The South Korean Won is the currency of the Republic of Korea – more commonly known as South Korea. The won is a decimalized currency, divided into 100 jeon. The jeon is no longer used for ordinary, everyday transactions. For practical purposes, the lowest denomination of South Korean currency in use is 1 won.
The symbol for the South Korean won is ₩. Thus, an amount of 5000 won is expressed as ₩5000. The foreign exchange market designation for the won is KRW (an acronym for Korean Republic Won). As of late 2020, the USD/KRW exchange rate is 1107.12 – approximately 1100 KRW = 1 USD. Although high, the exchange rate has been remarkably stable for the past decade, primarily fluctuating between 1100 and 1200.
The Republic of Korea’s central bank is the Bank of Korea. It authorizes and oversees the minting and printing of South Korean currency by the Korea Minting and Security Printing Corporation, a government entity that also does the printing of important government documents.
South Korean Won Currency Money Exchange...
Both North Korea and South Korea refer to their currency as the won, and both use the same symbol – ₩, so it is important to clearly indicate which won you are talking about when discussing the currency. The foreign exchange designations are different – the North Korean won is designated as KPW.
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.
South Korean Money Stock Photos
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.
Between 1953 and 1962, the won was replaced with the hwan, but the won returned in 1962. As before, the won was pegged to the US dollar, this time with an initial exchange of 125:1. The peg rate was again adjusted several times upward during the ensuing years. Finally, in 1997, the Bank of Korea dropped the peg to the US dollar, allowing the South Korean won to float freely in the foreign exchange market.
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. However, the central bank has not taken official action in that regard as of 2020.
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With the reintroduction of the won as South Korea’s currency in 1962, the Bank of Korea initially issued coins in denominations ranging from ₩1 to ₩100. However, over the years, inflation led to the ₩1 and ₩5 coins being withdrawn from circulation in 1992. Retailers adjusted prices to minimum price changes of 10 won. Additionally, new coins with a value of 500 won were introduced. As of 2020, there are only four South Korean won coin denominations being minted – ₩10, ₩50, ₩100, and ₩500.
The initial 1962 series of won banknotes came in values that overlapped the coin denominations up to ₩100, only adding a single higher denomination banknote of ₩500. Inflation eventually led to the creation of higher denomination banknotes in the early to mid-1970s – ₩1000, ₩5000, and ₩10, 000.
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 21
Creatrip: The Won Derful History Of Korean Currency
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.
The current series of banknotes is printed in the following denominations: ₩1000, ₩2000, ₩5000, ₩10, 000, and ₩50, 000. The ₩500 banknote from the previous series was replaced with a ₩500 coin.
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South Korean Won Coins.
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Current Issue South Korean Won (krw) Banknotes & Coins π°π·
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Gain unlimited access to more than 250 productivity Templates, CFI's full course catalog and accredited Certification Programs, hundreds of resources, expert reviews and support, the chance to work with real-world finance and research tools, and more.In this article, we’ll talk about the South Korean currency, the history of Korean money, the different Korean bills and coins, and why you should learn about Korean money.
Read on to learn more about the South Korean Won, also known as South Korean Won, Korean Republic Won, or KRW if you want to call it by its three-digit currency code.
South Korea Won Money Image & Photo (free Trial)
Over the past decades, we’ve seen Korea evolve into one of the strongest economies in Asia. It’s fascinating to know that the South Korean economy and the South Korean currency have improved a lot after what the country has gone through, including what happened during World War II and the Korean War.
The official name for Korean money is “Won.” This is the name used for both South Korean and North Korea. This became the official currency for both countries after being divided into two.
Although this is where the Korean money’s name came from, their value is quite different. For instance, 1 KRW equals 0.10 Japanese Yen (JPY) and only 0.005 Chinese Yuan (CNY).
Korean Currency . Bank Notes And Coins Used As A Medium Of Exchange. Stimulate Production And Help Drive Products From Production Sources To Consumers. 18789638 Stock Photo At Vecteezy
Another way of looking at it would be that 1 US Dollar to South Korean Won would be 1, 218.28 KRW, 6.36 CNY in Chinese Yuan, and 123.87 JPY in Japanese Yuan.
The official currency of South Korea is the Korean Republic Won or simply the South Korean Won. In Korean, this currency is called λνλ―Όκ΅ μ (daehanminguk won).
The currency in Korea dates back hundreds of years to the Joseon Dynasty. During Joseon, Koreans made use of coins made of bronze and iron, which are known as ν΅λ³΄ (t’ongbo) and μ 보 (jeongbo), respectively. Paper money, or μ ν (jeohwa) in Korean, was first used during the Joseon Dynasty.
South Korean Money Stock Photo. Image Of Coins, Korea
Fast forward to the present day, Korean currency makes use of Korean bills and coins. In them are printed images of people who have made significant contributions to South Korea.
The first South Korean Won bills were issued by the Bank of Joseon but later on, were issued by the Bank of Korea.
Currently, four South Korean banknotes or paper bills are in circulation in the country. These are the 50000 won bill, 10000 won bill, 5000 won bill, and 1000 won bill.
Korean Won Bills Stock Photo
As for the South Korean won coin denominations, there are currently four that are in circulation. These are the 10-won coin, 50-won coin, 100-won coin, and the 500-won coin.
Let’s move on to talking about the Korean Bills and Coins, what they look like, and the exciting stories behind them. Let the fun facts begin!
There are four different Korean won bills issued by the Bank of Korea and used in South Korea. They are 50, 000 won, 10, 000 won, 5, 000 won, and 1, 000 won.
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The bills get larger as they go up. The 5, 000 won bill is slightly larger than the 1, 000 won bill, and the 10, 000 won bill is somewhat larger than the 5, 000 won bill.
Many of the names here are written in Hangeul, the Korean Alphabet. If you can’t read Korean characters yet, you can learn them for free in about one hour here.
Yi Hwang was a famous Confucian scholar from the Joseon Dynasty (That’s the 500-year Confucian dynasty in Korea!) who was big into calligraphy and poetry.
Big Pile Of 50000 South Korean Won Notes A Lot Of Money Over White Background. 3d Rendering Of Bundles Of Cash Stock Illustration
The back of the ₩1, 000 bill is the κ³μμ κ±°λ Gyesangjeonggeodo. In addition to being an impressively long name for a painting, the backside of the 1, 000 won bill also represents a painting of Yi Hwang in Dosan Seowon (area of Korea).
) was also a mover and a shaker back in the 1500s. He attained fame as a Confucian scholar and flew under the radar with his pen name Yulgok.
The backside is another famous painting,
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