Posted by: rbbadger | June 30, 2009

50,000 won note problems

Last week, the Bank of Korea (韓國銀行) released the 50,000 won note.  None of us have seen it yet, but then again my bank will probably be taking their own sweet time about releasing it.  This is the same bank that was, until mid-2008, still using the older currency in one of their ATMs.  Now, unfortunately, the old money has been withdrawn from circulation.  I liked it, as it had a classic look to it. 

Hoija, on his blog, had made mention of some of the problems that people are finding with the new note.  News of it finally has made the English media.  People are complaining that it is difficult to tell the 5,000 and 50,000 won notes apart.  Indeed, in a dark taxi late at night, this can be quite a feat.  Confusing the 1,000 won and 10,000 won notes is easy enough.  And apparently, it is prone to split open.

You can read all about everybody’s frustrations with the new money here.

Koreas notes, coins, passports, ID cards, bank cheques, and much more are printed by KOMSCO, or the Korean Minting and Security Printing Corporation.  They’ve been getting lots of nasty calls in recent days, but the Governors of the Bank of Korea are remaining above the fray saying that they see no problems.

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Responses

  1. There’s more problems than the bill itself too, as I reported on my blog. I wasn’t aware of the problems brought up in that article though.

    • Given that the Bank of Korea wants to pursue expansionist monetary policy, yes there are problems brewing. As we all know, inflation is chiefly a monetary phenomenon. If nothing else, the gold or other commodity based standard provides an important check on arbitrary monetary expansion.

      In this part of the world, we all know what happened when the Ming dynasty started to fool around with their money. It helped lead to their collapse. During Chiang Kai-shek’s last years on the Mainland, the Chinese Yuan collapsed and hyperinflation reared its ugly head. It was only a matter of time before Chairman Mao was victorious.

      God only knows what will happen once the 100,000圓 note is released. I really don’t find the new banknotes that aesthetically pleasing. While the older set may not have been the most beautiful either, they were more pleasing to look at.

  2. Just had to say – pre-digested coffee?! Ew!!!!

  3. Mama says hi. 🙂


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