Korean Chiwoo Rim Edge Contact Marks
With the 3rd release of the Chiwoo Cheonwang Medallion delayed due to quality control issues, I wanted to take a moment to address an issue that I have been hearing a lot about concerning KOMSCO products. The ever present contact marks on the rim edge.
From the mints perspective, I don’t think they are classifying this as a problem. The rims of the Chiwoo Cheonwang were purposefully designed to be raised above the face of the medallion. When these medals are manufactured, processed, handled and stacked in a tube for distribution to dealers, they will inevitably make contact but due to the raised rim design this contact only occurs on the rim itself, allowing the main subject of the coin to have very minimal contact with other surfaces.
We should be mindful that these medallions are a BU and not a proof grade product. They are not designed to be flawless.
Now, I like perfect specimens just like the next person, but if I want a perfect example, I buy a proof MS70 grade not BU.
I believe that we as stackers have become spoiled by the availability of some mints that produce a very high-grade BU product that is nearly perfect, but we also need to remember that perfect BU products are not supposed to be the norm but rather the exception.
I think it's a little unfair to expect perfection from a product that is designed and manufactured to only be a bullion brilliant circulated grade.
What are your thoughts about the Chiwoo rim edge contact marks? Let me know!
It’s a great looking round. The rim is what it is I guess. 👍🏻
This^
Yep, it's the rim, I haven't seen any major issues with the surface of the rest of the medallion so it looks like the rim is doing its job as designed.
I don't expect absolute perfection from BU coins. Honestly, I don't know if I even looked at the edges of my Zi Sin coins.
I only expect perfection on an MS-70 grade, never on anything classified as BU.
I agree although is a bit different to other quality issues like scratches and scuffs on UK bullion coins. so maybe it's some other issue the coin looks stunning from renderings i seen, a big notch up in the design IMO.
I really like the design as well. I rarely see severe contact marks on the surface of the medal only on the rims. They will have blemishes due to the nature of the type of surface finish they have but they are seldom noticeable unless you get them under magnification. There are always exceptions though!
Yeah, even some proofs have those marks you talk about especially from royal mint. So do the Perth mint coins bars I just got but It doesn't bother me that.
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Most bullion dealer's in EU, you cannot return bullion, because of the condition. As that's how they receive them from the mints. All they do is sell it, to you. That's how it is.
That makes sense, as a dealer, they really don't have much control especially if the item is packaged before they receive it. Some dealers buy monster boxes at a discount then cherry pick for slabbed pieces and place some in capsules themselves before shipping to the customer. In those cases the dealer may accept a return because they just take it out of the capsule then plop it into a mint tube and sell it to the next customer as a bullion product with a lower quality expectation. It's all part of their internal business model. Ultimately BU is BU. We may get lucky or not! Some mints have much better quality control measures than others. I guess it all boils down to what we are willing to pay for!
True, think was @silversupplement, did a recent vid of the new swans BU got 10 and looked like they were handled badly and condition looked terrible, of few he opened and at $30 a pop. That's crazy and them being an apmex exclusive. The EU dealers got them from them also, so wouldn't surprise me if already been cherry picked. plus only 2 per customer. I have always been out on these coins and I'm starting to only buy sealed tubes of other coins. very concerning especially for you guys and the big grading companies. You did a vid on that recently as well and is not something that really happens in the EU apart from a few places that grade coins, most dealers want a coin out of a slab and I've seen cases where sellers have removed a coin from a slab as german dealers just won't buy it slabbed. They want raw. Personally I don't think grading is worth it with BU Coins and after that location is another factor, like everything else down to personal choice but here in eu I just think right now it's not a smart move, can limit the buyers for a coin.
It just goes to show the lack of trust the industry has for slabbed products. There are too many fakes and no company is immune to the counterfeiters. That's why we have to be educated, know what we are buying, know how to validate it's authenticity and then share that knowledge with others.
Indeed, knowledge is key
Yeah we are getting spoiled. Lots of options these days
This is true, there are a few mints that have come darn close to perfection on the BU product lines but that shouldn't be expected from all. The standard that a mint should be held to is the advertised condition grade of the product.
I love the design of the rounds. I wish they were legal tender coins! I think that because of the premums we paid for these rounds and the projected appreciation of the series, it is best to pick the best looking BU. I can understand how manby of us care for our proof and BU legal tender bullion coins... but the generic rounds, we are supposed to be able to have fun with the generics. I have one each of my Chiwoo series out on top of my piano. I hope that it tones fast, LOL! I bet you it wll look super cool!
There is a push right now to get the Korean National Bank to allow gold and silver legal tender bullion coins. If it can be demonstrated that the medallions being produced now continue to sell well, it is believed that the Bank will allow it to happen. They won't give the "go ahead" until they know it won't be a flop and embarrass them! My contacts here are saying that the Korean Tiger theme would most likely be the coin series chosen as the legal tender bullion product. We just have to cross our fingers! If it does happen, I'll bet the gold 2016, 2017 and the silver and gold 2018 medallions skyrocket in price! I'm glad I've got mine!
Collectors like me are always looking for Higher Premiums when we Calculate the Value of our Collections.. Perfection brings higher Premiums... It's just the way it is with Collectors... Stackers are a totally different Breed... They're put their Finger Prints all over their Bullion along with tossing them about, or by letting them bang and rub against each other... Collectors frown on most Flaws...
Yes, absolutely! I am both a collector and a stacker. I generally do not collect BU grade products. There are exceptions but I certainly don't expect them to be in any condition other than what they were advertised and classified to be. It's always nice to find that gem in the roll or tube that you can carefully tuck away as part of the collection. That's part of what makes coin collecting so much fun!