'10 won bread' to be mintable with relaxed currency regulations

Economy

'10 won bread' to be mintable with relaxed currency regulations

Published: 30 Aug. 2024, 06:00

The front side of "sibwonppang" bread, also known as the 10 won bread, in front of a store in Seoul. [NEWS1]

Korea's central bank is set to give the green light to the production of snacks shaped like the 10 won (1 cent) coin, commonly known as "sibwonppang," with the relaxation of a clause prohibiting the commercial use of coin and bill designs slated to take effect next month.

The Bank of Korea (BOK) announced on Thursday that it would revise its regulations to allow the commercial use of coin and bill designs, provided that images of burning bills are not used and the figures on the coins and bills are not distorted. The updated guidelines, effective Sept. 1, aim to "foster innovative economic activities and strengthen the grassroots economy."

Sibwonppang street snack faces design overhaul after complaints from BOK

The relaxed regulations can be attributed to strengthened public opinion last year in the wake of a controversy over sibwonppang's alleged copyright infringement. The BOK had even hinted at possible legal action against those selling the snack using the 10 won coin design, prompting significant backlash.

Sibwonppang is a bread filled with cheese, sold primarily in the tourist areas of Gyeongju, North Gyeongsang, for around 3,000 won. It resembles an enlarged version of the 10 won coin, which was first produced in 1966 with an engraving of Gyeongju's landmark, Dabotap Pagoda of Bulguksa Temple from the Silla Dynasty (57 B.C. to A.D. 935) on the front.

The use of the coin's design led to a copyright dispute between the BOK and the sellers, with a spokesperson of the central bank stating, "If money designs are indiscriminately used for commercial purposes, it can contribute to counterfeiting and undermine the dignity and reliability of the currency” in a press release last year.

Even with the relaxed regulations, counterfeiting and any use of currency designs that compromise their integrity or authenticity will remain strictly prohibited. This includes altering or defacing the entities depicted on bills and coins.

"We will continue to monitor for inappropriate usage of bills and coins based on the revised guidelines,” said a BOK spokesperson in a statement.

BY YOON SEUNG-JIN, LEE JI-YOUNG [yoon.seungjin@joongang.co.kr]