This listing is an addendum to the article “Consular Revenue Stamps of the Republic of Korea” in The American Revenuer, Third Quarter 2017 (Vol. 70, No. 3). For the full article contact the American Revenue Association through their website: http://www.revenuer.org/
The “new won” series (1963 – 197x?)
Size: 27mm x 30mm (stamp image: 22mm x 25mm)
Perforation: 12,5 x 12,5
For graphics of other values, see Hasegawa / Barefoot. All b/w pictures are from NAK files.
In 1962 the new won was introduced, with 1 (new) won representing 10 old hwan. For several years it seemed the new won would keep its value, and for the first time since the 40s the jeon was used again. But in January 1966 the last (postal) stamp with a value in jeon was issued, and since then the jeon has never been used again. To get an idea of the value of the won: in 2017 1 US dollar is worth approx. 1,100 won.
Because the new won was introduced by a conversion factor of 10:1 it was very easy for the Korean government to introduce new consular tax stamps: simply remove one 0 and change “hwan” into “won”. This is exactly what happened right up to reusing the same design and (most likely) colour.
The new stamps were formally introduced on 31 May 1963. Hasegawa gives only for the 65 won stamp a publication date of 9 December 1966, but that probably has to do with the reprinting of the stamp because the 65 won is mentioned in a (NAK) file originally from May 1963.
Below is a list of known values.
About the numbering system: the first column is my own number system, the Hasegawa numbers are straight from the Hasegawa catalogue, while the Barefoot numbers have an added BF to distinguish them from other numbers (Barefoot uses numbers only in his catalogues, without any prefix). In between series I have left gaps, to be able accommodate for future finds.
Talking about the hwan to new won conversion: Korean stamps from the hwan time are even to this day valid provided that the conversion factor is applied correctly. This would be financially very disadvantageous considering the catalog prices of many hwan stamps, but in the first days after the introduction of the new won this was actually done. Several hwan coins remained in circulation until 1975, but hwan notes however were taken out of circulation by 10 June 1962. For local tax stamps apparently the same rule applied in that they were used for some time after 1962. Hwan value revenue stamps from the city of Incheon were not only used for several years after 1962 but even offered officially for sale after 1962!