From the Daejeon Ilbo.
No jokes about bringing you yesterday's news, please. The new 50,000 won notes debuted yesterday, with Gwangju and Jeollanam-do getting 1150억원 worth.
The selection of Shin Saimdang was a controversial one, which I'm sure Google can tell you more about. One of the latest controversies was over the size of her face and whether the painting accurately depicted what her family believes she looked like.
The new note will make for thinner wallets---the largest denomination was the 10,000 won bill---and will, the Korea Times says, "shift transaction culture."
``Fifty-thousand-won will soon become the new standard in spending,'' said Kim Young-min, a spokesman of I'Park Mall, a high-end retailer, who explained that retailers are going to make all sorts of adjustments to make it easier for consumers to spend the new banknote.
For example, instead of selling one T-shirt for 35,000 won, retailers may start selling two for 50,000 won. Plus, popular 99,000-won promotions may be adjusted down to 49,000 won to encourage spending, according to industry experts.
A housewife interviewed by the Joongang Ilbo brings up another good point:
“The new bill will make my wallet flatter and lighter and I like it,” she continued. “But I am concerned that due to the existence of the 50,000-won bill, I will feel pressed to pay at least 50,000 won as congratulatory money when I am invited to a wedding.”
In Korea, the cash gifts guests bring to weddings and funerals are fixed according to custom at 30,000 won, 50,000 won or 100,000 won. There are also concerns that the new bill might cause businesses to round off product prices - for example, relabeling a good that now costs 45,000 won as 50,000.
A Dave's user brings up another inevitable shift in culture:
Will this cut down on foreigners pulling out their W300k gangster rolls at every opportunity?
6 comments:
$50 bills haven't created two for $50 sales in North America. How many Koreans don't have credit cards, pay via cell phone, t-money, etc? All this is going to do is grow the underground economy and make bribes 5 times easier to pay. I guess it will make it a bit easier for E2 types to buy a $1000 laptop, however.
It's about time. Every changed a $1000 bucks into won? It don't fit in a wallet. This will help.
Lucas writes "...Korea is still primarily a cash culture..."
Dude, where have you been. Koreans use their charge cards for everything.
My buddy went to the bank yesterday to get the new notes, and they told him he could only have two.
I wonder will it stop some people counting bills in the streets when leaving the ATM booth.
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