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.
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