The South Korean won, officially the Korean Republic won 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. For practical purposes, the lowest denomination of South Korean currency in use is 1 won. Currently, 1, 5, 10, 50, 100 and 500 won coins and 1,000, 5,000, 10,000 and 50,000 won bills are in circulation.
The Bank of Korea has the exclusive authority to issue banknotes and coins for South Korea. Banknotes are issued in denominations ranging from 1,000 to 50,000 won. The notes are adorned on the obverse with early Yi (Chosŏn) dynasty figures, including writers Yi Hwang (1,000-won note) and Yi I (5,000-won note) and King Sejong (10,000-won note), who reigned from 1419 to 1450. Coins range in value from 1 to 500 won. The new won was adopted in 1962, when the old won was replaced at a rate of 100 to 1.
The won’s existed as currency in Korea in some form for centuries, although other currencies, such as the Mun and the Yang, also served as the country’s legal tender at various times. The modern version of the won dates back to 1902, when it was simply the Korean won since, at that time, the divisions of North Korea and South Korea did not exist.
From 1910 to 1945, Korea was under Japan’s control, and the won was replaced with the Korean yen, tied to the Japanese yen. At the end of the Second World War, following Japan’s surrender, the United States and the Soviet Union occupied the southern and northern parts of Korea, respectively. The entities of North Korea and South Korea were created in 1948, and a new South Korean won currency was issued in 1949. The South Korean won was initially pegged to the US dollar at an exchange rate of 15 KRW = 1 USD. Unfortunately, the Korean War, which began in 1950, led to a succession of severe devaluations of the won, and by April 1951, the exchange rate with the US dollar was as high as 6000 KRW.
Did you know?
The word "won" is a cognate term derived from the Chinese yuan and the Japanese yen, coins that have in common the same Chinese symbol, one that denotes the round property of an object (in this case, the coins).
The term "jeon" means "money.
In 1968, the brass with which the coin was made of 1 won exceeded in price the face value of it, so that this metal was replaced by aluminum.
In 2006, many of the banknotes in circulation were being falsified, such as 5000 won, which prompted the government to introduce a new series of banknotes that include security measures such as 3D holograms that change color, watermarks with portraits, etc.
On June 23, 2009, the Bank of Korea announced the issuance of 100 000 won bills, but its introduction was canceled at the last moment.
Few Important Points of the South Korean Won (KRW)
Symbols: ₩
ISO code: KRW
Central Bank: Bank of Korea
Currency Subunit: Jeon = 1/100
Denominations: Banknotes: ₩1000, ₩5000, ₩10000, ₩50000
Coins: ₩10,₩50,₩100₩500
Countries using this currency: South Korea
Currencies pegged to KRW: None
KRW is pegged to: None
With the increasing use of electronic payments in the country, the Bank of Korea is considering totally doing away with the production of won coins. To combat counterfeiting, various security features, such as color-shifting ink and microprint, were added to South Korean banknotes in the 1990s and into the 21st century. Further counterfeiting problems spurred the Bank of Korea to issue a new series of banknotes starting in 2006, with each denomination carrying up to 22 separate security features.
Value of the South Korean Won (As on 22/04/2022)
1 South Korean Won = INR 0.061 (Indian Rupees)
1 South Korean Won = PKR 0.15 (Pakistani Rupees)
1 South Korean Won = BDT 0.07 (Bangladeshi Taka)
1 South Korean Won = USD 0.00081 (United States Dollar)
1 South Korean Won = EURO 0.00074 (Euro)
You can watch the following videos in YouTube in my channel "CURRENCY UNIVERSE" to know more about South Korean Won. Please note that the videos are in Hindi.
SOUTH KOREA CURRENCY VALUE IN INDIAN RUPEES
SOUTH KOREA AND NORTH KOREA CURRENCY COMPARISON VIDEO
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Last updated on 22/04/2022
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