. [제정 1999.11.1 제차 금통위 의결], 1 Nov. 1999, art. 3. (Republic of Korea).

7 Kim Du-gyeong 62.

8 “Monetary Policy Board.” Bank of Korea, (Undated), www.bok.or.kr/eng/main/contents.do?menuNo=400242. Accessed 22 Feb 2020.

9 Topkat. Comment on “Five Millenia History Commemorative Coins [반만년역사 기념주화].” 파란하늘 BLUE SKY 蒼天, 12 Jan. 2021, 08:45, blog.naver.com/topkat/222060756322.

10 Monetary Policy Board.” Bank of Korea, (Undated), www.bok.or.kr/eng/main/contents.do?menuNo=400242. Accessed 22 Feb 2020.

11 Jang Won-seok and Lee Jee-young. “100-won coin set for change as Japanese connection irks,” Korea JoongAng Daily, 11 Nov. 2020, koreajoongangdaily.joins.com/2020/11/11/business/economy/coin-Bank-of-Korea/20201111190700452.html. Accessed 15 Nov 2020.

12 Currency Museum of Korea, “Fifth Republic Commemorative Twenty-thousand Won Coin [제5공화국기념주화 이만원화],” 2004, Currency Museum of Korea, museum.komsco.com/museum/50/relic/2396. Accessed 10 Jun 2020.

13 “Action Plan for ‘Coinless Society’,” Bank of Korea, 21 Dec. 2016, www.bok.or.kr. Pdf. page 5. Accessed 20 Mar 2021.

14 “Action Plan for ‘Coinless Society’” 1.

15 “Action Plan for ‘Coinless Society’” 5. This document cites a 2,500-person survey that the Bank of Korea conducted in the summer of 2016 that found 46.9% of the respondents said that they do not use coins, even after receiving them in change. 62.2% of respondents said that they carry coins, however, the main reason respondents cited for not using coins (62.7%) was the inconvenience of carrying them(!)

16 Yi Sang-hoon, Mun Byeong-gi, Pak Jae-myeong, Yu Seong-yeol, Kim Cheol-jung. “Underground Money War Alert [토요판 커버스토리] 지하 錢爭 공습경보],” Dong-A Ilbo, 6 Apr. 2013. www.donga.com/news/article/all/20130406/54236459/1. Accessed 2 Feb 2021. Much of the intent behind the “re-denomination” plan was to tackle the growing problem of cash circulating in the underground economy of illegal activities.

17 Moon, Woosik. “A Coinless Society as a Bridge to a Cashless Society: A Korean Experiment.” Cash in East Asia, vol. 44, 2017, doi.org/10.1007/978-3-319-59846-8_7. Accessed 21 Mar. 2021.

18 “Action Plan for ‘Coinless Society’” 1.

19 Moon 101.

20 “Action Plan for ‘Coinless Society’” 1.

21 “Cashless payments exceed 80 trillion won a day... 4 trillion increase in 1 year [현금없는 결제 하루 80조원 돌파…1년새 4조 늘어],” Chosun Biz, 7 Mar 2019, biz.chosun.com/site/data/html_dir/2019/03/07/2019030701271.html. Accessed 13 Jun 2021.

22 Choi Yoonjung. “Reduction of 70 million ‘100-Won Coins’ in the First Half...First Time after the Financial Crisis ['100원짜리' 상반기 7천만개 감소…외환위기 후 처음],” Yonhap News, 15 Aug. 2017, www.yna.co.kr/view/AKR20170814137500002. Accessed 30 Mar. 2020.

23 Choi Kyong-ae. “KOMSCO seeks growth engine abroad,” The Korea Times, 24 Jun. 2014, www.koreatimes.co.kr/www/news/biz/2014/06/123_159729.html. Accessed 20 Mar 2021.

24 Giedroyc, Richard. “South Korean Mint Expands its Market,” NumismaticNews, 26 Oct. 2017, www.numismaticnews.net/world-coins/south-korean-mint-expands-market. Accessed 20 Mar. 2021.

25 Lee Kyung-min. “KOMSCO enjoys record sales of W524.6 bil.,” The Korea Times, 13 Jan. 2020, www.koreatimes.co.kr/www/biz/2020/01/367_281827.html. Accessed 20 Mar. 2021.

CHAPTER TWO

26 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) pp. 2-6.

27 Kim, Stephen Jin-Woo. Master of Manipulation: Syngman Rhee and the Seoul-Washington alliance, 1953-1960, (Seoul: Yonsei University Press) 2001.

28 Currency Museum. Korean Security Printing and Minting Corporation (Daejon: KSPMC, 1989) 136. This source further explains that the Korean Mint’s headquarters moved from Seoul to Daejeon in April 1973 (although offices remained in Seoul) and that its Technology Research Center (기술연구소) was built in 1967. Both the headquarters and the Center were moved in 1987 to the same site in the Daedok district of Daejeon, where they remained as of 2020. In June 1988, the Currency Museum of Korea was erected on this same property.

29 Jo Byeongsu, Jo Byung-su's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 302-303.

30 “GDP per capita (current US$) 1961.” The World Bank, data.worldbank.org. Accessed 02 Feb 2020.

31 Nugroho, Suray Agung. “A Summary on Korea’s Currency Reforms in the 1960’s.” Academia, www.academia.edu/5503167/A_Summary_on_Koreas_Currency_Reforms_in_the_1960. Accessed 19 Aug 2018.

32 The Park Chung-hee Era: The transformation of South Korea. Ed: Kim, Byung-kook & Ezra F. Vogel, (Cambridge: Harvard University Press, 2013), 76. It is likely that those Koreans who did have “large amounts” of cash wealth probably held it in United States dollars, and not in South Korean currency.

33 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004), 59-61.

34 Kim Du-gyeong, 62-64.

35 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 123.

36 Jo 203-204.

37 Ibid 204.

38 “New One-Won, Five-Won Coins Issued in August [1원·5원짜리銅錢(동전)8月(월)1日(일)부터 發行(발행)],” Chosun Ilbo 5 May 1965, p. 4.
Later, in June 1965, the news was that the government would delay the issue of these “new Five-Won and One-Won coins” until the October 9th Hangul Day holiday or the October 24th United Nations Day holiday. Then the press announced another delay until the November 3rd Students’ Day holiday. See: “One-Won and Five-Won Coin Issues Delayed until November 3rd. [1원5원鑄貨發行(주화발행) 豫定(예정)늦추어 11月(월)3日(일)에],” Chosun Ilbo, 24 Jun. 1965, p. 3.

39 Republic of Korea Currency Timeline [대한민국 화폐연대표], (Seoul: Bank of Korea, 2001) 21.

40 “Five-Won·One-Won Coin August 1st Issue Update [5원·1원鑄貨發行(주화발행) 8月(월)1日豫定保留(일예정보류)],” Kyonghyang Shinmun, 29 Jul. 1965, p. 2.

41 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 117.

42 “Approval for Coin Minting Facility Introduction [鑄貨製造施設(주화제조시설) 導入(도입)계획承認(승인)],” Kyonghyang Shinmun, 29 Sep 1965, p. 2.

43 Korea Minting and Security Printing Corporation 50-Year History 123.

44 “Ten-Won Coin Among New Coin Issues [10원짜리등 새 동전發行(발행)],” Chosun Ilbo, 2 Mar. 1966, p. 3.

45 “Amendment of Mint Act with Capital of 2 Billion won [資本(자본)20億(억)원으로 造幣公社法改定(조폐공사법개정)],” Dong-A Ilbo, 15 April 1966, p. 2.

46 Ibid 123-124. The Dongnae Mint has also been referred to as the “Pusan Mint” or the “Busan Mint” in other English-language publications.

47 Korea Minting and Security Printing Corporation 40-Year History 117.

48 Livshits, Dmitry. “Re: AllExperts Question Receipt. Message to Mark Lovmo, 26 Dec 2012. An inquiry at the now-defunct forum “AllExperts.com” related information that Cincinnati Milling Machine (after 1969 to be known as Cincinnati Milacron) had been involved in helping install the minting machinery at the Dongnae Mint in the 1960s. In its official history, the Korean Mint also refers to the fact that its workers had to learn how to operate their new coining presses from “cold-forging machine [i.e., coining press] assembly technicians.” Korea Minting and Security Printing Corporation 50-Year History 123.

49 Korea Minting and Security Printing Corporation 40-Year History 117.

50 Ibid.

51 Korea Minting and Security Printing Corporation 40-Year History 117.

52 “New Coins to be Issued Tomorrow; One, Five, and 10-Won Coins [새주화내일발행 1.5·10원짜리],” Kyonghyang Shinmun, 15 Aug. 1966, p. 3.

53 Korea Minting and Security Printing Corporation 40-Year History 117.

54 Korea Minting and Security Printing Corporation 50-Year History 269. Here, the official history shows that only these two Taylor & Challen (TC) presses had been installed, while it would take until September 7th for the HME presses to be installed.

55 From Professor James B. Palais’ preface to: Kim Hyung-a. Korea’s Development Under Park Chung-hee: Rapid industrialization, 1961-79, (London and New York: Routledge Curzon, 2012) xiii.

CHAPTER THREE
(No endnotes listed)
CHAPTER FOUR

56 Yi Bumho, “Obverse ‘Bank of Korea,’ Reverse ‘Republic of Korea’ [앞면은 ‘한국은행,’ 됫면은 ‘Republic of Korea’],” Issue Planning Team, Bank of Korea, www.bok.or.kr/portal/bbs/P0000547/view.do?nttId=24198&menuNo=200387&pageIndex=, 27 Dec 2002, Accessed 16 Jan 2020.

57 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004) 56.

58 Ibid.

59 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 116.

60 “Economy Rotary [經濟 (경제) 로타리],” Kyonghyang Shinmun, 27 November 1958, p. 1. The description, “tangible sensation” is the author’s humble attempt at translating the Korean phrase, “...주화를 갖는맛도 있어…"

61 Bank of Korea. The History of Korean Money [증보 한국화폐사], (Seoul: Bank of Korea, 1969) 101.

62 Kyonghyang Shinmun, 27 November 1958, p. 1.

63 Domestic and Foreign Coins Manufactured by Mints of the United States, 1793-1980. Washington: U.S. G.P.O., 1978, archive.org/details/domesticforeignc00unit76, Accessed 20 Jan. 2018. In 1959 alone, the United States Mint had not only produced coins for South Korea but was also fulfilling foreign coin-minting contracts for five other nations.

64 Jo Byeongsu, Jo Byung-su's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006), 199-201.

65 Ibid 199-201.

66 Ibid. 199-200.

67 For images of One-Won sketches with the “rice stalk” design, see: Jo, 2006, 202; For an example of the “rice stalk” image on the exceedingly rare 1966 Five-Won pattern coin, see: Hwadong Co. Ltd. Hwadong Auction [20] -Highly Important Numismatic Rarities, Korean Charms and Amulets, Lot 183. (Seoul: Hwadong Yanghaeng), 17 September 2011, 55. Auction Catalog.

68 Jo, 2006, 200.

69 See various banknote designs with Rhee’s image: Kim In-sik, The Catalog of Korean Coins and Banknotes [韓國貨幣價格圖錄 / 한국화폐가격도록], Seoul: Ohsung K&C, 2018, 220-227.

70 “Coins’ Date Markings [주화의 연도 표시],” Issue Planning Team, Bank of Korea, www.bok.or.kr/portal/bbs/P0000547/view.do?nttId=35980&menuNo=200387&pageIndex=, 8 Sep 2003. Accessed 10 Oct 2019.

71 Many thanks to Jonathan Powelson for discovering this source:
Kim In-sik, The Catalog of Korean Coins and Banknotes [韓國貨幣價格圖錄 / 한국화폐가격도록], (Seoul: Geumhwa Publishing, 1984) 337.

72 Jo Byeongsu, Korean Banknotes: History of Korean Banknotes Written by Jo Byeongsu [韓國의 銀行券 Korean Banknotes: 우리나라 은행권 변천사 조병수 지음 ]. (Seoul: Ohsung K&C, 2010) 415.

73 Kim In-sik, 1984, 337-338.

74 Kang Bak’s early work for the Korean Mint on postage stamps can be found in: Postage Stamps and Posters [우표와 포스터]. Ministry of the Interior and Safety [행정안정부], National Archives of Korea [국가기록원] (Republic of Korea), theme.archives.go.kr/next/stampPoster/stampList.do?page=13&year=195&stampPosterType=Y. Accessed 16 Feb 2020.

75 The author owes a debt of gratitude to Dick Johnson and Wayne Homren (editor of the E-Sylum) for providing this information. See Johnson’s response to the author’s query at an online forum: “U.S. MINT ENGRAVER ENGELHARDUS VON HEBEL,” The E-Sylum: Volume 17, Number 49, Article 17, www.coinbooks.org/esylum_v17n49a17.html, 30 Nov. 2014. Accessed 20 December 2014. See also: Pete Smith, American Numismatic Biographies, Newman Numismatic Portal, nnp.wustl.edu/library/book/304, 2012, 347.

76 In his 2006 book, Jo Byeongsu states the following about the design and engraving for the hwan coins: “These coins, which were made at the United States Philadelphia Mint with its one hundred years of history, are considered to be the best in terms of design and strike among the coins that the Bank of Korea has issued. [이들 주화는 100여년이 넘는 역사를 가진 미국의 필라델피아 조폐국에서 만들어져 지금까지 발행된 한국은행 주화 중에서 도안이나 인각 상태 등이 가장홀륭한 것으로 평가를 받고있다].” Quoted at length from Jo, Korean Commemorative Coins, 200.

77 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 135-136.

78 “Delay in Coin Issue Should be Brief, Possibly Only Partial [鑄貨發行遲延(주화발행지연) 빨라야一部(일부)만可能(가능)],” Dong-A Ilbo, 24 July 1959, p. 2.

79 The author of this text had contacted the Bank of Korea and the South Korean Mint, KOMSCO, on numerous occasions to ask for information regarding the coin designers involved with these first coins, for which there was still no public information. For its part, the Bank of Korea (which oversees the Mint and the information that it is allowed to share) has declined to share its internal documentation concerning South Korea’s coin designers. Note: Numismatists in Korea have claimed that the Korean Mint did not attribute work to individual designers in these early years, and instead listed only the name of the head designer, if any name at all was credited to a coin design.

80 Oh Soonhwan. Personal Interview. 20 June 2019.

81 “Economy Rotary [經濟 (경제) 로타리],” Kyonghyang Shinmun, 27 November 1958, p. 1.

82 Bank of Korea Law (Law No. 138), May 1950, art. 49 and art. 54, (Republic of Korea). Article 49 reads, “The Bank of Korea, with the approval of the Government, may issue currencies of any standard and shape, as prescribed by the Monetary Policy Board.” Article 54 specifically concerned the issue of coins and stated simply, and in part, “The Bank of Korea may issue coins in the Republic of Korea with the approval of the Government.”

83 “50-Hwan · 10-Hwan Coins Issued from August 15th, Bank of Korea Ordered [8.15부터 주화발행 50환 ·10환권, 한국은행에지시],” Dong-A Ilbo, 16 May 1959, p. 1.

84 Yi Nae-hwang. Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. Bank of Korea, 2010 44.

85 Yi Bumho. “Obverse ‘Bank of Korea,’ Reverse ‘Republic of Korea.’”

86 Yi Nae-hwang 44.

87 “100-Hwan Coins also Issued, State Council [百圜鑄貨(백환주화)도發行(발행) 國務會議(국무회의)],” Dong-A Ilbo, 2 June 1959, p. 1.

88 Yi Nae-hwang 44.

89 Yi Bumho, 2002. Yi also highlights how unusual it is for the name of the country to be added to coins issued in South Korea. The central bank has always been South Korea’s legal issuing authority for both banknotes and coins. Therefore, the title “Bank of Korea” appears on all South Korean currency and coins; sometimes in English writing, but always in hangul, (as “한국은행”) since this is legally required. Yi points out that the name of the issuing authority for coins in Korea is not the name of the government, as it is in Japan and the United States. Based on these facts, it appears that placing the official name of the country on South Korean coins, even if expressed in non-Korean writing, is unnecessary, if not heterodox.

90 Dong-A Ilbo, 24 July 1959. It is unclear if the delay mentioned in this article was the result of the June 4th modification to the designs of the 50-Hwan and 10-Hwan coins, or if this delay was due to earlier changes to the designs.

91 Kyonghyang Shinmun, 27 November 1958.

92 Dong-A Ilbo, 24 July 1959.

93 Domestic and Foreign Coins Manufactured by Mints of the United States, 1793-1980.

94 Ibid.

95 “From the 20th Coins Appear [20日(일)부터鑄貨(주화)쓰기로],” Dong-A Ilbo, 15 October 1959 p. 1.

96 “Hundred Hwan Coins to Circulate from the 30th [百圜(백환)짜리鑄貨(주화) 30日(일)부터通用(통용)],” Dong-A Ilbo, 27 October 1959, p. 1.

97 DeLorey, Tom. “Sizes Matter -the 1960 Small Date Cent had a large impact on the hobby,” COINage, February 2017, pp. 20-21. DeLorey’s excellent article also states that the U.S. Mint struck 140 million coins for the Dominican Republic, the Philippines, and South Korea in January and February 1960, of which “102 million pieces were in bronze that might otherwise have been made into Lincoln Cents.” It also says that 98.7 million Cuban, Liberian, Philippine, and South Korean coins were struck from April to July, “but none of them in bronze.”

98 Domestic and Foreign Coins Manufactured by Mints of the United States, 1793-1980.

99 Yeoman, R S, Jeff Garrett, Q D. Bowers, and Kenneth E. Bressett. A Guide Book of United States Coins, 2018, 120.

100 Domestic and Foreign Coins Manufactured by Mints of the United States, 1793-1980. See also: Yi Nae-hwang 47-51.

101 Dong-A Ilbo, 15 October 1959.

102 “Coin-Operated Public Telephones from November [公衆電話改備(공중전화개비) 鑄貨投入(주화투입)토록 十一月(십일월)부터];” Dong-A Ilbo, 11 October 1959 p. 1.

103 “What is Currency Reform? [貨幣改革(화폐개혁)이란浪說(낭설)],” Dong-A Ilbo, 4 September 1959 p. 1.

104 Kim Du-gyeong, 56.

105 “Politics Scoop [政界(정계)스냎],” Dong-A Ilbo, 23 November 1959 p. 1.

106 “Currency Reform Myth [貨幣改革 (화폐개혁)이란浪說 (낭설)],” Dong-A Ilbo, 4 September 1959 p. 1.

107 “Gibberish [힁설수설],” Dong-A Ilbo, 17 January 1960, p. 1.

108 “Ten-Hwan Coin Bulk Shipment [十圜(십환)동전 大量入荷(대량입하)],” Dong-A Ilbo, 13 February 1960 p. 1.

109 Kim Du-gyeong, 56.

110 Seth, Michael J. A Concise History of Korea: from the late nineteenth century to the present, (Lanham : Rowman & Littlefield, 2010) 153.

111 “From November Coin Operated Public Phones [공중전화 개비 주화투입토록 십일월부터],” Dong-A Ilbo, 11 October 1959, p. 3.

112 “Coin Operated Telephone Problems [鑄貨投入電話器異狀(주화투입전화기이상)],” Kyunghyang Shinmun, 8 June 1960, p. 3.

113 Lee Bong Jea. “Wired Communication History: Public Telephone History [유선통신 역사, 공중전화기 역사],” Small Pond [자은 연못], m.blog.naver.com/wkdbdls32/60146853432. Accessed 2 March 2020.

114 “Permission to Issue New Coins, Syngman Rhee’s Portrait is Used for the Time Being [新貨發行許可(신화발행허가) 李承晩(이승만) 씨肖像(초상)는 貨幣當分間倂用(화폐당분 간병용)],” Dong-A Ilbo, 19 March 1961, p. 3.

115 Jo, Korean Commemorative Coins, 200. The image of the finished Cheomseongdae design in Mr. Jo’s book features a “4294” (1961) date, which, along with the absence of presidential symbolism such as the bong hwang (Asian phoenixes), is a strong indication that this coin design was a post-Rhee reconsideration of this Cheomseongdae design for the 100-Hwan coin.

116 Dong-A Ilbo, 19 March 1961.

117 “Small Coin Famine [잔돈기근],” Kyunghyang Shinmun, 11 April 1962, p. 2.

118 “Fake 100-Hwan Coin [가짜銅錢百圜(동전백환)짜리],” Dong-A Ilbo, 23 July 1960, p. 1.

119 “50-Hwan Fake Coins [50圜劵(원권)가짜銅錢(동전)],” Dong-A Ilbo, 26 July 1960, p. 1.

120 The following newspaper articles are broadly representative of the counterfeiting cases that appeared in the press in the 1960 to 1962 period: “Hundred-Hwan Counerfeit Coin [百圜(백환)짜리 僞造鑄貨(위조주화)],” Kyunghyang Shinmun, 2 August 1960, p. 1.; “Jeju Counterfeit Coins [濟州(제주)엔僞造鑄貨(위조주화)],” Dong-A Ilbo, 13 March 1961; “Forgery Sole Suspect? [僞造鑄貨單獨犯行(위조주화단독범행)?],” Kyunghyang Shinmun, 9 May 1962, p. 1.; “A Field Day...Hundred-Hwan Counterfeiting, Four Cases on the 9th Alone” [周遊天下(주유천하)…百圜僞造鑄貨(백환위조주화) 9日(일)또4件(건)],” Dong-A Ilbo, 11 May 1962, p. 3.

121 Emergency Currency Measure [긴급통화조치법] (Law No. 1088), 10 June 1962, art. 2, (Republic of Korea).

122 Ibid. art. 7.

123 From the 1953 Emergency Currency Measure to the 1962 Emergency Currency Measure [1953년 긴급통화조치부터 1962년 긴급통화조치 이전까지],” Bank of Korea, www.bok.or.kr/portal/main/contents.do?menuNo=200381. Accessed 13 Nov 2019.

124 Kim Du-gyeong, 56. Although 50 million was their total mintage, the approximate amount of 37 million pieces was the Bank of Korea’s last calculation of the 100-Hwan coins circulating in the Korean economy at the end of 1961.

125 Emergency Currency Measure [긴급통화조치법] (Law No. 1088), 10 June 1962, art. 26, (Republic of Korea).

126 “Small Curency Remains ["小額券(소액권)은 남아돈다"],” Dong-A Ilbo, 24 July 1962, p. 1.

127 “Hey Coins...Goodbye ["銅錢(동전)이여…안녕"],” Dong-A Ilbo, 10 July 1962, p. 3.

128 Kyunghyang Shinmun, 11 April 1962. This article states that just before the currency reform, at the end of March 1962, the total amount of money (M1) actually circulating was 177.5 billion hwan, of which 93% was composed of the higher-value 1,000-Hwan and 500-Hwan banknotes, while 7% were coins and currency in values of 100-Hwan or less. The article further states that the year before, in January 1961, the currency ratio was 80% for the larger-denomination banknotes, and 20% for the smaller-denomination currency and coins.

129 Dong-A Ilbo, 24 July 1962. This Dong-A Ilbo article quoted the Bank of Korea official as having calculated the total amount of British Five-Won and One-Won notes (8 billion) in the hwan currency, not in won. If this correct, this 8 billion hwan figure can be compared to the amount of “small-value currencies” in denominations at or below 100-Hwan that were in circulation earlier that year at the end of January 1962, which was was approximately 12 billion hwan (according to figures cited in the April 11, 1962 issue of the Kyonghyang Shinmun).

130 Special Measures Act for Reserve Deposits under the Emergency Financial Action Act [긴급금융조치법에의한봉쇄예금에대한특별조치법] (Law No. 1095), 13 July 1962, (Republic of Korea). See also: Kim Du-gyeong, 59.

131 “From the 1962 Emergency Currency Measure to 1969 [1962년 긴급통화조치부터 1969년까지],” Bank of Korea, www.bok.or.kr/portal/main/contents.do?menuNo=200382. Accessed 13 Nov. 2019.

132 Temporary Measures Law on the Circulation of Coins [주화의통용에관한임시조치법] (Law No. 1132), 28 Aug 1962, (Republic of Korea).

133 “Analysis of Issuance of New Coin (100-Won coin),” Bank of Korea, 1971; data quoted in Jo, Korean Commemorative Coins, 201. See also: Yi Bumho. “‘Hwan’-unit era currency used in the ‘won’ era. ['원' 단위 시대에 병용된 '환' 단위 시대의 화폐],” Issue Planning Team, Bank of Korea, www.bok.or.kr/portal/bbs/P0000547/view.do?nttId=27899&menuNo=200387&pageIndex=3, 7 Apr 2003. Accessed 1 Aug 2019.

134 Kim Du-gyeong 77.

135 The figure of 315 metric tons of recycled 100-Hwan coins is found in: “New One-Won, Five-Won Coins Coming [1원5원짜리 새鑄貨(주화)나온다],” Dong-A Ilbo, 4 May 1965, p. 7. See also: Jo, Korean Commemorative Coins, 204 and 209. The weight of the entire mintage of 100-Hwan coins is found in: Domestic and Foreign Coins Manufactured by Mints of the United States, 1793-1980 (see Korea listing).

136 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 131.

137 “From the 1953 Emergency Currency Measure to the 1962 Emergency Currency Measure,” Bank of Korea.

138 Kim Du-gyeong 76.

139 Lee Bong Jea. “Wired Communication History: Public Telephone History [유선통신 역사, 공중전화기 역사],” Small Pond [자은 연못], m.blog.naver.com/wkdbdls32/60146853432. Accessed 2 March 2020.

140 Kim Du-gyeong, 76.

141 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 228-229. See also: Abolition of Temporary Measures Law on the Circulation of Coins [주화의통용에관한임시조치법 폐지법률] (Law No. 2689), enacted 21 Dec 1974; enforced 22 March 1975, (Republic of Korea).

142 The 10-Hwan coin is technically a brass-alloy coin, as it lacks the required tin to be bronze. However, it is common in the numismatic-market literature to see this coin referred to in English as “bronze,” or in Korean as “적동 (jeok dong),” meaning “bronze.”

143 The word, 견양 (kyeon yang) is of sino-Korean origin, composed of the Chinese Characters, “見” (견 -kyeon), meaning “to behold” or “perceive,” and “樣” (양 - yang), which is “manner; pattern; way; appearance; shape” or to classify, as in “kind” or “type.” One Korean numismatist believes that 견양 (kyeon yang) indicates an “an object to establish a standard for measuring dimensions and style” and seems to indicate that the piece is “still in the working state (before the final approval of the issuer)…” From: Roy Mun. “Currency Telegram Depot: What are Specimens? [화폐전보창고 견양권이란?].” 화폐를 소장하는 것은 역사 소장하는 것이다, 9 Jul. 2006, m.blog.naver.com/PostView.naver?isHttpsRedirect=true&blogId=ddalgun2moon&logNo=10006056558. Accessed 4 Jan. 2019.

144 One explanation for the “견양” countermark on the hwan coins is given in Joseph E. Boling’s 1988 World Coins article in which Boling claims that according to Korean law, the nation’s currency and coins could not be exported to foreign coin collectors without these markings. Another explanation is given in the “Korea-South” listing of the 39th Edition (2012) of the Standard Catalog of World Coins 1901-2000, which states that the countermarked coins were prepared for government and banking agencies. The author of this text heard from former South Korean engraver and Mint executive, Oh Soonhwan, that the markings indicate that the pieces were produced for official review and that they manifest the government’s final chosen design and specifications for that coin, therefore the piece is marked “specimen.”

CHAPTER FIVE

145 Poongsan Hwadong Co. Ltd. “A total of 50 authentic types of pattern coins from the Bank of Korea have been verified [실물이 확인된 한국은행 시주화는 총50종],” Poongsan Hwadongyanghaeng [POONGSAN 화동양행], 7 Jun. 2005, www.hwadong.com/new/currency/curr_PdsDetail.jsp?planId=100000001&planSeq=19&Page=1, Accessed 29 Aug 2020.

146 See the various examples of the types of tokens made in South Korea in the 1960s in: O’Donnell, Patrick R. Tokens of Korea. Raleigh: Prentiss Publications, 2016. Print.

147 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 123-124.

148 “From May New Coins [5月(월)부터 새銅錢(동전)],” Dong-A Ilbo, 28 Jan. 1965, p. 7. See also: “New Coins Arrive [새 동전 나온다],” Dong-A Ilbo, 6 Feb. 1965, p. 6.

149 Livshits, Dmitry. “Re: AllExperts Question Receipt. Message to Mark Lovmo, 26 Dec 2012. An person inquiring about South Korean coins gifted to him by his uncle at the now-defunct forum “AllExperts.com” related information that workers from Cincinnati Milling Machine (particularly this person’s uncle) had been involved in helping install the minting machinery at the Dongnae Mint in the 1960s. In its official history, the Korean Mint also makes reference to the fact that its workers had to learn how to operate their new coining presses from “cold-forging machine [i.e. coining press] assembly engineers.” Korea Minting and Security Printing Corporation 50-Year History 123.

150 “‘Money’ that You Can't Buy Even with Money [돈 주고도 못사는 "돈"],” Chosun Ilbo, 19 Dec. 1982, p. 2.

CHAPTER SIX

151 Jo Byeongsu, Jo Byeongsu's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 303-305. Mr. Jo states in his 2006 book that Kang Bak (강 박 / 姜博), Oh Dong-hwan (오동환 / 吳東煥), and himself, Jo Byeongsu (조병수 / 曺秉須), were the artists at the Korean Mint responsible for South Korea’s banknote and coin designs in the 1960s after the military coup of May 1961. Jo also mentions that “...during the time that Mr. Kang was head designer, he monopolized the design work of most of the major banknotes and coins…” (from page 305).
See also: Currency Museum of Korea, “한국은행 가 10원화 [Bank of Korea First Series 10-Won Coin],” 2019, Currency Museum of Korea, museum.komsco.com/museum/50/relic/2601. Accessed 2 July 2019. The Currency Museum website’s “Relics Search” entry for the First Series One-Won coin does not cite a designer, but its First Series 10-Won coin listing cites Kang Bak as the designer of that coin. Considering that the First Series One-Won, Five-Won, and 10-Won coins were designed in the same time frame (and considering the above quote from Mr. Jo), it is very likely that Kang Bak had designed the other two coins from this series of won coins as well, although the other designers may have assisted.
See also: Kim In-sik, The Catalog of Korean Coins and Banknotes [韓國貨幣價格圖錄 / 한국화폐가격도록], Seoul: Geumhwa Publishing, 1984, 341. This secondary source cites Kang Bak (姜博) as the designer for this First Series One-Won coin.

152 Jo 202. For the hwan coin designs, see Jo, pages 199-201.

153 Ansan Kim-ssi [안산 김씨]. “Test Coins One-Won, Five-Won, 10-Won (1965, 1966) [시주화 1원,5원,10원 (1965년, 1966년)].” Daum, 31 Jan 2012, blog.daum.net/yescheers/8598159. Accessed 30 Aug 2016.

154 Hwadong Co. Ltd. Hwadong Auction [21] -Highly Important Numismatic Rarities, Korean Charms and Amulets, Lots 300-303. (Seoul: Hwadong Yanghaeng), 24 Nov 2011, 68. Auction Catalog.

155 Yi Bumho. “‘Hwan’-unit Era Currency Used in the ‘won’ Era. ['원' 단위 시대에 병용된 '환' 단위 시대의 화폐],” Issue Planning Team, Bank of Korea, www.bok.or.kr/portal/bbs/P0000547/view.do, 7 Apr 2003. Accessed 1 Aug 2019.

156 Kim Hansu. Korean Currency. (Seoul, Korea: Bank of Korea, 2018) 183. For the mintages of the First Series won coins, see: Korea Minting and Security Printing Corporation 50-Year History 131.

157 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004) 76.

158 Bank of Korea. The History of Korean Money [증보 한국화폐사], (Seoul: Bank of Korea, 1969) 154. See also: The Annual Report of the Director of the United States Mint. (Washington: Dept. of the Treasury, United States Mint, 1969) 57.

159 Chae Huigyeong. “Disappointed with Easily-issued Coins [簡便(간편)한 鑄貨發行(주화발행) 아쉬워],” Kyonghyang Shinmun, 21 Aug 1967, p. 8.

160 “Banknote Quality Improvements Urgent as High Wear Makes for Short Life Span [紙幣質(지폐질)등改善(개선)시급 毁損度(훼손도)높아短命(단명)],” Maeil Kyongjae, 3 July 1968, p. 3.

161 “Is the One-Won Coin Guilty of the Bus Fare Increases? [버스料金引上(요금인상)은 1원동전이 有罪(유죄)?],” Dong-A Ilbo, 14 Oct 1967, p. 6. This October 1967 article cites the then current per-unit production cost of the brass One-Won coin as 2 won 30 jeon.

162 Song Gwangsik and Kang Unghui. “Let's take a look at the price of money from One-Won to 10,000-won (1) -Forgot what One-Won coins even look like [1원짜리 鑄貨(주화)서 만원券(권)까지 돈값한번 따져보자 (1) 모양조차 잊혀가는 1원짜리],” Kyonghyang Shinmun, 19 June 1975, p. 2.

163 “Currency: Korean Coin Transitions, One-Won Coin, 1966. 8. 16 [화폐: 우리나라 주화의 변천, 1원화, 1966. 8. 16],” Bank of Korea, www.bok.or.kr/portal/main/contents.do?menuNo=200369. Accessed 2 Feb 2019. The Bank of Korea uses the term, “발행중지” (bal-haeng-joong-ji), meaning “suspension of issue,” to describe the status of coins (and banknotes) removed from circulation. This implies that when these coins return to the Bank of Korea’s branch offices, the Bank sequesters the coins to completely remove them from circulation and to keep the coins from re-entering the currency system. The only coin that the Bank of Korea has in this status (as of 2020) is the brass First Series One-Won coin. The term, “유통 정지" (yu-tong jeong-ji) implies the demonetization of a coin, i.e., the removal of its status as legal tender (법정통화). The three hwan-denominated coins are the only South Korean coins with this status that the Korean government has demonetized.

164 Song Hui-yeong. “One-Won Economics [「1원」의 經濟學(경제학)],” Chosun Ilbo, 12 Feb. 1981, p. 10.

165 The effect of the Vietnam War on copper prices in the 1960s can be found in: Fowler, Elizabeth M. “Prices of Copper Reacting Sharply to War in Vietnam,” The New York Times, 1 Aug 1965, p. 12. Information on the copper mining strikes at the Calumet and Hecla Mining Company is found in: Klyce, Donald F. Annual Statistical Summary 11, Mineral Industry of Michigan, 1968, Michigan Geological Survey.
For information on the Kennecott Copper Corporation strikes in the mid-to-late 1960s, see: “The Impact on the Utah Economy of the 1966-1967 Copper Industry Strike,” Utah Economic and Business Review, Sep 1969, Vol. 29, No. 9, 2. This article points out that the nationwide copper mining strikes in the United States in 1966 and 1967 caused a “net balance-of-payment loss of $375 million...”

166 “Bank of Korea Current One-Won Coin Composition Change Study [한국은행 현용 1원주화 소재변경에 대한 검토],” dated September 1967; data from this internal Bank of Korea study is quoted in Jo, 2006, 207.

167 Jo 207.

168 “A White One-Won Coin is Issued [白色(백색) 1원짜리 鋳貨(주화)발행],” Maeil Kyongjae, 4 July 1968, p. 3.

169 “New One-Won Coin [새로 1원짜리鋳貨(주화)],” Maeil Kyongjae, 20 Feb 1968, p. 3.

170 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001)131.

171 Chosun Ilbo, 12 Feb. 1981, p. 10.

172 Ibid.

173 Tourk, Khairy A. “Oil Price Shocks and the Asian Newly Industrialized Countries' Response: A Case Study of South Korea and Taiwan.” The Journal of Energy and Development, vol. 16, no. 2, 1991, JSTOR, www.jstor.org/stable/24807963, 258. Accessed 1 Apr. 2021.

174 “Ignored One-Won Change [無 (무시)당한1원짜리 거스름돈],” Dong-A Ilbo, 27 Nov 1975, p. 6.

175 Kyonghyang Shinmun, 19 June 1975, p. 2.

176 Dong-A Ilbo, 27 Nov 1975, p. 6.

177 Ibid. See also: Kim Baesik. “One-One Coins Suffering [1원짜리 受難(수난)],” Dong-A Ilbo, 8 Aug 1972, p. 5.

178 "’Isn't 1 won money?’ Banks Cite Reason as ‘No distribution, lack of quantity’ for not Paying Less than 5 won in Change [‘1원은 돈 아닌가’ 銀行(은행) ‘流通(유통)안돼 物量(물량)부족’이유 5원미만 거스름돈 내주지않아],” Maeil Kyongjae, 15 Oct. 1981, p. 11.

179 Korea Minting and Security Printing Corporation 50-Year History, 131.

180 Chosun Ilbo, 12 Feb. 1981, p. 10.

181 “Korean Coin’s Manufacturing Cost Variance [우리나라 일반주화의 제조단가 변동],” undated; data is quoted from Jo, 2006, 221.

182 Chosun Ilbo, 12 Feb. 1981, p. 10.

183 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 230.

184 Oh Soonhwan, “Currency’s Variations [화폐의 변주국],” Oh Soon-hwan’s Currency Stories (85) [오순환의 화폐이야기 (85)] 3 Mar 2017, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Web, 8 Aug 2019.

185 Currency Museum of Korea, “한국은행 다 1원화 [Bank of Korea Third Series One-Won Coin],” 2004, Currency Museum of Korea, museum.komsco.com/museum/50/relic/2965. Accessed 12 June 2019.

186 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History 148.

187 “From Next Year, Taxes·Utilities Not to be Calculated Below 10 won [내년부터 稅金(세금)·공과금등 計算(계산)할때 10원미만 使用(사용)안해],” Maeil Kyongjae, 7 Dec 1983, p. 2.
See also: National Treasury Monetary Unit Calculation [국고금 단수계산법] (Law No. 3670), 1 Jan 1984, (Republic of Korea).
The previous minimum calculation at South Korea’s national treasury was enacted during the June 1962 currency reform in which currency units for treasury calculations were no longer figured below 100 won (as a part of the currency reform that month), but this 100 won minimum was soon abandoned. National Treasury Monetary Unit Calculation [국고금 단수계산법] (Law No. 1093), 23 Jun. 1962, (Republic of Korea).

188 “Temporary Suspension of One-Won, Five-Won Coins [1원,5원짜리 銅錢(동전) 일시중단],” Maeil Kyongjae, 20 June 1992, p. 19.
For mintages in the 1990s, see: Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History 166.

189 “Exchanging ‘Demonetized’·‘Suspension of Issue’ Currency [유통정지·발행중지화폐의 교환],” Bank of Korea, www.bok.or.kr/portal/main/contents.do?menuNo=200394. Accessed 22 Feb 2020.

190 Pak Un-seob. “600 million coins are disappearing every year [연 6억개의 동전이 사라지고 있다],” Hankook Ilbo -World of Money, 10 Aug 2004.

CHAPTER SEVEN

191 For the Five-Won pattern coins, see: Hwadong Co. Ltd. Hwadong Auction [20] -Highly Important Numismatic Rarities, Korean Charms and Amulets, Lots 182 and 183. (Seoul: Hwadong Yanghaeng), 17 Sep 2011, 55. Auction Catalog. For the use of the Turtle Boat on the Five-Won coin, see: Yi Bumho, “‘Hwan’-unit Era Currency Used in the ‘won’ Era. ['원' 단위 시대에 병용된 '환' 단위 시대의 화폐], Bank of Korea, 7 Apr. 2003, www.bok.or.kr/portal/bbs/P0000547/view.do?nttId=27899&menuNo=200387. Accessed 21 Mar. 2019.”

192 Jo Byeongsu, Jo Byung-su's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 303-305.
See also: Kim In-sik, The Catalog of Korean Coins and Banknotes [韓國貨幣價格圖錄 / 한국화폐가격도록], Seoul: Geumhwa Publishing, 1984, 340.
See also: Currency Museum of Korea, “한국은행 가 10원화 [Bank of Korea First Series 10-Won Coin],” 2019, Currency Museum of Korea, museum.komsco.com/museum/50/relic/2601, 2 July 2019. The Currency Museum website’s “Relics Search” entry for the First Series Five-Won coin does not cite a designer, but its First Series 10-Won coin listing cites Kang Bak as the designer of that coin. Considering that the First Series One-Won, Five-Won, and 10-Won coins were designed in the same time frame, it is very likely that Kang Bak had designed the Five-Won from this series of won coins as well, although other designers may have assisted.

193 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 131.

194 Hwadong Co. Ltd. Hwadong Auction [21] -Highly Important Numismatic Rarities, Korean Charms and Amulets, Lots 315-332. (Seoul: Hwadong Yanghaeng), 24 Nov 2011, 70-72. Auction Catalog.

195 “New Five-Won Coins do not Work in Public Payphones [公衆電話(공중전화)걸리쟎아 새로나온주화5원],” Kyonghyang Shimun, 16 Aug 1966, p. 3.

196 “Postal Ministry to Install 2,000 Public Payphones in Pharmacies and Cafes from April [체신부 來(내)4月(월)부터 受信(수신)할수있는 公衆電話(공중전화) 설치 藥房(약방) 茶房(다방) 등에 2千臺(천대)],” Maeil Kyongjae, 17 March 1967, p. 3. See also: “Trash Can [휴지통],” Dong-A Ilbo, 5 Aug 1967, p. 7.

197 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004) 76-77.

198 “Currency Expansion is Raising Prices [物價(물가) 돈膨脹(팽창)이부채질],” Dong-A Ilbo, 22 Nov 1966, p. 6.

199 “Colorless Price Stability [장담도無色物價安定(무색물가안정)],” Dong-A Ilbo, 26 Sep 1967, p. 6.

200 These examples come from the following articles, in order:
“Little One Suffocates on a Balloon [꼬마窒息死(질식사) 풍선사불다],” Kyonghyang Shinmun, 23 Sep 1967, p. 7.; “Folk Stamps 3 Kinds Issued [民俗(민속)우표3種(종)발매],” Kyonghyang Shinmun, 14 Sep 1967, p. 3.; “Focused on Scale... Consignment Sales too dependent on Women's Bazaar this Autumn [規模(규모)에置重(치중)…委託販賣(위탁판매) 너무依存(의존)한느낌 올가을女性界(여성계)바자決算(결산)],” Dong-A Ilbo, 23 Nov 1967, p. 6.; “Student Bus Ticket Sales Prohibited at Schools [學生(학생)버스回數券(회수권) 學校(학교)서販賣(판매)토록 一般使用禁止策(일반사용금지책)],” Dong-A Ilbo, 17 Jan 1967, p. 8.; “Daegu Heat Wave 37 Degrees Celcius [大邱暴炎(대구폭염) 섭씨37度(도)],” Kyonghyang Shinmun, 2 Aug 1967, p. 7.

201 Yi Nae-hwang. Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 46.

202 Maeil Kyongjae, 19 Nov 1977, p. 7.

203 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 589. See also: “From the 16th New Five-Won, 10-Won Coins Issued [16일부터 새鑄貨(주화)발행 5원과 10원짜리],” Kyonghyang Shinmun, 10 July 1970, p. 4.

204 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History 131.

205 This hypothesis was suggested to the author by the General Manager of the Korean Mint’s Design Research Center, Jeon Young-yul.

206 Ibid.

207 “Bank of Korea Current One-Won Coin Composition Change Study [한국은행 현용 1원주화 소재변경에 대한 검토],” dated July 1967; data from this internal Bank of Korea study is quoted in Jo, 2006, 207.

208 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History 589.

209 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History 131. The reason for the Five-Won coin’s production halt in the years 1973 to 1976 is not explained in the official literature, however, data published by the Bank of Korea in 2004 indicates that perhaps sufficient quantities of the coins had already been produced and stored, as the amount of Five-Won coins placed into circulation (the total measured in won) had actually expanded in each of these four years, from 466 million won at the end of 1972, up to 972 million won at the end of 1976. Kim Du-gyeong, 77.

210 “From the 16th New Five-Won and 10-Won Coins Issued [16일부터 새鑄貨(주화)발행 5원과 10원짜리],” Kyonghyang Shinmun, 10 July 1970, p. 4.

211 “Historic inflation South Korea -CPI inflation.” Inflation.eu, www.inflation.eu/inflation-rates/south-korea/historic-inflation/cpi-inflation-south-korea.aspx. Accessed 4 March 2020.

212 Song Jeonghong. “Let's take a look at the price of money from One-Won to 10,000-won (2) Thanks to the phone it still lives, Five-Won Coin [1원짜리 鑄貨(주화)서 만원券(권)까지 돈값한번 따져보자 (2) 電話(전화)덕분에 겨우延命(연명) 5원 鋳貨(주화)],” Kyonghyang Shinmun, 20 June 1975, p. 2.

213 “Fading Light of the Five-Won Coin [빛잃고 退藏(퇴장)되는 5원짜리 鑄貨(주화)],” Maeil Kyongjae, 19 Nov 1977, p. 7.

214 “Chewing Gum for a Five-Won Coin Sees Strong Sales [5원짜리동전교환에 껌强賣(강매)],” Kyonghyang Shinmun, 17 Sep 1975, p. 6.

215 “Train 17%, Telegrams 100%, Phone Rates Also Higher [鐵道(철도) 17%·電報(전보) 百(백)%·電話料(전화료)도 더],” Kyonghyang Shinmun, 1 Jan 1977, p. 6.

216 “Proscribed Bus Fare Increases from the 6th [先行條件(선행조건)흐지부지 市內(시내)버스料金(요금)6日(일)부터引上(인상)],” Maeil Kyongjae, 5 Oct 1970, p. 3.

217 “Bank of Korea- Unlimited Supply of 10-Won and Five-Won Coins for Use, No inconvenience in Transportation Fares [10.5원鑄貨(주화) 무제한 공급 韓銀(한은),交通(교통)요금사용불편없게],” Maeil Kyongjae, 2 Feb 1974 p. 7.

218 O’Donnell, Patrick R. Tokens of Korea, (Raleigh: Prentiss Publications, 2016), II. See also: Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History 239.

219 Kyonghyang Shinmun, 20 June 1975, p. 2.

220 Maeil Kyongjae, 19 Nov 1977, p. 7.

221 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History 148.

222 Yi 50.

223 Currency Museum of Korea, “한국은행 다 오원화 [Bank of Korea Third Series Five-Won Coin],” 2019, Currency Museum of Korea, museum.komsco.com/museum/50/relic/2969. Accessed 12 June 2019.

224 Jo, 2006, 360.

225 Maeil Kyongjae, 7 Dec 1983, p. 2.

226 “Korean Standard-coin Manufacturing Unit Price Variance [우리나라 일반주화의 제조단가 변동],” this internal Bank of Korea data is quoted in Jo, 2006, 221.

227 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History 149 and 166.

228 For the Bank of Korea’s current status of the One-Won coin, see: “Currency: Current Coins, Five-Won Coin, 1966. 8. 16 [화폐: 현용주화, 1원화, 1966. 8. 16 (현용주화의 경우 1983년 1월 15일)],” Bank of Korea, www.bok.or.kr/portal/main/contents.do?menuNo=200367. Accessed 30 Feb 2019.

229 Pak Un-seob. “600 million coins are disappearing every year [연 6억개의 동전이 사라지고 있다],” Hankook Ilbo -World of Money, 10 Aug 2004.

230 There appear to be errors in the NGC census regarding two of the Five-Won coins the company has graded. NGC claims to have graded two 1998 Five-Won coins, but these were erroneously labeled as such after placement in multiholders when the company graded two 1998 Bank of Korea mint sets and labeled every coin in the multiholders from those two sets as “1998.” The Korean Mint never minted Five-Won coins with 1998 dates.

CHAPTER EIGHT

231 Hwadong Co. Ltd. Hwadong Auction [20] -Highly Important Numismatic Rarities, Korean Charms and Amulets, Lots 184-186. (Seoul: Hwadong Yanghaeng), 17 Sep 2011, 56. Auction Catalog.

232 Currency Museum of Korea, “한국은행 가 10원화 [Bank of Korea First Series 10-Won Coin],” 2019, Currency Museum of Korea, museum.komsco.com/museum/50/relic/2601, 2 July 2019.

233 Yi Nae-hwang. Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 46.

234 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 131.

235 “19-Grade Coal Briquette One for 10 won [19孔炭(공탄)1個(개)10원],” Dong-A Ilbo, 20 Oct 1966, 2.

236 “Why can't we crack down on the kiosks in the old palaces? [古宮(고궁)의 賣店(매점)을 왜 단속못하는],” Kyonghyang Shinmun, 21 May 1969, p. 2; “Women’s [餘窗(여적)],” Kyonghyang Shinmun, 13 July 1968, p. 1.

237 Each item is from the following articles, in order:
“The Oblivion Zone (12) [이 忘却(망각) 地帶(지대)를 <12> 過多宣傳(과다선전)에 속지역], Maeil Kyongjae, 14 Feb 1967, p. 2; “New “Rainbow” to be chased by “Bluebird” to increase actual cigarette prices [『파랑새』쫓을 新種(신종) 『무지개』實實的(실질적)인 담배 값 引上(인상)],” Dong-A Ilbo, 21 May 1966, p. 2; “Pagoda Park Entrance Fee, Adults 10 won, Students Free [파고다公園有料(공원유료)로 어른10원學生無料(학생무료)],” Maeil Kyongjae, 16 Dec 1967, p. 3; “Expand Bus Ticket Offices [버스賣票所(매표소)를 增設(증설) 하라],” Kyonghyang Shinmun, 23 Nov 1966, p. 6; “Candle Shop Stock [양초가게대목],” Kyonghyang Shinmun, 7 Dec 1967, p. 1.

238 “Daegu Heat Wave 37 Degrees Celcius [大邱暴炎(대구폭염) 섭씨37度(도)],” Kyonghyang Shinmun, 2 Aug 1967, p. 7.
See Also: “Three Million won Worth of Machinery and Japanese Technician Arrested [3百萬(백만)원어치 機械(기계) 등도入(반입) 拘束(구속)된日技術者(일기술자)],” Dong-A Ilbo, 6 Apr 1967, p. 7. This article mentions the arrest of a Japanese national who was charged with attempting to secretly import, against South Korean customs law, five “juice vending machines” from Japan through the port city of Incheon. The man made a plea deal admitting to having already imported 64 such machines into Korea. The first legally sanctioned vending machines for the Korean market would not arrive until a decade later.

239 “10-Won Coin Counterfeit [10원僞造(위조)],” Dong-A Ilbo, 8 Nov 1967, p. 4.

240 “The Bank of Korea and its Secret Story (1) Won Coins’ Family Register [成年(성년)한국은행 그 秘史(비사)와 内幕(내막) (1) 원貨(화)의 戶籍(호적)등본],” Kyonghyang Shinmun, 9 Jun 1970, p. 4.

241 Hwang Weon-oh. The Monetary History of Korea [韓國貨幣全史(한국화폐전사)]. (Seoul: KSPMC, 1993) 201. See also: “From Today Old Money Exchange Exercise [오늘 부터 헌돈바꾸기運動(운동)], Dong-A Ilbo, 27 Feb 1970, p. 7.

242 Yi 46-47.

243 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 589. See also: “From the 16th New Five-Won, 10-Won Coins Issued [16일부터 새鑄貨(주화)발행 5원과 10원짜리],” Kyonghyang Shinmun, 10 July 1970, p. 4.

244 Korea Minting and Security Printing Corporation 50-Year History 131.

245 “10-Won Coin [십원 주화].” Namu Wiki, namuwiki.com/w/십원%20주화. Accessed 1 Aug 2019.

246 Lee Jungwook. “Unfounded Rumors Related to the ‘10-Won Alterations’ [´10원화의 변화´와 관련된 근거없는 소문],” Issue Policy Team, Bank of Korea, www.bok.or.kr/portal/bbs/P0000547/view.do?nttId=7228&menuNo=200387, 15 Dec 1999. Accessed 3 Aug 2019.

247 “Bank of Korea Current One-Won Coin Composition Change Study [한국은행 현용 1원주화 소재변경에 대한 검토],” dated July 1967; data from this internal Bank of Korea study is quoted in Jo, 2006, 207.

248 Jo Byeongsu, Jo Byung-su's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 206.

249 “From the 16th New Five-Won, 10-Won Coins Issued [16일부터 새鑄貨(주화)발행 5원과 10원짜리],” Kyonghyang Shinmun, 10 July 1970, p. 4.

250 Currency Museum of Korea, “한국은행 가 10원화 [Bank of Korea First Series 10-Won Coin],” 2019, Currency Museum of Korea, museum.komsco.com/museum/50/relic/2601, 2 July 2019.

251 “Korean Standard-coin Manufacturing Unit Price Variance [우리나라 일반주화의 제조단가 변동],” this internal Bank of Korea data is quoted in Jo, 2006, 221.

252 Kim Kangjeong. “Let's take a look at the price of money from One-Won to 10,000-won (3) The Most Numerous of Coins, 10-Won Coin [1원짜리 鑄貨(주화)서 만원(권)까지 돈값한번 따져보자 (3) 食口數(식구수) 제일많은 種(권종) 10원짜리],” Kyonghyang Shinmun, 23 June 1975, p. 2. The author cites Bank of Korea data to point out that the number of 10-Won coins per capita in South Korea was 17.5 that year.

253 “Suburb and City Bus Fares up 12.2% [市界外(시계외) 운행 市內(시내) 버스 料金(요금) 最高(최고)12.2% 引上(인상)],” Kyonghyang Shinmun, 21 Aug 1980, p 6. See also: “Seoul as Indicator, 2.3.3, City Bus Fares [지표로 분 서울, 2.3.3 시내버스 요금].” The Seoul Research Data Service, 2010, data.si.re.kr/node/340. Accessed 4 Jun 2019.

254 “Public Payphone Rates to Increase to 10-Won Next Year [公衆電話料(공중전화료) 내년부터10원],” Dong-A Ilbo, 3 Nov 1973, p. 7. See also: “Train 17%, Telegrams 100%, Phone Rates Also Higher [鐵道(철도) 17%·電報(전보) 百(백)%·電話料(전화료)도 더],” Kyonghyang Shinmun, 1 Jan 1977, p. 6.

255 “Kim Seongsu, who won the ‘Public Phone 10 Won Reimbursement Center’ case, said, ‘I cannot tolerate the nation's unfaithfulness.’「公衆電話(공중전화) 10원暗賞訴(배상소)」서 勝訴(승소)한 金成秀(김성수)씨 ‘家(국가)의 義務不誠實 (의무불성실) 묵인할수없다.’],” Dong-A Ilbo, 30 Jan 1978, p. 7.

256 “Ten-Won Coins with a Section Cut Off [일부분이 잘려진 10원짜리동전],” Dong-A Ilbo, 5 Aug 1982, p. 11.

257 Yi 50.

258 Currency Museum of Korea, “한국은행 나 10원화 [Bank of Korea Third Series 10-Won Coin],” 2019, Currency Museum of Korea, museum.komsco.com/museum/50/relic/2909, 2 Jul. 2019.

259 Lee Jungwook. “Unfounded Rumors Related to the ‘10-Won Alterations’ [´10원화의 변화´와 관련된 근거없는 소문],” Issue Policy Team, Bank of Korea, www.bok.or.kr/portal/bbs/P0000547/view.do?nttId=7228&menuNo=200387, 15 Dec 1999. Accessed 3 Aug 2019.

260 “Seoul as Indicator, 2.3.5 Public Payphone Fees [지표로 분 서울, 2.3.5 공중전화 요금].” The Seoul Research Data Service, 2010, data.si.re.kr/node/340. Accessed 4 Jun. 2019.

261 “Coin Change Machine [동전교환기],” Maeil Kyongjae, 14 Mar 1983, p. 10. See also: “Let’s Install Coin Change Machines [銅錢(동전) 교환기 설치하라],” Dong-A Ilbo, 31 Jan 1986, p. 8.

262 “Korea Mechanics’ Change-giving Payphones Coming [韓国機電(한국기전) 거스름돈 내주는 公衆(공중)전화기 나와],” Maeil Kyongjae, 4 Nov 1987, p. 8.

263 “Payphones ‘swallow’ 27 billion won [자동공중전화기 2百(백)70億(억)원"꿀꺽”],” Dong-A Ilbo, 23 July 1988, p. 11.

264 “Contemporary Payphone Changes (Payphone Changes after Independence) [현대식 공중 전화기 변천 (해방 후 공중 전화기 변천)],” Spring and Autumn [춘하추동], m.blog.naver.com/wkdbdls32/220212063110. 16 Dec 2014. Accessed 7 March 2020.

265 “Sunlight on the 10-Won coin [10원짜리 동전에 햇빛을],” Maeil Kyongjae, 20 Apr 1994, p. 7.

266 Korea Minting and Security Printing Corporation 50-Year History 166.

267 “Coins Return to the Bank,” The Chosun Ilbo, english.chosun.com/w21data/html/news/199802/1998022190510.html, 19 Feb 1998. Accessed 16 Mar 2017.

268 “In the History of the Old 10-Won Coin… [구(舊) 10원 동전 역사속으로…],” etoday [이투데이], 2017 Mar 20, etoday.co.kr/news/view/1469672. Accessed 26 Feb 2018.

269 “To Make a 10-Won Coin is 38 won… ‘100,000-Won Check is 28 won’ [10원짜리 동전 만드는데 38원… ‘10만원 수표’는 28원],” dongA.com, 20 Dec 2005, www.donga.com/news/article/all/20051220/8258620/1. Accessed 28 Mar 2020.

270 Yi 50.

271 Daegwangsa (Publisher), Korean Coins and Banknotes Catalogue [大韓民國貨幣價格圖錄/대한민국화폐가격도록 ], (Seoul: Daegwangsa, 2018) p. 209.

272 Yi 50.

273 Phillips, Michelle and Ng, Eleanor. “KOMSCO prevents counterfeiting,” South China Morning Post, 16 October 2012, www.scmp.com/article/1062416/komsco-prevents-counterfeiting. Accessed 1 Oct 2017.

274 “As the Price of Copper Rises, Melt 10-Won Coins, Sell Them, and Make 700 Million [구릿값 오르자 10원 동전 녹여 팔아 7억 챙겨],” Dong-A Ilbo, 18 Oct 2010, www.donga.com/news/article/all/20101018/31931784/1. Accessed 23 Apr 2019.

275 Prohibition of Damage to Coins [주화의 훼손금지] (Law No. 15427), 13 March 2018, arts. 53-2 and 105-2 (Republic of Korea).

276 Shim Min-gwan. “10-won coins became 'gold' due to a surge in copper price... Melting and selling is a serious crime [구리값 급등에 ‘금값'된 10원짜리 동전… 녹여서 팔면 엄연한 범죄],” Chosun Biz, 31 May 2021, biz.chosun.com/topics/topics_social/2021/05/31/2JUK7O7JJ5H4FEJJ2XHB27NOEY/. Accessed 13 Jun 2021.

277 “Unwelcome 10-Won Coin… Low Recovery Rate [대접 못받는 10원 동전…회수율 낮아],”Dong-A Kyungjae, 19 Aug 2019, daenews.co.kr/news/view.php?no=12610. Accessed 3 Mar 2020.

278 Ibid.

279 Jeong Gihyeong. “Troublesome 10-Won Coin [골칫거리 10원짜리 동전],” YouTube, uploaded by KNN- Korea New Network, 5 Mar 2014, www.youtube.com/watch?v=-nsYmYLroL0.

280 Jeff Brandenburg. Commented on “Coins destroyed in the wash…?” CoinTalk, 6 Dec 2019, www.cointalk.com/threads/coins-destroyed-in-the-wash.351237/.
See also: Go Hui-gyeong. “New 10-Won Coin ‘Crinkles’ When in Contact with Detergent [신형 10원 주화, 세제에 닿으면 '쪼글쪼글'],” SBS News, 31 Jan 2011, news.sbs.co.kr/news/endPage.do?news_id=N1000853151.

281 Jeong Hyeok-jun. “How did You Make 2 Billion won by Melting 10-Won Coins? [10원짜리 동전 녹여 어떻게 20억원을 벌었을까요?],” Hankyeoreh, 19 Nov 2014, www.hani.co.kr/arti/economy/economy_general/665181.html. Accessed 13 Mar 2020.

CHAPTER NINE

282 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004) 77-78.

283 Jo Byeongsu, Jo Byung-su's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 211.

284 Kim Du-gyeong 77.

285 Jo 212. Coins with holes in their centers (annular coins) are referred to as “유공주화 / 有孔鑄貨 ” (yu gong ju hwa) in Korean, whereas round coins without holes are referred to as “원형주화 / 圓形鑄貨” (won hyeong ju hwa).

286 Jo 211.

287 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 131. See also: “Bank of Korea First Series 50-Won Coin [한국은행 가 오십원화],” Currency Museum of Korea, museum.komsco.com/museum/50/relic/2149.
The Japan Mint has confirmed that the plaster engravings for the First Series 100-Won and 50-Won coins were indeed produced at the Japan Mint. Unfortunately, they do not possess photographs of these pieces. The Japan Mint also told the author that the original plasters were “crushed by the staff of the Korean Mint.” This is probably a reference to the destruction of this artwork for security reasons after the engravings had fulfilled their purpose. Public Relations Office, Japan Mint. “bas relief engraving in gypsum.” Received by Mark Lovmo, 18 Aug 2020.
The Japan Mint has also stated that it has no records of its employees from the time of the production of the master dies for the Korean 100-Won and 50-Won coins and therefore could not comment on the names of the Japanese relief engravers or technicians involved. Public Relations Office, Japan Mint. “reply.” Received by Mark Lovmo, 6 Mar 2018.

288 Jo 212.

289 “Issuance of 50-Won Coin From October [10월부터 50원짜리동전 발행],” Kyonghyang Shinmun, 20 Jun 1972, p. 7.

290 Jo 212. The coin’s issue date announcement is from: “Fifty-Won Coin Issued from December 1st [50원짜리 鑄貨(주화) 12월1일부터발행],” Kyonghyang Shinmun, 16 Nov 1972, p. 1.

291 Jo 211. On page 211 of his book, Korean Commemorative Coins, Jo shares three of the Korean Mint design team’s trial sketches along with the final chosen design.

292 South Korea’s first “rice stalk” (or “ear of rice”) coin image appeared in draft sketches of the 10-Hwan coin that can be seen in Jo Byeongsu’s book (Jo 2006, 199), and again in draft sketches for the One-Won coin that he included in his book that date from 1965 (Jo 2006, 202). Hwadong has sold examples of the exceedingly rare 1966 Five-Won pattern coin with the rice stalk design: Hwadong Co. Ltd. Hwadong Auction [20] -Highly Important Numismatic Rarities, Korean Charms and Amulets, Lot 183. (Seoul: Hwadong Yanghaeng), 17 September 2011, 55. Auction Catalog.

293 Jo 211-213.

294 Currency Museum of Korea, “Bank of Korea First Series 50-Won Coin [한국은행 가 오십원화] ,” Currency Museum of Korea, museum.komsco.com/museum/50/relic/2149. This “Relics Search” entry for the First Series 50-Won coin at the Korean Currency Museum’s website only lists Kang Bak (강 박), from the Korean Mint’s Design Office, as this coin’s designer.

295 Jo 213. See also: Kim In-sik, The Catalog of Korean Coins and Banknotes [韓國貨幣價格圖錄 / 한국화폐가격도록], (Seoul: Geumhwa Publishing, 1984), 338. This secondary source, the 1984 Geumhwa catalog, credits Korean Mint designers, Oh Dong-hwan (오동환 / 吳東煥) and Jo Byeongsu (조병수 / 曺秉須) as the designers of the First Series 50-Won coin, but makes no mention of Kang Bak.

296 “Bank of Korea First Series 50-Won Coin [한국은행 가 오십원화], Currency Museum of Korea.” This webpage from South Korea’s Currency Museum states that, with the 50-Won coin, authorities had “applied the coin-design theme of the ear of rice (a food image) as recommended by the Food and Agriculture Organization (FAO).”

297 Kyonghyang Shinmun, 20 Jun 1972, p. 7; and “Kyonghyang Shinmun, 16 Nov 1972, p. 1.

298 Lincan, Cornelia-Alexandra and Voicila, Elena-Adina. “Revisiting Global Korea: South Korea’s Soft Power Assets and the Role of Development Cooperation,” Romanian Journal of Sociological Studies, New Series, 2015 No. 1, 49-63.

299 Along with the 100-Won, the 50-Won Coin is to be Issued within the Year [100원도 모두鑄貨(주화)로 50원銅錢(동전)年內 (연내) 발행],” Maeil Kyongjae, 20 Jun 1972, p. 7. See also: Jo 211.

300 Jo 211. The metal’s “abrasion resistance” is apparently cited from internal Bank of Korea data from the “50-Won Coin Issue Study;” Jo claims this study dates from in 1971. The choice of size and design specifications of the 50-Won to aid in discriminating between it and the 100-Won is from: “Bank of Korea First Series 50-Won Coin [한국은행 가 오십원화],” Currency Museum of Korea, museum.komsco.com/museum/50/relic/2873. See also: Yi Nae-hwang. Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 48.

301 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 131.

302 Jo 212. Jo cites this data from the “50-Won Coin Issue Study,” which also states that these blanks had a hardness of “28~35,” although the hardness scale that is used is not listed.

303 Kim Du-gyeong 77-78.

304 Kim Gang-jeong. “Let's take a look at the price of money from One-Won coins to 10,000-Won (4) The 50-Won coin that doesn't seem to exist [1원짜리 鑄貨(주화)서 만원券(권)까지 돈값한번 따져보자 (4) 있으면서도 없는듯한 50원 鋳貨(주화)],” Kyonghyang Shinmun, 24 Jun 1975, p. 2.

305 Ibid.

306 Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ] 131.

307 “Korean Standard-coin Manufacturing Unit Price Variance [우리나라 일반주화의 제조단가 변동],” this internal Bank of Korea data is quoted in Jo, 2006, 221.

308 Oh Soonhwan. Personal Interview. 20 June 2019.

309 Currency Museum of Korea, “Bank of Korea Second Series 50-Won Coin [한국은행 나 오십원화],” Currency Museum of Korea, museum.komsco.com/museum/50/relic/2913. Accessed 20 May 2019.

310 Ibid.

311 “Issuance of Five Coins Including 100-Won Coin to have Uniform Character Arrangement and Removal of English Letters [1百(백)원짜리등 5種鑄貨(종주화) 발행 文字(문자)배열통일 英文(영문)표기 없애],” Kyonghyang Shinmun, 14 Jan 1983, p. 5.

312 Jo Byeongsu’s unfavorable opinion of the 1983 redesigns of South Korea’s circulating coins is found on pages 360-363 of his 2006 book, Korean Commemorative Coins.

313 Ibid 360.

314 Ibid 361-363.

315 Ibid 361-363. Although Jo Byeongsu avoided mentioning the names of the people involved, one can surmise that he is referring to former Korean Mint Director Cho Jin-hee, who served from 1980-1984, and that the “principal designer” was Lee Ye-su, who was employed at the Mint from 1978 to 1987. Lee’s name is listed first for each of the 1983 Currency Arrangement Plan coin designs at the Currency Museum of Korea’s website.

316 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 230. See also: Kim Hansu. Korean Currency. (Seoul, Korea: Bank of Korea, 2018) 186 and 187. This source mentions that the rationale behind the redesigns was to standardize the designs and to re-arrange the lettering and numerals.

317 Oh Soonhwan, “Variation in Currency [화폐의 변주곡],” Oh Soonhwan’s Currency Stories (85) [오순환의 화폐이야기 (85)], 3 Mar 2017, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], www.hwadong.com/new/currency/curr_PdsDetail.jsp?planId=100000001&planSeq=160&Page=5. Accessed 21 Jul 2019.

318 The author was able to find one letter written to the Kyonghyang Shinmun in which a person belatedly complained that it made no sense that the larger-value 50-Won coin would have “smaller lettering” on its obverse, in the form of the hangul legend, “오십원" (“Fifty Won”), compared to the legend, “십원” (“Ten Won”), appearing of the smaller-value 10-Won coin. The person also complained that the 50-Won was smaller in diameter than the 10-Won coin, but this complaint has nothing to do with the 1983 redesigns. Yun Jeong-han. “Coin Sizes are Adjusted to Irrational Standards [주화크기 비합리 가치따라 조절을],” Kyonghyang Shinmun, 11 Feb 1992, p. 10.

319 “Bank of Korea Averaged 77,000 won per Person at the End of Last Year, 10,000-Won Large-value Notes and 500-Won Coins Surge [韓銀(한은 작년(말) 집계 1人當 (인당) 평균貨幣(화폐) 소지 7萬(만)7干(천)원 萬(만)원짜리高額券(고액권) 5(백)원鑄貨(주화) 급증],” Kyonghyang Shinmun, 6 Feb 1984.

320 Korea Minting and Security Printing Corporation 50-Year History, 131, 148, and 166.

321 “200 Public Payphones Installed in the Outskirts of Seoul and Pusan Within the Year [서울·부산에 시내외 겸용 공중전화기 연내 200대설치],” Maeil Kyongjae, 20 Oct. 1982, p. 11.

322 “Seoul as Indicator, 2.3.5 Public Payphone Fees [지표로 분 서울, 2.3.5 공중전화 요금].” The Seoul Research Data Service, 2010, data.si.re.kr/node/340. Accessed 4 Jun 2019.

323 “Fifty Won Coin [오십원 주화],” Namu Wiki, 1 Jul 2020, namu.wiki/w/오십원%20주화. Accessed 17 Apr 2020.

324 The payphones that would not accept 50-Won coins were the machines with blue or green plastic housings installed in the 1990s in South Korea. These payphones elicited many complaints.
See: Choi Gyeong-hyeon. “Newly-installed Payphones not Refunding Change is Annoying [새로 설치된 공중전화 잔돈 환불안돼 더불편],” Dong-A Ilbo, 19 Sep. 1991, p.14; Lee Jae-hak. “Cannot Use 50-Won Coins in Green Payphones [녹색의 공중전화기 50원짜리 사용못해],” Hankyeoreh Shinmun, 11 Nov. 1994, p. 10; Yun Gi-han. “Change the Payphones that Can’t Use the 50-Won Coin [50원 주화 못 쓰는 공중전화 바꿔야],” Hankyeoreh Shinmun, 13 Jan. 1995, p. 10.

325 “Seoul as Indicator, 2.3.2 Subway Fares; 2.3.3 City Bus Fares [지표로 분 서울, 2.3.2 지하철 요금; 2.3.3 시내버스 요금].” The Seoul Research Data Service, 2010, data.si.re.kr/node/340. Accessed 4 Jun 2019.

326 Ryou Seung-yeon. “Why are Bus Fares More Expensive in Cash than Cards? [버스 요금은 왜 카드보다 현금이 더 비쌀까],” OhMyNews, 30 Sep 2019, www.ohmynews.com/NWS_Web/View/at_pg.aspx?CNTN_CD=A0002573779. Accessed 3 Feb 2020.

327 The 1983 per-unit cost of the 50-Won is from: Korean Standard Coin Manufacturing Unit Price Variance [우리나라 일반주화의 제조단가 변동],” this internal Bank of Korea data is quoted in Jo, 2006, 221. The coin’s per-unit cost by 2009, the last year that the Korean Mint revealed to the Korean press its per-coin minting costs, is from: Jo Yong-jik. “What is the Cost of the 100-Won Coin? [100원짜리 동전, 원가는 얼마?],” Herald Kyongjae, 14 Oct. 2009, biz.heraldcorp.com/view.php?ud=20091014000433. Accessed 15 Feb 2020.

328 Pak Sanghyeon. “100-Won and 50-Won Coins’ ‘Belly Buttons are Bigger than their Bellies’ [100원, 50원짜리 동전 `배보다 배꼽이 커졌다'],” Hankuk Gyeongjae, 16 Apr. 2007, www.hankyung.com/news/article/2007041686438. Accessed 30 Mar. 2020.

329 Choi Yoonjung. “Reduction of 70 million ‘100-Won Coins’ in the First Half...First Time after the Financial Crisis ['100원짜리' 상반기 7천만개 감소…외환위기 후 처음],” Yonhap News, 15 Aug. 2017, www.yna.co.kr/view/AKR20170814137500002. Accessed 30 Mar. 2020.

330 Park Yang-su. Economic Statistics Yearbook. (Seoul: Bank of Korea, 2020) 31.

CHAPTER TEN

331 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004) 77.
For South Korea’s GNP growth during the first two Five-Year Plans, see: “South Korea GNP 1962-2021.” Macrotrends, www.macrotrends.net/countries/KOR/south-korea/gnp-gross-national-product. Accessed 02 Feb 2020.

332 Kim Du-gyeong 77. See also: Hwang Weon-oh. The Monetary History of Korea [韓國貨幣全史 (한국화폐전사)]. (Seoul: KSPMC, 1993) 201.

333 Yi Nae-hwang. Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 48.

334 Jo Byeongsu, Jo Byung-su's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 208.

335 Yi 48.

336 The author has heard that Koreans refer to these 16 arabesque designs on the First Series 100-Won as “박쥐문양” (bak jwi mun yang) “bat designs”, although “당초문양” (dang cho mun yang), “arabesques” might best describe this feature.

337 Yi 48.
Some of the Korean Mint’s original design sketches feature the English legend, “THE BANK OF KOREA,” on the reverse. See: Jo 208.

338 “100-Won Coin to be Released on the Coming 30th [100원 주화 來(내)30日(일)부터發行(발행)],” Maeil Kyongjae, 25 Nov 1970, p. 3.

339 Currency Museum of Korea, “Bank of Korea First Series 100-Won Coin [한국은행 가 백원화],” Currency Museum of Korea, museum.komsco.com/museum/50/relic/3224. Accessed 16 July 2019. This “Relics Search” entry for the First Series 100-Won coin at the Korean Currency Museum’s website only lists Kang Bak (강 박 / 姜博), from the Korean Mint’s Design Office, as its designer.
See also: Kim In-sik, The Catalog of Korean Coins and Banknotes [韓國貨幣價格圖錄 / 한국화폐가격도록], (Seoul: Geumhwa Publishing, 1984), 338. This secondary source credits Pak Gang-jeong (박강정 / 朴康靖) as having designed the obverse (表/표면), and Kang Bak as the designer of the reverse (裏/이면).
Jo Byeongsu (2006) does not name a designer for the First Series 100-Won coin. However, his 2010 book does cite internal seniority data from the Korean Mint that lists Pak Gang-jeong (박강정) as a banknote and coin designer who worked for the Mint from 1967 to 1973. Jo also credits Pak as a designer who worked on South Korea’s first gold and silver commemorative coins in the early months of 1970. Therefore, it is entirely plausible that Mr. Pak was involved in the coin’s design. Jo Byeongsu, Korean Banknotes: History of Korean Banknotes Written by Jo Byeongsu [韓國의 銀行券 Korean Banknotes: 우리나라 은행권 변천사 조병수 지음 ]. (Seoul: Ohsung K&C, 2010), 415.

340 See Note 281, above. See also: “Bank of Korea First Series 100-Won Coin [한국은행 가 백원화],” Currency Museum of Korea, museum.komsco.com/museum/50/relic/3224.

341 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 135.

342 Kim Du-gyeong 77.

343 Jo 209. The figure of 315 metric tons of recycled 100-Hwan coins is also mentioned in: “New One-Won, Five-Won Coins Coming [1원5원짜리 새鑄貨(주화)나온다],” Dong-A Ilbo, 4 May 1965, p. 7.

344 Jo 209-210.

345 Korea Minting and Security Printing Corporation 50-Year History 131.

346 Kim Du-gyeong, 77-78.

347 Hwang Weon-oh. The Monetary History of Korea [韓國貨幣全史(한국화폐전사)]. (Seoul: KSPMC, 1993) 201-202.

348 Seong Jeonghong. “Let's take a look at the price of money from One-Won to 10,000-won (5) The Useful 100-Won Coin [1원짜리 鑄貨(주화)서 만원券(권)까지 돈값한번 따져보자 (5) 그런대로 쓸모있는 (백) 원 짜리],” Kyonghyang Shinmun, 26 Jun 1975, p. 2.

349 “Cigarette Vending Machines Appear [담배자동판매기 등장],” Maeil Kyongjae, 7 Aug. 1975, p. 7.

350 “Vending Machines are Increasing [自動販賣機(자동판매기)가 늘고있다],” Kyonghyang Shinmun, 4 May 1979, p. 3. See also: “Development of Automatic Vending Machines [自動(자동)판매기 개발],” Maeil Kyongjae, 21 Jun 1978, p. 6. This article mentions one of the first vending machine business partnerships between Japan’s Sanyo and South Korea’s Samsung. This partnership likely followed the same formula seen with the first payphones: Equipment and parts imported from Japan with the assembly and re-tuning of the coin accepting devices accomplished in Korea for local installation.

351 Hundred-Won Coin Counterfeits [백원짜리 동전위조], JoongAng Ilbo, 30 Dec 1970, p. 7.

352 “Mass Forgery of Hundred-Won Coins [백원鑄貨(주화) 대량위조 ],” Maeil Kyongjae, 5 Jul 1975.

353 The following newspaper accounts of 100-Won counterfeits are widely representative of the scores of reported cases during the spikes in cases in 1971 and 1975:
“Coin Counterfeiter Caught [鑄貨造犯(주화위조범) 자수], Donga Ilbo, 7 Jan 1971; “More Hundred-Won Counterfeit Coins Found in Seoul City [百(백) 원위조주화 서울市內 (시내) 서또발견],” Maeil Kyongjae, 12 Mar 1971; “Hundred-Won Coin Counterfeit Coins are Found to be Thin this Time [백원짜리위조주화 이번엔엷은것발견],” Maeil Kyongjae, 15 Mar 1971; “Again Fake 100-Won Coins [또 가짜百(백)원鑄貨(주화)],” Kyonghyang Shinmun, 25 Mar 1971; “Hundred-Won Fake Coins Found at Theater [(백) 원가짜鑄貨(주화) 劇場 (극장)에서발견], Kyonghyang Shinmun, 6 Apr 1971; “Hundred-Won Coin Counterfeits [(백) 원짜리 僞造鑄貨(위조주화)],” Donga Ilbo, 20 Mar 1975; “Bank of Korea Struggles with Distribution of Counterfeit Coins, Requests Immediate Report upon Discovery [僞造鑄貨(위조주화) 流通 (유통)에 苦心(고심) 韓銀(한은),發見(발견) 즉시 申告 (신고) 당부],” Maeil Kyongjae, 2 Oct 1975.

354 “New Banknotes Beginning on the 12th [새紙幣(지폐) 12일 첫선],” Maeil Kyongjae, 7 Jun 1983, p. 2. The Korean government’s name for the “Currency Arrangement Plan” was “화폐체계정비계획 (hwa pye che gye jeong bi gye hoeg)”.

355 Issuance of Five Coins Including 100-Won Coin to have Uniform Character Arrangement and Removal of English Letters [1百(백)원짜리등 5種鑄貨(종주화) 발행 文字(문자)배열통일 英文(영문)표기 없애],” Kyonghyang Shinmun, 14 Jan 1983, p. 5.

356 Currency Museum of Korea, “Bank of Korea Second Series 100-Won Coin [한국은행 나 백원화],” Currency Museum of Korea, museum.komsco.com/museum/50/relic/2936. Accessed 16 July 2019. This Currency Museum listing for the Second Series 100-Won coin states that this coin’s image of Admiral Yi Sun-sin was derived from the official state painting created by Jang Woo-seong (월전 장우성 / 月田張遇聖 ).

357 Currency Museum of Korea, “Bank of Korea Second Series 100-Won Coin [한국은행 나 백원화].”

358 Yi 50.

359 Jo 218-219. See also: 214-215.

360 Jo 363.

361 Oh Soonhwan, “Variation in Currency [화폐의 변주곡],” Oh Soonhwan’s Currency Stories (85) [오순환의 화폐이야기 (85)], 3 Mar 2017, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], www.hwadong.com/new/currency/curr_PdsDetail.jsp?planId=100000001&planSeq=160&Page=5. Accessed 21 Jul 2019.

362 Jo 215. In Korean, the wording was “...남겨 우리나라 주화 중에서 가장 조악한 화폐로 평가를 받고있다,” or roughly translated into English, “...[the coins] are judged to be the worst currency among Korea’s coins.” This seems to be the most memorable statement of Mr. Jo’s 2006 book for the Korean press, as it was the most quoted in reviews of his book, and likely due to its strident tone.

363 Oh Soonhwan, “I Want to Fly [나는 날고 싶다],” Oh Soonhwan’s Currency Stories (86) [오순환의 화폐이야기 (86)], 3 Mar 2017, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], www.hwadong.com/new/currency/curr_PdsDetail.jsp?planId=100000001&planSeq=161&Page=5. Accessed 21 Jul 2019.

364 “Coins Increased by 49.5% year-on-year, Affected by Vending Machines [동전 크게늘어 自動販賣機(자동판매기) 영향 前年比(전년비)49.5%나],” Donga Ilbo, 23 Dec 1983, p. 2. Mintage for 100-Won in 1983 is from: Korea Minting and Security Printing Corporation 50-Year History 148.

365 “Increased Vending Machines Lead to a Surge in Coin Demand [自販機(자판기)증가로 동전수요 급증],” Kyonghyang Shinmun, 7 Mar 1992, p. 9.

366 “Seoul as Indicator, City Bus Fares [지표로 분 서울, 2.3.3 시내버스 요금].” The Seoul Research Data Service, 2010, data.si.re.kr/node/340. Accessed 4 Jun 2019.

367 “Contemporary Payphone Changes (Payphone Changes after Independence [현대식 공중 전화기 변천 (해방 후 공중 전화기 변천)],” Spring and Autumn [춘하추동], m.blog.naver.com/wkdbdls32/220212063110. 16 Dec 2014. Accessed 7 March 2020.

368 “Seoul as Indicator, 2.3.5 Payphone Fees; [2.3.3 공중전화요금].” The Seoul Research Data Service, 2010, data.si.re.kr/node/340. Accessed 4 Jun 2019.

369 These examples are from the following sources, in order:
“Government Flour Prices Down 9.3% [政府米(정부미)값9.3% 내려],” Donga Ilbo, 3 June 1987, p. 1; “City Bus Fare 10-Won Increase Studied [市內(시내)버스 料金(요금) 10원리上(상) 검토],” Kyonghyang Shinmun, 13 Aug 1987, p. 7; “‘100-Won Symbol’ Choco Pie Price Increase Tug of War [‘100원짜리 상징’ 초코파이 값引上(인상) ‘줄다리기’],” Kyonghyang Shinmun, 11 Jan 1997, p. 1.

370 “New Cigarettes ‘88’ 600 won for One Pack is High End Value [새담배 ‘88’ 한갑600원 高級化(고급화)앞세워 값引上(인상)], “ Maeil Kyongjae, 9 Apr 1987, p. 11.

371 “Hundred Won [백원 주화],” Namu Wiki, 1 Jul 2020, namu.wiki/w/백원%20주화. Accessed 19 Jul 2020.

372 Pak Se-hwan. “What is the Cost of the 100-Won Coin?” Hankuk Kyongjae, 14 Oct 2009, www.hankyung.com/news/article/200910143544g. Accessed 2 Feb 2020.

373 Park Yang-su. Economic Statistics Yearbook. (Seoul: Bank of Korea, 2020) 31.

374 Yang Tae-sam. “100-Won, 500-Won Coin Balance Exceeded 1 Trillion won this Month [100원, 500원짜리 동전 잔액 이달중 1조원 돌파],” Hankuk Gyeongjae, 2 Nov 2001, www.hankyung.com/news/article/2001110260438. Accessed 21 Feb 2018.
The Hankuk Gyeongjae got its basic data for this article from:
“Balance of 100-Won and 500-Won coins issued, All expected to exceed 500 billion won in November [100원 및 500원 주화 발행잔액, 11월중 모두 5천억원 돌파 예상], Bank of Korea Issue Policy Team, 2 Nov. 2001, www.bok.or.kr/portal/bbs/P0000559/view.do?nttId=16116&menuNo=200690. Press release, HWP download.
The 2001 press release reported the total value (in won) of the 100-Won and 500-Won coins in circulation at 500 billion each, while the Hankuk Gyeongjae calculated the number of five-ton trucks it would take to contain them all. Using updated (2020) data from the Bank of Korea, the total amount of 100-Won coins in circulation was just below a trillion won from 2016 to 2019. Therefore, the number of 100-Won coins had reached about 200 coins per-person in South Korea. Park Yang-su. Economic Statistics Yearbook. (Seoul: Bank of Korea, 2020) 31.

375 “100-Won in Japanese Vending Machines [일본 자판기업계 한국 동전 골머리],” Donga Ilbo, 26 Oct 1999.

376 “Using 100-Won Instead of Quarters (25 Cents)... ‘Weasel Tribe’ [쿼터(25센트) 대신 100원 동전 사용…'얌체족' 물의],” JoongAng Ilbo, 12 Mar 2011, news.joins.com/article/5181016. Accessed 20 Jun 2020.

377 Nam Si-hyeon. “Doesn’t Anyone Know How to do it? A 'Coinless Society' Without Reality [할 줄 아는 사람 없는데 어떻게? 현실성 없는 '동전없는 사회'],” IT DongA, 17 Jan 2020, it.donga.com/30011/. Accessed 14 Feb 2020.

378 “Korean Standard-coin Manufacturing Unit Price Variance [우리나라 일반주화의 제조단가 변동],” this internal Bank of Korea data is quoted in Jo, 2006, 221.

379 Jo Yong-jik. “What is the Cost of the 100-Won Coin? [100원짜리 동전, 원가는 얼마?],” Herald Kyongjae, 14 Oct. 2009, biz.heraldcorp.com/view.php?ud=20091014000433. Accessed 15 Feb. 2020.

380 Pak Sanghyeon. “100-Won and 50-Won Coins’ ‘Belly Buttons are Bigger than their Bellies’ [100원, 50원짜리 동전 `배보다 배꼽이 커졌다'],” Seoul Yeonhap News, 16 Apr. 2007, www.hankyung.com/news/article/2007041686438. Accessed 30 Mar. 2020.

381 Yun Ho-woo. “(Excavation of Documents Alone) Designated as the Standard Icon Portrait of Yi Sun-sin in 1973, When it was a "Battle Between pro-Japanese Groups" [[단독 문서발굴]‘친일파끼리 싸움’이었던 1973년 이순신 표준영정 지정], Kyonghyang Shinmun, 18 Jul. 2020, news.khan.co.kr/kh_news/khan_art_view.html?art_id=202007181005001. Accessed 19 Sep. 2020.

382 Jeong Sang-hyeok. “Even the Portrait of Admiral Yi is Painted with a Pro-Japanese Color [충무공 영정마저…친일 색깔 덧칠해 몰아내나],” Chosun Ilbo, 10 Jul. 2020, www.chosun.com/site/data/html_dir/2020/07/10/2020071000547.html. Accessed 22 Jul 2020.

383 Ibid.

384 Ibid.

385 Jang Won-seok and Lee Jee-young. “100-won coin set for change as Japanese connection irks,” Korea JoongAng Daily, 11 Nov. 2020, koreajoongangdaily.joins.com/2020/11/11/business/economy/coin-Bank-of-Korea/20201111190700452.html. Accessed 15 Nov 2020.

CHAPTER ELEVEN

386 “The First Korea-Japan Vending Machine Symposium prepares for the high usage era of the commerce revolution, hosted by the Headquarters [本社(본사)주최 流通革命(유통혁명) 高利用(고이용)시대대비 1회韓(한)·日自販機(일자판기)심포지엄],” Maeil Kyungjae, 10 Dec. 1980, p. 3.

387 The number of vending machines in South Korea numbered 8,800 at the end of October 1980 and would almost double to 16,000 machines by the end of September 1981. At this time, the scale of South Korea’s vending industry was dwarfed by that of Japan, which in 1979 had around 4.5 million machines making 2.57 trillion yen (over $11 billion in 1979 USD) in sales, while there were over 8 million vending machines in the United States pulling in $13 billion in 1979 USD. From: “‘The Age of Coins’ is Here [「鑄貨時代(주화시대)」가 온다],” Kyonghyang Shinmun, 6 Oct. 1981, p. 5.

388 Maeil Kyungjae, 10 Dec. 1980, p. 3.

389 Ibid. For the state of “stagflation” in South Korea in 1979-1980, see: Hinton, Harold C. Korea Under New Leadership: The Fifth Republic, (New York: Praeger Special Studies), 1983, 73-74.

390 Kyonghyang Shinmun, 6 Oct. 1981, p. 5.

391 Song Hui-yeong. “Relieve the Inconvenience of Putting Multiple [Coins] into Vending Machines [販賣機(판매기)에 여러닢 넣는 不便(불편)덜게],” Chosun Ilbo, 1 Feb. 1981, p. 2.

392 Ibid.

393 Pak Myeong-hun. “Even after releasing two million of them, the 500-Won coins are hard to come by [200萬(만)개 풀었어도 보기힘든 500원鑄貨(주화)],” Kyonghyang Shinmun, 14 Jun. 1982, p. 5.

394 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004), 67.

395 Nam, Sang-Woo, and Se-Jong Kim. "Evaluation of Korea's Exchange Rate Policy." Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues. (Edited by Takatoshi Ito and Anne O. Krueger, 1999), 235.

396 Kim Du-gyeong, 67-71.

397 Yi Nae-hwang. Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 48.

398 Ibid 30.

399 “Coin Designs to Change [돈모양이 바뀐다],” Kyonghyang Shinmun, 21 Jan. 1982, p. 2.

400 Ibid.

401 “Korean Standard-coin Manufacturing Unit Price Variance [우리나라 일반주화의 제조단가 변동].” This internal Bank of Korea data is quoted from: Jo Byeongsu, Jo Byungsu's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 221.

402 Kyonghyang Shinmun, 14 Jun. 1982, p. 5.

403 Yi 48.

404 Kyonghyang Shinmun, 14 Jun. 1982, p. 5.

405 Jo 304-307. For a list of names and dates of employment for South Korea’s currency designers (1951-2009), see: Jo Byeongsu, Korean Banknotes: History of Korean Banknotes Written by Jo Byeongsu [韓國의 銀行券 Korean Banknotes: 우리나라 은행권 변천사 조병수 지음 ]. (Seoul: Ohsung K&C, 2010) 415-416.

406 Oh Soonhwan, “I Want to Fly [나는 날고 싶다],” Oh Soonhwan’s Currency Stories (86) [오순환의 화폐이야기 (86)], 3 Mar 2017, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], www.hwadong.com/new/currency/curr_PdsDetail.jsp?planId=100000001&planSeq=161&Page=5. Accessed 21 Jul 2019.

407 Currency Museum of Korea, “Bank of Korea First Series 500-Won Coin [한국은행 가 오백원화],” Currency Museum of Korea, museum.komsco.com/museum/50/relic/2935. Accessed 1 July 2020.

408 Jo, Korean Commemorative Coins 214-215. The actual images of these design sketches for the 500-Won coin can also be found on these pages from Mr. Jo’s book.

409 Oh Soonhwan, “I Want to Fly.”

410 Kyonghyang Shinmun, 14 Jun. 1982, p. 5.
South Korea’s growth rate is from: Andrea Matles Savada and William Shaw, eds. South Korea: A Country Study, (Washington: GPO for the Library of Congress, 1990) countrystudies.us/south-korea/45.htm. Accessed 21 Jun 2019.

411 Currency Museum of Korea, “Bank of Korea First Series 500-Won Coin [한국은행 가 오백원화],” Currency Museum of Korea, museum.komsco.com/museum/50/relic/2935. Accessed 1 July 2020.

412 Oh Soonhwan, “I Want to Fly [나는 날고 싶다].”

413 Jo, Korean Commemorative Coins 216.

414 Ibid 214-215.

415 Oh Soonhwan, “I Want to Fly.”

416 Chosun Ilbo, 1 Feb. 1981, p. 2.

417 “Bank of Korea Study on Next Year’s Issue of a 500-Won Coin for Use in Vending Machines [한은 자동판매기용 주화사용 늘어 500원짜리동전 내년발행 검토],” Dong-A Ilbo, 3 October 1981, p. 5.

418 “The 500-Won Coin [5백원짜리 鑄貨(주화)],” Maeil Kyongjae, 7 Oct. 1981, p. 2.

419 Kyonghyang Shinmun, 14 Jun. 1982, p. 5.

420 Yi 50.

421 Kyonghyang Shinmun, 14 Jun. 1982, p. 5.

422 Ibid.

423 Kim Du-gyeong 79.

424 Ibid.

425 “Seoul as Indicator, 2.3.2 Subway Fares; 2.3.3 City Bus Fares [지표로 분 서울, 2.3.2 지하철 요금; 2.3.3 시내버스 요금].” The Seoul Research Data Service, 2010, data.si.re.kr/node/340. Accessed 4 Jun 2019.

426 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 148.

427 “Coins Increased Significantly, Affected by Vending Machines 49.5% Over the Previous Year [동전 크게늘어 自動販賣機(자동판매기) 영향 前年比(전년비)49.5%나],” Dong-A Ilbo, 23 Dec. 1983 p. 2.

428 “Significant Increase in the Use of Coins [鑄貨(주화)사용 크게 늘어],” Kyonghyang Shinmun, 5 Jul. 1988, p. 7.

429 Kim Han-Sung. Economic Statistics Yearbook [경제통계연보]. (Seoul: Bank of Korea, 1990) 24. The 500-Won coin percentage is calculated from: Kim Du-gyeong, 80.

430 Korea Minting and Security Printing Corporation 50-Year History 148.

431 “Vending machines and long-distance payphones are not allowed to use 500-Won coin, causing inconvenience to citizens. [자동판매기나 장거리 공중전화기가 5백원짜리 동전을 사용할수 없게 돼있어 이용하는 시민들이 불편을 겪고 있다.],” Dong-A Ilbo, 25 Feb. 1984, p. 7.

432 “The Telecommunications Corporation’s ‘Nakjeon Income’ from Payphones. [통신공사의 공중전화기'낙전수입'], Hankyoreh Shinmun, 28 May 1988, p. 8. See also: “Seoul as Indicator, 2.3.5 Payphone Fees; [2.3.3 공중전화요금].” The Seoul Research Data Service, 2010, data.si.re.kr/node/340. Accessed 4 Jun 2019.

433 Hankyoreh Shinmun, 28 May 1988, p. 8.

434 “Coin and Card Public Payphone Installed Nationwide Starting on the 13th [주화·카드겸용 공중전화기 13일부터 전국 설치], Dong-A Ilbo, 8 Feb. 1995, p. 29.

435 “Contemporary Payphone Changes (Payphone Changes after Independence [현대식 공중 전화기 변천 (해방 후 공중 전화기 변천)],” Spring and Autumn [춘하추동], m.blog.naver.com/wkdbdls32/220212063110. 16 Dec 2014. Accessed 7 March 2020.

436 “Five Hundred Won [오백원 주화],” Namu Wiki, 10 Dec. 2020, namu.wiki/w/오백원%20주화. Accessed 23 Jul 2020.

437 Ibid.

438 Ahn Seung-jin. “’Coffee vending machine is the old saying… It’s the coffee shop’s heyday ["커피자판기 이제 옛말"…커피전문점 전성시대],” Segye Ilbo, 23 Apr. 2017, m.segye.com/view/20170423001061. Accessed 3 Nov 2020.

439 “Vending Machines in Japan,” att.JAPAN, att-japan.net/en/archives/306#. Accessed 30 Nov. 2020.

440 Lee Yu-jin and Lee Hee-su. “From flowers and pizza to socks, 'press and tap'… The vending machine heyday [꽃·피자서 양말까지 `누르면 톡`…자판기 전성시대],” Maeil Kyongjae, 17 Jan. 2018, www.mk.co.kr/news/business/view/2018/01/38651/. Accessed 30 Oct. 2020.

441 “Five Hundred Won [오백원 주화],” Namu Wiki, 10 Dec. 2020, namu.wiki/w/오백원%20주화. Accessed 23 Jul 2020.

442 “Counterfeit Currency among 10,000-Won and 500-Won coins. [위조화폐 나돌아 1만원·5OO원짜리동전],” Maeil Kyongjae, 18 Jan. 1985, p. 11.

443 “Investigation into whether counterfeit 500-Won coins found were mass copied [위조 5백원동전 발견 대량복제 여부등 수사],” Chosun Ilbo, 19 Nov. 1992, p. 30.

444 “Korea Exchange Bank’s Seo Tae-seok: ‘One can pick out counterfeit money just by touching it’ [외환은행 徐太錫(서태석)씨 ‘만져만 봐도 僞幣(위폐)골라내’],” Kyonghyang Shinmun, 26 Jan. 1985, p. 7.

445 “Gossip [두레박],” Maeil Kyongjae, 14 Aug. 1997.

446 “‘500-Won’ is a Vending Machine’s ‘500-Yen’ [「500원」이 자판기선「500엔」], Chosun Ilbo, 14 Aug. 1997, p. 27.

447 The specifications of the Japanese 500-Yen coin (1982-2000) can be found in “Current Coins list." Ministry of Finance, JAPAN. www.mof.go.jp/english/currency/coin/circulating_coins/list.htm. Accessed 13 Nov. 2020.

448 “Counterfeit ‘Won’ in Place of Yen,” AccessJ, 2 Jul. 2012, www.accessj.com/2012/07/counterfeit-won-in-place-of-yen.html. Accessed 13 Nov. 2020.

449 “Japanese Vending Industry’s Korean Coin Headache [일본 자판기업계 한국 동전 골머리],” Dong-A Ilbo, 26 Oct. 1999, p. 29.

450 “400,000 Altered 500-Won coins Smuggled to Japan. [500원동전 변조 40만개 日(일)밀반출],” Dong-A Ilbo, 28 Oct. 1999, p. 30.

451 Shim Gyu-seon. “Japanese 500-Yen Coin Material Change Decision [500엔 짜리 동전日(일), 재질 바꾸기로],” Dong-A Ilbo, 22 Nov. 1999.

452 Ibid.

453 AccessJ, 2 Jul. 2012.

454 Lee Jungwook. “500-Won in Korea Made Before 500-Yen in Japan [일본 500엔화보다 먼저 만들어진 우리나라 500원화],” Issue Policy Team, Bank of Korea,www.bok.or.kr/portal/bbs/P0000547/view.do?nttId=7233&menuNo=200387, 15 Dec. 1999. Accessed 9 Oct 2020.

455 Ibid.

456 Yi 50.

457 Jo 215.

458 Ibid 215-216.

459 Koo, Jahyeong and Kiser, Sherry. “Recovery from A Financial Crisis: The Case of South Korea.” Economic and Financial Policy Review, 2001, 24-36.

460 Yu Eom-sik. ‘500-Won is 1 Million Won’… Is one hiding in the closet? ['500원 동전이 100만원'… 장롱 속 숨어있을까], Money Today, 1 Jan. 2016, news.mt.co.kr/mtview.php?no=2015123114363612883. Accessed 13 Nov. 2020.

461 Table 4-3: Coin Manufacturing Output by Year [연도별 주화 제조 실적], Korea Minting and Security Printing Corporation 50-Year History 166. It can be guessed that the number of 1998 mint sets assembled was 8,000 since the 100-Won coin’s mintage is listed on this page of the Korean Mint’s official history as 5,008,000, the 50-Won coin’s mintage is listed as 28,008,000 and the 10-Won’s mintage is listed as 93,008,000. The eight thousand coins each seemingly tacked onto these 1998 mintage figures appear to be the coins produced for inclusion in that year’s Bank of Korea mint set. As far as the author knows, the Bank of Korea has never disclosed the number of 1998 mint sets assembled.

462 “I’m actually going to sell a rare 1998 mint set!! Can I get 4 million won??” [대박 희귀한 1998년 민트세트 실제로 판매하러 갑니다!! 400만원을 받을 수 있을까??], YouTube, uploaded by 미국아재 Mister American, 11 Jun. 2020, www.youtube.com/watch?v=_Mp3yWzwzNM&list=LL&index=1&t=312s.

463 “Money Makes Money! Five Hundred won Becomes One Million won Magically!” [돈이 돈을 번다! 500원이 100만 원이 되는 마법!], Culzine, 10 Aug. 2017, culzine.com/paper/view/741. Accessed 23 Nov 2020.

464 “The Truth of the 1998 500-Won Coin [1998년 500원의 진실],” Mr. S’s Currency Museum [S군의 화폐박물관], 26 Apr. 2015, moneycollection.tistory.com/1061. Accessed 20 May 2018.

465 Park Jae-hyun. “There is no ‘2’ in Korean Money… A Story about ‘Money’ [한국 돈에는 ‘2’가 없다…‘돈’에 얽힌 이야기],” Kyonghyang Shinmun, 28 Aug. 2012, biz.khan.co.kr/khan_art_view.html?artid=201208241937315&code=920201. Accessed 20 Oct 2020.

466 Park Heechang and Kim Changdeok. “The Case of the Disappearance of the 500-Won Coin Born in 1998 [1998년생 500원짜리 동전 실종사건],” Dong-A Ilbo, 9 Jun. 2012, www.donga.com/news/Economy/article/all/20120608/46869719/1. Accessed 20 Mar. 2019.

467 Park Yang-su. Economic Statistics Yearbook. (Seoul: Bank of Korea, 2020) 31.

468 Yang Tae-sam. “100-Won, 500-Won Coin Balance Exceeded 1 Trillion won this Month [100원, 500원짜리 동전 잔액 이달중 1조원 돌파],” Hankuk Gyeongjae, 2 Nov 2001, www.hankyung.com/news/article/2001110260438. Accessed 21 Feb 2018.
The Hankuk Gyeongjae got its basic data for this article from:
“Balance of 100-Won and 500-Won coins issued, All expected to exceed 500 billion won in November [100원 및 500원 주화 발행잔액, 11월중 모두 5천억원 돌파 예상], Bank of Korea Issue Policy Team, 2 Nov. 2001, www.bok.or.kr/portal/bbs/P0000559/view.do?nttId=16116&menuNo=200690. Press release, HWP download.
The 2001 press release reported the total value (in won) of the 100-Won and 500-Won coins in circulation at 500 billion each, while the Hankuk Gyeongjae calculated the number of five-ton trucks it would take to contain them all. Using updated (2020) data from the Bank of Korea, the total amount of 500-Won coins in circulation was above a trillion won from 2012 to 2019. This means that the number of 500-Won coins had reached 42 coins per-person in South Korea by 2012. Park Yang-su. Economic Statistics Yearbook. (Seoul: Bank of Korea, 2020) 31.

469 Hankuk Gyeongjae, 2 Nov. 2001.

470 Jo Yong-jik. “What is the Cost of the 100-Won Coin? [100원짜리 동전, 원가는 얼마?],” Herald Kyongjae, 14 Oct. 2009, biz.heraldcorp.com/view.php?ud=20091014000433. Accessed 15 Feb. 2020.

471 Oh Soonhwan. Personal Interview. 20 Jun. 2019.

CHAPTER TWELVE
(No endnotes listed)
CHAPTER THIRTEEN

472 Bank of Korea Incheon Branch Planning Research Team. “The First Commemorative Coins [최초의 기념주화],” Kiho Ilbo, 23 Nov. 2006, www.kihoilbo.co.kr/news/articleView.html?idxno=225762. Accessed 4 Nov. 2020.

473 Jo Byeongsu, Jo Byungsu's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 73-74.

474 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001), 150.

475 Jo 72-73.

476 Min Byeong-mun. “Bank of Korea’s Gold Coin Currency Dispute [韓銀金貨(한은금화)의 貨幣(화폐)시비],” Dong-A Ilbo, 10 Mar. 1971, p. 6.

477 Jo 75.

478 Ibid 76-77.

479 Ibid 77.

480 Ibid 77-78.

481 The relevant precious metals importation law that was often enforced in the early 1970s was: Temporary Measures Act on Gold [금에관한임시조치법] (No. 233), Jan. 1952, arts. 5 and 6, (Republic of Korea). This law was soon repealed in 1973.
See also: Jo 77. One of the conditions that the Ministry of Finance attached to its October 11, 1969 approval alluded to the fact that these coins were prohibited from being imported into Korea.

482 In the original Korean, the law governing the issue of coins read, “한국은행은 정부의 승인을 얻어 대한민국내에서 주화를 발행할 수 있다.” Bank of Korea Law (No. 1556), Dec. 1963, art. 54, (Republic of Korea).

483 Jo 78.

484 Ibid 74.

485 Ibid 78-79. Jo Byeongsu (2006) was the only source of information available to the author regarding the names of the designers of the “Five Millennia History of Korea” commemorative coins.

486 Ibid 76, 79-80.

487 Ibid 80-81.

488 This “Emergency Consent Resolution No. 37” is quoted from: Topkat. “Five Millenia History Commemorative Coins [반만년역사 기념주화].” 파란하늘 BLUE SKY 蒼天, 14 Aug. 2020, blog.naver.com/topkat/222060756322.

489 Jo 81.

490 Ibid 83-84. Author Jo Byeongsu incorrectly recorded the name of the vice president of Italcambio as “C. Maso,” when his name is actually “Liliano Maso.” See: Pittock, Mark. "The Coins at the Back of the Book" The Numismatist, (Colorado Springs: American Numismatic Association) Vol. 86, No. 8. Aug. 1973. 1373.

491 Ibid 84.

492 Ibid.

493 Boettcher, Robert B, and Gordon L. Freedman. Gifts of Deceit: Sun Myung Moon, Tongsun Park, and the Korean Scandal. (New York: Holt, Rinehart and Winston, 1980) 44.

494 Ibid 44-47 and 313-318.

495 Jo 87.

496 Bank of Korea. Public Notice: Monetary Board Resolution No. 37-1970 [한국은행 공고: 대한민국 반만년 역사 기념 금・은화 발행]. (Seoul: Bank of Korea), March 1970.

497 Jo 82.

498 Ibid 86.

499 Ibid.

500 “1 AR” is Gori & Zucchi’s registered trademark with the gold industry. The company’s current (2020) name is “Uno A Erre,” meaning “One A R” in Italian. “History.” UNOAERRE, 12 Aug. 2020, www.unoaerre.it/en/who-we-are.

501 Yi Nae-hwang. Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 52. See also: Lee Jungwook. “Korea’s First Commemorative Coins [우리나라 최초의 기념주화 ],” Issue Policy Team, Bank of Korea, www.bok.or.kr/portal/bbs/P0000547/view.do?nttId=9646&menuNo=200387, 12 Aug 2000. Accessed 22 Oct. 2020.

502 Kiho Ilbo, 23 Nov. 2006.

503 Ibid.

504 Cuhaj, George S. (Editor) 2012 Standard Catalog of World Coins: 1901-2000, 39th Edition. (Iola, WI: Krause Publications), 2012. 1346-1349, 1351.) It is possible that Valcambi supplied the coin blanks used to make most of the gold coins. Clarifying information from the Bank of Korea could help to confirm the nature of Valcambi’s involvement with these coins, if any.

505 Jo 86.

506 Ibid 85.

507 Ibid 89. See also: “Republic of Korea Five Millennia of History Commemorative Coins [대한민국 반만년역사 기념주화],”Currency, Commemorative Coins, Bank of Korea, Sept. 2020, www.bok.or.kr/portal/main/contents.do?menuNo=200368. Accessed 9 Feb 2020.

508 Poongsan Hwadong Co. Ltd. “Republic of Korea 5,000 Years of Glorious History Commemorative Gold and Silver 12-coin Set - Paris Mint [‘5000年 영광사 기념’ 금·은화 12종 세트 - 파리민트],” Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Lot No. 227, 17 Mar. 2018, www.hwadong.com/new/auction/offline/offlineAuctionDetail.jsp?Good_id=100080821, Accessed 3 Aug 2020. Auction Catalog.

509 Chaponnière & Firmenich SA. “KOREA, South. Republic, 1948-. Set of 11 coins 1970, Paris,” Chaponnière & Firmenich Auction 12, Lot No. 601, 18 Oct. 2020. Auction Catalog.

510 Coin World. (Sidney, Ohio: Amos Press), 25 Aug. 1971, 52; and 11 Oct. 1972, 48.

511 Ibid. 7 Nov. 1973, 32.

512 Poongsan Hwadong Co. Ltd. “5,000 Years of Glorious History Commemorative UN War Participants Silver Coin [5000年榮光史記念 UN 참전軍 은화],” Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Lot No. 348, 24 Nov. 2011, www.hwadong.com/new/auction/offline/offlineAuctionDetail.jsp?Good_id=100045123, Accessed 19 Aug 2020. Auction Catalog.

513 Poongsan Hwadong Co. Ltd. “Republic of Korea 5,000 Years of Glorious History Commemorative Gold and Silver 12-coin Set [大韓民國 5000年榮光史記念金·銀貨 12種 세트],” Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Lot No. 207, 26 Jul. 2006, www.hwadong.com/new/auction/offline/offlineAuctionDetail.jsp?Good_id=100015271, Accessed 17 Aug 2020. Auction Catalog.

514 Jo 88-89.

515 Ibid 89.

516 “Korea’s First Gold and Silver Coins Issued [우리나라最初(최초)로 金(김)·銀貨(은화) 발행],” Maeil Kyongjae, 24 Feb. 1971, p. 7.

517 Topkat. “Five Millenia History Commemorative Coins [반만년역사 기념주화].” 파란하늘 BLUE SKY 蒼天, 14 Aug. 2020, blog.naver.com/topkat/222060756322. Accessed 3 Nov. 2020. The author would like to thank the owner of this blog for his thoughts and analysis he shared about the “Five Millennia” coins.

518 Maeil Kyongjae, 24 Feb. 1971, p. 7.

519 Kiho Ilbo, 23 Nov. 2006.

520 Dong-A Ilbo, 10 Mar. 1971. Critics of the government’s decision to issue these precious metal coins overseas cited the language found in Articles 49 and 54 of Bank of Korea Law at the time. These are: Bank of Korea Law (No. 1556), Dec. 1963, arts. 49 and 54, (Republic of Korea). See also: Jo 73-74.

521 “All About Currency Collecting with Geumhwasa Representative Kim In-sik [화폐수집 이모저모 (完(완)) 金貨社(김화사)대표 金仁植(김인식)씨], Maeil Kyongjae, 28 Nov. 1978, p. 8.

522 Poongsan Hwadong Co. Ltd., 26 Jul. 2006.

523 Kim Dong-gyun. “Coins' Splendid Outing-Commemorative Coins [주화들의 화려한 외출 - 기념주화],” Issue Planning Team, Bank of Korea, www.bok.or.kr/portal/bbs/P0000547/view.do?nttId=92477&menuNo=200387&pageIndex=3, 30 Jan. 2007. Accessed 2 Nov. 2020.

524 Yi 52. This 2010 text only lists “1970” as the issue date.

525 Bank of Korea. Republic of Korea Currency Timeline [대한민국 화폐연대표], (Seoul: Bank of Korea), 2001.
See also: Currency Museum of Korea, “Republic of Korea Five Millennia History Commemorative Coins Silver Set (6 Coins) [대한민국 반만년역사 기념주화 은화세트 (6종)],” 2004, Currency Museum of Korea, museum.komsco.com/museum/50/relic/3034. Accessed 8 May 2019.

526 “Republic of Korea Five Millennia of History Commemorative Coins [대한민국 반만년역사 기념주화],”Currency, Commemorative Coins, Bank of Korea, Sept. 2020, www.bok.or.kr/portal/main/contents.do?menuNo=200368. Accessed 9 Feb 2020.
The official gazette also cites the coins’ issue date as March 2, 1971: Republic of Korea. “March 1 Commemorative Coins Issue Announcement (Bank of Korea) [3・1 절 기념주화발행공고 (한국은행)],” Official Gazette [관보], Gazette No. 5787, 2 Mar. 1971, p. 27.

527 Investigation of Korean-American Relations: March 15, 16, 21, 22; April 11, 20 and June 20 1978, U.S. House of Representatives, (Washington, DC: U.S. Govt. Print. Off.), 1978. 489.
Jo (2006) claims that the KCFF earned $29,491 USD from its 20% cut of the “manufactured amount (제조액),” i.e. seigniorage, produced. Jo states that the Foundation also expended $13,770 USD to produce marketing literature for the coins, and $11,465 USD to purchase a total of 30 gold and silver full sets, ten of which ended up in the hands of Korean government’s Presidential Secretary’s staff. After accounting for these expenses, this supposedly allowed the Foundation a profit of $4,256 USD. Jo 89.

528 Jo 88.

529 Topkat. “Five Millenia History Commemorative Coins [반만년역사 기념주화].” 파란하늘 BLUE SKY 蒼天, 14 Aug. 2020, blog.naver.com/topkat/222060756322. Accessed 3 Nov 2020.

530 Pittock, Mark. "The Coins at the Back of the Book" The Numismatist, (Colorado Springs:, American Numismatic Association) Vol. 86, No. 8. Aug. 1973. 1372.

531 Yeoman, R S. Current Coins of the World, (Racine, Wisc: Western publ.) Fifth Ed., 1972. 252-254.

532 Ibid 252. The “Five Millennia” coin series especially fits the definition found in Yeoman’s third category of coins to be included in its “Controversial Recent Issues” section of the catalog. Yeoman’s third category defines these coins as “pieces authorized by a recognized government, having ‘legal tender’ status and possibly related to the general coinage system, but which are made and released only through agencies outside of the countries represented by the coins.” The “Five Millennia” coins are listed on page 254 in the “Controversial Recent Issues” section of the Fifth Edition of the Yeoman catalog.

533 Pittock 1374.

534 Gruber, G R. "Letters from Members" The Numismatist, (Colorado Springs: American Numismatic Association) Vol. 86, No. 11. Nov. 1973. 2036.

535 Poongsan Hwadong Co. Ltd., 26 Jul. 2006.

536 Auction World Co., Ltd. “SOUTH KOREA 大韓民国 / Proof Set 1970 / Fr-1-6 KM-PS1,” Auction World Co., Ltd., Lot No. 1355, 17 Oct. 2020. Auction Catalog.

537 “Commemorative Coins “Collecting is an Investment Itself [기념鑄貨(주화) ‘수집자체가 投資(투자)’],”Kyonghyang Shinmun, 3 Aug. 1992, p. 12.

CHAPTER FOURTEEN

538 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 110.

539 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004), 62-63.

540 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 116-117.

541 Korea Minting and Security Printing Corporation 50-Year History 270.

542 Ibid 124.

543 The findings of the Korean Mint’s overseas research tours to coin minting facilities in Taiwan, Japan, and the Philippines that took place from September 23 to November 10, 1968 can be found in: Seo Yeong-seob. A Study on Currency Issuance Systems and Coin Manufacturing [화폐발행제도 및 주화제조에 관한 연구], Foreign Research Report 1970 A-2 [연수보고서 해외1970 A-2] (Seoul: Bank of Korea Issue Department, Jan. 1970.)

544 Public Relations Office, Japan Mint. “reply.” Received by Mark Lovmo, 6 Mar. 2018. See also: Korea Minting and Security Printing Corporation 40-Year History 587. The Korean Mint’s official history states that these three employees were in Japan for 4 months, from late July to late November 1968.

545 Korea Minting and Security Printing Corporation 50-Year History 270.
In April 1968, the Bank of Korea also established its own incineration and smelting facility to “burn old notes and melt down old coins.” By January 1986, a similar facility was built to help deal with the increased disposal volume. These two plants were closed down “in view of concerns about environmental pollution,” and were replaced with a new “state-of-the-art destruction facility” located at the Bank of Korea’s Gangnam branch location in December 1997. Bank of Korea. The Bank of Korea: A Sixty-Year History, (Seoul: Bank of Korea, 2010) 200.

546 Korea Minting and Security Printing Corporation 40-Year History 278.

547 Ibid 279.

548 Korea Minting and Security Printing Corporation 50-Year History 135.

549 Ibid 136.

550 Jo Byeongsu, Jo Byungsu's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 94.

551 “Jeong Sae-woong CEO of the Korean Mint [鄭世雄(정세웅) 씨 造幣公社(조폐공사) 사장],” Maeil Kyongjae, 28 Feb. 1973, p. 2.

552 Oh Soonhwan, “Korea’s First Commemorative Coins [한국 최초 기념주화],” Oh Soonhwan’s Currency Stories (89) [오순환의 화폐이야기 (89)] 3 Mar. 2017, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Web, 22 Feb. 2019.

553 Korea Minting and Security Printing Corporation 40-Year History 593.

554 Ibid 594.

555 Oh Soonhwan. “Korea’s First Commemorative Coins.”

556 Korea Minting and Security Printing Corporation 50-Year History 12-13 and 272-273.

557 Jo 91.

558 Jo 90.

559 Ibid.

560 Oh Soonhwan. “Korea’s First Commemorative Coins.”

561 Jo 91.

562 Korea Minting and Security Printing Corporation 50-Year History 135.

563 Ibid 272.

564 Oh Soonhwan. “Korea’s First Commemorative Coins.”

565 Jo 92.

566 Ibid.

567 Ibid 92.

568 Ibid 93.

569 Ibid 92.

570 Korea Minting and Security Printing Corporation 50-Year History 132.

571 Jo 93.

572 Architecture researcher Nate Korengay provided the description of the Bank of Korea building used here. Korengay believes that the building’s architectural style, with its “Greek pediments and French Beaux-Arts ornamentation” would be most accurately described as “[Kingo] Tatsuno’s version of neo-renaissance architecture.” Nate Korengay. “Re: [Colonial Korea] Contact.” Received by Mark Lovmo, 28 Jun. 2020.

573 Jo 93.

574 Ibid 94.

575 Ibid.

576 For a brief overview of the economic status of South Korea in 1975, see: Oh, John K. C. “South Korea 1975: A Permanent Emergency.” Asian Survey Vol. 16, No. 1 (Jan. 1976), 76-78.

577 As with most of the existing anecdotes in the written record of South Korea’s commemorative coins, this one comes from currency designer, Jo Byeongsu, and is described in his 2006 book (pp. 94-95). The other noted storyteller of South Korean numismatics, Oh Soonhwan, does not mention this incident in his articles that cover this period of history at the Korean Mint.

578 For a comprehensive media investigation into this assassination attempt, see: “Now We Can Speak about Yook Youngsu and Mun Se-gwang [이제는 말할수 있다 육영수와 문세광].” YouTube, uploaded by Jhodennight, 12 Jul 2017, www.youtube.com/watch?v=7Pt5NL2yCLs.
For an alternative view on who killed the First Lady, see: Oh Sangwoon. First Lady Shooting Incident: Case Closed [퍼스트레이디 피격사건: 의혹종결 편]. Saesangbogi (Pub.), 2011.

579 Jo 94.

580 Ibid.

581 Ibid.

582 Ibid. Sometime in the late 2010s, the Bank of Korea Money Museum placed two of these “Madame Yook patterns” on display alongside two Independence Arch pattern coins with only “Curpo-nickel Coins” as a description. As the manufacture of this pattern was to be a test of the Korean Mint's ability to create silver proofs, it is very likely that the two Madame Yook pattern coins on display are of silver composition, despite the Museum’s description of them. The existing number of any of these these experimental pieces struck during the 1974-1975 period is yet unknown.

583 Ibid 94-95.

584 Oh Soonhwan. “Korea’s First Commemorative Coins.”

585 Jo 95.

586 Ibid.

587 Ibid 96.

588 Oh Soonhwan. “Korea’s First Commemorative Coins.”

589 Ibid.

590 Jo 96.

591 Oh Soonhwan. “Korea’s First Commemorative Coins.” See also: Korea Minting and Security Printing Corporation 50-Year History 132.

592 Currency Museum of Korea, “30th Anniversary of Liberation 100-Won Coin [광복 30주년 기념주화 백원화],” Currency Museum of Korea, museum.komsco.com/museum/50/relic/3033. Accessed 24 July 2020.

593 Oh Soonhwan. “Korea’s First Commemorative Coins.”

594 Korea Minting and Security Printing Corporation 40-Year History 314-316.

595 Korea Minting and Security Printing Corporation 50-Year History 136.

596 Ibid 272.

597 Jo 96.

598 Oh Soonhwan. “Korea’s First Commemorative Coins.”

599 Jo 96.

600 “Banknote 1,000-Won Issue [紙幣(지폐) 1천원券(권)발행],” Maeil Kyongjae, 1 May 1975, p. 7.

601 "Bank of Korea Issue Notice [한국은행 공고]," Kyonghyang Shinmun, 13 Aug. 1975.

602 “Fierce Competition to Purchase Commemorative Currency [紀念(기념)화폐구입 경쟁치열],” Kyonghyang Shinmun, 14 Aug. 1975, p. 1.

603 “100-Won Coin Issue 1.4 Million in Seoul [백원鑄貨(주화)발행 서울서140만개나가],” Maeil Kyongjae, 16 Aug 1975, p. 7.

604 Oh Soonhwan, “First Proof Commemorative Medal [최초 프루프 기념메달],” Oh Soonhwan’s Currency Stories (135) [오순환의 화폐이야기 (135)] 6 Jan. 2021, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Web, 2 Feb. 2021.

605 Korea Minting and Security Printing Corporation 50-Year History 136.

606 “Trash Can [휴지통],” Dong-A Ilbo, 14 Aug. 1975, p. 7.

607 “Winged 「Commemorative Coin」 [날개돋친「紀念鑄貨(기념주화)」,” Maeil Kyongjae, 26 Aug. 1975, p. 2.

608 Jo 96.

609 Ibid.

610 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004) 77-78.

611 Korea Minting and Security Printing Corporation 50-Year History 272.

612 Jo 97; See also: Korea Minting and Security Printing Corporation 40-Year History 237.

613 Oh Soonhwan. “Korea’s First Commemorative Coins.”

614 Daegwangsa (Publisher), Korean Coins and Banknotes Catalogue, (Seoul: Daegwangsa, 2018) 219.

615 Maeil Kyongjae, 26 Aug. 1975, p. 2.

616 “Commemorative Coins “Collecting is an Investment Itself [기념鑄貨(주화) ‘수집자체가 投資(투자)’],”Kyonghyang Shinmun, 3 Aug. 1992, p. 12.

CHAPTER FIFTEEN

617 Jo Byeongsu, Jo Byung-su's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 98.

618 Ibid.

619 Kim, Un-yong. “The Giants Kim Un-yong met <36> Kim Jong-gyu, head of Presidential Security [김운용이 만난 거인들 <36> 김종규 경호실장],”Ilyo Shinmun, 6 Sep. 2010, ilyo.co.kr/?ac=print&entry_id=38935. Accessed 28 Jun. 2016.

620 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001), 136.

621 Jo 99.

622 Ibid.

623 Ibid.

624 Ibid 100.

625 “Commemorative Coins Allocation with Bank of Korea and Shooting Federation Concluded at the End of a Tense Confrontation [기념주화놓고 韓銀(한은)과 射擊聯(사격련) 팽팽한 대결끝에 타결],” Kyonghyang Shinmun, 6 Jun. 1978, p. 3.

626 Jo 100.

627 Ibid.

628 Ibid 101.

629 Ibid.

630 Ibid.

631 Ibid.

632 Ibid 101-102.

633 Ibid 102.

634 Ilyo Shinmun, 6 Sep. 2010.

635 “President Park: ‘We ask you to make sure that you have safety devices for preparation and inspection of the World Shooting Competition.’ [박대통령 ‘세계사격 대회 준비점검 안전 장치등 만전을당부’],” Maeil Kyongjae, 17 Jun. 1977, p. 1.

636 Jo 103.

637 Ibid 102.

638 Ibid. See also: Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 593-599. In its 40-Year History, the Korean Mint lists the most extensive timeline of its important activities, equipment installations, and overseas employee trainings from the 1951 to 1991 on pages 574 to 629. In this timeline, there is no mention of an engraver returning to Korea in the 1976-1978 period. It does, however, mention that the Baek Un-yeong, the engraver who worked on the 30th Anniversary of Liberation commemorative coin, had left with fellow employee Oh Soonhwan for further training in Italy in November 1976. These two engravers would not return until November of 1979, well after the issue of the 42nd World Shooting Championships coins (page 597). The timeline also mentions three employees who received training in coin production in Japan from 1975 to 1977. According to this timeline, the only Mint employee in Korea with training in Italy in the 1977-1978 timeframe was Yi In-su, who had returned from Italy in April 1974 (p. 593). Therefore, the Mint’s official history might also suggest a lack of trained personnel for the creation of coin masters during the minting of the 42nd World Shooting Championships coins.

639 Korea Minting and Security Printing Corporation 50-Year History 136.

640 Jo 103.

641 Ibid.

642 Ibid.

643 Ibid 103-104.

644 Ibid 104.

645 Ibid 105.

646 Ibid 104.

647 The relevant rules relating to the legally required legends on South Korean coins can currently be found in: Monetary Policy Board Resolution No. 33. [제정 1999.11.1 제차 금통위 의결], 1 Nov. 1999, art. 3. (Republic of Korea).
The relevant section (author’s translation) reads:
Article 3 (Currency Design) ① The currency issued by the Bank of Korea shall include the following details:
1. Bank of Korea notes shall include the letters, 한국은행 [Bank of Korea], seal and number, the Governor’s signature, and denomination numerals and letters.
2. Coins shall include the letters, 한국은행 [Bank of Korea], denomination numerals and letters, and year of manufacture.

648 Jo 104-105.

649 Ibid 105.

650 Ibid 106.

651 Ibid.

652 Kim Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004), 94.

653 Yi Nae-hwang, Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 54.

654 Jo 106-107.

655 "Bank of Korea Governor Issue Notice [한국은행총재 공고]," Dong-A Ilbo, 25 May 1978, p 6.

656 Kyonghyang Shinmun, 6 Jun. 1978, p. 3.

657 Jo 107.

658 Ibid 108.

659 Kyonghyang Shinmun, 6 Jun. 1978, p. 3.

660 Byeon Yongsik. “Coin Commotion [鑄貨(주화)소동],” Chosun Ilbo, 13 Jun. 1978, p. 7.

661 “Around the World; South Korea Lifts Its 36-Year-Old Curfew,” New York Times, 6 Jan. 1982, Section A, p. 5.

662 Chosun Ilbo, 13 Jun. 1978, p. 7.

663 Ibid. Author’s translation. The Chosun Ilbo quoted the original Korean as: “일찍 나와기다렸는데 왜 안 주느냐.”

664 Ibid.

665 Youssef M. Ibrahim. “How Koreans Built Saudi Success,” New York Times, 19 Jun. 1978, Section D, p. 5.

666 Clifford, Mark. Troubled Tiger: businessmen, bureaucrats, and generals in South Korea (M.E. Sharpe Armonk, N.Y), 1994, 132.

667 Jo 108.

668 Chosun Ilbo, 13 Jun. 1978, p. 7.

669 “20 People Injured in ‘Coin Commotion’ [「鑄貨(주화)소동」20명다쳐],” Choson Ilbo, 14 Jun. 1978, p. 7.

670 Jo 108; See also: “Active Implementation of the Reform Movement [財形加入運動(재형가입운동)적극전개],” Dong-A Ilbo, 31 Aug. 1978, p. 2.

671 Choi Hee-jo. “Supply of Commemorative Coins [紀念鑄貨(기념주화)공급],” Dong-A Ilbo, 14 Sep. 1981, p. 3.

672 Park Juncheol. “Commemorative coins: ‘Collections Themselves are an Investment’ [기념鑄貨(주화) ‘수집자체가 投資(투자)’]” Kyonghyang Shinmun, 3 Aug 1992, p. 12.

673 Jo 61 and 106.

CHAPTER SIXTEEN

674 Gibney, Frank. Korea’s Quiet Revolution from Garrison State to Democracy, (New York: Walker and Co., 1992) 76.

675 Cumings, Bruce. The Two Koreas: On the Road to Reunification? (New York: Foreign Policy Association, 1991) 50.

676 “December 12th, May 18th, and the Slush Fund Case -5(Complete)[12.12, 5.18및 비자금사건 논고문-5(完)],” Yonhap News, 5 Aug. 1996, news.v.daum.net/v/19960805105700084. Accessed 15 Nov 2020.

677 Gleysteen, William H. Massive Entanglement, Marginal Influence: Carter and Korea in Crisis. (Washington, D.C: Brookings Institution Press, 2001) 108.

678 Ibid 121-131.

679 Ibid 164-165.

680 Jo Byeongsu, Jo Byeongsu's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 111.

681 Oh Soonhwan. Personal Interview. 30 June 2019.

682 Jo 111.

683 Song Hui-yeong. “Relieve the Inconvenience of Putting Multiple [Coins] into Vending Machines [販賣機(판매기)에 여러닢 넣는 不便(불편)덜게],” Chosun Ilbo, 1 Feb. 1981, p. 2.

684 Jo, 112-113.

685 Oh Soonhwan, “It was a Hot Summer that Year [뜨거웠던 그해 여름],” Oh Soonhwan’s Currency Stories (93) [오순환의 화폐이야기 (93)] 4 Jul. 2017, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], www.hwadong.com/new/currency/curr_PdsList.jsp. Accessed 5 Jan. 2021.

686 Oh Soonhwan. Personal Interview. 20 June 2019.

687 “Tremendous Commemorative Coins Exceed their Rarity [稀貴性(희귀성)으로 웃돈 엄청난 紀念鑄貨(기념주화)],” Dong-A Ilbo, 7 Mar. 1981, p. 2.

688 Oh Soonhwan, “It was a Hot Summer that Year.”

689 Jo 111.

690 Oh Soonhwan, “It was a Hot Summer that Year.”

691 Ibid.

692 Jo 112.

693 Yi Nae-hwang, Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 55.

694 “Tremendous Commemorative Coins Exceed their Rarity [稀貴性(희귀성)으로 웃돈 엄청난 紀念鑄貨(기념주화)],” Dong-A Ilbo, 7 Mar. 1981, p. 2.

695 Jo 112. See also: Yi 55.

696 Samuel P. S. Ho. “South Korea and Taiwan: Development Prospects and Problems in the 1980s.” Asian Survey, vol. 21, no. 12, 1981, 1185–1187.

697 Clifford, Mark L. Troubled Tiger: Businessmen, Bureaucrats, and Generals in South Korea, (Armonk, New York: M.E. Sharp, 2015) 175.

698 Scitovsky, Tibor. "Economic Development in Taiwan and South Korea: 1965-81," Food Research Institute Studies, vol. 19 no. 3, 1985, 242-243.

699 Clifford 190.

700 Jo 114.

701 Yi 55.

702 Jo 114.

703 “Emphasis on Rejecting Special Allocations of Fifth Republic Commemorative Coins [5共和國(공화국) 紀念鑄貨(기념주화) 특별배정不容(불용) 강조],” Dong-A Ilbo, 8 Aug. 1981, p. 5.

704 “Coins to Commemorate the Fifth Republic will be Issued Starting on the 14th Next Month [5共和國(공화국) 기념鑄貨(주화) 내달14일부터 발행],” Chosun Ilbo, 23 Jul. 1981, p. 6.

705 Jo 114.

706 Jo 114-115.

707 “Rising Value and Elusive Commemorative Coins [값만올리고 숨는 紀念鑄貨(기념주화)],” Kyonghyang Shinmun, 18 Aug. 1981, p. 5.

708 Jo 115.

709 Choi Hee-jo. “Supply of Commemorative Coins [紀念鑄貨(기념주화)공급],” Dong-A Ilbo, 14 Sep. 1981, p. 3.

710 Park Juncheol. “Commemorative coins: ‘Collections Themselves are an Investment’ [기념鑄貨(주화) ‘수집자체가 投資(투자)’]” Kyonghyang Shinmun, 3 Aug 1992, p. 12.

CHAPTER SEVENTEEN

711 Meyers, Morley. “Seoul Surprises Nagoya for Olympic Bid,” United Press International, 30 Sep 1981, www.upi.com/Archives/1981/09/30/Seoul-surprises-Nagoya-for-Olympic-bid/5566370670400/, 30 Nov 2018.

712 “Bank of Korea Study on Next Year’s Issue of a 500-Won coin for Use in Vending Machines [한은 자동판매기용 주화사용 늘어 5百(백)원짜리동전 내년발행 검토],” Dong-A Ilbo, 3 October 1981, p. 5.

713 “Sports Powers are ‘State-Led’ [스포츠强國(강국)들은 ‘國家主導(국가주도)’],” Dong-A Ilbo, 24 February 1982, p. 9.

714 Jo Byeongsu, Jo Byungsu's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 118.

715 Ibid.

716 David Provost, "Commemorative Stories: The 1983-84 LA Olympics Coins-Part I.” 5 June 2014, CoinWeek, Web, 2 February 2019.

717 Oh Soonhwan, “Olympic Games Invitational Coins [올림픽대회 유치 기념주화],” Oh Soonhwan’s Currency Stories (96) [오순환의 화폐이야기 (96)], 2 April 2018, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Web, 22 Aug 2018.

718 Ménard, Michèle. Coins of the Modern Olympic Games. (Vanier, Ont.: M. Ménard, 1991) 12-203.

719 Jo 120.

720 Ibid 119; Oh Soonhwan, Olympic Games Invitational Coins.

721 Ibid 120.

722 Jo 120-121.

723 Preuss, Holger. The Economics of Staging the Olympics: A Comparison of the Games 1972-2008. (Cheltenham: Edward Elgar, 2004) 136.

724 Korea Minting and Security Printing Corporation (Publisher), Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) p. 233.

725 Jo 121-122.

726 Korea Minting and Security Printing Corporation 40-Year History 232.

727 Jo 123.

728 Oh Soonhwan, Olympic Games Invitational Coins.

729 “Past and Present Promotional Commemorative Coins [전무후무한 유치기녑주화],” Maeil Kyongjae, 3 April 1982, p. 2.

730 Korea Minting and Security Printing Corporation 40-Year History 234.

731 “Olympic Commemorative Coins Issued in September [올림픽 기념鑄貨(주화) 9월발행],” Dong-A Ilbo, 6-4-82, p. 11; and “A Total of 3 Kinds of 88 Olympics Coins [88올림픽 鑄貨(주화) 3種(종) 천선],” Kyonghyang Shinmun, 24 July 1982, p. 9.

732 Kyonghyang Shinmun, 24 July 1982, p. 9.

733 “Trouble Everywhere for Olympic Commemorative Coin Reservations [올림픽紀念鑄貨(기념주화)예약 곳곳서 말썽],” Dong-a Ilbo, 17 Aug 1982, p. 5.

734 “Dong-A Interview with Pak Sae-yeong, Director of the Olympic Business Support Group [東亞(동아) 인터뷰 朴世英(박세영) 올림픽事業支援團(사업지원단)단장],” Dong-A Ilbo, 20 Aug 1982, p 9.

735 Jo 122.

736 Dong-A Ilbo, 20 Aug 1982, p 9.

737 Jo 122.

738 Oh Soonhwan, Olympic Games Invitational Coins.

739 “Sports and Construction Ministries Consultants Say Olympic Lottery Coming Soon [체육·건설부協議(협의) 五輪(오륜)복권 곧 發賣(발매)],” Dong-A Ilbo, 18 Sep 1982, p. 8.

740 Oh Soonhwan, Olympic Games Invitational Coins.

741 “Olympic Committee Blinded by ‘Big Money’ [‘큰돈’에 눈 멀어버린 五輪組織委(오륜조직위)],” Dong-A Ilbo, 23 Sep 1982, p. 8.

742 Dong-A Ilbo, 23 Sep 1982, p. 8. The assertions made in this article about the Mint’s manufacturing capacity may have been borne out by the fact that the Gyeongsan Mint had only imported its first heavy-duty 600-ton coining press, an HME K-600 press, in 1983. This press arrived just in time to produce the Second Issue Olympic Bid coins, with the machine striking 473,800 of these coins. Korea Minting and Security Printing Corporation, 1991, 316.

743 “Minjung to Enable Seigniorage in Proposed Act Amendment [五輪(오륜)주화 판매差額(차액) 조작위출연 가능케 民正(민정),法改正案(법개정안)제출],” Dong-A Ilbo, 23 Oct 1982, p. 8.

744 Oh Soonhwan, Olympic Games Invitational Coins.

745 Jo 126.

746 Ibid 127.

747 Olympic Games Organizing Committee Support Act [서울올림픽대회조직위원회지원법] (Law No. 3535) 31 Dec. 1981, art. 3, (Republic of Korea).

748 “Newly Designed Olympic Invitational Coins [圖案(도안)바꿔 새로발행 올림픽 유치 기념주화],” Kyonghyang Shinmun, 3 Feb 1983, p. 11.

749 “Additional Olympic Commemorative Coins to be Released Next July [올림픽기념 鑄貨(주화) 來(내)7월 추가발행],” Maeil Kyongjae 4 Feb 1983, p. 11.

750 Jo 127.

751 Korea Minting and Security Printing Corporation 40-Year History, 233.

752 Kyonghyang Shinmun, 3 Feb 1983, p. 11.

753 Jo 128-129; See also: Oh Soonhwan, Olympic Games Invitational Coins.

754 “Distribution Announcement for the 2nd Issue of the ‘Seoul Olympic Games’ Commemorative Coins [제2차 제24회 ’서울올림픽대회’ 유치 기념주화의 배포에따른 안내말씀],” Maeil Kyongjae, 29 June, 83, p. 4.

755 “Expiration Date for Claiming Invitational Commemorative Coin is Nearing [1983년도 유치 기념주화의 교환 만료일이 가까워지고 있습니다],” Kyonghyang Shinmun, 21 Dec 1983, p. 2.

756 Oh Soonhwan, Olympic Games Invitational Coins.

757 Jo 130-131.

758 “Second Anniversary of the Seoul Olympic Organizing Committee [서울五輪(오륜)조직委(위) 창설 2周年(주년)],”Dong-A Ilbo 3 Nov 1983, p. 9.

759 Jo 131.

760 Official Report, Games of the XXIVth Olympiad, Seoul, 1988. (Seoul, Korea: Seoul Olympic Organizing Committee, 1989) 222.

761 “Advertising Business to Start in October—Funding Status of Seoul Olympics [10월부터 廣告(광고)사업 벌여—서울올림픽 基金(기금)조성현황],” Maeil Kyongjae, 20 Aug 1983, p. 12.

762 Dong-A Ilbo, 23 Sep 1982, p. 8.

763 “Commemorative Coin Hobby is Worthy Investment [紀念鑄貨(기념주화) 취미겸한 投資(투자)로 해볼만],” Maeil Kyungjae, 13 Jan 1984, p. 10.

764 “Plunge in the Value of the 2nd Issue Olympic Coins [제2차발행 올림픽鑄貨(주화)값 폭락],”Maeil Kyungjae, 28 Feb 1984, p. 9.; Dong-A Ilbo, 23 Sep 1982, p. 8.

765 Maeil Kyungjae 28 Feb 1984, p. 9.

766 “Olympic Invitational Coins’ Export [五輪(오륜)유치 기념주화 수출],” Maeil Kyungjae, 4 Feb 1986, p. 12.

CHAPTER EIGHTEEN

767 “Stories of the Lives of the 103 Korean Martyr Saints.” Catholic Bishops’ Conference of Korea, 21 Aug 2009, english.cbck.or.kr/Saints103/413.

768 Henry Kamm, “Pope Canonizes 103 Martyrs in Seoul,” New York Times, 5 May 1984.

769 Jo Byeong-su, Jo Byung-su's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 132-133.

770 Ibid.

771 Oh Soonhwan, “April is Resurrection [4월은 부활이다],” Oh Soonhwan’s Currency Stories (102) [오순환의 화폐이야기 (102)] 2 April 2018, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Web, 5 Nov 2019.

772 “Two Commemorative Coins, 10,000-Won · 1,000-Won to be issued for Papal Visit Next April [내년4월중 發賣(발매) 教皇訪韓(교황방한) 기념鑄貨(주화) 萬(만)원·千(천)원 2種(종)발행],” Dong-A Ilbo, 25 November 1983, p. 2.

773 Jo 133-134. Jo cites the names of the Catholic professors on the art subcommittee as Kim Sae-joong, Mun Hak-jin, Bak Sae-won, Kim Gyo-man and Yang Seung-choon. These faculty members from Seoul National University created the initial designs for the Catholic Church Bicentennial coins.

774 Oh Soonhwan, April is Resurrection.

775 Jo 133.

776 Jo 133-134.

777 Currency Museum of Korea, “Catholic Church Bicentennial Commemorative Coin 10,000-Won Silver Coin [천주교 전래 200주년기념주화 만원 은화 (견양)],” and “Catholic Church Bicentennial Commemorative Coin 1,000-Won Coin [천주교 전래 200주년기념주화 천원화 (견양)],” 2019, Currency Museum of Korea, museum.komsco.com/museum/50/relic/3004, and museum.komsco.com/museum/50/relic/2401. Accessed 2 March 2020.

778 Dong-A Ilbo, 25 November 1983, p. 2.

779 Yi Seongho. “10,000-Won Banknote Hits Unexpected Reef [뜻밖의 暗礁(암초)에 부딪쳐 難産(난산)하는 1萬(만)원券(권)],” Kyonghyang Shinmun, 20 April 1972, p. 2. Although the Seoul press first reported on the Seokguram Buddha 10,000-won note on April 10th, the official issue announcement from the Bank of Korea was dated April 15, 1972.

780 “Seokguram Grotto and Bulguksa Temple.” UNESCO World Heritage Convention, 3 Jan 2020, https://whc.unesco.org/en/list/736/. Accessed 7 Sep 2019.

781 Nathan, Mark. From the Mountains to the Cities: A History of Buddhist Propagation in Modern Korea. (Honolulu: University of Hawai’i Press, 2018) 90.

782 National Cultural Heritage Legacy Portal [국가문화유산포털]. Cultural Heritage Administration [문화재청] (Republic of Korea), www.cha.go.kr/main.html. Accessed 3 Jan 2020.

783 The Dong-A Ilbo quoted the protest line, in the original Korean, as “특정종교를 두둔한것이아니냐.” From “Ten-thousand Won Banknote’s Sakyamuni Statue Design Receives Christian Backlash [壹萬(일만)원券(권) 석가여래像(상) 圖案(도안)에 基督教(기독교)서 반발],” Dong-A Ilbo, 18 April 1972, p. 2.

784 “The 1972 Seokguram Buddha Statue Design 10,000-Won Banknote Incident [1972년 석굴암 불상 도안 1만원 권 지폐 사건].” Professor Wu Seongdeuk’s Korean Christian History [우성득 교수의 한국 기독교 역사], 11 April 2019, koreanchristianity.tistory.com/497, Accessed 2 January 2020.

785 Kyonghyang Shinmun, 20 April 1972, p. 2.

786 Ibid.

787 Ibid.

788 Ibid.

789 “10,000-Won Note’s Design to be Chosen by Public Opinion [萬(만)원券(권) 圖案(도안) 輿論(여론) 묻기로],” Kyonghyang Shinmun, 24 April 1972, p. 2.

790 “10,000-Won Note Debuts at Bank of Korea, 5.5 Billion issued [1만원券(권) 첫선 韓銀(한은), 55억 발행],” Maeil Kyongjae, 12 June 1973, p. 7.

791 Yi Nae-hwang. Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 58.

792 “Catholic Church Commemorative Coins Reserved at Financial Institutions from from the 9th~14th [금융기관서 천주교 기념鑄貨(주화) 9~14일예약접수],” Donga Ilbo, 9 Jan 1984, p. 11.

793 Jo, 135.

794 “Commemorative Coin Issue Confirmation [紀念鑄貨(기념주화)발행 확정],” Kyonghyang Shinmun, 1 February 1984, p. 5.

795 Jo 135.

796 Jo (2006) published extensive data from what is most certainly internal Korean Mint production documentation regarding the quality and inspection standards for the Catholic Church Bicentennial coins, 136-139.

797 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 234.

798 Jeong Jin-hong. “Religion and Currency [종교와 貨幣(화폐)],” Dong-A Ilbo, 1 February 1984, p. 6.

799 Ibid.

800 For a contemporary account of the battles between the Park Chunghee Administration and Christian denominations, see: Edward E. Plowman. “South Korea: Challenge from the Church,” Christianity Today, 31 January 1975, Vol. 19, No. 9, p. 24.

801 “Plunge in the Value of the 2nd Issue Olympic Coins [제2차발행 올림픽鑄貨(주화)값 폭락],”Maeil Kyungjae, 28 Feb 1984, p. 9.

802 Park Juncheol. “Commemorative coins: ‘Collections Themselves are an Investment’ [기념鑄貨(주화) ‘수집자체가 投資(투자)’]” Kyonghyang Shinmun, 3 Aug 1992, p. 12.

803 Jo 136.

804 According to a 2006 online auction listing with Poongsan-Hwadong, the business was not willing to list the number of specimens and acknowledged the scarcity of official information about these specimen pieces, stating: “Not enough is sufficiently known about the coins marked ‘specimen,’ so it will be necessary for the Bank of Korea and the Mint to later supply this data.” Poongsan Hwadong Co. Ltd. “Catholic Church Bicentennial 2-Piece ‘Specimen’ Set [천주교 전래 200주년 2種 “견양” 세트 ],” Poongsan Hwadongyanghaeng [POONGSAN 화동양행], 2 May 2006, www.hwadong.com/new/auction/offline/offlineAuctionDetail.jsp?Good_id=100013500, Accessed 5 May 2020. Auction Catalog (online).

805 Ibid.

806 “Deadline-(Certification 18126 / Specimen Coins) presale of rare relief specimen coins. [마감-(이증18126/견양주화) 레어급 양각견양주화 분양],” Naver, 27 April 2019, Web, cafe.naver.com/dodohi0607/298918, Accessed 21 December 2019.

CHAPTER NINETEEN

807 “1986 Asian Games,” Wikipedia, en.wikipedia.org/wiki/1986_Asian_Games. Accessed 4 Jun. 2019.

808 “Major Details of the 88 Olympics and 86 Asian Games [88올림픽· 86아주격기 계획 주요내용],” Dong-A Ilbo, 11 August 1982, p. 8.

809 Ibid.

810 “Medium, Small Business Deduction Funds Established [中小企業(중소기업) 공제기금 설립],” Maeil Kyongjae, 26 October 1982, p. 1.

811 Jo Byeongsu, Jo Byungsu's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 130.

812 Yi Nae-hwang, Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 59.

813 “86 Asian Games Commemorative Coin Issue [86아시아競技(경기) 기념주화발행],” Dong-A Ilbo, 4 July 1985, p. 2.

814 Oh Soonhwan, “ ‘86 Asian Games Commemorative Coins [‘86 아시아경기대회 기념주화],” Oh Soonhwan’s Currency Stories (97) [오순환의 화폐이야기 (97)] 2 April 2018, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Web, 10 May 2019.

815 The issue procedures for the Asian Games coins are explained in their public announcement advertisement in the Maeil Kyongjae: “Sales Ending Soon, March 17th, for Seoul Asian Games Commemorative Coins ” [판매마감3월17일로임박 서울아시아 경기대회 기념주화판매],” Maeil Kyongjae, 15 March 1986, p. 11.

816 Jo 141.

817 Ibid.

818 Yi 59.

819 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 260.

820 “86 Asian Games Commemorative Coins Issue [86아시아競技(경기) 기념주화발행],” Dong-A Ilbo, 4 July 1985, p. 2.

821 Korea Minting and Security Printing Corporation 40-Year History 259.

822 Currency Museum of Korea, “10th Asian Games Commemorative Coin, 20,000-Won (uncirculated) [제10회 아시아경기대회기념주화 20,000원 (미사용)],” museum.komsco.com/museum/50/relic/2426. Accessed 12 Dec 2019.

823 “Overview of the 10th Asian Games -1986 Seoul Asian Games [第10届亚运会概况—1986年汉城亚运会],” 29 March 2010, Tencent Sports, sports.qq.com/a/20100329/001205.htm. Accessed 28 Sept. 2019.

824 Jo 141.

825 Korea Minting and Security Printing Corporation 40-Year History 259.

826 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001) 143.

827 Korea Minting and Security Printing Corporation 40-Year History, 316.

828 Ibid 314-316.

829 Ibid 316-317.

830 Ibid 314.

831 Oh Soonhwan, “A Coin’s Fate [주화의 운명],” Oh Soonhwan’s Currency Stories (109) [오순환의 화폐이야기 (109)] 4 Jan. 2019, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Web, 1 June 2019.

832 Korea Minting and Security Printing Corporation 40-Year History 316.

833 Oh Soonhwan, A Coin’s Fate.

834 Ibid.

835 Hwang Weon-oh. The Monetary History of Korea [韓國貨幣全史 / 한국화폐전사]. (Seoul: KSPMC, 1993) 306.

836 Oh Soonhwan, A Coin’s Fate.

837 Korea Minting and Security Printing Corporation 50-Year History 277.

838 “Sales Ending Soon, March 17th, for Seoul Asian Games Commemorative Coins ” [판매마감3월17일로임박 서울아시아 경기대회 기념주화판매],” Maeil Kyongjae, 15 March 1986, p. 11.

839 “Seoul Asian Games Commemorative Coins Issue and Sale: Four Silver Coins and One Cupronickel Coin [서울亞洲(아주)경기 기념鑄貨(주화) 발매 은화 4종·백동화1종],” Kyonghyang Shinmun, 1 March 1986, p. 9.

840 The Kyonghyang Shinmun reported that the mint-finish individually sold coins totalled 794,490 pieces that remained from the March 1986 issue amount of 1.1 million. “Commemorative Coins Second Sale [기념주화 2차판매],” Kyonghyang Shinmun, 27 Aug 1986, p. 8.

841 “10th Seoul Asian Games Commemorative Coins Issue and Sale Advertisement [제10화 서울 아시아경기대회 기념주화 판매 전단광고],” Kyonghyang Shinmun, 1 Sep 1986, p. 1.

842 Kim Su-wan, “Popular Items Sell Well [인기 종목 잘팔린다],” Kyonghyang Shinmun, 22 Sep 1986, p. 15.

843 Choi Byunghwan. “What Caused the Drop in Prices for the Asian Games Commemorative Coins? [아시아경기 기념주화 값 떨어진 원인무언가],” Dong-A Ilbo, 18 Feb 1987, p. 8.

844 Ibid.

845 “51.4 billion won was Spent on the ‘86 Games [86대회 때 5백 14억원 썼다],” Dong-A Ilbo, 3 Feb 1987, p. 5.

846 Park Juncheol. “Commemorative coins: ‘Collections Themselves are an Investment’ [기념鑄貨(주화) ‘수집자체가 投資(투자)’]” Kyonghyang Shinmun, 3 Aug 1992, p. 12.

CHAPTER TWENTY

847 Preuss, Holger. The Economics of Staging the Olympics: A Comparison of the Games 1972-2008 (Cheltenham: Edward Elgar, 2004) 137.

848 Jo Byeongsu, Jo Byeongsu's Story of Money: Korean Commemorative Coins [우리나라 記念鑄貨 Korean Commemorative Coins : 조병수의 돈 이야기 ]. (Seoul: Ohsung K&C, 2006) 118.
See also: “Bank of Korea Study on Next Year’s Issue of a 500-Won coin for Use in Vending Machines [한은 자동판매기용 주화사용 늘어 500원짜리동전 내년발행 검토],” Dong-A Ilbo, 3 October 1981, p. 5.

849 View each of these Olympics commemorative issues in: Ménard, Michèle. Coins of the Modern Olympic Games. (Vanier, Ont.: M. Ménard, 1991) 46-165.

850 Preuss 133. Preuss writes that M1 money supply is generally not affected by the issue of commemorative coins, as collectors keep these coins and do not spend them.

851 Provost, David. "Commemorative Stories: The 1983-84 LA Olympics Coins-Part V.” Page 4, 21 Oct. 2104, Coinweek, coinweek.com/editors-choice/commemorative-stories-1983-84-la-olympics-coins-part-v/, Accessed 10 June 2019. Preuss concurs with the idea that the Canadian government financed the 1976 Montreal Olympics with surcharge funding from the sale of the commemorative coins. Preuss 136.

852 “LA Olympics Coin Sales Plan Congressional Approval Delayed [LA五輪(오륜) 주화 판매계획 무산 議會(의회)승인 지연으로],” Dong-A Ilbo, 10 April 1982, p. 8.

853 The most entertaining and comprehensive account of the United States congressional debates over the 1984 Los Angeles Olympic coin program appears in David Provost’s articles appearing in Coinweek online, published from June to December 2014. David Provost, "Commemorative Stories: The 1983-84 LA Olympics Coins-Part I.” 5 June 2014, Coinweek, Web, 2 February 2019.

854 Robert D. Hershey, “Battle Rages Over Coins for '84 Olympics.” New York Times, 28 April 1982.

855 Preuss 136.

856 Yi Nae-hwang. Republic of Korea Currency Post-1950 Bank of Korea Establishment [1950년 한국은행 창립 이후 대한민국 의 화폐]. (Seoul: Bank of Korea, 2010) 60.

857 This process is described in Preuss, 2004. See the process for issuing the coins described in: “28 Kinds of 88 Olympic Commemorative Coins Released Next Year in October...Gold Coins Only Four Kinds [88올림픽 기념鑄貨(주화) 28種(종)발매 내년10월부터…金貨(금화)만 4種(종)이나],” Dong-A Ilbo, 5 September 1985, p. 2.

858 Lee Sangjin “RE: Re: 한국은행 발권정책팀[Bank of Korea Issue Policy Team].” Message to Mark Lovmo. 18 November 2019. E-mail. In this email exchange with the author of this book, an economist with the Bank of Korea’s Issue Policy Team clarified the point that the Seoul Olympic Organizing Committee had purchased the Seoul Olympics commemorative coins from the Bank of Korea at face value. See also: Jo 130-131.

859 Provost, David. "Commemorative Stories: The 1983-84 LA Olympics Coins-Part V.” Page 2, Coinweek, 21 Oct. 2104, Web, 13 June 2019.
See also problems in the United States with leftover coins from its early commemorative coin programs: Flynn, Kevin. The Authoritative Reference on Commemorative Coins 1892-1954, (K. Vick, 2008) 303-305.

860 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 40-Year History [韓國造幣公社四十年史 /한국조폐공사40년사 ], (Daejeon: KSPMC, 1991) 265.

861 Korea Minting and Security Printing Corporation 40-Year History 235.

862 Provost, David. "Commemorative Stories: The 1983-84 LA Olympics Coins-Part VII.” 9 Dec. 2014, Coinweek, Web, 10 June 2019.

863 Jo 150.

864 Ibid. The South Korean Mint’s official history cites “increasing national prestige (국위선양)” as an important reason for issuing the commemorative coins for the 1988 Summer Olympic Games. Korea Minting and Security Printing Corporation 40-Year History 228.

865 Jo 151.

866 Ibid.

867 Korea Minting and Security Printing Corporation 40-Year History 265.

868 Jo 151.

869 Jo explains the two different design routes in South Korean monetary design projects: Bank of Korea-supervised projects, and Mint-supervised projects. Jo Byeongsu, Korean Banknotes: History of Korean Banknotes Written by Jo Byeongsu [韓國의 銀行券 Korean Banknotes: 우리나라 은행권 변천사 조병수 지음 ]. (Seoul: Ohsung K&C, 2010) 403.
Jo also explains that the Seoul Olympics coins were a Bank of Korea-supervised commemorative-coin design project. Jo, Korean Commemorative Coins 150.
In addition, Oh Soonhwan wrote that the Design Advisory Board also oversaw the design work done for the 1986 10th Asian Games commemoratives. Oh Soon-hwan, “ ‘86 Asian Games Commemorative Coins [‘86 아시아경기대회 기념주화],” Oh Soon-hwan’s Currency Stories (97) [오순환의 화폐이야기 (97)] 2 April 2018, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Web, 10 May 2019.

870 Jo, 2006, 151; see also: Jo, 2010, 234.

871 Jo, Korean Commemorative Coins 152.

872 Korea Minting and Security Printing Corporation 40-Year History 228.

873 Jo, Korean Commemorative Coins 152.

874 Korea Minting and Security Printing Corporation, Korea Minting and Security Printing Corporation 50-Year History [한국조폐공사50년사 ], (Daejeon: KOMSEP, 2001), 153.

875 “Organization Committee Coin Director Ahn Yeong-gi: ‘The 10,560,000 ‘88’ commemorative coins, including gold coins, has my entire attention focused on overseas shipping’ [組織委(조직위) 安榮起(안영기)주화과장 ‘88기념주화 총 1,056萬(만)개 金貨(금화)등 해외수송에 온신경'],” Dong-A Ilbo, 7 February 1987, p. 5.

876 Jo 154-155.

877 Jo, Korean Commemorative Coins 153.

878 Korea Minting and Security Printing Corporation 40-Year 266. Jo (2006) lists the Design Advisory Board members’ areas of expertise and the names of the experts as follows: Visual design: Kim Gyo-man of Seoul University of Fine Arts and Mun Tae-seon of Sungshin Women’s University; Detailed drawing: Han Woo-seong of Seoul University of Fine Arts; Sculpture: Kim Chan-sik of Hongik University; Korean traditional folk culture: Lee Doo-hyeon of Seoul Teacher’s College; Athletics: Lee Gang-pyeong of Hanyang University. Jo, Korean Commemorative Coins 154.

879 Jo, Korean Commemorative Coins 157.

880 Ménard, Michèle. Coins of the Modern Olympic Games. (Vanier, Ont: Ménard Consultants, 1991) 205..

881 Jo, Korean Commemorative Coins 146.

882 Ibid 158.

883 Currency Museum of Korea, “제24회 서울올림픽기념주화 4차분 오만원화 [24th Summer Olympics Commemorative Coin 4th Series 50,000-Won Coin],” 2013, Currency Museum of Korea, museum.komsco.com/museum/50/relic/2987. Accessed 8 May 2019.
Former engraver Oh Soonhwan claimed personal involvement in engraving the coins that featured human figures, such as the marathon, boxing and basketball coins of the First Issue, the tennis coin of the Second Issue, the wrestling and handball coins of the Third Issue, the archery, ssireum (Korean wrestling) and table tennis coins of the Fourth Issue, and the equestrian, cycling and soccer coins of the Fifth Issue. Oh Soonhwan, Personal Interview, 20 June 2019 and 30 June 2019.
Another Korean Mint artist, Gwak Gil-sang (곽길상) also claimed involvement in the work on the designs for the four 10,000-Won coins of the Korean “Fifth Issue.” See: Yi Hui-seong. “Coin Maker and Artist of the Mint, Designer Gwak Gil-sang [돈 만드는 돈 예술가 조폐공사 화폐디자이너 郭吉祥 (곽길상)씨],” Dong-A Ilbo, 8 January 1996, p. 10.

884 "The story of the Seoul Olympics written by Chairman Park Se-jik (24) More than 11,000 designs for the medals and commemorative coins [朴世直(박세직) 위원장이 쓰는 서울올림픽 이야기 (24) 메달-기념주화등 案(도안) 만 1千(천)여개 ]," Chosun Ilbo, 9 Jan. 1990, p. 11.

885 Jo, Korean Commemorative Coins 145.

886 “Twently-eight Kinds of 88 Olympic Commemorative Coins to be Released Next Year in October... Only Four Kinds of Gold Coins [88올림픽 기념鑄貨(주화) 28種(종)발매 내년10월부터…金貨(금화)만 4種(종)이나],” Dong-A Ilbo, 5 September 1985.

887 Yi 60.

888 Korea Minting and Security Printing Corporation 40-Year History, 265.

898 Oh Soonhwan, “A Coin’s Fate [주화의 운명],” Oh Soonhwan’s Currency Stories (109) [오순환의 화폐이야기 (109)] 4 Jan. 2019, Poongsan Hwadongyanghaeng [POONGSAN 화동양행], Web, 1 June 2019.

890 Official Report, Games of the XXIVth Olympiad, Seoul, 1988. (Seoul, Korea: Seoul Olympic Organizing Committee, 1989) 222.

891 Korea Minting and Security Printing Corporation 40-Year History 267. See also: Yi 60.

892 Jo, Korean Commemorative Coins 162.

893 Korea Minting and Security Printing Corporation 40-Year History 267.

894 Jo, Korean Commemorative Coins 146.

895 Korea Minting and Security Printing Corporation 40-Year History 266.

896 Yi 60.

897 Jo, Korean Commemorative Coins 147.

898 Jo, Korean Commemorative Coins 148. See also the Bank of Korea’s official notice of the issue of the Seoul Olympics coins in: Maeil Kyongjae, June 9, 1986, p. 8.

899 “99 Billion won for Overseas Sales Rights to the ‘88’ Commemorative Coins, 1,240,000 Gold and Silver Coins, 67% of Total, to be Sold for Expected Net Income of 63 Billion [‘88’기념鑄貨(주화) 해외판매권 990億(억)원 받기로 金銀貨(금은화) 124萬(만)개 67%팔아 순익630億(억)예상],” Dong-A Ilbo, 23 October 1985, p. 9.

900 The Numismatist, Vol. 100, No. 5, May 1987, 1025.

901 A very good summary of the data involving the sales plan for the Seoul Olympics coins is in: Kim Dae-su, “Seoul Olympic Commemorative Coins to Begin Next October [서울올림픽 기념주화 내년10월 첫선],” Maeil Kyongjae, 5 September 1985, p. 11.

902 “1.7 Billion to be Used as 88 Funds [純益(순익)17억 88基金(기금)으로 사용],” Maeil Kyongjae, 9 July 1984, p. 2.

903 Maeil Kyongjae, 5 September 1985, p. 11. A Kyonghyang Shinmun article cited 92.2 billion KRW in expected profits, which the article stated would “...compensate much for the unexpectedly low sales figure received from United States television broadcast rights.” “Seoul Olympic Commemorative Coin Contract Sold to Hong Kong Monum Ltd. for $110 million [서울올림픽 기념鑄貨(주화) 판매권 1億千萬弗(억천만불)에 홍콩 모넘社(사)로],” Kyonghyang Shinmun, 23 October 1985, p. 8.

904 Official Report: Games of the XXIV Olympiad 222. The Olympic Committee’s goal of 88.4 billion KRW is also mentioned in the February 7, 1987 issue of the Dong-A Ilbo, p. 5.

905 Official Report: Games of the XXIV Olympiad 222.

906 Korea Minting and Security Printing Corporation 40-Year History 266. Jo (2006) describes Monum as a consortium established in April 1985 by Seibu Department Stores Ltd. and Hoppener, an export company that had experience selling the 1976 Montreal Olympics coins in Asia. According to Jo (2006), Hoppener took office as president of the Monum consortium, Seibu was responsible for funding and operations, while executives from the three companies (Seibu, Sears World Trade, and Numis Ventures) joined the group, which was founded with $60,000 USD in capital. Jo, Korean Commemorative Coins 159.

907 Official Report: Games of the XXIV Olympiad, 1989, 222.

908 Dong-A Ilbo, 23 October 1985, p. 9.

909 Dong-A Ilbo, 7 February 1987, p. 5.

910 Korea Minting and Security Printing Corporation 40-Year History 266.

911 Dong-A Ilbo, 23 October 1985, p. 9. See also, Korea Minting and Security Printing Corporation 40-Year History 266.

912 Dong-A Ilbo, 7 February 1987, p. 5.

913 Yi 60. According to a September 1985 Maeil Kyongjae article, the Organizing Committee initially planned to issue a total of 5.5 million of the 2,000-Won and 1,000-Won non-precious metal coins in Korea “to cover domestic demand” for the Olympics coins. Maeil Kyongjae, 5 September 1985, p. 11.

914 Yi 60.

915 Jo, Korean Commemorative Coins 147.

916 “Korean-issued Commemorative Coins · Price for One Set of Gwangmu Gold Coins is 100 million won [우리나라發行(발행) 기념鑄貨(주화)·銅錢(동전)값 光武金貨(광무금화) 한세트1億(억)원],” Kyonghyang Shinmun, 13 June 1986, p. 7.

917 “Do Not Care if 88 Commemorative Coin Sales Begin Late [88기념鑄貨(주화) 판매시기 늦어도 袖手傍觀(수수방관)],” Maeil Kyongjae, 27 November 1986, p. 12.

918 Kathleen Day, “Sears to Close Its Ailing World Trade Division,” Washington Post, 29 October 1986.

919 Maeil Kyongjae, November 27, 1986, p. 12.

920 “Seoul Olympic Organizing Committee News [SLOOC 소식],” Maeil Kyongjae, 20 January 1987, p. 12.

921 Ibid.

922 “SPECIAL EVENTS: Seoul Olympic Organizing Committee Press Conference.” The Numismatist, Vol. 100, No. 10, October 1987, 2170-2171. MTB was headed at the time by Francis Bessenyey. The European distributor, International Numismatic Management, was headed by its managing director, Christian Grassiot, who is the current (2019) owner of ING Numismatic Group S.A., based in Geneva.

923 Maeil Kyongjae, 27 November 1986, p. 12.

924 “88 Olympic Commemorative Coins Sold from the 23rd with Gold Coins Among 7 Coins at 24 Bank Branches [88五輪(오륜) 기념주화 23일부터 판매 金貨(금화)등 7종 24개銀行(은행) 본지점서],” Maeil Kyongjae, 5 February 1987, p. 12.

925 Official Report: Games of the XXIV Olympiad, 1989, p. 222.

926 Ibid.

927 Dong-A Ilbo, 7 February 1987, p. 5.

928 Korea Minting and Security Printing Corporation 40-Year History 267.

929 The Numismatist, October 1987, Vol. 100, No. 10, pp. 2164, 2170 and 2171.

930 The Numismatist, Vol. 101, No. 8, August 1988, p. 1353.

931 The Bank of Korea Currency Issuing Directors’ signatures that appear on the certificates of authenticity included in the Seoul Olympics coin sets issued in Korea were: First Issue: Park Jin-seok (박진석); Second Issue: Kwon Dong-seok (권동석); Third Issue: Min Hyeong-geun (민형근); Fourth Issue and Fifth Issue: Oh Geun-bae (오근배). Jo, 2006, p. 159.

932 Jo, Korean Commemorative Coins 148.

933 Ménard 205-236.

934 Bank of Korea literature published in Korea that displays images of the reverse of the archery coin show coins dated “1988.” Also see this coin’s overseas issue announcements in The Numismatist that show “archery” coins with “1987” dates. The Numismatist, Vol. 100, No. 11, November 1987, p. 2343; and The Numismatist, (Colorado Springs: American Numismatic Association) Vol. 101, No. 8, August 1988. 1374.

935 Information from Numismatic Guaranty Corporation (NGC) in 2019 shows that they had certified a total of nine of these 1988-dated “kite flying” coins; all of them in proof finish. By contrast, NGC certified a total of 50 of these coins with “1987” dates. The author was able to view one of the 1988-dated coins using the company’s “verify certification” tool at their website in 2019. This coin was graded PF-66 Ultra Cameo, certification number: 3394936-018. From: “Verify NGC Certification,” Numismatic Guaranty Corporation, Web, no date, www.ngccoin.com/certlookup/3394936-018/66/, Accessed 20 Aug. 2019.
Collectors in Korea have indicated difficulty in even finding a single example of the kite-flying coin dated “1988.” In her 1991 book on Olympic coins, Ménard included an image of the “kite flying” coin with a “1988” date on page 222. Ménard organized the Seoul Olympics coins section of her book according to the arrangement of coins found in the overseas issues. These observations may suggest that the “kite flying” coins with “1988” dates were issued overseas, although the available evidence for this hypothesis is less conclusive than that for the 10,000-Won “archery” coin. The author of the current text can only confirm that NGC has certified the 1988-dated 25,000-Won “kite flying” coin, and that it appears to be the less-commonly encountered date variety of this coin.

936 See the Seoul Olympics coin issue announcements in the May 1987, November 1987, August 1988, and November 1988 issues of the The Numismatist.

937 The small tri-fold brochure that came with the 20-coin sets quotes the prices of these same sets at $597.00 USD for the mint-finish coins and $624.00 USD for the proof set. Ménard states that the 16-coin complete silver set had a sale price of $493.00 USD. Ménard 237.

938 Jo, Korean Commemorative Coins 148.
In a 2019 interview, Oh Soonhwan, the former Korean Mint coin engraver who had worked on many of the coins of the Seoul Olympics series, related a story about the designs for these 5th Issue coins. According to Mr. Oh, when the Blue House [the staff of President Chun Do-hwan’s residence and workplace] got a look at the first drafts of the designs for the Cycling and Equestrian Show Jumping coins, the presidential staff had the currency team 'called to the carpet' to register the Blue House’s displeasure with the designs. The presidential staff looked at the different preparatory designs and chose the design approach that Mr. Oh had originally envisioned for the coins. Oh Soonhwan. Personal Interview. 30 Jun. 2019.

939 Ménard 205-236.

940 Olympic Organizing Commitee Sales Notice, Dong-A Ilbo, 12 Sep 1988, p. 2.

941 Official Report: Games of the XXIV Olympiad, 1989, p. 222.

942 Jo, Korean Commemorative Coins 148.

943 “Five-Piece Coins Sets’ Popularity High [5種(종)주화세트 人氣(인기)높아],” Maeil Kyongjae, 22 July 1988, p. 12.

944 Jo, Korean Commemorative Coins 161-162.

945 “Seoul Olympics Commemorative Coins Third Series Sales Rate 90.5% [서울올림픽 기념주화 3차분판매율90.5%],” Kyonghyang Shinmun, 9 March 1988, p. 8.

946 Toward the end of the sales period for the Fourth Issue, the six-coin sets of this Issue were 98.6% sold, and the five-coin sets were 98% sold. Maeil Kyongjae, 22 July 1988, p. 12.

947 Ibid.

948 “Olympic Commemorative Item Collecting Boom [올림픽紀念物(기념물) 수집 붐],” Kyonghyang Shinmun, 26 August 1988, p. 7.

949 “88 Intermediary [88 중계차],” Maeil Kyongjae, 7 March 1988, p.16.

950 “Olympic Games in Seoul Made $479-Million in Profit,” Los Angeles Times, 29 March 1989. This article also notes that some observers believed that such a profit could only be realized if one also does not consider the estimated $1.5 billion USD that the South Korean government spent on upgrades to the city of Seoul and its sports facilities in preparation for this Olympics.

951 “88 Commemorative Coins Dumping Fears $800,000 Worth 120,000 Pieces Returned [‘88’ 기념鑄貨(주화) 海外(해외)판매 不振(부진) 덤핑우려 80萬弗(만불)어치 12만개 回收(회수)키로],” Kyonghyang Shinmun, 8 June 1989, p. 11.

952 Jo, Korean Commemorative Coins, 162.

953 Kyonghyang Shinmun, 8 June, 1989, p. 11.

954 Ibid.

955 “Jinheung Industrial 3 Billion Loss [진흥公團(공단) 3억원 손실],” Maeil Kyongjae, 8 June 1989, p. 16.

956 Maeil Kyongjae, 8 June, 1989, p. 16.

957 “88 Commemorative Coins Sold Only 65% of Overseas Sales Goal, 700,000 Unsold and Melted [‘88’기념주화 海外(해외)판매 목표의 65%뿐 안팔린 70萬(만)개 녹여 없앨판],” Dong-A Ilbo, 10 June 1989, p. 12.

958 Ibid.

959 “88 Olympic Commemorative Coins 2,500,000 of Stock Piled Up [88올림픽 기념鑄貨(주화) 250萬(만)개 在庫(재고)쌓여],” Kyonghyang Shinmun, 14 August 1989, p. 6. Jo states that both Lucky Metals and the original manufacturer of the coin blanks, Poongsan Metals, had finalized purchases of the recalled coins on August 28, 1989; the amounts totaled 5,000 gold coins, 900,000 silver coins, and 1,600,000 non-precious metal coins. Jo, 2006, 162.

960 Kyonghyang Shinmun, 14 August 1989, p. 6.

961 Ibid.

962 Jo, 2006, 161-162.

963 Kyonghyang Shinmun, 14 August 1989, p. 6.

964 Dong-A Ilbo, 10 June 1989, p. 12.

965 Hong Sun-ho. “Re-promote and sell 88 Commemorative Coins [88기념鑄貨(주화) 재고분 다시홍보·판매토록],” Kyonghyang Shinmun, August 23, 1989, p. 12.

966 “Money Collecting Hobby as Revenue Investment [화폐수집 취미살리는 수익투자],” Dong-A Ilbo, 28 March 1990, p. 10.

967 Kyonghyang Shinmun, 8 August 1989, p. 11.

968 Kim Seonggi. “Olympic Souvenir Mass Production Loses Rarity Value, Gold Coins Sold at 330,000 won is Currently 250,000 won[올림픽 기념품 대량제조 희소가치 잃어 33만원에 산 금화 현 시세는 25만원선],” Hankyoreh Shinmun, October 26, 1989, p.6. The writer of this article cited the First Issue sale price of 330,000 KRW for the 25,000-Won half-ounce gold coin and noted that the resale price for this coin in the Korean secondary market had dropped to 250,000 KRW by October 1989. The drop in value for the 25,000-Won coins released with the last three issues was larger more since the sale price for these coins was 350,000 KRW, due to increases in the prices of the gold coins by 10% after almost all of the First Issue gold coins had sold out in 1987. See The Numismatist, Vol. 101, No. 8, August 1988, 1374.

969 Kyonghyang Shinmun, “Gold Bullion, Gold Coin Investment ‘is Worthwhile’” [금괴•금화투자 ‘할만 하다’], Kyonghyang Shinmun, 22 December 1989, p. 8.

970 “Commemorative Coins “Collecting is an Investment Itself [기념鑄貨(주화) ‘수집자체가 投資(투자)’],”Kyonghyang Shinmun, 3 Aug. 1992, p. 12.

971 Heo Yeong-seob. “Gold Bullion, Gold Coin Investment ‘is Worthwhile’” [금괴•금화투자 ‘할만 하다’], Kyonghyang Shinmun, 22 Dec. 1989, p. 8.

972 Official Report: Games of the XXIV Olympiad, 222.

973 Kyonghyang Shinmun, 8 June 1989, p. 16.

974 Jo, Korean Commemorative Coins 162.

975 The following Korean authors have asserted that the Seoul Olympics coin program was successful: Kim Un-yong, author of The Greatest Olympics -from Baden Baden to Seoul (1990); Lee Dong-wook, author of How to Prepare Olympics and its Task (1989); and former Seoul Olympic Committee Chairman Park Se-jik, author of The Seoul Olympics: the Inside Story (1991).

976 Data on profits from “U.S. Mint: Commemorative Coins Could Be More Profitable, Los Angeles Olympic Coin Program,” United States General Accounting Office, Report to the Chairman, Committee on Banking, Housing and Urban Affairs, GAO/GGD-96-113, p. 52, Aug 1996, www.govinfo.gov/content/pkg/GAOREPORTS-GGD-96-113/pdf/GAOREPORTS-GGD-96-113.pdf, Accessed 13 Jul. 2019. Los Angeles Olympics coin program total mintages are from the United States Mint website. Retrieved from “Historical Commemorative Coin Sales Figures: 1983-1984 U.S. Olympic Coins (Los Angeles),” United States Mint, 10 Jan 2017, Web, www.usmint.gov/about/production-sales-figures/historical-commemorative-coin-sales/1983-1984-us-olympic-coins-los-angeles, 9 July 2019.

977 Preuss 134.

978 Mark Lovmo, “Getting Over the Language Barrier.” COINage Magazine, February 2017, 25.

979 Park Juncheol. “Commemorative coins: ‘Collections Themselves are an Investment’[기념鑄貨(주화) ‘수집자체가 投資(투자)’]” Kyonghyang Shinmun, 3 Aug 1992, p. 12.

980 This information is based on the author’s personal observations after numerous encounters with the 1988-dated “archery” coins in the Korean market on six different visits to Seoul from 2003 to 2019. The South Korean numismatic retailer Sujipbank was selling an excellent-condition mint-strike version, ungraded and complete with original packaging, for only 39,500 KRW or about $34.00 USD in 2019; a far cry from the $200.00 USD price listed in catalogs outside of Korea.

981 The archery coin with the “1988” date is the only date variety of this coin that can be seen in all the following main currency publications from the Bank of Korea:
Yi 64;
Kim, Du-gyeong. Korean Currency after the Japanese Imperial and Liberation Eras [日帝時代 및 解放以後韓國의 貨幣 / 일제시대 및 해방 이후 한국의 화폐 ], (Seoul: Bank of Korea, 2004), 148;
Kim Myeong-ho. Korean Currency [韓國의 貨幣], (Seoul: Bank of Korea, 1994) 242;
and at the Bank of Korea webpage, “Currency: Commemorative Coins, 24th Seoul Olympic Games Commemorative Coins [화폐: 기념주화, 제24회 서울올림픽대회 기념주화],” Bank of Korea, Web, no date, www.bok.or.kr/portal/main/contents.do?menuNo=200368, 9 Dec 2018.

982 Issue announcement in the November 1987 issue of The Numismatist, page 2343.

983 See these two Korean-language blog posts at the Naver web portal:
“88 Seoul Olympic Commemorative Coins (Varieties)” [88 서울울리픽 기념주화 (변종): 네이버 블로그], 7 February 2015, blog.naver.com/PostView.nhn?blogId=aerocomb&logNo=220265716878, 28 Jul. 2019; and: “88 Olympics Fourth Series Commemorative Coins” [88올림픽 4차 기념주화: 네이버 블로그],” 19 February 2010, blog.naver.com/PostView.nhn?blogId=aerocomb&logNo=20100637431&parentCategoryNo=&categoryNo=66, 28 Jul. 2019. From these blog posts, it is apparent that the Korean collecting community understands that the “1987” dated “archery” coin is the foreign issue and the “1988” date is the Korean issue.

984 The most detailed information on the number of 1987-dated “archery” coins comes from the November 1987 issue of The Numismatist, page 2343, which reported that the two 10,000-Won coins of the Second Issue overseas issue were limited to 165,000 proof and 60,000 mint-finish (“uncirculated”) coins or 225,000 total. As two 10,000-Won coins were issued with the Second Issue, the “archery” and “volleyball” designs, halving the 225,000 total makes for a possible mintage total of 112,500 for the “archery” design issued overseas. Halving the number of proof strikes makes for 82,500 proof pieces and halving the number of mint strikes makes for 30,000 mint coins. These numbers are the closest idea we have for the mintages of the “archery” coins dated “1987.” However, it is very likely that some number of these 1987-dated coins had been destroyed in the overseas coin recall of 1989. The author has yet to discover an accounting of the destroyed coins by dates or designs and has only found reference to destroyed coins by denomination. See: Kyonghyang Shinmun, 14 August 1989, p. 6.

985 The South Korean Mint claimed that neither domestic nor overseas customers had ever alerted the Mint to any defects in the quality of the Seoul Olympics coins after their issue. Korea Minting and Security Printing Corporation 40-Year History 267.

Bibliography

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