Unused 10 Won Coin Traded for 750,000 Won... Profitable Rare Coin Market [News SeolCham]

Rare Coin Resell Tech
Prices Vary Greatly Depending on Grading and Preservation Condition

Editor's Note'Seolcham' is a newly coined term meaning to refer to the explanation for more details. In [News Seolcham], we aim to pinpoint and explain in more detail the parts of the news that require fact-checking or further explanation.

The value of rare coins in the United States is gaining attention following U.S. President Donald Trump's order to halt the production of the 1-cent penny. Coins that were produced in limited quantities or have high historical value are recognized for their rarity and traded at high prices. Resell Tech, which involves collecting or reselling rare coins, has been steadily popular for some time.

Copper 10-won coin produced in 1970, currently sold for 750,000 won as of the 11th (MS grade). Screenshot from Collection Bank Korea.

In coin collecting, grading (coin certification and evaluation service) is important. It is the process of assigning grades based on usage and preservation condition. The most widely used grading system is the NGC (Numismatic Guaranty Corporation) grading developed by Dr. William Sheldon, which classifies coins into grades such as ▲MS (Mint State - unused) ▲AU (About Uncirculated - slight wear on raised parts) ▲XF (Extremely Fine - moderate wear on raised parts). Even within the same MS grade, the value can vary depending on the number.

Other grades include ▲F (Fine - heavy wear on raised parts) ▲VG (Very Good - heavily worn condition) ▲G (Good - design details are faint), but only grades around MS and AU are traded at high prices, so lower grades are practically less meaningful. While some collectors personally request coin appraisals, the appraisal fee is at least around 30,000 KRW per coin and the appraisal period takes about a month, so many use appraisal agency services through coin trading companies such as Poongsan Coin Trading.

As of the 11th, on 'Collect Bank Korea,' where collectible coins are traded, an unused 10-won coin produced in 1970 (MS·63) is traded at up to 750,000 KRW. Prices vary depending on preservation condition, but it is sometimes sold in the range of 400,000 to 600,000 KRW. The 1970 10-won coin was issued in red copper and yellow brass, and the red copper coin, which was produced only in the early 1970s, is recognized for its rarity and sold at a higher price.

The 100-won coin produced in 1970 (MS·63) is sold for 650,000 KRW. Since it was the first year the 100-won coin was issued, its value is high. Additionally, coins produced in 1981 and 1998, which had low production quantities, are also major points of interest for collectors. The 100 hwan coin issued in 1959 is also frequently traded, selling for as low as 10,000 KRW and as high as 70,000 KRW depending on preservation condition. The 100 hwan coin was the first coin made after the establishment of the Republic of Korea, minted in the United States, and bears the year 4292 in the Dangi calendar (based on the year Dangun ascended the throne).

The rise in value of the U.S. 1-cent penny is not solely due to President Trump's order. The penny was first issued in 1909 to commemorate the 100th birthday of President Abraham Lincoln and has not been produced since 1958, making it highly scarce. Although the penny is a currency unit worth 1/100 of a dollar and is rarely used, it has been criticized for inefficiency because it costs about 4 cents to produce one penny. The British media outlet The Mirror assessed that "the Lincoln penny, a coin with historically significant meaning, could be worth $121 million (approximately 176 billion KRW)."