Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO), which made the "money pen" a success—a ballpoint pen that "calls in wealth"—is now launching a money cushion. The money pen, which contains finely shredded banknotes inside a transparent barrel, sold more than 100,000 units within six months of its release thanks to its unique design. In response, Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO) also plans to release a money cushion, which people readily associate with money, within this month.
According to Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO) on the 11th, products that contain finely shredded banknotes—so-called money powder—like the money pen and money cushion are called currency goods. They are gaining traction as gifts thanks to the feature of containing actual money, and they are environmentally friendly as well. When misprints occur in the money-making process or sheets are cut outside specifications, they must be incinerated, but Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO) recycles such banknotes into goods instead of burning them.
The money cushion to be released this time is a product that Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO) prepared over 10 months. Revisions were made repeatedly to miss nothing from the stylish design to the functionality as a cushion. The final decision was made to use a round shape modeled after the 500-won coin and to include byproducts of the 50,000-won note.
A total of 5 million won worth of banknotes go into the cushion. On the 25th of 4th, we met Park Myung-mi, deputy head of the cultural content business department who led the money cushion project, at the currency product sales center of Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO) in Mapo District, Seoul. The following is a Q&A with Deputy Head Park.
―How did you come to make currency goods?
"When making currency, printing errors can occur, or blank margins appear in the process of cutting to specifications. About 500 tons of such byproducts of new money and retired banknotes are generated annually. Currency byproducts are incinerated at additional expense to erase their original form, which costs about 100 million won a year. We had been studying whether 'we could utilize the byproducts,' and thought the byproducts could become a resource of their own. Internal discussion arose asking, 'How about creating new value with currency byproducts?,' which led us to plan goods."
―The money pen containing currency such as the 50,000-won note was popular.
"In March this year, the first currency good, the money pen, was released. It is a product with currency byproducts in the pen barrel, and the results were very strong. More than 100,000 pens were sold as not only individual customers but also corporations sought the money pen for promotion. The gold pen—with a golden color and 50,000-won note byproducts—sold out as soon as it was released. The second batch is also almost sold out now. About 10,000 gold pens were sold across the first and second batches."
―Why do customers seek Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO) goods?
"Most often, they buy them as gifts. For the giver, the price point is fun yet not burdensome. For the recipient, it is an unusual gift. When people are exchanging e-gift card for cakes and such but want to give a special gift, they seem to turn to our goods."
―What products are coming next?
"In late October, we plan to release the money cushion and the money wallet. Both products will contain currency byproducts like the pen, and we decided to use byproducts of the 50,000-won note. We considered that the market would prefer the 50,000-won note over the 1,000-won, 5,000-won, and 10,000-won notes. The cushion and the wallet are in the shape of coins. The money cushion is modeled after the 500 won, and the money wallet after the 100 won. In addition, a money envelope, money calendar, and money key ring are slated for release in the second half of this year."
For the square cushion coming next year, we plan to use banknote designs. As we developed the round cushion faster, we released the coin-shaped cushion first, which also carries meaning. As coins are gradually disappearing from society with more mobile and card payments, we planned the coin-shaped cushion to commemorate coins.
It would be good to utilize coins as well, but we have not yet found a way to recycle coins."
―How much money goes into the products?
"Currency byproducts weigh 100 grams (g) in the money cushion and 10 g in the money wallet. Since one 50,000-won banknote weighs 1 g, the money cushion contains 5 million won worth, and the money wallet contains 500,000 won worth."
―What was difficult about making the money cushion?
"We went through many trials and errors in terms of design and functionality. We started making the money cushion in January this year and are releasing it in October, so it took 10 months to make. As we tried to imbue meaning in the design while also making the appearance attractive, we changed the design more than 10 times.
We also paid a lot of attention to functionality. If only currency byproducts are inside, it becomes hard and the functionality as a cushion diminishes, so we mixed in cotton appropriately. We used a mesh material for the inner lining that wraps the currency byproducts and cotton, so when you open the zipper on the back of the money cushion, you can see the currency byproducts with the naked eye."
―We are curious about the design of the money wallet as well.
"The money wallet, in the shape of the 100-won coin, also reveals the currency byproducts when you open the zipper, as the interior is made of mesh. Compared to the cushion, the wallet required more consideration regarding washing and functionality."
―What will the launch price be?
"We are calculating. It is expected to be more expensive than ordinary cushions and wallets on the market that simply use money designs without currency byproducts. Putting currency byproducts into the product is done by hand. After the currency byproducts are cut into small pieces, they undergo a compression process, and then they must be loosened and a set amount inserted into the product, which requires manual work. The production unit cost is inevitably high. That said, we are thinking of keeping the product price under 50,000 won."
―Who handles production?
"We make the goods in collaboration with small and medium-sized enterprises. We discuss with them from the planning stage. Once the design is finalized, a small or medium-sized enterprise manufactures them. Among the small and medium-sized enterprises we work with, some are one-person corporations.
We work with small and medium-sized enterprises for mutual growth. If the relevant small or medium-sized enterprise accumulates delivery records through experience with Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO), it may be able to develop sales channels.
Any small or medium-sized enterprise wishing to collaborate with Korea Minting, Security Printing ＆ID Card Operating Corporation (KOMSCO) may contact us at any time. If you present us with a good item, we can develop the plan together and release a product."