Korean Job Discussion Forums

Real Reality · Joined: 10 Jan 2003 Location: Seoul

Central Bank to Issue 100,000-Won Bill
Old Banknotes to Be Redesigned by 2006
The Bank of Korea (BOK) plans to issue a new 100,000 won bill as well as redesign and re-denominate existing banknotes. The process will probably conclude around 2008, but the new bills may be introduced in as little as three years.
http://times.hankooki.com/lpage/200401/kt2004011117084212070.htm

kangnamdragon · Joined: 17 Jan 2003 Location: Kangnam, Seoul, Korea

This is the most useful information I have heard from Real Reality that will affect my life.

Currency redenomination? I won't be a millionare anymore?

katydid · Joined: 02 Feb 2003 Location: Here kitty kitty kitty...

That's great...used to drive me crazy, when I wanted to buy some big purchase and had to walk around with 50 10,000 won bills. So, 'm from the states and a bit paranoid about carrying a lot of cash. The 100,000 won bill will be a great addition. I just wonder who will be on the bill, if the "greatest Korean of all" King Sejong, is already on the 10,000 bill.

Holyjoe · Joined: 03 Mar 2003 Location: Away for a cuppa

I'm curious as to how this will work...

1,000 won notes will be branded "10 won"
10,000 won notes will be branded "100 won"
100,000 won notes (the new one) will be branded "1,000 won"

What will happen to the coins?

If we follow the above, then the following should happen:

500 won coins will become 5 won
100 won coins will become 1 won
50 and 10 won coins would thus become obselete?

kangnamdragon · Joined: 17 Jan 2003 Location: Kangnam, Seoul, Korea

lush72 · Joined: 18 Aug 2003 Location: I am Penalty Kick!

Good news for Korea, bad news for the Lee family!

tsgarp · Joined: 01 Dec 2003

I hate pennies

komtengi · Joined: 30 Sep 2003 Location: Slummin it up in Haebangchon

while they're at it why not make a 20 and 50 note??

ratslash · Joined: 08 May 2003

i mean, it is about time. the country operates in millions of won, yet the highest bank note is ten thousand. to me, that is just silly!

kangnam mafioso · Joined: 27 Jan 2003 Location: Teheranno

it's about freakin' time

mithridates · Posted: Mon Jan 12, 2004 3:00 am Post subject:

I read in the paper today that some people here now want to put Dokdo on the new bill...that's probably just because they're angry right now though. I couldn't imagine putting a few rocks on one's highest currency denomination just to get the upper hand on a land issue.

weatherman · Joined: 14 Jan 2003 Location: Korea

It is good to see Korea get serious about the operation of its monitary policy and the internationalization of its currency. The 10,000 won bill is a complete joke for the size of this countries economy.

Juggertha · Joined: 27 May 2003 Location: Anyang, Korea

as far as I understood they were just adding the new note.. not renumerating the currency. is that wrong?

Holyjoe · Joined: 03 Mar 2003 Location: Away for a cuppa

mithridates · Posted: Mon Jan 12, 2004 5:04 am Post subject:

That numbering system will never change...they can't count numbers without it.

We go by groups of three when counting numbers:

20 586 586 898 565

Whereas if Asian countries were in charge that number would have been written as:

20 5865 8689 8565

It's the same in China and Japan.