Commemorative coins refer to the legal tender of the Republic of Korea issued by the Bank of Korea to commemorate national or historic events with the public and remember and promote merits.
2019 Korean National Parks
2018 Pyeongchang Winter Olympics
Par issue means that commemorative coins are published and sold in addition to actual expenses including packing fees, etc., like most of the commemorative coins. The issuance and sales of commemorative coins issued at par are the sole responsibilities of KOMSCO.
e.g.) 2017 Korean National Parks Commemorative Coins, Korean Cultural Heritage Commemorative Coins, etc.
Commemorative coins are issued for financing purposes. The National Assembly enacts special support acts and a certain business entity produces a plan and acquires approval from the government to issue the commemorative coins through a review by the Bank of Korea’s Monetary Policy Board. The sales price is set higher than face value and sold as a premium share as it has financing purposes. The issuance of premium commemorative coins are the sole responsibility of KOMSCO, but the sales will be in the hands of the certain business entity.
e.g.) 2018 Pyeongchang Winter Olympics Commemorative Coin, 17th Incheon Asian Games Commemorative Coin
When a case is brought to issue a commemorative coin, a government approval acquisition process is carried out and the Bank of Korea’s Monetary Policy Board makes the decision regarding the design, size and quantity of the coins and then KOMSCO takes the responsibility of the issuance and the sales (except for premium commemorative coins).