Korea Aims to Make Money from Recycled Money

According to the Bank of Korea (BOK), last year it withdrew and disposed of 474.89 million damaged or contaminated banknotes, amounting to a total value of KRW 3.3761 trillion won, a 1.9% reduction over the previous year. The disposal of these notes is part of its ongoing efforts to maintain the integrity and quality of the currency in circulation, the central bank said. It also disposed of 101.53 million coins.

The BOK is actively pursuing a project to recycle damaged currency instead of discarding it – a topic that has been raised in the country’s National Assembly. Last year, it was able to recycle 55% of the 400 tonnes of withdrawn currency into concrete reinforcing materials or solid fuel, while the remaining 45% was incinerated as before. Last year was the first time damaged currency was actively recycled.

A pen made from shredded banknote waste (Source: Korea Minting and Security Printing Corporation).