50,000-Won Banknote to Be Issued in May

Korea will issue a 50,000 won ($35.93) bill in May or June after beefing up anti-forgery works, according to the central bank.

The Bank of Korea (BOK) earlier projected to issue 100,000 won and 50,000 won bills in the first half of this year. On Thursday, it decided to drop a plan to issue a 100,000 won bill at the request of the government amid controversy over its design and effectiveness, but will push to issue the other new bill as planned.

Currently, 10,000 won notes are the country's highest-denominated bills, followed by 5,000 won and 1,000 won.

"The BOK plans to make public the final version of the 50,000 won bills in February and to put the notes into circulation starting in May or June," an official at the BOK said.

Shin Saim-dang, a renowned female writer and calligraphist, is to be featured on the 50,000-won bills. Shin was also the mother of Yulgok, one of the most respected scholars of the Joseon Dynasty (1392-1910).