Demand for South Korea’s 500-won coin, the highest circulating coin
denomination, has caught fire, according to a local media report.
The Chosun Ilbo newspaper reported that an increase in cigarette taxes
earlier in 2015 explains why the Bank of Korea introduced into
circulation 15.4 billion won ($13.7 million U.S.) worth of the coins
from January through May.
That number is nearly five times the 3.1 billion won released into
circulation in the same period a year earlier. The 500-won coins
account for 75 percent of all coins released into circulation during
the first five months of 2015, according to the Chosun Ilbo report.
The copper-nickel coin shows a crane. It weighs 7.7 grams and
measures 26.5 millimeters in diameter, or the same dimensions as the
Sacagawea $1 but slightly lighter.
The coin's face value is equivalent to about 44.5 cents U.S.
The 500-won coins are the most efficient way to make change for
cigarette purchases. The taxes were raised from 2,000 won per pack to
4,500 won per pack, the newspaper reported.
More from CoinWorld.com:
States Mint releases image mock-ups for 2016 gold dime, quarter
dollar, half dollar
Reagan First Spouse coin designs being reviewed by CCAC
mechanic’s valuable error Chinese note draws attention years after discovery
G. Partrick Collection auctions by Heritage placed on hold
Special Silver Set 'Currently Unavailable' from United States Mint
Keep up with all of CoinWorld.com's news and insights by
up for our free eNewsletters,
liking us on Facebook
us on Twitter
. We're also on