8 years ago
These look very crisp and modern, so good job! I just wondered about "Payable to the bearer on demand," since I don't think that's been commonly printed on European bills anymore in a while, I think I've only seen it on old, pre-WW2 money? You're the expert, though. Might be a nod towards tradition for Pearl Islanders.
For the uninitiated, what's the case for South Korea? From context I suppose it means that electronic payment is basically non-existent there?
For the uninitiated, what's the case for South Korea? From context I suppose it means that electronic payment is basically non-existent there?
8 years ago
Thanks!
The "payable to the bearer" clause actually has appeared on a lot of more recent money, though, with the transition to fiat currencies, it's mostly symbolic more than anything. The last series of Italian lira notes said "payable to the bearer on sight", and current British pound sterling notes say "I promise to pay the bearer on demand the sum of ____________ pounds", a nod to the time when the banknotes were convertible for cash. Now, however, they're simply backed by the strength of the country and economy. So a relic of sorts.
The South Korea reference actually is that electronic payments are extremely common there, but it seems moreso with the younger generation which has fairly quickly adopted paying by mobile phone, for example. The older generations, though, still seem to prefer cold, hard cash for most day-to-day things, which necessitated the introduction of a 50 thousand won note back in 2009 or so (before that, the highest denomination was KRW 10000, which amounted to about US$8-$10).
The "payable to the bearer" clause actually has appeared on a lot of more recent money, though, with the transition to fiat currencies, it's mostly symbolic more than anything. The last series of Italian lira notes said "payable to the bearer on sight", and current British pound sterling notes say "I promise to pay the bearer on demand the sum of ____________ pounds", a nod to the time when the banknotes were convertible for cash. Now, however, they're simply backed by the strength of the country and economy. So a relic of sorts.
The South Korea reference actually is that electronic payments are extremely common there, but it seems moreso with the younger generation which has fairly quickly adopted paying by mobile phone, for example. The older generations, though, still seem to prefer cold, hard cash for most day-to-day things, which necessitated the introduction of a 50 thousand won note back in 2009 or so (before that, the highest denomination was KRW 10000, which amounted to about US$8-$10).