Age of the 50,000 Bill Opens
Age of the 50,000 Bill Opens
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  • 승인 2010.05.03 12:25
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Age of the 50,000 Bill Opens
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최종수정일 / 2009년 09월 17일

        A reporter visited a city bank on June 24, the day after the 50,000 bill was first released.  As the 50,000 bill was in the first stage of circulation, banking transactions were still using the 10,000 bill.  "50,000 bills are nearly out of stock because many customers want the 50,000 bill.  Yet there is no customer who pays with the 50,000 bill.  It seems they just want to own the 50,000 bill for the sake of its newness," a bank clerk offered his assessment of the customers' desire for the 50,000 bill.  A market cashier observed that the 50,000 bill was beginning to be used since "there are customers who pay with the 50,000 bill after its circulation."

        Since June 23, the 50,000 bill, a new large denomination bill, has started to circulate.  It is the first large denomination bill we have had in 36 years since the 10,000 bill was released in June, 1973.  It reflects a sizable increase in the national income and ten times the rise in prices.

        The first 100 (number 1~100) of the one million 50,000 bills with the  serial numbers (AA*******A) will be exhibited in the BANK OF KOREA MUSEUM.  Some 19,900 of the 50,000 bills (numbers 101~20,000) will be released through an internet auction for the public.  KOMSCO will announce the auction's schedule and process in July.    

        There is a picture of Sinsaimdang, one of the honored women of Korea, on the face of the new 50,000 bill.  It is the first time in Korean monetary history that a woman is on the face of a bill.  The Bank of Korea stated the reason for the selection of Sinsaimdang: "It will contribute to the participation of women in society, cultivate equality and reflect the spirit of the times in which culture is of importance.

        Accompanying her face on the bill is her design of an eggplant of Embroidery with Grass and Insect Design.  An eight-fold screen Embroidery with Grass and Insect Design with flowers, plants and insects by bluish green silk thread on black silk ground belongs to our university's museum.  Mr. Jung Jae-hwan,  a founder of our university, contributed it to our university's museum in 1956, and it was appointed as the 595th treasure in 1975. "Hearing that our university's museum has the Embroidery with Grass and Insect Design of the 50,000 bill, many people visits the museum to get a look at it," said curator Shin In-ju.  

        What is the impact of the 50,000 bill on our life   Kwon Soon-gil (branch manager of Saemaeul finance firm in Jung-Ang-Dong, Jinhae) points to convenience as a positive about the new bill.  "It is convenient to have 1 bill of 50,000 won rather than 5 bills of 10,000 won.  It is also convenient for the bank as a decrease in the use of cashier's checks can reduce expenses.

        But some people worry.  For Kwon, "as denomination of money grows bigger, people may have large expenditures.  Further, it can be tied to rise in prices, bribery, slush funds, crime."

        Lee Sang-won (Senior, International Trade), who interns at Pusan Bank, said, "The circulation of 50,000 bill can stimulate consumption.  The problems associated with the issuing of the new bill can be overcome by society and by a national consciousness."  He expects the new bill will have a positive effect.


June 26, 2009
By reporters Kang Myoung-a and Choi Jung-in


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