From Oct. 8th to the 11th, 1985, the “International Bank for Reconstruction and Development” (IBRD) and the “International Monetary Fund” (IMF) held their annual board of governors meeting in Seoul, Korea. The Annual Meetings are usually held for two consecutive years at the IMF and World Bank headquarters in Washington, D.C. and every third year in another member country. These are not small events and typically number about 13,000 attendees. This event was another practice session in preparation for the 1988 Olympics.
The Guard/Security Commemoration Medal
The bar at the base of the ribbon reads 경비기념장 “Guard/Security Commemoration Medal”. The pendant is similar to the Commemorative Medals listed below. There is a Taeguk 태극 (太極) which symbolizes Korea and Namdaemun 남대문 (南大門) the Great South Gate, which symbolizes Seoul. In a rocker around the top, it has in English: “Annual Meetings • Board of Governors • Seoul, Korea”. In the center, is “1985”. To the left of the date, it has: “IBRD” and on the opposite side: “IMF”. On the reverse of the pendant, there is “IBRD/IMF”, the dates for the meeting “85.10.8–10.11”. The Korean text at the bottom is 총회 경비 기념 which translates as “General Assembly Guard/Security Commemoration”.
The IBRD/IMF Commemorative Medals
There were three medals made to commemorate the 40th Annual Meeting of the IBRD/IMF in Seoul. They were struck in copper by Korea Security Printing and Minting Corporation and issued by the Republic of Korea’s Ministry of Finance to the attendees at the IMF meeting. The one side of these commemorative medals are all the same. There is a Taeguk 태극 (太極) which symbolizes Korea and Namdaemun 남대문 (南大門) the Great South Gate, which symbolizes Seoul. In a rocker around the top, it has in English: “Annual Meetings • Board of Governors • Seoul, Korea”. In the center, is “1985”. To the left of the date, it has: “The World Bank and Affiliates” and on the opposite side: “International Monetary Fund”. The reverse for all three commemorative medals is different. Since these commemorative medals do not carry a denomination, they are not listed in any standard coin catalogs.
and 12% zinc (Zn). There was 1,000 Issued.
The Gold Collection Movement (an historical IMF footnote)
In 1997, South Korea ‘s foreign exchange debt amounted to approximately 30.4 billion dollars and the country requested an IMF bailout. A movement was created in which Korean citizens voluntarily donated their gold to the country with a spirit of sacrifice to pay off the national debt. Approximately 3.51 million people participated, and approximately 227 tons of gold worth 1.8 billion dollars was collected. One in four households donated an average of 65 grams. Donations were not limited to gold, other commodities were collected, including silver, foreign currency, Korean won, etc. The $19.5 billion loan received from the IMF in August 2001 was repaid three years earlier than scheduled. The gold collection movement, officially ended on March 14, 1998 but was continued by the National Agricultural Cooperative Federation.