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Decision to Issue the Olympic Winter Games PyeongChang 2018 Commemorative Banknote

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Decision to Issue the Olympic Winter Games PyeongChang 2018 Commemorative Banknote

□ The Bank of Korea has decided to issue a commemorative banknote in the fourth quarter of 2017, so as to promote the Olympic Winter Games PyeongChang 2018 at home and abroad, and to support the successful hosting of the Games.

ㅇ The face value of the commemorative banknote is 2,000 won, and its size is 140㎜ in width and 75㎜ in length to distinguish it from the existing banknotes in circulation.

※ Please refer to <Attachment> for detailed designs and the security features of the commemorative banknote.

ㅇ The issuance of the commemorative banknote, the first of its kind in Korea, is expected to widely promote the PyeongChang 2018 and rev eal the quality and design of Korean banknotes abroad.

□ The Bank of Korea has also decided to issue two sets of commemorative coins for the PyeongChang 2018, and the first set (11 types of coins) has been issued last year on November 18.*

* The second set of commemorative coins (12 types of coins) is scheduled to be issued in the second half of 2017.

For further information, please contact:

Mr. Kim Dong Kyoon, Head of the Issue Policy Team, Currency Department Mr. Lee Han Byoul, Issue Policy Team Economist, Currency Department Tel: +82-2-759-4590, 4592 Fax: +82-2-759-4600 E-mail: issuepol@bok.or.kr Press Office: Tel: +82-2-759-4016, 4028

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<Attachment>

Issuance of the Olympic Winter Games PyeongChang 2018 Commemorative Banknote

1 Title of Banknote

: The Olympic Winter Games PyeongChang 2018 Commemorative Banknote

2

Type of Banknote : 2,000-won note

□ Given that the commemorative banknote is issued mainly as a collector's item, the BOK has set the banknote's face value at the low rate of 2,000 won, so as to distinguish the face value of the banknote from the current banknotes in circulation (1-5 value system) and to ensure its easy accessibility to the general public.

3 Size

: 140㎜ in width × 75㎜ in length

□ The commemorative banknote will differ in size from the existing banknotes in circulation, having a width of 140mm, between the widths of the 1,000-won (136mm) and 5,000-won (142mm) banknotes, and a length of 75mm, which is 7mm longer than the existing notes in circulation (68mm).

The Size of Existing Banknotes in Circulation

(Unit : ㎜)

50,000-won 10,000-won 5,000-won 1,000-won 154 × 68 148 × 68 142 × 68 136 × 68

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4

Basic Color : Grey

□ The color grey symbolizes the image of winter, and is clearly distinct from the colors of the existing banknotes*.

* Colors of the Existing Banknotes: Blue (1,000-won) - Orange (5,000-won) - Green (10,000-won) - Yellow (50,000-won)

5 Design

* Please refer to <Annex> for the details of the design

(Final design may be adjusted somewhat in the course of manufacturing the commemorative banknote)

(1) General Direction of Design

□ The commemorative banknote has been designed in a manner that incorporates the basic spirit and value of the Olympic Games and also represents Korea, while maximizing artistic achievement at the same time.

ㅇ In line with these aims, the themes and designs of the obverse of the banknote symbolize the Olympic Winter Games, while those of the reverse are representative of Korea.

□ The designs of the commemorative banknote have been determined through the BOK Currency Design Advisory Committee's in-depth discussions (a total of four meetings).

* Eight outside experts from the fields of Art History, Visual Design, Typography, Painting, and others participated in the committee. (the Director General of the Currency Department was the Chair of the committee.)

ㅇ The PyeongChang Organizing Committee for the 2018 Olympic &

Paralympic Winter Games has attended this committee as an observer and presented its views.

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(2) Details of Design

a. Design Themes

□ (Obverse) The design will depict each of the sports games affiliated with the seven sport federations that comprise the Olympic Winter Games, with speed skating being featured in the center of the design and the rest of the six sports illustrated in the auxiliary.

* Seven sports games included in the obverse of the commemorative banknote:

Ÿ International Skating Unions (ISU) - Speed skating Ÿ World Curling Federation (WCF) - Curling

Ÿ International Ice Hockey Federation (IIHF) - Ice hockey Ÿ International Ski Federation (FIS) - Ski jumping

Ÿ International Biathlon Union (IBU) - Biathlon Ÿ International Luge Federation (FIL) - Luge

Ÿ International Bobsleigh & Skeleton Federation (FIBT) - Bobsleigh

ㅇ Speed skating has been chosen as the main theme of the design in view of its symbolic meaning as the first sport game Korea participated in at the Olympics after the country's independence (including both the Winter and Summer Games) under the name of the Republic of South Korea.

* For the first time, three Korean male speed skaters took part in the 5th St.

Moritz Olympic Winter Games held in Switzerland in 1948.

― The fact that speed skating has been an official sport since the first Olympic Winter Games and gives the highest number of medals (14 gold medals in the Olympic Winter Games PyeongChang 2018) was also considered.

* A total of 102 medals, with 14 in speed skating, 12 in cross-country skiing, 11 in both alpine skiing and the biathlon, 10 in both freestyle skiing and snowboard, 8 in short track speed skating, 5 in figure skating, 4 in both ski jumping and luge, 3 in bobsleigh, Nordic combined, and curling, and 2 in both ice hockey and skeleton

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ㅇ Each sport of the seven federations is included in the banknote design, in reflection of the opinion of the organizing committee that ensuring fairness among the federations is important.

ㅇ Using perspective, speed skating and the other six sports are portrayed on the obverse of the banknote with the mountainous region of Gangwon Province as the background.

― The emblem of the Olympic Winter Games Pyeongchang 2018 is displayed on the upper left side of the obverse of the banknote and on the arm bands of the speed skating players.

□ (Reverse) Featuring ‘Tiger and Pine Tree’ by Kim Hong-Do, a painter of the Joseon Dynasty, the reverse has the image of a tiger and a pine tree, which symbolize Korea. (Designed vertically as in the reverse of the current 50,000 note.)

ㅇ ‘Tiger and Pine Tree’, a work from the late 18th century, portrays in fine detail the shape of a tiger (its eyes, hair, etc.). This painting is evaluated as a masterpiece both in terms of its artistic accomplishment as well as the painter's acute sense of observation and depiction. (the book of ‘Oh Joo Suk's special lecture on Korea's beauty', etc.)

― The fact that the tiger is a mascot for the Olympic Winter Games Pyeongchang 2018 (soohorang)* was also considered.

* Soohorang is a word combining ‘sooho’, which means protection offered to the athletes and spectators, and ‘rang’, which comes from the middle letter of ‘Ho-rang-i’, the Korean word for tiger. ‘Rang’ also comes from the last letter of Jeong-seon A-ri-rang, a cherished traditional folk song of the Gangwon Province.

ㅇ As an auxiliary theme (background image), the basic ‘look’* of Pyeongchang 2018, which includes the Korean letter ‘ㅎ’**, was used.

* The Organizing Committee made visual displays, using the consonants and vowels of the Korean alphabet to ensure the unity of design in PR materials and facilities.

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** The Korean letter ‘ㅎ’ contains the meaning of the slogan‘passion, connected’ and ‘Korea’.

Design Themes

Themes Contents

Obverse

Main Two speed skaters

(male, female)

Sport in Olympic Winter Games

Auxiliary

One ski jumper, one biathlete, one curler, one ice hockey player, one

bobsledder and one luger

Mountainous region in Gangwon Province Emblem of Olympic Winter Games

Pyeongchang 2018

Work of Organizing Committee Part of Olympic Winter Games

Pyeongchang 2018 basic ‘look’

Reverse

Main ‘Tiger and Pine Tree’ by Kim Hong-do

Held by Leeum, Samsung Museum of

Art Auxiliary Part of Olympic Winter Games

Pyeongchang 2018 basic ‘look’

Work of Organizing Committee

b. Letters and Stamp

□ The font and typography (arrangement of character) of the commemorative banknote are applied with the same rules applied to the current banknotes.

Letters and Stamp on the Obverse and Reverse of Banknote

Obverse

numbers and letters, ‘한국은행’ (Bank of Korea), ‘이천 원’(2000 won),‘한국은행 총재’(The Bank of Korea Governor), stamp of the Bank of Korea Governor, ‘2000’

Reverse

‘Bank of Korea’, ‘2000 won’, ‘2000’, ‘한국조폐공사 제조’ (Manufactured by the Korea Minting, Security Printing

& ID Card Operating Corp.)

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6

Major Security Features

□ Considering that the commemorative banknote is legal tender in Korea, high-level security features comparable with those in the current 50,000 banknote are applied.

□ Major security features applied to the commemorative banknote are as follows:

(Windowed Security Thread) ‘ㅍ’ and

‘ㅊ’, the consonants of the Korean alphabet symbolizing Pyeongchang, are arranged in an alternating pattern.

ㅇ The width of their windowed security thread is wider than that on the 50,000 banknote (4 → 5㎜).

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(Hologram) The consonants and vowels of the

Korean alphabet forming

“Ha-na-doen-yul-jung”, the Korean word for the slogan “Passion, Connected”, are

embodied as snowflakes.

(Watermark and Special Press and Soldering (SPAS)) The watermark image used the

‘PyeongChang Olympic Stadium’ as the theme, and Special Press and Soldering (SPAS) is applied to part of the watermark image.

(Intaglio Printing) The banknote adopts intaglio printing, which creates a granular texture that can be felt when touching the speed skaters, letters and numbers.

* Intaglio printing is also adopted on the tiger and the letters and numbers on the reverse.

(Intaglio Latent Image) Depending on the viewing angle, the Korean consonants ‘ㅍ’

and ‘ㅊ’, the acronyms for PyeongChang in Korean, are alternately visible when the note is tilted.

(Tactile mark for the Vision-Impaired) To help the visually challenged to distinguish between different banknote denominations, the three stripe pattern ( ) is embedded twice on the middle of the left and right parts of the note's obverse.

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(Novel Numbering ) The sizes of the numbers and letters in the serial number increase gradually from left to right.

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(Color-Shifting Ink) Because of special ink, the color of the face value number (‘2000’) on the right side of the note's reverse changes from ‘gold’ to ‘green’

depending on the viewing angle.

Gold color

Green color

(Micro Lettering) Olympics-related micro lettering such as ‘PyeongChang2018’ whic h can only be discerned with a magnifying glass are employed on the intaglio printing area of the obverse and reverse of the banknote.

7

Scheduled Date of Issuance : Fourth Quarter of 2017*

* The actual date of the banknotes' issuance will be published after the test product of the commemorative banknote is finished.

8

Maximum Volume of Issuance : 2.8 million notes

□ The actual volume of issuance will be determined considering the demand from the Organizing Committee up to the maximum volume of issuance.

9

Others

□ The PyeongChang Organizing Committee for the 2018 Olympic Winter Games will take all the commemorative banknotes from the Bank of Korea and sell them at home and abroad.

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<Annex>

Design of the 「Commemorative Banknote of Olympic Winter Games 2018 PyeongChang 」

1. Obverse

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2. Reverse

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