Shop withdraws 100,000 Baht offer for rare 10 Baht coins

[webfact]

Shop Withdraws 100,000 Baht Offer For Rare 10 Baht Coins
By Khaosod English


Punnawat Siriruengwanic, the owner of Panan Jewelry Shop, withdrew his offer to pay 100,000 for 10 baht coins minted in 1990 after a flood of accusations on Facebook accused him of being an "extortionist," 12 August 2014.

RAYONG — The antique shop that made headlines last week by promising 100,000 baht for rare 10 baht coins has withdrawn its offer after accusations of inflating the price of the coins.

Punnawat Siriruengwanic, the owner of Panan Jewelry Shop, started a nationwide sensation last week when he offered to pay 100,000 for 10 baht coins minted in 1990. The coins, of which only 100 exist, are highly sought-after among antique collectors.

But Mr. Punnawat said yesterday that he could not stand the flood of accusations on Facebook that have branded him as an "extortionist."

"Now everyone in my family is stressed. My mother's migraine also got worse because she is so stressed about this," Mr. Punnawat said in an interview at his shop in Rayong province. "So I decided to withdraw the offer, as a present to my mom on National Mother's Day [12 August]."

Mr. Punnawat said he had no ill intention when he set the high price for the rare coins, insisting that the price was fair because the coins are extremely hard to find.

"I want people to understand me," Mr. Punnawat said.

Naris Chaisutra, director of the Royal Thai Mint, confirmed that only 100 10-baht coins were produced in the year 1990.

Ten baht coins were first produced in 1988, but were not widely used as 10-baht banknotes were still in circulation at the time. As a result, in 1990 the Royal Thai Mint decided not to produce any more 10 baht coins for public circulation that year, but did mint 100 coins as souvenirs for attendants at the 16th Mint Directors Conference (MDC) in the UK, Mr. Naris said.

"I will have to check whether we gave away all of the coins to the participants," Mr. Naris said.

However, it appears that at least one of the rare coins has made it back to Thailand. Attanop Kaewpathumthip, architect and coin enthusiast, showed Khaosod his 1990-minted 10 baht coin yesterday.

Mr. Attanop said he first heard about the coins from an official who told him that the Royal Thai Mint director in 1990 requested a small batch of coins to be produced that year year, which immediately excited many coin collectors.

He said he did not know whether the story was true, and that not many people outside coin-collecting circles knew about the rarity of the 1990 coins at the time.

"It was confined to a narrow circle, because coin collecting trade isn't big like amulet trade," Mr. Attanop said.

In 2000, Mr. Attanop found a 1990 coin at an antique shop and decided to buy it from the shop owner, reportedly for "hundreds of thousands of baht."

Mr. Attanop said he has not seen any of the rare coins since then, but heard a rumour that 30 such coins have made it back to Thailand.

The architect added that he does not intend to sell the rare coin. He also said he does not personally know Mr. Punnawat, the owner of Panan Jewelry Store, but welcomed Mr. Punnawat's offer to buy the coins.

"I think at least this incident helped raise interest in coin collecting for the public," Mr. Attanop said. "It makes them see that coins in their pockets can be worth a lot. It creates an interest in antique among younger generations."

Source: http://en.khaosod.co.th/detail.php?newsid=1407922156


-- Khaosod English 2014-08-13

[Bluespunk]

"But Mr. Punnawat said yesterday that he could not stand the flood of accusations on Facebook that have branded him as an "extortionist.""

Ok, I would support accusations of self seeking publicist against this guy and he comes across as a bit of a "chancer" in the interviews I've read around this story, but extortionist?

If he's willing to pay 100,000 baht, that's his problem. Can't see why people are getting upset over this.

[Bangmod]

What a fuzz people can make.

Let this guy alone and if he wants to offer that amount for a coin, let him.

The other Mother<deleted> are just jealous.

[numis]

If anyone have this coin please send me an offer!

[Always18]

"Extortionist"?....................one day, perhaps,Thais will understand the laws of supply/demand, free market and auction that apply in the real world, when they are finally dragged kicking and screaming from their tiny world of fixed prices, subsidies and protectionist import duties.

Could hardly stop laughing when I read the auction organiser's comments following their latest abortive attempt to sell off the old rice stocks..........." the bids did not reach our (reserve) price so we will ask the highest bidders to increase their offers"! - says it all.

[doctorproc156]

How is he the extortionist if he is the one giving the 100,000 baht???

[Gsxrnz]

It shouldn't be hard for a local with enterprise to knock up a few thousand copies and flog them off on Pattaya Beach Road.

[Likener1]

I think this just started off as the guy wanting some free publicity for his shop.

Withdrawing his "offer" continues to it.

[up-country_sinclair]

How is this guy an "extortionist"?

I'm guessing there is a problem with the translation of the article.

[Somtamnication]

These people are so far away from reality regarding coin and numismatic collections. If they only knew the cost of the Guianese (sp) upside down plane stamp.

[numis]

I am willing to pay more then the 100.000 so I dont understand why they accuse him of inflating the value of the coin.

[jamstock]

This is the opposite of extortion!

[Chao Lao Beach]

This is the opposite of extortion!

But this is Thailand

[Morakot]

Is any of this supposed to make sense?

[seabass69]

These people are so far away from reality regarding coin and numismatic collections. If they only knew the cost of the Guianese (sp) upside down plane stamp.

From whose reality? We all know the cost of the USA upside down plane stamp (around $1million USD), but could you please let us know the cost of the Guianese one?

[pedro01]

I think this just started off as the guy wanting some free publicity for his shop.

Withdrawing his "offer" continues to it.

And well done to him for getting it. Kudos.

Sent from my iPhone using Thaivisa Connect Thailand

[Bangel72]

Sounds to me like an old only fools and horses hussle.

You have 25 in storage but current market price is 5k, give one to your mate and get him very publicly to sell it to you for 100k, the market won't switch to 100k but lets say it moves to 20k, you will though want to shut down your offer before the other real owners offload you their 5k coins for 100k.

Del boy would appreciate it either way.

[Jiu-Jitsu]

These people are so far away from reality regarding coin and numismatic collections. If they only knew the cost of the Guianese (sp) upside down plane stamp.

From whose reality? We all know the cost of the USA upside down plane stamp (around $1million USD), but could you please let us know the cost of the Guianese one?

The British Guiana (Guyana) One-Cent Black on Magenta LOT SOLD. US$9,480,000

[ezzra]

How is this guy an "extortionist"?

I'm guessing there is a problem with the translation of the article.

He's extortionist just because I don't have one to sell to him, if I had, he's be a nice guy....

[catweazle]

Idiots!

[timmyp]

When did this crossed-arm gesture in Thailand come to mean, "no more" and "cannot"?

I swear it comes from Japan... but just curious if anyone else has any ideas.

The first time I saw a Japanese person do that, I was thinking, "&lt;deleted&gt; are you talking about? What's with the arms?" and the Japanese man thought that this was some sort of internationally understood gesture. I've seen Thai people do it increasingly over the last 10 years.

[klauskunkel]

"Extortionist" - pure cow dung - these stooopid accusers on Facebook, all they needed to do is google the meaning of "extortionist" and they would have realized that this man is in fact a "Contortionist" just about to start his routine!

[arjunadawn]

Any man that unscrews his own life, and calls that a gift to mom on Mother's Day, is a loser!

[Tanlic]

to Coin a Phrase..........No comment

[Suradit69]

"But Mr. Punnawat said yesterday that he could not stand the flood of accusations on Facebook that have branded him as an "extortionist.""

Ok, I would support accusations of self seeking publicist against this guy and he comes across as a bit of a "chancer" in the interviews I've read around this story, but extortionist?

If he's willing to pay 100,000 baht, that's his problem. Can't see why people are getting upset over this.

"Can't see why people are getting upset over this. "

​Agree "extortionist" is pretty much the opposite of what he is. As far as people getting upset over trivial things, surely you've been "exposed" to endless threads on TV started by or added to by people upset over nonexistent or inconsequential things.

When it comes to mole hills transformed into to mountains, Thai Visa is the undisputed hub.

[Costas2008]

Damn.........just broke the kids piggy banks........they will kill me when they find out.

[mike324]

how is he an extortionist if he is offering to buy the coins? thais and their logic, ding dong

[ukrules]

If these coins normally sell for much more than 100k then he's guilty of being a cheapskate who's only willing to pay well under the going rate for the coins.

[numis]

Catalouge value of the coin in uncirkulated condition is USD 2.700 wich is about 90.000 baht.

This value is probably way to low and for sure at an auction today it would be sold for 2-300.000.

I am a coin collector of Thai coins and are missing this coin so for sure would pay good money for one.

[Somtamnication]

These people are so far away from reality regarding coin and numismatic collections. If they only knew the cost of the Guianese (sp) upside down plane stamp.

From whose reality? We all know the cost of the USA upside down plane stamp (around $1million USD), but could you please let us know the cost of the Guianese one?

LOL. Oh well, glad you own one.