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veac
Joined: 16 Oct 2010
Location: Michigan
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 Posted: Sun Nov 14, 2010 11:22 pm Post subject: Korean Currency |
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While traveling around Korea last winter I was very confused why they didn't have anything higher than a 10,000 note. Now I am hearing things like 50,000 and 100,000, did they just implement these notes for currency this year? It was very awkward carrying 200,000 in 10,000 notes on a shopping trip, I couldn't even close my wallet. But a positive is feeling like you are very rich.
Last edited by veac on Sun Nov 14, 2010 11:27 pm; edited 1 time in total |
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UknowsI
Joined: 16 Apr 2009
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| Posted: Sun Nov 14, 2010 11:26 pm Post subject: |
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| The 50.000 won note started circulating recently. Not sure if it started this year or last year. Never seen or heard about a 100.000 won bill. The 50.000 won bill can be useful, but I'm a little worried it might make shop owners and taxi drivers uncomfortable so I try to not pay with it unless it's a larger store. |
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UknowsI
Joined: 16 Apr 2009
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| Posted: Sun Nov 14, 2010 11:26 pm Post subject: |
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EDIT: Double post
Last edited by UknowsI on Sun Nov 14, 2010 11:28 pm; edited 1 time in total |
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UknowsI
Joined: 16 Apr 2009
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| Posted: Sun Nov 14, 2010 11:27 pm Post subject: |
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| EDIT: Triple post! |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sun Nov 14, 2010 11:28 pm Post subject: |
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| 50,000 note came out in June of 2009. They have shelved the 100,000 note plan. |
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Jake_Kim
Joined: 27 Aug 2005
Location: Seoul
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| Posted: Sun Nov 14, 2010 11:30 pm Post subject: Re: Korean Currency |
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| veac wrote: |
| while traveling around Korea last winter and I was very confused why they didn't have anything higher than a 10,000 note. Now I am hearing things like 50,000 and 100,000, did they just implement these notes for currency this year? It was very awkward carrying 200,000 in 10,000 notes on a shopping trip, I couldn't even close my wallet. But a positive is feeling like you are very rich. |
50K notes are in circulation, but no 100K note has been printed. There was a central bank plan for the 100Ks, but it's been canceled for political reasons.
Koreans don't use personal cheque books, but there used to be 100K-denominated cheques people carry instead of multiple 10Ks. Now, everybody carries a plastic or two. No need for 100Ks, really. |
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fugitive chicken
Joined: 20 Apr 2010
Location: Bucheon
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| Posted: Sun Nov 14, 2010 11:31 pm Post subject: |
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Its to prevent counterfeiting...inconvenient though....
The funny thing is most ATMs dont recognize the 50k won bill, some do, but not many so still hard to get a hold of. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sun Nov 14, 2010 11:35 pm Post subject: |
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| I was amazed with speed to take the old bills out of circulation. I guess the Korean central bank took all the old bills back no matter what condition it was in. In Canada you still see some $50 and $100 from the 1970's series around. And there still a few $1000 from the 80's, but they no longer make a $1000 bill anymore. |
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veac
Joined: 16 Oct 2010
Location: Michigan
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| Posted: Sun Nov 14, 2010 11:36 pm Post subject: |
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| How about at airport currency exchanges, will they have 50,000 notes:? |
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cragesmure
Joined: 23 Oct 2010
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| Posted: Mon Nov 15, 2010 12:13 am Post subject: |
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| veac wrote: |
| How about at airport currency exchanges, will they have 50,000 notes:? |
Yeah they do. I changed a bunch of 10s for some 50s last time I was there. You can also just ask for them over the counter at the bank. |
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littlelisa
Joined: 12 Jun 2007
Location: Seoul
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| Posted: Mon Nov 15, 2010 2:05 am Post subject: |
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| fugitive chicken wrote: |
Its to prevent counterfeiting...inconvenient though....
The funny thing is most ATMs dont recognize the 50k won bill, some do, but not many so still hard to get a hold of. |
Most machines I've been to ask me how I want my money (in 10s or in 50s). |
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