1. I recently heard this story.
I ran into an acquaintance by chance at a local restaurant, and gave 50,000 won to the child I was with, saying, "Your uncle is giving it to you to listen to your father."
I was grateful and surprised, so I was a bit arguing about giving such a large amount of money to a child, but I also thought that in this case, 10,000 won would be too small and I would have to take out 50,000 won, which would be a burden.
You've probably had experiences like this, where you've been thinking between 10,000 won and 50,000 won.
Around the Lunar New Year's Day, there was a controversy over the need to make 30,000 won bills.
Singer Lee Jeok became a hot topic when he first posted on social media, and there were quite a few voices sympathizing with him.
Major notes around the world already have these 'mid-denomination' notes.
The dollar has 20 dollar bills between 10 and 50 dollars.
There are 20 euros and 20 yuan, the same for euros and yuan.
Conversely, among the major countries in the world, there is only one country other than Korea that has made banknotes in increments of 1 and 5, such as 1,000 won and 5,000 won, and 10,000 won and 50,000 won, respectively.
What country do you feel?
2. It was in 1902 that bills first came out in Korea.
At that time, the Korean Empire printed four types of bills called 'Hojo Taehwan Kwon', 5 Nyang, 10 Nyang, 20 Nyang, and 50 Nyang.
However, in reality, for one reason or another, they did not appear in the world, and they were all incinerated and buried in history.
So, the first banknote actually used in Korea was not made by the Korean government, but became the 'First Bank Note' issued by Japan's private bank, First Bank, at will in the same year.
I wrote down the unit of money as 'Yen' instead of 'Won'.
It looks like this.
The amount is also written in English on the upper left of each banknote.
But if you look at it, there are only 1-yen, 5-yen, and 10-yen bills.
At this time, the '20 nyang' intermediate unit bill that was in the 'Hojo Taehwan Kwon' disappeared.
The reason is simple.
The bills used in mainland Japan were 1 yen, 5 yen, and 10 yen.
Korea First Bank copied it as it is.
Afterwards, only the unit of currency changed to KRW throughout the period of colonial rule, but bills were issued in denominations of 1 won, 5 won, and 10 won.
In that respect, the bill units leading to 1, 5, and 10 are another remnant of Japanese rule.
After 120 years, we never got out of that mold, and suddenly we came to believe that money goes in 1, 5, and 10.
3. However, I do not mean to think about the 20,000 won note simply because it is a remnant of Japanese rule.
It's just that I can't think well because I'm stuck in a frame, but if I make a 20,000 won bill, there are many other places to use.
Let's take the example of the United States.
In the United States, the $20 is the de facto most used banknote.
There are fifty and one hundred dollar bills on them, but few people in the United States actually use them.
There are no 50 or 100 dollar bills from the ATM.
Even if you draw 200 dollars or 300 dollars, you spit out 10 or 15 cards with 20 dollars.
Even general stores aren't happy enough that there are quite a few places that say, "We only accept bills under $20". First of all, people have long been aware that large amounts of money can be robbed, or that there is a high risk. From the store's point of view, there is a possibility that large amounts of money may be counterfeit, which is why it is not easy to filter out.
It is also proven by statistics.
Most of the 100 dollar bills have been issued.
As of 2021, 177 billion are out in the world.
But $100 is not used for distribution.
80% is outside the United States, and even that is often used for unintended purposes, such as putting it in safes or giving and receiving in illegal transactions that are difficult to reveal.
The U.S. government estimates that a $20 bill takes 7.8 years from printing to being destroyed, while a $100 bill survives 22.9 years.
That's why it's not used in real life.
After that, the one-dollar bill with 14 billion in circulation is second.
In third place is the $20 bill, with 11.9 billion copies printed.
Compared to 3.4 billion and 2.3 billion bills of 5 and 10 dollars, respectively, 20 dollars circulates four and five times as many.
To put it very simply, in the end, if you take out and use bills in the United States, 20 dollars is the most used.
The euro is the most widely issued banknote of 50 euros.
It accounts for 49% of all banknotes, half.
But next is the 20 euro note, which accounts for 16.3%.
Since 10 euros is 10.2%, 20 euros travel around twice as much, and it means that 20 euros are used more often in real life.
4. So, when the 20,000 won bill comes out, it seems that a large part of it will be able to replace the 10,000 won bill.
It's because I haven't lived like that, but there are many convenient parts of the 20,000 won bill when using it.
Instead of carrying around a 50,000 won note that requires courage and a 10,000 won note that becomes thick even if you put it in a little, it can be more practical and convenient to put a 20,000 won note.
Instead of 5 or 10, you can make a 5+2 combination for condolence money and condolence money, and various combinations of new year's gifts and pocket money are possible.
Of course, there are also objections.
First of all, there is an argument that the government is only spending more tax money to print new money.
However, when a 20,000 won note is created, it eats up the use of the 50,000 won and 10,000 won notes, so in the long run, the government's cost can be reduced.
As of the end of last year, 3.05 billion 50,000 won notes and 1.63 billion 10,000 won notes are circulating.
Of these, 43.5% of the 50,000 won bills go into safes or closets and do not come out.
Conversely, about 50% of the 50,000 won bills are actually used for distribution, and in addition to this, the 20,000 won bills can encroach on the use of the 10,000 won bills.
In fact, in the US and Europe, 20 dollars and 20 euros are used more than 10 dollars and 10 euros.
Of course, there is an initial cost because you have to print new bills in the beginning.
The cost of printing one bill usually costs about 200 won, so if you print 100 million bills, you will need about 20 billion won.
However, if one 20,000 won bill has the effect of replacing two 10,000 won bills, the overall cost of manufacturing bills can actually decrease as the issuance of 10,000 won bills decreases in the mid- to long-term.
You may ask if you really need to pay 20,000 won bills when you don’t use bills much anymore.
But no matter how much, there are other people and cases that need cash.
According to the Bank of Korea analysis, Korean households still spend an average of 510,000 won in cash every month.
And each person carries an average of 82,000 won in their wallet.
We spend a lot of 10,000 won notes when buying things, exchanging money with each other, paying tithes at places like churches, etc., and a lot of 50,000 won notes for congratulations and condolences.
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