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New Grading service for Korean coins/banknotes

I was looking around the coin shops in Seoul and noticed a lot of new notes that were graded by NNGC. Looking closer the title was NewallaweN Numismatice Grading Company. Very professional looking. I saw mostly notes, but also some coins and there were even a few Washington Dollars coins graded. Strange part is that all the graded coins/notes are almost entirely in English. If this is geared to the US market, I am not sure it will ever amount to anything and if it is geared to the Korean market, not sure why it is all in English. This seems to be a Korean company as I have never seen them anywhere else, but I couldn't get a good explanation as my Korean is limited.

http://itempage.auction.co.kr/DetailView.aspx?ItemNo=A116140023&frm2=through&frm3=V3




An example here for a Korean auction site. Sorry, I know this is a coin forum and this link is to a banknote, but I could not find a link to a graded coin. Anyway I thought it was kind of interesting.

JP

Comments

  • sumnomsumnom Posts: 5,963 ✭✭✭
    ...if it is geared to the Korean market, not sure why it is all in English.

    I imagine you have been in Korea long enough to know that English, no matter how rough or peculiar, is a very effective marketing tool. It wouldn't surprise me if it is a Korean company geared to the Korean market.

    I tried looking around on line but I couldn't find anything.
  • sumnomsumnom Posts: 5,963 ✭✭✭
    Wait, I did find something! NNGC has it's own webpage:

    NNGC

    They are billing themselves as the first Korean coin and currency grading company.
  • sumnomsumnom Posts: 5,963 ✭✭✭
    USFK, if you go to the "hoesa sogae" and then click on "t'ukhoch'ong miguk ANA," you'll see that they say they are a member of the ANA.

    And here is the president of the NNGC, Mr. Kim Songju:

    image

    Dear Customers

    Congratulations and welcome to your becoming a member of our society! We hope you may enjoy the fantastic grading services. We've launched a new company which has been longed its establishment. It's NewallaweN Numismatic Grading Company ! NewallaweN is the original Korean word of which meaning is new and all i.e. astonishing and surprising . We are now sensible of our heavy responsibility, also feel so new memories that we've devoted ourselves to the organizing process of a money-grading company according to the international standards. We appreciate in hearts the support and the patronage of so many persons on the course of its foundation. From now on, we promise to give the better grading services of domestic and foreign collectable money with all efforts and sincerity. We'll do our best to " Customers' Satisfaction " and try to make our all possible endeavour on " Creation of the new and wonderful Values " day by day. We request your favor and utilization respectfully!

    Thank you so much!

    NNGC
    NewallaweN Numismatic Grading Company
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    President S, J, KIM

  • The notes I looked at seemed to be graded fairly close to what I would grade them and there was a reference on the back hologram that they are members of the ANA. Good detective work on finding the site.

    JP
  • sumnomsumnom Posts: 5,963 ✭✭✭
    They have a discussion board that I have just joined. I am going to reference this thread. We may hear from the good Mr. Kim.
  • sumnomsumnom Posts: 5,963 ✭✭✭
    The site says that South Korea will issue 50,000 and 100,000 notes in 2009. Have you heard much about this, JP?
  • It's been in the news the past year or so. There was a big debate on who to put on the notes and it was finally decided a few months back. It will sure make it a lot easier to do business over here.

    http://www.banknotenews.com/files/2e15f31f85dd4838b91f11ee4fcfa971-252.html

    JP
  • sumnomsumnom Posts: 5,963 ✭✭✭
    Thanks for the link. I read about the debates about whether or not higher denomination bills should be produced but I was not aware that the decision had been made.

    Korea has a long history of avoiding higher denomination currency, first with coins and then with bills.
  • sumnomsumnom Posts: 5,963 ✭✭✭
    Here are the two people to appear on the bills. From what I read there has been some controversy over the selection. I guess the US is not the only country with political debates over coins and currency.

    Kim Ku and Sin Saimdang


  • << <i>NewallaweN is the original Korean word of which meaning is new and all i.e. astonishing and surprising . >>

    Sumnom, can you give us a better translation of the original Korean comment on the radar name?

    Roy


    image


  • << <i>The site says that South Korea will issue 50,000 and 100,000 notes in 2009. Have you heard much about this, JP? >>



    I know I found it quite surprising that the largest currency was the equivalent of $10US. I agree that it will be much easier to conduct business with larger denominations, but I would guess that counterfeiting is a huge concern.
  • sumnomsumnom Posts: 5,963 ✭✭✭


    << <i>

    << <i>NewallaweN is the original Korean word of which meaning is new and all i.e. astonishing and surprising . >>

    Sumnom, can you give us a better translation of the original Korean comment on the radar name? >>



    Yes, it is interesting, isn't it? I am not sure how he came up with "NewallaweN" but in looking at the Korean text it comes from the word "nollapda," meaning surprising, amazing, shocking, or even alarming. When used to modify another word, the form is "nollaun." I guess it resembles "NewallaweN." Sort of. Usually I hear it in the negative sense of being shocking or alarming but it looks like Mr. Kim is using it in a positive sense. Since he is a native speaker, I will defer to his knowledge of his own language. At any rate, a smoother translation might be, "Amazing Numismatic Grading Company." (ANGC?)
  • sumnomsumnom Posts: 5,963 ✭✭✭


    << <i>

    << <i>The site says that South Korea will issue 50,000 and 100,000 notes in 2009. Have you heard much about this, JP? >>



    I know I found it quite surprising that the largest currency was the equivalent of $10US. I agree that it will be much easier to conduct business with larger denominations, but I would guess that counterfeiting is a huge concern. >>



    A 20,000 won note would be convenient. For quite some time there was a school of thought that maintained the circulation of larger denomination bills would encourage reckless spending and lead people to financial ruin. The thing is, bank checks in the amount 100,000 won have been circulating as cash for many years, serving as de facto 100,000 won notes. I don't think that sky will fall when these notes enter into circulation.

    There used to be similar arguments against minting multi-denominational coins during the Choson period as well.
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