Will Burned Money Be Exchanged?… Bank of Korea Disposed of 3.38 Trillion Damaged Banknotes Last Year

474.89 Million Damaged Banknotes (3.3761 Trillion Won) Discarded
Height Reaches 203,701 Meters... 23 Times Mount Everest
Damaged or Contaminated Money Exchanged According to Damaged Currency Exchange Standards

Last year, Mr. Shin living in Seoul exchanged 81.4 million won in burnt banknotes for new bills due to a factory fire. When banknotes are damaged by fire or other causes and become unusable, they can be exchanged according to the 'Damaged Currency Exchange Standards.' The height of the damaged currency discarded last year stacked up reaches 23 times the height of Mount Everest.

Mr. Kim, who lives in Gyeongnam, exchanged 1,067,000 won in banknotes damaged by moisture. Banknotes damaged by moisture. Bank of Korea

On the 3rd, the Bank of Korea announced that it discarded 474.89 million damaged banknotes (3.3761 trillion won) last year. This is a 1.9% (8.97 million notes) decrease compared to 483.85 million notes (3.8803 trillion won) the previous year. The Bank of Korea discards currency that has been withdrawn from circulation and deemed unsuitable for use due to damage or contamination.

The banknotes discarded were mainly 10,000 won and 1,000 won bills, totaling 373.36 million notes (3.3643 trillion won). This is a 12.6% (53.96 million notes) decrease compared to 427.32 million notes (3.8724 trillion won) the previous year. The 10,000 won bills accounted for 197.04 million notes, making up 52.8% of the total. The 1,000 won bills followed with 133.8 million notes (35.8%). Other denominations included 50,000 won bills (23.28 million notes, 6.2%) and 5,000 won bills (19.24 million notes, 5.2%).

Coins discarded centered on 100 won and 10 won coins, totaling 101.53 million coins (11.8 billion won). This is a 79.6% (45 million coins) increase compared to 56.53 million coins (7.9 billion won) the previous year. The breakdown was 10 won coins (36.56 million, 36.0%), 100 won coins (35.62 million, 35.1%), 50 won coins (15.07 million, 14.8%), and 500 won coins (14.29 million, 14.1%).

If the discarded currency were laid out end to end, the total length would be 55,906 km, equivalent to about 67 round trips on the Gyeongbu Expressway (415 km). The total height if stacked would be 203,701 meters, 23 times the height of Mount Everest (8,849 m) and 367 times the height of Lotte World Tower (555 m).

Mr. Park, who lives in Jeonnam, exchanged damaged coins worth 3,763,000 won collected from a wishing pond inside a temple. Damaged coins image. Bank of Korea

The Bank of Korea states that if banknotes are damaged by fire or other causes and become unusable, they will be exchanged as follows: ▲If at least three-quarters of the original area remains, the full face value will be exchanged ▲If between two-fifths and less than three-quarters remains, half the face value will be exchanged. If less than two-fifths of the original area remains, the note is considered invalid. For coins, if they are damaged or otherwise unsuitable for circulation, they will be exchanged at face value. However, coins that are difficult to identify or verify authenticity cannot be exchanged.

The Bank of Korea said, "If currency is used cleanly, the cost of manufacturing currency each year can be reduced, so we will continue to promote 'using money cleanly' in the future."

Various damaged banknotes. Bank of Korea

This content was produced with the assistance of AI translation services.