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Tuesday, 6 February 2007

The new 10000 and 1000 won bank notes

About two weeks ago the Bank of Korea released new 10 000w and 1000w bank notes. Many people lined up outside banks for their chance to get "good serial numbers." Check out this fellow, one of many who lined up to get their hands on some of the new currency. Yet, with all things new there are always controversies. Some people are getting their panties in a knot over the design of the new bank notes.

These new notes are a nice change to the old ones as they they are smaller and look much better. The vibrant colors remind me of Canadian currency from back home. One thing that I have yet to figure out, is why the 10000 won is the highest denomination. It makes for a fat wallet if you're carrying around large sums of cash. Although there are 100 000w "checks" you can get at most banks, but that requires going to the teller.

Take a look at this picture below and see for yourself the difference between old and new bank notes. The 1000w changed from a pinkish purple to a light blue. The 10000w changed to a brighter shade of green. The 5000w note has been out for a while. Notice how the lengths of each bill are different. Slowly but surely the new bank notes will replace the current worn out bills.

If you're considering teaching English in Korea, you might want to familiarize yourself with Korean currency. The coins are as follow: 500w, 100w, 50w, and 10w (equivalent to an American half dollar, dime, nickel and penny).

The point I am trying to make is that if you want to become a millionaire, come to Korea! You just might find yourself carrying a cool million or two (won that is) in your pocket. ;-)


mark said...

Here's a discussion on the issue of Korean bank notes:


I don't even carry any paper money anymore... :)

Anonymous said...

you don't have to go to a teller to get checks, you can get them from an ATM. At least you can at Uri bank

Gdog said...

mark: that's a very interesting link indeed...

anonymous: where is Uri bank? Do you mean Woori bank? I have gotten checks from ATM's before, but not all of them always have checks.

Sandra said...

Hmm, I don't know I think I like the older wons, they have more in their backgrounds, or so it seems in the picture. But I guess the newer ones are less counterfitable... My dad has some really old wons from the 70s, and some 100 won notes I think from the 90s.

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