The currency currently in circulation in the South Korean market is issued by the Bank of Korea. Its basic unit is "won" (which we call "South Korean Won"), represented in English as "won". The coins include denominations of 500 won, 100 won, 50 won, 10 won, 5 won, and 1 won. Currently, the 5 won and 1 won coins are rarely used in the market. Recently, even the 10 won coin is only used for making change and has no other significant use. There are three types of banknotes: 10,000 won, 5,000 won, and 1,000 won. In addition to these, there are also checks with a face value of over 100,000 won that are in circulation and can be used; however, when using them, one must present identification (such as a resident ID, passport, or driver's license), which is somewhat inconvenient. Additionally, the Bank of Korea announced that it will officially issue new banknotes with denominations of 50,000 won and 100,000 won in the first half of 2009. The portraits on these two banknotes will feature Kim Gu (pen name Baekbeom) and Shin Saimdang, respectively.