First-Ever 70,000-Won Commemorative Coin Issued in Korea

For the first time in Korea, a commemorative coin with a face value of 70,000 won will be issued.

On July 14, the Korea Minting and Security Printing Corporation announced that it will issue (through the Bank of Korea) and sell the "30th Anniversary of Local Autonomy Commemorative Coin" with a face value of 70,000 won to mark the 30th anniversary of the first nationwide local elections, which marked the beginning of the popularly elected local government system.

Provided by Korea Minting and Security Printing Corporation

The commemorative coin will be available for purchase through a reservation application process from July 14 until August 1. The coin, produced as a silver coin (99.9% purity, 35mm diameter, 19g weight), will be issued in two types: Silver Coin I and Silver Coin II, with 4,000 pieces of each type available for sale. The sales price is 83,500 won for each single coin and 165,900 won for the set of two coins.

The obverse of Silver Coin I depicts a scene of a local government head reporting to the local council and a voting scene, symbolically representing the core value of local autonomy: resident participation.

The obverse of Silver Coin II features a map of Korea at the center, surrounded by detailed maps of the 17 metropolitan local governments, emphasizing that the foundation of state administration lies in local autonomy.

The reverse side of both silver coins features the common "30th Anniversary of Local Autonomy" emblem.

Reservations can be made through the Korea Minting and Security Printing Corporation's online shopping mall, as well as at branches and websites of NH Nonghyup Bank and Woori Bank nationwide.

The Korea Minting and Security Printing Corporation will select purchasers of the commemorative coins by lottery, not on a first-come, first-served basis. If the number of applications exceeds the number of coins issued, winners will be chosen at random through a lottery system.

If the same recipient or delivery address is registered multiple times, only up to 20 single coins per type and 20 sets of two coins will be entered into the lottery list. Applications made through abnormal methods, such as macros, will be excluded from the lottery or subject to delivery restrictions.

The nationwide local elections, first held in 1995, are regarded as a symbol of the full-fledged popularly elected local government system. They are of great significance in the history of Korean political development, as they enabled grassroots democracy and genuine local decentralization.

Through the issuance of this commemorative coin, the Korea Minting and Security Printing Corporation aims to celebrate the achievements of the past 30 years and provide an opportunity for the central government, local governments, and residents to collectively reaffirm the importance of local autonomy.