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ryleeys
Joined: 22 Dec 2003
Location: Columbia, MD
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 Posted: Mon Jan 12, 2004 5:06 am Post subject: |
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| Fat lot of good it does me... still gonna be walking around with a wallet the size of my tv for the next 10 months... and I'll still have to go to the ATM if I want fries with my burger. |
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Holyjoe
Joined: 03 Mar 2003
Location: Away for a cuppa
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| Posted: Mon Jan 12, 2004 5:09 am Post subject: |
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Fair enough... I've always found the groupings of numbers (3 versus 4) interesting, but it seems to me that counting along the number in units to determine its length is a rather time-consuming method rather than separating it with commas.
ie counting il ---> ship ---> baek ---> man ---> ship-man ---> baek-man ---> chon-man ---> ............. |
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W.T.Carl
Joined: 16 Jan 2003
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| Posted: Mon Jan 12, 2004 8:08 am Post subject: |
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| Yes, I have to admit that beiing paid in 10,000 won notes was an interesting experience, but I can understand why they don't have larger bills- they want to keep their cousins in the north from "passing the queer" as they would be wont to do. |
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shakuhachi
Joined: 08 Feb 2003
Location: Sydney
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| Posted: Mon Jan 12, 2004 1:37 pm Post subject: |
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| So basically they will make their notes like the Japanese? With 10 000 as their highest note which is basically on par with the Japanese 10 000 yen note. I wonder what their motivation could be? |
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Kwangjuchicken
Joined: 01 Sep 2003
Location: I was abducted by aliens on my way to Korea and forced to be an EFL teacher on this crazy planet.
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| Posted: Mon Jan 12, 2004 9:33 pm Post subject: |
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| Holyjoe wrote: |
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? |
That is bascially what they once did in France, and it worked out quite well. I have long wondered why Korea did not do the same thing a long time ago. |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Mon Jan 12, 2004 10:58 pm Post subject: |
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| ryleeys wrote: |
| Fat lot of good it does me... still gonna be walking around with a wallet the size of my tv for the next 10 months... and I'll still have to go to the ATM if I want fries with my burger. |
Why don't you get a debit card? |
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scarneck
Joined: 18 Aug 2003
Location: Seoul
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| Posted: Tue Jan 13, 2004 10:26 am Post subject: |
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| So what's going to happen with the 100,000 won 'check'? I think George Bushy would look good on the new bill..... |
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noelinkorea
Joined: 09 Apr 2003
Location: Shinchon, Seoul
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| Posted: Tue Jan 13, 2004 4:09 pm Post subject: did this already... |
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| Russia did this a few years ago (just before the financial crisis), and there was a period of the two currencies (old and new) running together, with both prices being listed. The difference between Russia and Korea is that Russia undertook and completed the re-denomination in a rather short period (less than a year, from memory...). To prevent too many problems, the general designs of the notes were kept the same, apart from new security features and the actual numeral, of course. I don't understand why Korea has to take so long to design and issues the re-denominated currency. |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Tue Jan 13, 2004 5:58 pm Post subject: |
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| scarneck wrote: |
| So what's going to happen with the 100,000 won 'check'? I think George Bushy would look good on the new bill..... |
It will be gone.
I imagine Soraksan could be on one bill , or Namdaemun. |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Tue Jan 13, 2004 8:58 pm Post subject: |
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Hmm.. a lot of people seem to think this means a total currency resturcture of some kind. Why is that?
Korea has for some time already had the 100,000 Won issued check. The 100,000 Won note is just replacing that. Everything else will remain exactly the same.
(No matching Japan system or taking out coins or anything else). |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Tue Jan 13, 2004 10:09 pm Post subject: |
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| Tiger Beer wrote: |
| Hmm.. a lot of people seem to think this means a total currency resturcture of some kind. Why is that? |
Is it possible you did not read the article? It says 1000 won will equal 10 won. That sounds like reform. Am I wrong? |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Tue Jan 13, 2004 10:33 pm Post subject: |
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| kangnamdragon wrote: |
| Tiger Beer wrote: |
| Hmm.. a lot of people seem to think this means a total currency resturcture of some kind. Why is that? |
Is it possible you did not read the article? It says 1000 won will equal 10 won. That sounds like reform. Am I wrong? |
DOH! Went back and read it.
Why would they bother issuing a 100,000 Won note however.. if they are going to simultaneously or shortly thereafter make it obsolete by restructuring the currency? |
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kangnamdragon
Joined: 17 Jan 2003
Location: Kangnam, Seoul, Korea
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| Posted: Tue Jan 13, 2004 10:42 pm Post subject: |
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| The new structure will have a 3 year changeover period with the old. The new 100,000 won note will still save the government a lot of money because the 100,000 checks are expensive to regulate. |
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dogbert
Joined: 29 Jan 2003
Location: Killbox 90210
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| Posted: Tue Jan 13, 2004 11:07 pm Post subject: |
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| Tiger Beer wrote: |
| kangnamdragon wrote: |
| Tiger Beer wrote: |
| Hmm.. a lot of people seem to think this means a total currency resturcture of some kind. Why is that? |
Is it possible you did not read the article? It says 1000 won will equal 10 won. That sounds like reform. Am I wrong? |
DOH! Went back and read it.
Why would they bother issuing a 100,000 Won note however.. if they are going to simultaneously or shortly thereafter make it obsolete by restructuring the currency? |
That's what I don't get. If they're planning to lop a few zeroes off, they won't need a 100,000 bill, which would be then worth a million or so.
One of the BoK folks was quoted in the media saying something to the effect that Korea absolutely needed to do this because there is no "developed" country having an exchange rate in excess of (local currency X 1000)/$1.
Great economic minds at work! |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Tue Jan 13, 2004 11:36 pm Post subject: |
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| dogbert wrote: |
One of the BoK folks was quoted in the media saying something to the effect that Korea absolutely needed to do this because there is no "developed" country having an exchange rate in excess of (local currency X 1000)/$1.
Great economic minds at work! |
Turkish Lire tops them off at $1 = 1,336,600 Liras. I went to that country, its unnerving to pull a half dozen denominations and see lines of zeros after them. Even more confusing is you have the 1 million, 10 million and 100 million.. not spelled out.. but just lines of zeros!! |
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