BOK to is­sue 2,000 won ban­knotes for Win­ter Olympics

The Korea Times - - BUSINESS - By Woo Ji-won muhantenna@naver.com

The Bank of Korea (BOK) will is­sue 2,000 won ($1.78) ban­knotes to com­mem­o­rate the 2018 PyeongChang Win­ter Olympic Games.

It will be the first time the bank has is­sued com­mem­o­ra­tive ban­knotes. In the past, the bank has is­sued com­mem­o­ra­tive coins for spe­cial events.

The ban­knotes mea­sure 140 by 75 mil­lime­ters. One side por­trays seven sports, in­clud­ing speed skat­ing, ice hockey, curl­ing, biathlon, ski jump­ing, luge and bob sleigh.

The other side fea­tures “Tiger Un­der A Pine Tree,” a paint­ing by Kim Hong-do, a renowned artist from the Joseon King­dom (1392-1910).

The com­mem­o­ra­tive ban­knotes will cost more than 2,000 won, just as other com­mem­o­ra­tive cur­ren­cies have cost more than their face value.

“The price has not been de­cided yet, but it seems to be more ex­pen­sive than the nom­i­nal value of 2,000 won,” BOK Cur­rency Is­sue Depart­ment econ­o­mist Lee Han-byul said.

“I guess hold­ers of the com­mem­o­ra­tive ban­knotes may opt to keep them as col­lec­tors’ items.”

The BOK will print 2.3 mil­lion sheets, in­clud­ing 920,000 sin­gle sheets, 210,000 un­cut two-note sheets and 40,000 un­cut 24-note sheets.

Ac­cord­ing to the BOK, the com­mem­o­ra­tive ban­knotes will be is­sued Nov. 17. How­ever, it may take some time for them to be widely cir­cu­lated.

The PyeongChang Or­ga­niz­ing Com­mit­tee will buy the ban­knotes in bulk and re­sell them to do­mes­tic and overseas buy­ers.

Gov. Lee Ju-yeol is cur­rently lead­ing the cen­tral bank in Seoul. Lee is an econ­o­mist and tech­no­crat, who took charge of the bank in April 2014.

Cour­tesy of Bank of Korea

2,000 won ban­knotes to com­mem­o­rate the 2018 PyeongChang Win­ter Olympic Games.

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