Melting down coins for making products now illegal

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Melting down coins for making products now illegal

Starting today, anyone who melts coins to make other products like necklaces will be punished. According to a new revised Bank of Korea law that goes into effect today, damaging coins for profit-related businesses is forbidden. Anyone found violating the regulation will be sentenced to prison for up to six months or fined up to 5 million won ($4,319). In the past, there have been several cases in which coins were melted to make souvenirs.

Last year, a junk shop was caught selling chunks of copper made from melted 10-won coins. The value of the raw materials was more than the face value of the coins. The government previously had no regulations on damaging coins.

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