South Korean won

The South Korean won (/wʌn/;[3] Korean: , Korean pronunciation: [wʌn]; symbol: ; code: KRW) or Korean Republic won (Korean: 대한민국 원) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and it appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city of Seoul.

South Korean won
대한민국 원 (Korean)
Currency South Korea.jpg
Coins and banknotes of the South Korean won
ISO 4217
CodeKRW
Number410
Exponent0
Denominations
Subunit
1100jeon (전/錢)
Theoretical (not used)
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol
Banknotes
 Freq. used₩1,000, ₩5,000, ₩10,000, ₩50,000
 Rarely used₩2,000
Coins
 Freq. used₩10, ₩50, ₩100, ₩500
 Rarely used₩1, ₩5
Demographics
User(s) South Korea
Issuance
Central bankBank of Korea
 Websiteeng.bok.or.kr
PrinterKorea Minting and Security Printing Corporation
 Websiteenglish.komsco.com
MintKorea Minting and Security Printing Corporation
 Websiteenglish.komsco.com
Valuation
Inflation1.3% (Feb 2016, Year-on-Year % Change)
 Source[6], February 2016
South Korean won
Hangul
Hanja
Revised RomanizationDaehanmin(-)guk won
McCune–ReischauerTaehanmin'guk wŏn
The current won (원) does not officially have any hanja associated with it.[1][2]

EtymologyEdit

The old "won" was a cognate of the Chinese yuan and Japanese yen, which were both derived from the Spanish-American silver dollar. It is derived from the hanja (, won), meaning "round", which describes the shape of the silver dollar.

The won was subdivided into 100 jeon (Korean; Hanja; RRjeon; MRchŏn), itself a cognate of the Chinese unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.[1][2]

First South Korean wonEdit

HistoryEdit

The Korean won, Chinese yuan and Japanese yen were all derived from the Spanish-American silver dollar, a coin widely used for international trade between Asia and the Americas from the 16th to 19th centuries.

During the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese Yen.

After World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon.

The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:

Pegs for the first South Korean won
Date introduced Value of U.S. dollar in won
October, 1945 15
July 15, 1947 50
October 1, 1948 450
June 14, 1949 900 (non-government transactions only)
May 1, 1950 1,800
November 1, 1950 2,500
April 1, 1951 6,000

The first South Korean won was replaced by the hwan on February 15, 1953 at a rate of 1 hwan = 100 won.[4]

BanknotesEdit

In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1,000 won notes.

A new central bank, the Bank of Korea, was established on 12 June 1950,[5] and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. The 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.

Second South Korean wonEdit

HistoryEdit

The won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan. It became the sole legal tender on March 22, 1975, with the withdrawal of the last circulating hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = US$1. The following pegs operated between 1962 and 1980:

Pegs for the second South Korean won
Date introduced Value of U.S. dollar in won
June 10, 1962 125
May 3, 1964 255
August 3, 1972 400
December 7, 1974 480
January 12, 1980 580

On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund.[6] Shortly after, the won was devalued to almost half of its value, as part of the 1997 Asian financial crisis.

CoinsEdit

Until 1966, 10- and 50-hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966, in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the common era, earlier coins having used the Korean calendar. The 10- and 50-hwan coins were demonetized on March 22, 1975.[7]

In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. As an attempt to further reduce currency production costs, new 5 and 10 won coins were issued in 1970, struck in brass. Cupronickel 100 won coins were also introduced that year, followed by cupronickel 50 won coins in 1972.[7]

1966–1982 issued coins[8][9] (in Korean)
Image Value Technical parameters Description Date of BOK series designation
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue Withdrawal
    ₩1 17.2 mm 1.7 g Brass
60% copper
40% zinc
Plain Rose of Sharon, value, bank title (hangul) Value (digit), bank title, year of minting 1966 August 16, 1966 December 1, 1980 Series I ()
    ₩1 17.2 mm 0.729 g 100% aluminium Plain Rose of Sharon, value, bank title (hangul) Value (digit), bank title, year of minting 1968 August 26, 1968 1992 Series II ()
    ₩5 20.4 mm 3.09 g Commercial bronze
88% copper
12% zinc
Plain Geobukseon, value, bank title (hangul) Value (digit), bank title, year of minting 1966 August 16, 1966 1992 Series I ()
    ₩5 20.4 mm 2.95 g High brass
65% copper
35% zinc
Plain Geobukseon, value, bank title (hangul) Value (digit), bank title, year of minting 1970 July 16, 1970 1992 Series II ()
    ₩10 22.86 mm 4.22 g Commercial bronze
88% copper
12% zinc
Plain Dabotap Pagoda, value, bank title (hangul) Value (digit), bank title, year of minting 1966 August 16, 1966 Still circulating Series I ()
    ₩10 22.86 mm 4.06 g High brass
65% copper
35% zinc
Plain Dabotap Pagoda, value, bank title (hangul) Value (digit), bank title, year of minting 1970 July 16, 1970 Still circulating Series II ()
    ₩50 21.6 mm 4.16 g 70% copper
18% zinc
12% nickel
Reeded Stalk of rice, value (hangul) Value (digit), bank title (hangul), year of minting 1972 December 1, 1972 Still circulating Series I ()
    ₩100 24 mm 5.42 g Cupronickel
75% copper
25% nickel
Yi Sun-sin, value, bank title (hangul) Value (digit), year of minting 1970 November 30, 1970
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982. In January 1983, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 won coins was issued, using the same layout as the 500 won coins, but conserving the coins' old themes.[7]

1982–2006 issued coins[10][11]
Image Value Technical parameters Description Date of BOK series designation
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue
    ₩1 [ko] 17.2 mm 0.729 g 100% aluminium Plain Rose of Sharon, value (hangul) Value (digit), bank title, year of minting 1983 January 15, 1983 Series III ()
    ₩5 [ko] 20.4 mm 2.95 g High brass
65% copper
35% zinc
Plain Geobukseon, value (hangul) Value (digit), bank title, year of minting 1983 January 15, 1983 Series III ()
    ₩10 22.86 mm 4.06 g Dabotap Pagoda, value (hangul)
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.
Current coins
Image Value Technical parameters Description Date of BOK series designation
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue
    ₩10 [ko] 18 mm 1.22 g Copper-plated aluminium
48% copper
52% aluminium
Plain Dabotap pagoda, value (hangul) Value (digit), bank title, year of minting 2006 December 18, 2006 Series IV ()
    ₩50 [ko] 21.6 mm 4.16 g 70% copper
18% zinc
12% nickel
Reeded Stalk of rice, value (hangul) Value (digit), bank title, year of minting 1983 January 15, 1983 Series II ()
    ₩100 [ko] 24 mm 5.42 g Cupronickel
75% copper
25% nickel
Yi Sun-sin, value (hangul)
    ₩500 26.5 mm 7.7 g Red-crowned crane, value (hangul) 1982 June 12, 1982 Series I ()
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

The Bank of Korea announced in early 2006 its intention to redesign the 10 won coin by the end of that year. With the increasing cost of production, then at 38 won per 10 won coin, and rumors that some people had been melting the coins to make jewelry, the redesign was needed to make the coin more cost-effective to produce.[12] The new coin is made of copper-coated aluminium with a reduced diameter of 18 mm, and a weight of 1.22 g. Its visual design is the same as the old coin.[13] The new coin was issued on December 18, 2006.[14][15]

The 1 and 5 won coins are rarely in circulation since 1992, and prices of consumer goods are rounded to the nearest 10 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets.[16] In 1998, the production costs per coin were: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won.[17]

BanknotesEdit

The Bank of Korea designates banknote and coin series in a unique way. Instead of putting those of similar design and issue dates in the same series, it assigns series number X to the Xth design of a given denomination. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사. Therefore, ₩1,000 issued in 1983 is series II () because it is the second design of all ₩1,000 designs since the introduction of the South Korean won in 1962.

In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea. The first issue of 1, 5, 10, 50, 100 and 500 won notes was printed in the UK by Thomas De La Rue. The jeon notes together with a second issue of 10 and 100 won notes were printed domestically by the Korea Minting and Security Printing Corporation.

In 1965, 100 won notes (series III) were printed using intaglio printing techniques, for the first time on domestically printed notes, to reduce counterfeiting. Replacements for the British 500 won notes followed in 1966, also using intaglio printing, and for the 50 won notes in 1969 using lithoprinting.[7]

1962 Thomas De La Rue Series[8] (in Korean)
Image Value Dimensions Main color Description Date of BOK series designation
Obverse Reverse Obverse Reverse Issue Withdrawal
    ₩1 94 × 50 mm Pink Bank of Korea's symbol Value June 10, 1962 May 20, 1970 None
    ₩5 Blue May 1, 1969
    ₩10 108 × 54 mm Green September 1, 1962 Series I ()
    ₩50 156 × 66 mm Orange Haegeumgang near Geoje Torch, value May 20, 1970
    ₩100 Green Independence Gate (Dongnimmun) February 14, 1969
    ₩500 Grey Namdaemun February 3, 1967
1962–1969 KOMSCO Series[8] (in Korean)
    10 jeon 90 × 50 mm Blue "Bank of Korea" and value (Korean) "Bank of Korea" and value (English) December 1, 1962 December 1, 1980 None
    50 jeon Brown
    ₩10 140 × 63 mm Purple Cheomseongdae Geobukseon September 21, 1962 October 30, 1973 Series II ()
    ₩50 149 × 64 mm Green and orange / blue Tapgol Park in Seoul Beacon, Rose of Sharon March 21, 1969 Series II ()
    ₩100 156 × 66 mm Green Independence Gate Gyeonghoeru Pavilion at Gyeongbok Palace November 1, 1962 Series II ()
    Sejong the Great Main building of the Bank of Korea August 14, 1965 December 1, 1980 Series III ()
    ₩500 165 × 73 mm Brown Namdaemun Geobukseon August 16, 1966 May 10, 1975 Series II ()
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

With the economic development from the 1960s, the value of the 500 won notes fell, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones.[7] In 1970, the 100 won notes were replaced by coins, with the same happening to the 50 won notes in 1972.

Higher-denomination notes of 5,000 and 10,000 won were introduced in 1972 and 1973, respectively. The notes incorporated new security features, including watermark, security thread, and ultraviolet response fibres, and were intaglio printed. The release of 10,000 won notes was planned to be at the same time as the 5,000 won notes, but problems with the main theme delayed it by a year.[18] Newly designed 500 won notes were also released in 1973, and the need for a medium denomination resulted in the introduction of 1,000 won notes in 1975.

1972–1973 Series[9] (in Korean)
Image Value Dimensions Main color Description Date of BOK series designation Plate produced
Obverse Reverse Obverse Reverse Watermark Issue Withdrawal
    ₩5,000 167 × 77 mm Brown Yi I Main building of the Bank of Korea July 1, 1972 December 1, 1980 Series I () By Thomas de la Rue[19]
    ₩10,000 171 × 81 mm Green Sejong the Great, Rose of Sharon Geunjeongjeon at Gyeongbok Palace June 12, 1973 November 10, 1981 Series I () In Japan[18]
1973–1979 Series[9] (in Korean)
    ₩500 159 × 69 mm Green and pink Yi Sun-sin, Geobukseon Yi Sun-sin's Shrine at Hyeonchungsa None September 1, 1973 May 12, 1993 Series III ()
    ₩1,000 163 × 73 mm Purple Yi Hwang, Rose of Sharon Dosan Seowon (Dosan Confucian Academy) August 14, 1975 Series I () In Japan[20]
    ₩5,000 167 × 77 mm Orange Yi I Ojukheon in Gangneung June 1, 1977 May 12, 1993 Series II () In Japan[19]
    ₩10,000 171 × 81 mm Green Sejong the Great, Water clock Gyeonghoeru Pavilion at Gyeongbok Palace, Rose of Sharon June 15, 1979 May 12, 1993 Series II () In Japan[18]
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

In 1982, the 500 won note was replaced by a coin. The following year, as part of its policy of rationalizing the currency system, the Bank of Korea issued a new set of notes, as well as a new set of coins. Some of the notes' most notable features were distinguishable marks for the blind under the watermark and the addition of machine-readable language in preparation for mechanization of cash handling. They were also printed on better-quality cotton pulp to reduce the production costs by extending their circulation life.[7]

To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000 and 10,000 won notes were released between 1994 and 2002 with various new security features, which included color-shifting ink, microprint, segmented metal thread, moiré, and EURion constellation. The latest version of the 5,000 and 10,000 won notes are easily identifiable by the copyright information inscribed under the watermark: "© 한국은행" and year of issue on the obverse, "© The Bank of Korea" and year of issue on the reverse.

The plates for the 5,000 won notes were produced in Japan, while the ones for the 1,000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.[18][19][20]

With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation.[21]

1983–2002 Series[22] (in Korean)
Image Value Dimensions Main Color Description Date of issue BOK series designation Modification
Obverse Reverse Obverse Reverse Watermark
    ₩1,000 151 × 76 mm Purple Yi Hwang Dosan Seowon (Dosan Confucian Academy) Reversed portrait June 11, 1983 Series II ()
    ₩5,000 156 × 76 mm Orange Yi I Ojukheon in Gangneung June 11, 1983 Series III ()
    June 12, 2002 Series IV () Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription
    ₩10,000 161 × 76 mm Green Sejong the Great, Water clock Gyeonghoeru Pavilion at Gyeongbok Palace October 8, 1983 Series III ()
    January 20, 1994 Series IV () Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image
    Reversed portrait, Taeguk June 19, 2000 Series V () Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

New seriesEdit

Historical figures on the Korean Won and their importance in history.Edit

Yi Hwang (이황) ~ ₩1,000

Yi Hwang, the man featured on the Korean 1000 won bill, is regarded as one of Korea’s most prominent Confucian scholars during the Joseon era. His vast love for knowledge and literature made him known to many and a largely popular historical figure. He dedicated his life and to teaching numerous students. When people think of Yi Hwang now, the Dosanseowon Confucian Academy(안동 도산서원) always comes to mind.[speculative - consider removing] It was established in 1574 to honor Yi Hwang (Toegye 퇴계). It was built about 6 years after his death. It was also designated as a UNESCO World Heritage site.[23][24] [25]

An Interesting fact about how the historical figures on the 1000 won and 5000 won. Yi Hwang was the head teacher and taught the man on the 5000 won. His name was Yi Yulgok, he too also became a famous Confucian scholar under Yi Hwangs guidance and was bestowed the significance of being featured on the 5000 won banknote.[26]

Yi I (이이) ~ ₩5,000

Yi Yulgok (1536-1584) was a Neo-Confucian thinker and is known to have similar influence as Yi Hwang. Yulgok is responsible for establishing the Kiho school in Korea. He is the son of Shin Saimdang, who was a well-known poet and painter. Yulgok began studying with his mother, but when his mother died, he mourned her loss for 3 years. He then fled to a Buddhist temple in the mountains with the desire to become a monk; however, after a year of studying scriptures, he changed his mind. Given the knowledge he acquired in the Buddhist temple, he placed first in both the preliminary and final civil service examinations in 1564. He then became known as Lord First Candidate of the Nine Examinations. He served in several offices within the metropolitan and provincial government. His official posts included appointments of minister of military affairs, minister of public works, and minister of personnel until he died at age forty-nine.[27]

Sejong the Great (세종대왕) ~ ₩10,000

Sejong the Great was a famous king during the Joseon era. His legacy includes the creation of the Korean writing system, hangul (한글), which occurred in 1443 during the 12th month of the lunar calendar. Later in 1446, the book of Sejong Sillok (조선왕조실록) described the new language of Joseon as Hunminjeongeum (full name;훈민정음 해례본, Hunminjeongeum Haeryebon), was created and information on how to learn the new system and the teachings were published all together in multiple parts. One of Sejong’s purposes for creating this new language system was to help common people read and write, many of which were otherwise illiterate. Hunminjeongeum was the original name for Hangeul when it was first created back in the 15th century. The other sections of Hunminjeongeum(훈민정음) called Yeui(예의) was created to describe and teach the reader about each sound of the 28-letter alphabet. With the creation of this book, Hunminjeongeum(훈민정음), we can understand the true vision and concept Sejong the great had for creating this language and how to clearly grasp the rules and usage of it. The next part of the book was called “haerye”(해례), which showed the theories involved with the inventions of the consonants and vowels and the ideas behind the initial, middle, and final sound of a syllable.[28]

Lastly another special distinction related to the language was, Hunminjeongeum(훈민정음) became a national treasure recognized by the UN in 1997. It was listed in the UNESCO’s Memory of the World Register. It stated that this document created by Sejong was regarded highly for its linguistic, cultural, and ideological values. [29]

Shin Saimdang (신사임당) ~ ₩50,000

Shin Saimdang (1504-1551) is a well-known historical figure and is considered the representative image of the Korean woman and icon of the “wise mother and good wife” (hyeonmoyangcheo,현모양처). Shin Saimdang was an artist, writer calligraphist and poet of the Joseon era. She became the first woman to appear on a new Korean banknote since 2009.[30] She is the mother of Yi I and was of great influence on him. She lived in a male-dominant society because of the great influence of Confucianism. For this reason, her real name is unknown and because she is a woman, her name didn’t make history. The only accounts of her origin story were from her son Yi Yulgok, unofficial history books, anthologies and from postscripts written by Confucian scholars. Her legacy and her artworks are remembered more than documents that portray her as a good wife and wise mother.[31]

New Security FeaturesEdit

In 2006, it became a major concern that the South Korean won banknotes were being counterfeited/forged. This led the government to issue a new series of banknotes, with the 5,000 won note being the first one to be redesigned. Later in 2007, the 1,000 and 10,000 won notes were introduced.

On June 23, 2009, the Bank of Korea released the 50,000 won note. The obverse bears a portrait of Shin Saimdang, a prominent 16th-century artist, calligrapher, and mother of Korean scholar Yulgok, also known as Yi I, who is on the 5,000 won note. This note is the first Korean banknote to feature the portrait of a woman.[32] The release of the 50,000 won note stirred some controversy among shop owners and those with visual impairments due to its similarity in color and numerical denomination with the 5,000 won note.[33]

New 100,000 won notes were also announced, but their release was later cancelled due to the controversy over the banknote's planned image, featuring the Daedongyeojido map, and not including the disputed Dokdo islands.[34][35][36][37]

The banknotes include over 10 security features in each denomination. The 50,000 won note has 22 security features, the 10,000 won note 21, the 5,000 won note 17, the 2,000 won note 10 and the 1,000 won note 19. Many modern security features that can be also found in euros, pounds, Canadian dollars, and Japanese yen are included in the banknotes. Some security features inserted in won notes are:

  • Holograms with three-dimensional images that change colors within the metallic foil on the obverse side of the notes (except ₩1,000)
  • Watermark portraits of the effigy of the note are visible when held to the light in the white section of the note.
  • Intaglio printing on words and the effigy give off a raised feeling, different from ordinary paper
  • Security thread in the right side of the obverse side of the note with small lettering "한국은행 Bank of Korea" and its corresponding denomination
  • Color-shifting ink on the value number at the back of the note:

For the first time in the world, KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported to Europe, North America, etc.[38]

2006 Series[39] (in Korean)
Image Value Dimensions Main color Description Date of issue BOK series designation
Obverse Reverse Obverse Reverse Watermark
    ₩1,000 [ko] 136 × 68 mm Blue Yi Hwang, Myeongryundang in Seonggyungwan, plum flowers "Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong Seon Reversed portrait and electrotype denomination (₩1,000 to ₩50,000) January 22, 2007 Series III ()
    ₩5,000 [ko] 142 × 68 mm Orange Yi I, Ojukheon in Gangneung, black bamboo "Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Shin Saimdang January 2, 2006 Series V ()
    ₩10,000 [ko] 148 × 68 mm Green Sejong the Great, Irworobongdo, a folding screen for Joseon-era kings, and text from the second chapter of Yongbieocheonga, the first work of literature written in hangul Globe of Honcheonsigye, Cheonsang Yeolcha Bunyajido C14 star map and reflecting telescope at Bohyeonsan Observatory in the background January 22, 2007 Series VI ()
    ₩50,000 [ko] 154 × 68 mm Yellow Shin Saimdang with Chochungdo - a Folding Screen of Embroidered Plants and Insects (South Korean National Treasure No. 595) in the background Bamboo and a plum tree June 23, 2009 Series I ()
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.
2017 Commemorative Series[40] (in Korean)
Image Value Dimensions Main color Description Date of issue BOK series designation
Obverse Reverse Obverse Reverse Watermark
[7] [8] ₩2,000 140 x 75 mm Gray Seven winter sports events (Biathlon, Ice hockey, Curling, Speed skating, Ski jumping, Luge and Bobsled) Songhamaenghodo (a painting of a tiger and a pine tree by Joseon-era artist Kim Hong-do) Pyeongchang Olympic Stadium December 11, 2017 Series I ()
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Future of the South Korean wonEdit

As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins of the South Korean won.[41]

Currency productionEdit

The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins. The banknotes and coins are printed at the KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new banknotes and coins are printed/minted, they are bundled or rolled and shipped to the headquarters of the Bank of Korea. When delivered, they are deposited inside the bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

Current exchange ratesEdit

South Korean won exchange rate against U.S. dollar (from 1990) and Euro (from 1999).
Current KRW exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD CNY INR

See alsoEdit

ReferencesEdit

  1. ^ a b Bank of Korea. "화폐 < 홍보교육자료 < 우리나라 화폐단위 변경 | 한국은행 홈페이지. #1" (in Korean). Archived from the original on 2015-09-23. Retrieved 2012-11-24. 한글로만 표기" → Translation: "Spelling in hangul only
  2. ^ a b Entry in Standard Korean Language Dictionary (표준국어대사전)
  3. ^ "won". OxfordDictionaries.com. Oxford University Press. Retrieved 8 January 2017.
  4. ^ The Bank of Korea (23 January 2013). KOREAN CURRENCY: for better understanding of Korean currency. p. 10. Retrieved 3 May 2020.
  5. ^ Linzmayer, Owen (2012). "South Korea". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  6. ^ Kurt Schuler (29 February 2004). "Tables of modern monetary history: Asia". Currency Boards and Dollarization. Archived from the original on 2007-01-12. Retrieved 2006-11-16.
  7. ^ a b c d e f "Currency Issue System". Bank of Korea. Archived from the original on 2006-08-26. Retrieved 2006-11-09.
  8. ^ a b c [1]
  9. ^ a b c [2]
  10. ^ "Archived copy". Archived from the original on 2010-09-27. Retrieved 2010-09-27.CS1 maint: archived copy as title (link)
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External linksEdit

Preceded by:
Korean yen
Ratio: at par
Currency of South Korea
1945 – 1953
Succeeded by:
South Korean hwan
Reason: inflation
Ratio: 1 hwan = 100 won
Preceded by:
South Korean hwan
Reason: inflation
Ratio: 1 won = 10 hwan
Currency of South Korea
1962 –
Succeeded by:
Current