The number of counterfeit banknotes uncovered by authorities hit a record low last year as paper bills were used less during the pandemic.

The Bank of Korea said Wednesday that 176 forged notes were discovered in 2021, down 35 percent from a year earlier and the lowest since related data began to be compiled in 1998.

Their combined value came to one-point-99 million won last year compared to over three million in 2020.

The central bank said that, as face-to-face transactions declined, the number of fake bills were down in all denominations last year except for 1,000 won bills.

Seventy-seven percent of the total were detected in the capital area, while a great majority was discovered by the BOK or other financial institutions.