There’s a growing argument that South Korea must actively target the rapidly growing “Artistic coins” market. If South Korea leverages the unique cultural strengths of Korea, such as K-culture, then the country can secure a competitive edge.
According to the Korean Association of Economy on the 1st, the global market size for artistic coins has grown from 7.5 trillion won ($6.5 billion) in 2019 to 19.9 trillion won ($17.2 billion) in 2022.
Artistic coins are legal tender made from precious metals like gold and silver, featuring symbols representing the country. While these coins have a face value, their market price can vary based on the cost of the precious metals.
Countries use these coins to promote their cultural strengths worldwide and to enhance their national brand. The United States has made artistic coins featuring the bald eagle, China has included the panda, Canada has used the maple leaf, and Austria, the home of classical music, has used the Philharmonic Orchestra.
Nine countries worldwide issue artistic coins. Eight countries started this business in the 1970s, and the market has grown. Meanwhile, Korea does not issue any artistic coins.
The Korean Association of Economy argues that South Korea should expand investment options with artistic coins that feature K-culture. This could enhance foreign exchange risk response capabilities, as citizens’ gold possessions would increase.
Head of the Economic Industry Department of the Korean Association of Economy, Lee Sang Ho, said, “South Korea is one of the top ten economic powers in the world and a cultural powerhouse with K-culture. The country should issue artistic coins that reflect our national brand and cultural strengths.”
