[Book Review] Korea's coins revealed in new book

A page from "South Korean Coins in the Era of Development" by Mark Lovmo / Courtesy of Mark Lovmo

By Steven L. Shields

Numismatics, the systematic study of currencies, coins and paper money, includes the time-honored hobby of investing in and collecting coins. It is one way to study and learn about the histories of people, cultures and nations.

I began coin collecting under the tutelage of my numismatist uncle about 50 years ago when he started me on my first collection of U.S. pennies and miscellaneous coins of the world. He had been a collector for decades before then. My interest is to collect current coinage in an entire series of countries where I have lived or visited long-term. I also enjoy banknote collecting.

While many printed resources detailing Korean coins and currency are available, most are in Korean with mixed-script. Those books use particular minting terminology in Chinese characters. Thus, the ability of hobbyists around the world to understand Korean historical money has been somewhat limited. That problem has been solved with Mark Lovmo's new book, "South Korean Coins in the Era of Development."

"South Korean Coins in the Era of Development" by Mark Lovmo / Courtesy of Mark Lovmo

Lovmo, from the U.S. state of Minnesota, came to Korea in the early 1990s as an English teacher. He lived in Korea for several years but developed an interest in Korean coins after his return to the U.S. Lovmo has a deep interest in modern Korean history, from the Empire through the Japanese/Pacific War Era to the present. His collecting has taken him to many sources of coins, such as eBay and various numismatic exhibitions in the United States. His collection of Korean coins is expansive as he works to upgrade the quality of the examples he owns.

Coins, like everything else, age with use and time. Some coins get pretty beat up; others remain in fine condition. Of course, mint and proof coin sets, typically packaged in airtight containers, retain their quality and sheen. Such coin sets, though, are priced higher, and as they are made in limited quantities, the value increases over time.

Mark Lovmo's collection of coins worth 100 won is preserved in plastic capsules to maintain them in uncirculated condition. / Courtesy of Mark Lovmo

Lovmo has delved into all the resources on Korean minting that he can find, learning to read and understand the Korean text, as well as many Chinese characters that are used in the minting business in Korea. He's worked hard at developing a lexicon, which is included in his book, to help coin collectors around the world understand.

Another challenge Lovmo faced in writing the book is that the Bank of Korea maintains a classified stance toward its archives and historical records. Finding information from the source has not been possible. Lovmo expressed frustration with this, as such a policy makes it difficult, if not impossible, for a serious researcher to ferret out important information and statistics. He interviewed many top experts in Korean numismatics, who provided him with valuable insights.

Despite the challenges, Lovmo's new book is more than a mere coin catalog. He presents a readable and well-written history of modern Korea (that is, since the Republic was founded) and a complete catalog of all the minted coins, including dozens of photographs. He also includes a biographical sketch of the key designers who have worked at the mint over the past several decades and outlines their contributions to the modern coinage of South Korea. He has even included photos of many coins' preliminary designs.

Mark Lovmo, author of "South Korean Coins in the Era of Development" / Courtesy of Mark Lovmo

While Lovmo's book is excellent reading for the armchair historian, serious numismatists will find his book essential for their libraries. He includes data on recent prices of select coins; he has verified data on mintage and specs on the coins. He notes variations in the coin stamping dies, more than one of which is used to manufacture the number of coins needed. In the old days, exact consistency between dies was not always possible.

The engraving problem was compounded by the need to outsource. Technical skills were not yet developed in the Republic of Korea in its early years. Of course, these problems have been overcome. Korea's mint and security printing facilities manufacture coins for several other countries, print paper money for several countries and also do passports and other identification documents. Korea has become a world leader in the craft and trade, but since it is highly classified, the Bank of Korea doesn't tout its significant achievements.

The first modern coins in Korea were the 10, 50 and 100 hwan coins issued during Syngman Rhee's 1948-60 administration, which were first issued in the late 1950s. Before that, even small denominations were issued in printed notes. When the 1962 currency reform was enacted, the hwan coins were recalled, and Korea began its contemporary issuing of 1, 5, 10, 50, 100 and eventually 500 won coins. Of course, these appeared over about 20 years as larger denomination coinage eventually replaced banknotes, especially the 100 won (1970) and 500 won (1982) currency. Both banknotes were beautiful; I miss the multi-colored 500 won note with Admiral Yi Sunshin on the obverse and his armada on the note's reverse.

These two 1970 coins worth 10 won were some of the last made of 88 percent copper and 12 percent zinc, before the ratio was switched to 65 percent copper and 35 percent zinc. The two coins pictured could be sold for between the equivalent of $500 and $700 each. / Courtesy of Mark Lovmo

Currently issued coins have only been modified slightly in their designs over the year. The 1 and 5 won coins are no longer generally circulated and are limited to mint and proof sets. The 10 won coin underwent a size reduction in 2006. An interesting note is that 100 million or more 10 won coins are minted and circulated every year, despite the significant decrease in recent years of cash transactions. In 2013 there were 400 million minted, and in 2019, 220 million were issued.

In 1996, the first rechargeable bus cards were introduced. Since then, card-only transactions have increased exponentially. These days there are more and more city buses that do not accept cash payment of fares, and thousands of merchants are doing the same. I suspect with the increasingly popular electronic transaction methods that permeate Korean society, there will be a corresponding decrease in the need for coins.

This 1998 coin worth 500 won is the lowest-mintage South Korean business strike coin ever. It was struck during the dark days of the Asian Financial Crisis when huge numbers of coins were returning to circulation after people started pulling them from their hiding places. Propelled further by government spending cuts, the Korean Mint struck only 8,000 of these coins, according to official sources. In its condition, this coin could sell for $2,000 or higher in the current market. / Courtesy of Mark Lovmo

Numismatics has become increasingly popular among the Korean public. I have been an avid collector of the annual mint sets issued by the Bank of Korea since the 1982 issue of the 500 won coin. But in 2021, the demand was more than anyone expected. The 10,000 or so mint sets produced quickly sold out so that within a month or two, the price jumped from less than 20,000 won to more than 200,000 won. The mint went to an online registration system for the 2022 mint sets, but more subscribers than sets were logged in, so a lottery ensued. I wasn't lucky enough to win, so I wonder if I will ever be able to afford the 2022 set or subsequent years.

Lovmo's new book is 400 pages of large format text, about the same as 800 pages of a regular-sized book. The paper is high-quality coated stock, which gives the photos superb resolution. The extensive bibliography is a treasure trove of the essential source material. The terminology lexicon alone is invaluable. "South Korean Coins in the Era of Development" is a must-have volume for the library of anyone interested in Korea and its history. The book is available from Amazon, but customers in Korea can order directly from the distributor, Poongsan Hwadong.

Rev. Steven L. Shields is president of the Royal Asiatic Society Korea (www.raskb.com) and columnist for The Korea Times. Visit raskb.com or email royalasiatickorea@gmail.com for more information about the society.