New banknotes in different designs and colors were then issued several times until the Third Currency Reform in 1962. The money issued under the Currency Reform in 1953 consisted only of banknotes, namely 1,000-, 100-, 10-, 5- and 1-hwan notes. It also halted circulation of the Bank of Joseon notes in seven denominations (10-, 5-, 1-won and 50-, 20-, 10- and 5-jeon notes) and that of the Japanese government's subsidiary money (1-jeon coins), which had circulated alongside Bank of Korea notes, and designated the hwan-denominated Bank of Korea notes as the only legal tender, ensuring the integral unity of the Korean currency. The Bank of Korea then prohibited the circulation of won-denominated Bank of Korea notes. To lessen these economic turmoil, the Currency Reform was carried out on February 15, 1953, on a 100-won to one hwan basis. The Korean War paralyzed production activities, and huge military expenditures led to severe inflation. The Bank mandated the acceptance of its banknotes as the sole legal tender to ensure the identity of Korean currency and strived for continued development of the Korean currency system. The Bank of Korea undertook the Third Currency Reform in 1953 in an effort to lessen the economic turmoil caused by the Korean War. Notes with mistakes on them tend to be among the most valuable and sought after because of their extremely limited numbers.Network sharing service facebook sharing twitter sharing kakao story sharing kakaoTalk sharing line sharing Print RSS From the Second Currency Reform in 1953 to Third Currency Reform in 1962 We spotted this AK47 £5 note was sold last month for £16 on eBay. There are also sets of serial numbers that always prove popular regardless of who is on the note, for instance 007 for James Bond or AK47. It means bidders must email you before placing a bid but NOT that they must pay out the cash if they win If a bidder refuses to pay, then the only option for sellers is to give “second chance offers” to other bidders or relist the item.įor items of a high value eBay recommends that sellers put a limit on their listing to approve bidders. This is because in order to sign up to the website users do not need to put in valid bank or PayPal details before making a bid. The most eBay can do is add a note to their account about the unpaid item or remove their ability to bid and buy. In its terms and conditions, the auction website states that bidders enter a “legally binding contract to purchase an item”, but there’s no way to enforce this rule in reality. If you want to sell it on eBay, then remember to set a minimum price for the note - otherwise it could sell for LESS than a tenner.Įven if your note “sells” on eBay for a high price there’s no guarantee that the buyer will cough up. Try speaking to a note specialist, like Spink & Son about getting it valued. You can either sell the note at auction or on eBay. IF YOU think you've found a valuable tenner, here's what to do.
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