50,000 Won Bill to be Issued in June

The new 50,000-won bill is to be issued on June 24.

The new banknote will be 154 millimeters in width and 68 millimeters in length.

The yellow-toned currency will feature Shin Saim-dang, a renowned female writer and calligraphist who was the mother of Yulgok. Yulgok is currently featured on the 5,000-won banknote and was one of the most respected scholars of the Joseon Kingdom (1392-1910).

Once in circulation, the note is expected to make a positive impact in day-to-day transactions. Currently, the 10,000-won bill is the highest-denomination.

Why print a new currency?

A common complaint has been that people have to carry too many bills. Though 100,000-won checks have been used as substitutes for high-denominated bank notes, they incur issuance fees and have proven inconvenient.

Banks will upgrade or replace automated teller machines (ATMs) so that they accept the new bills. It will cost over 30 million won each to replace old ATMs and over six million won to upgrade them.

Department stores are also likely to be affected. Gift coupons have been popular items as gifts. But with the new 50,000-won bills, it has been suggested that most people will choose to use them instead of department store coupons.