South Korean won conversion

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South Korean won

Abbreviation/Symbol:

  • Won

Worldwide use:

  • South Korea

Description:

The Won or ₩ is the official currency of South Korea (more formally known as The Democratic People's Republic of Korea). One Won is made up of 100 Jeon (전). The South Korean government only authorizes The Bank of Korea to print banknotes and mint coins via KOMSCO (Korea Minting and Security Printing Corporation) a government-owned corporation. Unlike most of the world's currencies, South Korea currently only has 3 banknotes in circulation 1000, 5000 and 10000 Won. Coins are in denominations of 1, 5, 10, 50, 100 and 500 Won. From the Won's reintroduction in 1962 it was pegged against the US dollar, until it was floated in 1997 following the Asian financial crisis.

The word Won derives from the Chinese word Yuan and the Japanese word Yen which means round shape. Instead of showing the year of a particular series, South Korean Won banknotes are identified by a letter from the Korean alphabet.

Origin:

After the Korean Won was re-introduced to South Korea in 1945 it suffered from massive devaluation. Initially exchanging at 15 Won to 1 Dollar, by 1953 it had devalued to 6000 Won to 1 Dollar. To combat this the Korean government introduced the Hwan to replace the Won at an exchange rate of 1 Won to 100 Hwan. In 1962 the Won was once more re-introduced pegged against the US Dollar existing alongside the Hwan. On 22nd March 1975 the Won become the sole legal tender of South Korea, it remained pegged against the US Dollar until 1997 when it was allowed to float.

Component units:

  • Jeon (100)

Date introduced:

  • Originally introduced in 1902 - 1910. Re-introduced in 1945

Central bank:

  • Bank of Korea

Printer:

  • KOMSCO - Korea Minting and Security Printing Corporation

Mint:

  • KOMSCO - Korea Minting and Security Printing Corporation