Get all your news in one place.
100's of premium titles.
One app.
Start reading
The Economic Times
The Economic Times
Trending Desk

In 1998, South Korea urged people to save the country from bankruptcy. Millions lined up with gold wedding rings and baby bracelets, raising $2.1 billion in just four months

Do you love watching K-Drama? In a real-life story in 1998, banks in South Korea saw something that no international lender had ever recorded before: millions of ordinary citizens walking in, one by one, to hand over their wedding rings, baby bracelets and Olympic medals, not for a loan, not for a scheme, but to help their country repay a debt they had never personally taken.

On the very first day of a public gold-donation drive launched by South Korean broadcaster KBS, banks logged close to 44,748 separate gold deposits, adding up to roughly 3,314 kilograms of gold. Within two weeks, single-day participation touched about 88,500 people. By the time the campaign wound down at the end of April, after being extended into a second phase, nearly 3.51 million South Koreans, about 23 percent of all households in the country, had taken part, contributing an estimated 227 metric tonnes of gold worth close to $2.13 billion at the time.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.