South Korea spent more than 150 billion won last year to produce banknotes and coins.

The Bank of Korea(BOK) says it cost 53-point-seven billion won to produce the coins in circulation last year, which is actually down 200 million won from the previous year.

The cost of printing banknotes increased by seven-point-two percent, fueling an overall cost increase of nearly four and a half percent to print the nation's money.

The demand for new currency, especially the 50-thousand won note introduced in 2009, is especially high around the Lunar New Year holiday, when cash is a frequent gift.

The amount of newly issued 50-thousand-won bills exceeded 20 trillion won for the first time in 2015.