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| The front of the commemorative note features speed skaters and other winter sports players. / Courtesy of the Bank of Korea |
By Woo Ji-won
The Bank of Korea (BOK) will issue new 2,000 won ($1.78) banknotes to commemorate the 2018 PyeongChang Winter Olympic Games.
It will be the first time the bank has issued commemorative banknotes. In the past, the bank has issued commemorative coins for special events.
The banknotes measure 140 by 75 millimeters. One side portrays seven sports, including speed skating, ice hockey, curling, biathlon, ski jumping, luge and bob sleigh. The other side features "Tiger Under A Pine Tree," a painting by Kim Hong-do, a renowned artist from the Joseon Kingdom (1392-1910).
The commemorative banknotes will cost more than 2,000 won, just as other commemorative currencies have cost more than their face value.
"The price has not been decided yet, but it seems to be more expensive than the nominal value of 2,000 won," said BOK Currency Issue Department economist Lee Han-byul. I guess holders of the commemorative banknotes may opt to keep them as collectors' items."
The BOK will print 2.3 million sheets, including 920,000 single sheets, 210,000 uncut two-note sheets and 40,000 uncut 24-note sheets.
According to the BOK, the commemorative banknotes will be issued on Nov. 17. However, it may take some time for them to be widely circulated.
The PyeongChang Organizing Committee will buy the banknotes in bulk and resell them to domestic and overseas buyers.
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