The glass jar is filled with 10-won coins. (Yonhap)
SEOUL, June 17 (Korea Bizwire) — The Bank of Korea’s issuance of 10-won coins hit an all-time monthly low in May, underscoring the accelerating decline of physical currency in a society increasingly reliant on digital payments.
According to data released Tuesday from the central bank’s Economic Statistics System, just 17 million won worth of 10-won coins—equivalent to 1.7 million coins—were minted last month. This marks the lowest monthly issuance since records began in January 1992.
The declining trend has been steady. From a peak of 5.93 billion won (59.3 million coins) in August 2000, issuance of the 10-won coin has fallen sharply. In August 2019, the figure stood at 2.63 billion won before dipping below the 20 million won mark for the first time in November 2024.
Meanwhile, coin withdrawal from circulation continues to outpace issuance. In May, the Bank of Korea retrieved 32 million won worth of 10-won coins—nearly double the amount issued.
Other coins saw even sharper declines. For 50-won coins, the central bank withdrew 2.32 billion won worth in May, more than 13 times the month’s issuance of just 180 million won. The ratio was 11-to-1 for 100-won coins and 6-to-1 for 500-won coins.
The decline reflects both inflation, which has eroded the practical value of small coins, and the growing dominance of cashless payment methods such as credit cards and mobile apps. As low-denomination coins lose their utility in daily transactions, the Bank of Korea has scaled back production accordingly.
Interestingly, the 10-won coin has found a second life in Korean pop culture. Products like the “10-won bread”—a nostalgic pastry featuring the coin’s image—have grown in popularity. After initially objecting to the unauthorized use of coin designs, the Bank of Korea revised its guidelines in August 2024 to permit such cultural adaptations.
As the digital economy matures under the administration of President Lee Jae-myung and amid shifting monetary trends globally—including under the second Trump administration in the U.S.—South Korea appears poised to further minimize its reliance on small-denomination physical currency.
Ashley Song (ashley@koreabizwire.com)
