The East German Mark(100 Pfenning)

The East German mark  commonly called the eastern mark  in West Germany and after the reunification), in East Germany only Mark, was the currency of the German Democratic Republic (East Germany). Its ISO 4217 currency code was DDM. The currency was known officially as the Deutsche Mark from 1948 to 1964,Mark der Deutschen Notenbank from 1964 to 1967, and from 1968 to 1990 as the Mark der DDR (Mark of the GDR); it was referred to colloquially as simply the Mark. It was divided into 100 Pfennig (Pf).

History

Currency reform

1948

On 18 June 1948 a currency reform was announced for the western zones. Subsequently on 20 June 1948, the Reichsmark and the Rentenmark were abolished in the western occupation zones and replaced with the Deutsche Mark issued by the Bank deutscher Länder (later the Deutsche Bundesbank). Because the Reichsmark was still legal tender in the Soviet occupation zone, the currency flooded into the east from the west, where it was worthless. This caused sudden inflation, which caused privately held cash in the Soviet zone to become worthless overnight. As an emergency measure, many thousands of employees in the district offices started to affix adhesive coupons to those Reichsmark and Rentenmark banknotes for which the owners could prove their origin, up to a limit of 70 Reichsmark per person. Only such banknotes could be exchanged when the Deutsche Notenbank (the East German counterpart of the Bundesbank) issued the new Deutsche Mark with the subsequent currency reform.

Although the Soviets expressed on 19 June 1948 their surprise about the western currency reform, the German Economic Commission, per consultation with the Soviet Military Administration had already made preparations for this case. The adhesive coupons had already been printed and, with logistic assistance by the Soviets, distributed among the district offices. First affixings of the coupons started immediately, already on 19 June 1948. On 23 June 1948, the official starting day of the action, a considerable store of primed banknotes was already available. This enabled to reduce waiting times and to accelerate the process by exchanging these notes for unprimed banknotes."

On 24 July 1948, a completely new series of banknotes were issued. It maintained the official name Deutsche Mark von der Deutschen Notenbank until 1964, but it was known, especially in the west, as the Ostmark, or East Mark.

1960s

From 1964 to 1967, the East German mark was officially designated as the Mark der Deutschen Notenbank (MDN). With the constitutional amendments of 1968 and 1974, the leadership of East Germany moved away from the original goal of a unified Germany, using the phrase "... of the GDR" where earlier they would simply have said "German ...". In this way the name of the currency was changed from MDN to Mark der Deutschen Demokratischen Republik (Mark der DDR) (M), or "Mark of the GDR", and the name of the state bank fromDeutsche Notenbank to Staatsbank der DDR. Coins minted prior to the renaming, with the legend Deutsche Mark (i.e., in 1 and 2 DM denominations), continued to circulate for several years, but they were gradually replaced by the early 1980s by coins with the legendMark.

International exchange

The East German mark was officially valued by the East German government at parity with the (West German) Deutsche Mark. However due to inflation it was practically worthless outside East Germany. The few East Germans able to visit the West often found themselves having to rely on their West German relatives as a result.

Beginning in 1964, the East German government instituted a Zwangsumtausch (forced exchange) (or Mindestumtausch — minimum exchange), whereby most visitors from non-socialist foreign countries were required to exchange a set amount of Deutsche Mark (or other hard currencies) for East German marks at the ratio of one Deutsche Mark to one East German mark for every day of their stay. Starting on 13 October 1980, Western visitors to the GDR were required to exchange a minimum of 25 Deutsche Mark for East German marks per day. Some exceptions were authorized: for example, tourists who booked hotel stays in the GDR that were paid in hard currency were exempted from the minimum exchange requirements. (Of course, such accommodation charges almost always exceeded the 25 mark daily exchange threshold.) At other times, West Berliners, retirees, children, and youth were granted either exemptions or were authorized reduced minimum exchange amounts. Members of the Western Allied military forces stationed in West Berlin were also exempt from these rules when visiting East Berlin, in part because the Western Allies did not recognize the authority of the GDR to regulate the activities of their military personnel in East Berlin; only the Soviet Union was considered competent to do so.

On the black market, the exchange rate was about 5 to 10 M to one DM. In the mid-1980s, one could easily visit foreign currency exchange offices in West Berlin and purchase East German banknotes (in 50 and 100 mark denominations) at the rate of 5 (East) = 1 (West). However, the GDR forbade the import or export of East German currency (as well as the currencies of other socialist countries) into or out of the GDR, and penalties for violation ranged from confiscation of smuggled currency to imprisonment. The East German mark could not be spent in Intershops to acquire Western consumer goods; only hard currencies or Forum checks were accepted. As a result, the main purchasers of black market East German banknotes were Allied military personnel entering East Berlin, as they were exempt from East German customs inspection.

Adoption of the West German deutsche Mark

Upon adoption of the deutsche Mark in East Germany on 1 July 1990, the East German mark was converted at par for wages, prices and basic savings (up to a limit of 4000 Mark per person, except a smaller number for children and a larger number for pensioners). Larger amounts of savings, company debts and housing loans were converted at a 2:1 rate whilst so-called "speculative money", acquired shortly before unification, was converted at a rate of 3:1. These inflated exchange rates were intended by the government of the Federal Republic of Germany as a massive subsidy for eastern Germany, and remain controversial among economists, with some arguing that the exchange of currency was the most practical way of quickly unifying the German economy, and others arguing that the exchange increased the disruption caused by German unification by, among other things, making eastern German industries uncompetitive.

Destruction of East German notes and coins

With the Monetary, Economic, and Social Union of Germany on 1 July 1990 (in preparation for German reunification on 3 October 1990) the Deutsche Mark became the currency of East Germany. Around 4500 tonnes of now-obsolete East German coins were melted down at the Rackwitz metal works in 1990. Most of the paper money was placed into storage in 1990 and 1991, but destroyed in 2002 following a theft in 2001 (see below). Many examples of notes and coins, however, remain in private hands.

Almost all the paper money of the GDR (about 100 billion Mark, in 620 million banknotes with a volume of 4,500 m³ (160,000 cu ft), about 300 boxcars), including all the currency collected at the time of the monetary union and the never-used 200 and 500 Mark banknotes, was placed into storage in 1990 and 1991 in two 300-metre (980 ft) long sandstone caverns in the Thekenberge near Halberstadt. In total, 3,000 tonnes of banknotes, passbooks, and checks were stored there, having been brought by military convoy from the Staatsbank der DDR in Berlin. The currency became the property of the Kreditanstalt für Wiederaufbau (KfW) in 1994 through its merger with the Staatsbank Berlin(the post-reunification name for the Staatsbank der DDR). The 13 km (8.1 mi) tunnel system had been built by forced labour during World War II, and used by the National People's Army under the code name "Malachit", or camp complex KL-12 NVA-Nr.16/630. It was the bunker with the largest floor space, and was used for the safeguarding of devices and munitions that would be needed for war. The money was protected from theft by 2-metre (6.6 ft) thick concrete walls and heavy steel doors. For cost reasons, the money was left to rot under the natural humidity, but it was further covered with gravel.

Theft in 2001

In July 2001, it was discovered that two Halberstadt residents (aged 24 and 26) had gained entry to the tunnel system through an unsecured opening and made off with numerous banknotes. The two residents were convicted of the crime and sentenced to four months in prison and three years of probation. Furthermore, they had to pay €120 to a non-profit organisation. The appearance among collectors of uncirculated 200 and 500 Mark notes, and of the never-issued military currency, is attributed to this theft. Because of the theft and the slowness of the rotting, the KfW then decided to burn the old currency. Between April and June 2002, 298 containers of the currency remains were burned in an incinerator (six containers per day) along with household refuse. The last container was burned on 25 June 2002.

Coins

The first issue of Eastern coins was released in 1948, showing the name "Deutschland", and consisted of aluminium 1, 5 and 10 Pfennig denominations, depicting a wheat sprig on top of a cogwheel, with aluminium-bronze 50 Pfennig coins added in 1950 depicting a factory. The 1952 series of the smaller coins depict a compass and hammer in addition to wheat.

Starting with the 1 Pf. in 1960, followed by the 10 Pf. in 1963, and the 5 Pf. in 1968, the old style coins were gradually replaced with new coins depicting the state name "Deutsche Demokratische Republik." Aluminium 1 Mark, 2 Mark and 50 Pfennig pieces were released for circulation in 1956, 1957 and 1958, respectively. In 1969, brass 20 Pfennig coins were introduced, with nickel-bronze (later cupro-nickel) 5 Mark coins issued from 1968. In 1973 and 1974, 1 and 2 Mark coins were redesigned dropping the former "Deutsche Mark" title. The nickel-bronze 20 Pfennig coins were issued partly because pay telephones had a standard charge of 20 Pf. and were having problems with smaller aluminium coins jamming due to their light weight. Commemorative 5, 10, and 20 Mark coins of various types have also occasionally made it into circulation.

For several months after the July 1990 adoption of the Deutsche Mark, low value GDR coinage (up to 50 Pfennig) continued to circulate in the former GDR as legal tender, because the Bundesbank could not deliver enough small coins quickly enough to replace the former GDR coins. 

Commemorative coins

There were 123 commemorative coins altogether, with face values of 5, 10 or 20 Mark. The coins were released for various anniversaries or special events. Silver, copper/nickel/ zinc (German silver / nickel silver) or other alloys were used for the coins. A complete list of all released commemorative coins can be found in the "Liste der Gedenkmünzen der DDR". Some of the commemorative coins were produced in very large volumes, especially the one shown above. These coins entered circulation, because they had little or no additional value for collectors due to the large numbers issued.

East German military currency

In 1980, East Germany prepared special military banknotes intended to be used in international missions of the National People’s Army (NVA), but they were never issued. These military notes consist of the 1955 series (DN B13 – DN B17) handstamped with the coat of arms and—in some cases—overprinted Musternote (Sample Note) or Militärgeld (Military Money). Preparations were made to introduce them in 1980, but this never occurred. Instead, in 1990 and 1991, these and other old and unissued East German notes and coins were stored in bunkers in massive sandstone caverns in the Thekenberge near Halberstadt. However, a pair of local citizens gained entry to this cache over the next decade and stole some of its contents, including the unissued military notes dated 1955, as well as two unissued notes dated 1985. In response to this theft, the remaining paper money was incinerated between April and 25 June 2002. Only a few genuine military banknotes exist; however, an abundance of 1955 series banknotes survived, as did the coat of arms handstamp. Many military banknotes have since been fabricated and it’s impossible to distinguish them from genuine notes.

South Korean Won Details

South Korean Won

The won (원) (symbol: ₩; code: KRW) is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city, Seoul. The official currency of North Korea, issued by the Central Bank of the Democratic People's Republic of Korea which is based in its capital city, Pyongyang, is divided into the same number of units, and is known as the North Korean won.

Etymology

The old "won" was a cognate of the Chinese yuan and Japanese yen. It is derived from the Hanja (원), itself a cognate of the Chinese character 圓 (yuan) which means "round shape." The won was subdivided into 100 jeon (Hangul: 전; hanja: 錢; RR: jeon;MR: chŏn), itself a cognate of the Chinese character 錢 (qian) which means "money" and also used as a unit of money in the ancient times. The current won (1962 to present) is written in hangul only.

First South Korean won

History

The won (원, 圓) was the currency of Korea between 1902 and 1910. It was subdivided into 100 chon (전, 錢).

Won is a cognate of the Chinese yuan and Japanese yen.

The won was introduced in 1902, replacing the yang at a rate of 1 won = 5 yang. In 1909, the Bank of Korea (한국은행; 韓國銀行) was founded in Seoul as a central bank and began issuing currency of a modern type. The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910 during the Colonial Era. In 1910, the Bank of Korea was renamed the Bank of Joseon (조선은행; 朝鮮銀行), which issued notes denominated in yen and sen.

In 1945 after World War II, Korea became divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon.

The South Korean won was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean War.

The first South Korean won was replaced by the hwan on February 15, 1953 at a rate of 1 hwan = 100 won. Republic of Korea Banknotes 5th Edition

Banknotes

In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1000 won notes.

A new central bank, the Bank of Korea, was established on 12 June 1950, and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, 100 and 1000 won. 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.

Second South Korean Won

History

The won was reintroduced on June 9, 1962 at a rate of 1 won = 10 Hwan. It became the sole legal tender on March 22, 1975 with the withdrawal of the last circulating Hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = 1 U.S. dollar. The following pegs operated between 1962 and 1980.

On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997 when an agreement was signed with the International Monetary Fund. Shortly after, the won was devalued to almost half of its value, as part of the East Asian financial crisis.

Coins

Until 1966, 10 and 50 Hwan coins, devalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966 in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the Common era, earlier coins having used the Korean calendar. The 10 and 50 Hwan coins were demonetized on March 22, 1975.

In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. As an attempt to further reduce currency production costs, new 5 won and 10 won coins were issued in 1970, struck in brass. Cupro-nickel 100 won coins were also introduced that year, followed by Cupro-nickel 50 won in 1972.

In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982. In January 1983, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 won coins were issued, using the same layout as the 500 won coins, but conserving the coins old themes.

The Bank of Korea announced in early 2006 its intention to redesign the 10 won coin by the end of that year. With the increasing manufacturing price, then at 38 won per 10 won coin, and rumours that some people had been melting the coins to make jewellery, the redesign was needed to make the coin more cost effective to produce. The new coin is made of copper-coated aluminium with a reduced diameter of 18 mm, and a weight of 1.22 g. Its visual design is the same as the old coin. The new coin was issued on December 18, 2006

The 1 and 5 won coins are difficult to find in circulation today and prices of consumer goods are rounded to the nearest 10 won.

In 1998, the production costs per coin were are as follows: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won

The 100 won coins have exactly the same shape as the U.S. quarter

Banknotes

The Bank of Korea designates banknote and coin series in a unique way. Instead of putting those of similar design and issue dates in the same series, it assigns series number X to the Xth design of a given denomination. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사. Therefore, ₩1000 issued in 1983 is series II (나) because it is the second design of all ₩1000 designs since the won introduction in 1962.

In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea. The first issue of 1, 5, 10, 50, 100 and 500 won notes were printed in the U.K. by Thomas De La Rue. The jeon notes together with a second issue of 10 and 100 won notes were printed domestically by the Korea Minting and Security Printing Corporation.

In 1965, 100 won notes (Series III) were printed using intaglio printing techniques, for the first time on domestically printed notes, to reduce counterfeiting. Replacements for the British 500 won notes followed in 1966 also using intaglio printing, and for the 50 won notes in 1969 using litho-printing.

With the economic development from the 1960s the value of the 500 won notes became lower, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones. In 1970, the 100 won notes were replaced by coins, with the same happening to the 50 won notes in 1972.

Higher denomination notes of 5000 won and 10,000 won were introduced in 1972 and 1973 respectively. The notes incorporated new security features, including watermark, security and ultraviolet response fibres and were inglio printed. The release of 10,000 won notes was planned to be at the same time as the 5000 won notes but problems with the main theme delayed it by a year. Newly designed 500 won notes were also released in 1973 and the need for a medium denomination resulted in the introduction of 1000 won notes in 1975.

In 1982, the 500 won note was replaced by a coin. The following year, as part of its policy of rationalizing the currency system, the Bank of Korea issued a new set of notes, as well as a new set of coins. Some of the note's most notable features were distinguishable marks for the blind under the watermark and the addition of machine-readable language in preparation for mechanization of cash handling. They were also printed on better quality cotton pulp to reduce the production costs by extending their circulation life.

To cope with the deregulation of imports of color printer and the increasing use of computers and scanners, modified 5000 won and 10,000 won notes were released between 1994 and 2002 with various new security features, which included: color-shifting ink, microprint, segmented metal thread, moiré, and EURion constellation. The latest version of the 5000 and 10,000 won are easily identifiable by the copyright information inscribed under the watermark: "© 한국은행" and year of issue on the obverse, "© The Bank of Korea" and year of issue on the reverse.

The plates for the 5000 won notes were produced in Japan while the ones for the 1000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.

With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation.

New series

In 2006, it became a major concern that the Korean won banknotes were being counterfeited/forged. Notably, around 50% of 5000 won notes (worth about US$5) were confiscated as counterfeit. This led the government to issue a new series of banknotes, with the 5000 won note being the first one to be redesigned. Later in 2007, the 1000 and the 10,000 won note was introduced.

The banknotes include over 10 security features in each denomination. The 50,000 won note has 22 security features; the 10,000 won note 21; the 5000 won note 17; and the 1000 won note 19. Many modern security features that can be also found in Euros, Pound sterling, Canadian dollar, and Japanese yen are included in the banknotes. Some security features inserted in won notes are:

·         Holograms with 3D images that change colors within the metallic foil on the obverse side of the notes (except ₩1000)

·         Watermark portraits of the effigy of the note is visible when held to the light in the white section of the note

·         Intaglio printing on words and the effigy give off a raised feeling, different from ordinary paper

·         Security thread in the right side of the obverse side with small lettering "한국은행 Bank of Korea" and the denomination

·         Color shifting ink on the value number at the back of the note

For the first time in the world, the KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported to Europe, North America, etc.

1000 won security features

1.   Intaglio Latent Image: From the position of, if we look askance at the note, "WON" appears, thanks to a special intaglio printing method.

2.   Windowed Security Thread: The security thread is a plastic film with hologram letters. It is exposed at the left side of the portrait on the obverse regularly.

3.   Color-shifting Ink:

4.   See-through Register: Patterns are printed in the same place on both sides of the note. Holding the note up to the light, the shapes on the obverse and reverse will combine to make a completed Taegeuk.

5.   Micro Lettering: Difficult to see the in the naked eye, but can be discerned with a magnifier. It appears as a line or dotted line when forged by color printer or color copier.

6.   Watermark: Held up to the light, a hidden reverse image portrait appears in the non-image space on the left side of the obverse, thanks to the variation in thickness within each note.

7.   Special Press and Soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness.

8.   Intaglio Printing: A special method applying ink to a concave plate. The slightly raised figures produced can be felt.

9.   Fluorescent Security Fiber: Fluorescent fibers are inserted into the paper. Under ultraviolet light, it is possible to see the fluorescent fibers scattered throughout.

10. Endless Pattern: A printing method inter-linking the pattern between top and bottom, right and left around the edge of the note.

11. Rainbow Printing: A printing method whereby color gradients give a rainbow-like effect.

5000 won note security features

1.   Hologram (OVD: Optically Variable Device): Changing designs at different angles. At different angles, "map of Korea," "face value number and Taegeuk (the Great Absolute)," and "Four signs of divination" can be seen.

2.   Color Shifting Ink: Depending on the angle, the value (5000) on the reverse changes between gold and green.

3.   Intaglio latent image: From the position of eyes, if we look askance at the note, "WON" appears, thanks to a special intaglio printing method.

4.   Security Thread: Held up to the light, the banknote shows microletters within a thin fluorescent plastic film.

5.   See-through Register: Patterns are printed in the same place on both sides of the note. Holding the note up to the light, the shapes on the obverse and reverse will combine to make a completed Taegeuk.

6.   Micro Lettering: Difficult to see with the naked eye, but can be discerned with a magnifier. It is appeared as a line or dotted line when forged by color printer or color copier.

7.   Watermark: Held up to the light, a hidden reverse image portrait appears in the non-image space on the left side of the obverse, thanks to the variation in thickness within each note.

8.   Special Press and Soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness.

9.   Watermark Bar: Held up to the light, three horizontal dark bars and two bright bars appear in turn, thanks to the variation in thickness within each note.

10. Intaglio Printing: A special method applying ink to a concave plate. The slightly raised figures produced can be felt.

11. Fluorescent Security Fiber: Fluorescent fibers are inserted into the paper. Under ultraviolet light, it is possible to see the fluorescent fibers scattered throughout.

12. Endless Pattern: A printing method inter-linking the pattern between top and bottom, right and left around the edge of the note.

13. Rainbow Printing: A printing method whereby color gradients give a rainbow-like effect.

10,000 won security features

1.   Hologram (OVD: Optically Variable Device): Changing designs at different angles. At different angles, "map of Korea," "face value number and Taegeuk (the Great Absolute)," and "Four signs of divination" can be seen.

2.   Color Shifting Ink: Depending on the angle, the value (10000) on the reverse changes between gold and green.

3.   Intaglio Latent Image: From the position of eyes, if we look askance at the note, "WON" appears, thanks to a special intaglio printing method.

4.   Security Thread: Held up to the light, the banknote shows micro letters within a thin fluorescent plastic film.

5.   See-through Register: Patterns are printed in the same place on both sides of the note. Holding the note up to the light, the shapes on the obverse and reverse will combine to make a completed Taegeuk.

6.   Micro Lettering: Difficult to see with the naked eye, but can be discerned with a magnifier. It is appeared as a line or dotted line when forged by color printer or color copier.

7.   Watermark: Held up to the light, a hidden reverse image portrait appears in the non-image space on the left side of the obverse, thanks to the variation in thickness within each note.

8.   Special Press and Soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness.

9.   Watermark Bar: Held up to the light, three horizontal dark bars and two bright bars appear in turn, thanks to the variation in thickness within each note.

10. Intaglio Printing: A special method applying ink to a concave plate. The slightly raised figures produced can be felt.

11. Fluorescent Security Fiber: Fluorescent fibers are inserted into the paper. Under ultraviolet light, it is possible to see the fluorescent fibers scattered throughout.

12. Endless Pattern: A printing method inter-linking the pattern between top and bottom, right and left around the edge of the note.

13. Rainbow Printing: A printing method whereby color gradients give a rainbow-like effect.

50,000 won security features

1.   Holographic strip (Optically Variable Device): The holographic strip is a special film applied on the left end of the obverse. On the top, middle and bottom of the strip, are three sets of changing images: "map of Korea," "taegeuk (two comma roundel)," and "the four trigrams." When the banknote is tilted, each of them appears in turn. Between the sets of changing images, the denomination, 50000, is printed vertically on the strip. On the left top and bottom of the holographic strip, against a background of geometric guilloche, the words "BANK OF KOREA 50000" are printed vertically. A line of a Korean traditional lattice pattern is embossed on the strip's right end.

2.   Moving image security thread ("Motion"): The 50,000 won note has a special blue and gray film with numerous Taegeuk patterns all over it. Taegeuk patterns move to the left and right when the note is tilted up and down, while moving up and down when the note is tilted to the left and right. When the note is held up to the light, the movement of the Taegeuk patterns appears more clearly.

3.   Novel numbering: The sizes of the digits (numbers and letters) used in the serial number increase gradually from left to right.

4.   Color-shifting ink: The color of the face value number (50000) on the top right of the reverse changes between green and magenta when the note is tilted.

5.   Watermark: Held up to the light, a hidden portrait (of Shin Saimdang), produced by using the variation in thickness of the note paper, appears in the non-image area on the left side of the obverse.

6.   SPAS: Special Press and Soldering: SPAS is a kind of watermark, produced using the maximized thickness variations in the note paper. It is located on the right bottom of the watermark and if you hold the banknote up to a light source or look at it with the naked eye, the number "5" appears within the pentagon.

7.   Intaglio Latent Image: If the note is held horizontally and tilted at eye level, the number "5" appears within the intaglio-printed pentagon.

8.   Security thread: If the note is held up to the light, the micro letters "한국은행 BANK OF KOREA 50000" are printed within a special film hidden on the right side of the portrait.

9.   Intaglio Printing: Granular texture can be felt when touching the portrait of Shin Saimdang, the Wolmaedo painting, letters, five lines of tactile marks and denomination numbers.

10. See Through Register: When the note is held up to the light, the round images on the obverse and reverse are combined, appearing as a two-comma roundel (Taegeuk).

11. Endless Pattern: Exact identical patterns are printed at the same places in the top and bottom and to the right and left, around the edges of the note. If the banknote is folded and connected to the top and bottom or to the right and left, the patterns overlap.

12. Rainbow Printing: To heighten the counterfeiting deterrent effect, a special printing method for mixing colors naturally in areas shared by two different colors is employed.

13. Fluorescent Security Ink, Fluorescent Security Fiber: When the note is illuminated with ultraviolet light, fluorescent green (security ink) on the grape painting and short fluorescent red, blue and green lines (fluorescent security fibers) show all over the banknote.

14. Filter Through Latent Image: Through a specially produced filter, we can observe the hidden face value number "50000" in the non-image area of the reverse.

15. Micro Lettering: Intaglio-printed micro letters (consonants of Korean alphabets and "BANK OF KOREA") and offset-printed micro letters ("50000") can be discerned with a magnifying glass.

50,000 won note

On June 23, 2009, the Bank of Korea released the 50,000 Won note. The obverse bears a portrait of Shin Saimdang, a prominent 16th-century artist, calligrapher, and mother of Korean scholar Yulgok, also known as Yi I, who is on the 5,000 Won note. This note is the first Korean banknote that features the portrait of a woman.

100,000 won note

100,000 won notes were also announced, but their release was later canceled due to the controversy over the banknote planned image, featuring the Daedongyeojido map, not including the disputed Dokdo islands. The release of the 50,000 won note stirred some controversy among shop owners and those with visual impairments due to its similarity in color and numerical denomination with the 5,000 won note.

Currency production

The Bank of Korea is the only institution in South Korea that has the right to print banknotes and mint coins. The banknotes and coins are printed at KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new crisp banknotes and coins are printed/minted, they are bundled up in bundles/rolls and shipped to the Headquarters of the Bank of Korea. When delivered, the banknotes and coins are deposited inside the Bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amount of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.