How Korean Money Works

How Korean Money Works

If you are traveling to South Korea and want to purchase goods, it would be a good idea to become familiar with Korean money. Are you familiar with Korean money? If not, this post will be helpful when you make a trip to Korea in the future. This post will cover Korean bills (banknotes) and their amounts.

The official monetary unit in South Korea is 원 (won), and this ₩ symbol represents 원. For example, you can either write down the amount as 삼천 원 (three thousand won) in words or ₩3, 000 with the symbol.

How

Let’s test your knowledge on Korean bills, first. When you are ready, you can check your answers and their relative amount in dollars according to the current exchange rate, which will help you to expand your understanding on Korean bills.

How Does Korean Money Work Rn I Have 33$ On Me What Would That Be In Korean Money

The Sino Korean numbers are used to talk about money. If you are not familiar with Korean numbering system or need to review them, please follow this link to help with your understanding of Korean Numbers, SOS: Help with Numbers and Counters.

Depending on the amount of money, there are singular and plural forms of “dollar” in English. However, in Korean this word 원 is used for both singular and plural forms. One useful tip, 오천 원 and오만 원 are similar in color, so I would recommend you to pay close attention to them in order to avoid their mix-ups especially at night time.

안녕하세요? My name is Kyung-Hwa, and I am a native of South Korea. I am accustomed to both English and Korean languages and cultures. I greatly appreciate and love both of them. I am passionate about learning different languages, and I have studied English, Japanese, and Spanish. In my spare time, I take joy in singing, playing the piano, and reading books. I also enjoy traveling around the world, meeting people, and embracing new cultures and languages...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.

South Korean Won

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.

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. 

Korean History And Culture On Pieces Of Paper

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).

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 대한민국 원 (daehanminguk won).

A South Korean Bank Clerk Works Next To Bundles Of Foreign Currencies At The Head Office Of Korea Exchange Bank In Downtown Seoul, South Korea, Tuesday, Nov. 4, 2008. South Korea's Foreign

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 통보 (t’ongbo) and 정보 (jeongbo), respectively. Paper money, or 저화 (jeohwa) in Korean, was first used during the Joseon Dynasty. 

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.

Facts You Might Not Know About Korean Currency, The Won

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.

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!

Korean

How To Prepare Korean Money

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.

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.

Korean Won (krw)

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.

The back of the ₩1, 000 bill is the 계상정거도 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.

Which South Korean Coins Should You Collect? The 10 Won

The backside is another famous painting, 초충도 Chochungdo. This painting was made by Shin Saimdang (Yi I’s mother). It’s called “Insects and Plants.”

King of the Joseon Dynasty, then consider this the first of many times that you will! He is the one responsible for introducing Hangeul into Korean society. Hangeul is essential to Korean society; it even has its own holiday!

Facts

Since “sigye” means “clock” in Korean, we can call the picture on the back of this note the “Hocheon Clock.” 혼천시계 (honcheonsigye) is an astronomical clock that was made in 1669 and is still in existence today. If you’re ever sitting in your house and wondering what the position of the universe is at any given time, you’ll want to stop by Korea University to consult with the Hocehon Clock in person!

Your #1 Easy Guide To Korean Currency

Try saying that name four times fast! Shin Saimdang was the mother of Yi I, as well as a writer, artist, calligraphist, and poet. Her artwork captured beautiful and delicate images of insects, flowers, fish, and landscapes. People liked her because she was a model of Confucian ideals.

At the back of the bill is the 월매도 Wolmaedo. Fairly simple; this is a painting of bamboo and a plum tree.

Crack open your piggy banks; we’re about to give you the need-to-know information for each of those famous coins you often see. Your trips to the vending machine will take on a new dimension of fun!

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The obverse side of the ₩10 coin shows the 다보탑 (Dabotap) Pagoda, a Buddhist monument in Gyeongju, South Korea. The reverse side displays the standard information found in all coins: the value of the currency, the date, and the issuer (한국은행 | Bank of Korea).

The obverse side of the ₩50 coin features a stalk of rice, Korea’s favorite food. The reverse side shows the value of the coin, the date, and the issuer (한국은행 | Bank of Korea).

The principal design of the ₩100 coin is an image of Admiral Yi Sun-sin (1545-1598), a celebrated navy admiral and national hero in Korea. The reverse side displays the value of the coin, the date, and the issuer (한국은행 | Bank of Korea).

Korean Won As A Symbol Of The Korean Peninsula 상세보기|citizen Journalistsembassy Of The Republic Of Korea To Norway

The ₩500 coin’s principal design is the graceful Red-Crowned Crane flying through the sky. The reverse side displays the value of the coin, the date, and the issuer (한국은행 | Bank of Korea).

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To convert South Korean won to USD, USD to South Korean won, or any other currency, you can check your local bank. You can also check the exchange rates using converters like this one.

The US dollar exchange rate in 1000 won is around $0.78 (USD) at the current exchange rate of 1 KRW = 0.00078 USD.

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If you have seen the Korean series Squid Game, you might be curious how much the cash prize is when converted to USD.

Getting familiar with the different Korean money (Korean bills and coins) will help ease your life with anything related to spending money when you’re in South Korea. 

Want to learn how to count money? We’ll teach you how! You can check out our article on Korean Numbers and start counting in Korean today. 

Isometric Stacks Of 50000 South Korean Won Banknotes And Coins. Fifty Thousand Bills Of Korea Money. Krw Currency Notes. Flat Style. Vector Illustration. Stock Vector

If you want a detailed lesson on the Korean language, including Korean numbers, we’ve created the 90 Day Korean Membership Program. It’s a proven method to improve your Korean language skills quickly. You’ll be able to have a 3-minute conversation in Korean in the first 90 days if you follow our structured program. The South Korean won (Symbol: ₩; Code: KRW; Korean: 대한민국 원) is the official currcy of South Korea. A single won is divided into 100 jeon,

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