Warning About Counterfeit Bills Marked 'Yeonghwasopum'... Mainly Circulating in Traditional Markets and Street Stalls

A newly discovered type of counterfeit currency. It bears inscriptions such as 'Movie Prop' and 'SPECIMEN'. (Photo by Bank of Korea)

The Bank of Korea announced on the 6th that the 'Counterfeit Prevention Working Committee' held its regular meeting for the second half of the year at 10:30 a.m. on the 5th at the Bank of Korea headquarters in Jung-gu, Seoul, to discuss the recent increase in counterfeit currency discoveries.

At the meeting chaired by Kim Geun-young, Director of the Banknote Issuance Department of the Bank of Korea, new counterfeit production methods, cases of counterfeiters' arrests, and counterfeit currency appraisal status were also reviewed.

The attendees shared the recognition that although the number of counterfeit currency discoveries remains at a low level, it has recently shown an increasing trend due to the normalization of face-to-face transactions, and new types of counterfeit currency continue to emerge, requiring special caution.

In particular, it was found that counterfeit bills containing phrases such as 'movie props' or 'SPECIMEN' are being produced and are mainly circulated in traditional markets and street stalls operated by elderly merchants.

Some attendees mentioned that the level of counterfeit US dollars and counterfeit gift certificates recently discovered domestically is becoming increasingly sophisticated, and emphasized the need to respond with vigilance to prevent such counterfeiting techniques from being misused for counterfeiting Korean won.

The Bank of Korea explained that it will continue to carry out public counterfeit prevention promotional activities such as on-site education, campaigns at traditional markets and large supermarkets, and subway media advertisements.