News / Asia

S. Korea Makes Money by Making Money

S. Korea Makes Money by Making Moneyi
|| 0:00:00
X
Steve Herman
July 17, 2012 2:59 PM
North Korea is notorious for its highly skilled counterfeiting, especially of American $100 bills. South Korea, however, is gaining a global reputation for minting money legitimately. VOA Correspondent Steve Herman was the first foreign reporter allowed inside the facilities of the government's Korea Minting, Security Printing and ID Card Operating Corporation, known as KOMSCO. He reports from Gyeongsan, South Korea.
GYEONGSAN, South Korea — North Korea is notorious for its highly skilled counterfeiting, especially of American $100 bills.  South Korea, however, is gaining a global reputation for minting money legitimately.  
 
Many new 10 baht coins are not being minted in Thailand.  The work has been outsourced to a state-funded Korean facility, that has also made rupees for India, agorot and half-shekels for Israel and centavos and pesos for Argentina.  Korea Minting, Security Printing and ID Card Operating Corporation (KOMSCO) can produce more than one billion coins annually.
 
The printing presses make notes for countries across Asia including Indonesia and Vietnam, as well as postal money orders for Bangladesh.
 
KOMSCO sees exports as a driver for its future growth. Thus it is hoping to increasingly fill, around the world, pockets, purses and wallets with money made in South Korea.
 
The raw materials for this money-making enterprise come from many countries.  Currency notes begin as cotton pulp from China and Uzbekistan, and are later printed on machines imported from Switzerland and Germany.  The company is a global leader in anti-counterfeiting technology.
 
"Our 50,000 won note [worth roughly $50] has 22 anti-counterfeiting elements," said Bang Chang-il, a senior production control manager in the printing department.  "In Japan, the U.S. and the United Kingdom their bills have only 14 while European notes have 21 such features."

The company says the special security ink it has developed is exported to Japan and Switzerland for making state-of-the-art currency, designed to foil even the most skilled counterfeiters.

Youmi Kim in the VOA Seoul Bureau contributed to this report as well.

Steve Herman

A veteran journalist, Steven L Herman is the Voice of America Asia correspondent.

You May Like

Karzai's Legacy: Missed Opportunities?

Afghanistan's president leaves behind a much different nation than the one he inherited, yet his legacy from 13 years in power is getting mixed reviews More

Video Secret Service Chief Under Fire for White House Security Breach

Julia Pierson faces tough questions from lawmakers after recent intrusion at White House, says: 'It is clear that our security plan was not executed properly' More

Frustrated, Liberian Students Want Ebola Fight Role

Thousands have volunteered to go to counties, rural villages to talk to people in their language about deadly virus More

This forum has been closed.
Comment Sorting
Comments
     
by: Joe from: China
July 19, 2012 3:40 AM
But how to avoid they printing these kinds of money "spontaneously"?

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Malaysia Struggles to Stop People Joining Jihadi
X
Mahi Ramakrishnan
September 30, 2014 2:16 PM
Malaysian authorities say militant groups like the so-called "Islamic State" have used social media to entice at least three dozen Malaysian Muslims to fight in what they call "jihad" in Syria and Iraq. As Mahi Ramkrishnan reports from Kuala Lumpur, counterterrorism police are deeply worried about what could happen when these militants return home.
Video

Video Malaysia Struggles to Stop People Joining Jihad

Malaysian authorities say militant groups like the so-called "Islamic State" have used social media to entice at least three dozen Malaysian Muslims to fight in what they call "jihad" in Syria and Iraq. As Mahi Ramkrishnan reports from Kuala Lumpur, counterterrorism police are deeply worried about what could happen when these militants return home.
Video

Video Could US Have Done More to Stop Rise of Islamic State?

President Obama says airstrikes against Islamic State militants in Syria will likely continue for some time because, in his words, "there is a cancer that has grown for too long." So what if President Obama had acted sooner in Syria to arm more-moderate opponents of both the Islamic State and the Syrian government? VOA State Department Correspondent Scott Stearns reports from the United Nations.
Video

Video Treasure Hunters Seek 'Hidden Treasure' in Central Kenya

Could a cave in a small village in central Kenya be the site of buried treasure? A rumor of riches, left behind by colonialists, has some residents dreaming of wealth, while others see it as a dangerous hoax. VOA's Gabe Joselow has the story.
Video

Video Iran's Rouhani Skeptical on Syria Strikes

Iranian President Hassan Rouhani expressed skepticism Friday that U.S.-led airstrikes in Iraq and Syria could crush Islamic State militants. From New York, VOA’s Margaret Besheer reports the president was also hopeful that questions about Iran’s nuclear program could be resolved soon.
Video

Video US House Speaker: Congress Should Debate Authorization Against IS

As wave after wave of U.S. airstrikes target Islamic State militants, the speaker of the Republican-controlled House of Representatives says he would be willing to call Congress back into session to debate a formal, broad authorization for the use of military force. VOA’s Michael Bowman reports from Washington, where legislators left town 10 days ago for a seven-week recess.
Video

Video Ebola Patients Find No Treatment at Sierra Leone Holding Center

At a holding facility in Makeni, central Sierra Leone, dozens of sick people sit on the floor in an empty university building. They wait in filthy conditions. It's a 16-hour drive by ambulance to Kailahun Ebola treatment center. Adam Bailes was there and reports on what he says are some of the worst situations he has seen since the beginning of this Ebola outbreak. And he says it appears case numbers may already be far worse than authorities acknowledge.
Video

Video Identifying Bodies Found in Texas Border Region

Thousands of immigrants have died after crossing the border from Mexico into remote areas of the southwestern United States in recent years. Local officials in south Texas alone have found hundreds of unidentified bodies and buried them in mass graves in local cemeteries. Now an anthropologist and her students at Baylor University have been exhuming bodies and looking for clues to identify them. VOA’s Greg Flakus has more from Waco, Texas.
Video

Video Ebola Robs Liberians of Chance to Say Good-Bye to Loved Ones

In Liberia, where Ebola has killed more than 1,500 people, authorities have worked hard to convince people to allow specialized burial teams to take away dead bodies. But these safety measures, while necessary, make it hard for people to say good bye to their loved ones. VOA's Anne Look reports on the tragedy from Liberia.
Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.Colonel Steve ‘Spiros’ Pisanos left Greece and came to the U.S. to learn to fly. He flew fighters for the Allies in World War II, narrowly escaping death multiple times.

AppleAndroid