Millions of dollars found in a South Korean garlic field. Currency debate ensues.
Critics say that the garlic field cash stash is further proof that the 50,000 won note could aids those operating on the black market because it is easily hidden from the prying eyes of authorities.
Seoul, South Korea
In South Korea, garlic fields signal the promise of tasty dishes ranging from kimchi to bulgogi. Less expected is that they might also host some $10 million in large bills.
But on Monday, more than two dozen packages containing stacks of 50,000-won bills (roughly $46) were discovered at garlic fields near Gimje,160 miles southwest of Seoul. According to one report, another $5 million might be unaccounted for – all of it, say police, believed to have been earned from illegal online gambling.
But no one seems too troubled by the illegal gambling. Rather, a debate has sprung up about the merits of South Korea's equivalent of the $50 bill.
When the 50,000-won note was introduced in 2009, some critics warned that it could help black-marketeers, seeing as fewer notes would be required to hide large sums from the authorities. The garlic-field gambling caper has provided them pungent ammunition for bolstering their argument.
In an editorial this week, the Korea Herald pointed to another recent case of suspected illegal activity that could support such claims.
"Last month, police confiscated a bundle of 800 million won in 50,000-won notes long unclaimed from a private deposit box," the editorial said. "It was determined to have been kept by another illegal Internet gambling operator. So, it is getting clearer for what purpose the high-value bills are being used in this country."
The Bank of Korea recently estimated that the 50,000-won bill now accounts for 47.2 percent of all the cash in circulation in South Korea. But politician Lee Jong-koo, of the country's ruling party, countered later that few were seen on the open market, with local media quoting him as saying that "it is feeding the underground economy. The 50,000-won bill is a failure."
The would-be farmer catapulted the issue into the spotlight when police swooped on the land over the weekend. The man, identified by the BBC only as Mr. Lee, allegedly stashed the cash for his brother-in-laws. One of the brothers is already in jail for his part in an illegal gambling operation. The other is said to be on the lam.
Lee apparently wanted a piece of the action – and in a ruse to keep his brother-in-laws from finding out he had siphoned off a portion, say reports, he accused a workman digging near the garlic field of theft. The workman responded by reporting the incident to police.
Those with stacks of cash to bury may no longer be banking on garlic fields as a safe bet.