Bok Officially Begins Campaign To Rid The Coin

I would just keep the BU condition and key date ones, the rest just dispose since you do not know how the future pans out.

I honestly don't understand the reasoning behind all this. What about rural or poorer areas without the access to the lastest personal technology? Countryside markets with lower-end prices?

Will Bank of Korea completely demonetize coins in 2020, or will they simply stop minting them and trying to push coinless-alternatives?

What coins are common/unusual/rare/non-existent in circulation right now?

How wide is cashlessness in Korea? Are notes commonly in use while coins are being ditched to the past?

What forces in particular has been pushing the coin-riddal movement? Any company or organization in particular?

Is the government handing out "Change-cards" and readers of such to the general public, or are these bank cards given out by commercial banks?


It's a very bold move, even from a mostly cashless Swedish perspective. Afterall, our Riksbank have no intention to remove coins or notes entirely, but rather adapt to society's demands while making sure cash remains a payment option.

In a cashless society, when the electrical grid goes down, so does the society. Without a physical object, there is no real medium of exchange.
Going cashless does not stop drug dealing either, here in New Jersey there have been numerous cashes of people trading their food stamps ebt cards to drug dealers for drugs. In a cashless society instead of being given cash, dealer will just take preloaded debit/gift cards that have cash on them. In fact, cashlessness actually promotes fraud, because it makes it easier for a fraudster to steal money without actually having to come into physical contact with someone (like in telephone fraud).

Last time I was in Korea (just a few years ago), the only think coming close to this was probably a place referred to as 'North'. I found that South Korea is a technologically advanced place, even outside big cities like Seoul and Pusan.

Anyway, my question is what to do with tourists, visitors and foreigners. My experience with such systems is that they are completely inaccessible to those groups. A prime sample is the Dutch OV Chipcard, which basically excludes anyone without a Dutch bank account from using public transport. How are foreigners going to handle surviving in a county without access to local means of payment?

I will try to answer all of the questions. :)

@X2an




I really think you underestimate Korea. The technology already exists in stores all over the country. Even at my in-laws' house (in the mountains), the local convenience store has these card readers. There aren't really "poorer areas" in the south, just more country style places, but nearly all of them have the tech.




I think this will be the end-game goal, yes. They will likely stop minting in 2020 and push the people to turn in coins to the banks. The thing with this technology is there are chip cards in your phone, like Samsung Pay for example, that are linked to bank accounts. This would be like a feeless paypal chip in your phone that you can transfer money to/from.




There are LOADS of these in Korean circulation. For example, the 1970 100 won (first year for 100 won mint), 1988 100 wons, first and second edition 10 wons (high copper content), and so on and so on. The big money is in the 1 and 5 won coins with valuable metal content, but these can only be found by chance, as they became obsolete and minting stopped in the mid 1990s. Needless to say there are a bunch.




Cashlessness is really common here already. Pretty much everyone uses cards of some sort. Even when using cash, most of the prices here are rounded up/down anyway, so coins are of little use other than in vending machines, games, etc.




So far, it looks like the biggest push is coming from the Bank of Korea.




These change cards have been common place for a while now. I first got here in 2007 and they existed here before then. The readers are installed in almost every chain convenience store, but I am sure that mom and pop shops will receive them as well.

@UltraRant




Getting access to these cards is not restricted to Korean citizens. They are a simple card you pay about $1 for at any store. Tourists really like this system as it keeps all the change out of their pocket and makes travelling on buses, trains, and subways really easy.

@Earle42




Your transactions are recorded when you use debit/credit cards anyway. These cards that they are issuing aren't even that, unless you get an appcard that links to an account.

@Sap

That is a great point. I am quite nervous about what will happen and hope that the hobby doesn't crap the bed here because coins are gone. Coin hoarding is a BIG thing here, so maybe what you stated will keep the supply up.

This isn't very true. Korea has been making coins for about a thousand years. Back then they were cash coins but there is a HUGE collection history for Korean cash coins. US coinage began later than Korea, unless you count the background history of European coins.

Then the Japanese introduced their minting process during the Korea annexation and produced some of the most expensive Korean coins to date. After WWII, Korea began minting coins in the late 1950s giving birth to the modern Korean coin. But, as I said there is a lot to collect with Korean coins.

Lembafc, thanks for all answers!

Yes, I do indeed underestimate Korea, probably because I've never been there and seen how it actually is
Great to hear some insight!

It was an interesting thread Lembafc. Thanks for the info.

As US type coin collector, I got few Korean coins when I visited there about 10 years ago. I did like the designs of 50 won & 100 won which I took back to the States. I also picked up FIFA silver commemorative coin.