Video: S. Korean Currency Reform

Discussion in 'World Coins' started by mlov43, Jun 8, 2018.

  1. mlov43

    mlov43 주화 수집가 Supporter

    Here's a video about the 1962 currency reform that gave us the won currency that South Korea currently uses.
    I added titles and subtitles in English and Korean.
    You might have to turn on the subtitles to see them.

    gxseries and Steve66 like this.
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  3. gxseries

    gxseries Coin Collector

    Pretty neat! A treat to see something historical. That said, I wonder if the 50,000 won is due to be demonetized one day?
  4. mlov43

    mlov43 주화 수집가 Supporter

    I doubt that they'll get rid of the 50,000-Won note.

    I think that Korean people love that higher-value note as wedding gifts and graduation or birthday money. And gamblers and gangsters love it even more! Before that note came along, they would just use piles of 10,000-Won notes, or even use high-value foreign notes, like the U.S. $100. Now that they've had a higher-value note for over a decade, I don't think they'll get rid of it.

    This whole cashless scheme, while it may still come about, will have to allow for some use of cash, I think.

    Remember, the cashless society of 2020 is "a government plan." Other "government plans" included an ebook reader in every student's hand and a robot in every house. Those were actual S. Korean government plans! Needless to say, they never came about...

    So will some notes get withdrawn and demonetized?
    Only time will tell.
    gxseries likes this.
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