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InternationalNo small change for South Korea

September 1, 2012

South Korea is the world’s 7th largest exporter of goods. For example, it exports Hyundai and Kia automobiles. And now it has found a new market. South Korea is making money for other countries.

The Korean government owns KOMSCO (Korea Minting, Security Printing and ID Card Operating Corporation). KOMSCO prints banknotes (bills or paper money) and mints (makes) coins. Recently, according to Voice of America, it is minting 10-baht coins for Thailand along with ”rupees for India, agorot and half-shekels for Israel and centavos and pesos for Argentina.” Other Asian countries are ordering banknotes.

As it turns out, many countries do not make their own money (currency). It is very costly because new technology allows counterfeiters (people who make false money) to reproduce banknotes very accurately. KOMSCO prints money that is very difficult to copy. A Voice of America article quotes Bang Chang-il, senior production control manager for KOMSCO, “Our 50,000 won note [worth roughly $50] has 22 anti-counterfeiting elements. In Japan, the U.S. and the United Kingdom their bills have only 14 while European notes have 21 such features.”

KOMSCO sees a bright future for the export of its small change (coins) and bills. Korea is making money by making money!

Published September 2012

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