Money, But Rarely Used... 10 Won Coin Issuance Hits All-Time Low

50 Won Coins: Redemption Amount 13 Times Higher Than Issuance

10 won coin. Photo by Asia Economy DB

Last month, the Bank of Korea's issuance of 10 won coins reached its lowest level on record. Compared to other coins, the amount of 10 won coins collected from circulation far exceeded the amount issued. This is attributed to the widespread use of non-cash payment methods such as credit cards, as well as rising prices, which have led to a decline in the use of coins with low face values.

According to the Bank of Korea's Economic Statistics System on June 17, the total amount of 10 won coins issued in May was only 17 million won. This means 1.7 million new coins were minted, marking the lowest figure since statistics began in January 1992.

The monthly issuance of 10 won coins has been on a downward trend since it reached 263 million won (26.3 million coins) in August 2019, dropping below 20 million won (2 million coins) for the first time in November last year. The all-time high was 593 million won (59.3 million coins) in August 2000.

In May, the Bank of Korea collected a total of 32 million won (3.2 million coins) in 10 won coins from circulation, nearly twice the amount issued. This indicates a significant decrease in the number of 10 won coins in circulation. For 50 won coins, the amount collected in May was 232 million won, which is 13 times the amount issued (18 million won). This means 50 won coins are disappearing from circulation even faster than 10 won coins.

In the same month, the amount of 100 won coins collected (1.462 billion won) was 11 times the amount issued (137 million won), and for 500 won coins, the respective figures were 2.475 billion won and 381 million won, a ratio of 6 to 1. The widespread adoption of non-cash payment methods such as credit cards, along with rising prices, has led to a decline in the use of coins with low face values. As a result, the amount of coins issued has also decreased.

Recently, 10 won coins have come to be seen as nostalgic items from the past. The Bank of Korea previously raised concerns about so-called "Sibwonppang" sold in the market, which used coin designs without authorization, but in August last year, the bank revised its guidelines to allow such use.