Discarded currency down 14.1 pct in H1 amid increase in non-cash payments

SEOUL-- The amount of bills and coins discarded due to severe damage shrank 14.1 percent on-year in the first half amid increased prevalence of non-cash transactions, data showed Thursday.

A total of 191.66 million damaged bills and coins were discarded in the January-June period, compared with 223.10 million tallied in the same period a year earlier, according to the data from the Bank of Korea (BOK).

The decline stemmed from less use of cash in transactions and increased dependence on credit cards and other non-cash methods. Cash has been less used during the pandemic as people tend to prefer non-contact services at home.

The central bank disposed of 169.43 million bills in the first half, with 10,000-won (US$7.60) bills accounting for 54.9 percent. About 22.23 million coins were destroyed due to damage in the same period with 10-won coins making up 42.9 percent, the data showed.

The face value of the discarded money last year came to 1.16 trillion won, with destroyed bills worth 1.15 trillion won and coins valued at 2.5 billion won, the data showed.

Holders of damaged bills can receive new ones at their face value if three-fourths of the bills or more of their area remains intact. Damaged coins can be fully replaced as long as they are recognizable.

The BOK did not disclose how much it spent to replace the discarded bills and coins.

Source: Yonhap News Agency

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