Two mints to jointly develop medals reflecting culture, tradition and nature
Deal expands cooperation on bullion coins, lays groundwork for overseas expansion
The Korea Minting and Security Printing Corp. is teaming up with the Royal Canadian Mint, one of the world's leading minting institutions, to jointly develop commemorative coins and medals. The partnership marks a first step toward bringing commemorative medals that reflect Korea's culture, history and nature to the global market.
The Korea Minting and Security Printing Corp. said Wednesday that it signed a memorandum of understanding with the Royal Canadian Mint on Aug. 28 in Ottawa. The signing took place during a visit to the Canadian mint's headquarters and aims to advance the coin industries of both countries.
Under the agreement, the two institutions will jointly plan non-circulating coin projects, including commemorative coins, commemorative medals and bullion coins, drawing on each other's minting technology and business experience. They will also build a framework for continued cooperation.
The Royal Canadian Mint is a public institution under Canada's Department of Finance, established in 1908. It produces circulating coins as well as commemorative coins, medals and bullion coins that mark national events and cultural themes.
Its bullion coins featuring the maple leaf from Canada's national flag are particularly notable. They are issued annually in the millions across gold and silver coins of various sizes, including a 1-ounce (31.1-gram) format. The coins have become a signature cultural product that promotes Canada's cultural values.
Beyond legal-tender commemorative coins and bullion coins, the Royal Canadian Mint also sells a range of commemorative medals that carry no face value. Drawing on its experience producing medals awarded to athletes at the 2010 Vancouver Winter Olympics, the mint has released medals on various themes aimed at general consumers.
During the COVID-19 pandemic, it issued a "Recognition Medal" to thank workers in essential fields such as health care, logistics and retail, donating all proceeds to Canada's COVID-19 emergency fund and linking its medal business to a public-interest cause.
The Korea Minting and Security Printing Corp. has run its own commemorative medal business since 1975, producing products that mark national events and historic moments, and has recently been expanding into culture, arts and sports.
Its offerings have included K-culture commemorative medals featuring cultural heritage such as the Pensive Bodhisattva statue and the Irworobongdo (Painting of the Sun, Moon and Five Peaks). It also issued a medal marking the 150th anniversary of the birth of independence leader Kim Koo. Other medals have commemorated Son Heung-min's Premier League Golden Boot, An Se-young's badminton grand slam and soprano Sumi Jo's 40th anniversary of her international debut. They also marked the global achievements of BTS and pianist Cho Seong-jin.
Building on the MOU, the Korea Minting and Security Printing Corp. plans to pursue joint projects that combine the culture, traditions and nature of both countries into single medals. It will also draw on the Royal Canadian Mint's experience producing and marketing bullion coins to develop its own bullion coins reflecting Korea's distinct culture and identity. The corporation will explore ways to enter overseas markets with these products.
"This MOU carries great significance as the first step in the Korea Minting and Security Printing Corp.'s full-fledged cooperation with an overseas minting institution," said Seong Chang-hoon, president of the Korea Minting and Security Printing Corp. "We will expand the scope of our cooperation with various countries to promote Korea's culture and values in the global market and create new growth opportunities for the domestic coin industry."
fact0514@heraldcorp.com
