Bank of Korea Gwangju Jeonnam Headquarters to Exchange Currency Damaged by Floods

Examples of damaged currency redemption rights (from left) separated into single sheets, exchanged based on remaining surface area. Provided by Bank of Korea Gwangju Jeonnam Headquarters

The Bank of Korea Gwangju Jeonnam Headquarters announced on July 22 that it will exchange damaged currency (sosonkwon) caused by flood damage for usable currency.

If the remaining area of a damaged banknote is at least three-quarters (75%), the full amount can be exchanged. If the remaining area is between two-fifths (40%) and less than three-quarters, half the amount can be exchanged.

If the currency is torn into several pieces, the exchange will be determined based on the combined area, provided that the serial number, design, or other features can be recognized as parts of the same banknote.

If the area has increased or decreased due to water exposure, the exchange will be based on the altered area. Coins can be exchanged if they are brought in a condition that allows for identification.

Damaged currency can be exchanged at the Bank of Korea Gwangju Jeonnam Headquarters on weekdays from 9:00 a.m. to 4:00 p.m. For bulk exchanges, a prior appointment is required.