I don’t imagine coins will ever go out of fashion here in SA – after all, how else will we pay car guards for the privilege of not having our windows smashed in?

Over in South Korea it’s something of a different story, because the country is set to begin a trial which could result in the end of coins as currency.

It will begin on Thursday, with the BBC reporting:

…instead of accepting small change from purchases, customers at selected stores can instead opt to deposit it onto prepaid cards such as transportation cards…This means that customers won’t have to carry change in their pockets after making cash payments, the Bank of Korea (BOK) says.

Some of South Korea’s major convenience stores are taking part in the scheme and, if the initial trial is a success, bank officials plan to allow change to be remitted straight into bank accounts by next year…

One of the major drives behind the move – apart from the convenience to the public – is the cost of producing the coins balanced against their actual value. The lowly 10 won coin represents the equivalent of around half a British penny; while the largest value coin is 500 won, worth around 35p, or 44 US cents. The lowest value bank note is 1,000 won. According to BOK, the country spent 53.7 billion won ($47m; £36.7m) on producing coins in 2016.

First they come for the coins, and then it’s the end of money as you know it:

Cha Hyeon-jin, one of the officials behind the scheme, says that while no long-term decisions have been made, there’s a “good chance” that going coinless could eventually lead to a totally cashless society in South Korea at some stage in the future.

I know quite a few people who never, ever carry cash, but I think we’re still quite some way off going down that route.

Good luck South Korea, although a more pressing matter might be the behaviour of that crazy little man just north of you.

[source:bbc]