Bank of Korea embarks on ‘coinless society’ project


The Bank of Korea is taking its first steps towards creating a "coinless society", beginning a process of slowly phasing out the use of coins.

In a statement released on November 30, the central bank revealed it would be starting a pilot scheme in the first half of 2017 which would involve coin payments being made via the nation's electronic travel passes or ‘T-cards'.

Currently, the South Korean won is circulated in six coin denominations, the largest of which, the W500, is worth $0.43. Under

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account