The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    South Korea speeds up full-fledged deployment of US anti-missile battery

  • 3

    Kyochon heralds 30,000 won fried chicken era

  • 5

    INTERVIEWHow ATEEZ achieved worldwide success

  • 7

    Yoon's labor reform drive sputters due to controversy over lengthening workweek

  • 9

    Lee Sun-kyun, Lee Ha-nee reunite in new rom-com 'Killing Romance'

  • 11

    Firstborns account for record-high 63% of newborns

  • 13

    Horace N. Allen: Joseon's foreign royal physician

  • 15

    Chun Doo-hwan's grandson to apologize to victims of Gwangju massacre

  • 17

    Korean police search for 2 Kazakhstanis who fled airport

  • 19

    Foreign minister hosts Iftar dinner for Muslims in Korea

  • 2

    Do Kwon, Korea's crypto 'genius' turned disgraced fugitive

  • 4

    Montenegro charges crypto fugitive Do Kwon with forgery

  • 6

    Sex, drugs, and The Glory

  • 8

    Cha Jun-hwan wins historic silver at figure skating worlds

  • 10

    Kakao seeks to bolster SM's global presence as new owner

  • 12

    Apple Pay service limited by lack of NFC terminals

  • 14

    N. Korea holds general meeting of Olympic Committee

  • 16

    North Korean refugee escape class of 2011

  • 18

    Bank failures and rescue test Yellen's decades of experience

  • 20

    Intel co-founder Gordon Moore, prophet of the rise of the PC, dies at 94

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Mon, March 27, 2023 | 16:12
Who Needs New Bills?
Posted : 2009-07-17 19:17
Updated : 2009-07-17 19:17
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
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
 
Top 10 Stories
1South Korea speeds up full-fledged deployment of US anti-missile battery South Korea speeds up full-fledged deployment of US anti-missile battery
2Kakao seeks to bolster SM's global presence as new owner Kakao seeks to bolster SM's global presence as new owner
3Firstborns account for record-high 63% of newborns Firstborns account for record-high 63% of newborns
4Apple Pay service limited by lack of NFC terminals Apple Pay service limited by lack of NFC terminals
5Chun Doo-hwan's grandson to apologize to victims of Gwangju massacre Chun Doo-hwan's grandson to apologize to victims of Gwangju massacre
6Foreign minister hosts Iftar dinner for Muslims in Korea Foreign minister hosts Iftar dinner for Muslims in Korea
7Busan aims to win hearts of developing nations in Expo 2030 bid Busan aims to win hearts of developing nations in Expo 2030 bid
8[ANALYSIS] Tesla, BYD's price cuts unnerve LGES, Samsung, SK ANALYSISTesla, BYD's price cuts unnerve LGES, Samsung, SK
9From mines to mobility: 140-year-old partnership between Germany and KoreaFrom mines to mobility: 140-year-old partnership between Germany and Korea
10Samsung chief inspects production plants in China for first time in 3 years Samsung chief inspects production plants in China for first time in 3 years
Top 5 Entertainment News
1Kim Min-gyu, Go Bo-gyeol bid farewell to 'The Heavenly Idol' Kim Min-gyu, Go Bo-gyeol bid farewell to 'The Heavenly Idol'
2Han Suk-kyu on return of 'Dr. Romantic' with Season 3 Han Suk-kyu on return of 'Dr. Romantic' with Season 3
3Kim Nam-gil to embark on Asia fan-meeting tour Kim Nam-gil to embark on Asia fan-meeting tour
4[INTERVIEW] How ATEEZ achieved worldwide success INTERVIEWHow ATEEZ achieved worldwide success
5Two curators to lead Korean pavilion at Venice Art Biennale in 2024 for first time Two curators to lead Korean pavilion at Venice Art Biennale in 2024 for first time
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group