By Kim Heung-sook
Freelance Columnist
I like money, but I don't need the 50,000-won note. Nearly a month has passed since the denomination was introduced but I have never seen one nor do I need one. While 10,000-won bills are enough for me, there must be some people who will find the new bills quite useful.
If you want to stash away a huge amount of money, you will definitely prefer the new bills. For example, if you are planning to hide 100 million won, the bulk will be reduced by one fifth: you'll only need 2,000 of the new bills instead of 10,000 10,000-won bills.
The new money also will be handy if you are bribing someone. So if you are looking to buy someone off at the rate of 1 million won, you'll now only have to put only a score of 50,000-won bills into an envelope. That should be much easier than carrying a bundle of 100 10,000-won notes.
The new bills mark the first issuance of high-denomination notes in 36 years since the 10,000 won note was circulated in 1973. The government says that the new bills will have a positive impact on the economy by encouraging people to spend more, but as far as my friends and neighbors are concerned, such expectations don't seem to have been met.
``I don't think the new note will make people spend more. The rich will spend as always. The poor think twice even before spending 10,000 won these days. That means 50,000-won bills won't stimulate spending. Besides, who uses bills? Everybody has credit cards,'' a friend said.
``I've heard that the big money is most popular at gambling sites,'' she added, quoting news reports that a bank branch in a casino town in Gangwon Province supplied 5 billion won worth of 50,000-won bills to players, compared to the bank's head office's offering of only 900 million won worth.
One thing that keeps me from becoming a big fan of the new money is the figure on its face. It is Sin Saimdang, often described to be the model of traditional female virtue. Sin lived from 1504 to 1551 and is well known as the mother of prominent Joseon Kingdom scholar Yi Yi. She is said to have been a good painter, poet and calligrapher.
So, why do I object? First, I don't think it's fair to put two people from one family on the nation's banknotes. We have only four kinds of bills and Yi Yi is already featured on the 5,000-won bill. Sin and Yi may make an impressive pair, but our history has many other respectable figures equally as qualified as the two.
Second, I don't like the notion behind Sin's selection. In deciding on Sin for the new bill in November 2007, the Bank of Korea said that the choice would ``contribute positively to enhancing gender equality and women's participation in social activities, reflecting upon the culture-oriented spirit of the times and reminding about the importance of education and family through her educational achievement of bringing up gifted children.''
However, BOK's reference materials released then revealed the true intentions of promoting the traditional ideal of ``hyeonmo yangcheo'' or ``the virtuous woman who is a wise mother and good wife.''
``Sin was extremely pious to her parents, excelled in embroidery and sewing, encouraged her husband, Yi Won-su, to take higher government positions in a righteous manner … She also raised four sons and three daughters wonderfully … Her education of gifted children was extraordinary.''
Ask any Korean what he or she thinks of Sin Saimdang, and if that person views her as a symbol of gender equality, or one of devoted wives and mothers.
It is true that we need someone whose presence will constantly remind people of gender equality. Women have made great strides in various walks of life in Korea, but they still have a long way to go for equality. According to the U.N. Development Program, Korea's Gender Empowerment Measure (GEM) ranked 68th among 108 countries in 2008, from 64th in 2007 and 53rd in 2006.
The last thing Korea needs is a symbol of a mother devoted to her children's education. We already have too many mothers bent on cultivating the genius they believe their children are born with.
On Tuesday at noon, the Korea Minting and Security Printing Corporation (KOMSCO) will hold an Internet auction at www.gmarket.co.kr for the sale of 50,000-won bills with early serial numbers 101~20,000. The opening price for each bill is 51,000 won. Go for it if you will, but don't forget to think about who needs the new bills.
kimsook@hotmail.com
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