January 17, 2018 11:01
Banknotes and coins worth nearly W3.8 trillion were destroyed last year due to damage, according to the Bank of Korea on Wednesday (US$1=W1,066).
The total amount of scrapped bills and coins last year jumped by W655.1 billion or 21 percent compared to the previous year. The figure has been rising since 2013 (W2.21 trillion), except for in 2016 when it slightly declined to W3.11 trillion.
Some 80.7 percent of the damaged notes were W10,000 bills, followed by W50,000 (8.9 percent), W5,000 (5.6 percent) and W1,000 bills(4.8 percent).
The central bank exchanged around W4.6 billion of stained, burnt, torn or mutilated notes in circulation into new ones last year.
But not all of those damaged banknotes are replaced with new notes at their full value. At least three quarters of the original bill needs to remain to receive full value. If the bill has only 40 to 70 percent of its initial form, half the face value is given.
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