The South Korean mint is getting into the casino business. According to the country’s Aju Business Daily media outlet, the official South Korean Minting and Security Printing Corp. will mint casino chips using advanced technology designed to prevent forgery. The chip production was born out of a partnership between the mint and Grand Korea Leisure Co. Ltd. (GKL).
GKL is a state-owned entity that operates a number of Seven Luck casinos that are open only to foreigners. The agreement will see the mint use “three-dimensional security technology” as well as sensitive materials found in regular currency that will make the chips almost impossible to counterfeit.
Different methods of technology has been employed to try to prevent fake chips from hitting the market. Several casino operators, such as Wynn Casino, use RFID technology. Palm Gaming, a chip manufacturer, has also developed a chip that incorporates an audible signal that sounds when tested using a handheld reader.
While chip counterfeiting is rare, it does happen. A US Navy admiral, Timothy Michael Giardina, who formerly served as the deputy commander of the US nuclear forces, was busted in 2013 for using two chips at a casino in Council Bluffs, Iowa that had been doctored. The chips were $1 chips that had been altered to look like $500 chips and a subsequent investigation led to Giardina being reduced in rank and forced into retirement in 2015.