SEOUL, Oct. 22 (Korea Bizwire) — More than 20 billion won in South Korean coins and bills has been traded in for new currency over the past five years.
Rep. Shim Jae-chul, a member of the Strategy and Finance Committee at the National Assembly, said on Sunday that the value of damaged banknotes, including burnt and ripped ones, replaced from 2013 to this year’s August totaled more than 10 billion won.
The value of replaced bills has been increasing, from 1.38 billion won in 2013 to 2.13 billion won last year.
This year, paper currency worth more than 1.67 billion won has been damaged and replaced, expected by many to exceed last year’s record by the end of the year.
Fire was the biggest cause of damage at more than 4.21 billion won, followed by humidity (3.6 billion won), pressure (952 million won), and rips (501 million won).
There were also a considerable number of coins that were damaged. Over the last five years, more than 10.44 billion won worth of coins were damaged and replaced.
Shim said that the increase in the value of damaged paper money, despite the ubiquity of credit card use, was most likely due to insensitivity towards how to use and store bills, adding that “promotion and education is needed to raise public awareness.”
H. M. Kang (firstname.lastname@example.org)