The E-Sylum:  Volume 8, Number 47, November 5, 2005, Article 13

NEW BANK OF KOERA 5,000 WON NOTE STIRS CONTROVERSY

According to a November 2 article on the website of The
Korea Times, "The Bank of Korea (BOK) Wednesday
unveiled the design for the new 5,000-won banknote and
its anti-forgery features."

"The BOK said it will issue the new bills early next year.
The specimens of the new 10,000-won and 1,000-won bills
will be unveiled in the first half of next year, the
central bank said.

The bank used hologram technology in the design of the
5,000-won banknote. Depending on the angle it is seen in,
the hologram shows the images of the Korean map and
elements of the yin and yang symbol, the taegeuk in Korean.
It also used special ink on the number 5,000 in bottom right-
hand corner of the bill’s reverse side, appearing different
colors depending on the angle in which it is seen."

"In addition, the bank changed the shape of the BOK
governor’s seal at the center of all banknotes from a
circular to a rectangular shape for the first time since
banknotes were introduced in 1950.

The red, circular-shaped seal has been considered one of
the remaining vestiges of Japanese imperialism. After its
establishment in June 1950, the BOK began issuing bills
that were modeled on Japanese bills. The color of the seal
was also changed from red into reddish-yellow."

To read the full story and view images of the new note, see: Full Story

A November 4 article in the same publication noted:
“South Korean Internet users slammed the nation's central
bank Friday over its plan to use English letters in serial
numbers of its new 5,000-won ($4.79) notes.”

"A Korean bank note is supposed to reflect a Korean image,"
a teenage Internet user said in a message posted on the
BOK's Web site.”

“More than 1,500 complaints have been posted on the central
bank's Web site since Wednesday, including claims that the
central bank is kowtowing to western nations and calls for
the bank to reverse the decision.

In response, the central bank said it has decided to use
English as it is a global trend to use such letters in
bank notes.”

"For the time being, the bank has no plans to change
its design, he added." Full Story

  Wayne Homren, Editor

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