Melting down coins for making products now illegalStarting 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.
More in Economy
Tapped out and hunkered down, Korea stares recession in the face
Property owners get big tax shock
Household debt keeps climbing despite gov't efforts
Career interruptions due to marriage and childbirth down 11 percent
Despite vaccine shot in the arm, credit risk remains in markets