Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) said on the 9th that it visited Ottawa, Canada, and signed a memorandum of understanding (MOU) for mutual cooperation with the Royal Canadian Mint to advance the coin industries of both countries. The two institutions agreed to build a cooperative framework across the non-circulating coin business, including commemorative coins and medals and art coins.
The Royal Canadian Mint issues commemorative coins and medals and art coins that reflect the nation's culture. Its art coins featuring the maple leaf, a Canadian symbol, are issued annually in various specifications, including 1 ounce, ranging from at least hundreds of thousands to as many as several thousand pieces. Art coins are not used to buy and sell goods, but are coins issued for collection and investment purposes with artistic value. As cash use declines worldwide, non-circulating purpose coins are being introduced.
The Royal Canadian Mint also produced the medals awarded to athletes at the 2010 Vancouver Winter Olympics. In 2020, during the COVID-19 pandemic, it released the Recognition Medal to honor the dedication of workers in essential sectors such as health care, logistics, and distribution.
Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) has produced commemorative medals since 1975. Recently it featured the Maitreya in meditation and the Irwolobongdo, and marked the 150th anniversary of the birth of Baekbeom Kim Gu. It also produced medals commemorating soccer player Son Heung-min's Golden Boot, badminton player Ahn Se-young's Grand Slam, and Sumi Jo's 40th anniversary of her debut on the global stage.
Seong Chang-hoon, president of KOMSCO, said, "This MOU with the Royal Canadian Mint is significant as a first step in establishing a full-fledged cooperative relationship with an overseas mint." He said, "Starting with this cooperation, we will expand the scope of collaboration with various countries to promote Korea's culture and values in the global market and create new growth opportunities for the domestic coin industry."