The front and back sides of the new 50,000-won bill |
By Yoon Ja-young
Staff Reporter
The new 50,000-won bill is to be issued by the end of June.
The Bank of Korea said that the yellow-toned currency, 154 millimeters in width and 68 millimeters in length, will be issued around June 24.
It will feature Shin Saim-dang, a renowned female writer and calligraphist who was the mother of Yulgok, one of the most respected scholars of the Joseon Kingdom (1392-1910). Yulgok is currently featured on the 5,000-won banknote.
Once in circulation, the note is expected to make a positive impact in day-to-day transactions. Currently, the 10,000-won bill is the highest-denomination.
A common complaint has been that people have to carry too many bills. Though 100,000-won checks have been used as substitutes for high-denominated bank notes, they incur issuance fees and have proved inconvenient.
Banks will upgrade or replace automated teller machines (ATMs) so that they accept the new bills. It will cost over 30 million won each to replace old ATMs and over six million won to upgrade them.
Department stores are also likely to be affected. Gift coupons have been popular items as gifts ― and sometimes bribery ― with wads of 10,000-won bills proving bulky. But with the new 50,000-won bills, it has been suggested that most people will choose to use them instead of department store coupons.
chizpizza@koreatimes.co.kr
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