The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    People attempt to cut surging heating costs with creative solutions

  • 3

    BLACKPINK sets 6 more Guinness records

  • 5

    TXT brings together 'pansori' and fairy tale in new song 'Sugar Rush Ride'

  • 7

    Cabinet ministries turn deaf ear to watchdog's advice on sexual minorities

  • 9

    Seoul to work with Hanoi to pursue peace on Korean peninsula

  • 11

    National pension anticipated to be fully drained in 2055: NPS

  • 13

    Superintendent of Seoul Education Office gets suspended jail term

  • 15

    Police to build disaster prediction system to prevent recurrence of Itaewon tragedy

  • 17

    12 websites still unavailable after Chinese cyberattacks

  • 19

    Wall Street climbs to hit best level in nearly eight weeks

  • 2

    Senior US general warns of possible looming war with China

  • 4

    Jang Keun-suk steps out of his comfort zone with 'The Bait'

  • 6

    ENA's new dating show to spotlight young adult's romance

  • 8

    Bad weather disrupts operation of Jeju airport again after 3 days

  • 10

    More Korean manufacturers enjoy Georgia's hospitality

  • 12

    Korea's rice consumption hits another low in 2022: data

  • 14

    SK E&S retains gov't support for Barossa gas project in Australia

  • 16

    Opposition leader Lee claims innocence in corruption probe

  • 18

    Indonesia celebrates 50th anniversary of diplomatic ties with Korea via virtual event

  • 20

    LGES to capitalize on US IRA, Tesla partnership to continue record earnings

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sun, January 29, 2023 | 01:25
Economy
KOMSCO seeks approval for gold coins
Posted : 2015-05-06 16:14
Updated : 2015-05-06 19:00
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Choi Kyong-ae

The Korea Minting, Security Printing and ID Card Operating Corp. (KOMSCO) is seeking approval from the Bank of Korea (BOK) to produce gold bullion coins as it needs new earnings sources, a KOMSCO official said Wednesday.

"The demand for notes has fallen sharply due to an increased use of credit cards and the supply of high denomination 50,000 won notes in 2009. We need a breakthrough to support our bottom line, such as gold bullion coins," the official said.

Gold is often seen as an alternative store of value during periods of economic uncertainty. Coins are favored by price-savvy mom-and-pop buyers ― who often stock up when the market dips, reasoning that they will hold their value for the long term ― because coins are far cheaper than the larger bars bigger investors buy.

Minting corporations in countries such as the U.S., Great Britain, Australia and China produce bullion coins to meet demand from gold investors and coin collectors.

KOMSCO produced 2 billion notes in 2007, but the figure plunged to 600 million and 700 million notes per year over the past two years, respectively. It posted 427.6 billion won (about $400 million) in sales in 2014, which was little changed from 427.1 billion won a year earlier. KOMSCO earned 62 percent of its sales from the production of notes in 2007, but the ratio fell to 28 percent last year.

"Unless there are countermeasures, the declining output of notes will further weigh on the company's earnings results," KOMSCO Chief Executive Kim Hwa-dong recently told reporters.

As KOMSCO earned 20 percent of its sales from gold bars in 2013 and 2014, the company sees great potential in gold coins which vary in weight compared to bars.

But the push for gold coins may end up as wishful thinking without approval from the central bank.

"We have not received any official request from KOMSCO when it comes to gold coins. We have not considered giving approval to allow it to produce gold coins," an official at the BOK's Currency Department said.

The BOK official said even without approval from the central bank, KOMSCO can produce gold products in the form of medals. Gold coins are legal currency so it takes approval from the central bank before production.

Despite the BOK's disapproval of its gold bullion push, the KOMSCO official said the state-run minting company will continue its efforts to "persuade the central bank to consider the idea."

Emailcka@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1People attempt to cut surging heating costs with creative solutions People attempt to cut surging heating costs with creative solutions
2Cabinet ministries turn deaf ear to watchdog's advice on sexual minorities Cabinet ministries turn deaf ear to watchdog's advice on sexual minorities
3Seoul to work with Hanoi to pursue peace on Korean peninsula Seoul to work with Hanoi to pursue peace on Korean peninsula
4More Korean manufacturers enjoy Georgia's hospitality More Korean manufacturers enjoy Georgia's hospitality
5Superintendent of Seoul Education Office gets suspended jail term Superintendent of Seoul Education Office gets suspended jail term
6SK E&S retains gov't support for Barossa gas project in Australia SK E&S retains gov't support for Barossa gas project in Australia
7Indonesia celebrates 50th anniversary of diplomatic ties with Korea via virtual event Indonesia celebrates 50th anniversary of diplomatic ties with Korea via virtual event
8LGES to capitalize on US IRA, Tesla partnership to continue record earnings LGES to capitalize on US IRA, Tesla partnership to continue record earnings
9KT&G aims to become global top-tier company KT&G aims to become global top-tier company
10Middle East 'sales diplomacy' picks up speed Middle East 'sales diplomacy' picks up speed
Top 5 Entertainment News
1BLACKPINK sets 6 more Guinness records BLACKPINK sets 6 more Guinness records
2Jang Keun-suk steps out of his comfort zone with 'The Bait' Jang Keun-suk steps out of his comfort zone with 'The Bait'
3Shunsuke Michieda overwhelmed by Korean fans' support for his coming-of-age film Shunsuke Michieda overwhelmed by Korean fans' support for his coming-of-age film
4Kim Hyun-joo says humanity is at heart of action film 'Jung_E' Kim Hyun-joo says humanity is at heart of action film 'Jung_E'
5TXT brings together 'pansori' and fairy tale in new song 'Sugar Rush Ride' TXT brings together 'pansori' and fairy tale in new song 'Sugar Rush Ride'
DARKROOM
  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

  • World Cup 2022 France vs Morocco

    World Cup 2022 France vs Morocco

wooribank
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group