Bank of Korea replaces 9 million won worth of scorched bank notes after wildfire

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Bank of Korea replaces 9 million won worth of scorched bank notes after wildfire

Published: 14 Apr. 2023, 13:28

The scorched 50,000-won ($38.5) bills that were replaced with new banknotes [BANK OF KOREA]

One hundred and eighty 50,000-won bills ($38.50) scorched by the Gangneung fire were replaced by the central bank.

According to a local media outlet Thursday, the owner of a vacation house, which was burned by a wildfire that broke out in the coastal city in Gangwon on Tuesday, found a stack of charred 50,000-wons after the blaze was extinguished.

He took the 9 million won to the Bank of Korea’s Gangneung office and requested an exchange.

A damaged banknote can be replaced if more than three-fourths of the note remains intact. If two-fifths of the note remains whole, half the amount of the bill is refunded.

Dented or rusty coins can be replaced with new ones, but not if their authenticity cannot be confirmed.

“A measurement device with 400 grids is used to assess the damage in a banknote,” said a spokesperson for Bank of Korea Gangenung.

If the size is shrunk by a fire or stretched by water, the damage proportion is determined based on the distorted size, the spokesperson added.

BY HYEON YE-SEUL [sohn.dongjoo@joongang.co.kr]