South Korea will issue 100,000-won and 50,000-won notes, possibly in the first half of 2009, the Bank of Korea announced yesterday in Seoul.

The nation's current highest denomination note in circulation is the 10,000 won, worth about U.S. $10.79 at the moment. The two new high-denomination notes would be worth about U.S. $54 and $108.

I don't know much about prices or daily life in South Korea — can anyone comment on how useful the new bills will be?

According to an editorial in The Korea Herald online, it's about time, and revaluation of the won would be nice, too. Further news of the announcement can be seen here.

People needing larger denominations are currently forced to use credit cards, electronic transfers and pre-denominated, single-use checks supplied by banks.

Addition of the new denominations reflects a need for larger bills in circulation, the bank says, citing this as a sign of increasing prosperity.

The Bank of Korea's Web site doesn't mention the new notes yet, but does show notes and coins currently in circulation, here. A separate section is devoted to the bank's ongoing bank note redesign.