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Redenomination is being discussed in South Korea. While some officials announced that they are considering this as a long-term assignment or not even considering, the gold price is already fluctuating.

My questions are:

  • How can a person prepare for a redenomination?
  • Is gold actually good against redenomination or inflation? I'm somewhat skeptical about this.
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    Make sure you know where all your money is, and don't leave oodles of cash lying around in nooks and crannies? If you plan to ever develop faith in the banking system, this'd be a good time to do it. I'd expect any money on deposit will be converted automagically. It is expected that conspiracy theorists, preppers, and idiots will get all excited. But South Korea seems to be a perfectly healthy, stable economy. – Harper - Reinstate Monica May 30 '19 at 2:58
  • @Harper By "automagically", you mean there should be no side effect of this when properly executed? – user2652379 May 30 '19 at 3:02
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    By "automagically" I mean the bank should change your currency on account for you. Cookie jars of paper bills and your coin collection, you're on your own :) So if that stuff is deposited before the switch, it's easy mode. – Harper - Reinstate Monica May 30 '19 at 3:10
  • @Harper Sounds like an answer. Thank you – user2652379 May 30 '19 at 3:20

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