Everyone is excited about the new, sparkly, 50,000 won notes coming out soon.

Today I saw the unveiling of the banknote on the television after work. I jumped up and down and did a little dance of excitement smack in the middle of my officetel. I’m pretty sure no one else did that, but if you keep reading you’ll see why I was compelled to.

Why is a 50,000 won bank note exciting?

For those of you who don’t live in Korea, or haven’t had the chance to visit, let me explain.
The largest denomination currently in circulation in Korea is 10,000 won, followed by 5,000 and 1,000 won bills. The largest, 10,000 won, used to be around $10 US but is now something like $6.63. This means that if you want to buy anything of consequence you have to carry around a pretty big pile of money.

Ok – maybe not that big.

There are other options. You could use a credit card or a bank card, but a credit card isn’t always easy to get as a foreigner. Bank cards are alright, but they come with their own set of problems. Another alternative is the 100,000 won personal check. However I won’t expand on any of those options in this post.

Righto. So now it’s easier to carry more cash around. Exciting!

From this:

To this:

Here are some other reasons why this new banknote is so exciting. (I’m saving the best reason for last, so hang in there!)
1. It is the first Korean currency to feature a woman.

2. The new bank notes will help the economy.

“The issuance of the higher-value note is expected to help reduce the costs of issuing, storing and settling the 100,000-won bank checks,” which are widely used daily, he said.

I wonder if allowing people to carry more money easily means they might spend more money as well.
There are plenty of stores and markets that prefer cash over plastic. I’m sure the people running those places could use a boost in sales.

3. The 50,000-won note will be equipped with the latest anti-forgery measures.

Number three is the best reason. Why?

One of the anti-counterfeiting measure in the 50,000 won banknotes is called MOTION. It is used as the primary security feature in the Swedish kronor, the Mexican peso, Denmark’s Danish krone, and Paraguay’s guarani. It’s just about the coolest thing you’ve ever seen.

JoongAng Daily describes it pretty well below.

MOTION… uses micro lenses in a security strip that projects holographic images that move when the note is tilted.

MOTION was first used in Sweden’s 1,000-kronor ($157.80) note issued in March 2006, and will be used in the United States’ new $100 bill due in 2009. It’s considered the most difficult security measure to crack today.

Which looks like this:

(an example of MOTION in motion using the kronor)

Cool huh?
Cool in a really-how-does-that-work-it’s-awesome-geeky-science-y way? Yup. I think so too.

Know what’s even cooler?

My Dad invented this stuff.
No. Really. He did.
MOTION is my Dad’s brainchild and it’s going to be in the hands of every Korean and Expat here come June. It would be the first time I actually got to see my Dad’s invention in circulating currency and I really hope that I will get to see it.

If I’m here in June I will be the single most excited person in Korea to see that banknote. I guarantee it.

If I don’t get to see it before I leave I am going to be crushed. Hopefully I’ll get to see it on my way out of Asia back to America (at the end of my mini Asia tour). If not then one of my friends is going to have to mail it to me.

Mmm. Now that’s what I call dynamic. Sparkling even!

Of course not everyone is so excited. For a more thoughtful (less biased than this post) article about what this new banknote means and some history you really should check out the article at the JoongAng Daily.

p.s.
There was supposed to be a 100,000 won banknote coming out as well, but it’s been scrapped by the government, rumors suggested the problem was something about *cough* Dokdo?

pps. Brian in Jeollanam-do also mentions the new 50,000 won notes on his blog.

The Hub of Sparkle has a an idea for “The Great 50 Thousand Won Meme of 2009″ where you can edit and submit your changes to the design.