The country's new W50,000 notes are expected to virtually replace the W100,000 personal check (US$1=W1,276). Banks are also welcoming the expected decrease in the use of the checks as printing and managing costs amount to roughly W280 billion per year.

W100,000 checks account for nearly 90 percent of the total circulation of all checks.

The new W50,000 banknotes will also likely reduce the circulation of W10,000 notes by about 40 percent.

The W10,000 banknote's reign as the highest-denominated bill in Korea comes to an end on Tuesday when the W50,000 note hits the market.