MOU with Royal Canadian Mint to boost coin industry ties
Covers commemorative coins, medals and bullion coins
Korea's coin industry has taken its first step toward expanding global cooperation.
The Korea Minting and Security Printing Corp. announced Wednesday that it signed a memorandum of understanding with the Royal Canadian Mint on Aug. 28 during a visit to the mint's headquarters in Ottawa. The MOU aims to promote mutual cooperation in the development of the coin industry in both countries.
Under the MOU, South Korea and Canada agreed to build a cooperative framework spanning the full scope of non-circulating coin projects -- including commemorative coins, commemorative medals and art-form bullion coins. The framework draws on each country's minting technology and industry experience.
The Royal Canadian Mint, established in 1908 under Canada's Department of Finance, is a public institution. It issues circulating coins as well as commemorative coins, medals and bullion coins marking the country's various events and culture. Even as cash use declines worldwide and the role of circulating coins shrinks, the mint has led the global market by rolling out a wide range of non-circulating coins.
The Royal Canadian Mint's strength lies in offering not only legal-tender commemorative and bullion coins but also a variety of commemorative medals with no face value. Building on its experience manufacturing medals awarded to athletes at the 2010 Vancouver Winter Olympics, the mint has released medals with various themes for general consumers. The medals have drawn a strong response in the global market.
In 2020, during the COVID-19 pandemic, the mint released a Recognition Medal to honor workers in essential sectors such as health care, logistics and retail. It donated all proceeds from sales to Canada's COVID-19 emergency fund, an example of linking commemorative medals to public value.
The Korea Minting and Security Printing Corp. has likewise used commemorative medals to record Korea's culture, history and major moments of the times. The corporation, which has produced commemorative medals since 1975, has released a variety of medals marking national events and historic moments, drawing on its accumulated design capabilities and technology.
In particular, the corporation has recently captured moments of K-culture that captivate people around the world, along with culture, art and sports, in its commemorative medals. It has promoted the beauty of Korea's cultural heritage through the Pensive Bodhisattva and Ilwolobongdo, the Sun, Moon and Five Peaks folding screen. It also marked the 150th anniversary of the birth of independence activist Kim Koo, known by his pen name Baekbeom, with a design symbolizing hopes for the prosperity of humankind.
The corporation also continues to record on its medals a range of moments that have raised South Korea's international standing. These include Son Heung-min's Golden Boot, Ahn Se-young's grand slam, the 40th anniversary of Sumi Jo's world stage debut, and the achievements of BTS and Cho Seong-jin on the global stage.
The MOU is expected to serve as a starting point for expanding the corporation's commemorative medal business beyond its borders into content that leaves a lasting impression on people worldwide. Through joint projects that combine content representing each country's culture, tradition and nature into a single medal, the two sides plan to build a new cooperation model. The model will promote their cultural value in the global market.
"This MOU with the Royal Canadian Mint carries great significance as the corporation's first step toward building full-fledged cooperative ties with an overseas minting institution," said Seong Chang-hoon, president of the Korea Minting and Security Printing Corp. "Starting with this cooperation, we will expand our partnerships with various countries to promote Korea's culture and values in the global market, and create new growth opportunities for the domestic coin industry."
kwonhl@heraldcorp.com
