Korean Job Discussion Forums

[wylies99]

100,000 won bill officially taken off the table: BOK

http://joongangdaily.joins.com/article/view.asp?aid=2900197
January 23, 2009
A territorial dispute with Japan has helped sour Korea�s plans to issue a bill that would be worth 10 times more than the largest banknote now available.

The Bank of Korea said yesterday it will cease efforts to introduce a 100,000 won ($72.60) bill at the request of the Finance Ministry.

The 100,000 won bill, which the central bank began planning in May 2007 along with a 50,000 won bill, has met a negative response due to the design on the bill�s back, among other reasons.

The back was to depict the �Daedongyeojido,� a 19th-century map of the Korean Peninsula by Kim Jeong-ho. But controversy emerged after it was revealed that Kim�s engraving did not include Dokdo, the easternmost Korean islet, which Japan claims as its own territory.

The Ministry of Strategy and Finance also said the 100,000 won bill would not be as necessary as it was before because electronic payment systems such as credit cards are used heavily these days.

The bill could also cause price instability, it said.

The bank said, however, the 50,000 won bill will be released in the first half of this year as planned.

By Moon Gwang-lip Staff Reporter [[email protected]]

[mindmetoo]

Paying bribes just got five times easier!

[alpope23]

Hey Mods! How about moving this to the curent events forum?

[Trip]

[Leslie Cheswyck]

No problem, I'll just print my own.

[samd]

[ChinaBoy]

[Guri Guy]

Since Korea has controlled Dokdo since the 6th century AD, why would such a prominent map not include Dokdo on the map?

For that matter, why does Korea insist Takeshima (Dokdo) is Korean when they have no maps prior to 1905 accurately depicting the islets?

They narrowly avoided being the laughingstock of the world anyway.

[Rusty Shackleford]

They badly need to bring in some more notes and coins. 5, 10 and 50 won coins are a joke. I'm pretty sure the copper in a 10w coin would cost more than 10w. Why not just phase out the low denomination coins. They need a quarter(250w). The number of 100won coins I have piling up, is getting to be insane. Or the bank could give me a bank card, instead of just an ATM.

A 20,000w note couldn't hurt either. 50,000 and 100,000 is a bit high. Having 7bucks as your highest denomination is a joke.

[blade]

I've great idea. Instead of printing a 100,000 or 50,000 won notes why don't they just come up with a new unit of currency that's worth 10 times that of the won? I.e. 10,000 won = 100 new Won

[cdninkorea]

[GoldMember]

How does a larger denomination cause "Price Instability"?

[wylies99]

[Neil]

I reckon they were scared loads of adjummas would try to pay for their 100 won chewing gum with these and the poor lad at buy the way would be too scared to ask if they had anything smaller.....it would have been carnage.

[KoreaninKorea]

Larger bill would make Koreans feel poorer.
1. There is less bills in my hand therefore I must have less money.
2. Which leads them to spend less.
3. The economy tanks.
4. Blame America.