Korea Minting Corp. posts record sales despite cashless trend

Sales hit 639.5 billion won last year, rebounding nearly 200 billion won in two years

Shredded-banknote goods and game IP medals drive B2C push

Korea-style art coins to launch in second half, targeting European market

A limited-edition commemorative medal produced for the 30th anniversary of Diablo. Priced at 4.79 million won ($3,470) per gold medal, some items sold out within 20 minutes of going on sale. [Korea Minting and Security Printing Corp.]

Korea Minting and Security Printing Corp. is turning to cultural content — shredded-banknote merchandise, game intellectual property commemorative medals and art coins — to offset a shrinking traditional currency business as cash use continues to decline.

The state-run enterprise, which has long served government agencies and financial institutions, is expanding into the business-to-consumer market by targeting everyday shoppers directly.

The corporation posted record sales of 639.5 billion won ($463 million) last year, it said Sunday. After reaching around 550 billion won in 2021, sales slid to the 440 billion won range in 2023 before rebounding by nearly 200 billion won over the following two years.

Traditional currency manufacturing now accounts for just 19 percent of total sales, and the corporation says it is breaking free from a business model in which falling demand for banknotes translated directly into falling revenue.

The corporation has anchored its restructuring around three pillars: information and communications technology, culture, and exports. In the cultural segment, it is channeling 75 years of currency manufacturing expertise — along with its design and security technology — into merchandise, commemorative medals and IP products.

A flagship example is Moneymade, an upcycling brand built around currency byproducts. The venture transforms shredded scraps generated during banknote production — material that once had to be disposed of at cost — into lifestyle and cultural goods such as money-filled pens, cushions, envelopes, keyrings and calendars.

The "money pen," the first currency-goods product developed and commercially released by Korea Minting and Security Printing Corp. [Korea Minting and Security Printing Corp.]

The corporation generates roughly 100 tons of shredded banknote byproduct each year. Moneymade, which officially launched last year, weaves a narrative of wealth and good fortune around the discarded material, blending resource recycling with cultural merchandise.

The corporation also runs Money Lab, an open platform that turns ideas from the public and private companies into products. Rather than producing and distributing souvenirs unilaterally — as public institutions typically do — it co-develops items with consumers. The corporation has also moved into direct-to-consumer e-commerce through its own online shop, where buyers can compare product designs, brands and prices before purchasing.

Commemorative medals produced in collaboration with gaming and content companies are emerging as another revenue stream. A Diablo 30th anniversary commemorative medal released with Blizzard Entertainment was priced at 4.79 million won per gold medal, yet some items sold out within 20 minutes of going on sale.

In 2023, the corporation released a MapleStory 20th anniversary gold medal and a League of Legends World Championship commemorative medal, both of which sold out. By pairing its coin and medal manufacturing technology with gaming and cultural IP, it has effectively turned its production expertise into a competitive asset for content merchandise.

The next target is art coins — high-value cultural products that engrave a nation's history, culture and symbols onto precious metals such as gold and silver for sale as investment and collector's items. Well-known examples include the American Eagle, the Canadian Maple Leaf, the Chinese Panda and the Australian Kangaroo coins.

A commemorative medal produced to mark the 40th anniversary of soprano Jo Su-mi's international debut. [Korea Minting and Security Printing Corp.]

The corporation estimates the art coin market is worth an average of 3 trillion won per country. It plans to launch a pilot program for a Korean-style art coin in the second half of this year and eventually compete with major European mints. The idea is to extend the proven appeal of K-pop acts such as BTS and gaming IP — demonstrated through its commemorative medal sales — into Korean history and cultural content.

"A cashless society was a crisis for us as a currency manufacturer, but it also became the catalyst for restructuring our business," said Woo Jin-gu, head of public relations at Korea Minting and Security Printing Corp. "The volume of money we produce is shrinking, but the market for the technology we used to make it is actually expanding — into cultural content, collectibles and global IP products."

fact0514@heraldcorp.com