The number of counterfeit bills discovered last year was found to be at an all-time low.
A total of 143 counterfeit bills were discovered in 2024, a decrease of 54 (-27.4%) compared to the previous year (197). The total amount of counterfeit money discovered in 2024 was 1.93 million won, a slight decrease (-7.1%) compared to the previous year (2.078 million won).
The Bank of Korea believes that this is due to the decrease in the use of currency for face-to-face transactions due to the activation of non-cash payment methods such as cards and pay, and the improvement of people’s ability to identify counterfeit money.
The number of counterfeit bills discovered was as follows: 75 5,000 won bills, 40 10,000 won bills, 23 50,000 won bills, and 5 1,000 won bills. The 5,000 won and 1,000 won notes decreased by 48 (-39.0%) and 8 (-61.5%), respectively, compared to the previous year, while the 50,000 won notes increased by 2 (9.5%). The 10,000 won note was the same as the previous year.
A large number of counterfeit 5,000 won notes (74 sheets) with the number ‘77246’ produced by a large-scale counterfeiter (arrested in June 2013) are still being discovered, but other than these, the discovery of new counterfeit notes is low.
Counterfeit bills by discoverer are 7 from the Bank of Korea, 132 from financial institutions, and 4 from individuals, and are mainly discovered in the currency handling process of financial institutions. When looking at the number of counterfeit bills (132 pieces) discovered by financial institutions by region, counterfeit bills discovered in metropolitan areas such as Seoul, Gyeonggi, and Incheon account for the majority (61.4%) with 81 pieces.
Also, last year, the number of counterfeit bills discovered per million bank notes in circulation in Korea was 0.02, a decrease of 0.01 from the previous year (0.03).
Song Chi-hoon, Donga.com reporter [email protected]
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