[Report] The Urban Cultural Space I Was the Only One Unaware Of... Visiting the Currency Museum

Weekend Family Visitors Crowd In
Engaging Exhibits Draw Attention Inside Renaissance-Style Stone Building

[Asia Economy Reporter Seo So-jeong] On a weekend when the heatwave is at its peak, how about taking a break from the heat at a museum in the city? If you pass through Namdaemun-ro in Seoul, you may have seen a Renaissance-style stone building that stands out from other buildings. Curious about this unique architectural structure yet having passed by it without much thought until now, inside this building is the Bank of Korea Money Museum, one of Korea's early modern architectural landmarks. After going through the reservation process and entering the museum, you will be surprised by the bustling scene inside, filled with families out for a weekend outing.

The Bank of Korea Money Museum building was designated as National Important Cultural Property Historic Site No. 280 in 1981. Construction began in 1907 for use by the Dai-Ichi Bank of Japan, but in 1909, the Bank of Korea was established as the central bank of the Korean Empire, and after completion, the building was intended to be used as the Bank of Korea building. However, during the Japanese colonial period, the Bank of Korea was renamed the Chosen Bank, and after the building was completed in 1912, it was used as the Chosen Bank headquarters.

This building features a reinforced concrete structure with granite exterior walls, giving a sense of solidity. At the time of construction, the interior floors were made of wood, the ceilings were finished with plaster, and there was a large vault in the basement. It was also the first building in Korea to have an elevator installed. On June 12, 1950, when the Bank of Korea was founded as the central bank of the Republic of Korea, this building became the Bank of Korea headquarters. The interior was almost destroyed during the Korean War but was restored in 1958. In 2001, to commemorate the 50th anniversary of the Bank of Korea, it was opened as the Money Museum.

The permanent exhibition hall of the Money Museum consists of various displays. Visitors can learn in detail about the roles of the Bank of Korea and the central banking system, as well as the manufacturing and circulation processes of currency, and methods to identify counterfeit and altered money. Particularly popular is the interactive corner where visitors can directly project banknotes onto a screen to detect counterfeit bills. There is also an introduction to the figures featured on the banknotes. At the 'Currency Plaza,' you can see historical currencies from Korea, China, and Japan, as well as rare currencies from around the world. A sculpture filled with numerous coins inside a transparent pyramid catches the eye. You can also see shell money used on Yap Island in the Pacific during the 20th century.

Amid global concerns over inflation, there is also an interesting interactive exhibition about prices. Through screen touch, visitors can directly compare prices with the same month of the previous year or expand their knowledge about prices through 'Calculating My Perceived Inflation.' Information about exchange rates is also informative. The game machine, which allows visitors to explore the impact of rising and falling won-dollar exchange rates on Korea's economy through various quizzes, is especially crowded with children. However, the questions are somewhat challenging for kids, so prior study is needed to fully enjoy the game.

You can also see the former office of the Governor of the Bank of Korea. Currently, the Bank of Korea's Monetary Policy Committee decides the base interest rate through consensus among its members, but through historical photos, visitors can feel like they are traveling back in time.

In addition to the permanent exhibition, special exhibitions are held, and currently, you can see the exhibition 'Ukraine Through Currency.' Planned to commemorate the 30th anniversary of diplomatic relations between Korea and Ukraine, this exhibition allows visitors to experience the somewhat unfamiliar history and culture of Ukraine through current currency and various commemorative coins.

A representative from the Bank of Korea Money Museum team said, "Since its opening in June 2001, the cumulative number of visitors reached 3,106,717 as of the 12th of last month, showing continuous foot traffic. Due to the impact of COVID-19, the museum has been operating with limited access since January last year, but the number of visitors is gradually recovering."