Buying Gold and Silver in South Korea *Update* Komsco

(1/2) Ok, so this week I will be posting twice, once specifically for my silver purchase from Komsco and another for my general goings on for the week.

So after some playing around with internet transfers on Monday (It seems that there are several security features or hoops you have to jump through to transfer monies here like a specific file that needs to be downloaded to your PC to verify that you are you and so on...but this is another story perhaps for later) I managed with some help to purchase some silver coins from Komsco (the link I have posted in a previous blog entry http://www.koreamint.com/index.jsp). I was lucky that thay were having an, what I assume to be, end of run sale so I managed to get the coins for less than originally listed. The other thing I noticed that soon after I placed the order these coins were withdrawn from their site and only the full 8 coin display set can still be purchased at 600,000 won (as at 1 May 2011).

Delivery was free as the total purchase was over (if I remember correctly 30,000 won) and I received them 2 days after purchase in a box 2 to a bubble wrap bag.

So to get into specifics:

The coins are stamped Ag999 on the back with the Komsco logo...

They come with a pamphlet describing what the coins means in English and Korean with a certificate of authenticity on the inside cover...

The coins can be removed from the cardboard cover and are set in a fabric and wood display mount from which the coin itself can be removed.

There are 8 coins in the set, each with a different animal or mythological being etched onto it:

Now if you read Korean you may have noticed on the certificate that the material is translated to Sterling Silver. What is the difference you ask... well here is a link but I will also explain it simply:

http://www.ehow.com/facts_4899976_difference-between-silver-sterling-silver.html

Basically pure silver is 99.9%

Sterling Silver is 92.5% pure silver with another metal (e.g. nickel, zinc or copper) added for strength.

So the question is are these coins 1 oz (Troy Ounce) of silver... lets see :)

*updated correction*

Each coin weighs 31.1g so multiplying that by 92.5% gives you 28.76g of pure silver roughly.

1 oz is equal to 28.34g

However 1 Troy ounce is equal to 31.1g

So in effect you are getting what looks like by my calculation 28.76g of 99.9% silver.

Why the coin is stamped Ag999? I will need to confirm this with Komsco.... hmmm. I will keep you informed.

So I hope this helps out some of you interested in getting fine metal from the Korean mint and remember they do sell gold coins, jewellery and bars there too.

I will no doubt be looking at other coin places around Seoul in the near future and will keep you up to date with any unique places and finds!