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About the 2 oz Chiwoo Cheonwang Silver Coin
The 2 oz Chiwoo Cheonwang Silver Medal from KOMSCO
The Chiwoo Cheonwang is KOMSCO's flagship international bullion series, featuring the semi-mythological Korean warrior king from approximately 2600 BC who achieved legendary status as a "God of War" in Korean tradition. The 2 oz silver version offers a larger canvas for the detailed battle narrative that unfolds year by year across the series, with each annual release depicting a different stage in Chiwoo Cheonwang's legendary campaign.
KOMSCO (Korea Minting, Security Printing and ID Card Operating Corporation) is South Korea's state-owned mint, responsible for producing the nation's banknotes and circulation coins. The Chiwoo Cheonwang series, launched in 2016, was KOMSCO's first entry into the international bullion market. It is classified as a medal rather than a coin: the "1 Clay" (or "2 Clay" for the 2 oz) denomination is KOMSCO's proprietary bullion unit referencing land or earth, not a Korean Won denomination.
The absence of legal tender status is the defining characteristic that separates the Chiwoo from sovereign mint coins. It carries no face value in any currency, which means it cannot qualify for tax advantages reserved for legal tender coins in most jurisdictions. What it offers instead is limited mintage (typically 30,000-50,000 pieces for 1 oz BU versions), distinctive Korean artistry, and the backing of a government mint's quality standards without the fiscal obligations of legal tender.
2 oz Chiwoo Cheonwang Technical Details
| Attribute | Value |
|---|---|
| Weight | 2 troy ounces (62.207 g) |
| Purity | .999 fine silver |
| Manufacturer | KOMSCO (Korea Minting, Security Printing & ID Card Operating Corp.) |
| Denomination | 2 Clay (proprietary unit, not currency) |
| Legal tender | No |
| Mintage | Limited (varies by year) |
| Obverse | Doggaebi shield (Korean protective figure) |
| Reverse | Annual Chiwoo battle scene (changes each year) |
The obverse features the Doggaebi shield, a mythological Korean protective figure believed to ward off evil spirits, incorporating KOMSCO's logo, the date, fineness, and denomination. A latent security image within the shield shows different images depending on the viewing angle.
The reverse design changes annually, depicting progressive scenes from Chiwoo Cheonwang's legendary battle campaign. From initial preparation for war (2016 first issue) through engagement and eventual victory, each year's design forms part of a sequential narrative. This storytelling approach across annual releases is unusual in the bullion world, giving collectors an incentive to acquire multiple years.
The .999 purity is standard for silver bullion but slightly below the .9999 offered by the Royal Canadian Mint and Perth Mint on their flagship products. KOMSCO uses .9999 for the 1 oz standard issue but .999 for the larger 2 oz and 10 oz pieces.
Chiwoo Cheonwang Tax Implications
The medal classification creates significant tax disadvantages in most jurisdictions compared to legal tender coins of equivalent metal content.
United States
Not IRA-eligible. The IRS requires coins from national governments with legal tender status, or bars from NYMEX/COMEX-approved refiners. Medals from foreign government mints without legal tender status fall outside both categories. State sales tax exemptions may still apply in bullion-exempt states based on the .999 purity threshold. Capital gains taxed at the 28% collectibles rate.
United Kingdom
Subject to 20% VAT on purchase as silver bullion. Not CGT-exempt (only UK legal tender coins qualify). The Chiwoo faces the same tax position as silver bars and rounds: full VAT in, full CGT liability on gains out.
Canada
GST/HST exemption for precious metals requires bars, ingots, coins, or wafers at 99.9%+ purity. The "medal" classification may complicate the exemption claim, though the .999 purity itself qualifies. Interpretation can vary by dealer and CRA assessment.
Australia
Subject to 10% GST. The classification as a medal rather than a coin may exclude it from the investment-grade precious metals exemption, which applies to forms "commonly traded on commodity markets." Medals from lesser-known mints face scrutiny.
South Korea
KOMSCO is the issuing mint, but these carry no monetary value in South Korea. No special domestic tax treatment applies.
Chiwoo Cheonwang vs Other 2 oz Silver Options
The Chiwoo's primary disadvantage against sovereign coins is its medal status. The 2 oz Silver Britannia (UK legal tender, CGT-exempt), 2 oz RCM Bull and Bear (Canadian legal tender, IRA-eligible), and 2 oz Czech Lion (Niue legal tender) all offer legal tender status with its associated tax benefits. The Chiwoo matches none of these on tax efficiency.
The Chiwoo's appeal is collector-driven. Limited mintages (significantly lower than unlimited sovereign bullion) create scarcity premiums on the secondary market, particularly for early years. The 2016 first issue (30,000 BU mintage for the 1 oz) trades at substantial premiums over its silver content. Buyers are paying for rarity and aesthetic quality rather than pure metal economics.
Against KOMSCO's own Zi:Sin series (also a medal, also limited mintage, also annual designs following a 12-year zodiac cycle), the Chiwoo has the longer track record and stronger international collector following. Both share identical tax disadvantages. The choice is purely thematic: Korean warrior mythology versus zodiac-themed guardian figures.
For buyers focused on silver accumulation at the lowest cost per ounce, the Chiwoo is not the right product. Its premiums exceed standard bullion significantly. For those who value limited-production artistry from an established government mint and accept the tax limitations of medal classification, the series occupies a unique niche that no sovereign coin replicates.
2 oz Chiwoo Cheonwang Silver Coin: frequently asked questions
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The lowest price for a 2oz Chiwoo Cheonwang silver piece we track is $157.83, at 20.3% over spot, available from APMEX. Low annual mintages and collector demand typically push premiums above those of standard bullion coins of similar weight.
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Chiwoo Cheonwang (pronounced chi-woo chun-wang) is a semi-mythological figure from approximately 2600 BC, regarded in Korean tradition as a legendary warrior leader and sometimes called the God of War. He is revered in both Korean and Chinese historical culture. KOMSCO's series depicts progressive scenes from his legendary battle narrative across annual reverse designs, with the protective Doggaebi shield on the obverse throughout.
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The 2oz Chiwoo Cheonwang piece contains 2 oz of 999 fine silver, struck by KOMSCO (Korea Minting, Security Printing and ID Card Operating Corporation), South Korea's state-owned mint. It is classified as a medal rather than a coin and carries no legal tender status. KOMSCO uses a proprietary weight unit called the Clay (1 Clay equals 1 troy ounce) for this series.
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Yes. The Chiwoo Cheonwang series is struck by KOMSCO (Korea Minting, Security Printing and ID Card Operating Corporation), the South Korean state-owned institution responsible for minting the country's circulation coins and printing its banknotes. However, Chiwoo pieces are classified as medals and carry no legal tender status, which means they do not qualify for the tax advantages that apply to legal-tender bullion coins in some jurisdictions.