50,000 won note or “garlic-field money"

50,000 won note or “garlic-field money" is just one of the example why high denomination banknote will not bring any good news to a country. In June 2009, The Bank of Korea (BOK) announced the release of the 50,000 won bill, which it said would be more convenient and possibly stimulate the economy. It pointed out that the release of the 10,000 won note in 1973 was followed by strong economic growth. It also said that processing fees for one-time-use cashier’s checks were excessive, and sure enough, the use of such checks decreased about 30 percent after the release of the bill. Last month, BOK announced that 21 months after its release, the 50,000 won notes accounted for 47.2 percent of all cash money in circulation, totaling 20.1 trillion won.

But less than a week later, Lee Jong-koo of the Grand National Party said, “We don’t see many 50,000 won bills in the market, and I feel that it is feeding the underground economy. The 50,000 won bill is a failure.”

This week, 11 billion won ($10.1 million) in illegal earnings, much of it in 50,000 won notes, was found buried on a garlic farm. The garlic-field money was made through illegal Internet gambling sites by a man who is now serving jail time for his businesses. He entrusted the cash to his brother-in-law, who bought the farmland specifically to bury and hide the illegal gains.

Less than two years after it rolled off the money presses, the 50,000 won bill is being branded as the currency of choice for thieves, tax evaders and all kinds of ne’er-do-wells. The 50,000 won bills were found in several exposures of black money transactions, including an incident in February in which 1.1 billion won in 50,000 won bills were found in a department store in Yeouido, Seoul. That was also money earned from illegal gambling Web sites. Many elderly are rumored to keep money in 50,000 won bills in their home safes in order to avoid taxes.

Source: Joong And Daily