Learning to Spot Fake Banknotes | Be Korea-savvy

Learning to Spot Fake Banknotes


SEOUL, Feb. 3 (Korea Bizwire) – The Bank of Korea Money Museum, located in Myeongdong, central Seoul, opened in 2001 to celebrate the 50th anniversary of South Korea’s central bank (the bank opened in June 1950). 

In addition to its display of some 4,500 banknotes from around the world, the facility delves into the history of the bank and the South Korean currency, and offers occasional lectures related to currencies and the economy, as well as information on the manufacturing process of the bills and the methodology used to spot fake banknotes. 

According to the bank, a total of 667 10,000-won ($8.72) counterfeit bills were reported to the BOK in 2016, which was twice the amount in 2015 (335), although the number of fake 50,000-won notes saw a significant drop from 2,169 to 19. 

Entry to the museum is free of charge, but only 30 visitors are permitted for each of the two daily sessions offered at 11:00 a.m. and 3 p.m. on a first-come-first-served basis.



Image Credit: Yonhap / photonews@koreabizwire.com

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