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W500 (US$0.5) coins are enjoying tremendous popularity. Due to the hike in the price of cigarettes late last year, the demand for W500 coins is increasing. According to the Bank of Korea (BOK) on Sunday, the outstanding issue of W500 coins totaled W666 billion (US$666 million) as of the end of June 2005, W39.17 billion -- 6.2 percent -- more than the end of last year. The figure corresponds to an increase of 19.58 million coins, which is nearly equivalent to last year¡¯s total increase of 19.91 million.
The reason behind the phenomenon is the rise in cigarette prices that began late last year. The price went up from W2,000 to W2,500 for premium cigarettes, with the need for W500 coins for change increasing as a result. Among the total outstanding issue of coins, W500 coins accounted for 47.1 percent as of the end of June, edging out W100 coins, which accounted for 43.1 percent, for the top spot.
(englishnews@chosun.com )
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