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South Korean won 대한민국 원 (Hangul) 大韓民國 원1 (Hanja)
Currently circulating coins and banknotes
ISO 4217 Code	KRW
User(s)	Republic of Korea
Inflation	2.2%
Source	National Statistical Office, South Korea, 2006
Method	CPI
Subunit
1/100	jeon (전) Theoretical (not used)
Symbol	₩
Plural	The language(s) of this currency does not have a morphological plural distinction.
Coins
Freq. used	₩10, ₩50, ₩100, ₩500
Rarely used	₩1, ₩5 Cash transactions are legally rounded to the nearest ₩10
Banknotes	₩1000, ₩5000, ₩10000
Central bank	Bank of Korea
Website	www.bok.or.kr
Printer	Korea Minting and Security Printing Corporation
Website	www.komsep.com
Mint	Korea Minting and Security Printing Corporation
Website	www.komsep.com
The old won's hanja is 圓 but the new one is not written in Hanja[1].

The won (원) is the currency of South Korea. A currency called the won circulated in all Korea between 1902 and 1910. The won was first the currency of South Korea between 1945 and 1953, with the currently circulating won introduced in 1962. The won is subdivided into 100 jeon (전), although denominations in jeon are no longer used. Its ISO 4217 code is KRW. The Latinized symbol for won, ₩, is made of a letter W with an equal sign ("="), which is abbreviated to a single dash sign ("–") in many cases. This symbol replaces the backslash character ("\") on Korean Microsoft Windows.

Contents 1 Etymology 2 First South Korean won 2.1 History 2.2 Banknotes 3 Second South Korean won 3.1 History 3.2 Current status 3.3 Coins 3.4 Banknotes 4 Current banknotes 5 Security features 6 See also 7 References 8 External links

Main article: Etymology of the Korean currencies

"Won" is a cognate of the Chinese yuan and Japanese yen. All three names derive from the Chinese character 圓(원), which means "round shape." The won was subdivided into 100 jeon (Hangul: 전; Hanja: 錢; Revised Romanization: jeon; McCune-Reischauer: chŏn), which means "money."

Main article: South Korean won (1945)

The won was first used as Korea's currency between 1902 and 1910. It was replaced at par by the yen, made up of the Japanese currency and banknotes of the Korean yen.

In 1945, Korea was divided, resulting in separate currencies, both called won, for the South and North. Both the Southern won and Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon. Only banknotes were issued, which initially circulated alongside banknotes of both the Japanese and Korean yen and Japanese coins.

The South Korean won was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean war. The pegs were:

Pegs for the first South Korean won
Date introduced	Value of U.S. dollar in won
October, 1945	15
July 15, 1947	50
October 1, 1948	450
June 14, 1949	900 (non-government transactions only)
May 1, 1950	1800
November 1, 1950	2500
April 1, 1951	6000

The first South Korean won was replaced by the hwan on February 15, 1953 at a rate of 1 hwan = 100 won.

In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1000 won notes. The designs were similar to those of the yen notes from the Japanese occupation period. However, there were two subtle and important differences. The new notes replaced the paulownia, the badge of the government of Japan, with the five-petalled Rose of Sharon, South Korea's national flower. The clause referring to exchangeability with the Japanese yen was also removed.

A new central bank, the Bank of Korea, was established in 1950, and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, 100 and 1000 won. 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.

The won was reintroduced on June 9, 1962 at a rate of 1 won = 10 hwan. It became the sole legal tender on March 22, 1975 with the withdrawal of the last circulating hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = 1 U.S. dollar. The following pegs operated between 1962 and 1980.

Pegs for the second South Korean won
Date introduced	Value of U.S. dollar in won
June 10, 1962	125
May 3, 1964	255
August 3, 1972	400
December 7, 1974	480
January 12, 1980	580

On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997 when an agreement was signed with the International Monetary Fund.^[2] Shortly after, the won got devaluated to almost half of its value, as part of the East Asian financial crisis.

Due to the low value of the won, redenomination or the idea of issuing 50,000 won and 100,000 won notes has been discussed. However, in October 2006, the Ministry of Finance and Economy ruled out currency redenomination for fear of "negative impact on the economy" such as "inflationary pressure and destabilization of the real estate market".^[3] In spite of this, there are plans to continue forth and a 100,000 won banknote will be released sometime in 2008. ^{[4] [5]}

Until 1966, 10 and 50 hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966 in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the Common era, earlier coins having used the Korean calendar. The 10 and 50 hwan coins were demonetized on March 22, 1975.^[6]

In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. As an attempt to further reduced currency production costs, new 5 won and 10 won coins were issued in 1970, struck in brass. Cupro-nickel 100 won coins were also introduced that year, followed by Cupro-nickel 50 won in 1972.^[6]

1966-1982 issued coins [1] [2] (Korean)
Image		Value	Technical parameters			Description			Date of			BOK Series Designation
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse	first minting	issue	withdrawal
		₩1	17.2 mm	1.7 g	Brass 60% copper 40% zinc	Plain	Rose of Sharon, value, bank title (hangul)	Value (digit), bank title, year of minting	1966	August 16, 1966	December 1, 1980	Series I (가)
		₩1	17.2 mm	0.729 g	100% aluminium	Plain	Rose of Sharon, value, bank title (hangul)	Value (digit), bank title, year of minting	1968	August 26, 1968	Still circulating	Series II (나)
		₩5	20.4 mm	3.9 g	Commercial bronze 88% copper 12% zinc	Plain	Geobukseon, value, bank title (hangul)	Value (digit), bank title, year of minting	1966	August 16, 1966	Still circulating	Series I (가)
		₩5	20.4 mm	2.95 g	High brass 65% copper 35% zinc	Plain	Geobukseon, value, bank title (hangul)	Value (digit), bank title, year of minting	1970	July 16, 1970	Still circulating	Series II (나)
		₩10	22.86 mm	4.22 g	Commercial bronze 88% copper 12% zinc	Plain	Dabotap Pagoda, value, bank title (hangul)	Value (digit), bank title, year of minting	1966	August 16, 1966	Still circulating	Series I (가)
		₩10	22.86 mm	4.06 g	High brass 65% copper 35% zinc	Plain	Dabotap Pagoda, value, bank title (hangul)	Value (digit), bank title, year of minting	1970	July 16, 1970	Still circulating	Series II (나)
		₩50	21.6 mm	4.16 g	70% copper 18% zinc 12% nickel	Milled	Stalk of rice, value (hangul)	Value (digit), bank title (hangul), year of minting	1972	December 1, 1972	Still circulating	Series I (가)
		₩100	24 mm	5.42 g	Cupronickel 75% copper 25% nickel		Yi Sun-sin, value, bank title (hangul)	Value (digit), year of minting	1970	November 30, 1970
These images are to scale at 2.5 pixels per millimeter, a standard for world coins. For table standards, see the coin specification table.

In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982. In January 1983, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 won coins were issued, using the same layout as the 500 won coins, but conserving the coins old themes.^[6]

1982-2006 issued coins [3][7]
Image		Value	Technical parameters			Description			Date of		BOK Series Designation
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse	first minting	issue
		₩1	17.2 mm	0.729 g	100% aluminium	Plain	Rose of Sharon, value (hangul)	Value (digit), bank title, year of minting	1983	January 15, 1983	Series III (다)
		₩5	20.4 mm	2.95 g	High brass 65% copper 35% zinc	Plain	Geobukseon, value (hangul)	Value (digit), bank title, year of minting	1983	January 15, 1983	Series III (다)
		₩10	22.86 mm	4.06 g			Dabotap Pagoda, value (hangul)
		₩10	18 mm	1.22 g	Copper plated aluminium 48% copper 52% aluminium	Plain	Dabotap pagoda, value (hangul)	Value (digit), bank title, year of minting	2006	December 18, 2006
		₩50	21.6 mm	4.16 g	70% copper 18% zinc 12% nickel	Milled	Stalk of rice, value (hangul)	Value (digit), bank title, year of minting	1983	January 15, 1983	Series II (나)
		₩100	24 mm	5.42 g	Cupronickel 75% copper 25% nickel		Yi Sun-sin, value (hangul)
		₩500	26.5 mm	7.7 g			Crane, value (hangul)		1982	June 12, 1982	Series I (가)
These images are to scale at 2.5 pixels per millimeter, a standard for world coins. For table standards, see the coin specification table.

The Bank of Korea had announced in early 2006 its intention to replace the current 10 won coin at the end of the year. With the increasing manufacturing price, now at 38 won a coin, and rumours that some people have been melting them to make jewellery, the new coin will be more cost effective to produce.^[8] The coin will be made of copper-coated aluminium with a reduced diameter of 18 mm, and a weight of 1.22 g. Its design will stay unchanged. ^[9] The new coin was issued on December 18, 2006.^{[10] [11]}

The 1 and 5 won coins are difficult to find in circulation today and prices of consumer goods are rounded to the nearest 10 won.

In 1998 according to the Chosun Ilbo the production cost are as follows, 10 was 35 won, 100 was 58 won, and 500 won cost 77 won respectively. ^[12]

The Bank of Korea designates banknote and coin series in an interesting way. Instead of putting those of similar design and issue dates in the same series, they assign series number X to the Xth design of for each individual value. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사... Therefore, ₩1000 issued in 1983 is series II (나) because it is the second design of all ₩1000 designs since the won introduction in 1962.

In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea. The first issue of 1, 5, 10, 50, 100 and 500 won notes were printed in the U.K. by Thomas De La Rue Company. The jeon notes together with a second issue of 10 and 100 won notes were printed domestically by the Korea Minting and Security Printing Corporation.

In 1965, 100 won notes (Series III) were printed using intaglio printing techniques, for the first time on domestically printed notes, to reduce counterfeiting. Replacements for the British 500 won notes followed in 1966 also using intaglio printing, and for the 50 won notes in 1969 using litho-printing.^[6]

1962 Thomas De La Rue Series [4] (Korean)
Image		Value	Dimensions	Main color	Description		Date of		BOK Series Designation
Obverse	Reverse				Obverse	Reverse	issue	withdrawal
		₩1	94 × 50 mm	Pink	Bank of Korea's symbol	Value	June 10, 1962	May 20, 1970	None
		₩5		Blue				May 1, 1969
		₩10	108 × 54 mm	Green				September 1, 1962	Series I (가)
		₩50	156 × 66 mm	Orange	Haegeumgang near Geoje	Torch, value		May 20, 1970
		₩100		Green	Independence Gate			February 14, 1969
		₩500		Grey	Namdaemun			February 3, 1967
1962-1969 KOMSCO Series [5] (Korean)
		10 jeon	90 × 50 mm	Blue	"Bank of Korea" and value (Korean)	"Bank of Korea" and value (English)	December 1, 1962	December 1, 1980	None
		50 jeon		Brown
		₩10	140 × 63 mm	Purple	Cheomseongdae	Geobukseon	September 21, 1962	October 30, 1973	Series II (나)
		₩50	149 × 64 mm	Green and orange / Blue	Pagoda Gongweon in Seoul	Beacon, Rose of Sharon	March 21, 1969		Series II (나)
		₩100	156 × 66 mm	Green	Independence Gate	Gyeonghoeru Pavilion at Gyeongbok Palace	November 1, 1962		Series II (나)
					Sejong the Great	Main building of the Bank of Korea	August 14, 1965	December 1, 1980	Series III (다)
		₩500	165 × 73 mm	Brown	Namdaemun	Geobukseon	August 16, 1966	May 10, 1975	Series II (나)
These images are to scale at 0.7 pixels per millimeter, a standard for world banknotes. For table standards, see the banknote specification table.

With the economic development from the 60s the value of the 500 won notes became lower, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones.^[6] In 1970, the 100 won notes were replaced by coins, with the same happening to the 50 won notes in 1972.

Higher denomination notes of 5000 won and 10,000 won were introduced in 1972 and 1973 respectively. The notes incorporated new security features, including watermark, security thread and ultraviolet response fibres and were inglio printed. The release of 10,000 won notes was planned to be at the same time as the 5000 won notes but problems with the main theme delayed it by a year.^[13] Newly designed 500 won notes were also released in 1973 and the need for a medium denomination resulted in the introduction of 1000 won notes in 1975.

1972-1973 Series [6] (Korean)
Image		Value	Dimensions	Main color	Description			Date of		BOK Series Designation	Plate produced
Obverse	Reverse				Obverse	Reverse	Watermark	issue	withdrawal
		₩5000	167 × 77 mm	Brown	Yi I	Main building of the Bank of Korea		July 1, 1972	December 1, 1980	Series I (가)	By Thomas de la Rue [14]
		₩10 000	171 × 81 mm	Brown	Sejong the Great, Rose of Sharon	Geunjeongjeon at Gyeongbok Palace		June 12, 1973	November 10, 1981	Series I (가)	In Japan [13]
1973-1979 Series [7] (Korean)
		₩500	159 × 69 mm	Green and pink	Yi Sun-sin, Geobukseon	Yi Sun-sin's Shrine at Hyeonchungsa	None	September 1, 1973	May 12, 1993	Series III (다)
		₩1000	163 × 73 mm	Purple	Yi Hwang, Rose of Sharon	Dosan Seowon (Dosan Confucian Academy)		August 14, 1975		Series I (가)	In Japan [15]
		₩5000	167 × 77 mm	Orange	Yi I	Ojukheon in Gangneung		June 1, 1977	May 12, 1993	Series II (나)	In Japan [14]
		₩10 000	171 × 81 mm	Green	Sejong the Great, Water clock	Gyeonghoeru Pavilion at Gyeongbok Palace, Rose of Sharon		June 15, 1979	May 12, 1993	Series II (나)	In Japan [13]
These images are to scale at 0.7 pixels per millimeter, a standard for world banknotes. For table standards, see the banknote specification table.

In 1982, the 500 won note was replaced by a coin. The following year, as part of its policy of rationalizing the currency system, the Bank of Korea issued a new set of notes, as well as a new set of coins (see above). Some of the note's most notable features were distinguishable marks for the blind under the watermark and the addition of machine-readable language in preparation for mechanization of cash handling. They were also printed on better quality cotton pulp to reduce the production costs by extending their circulation life.^[6]

To cope with the deregulation of imports of color printer and the increasing use of computers and scanners, modified 5000 won and 10,000 won notes were released between 1994 and 2002 with various new security features, which included: color-shifting ink, microprint, segmented metal thread, moiré, and EURion constellation. The latest version of the 5000 and 10,000 won are easily identifiable by the copyright information inscribed under the watermark: "© 한국은행" and year of issue on the obverse, "© The Bank of Korea" and year of issue on the reverse.

The plates for the 5000 won notes were produced in Japan while the ones for the 1000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.^[13][14][15]

With the release of a new set of notes, no plan as yet been made to withdraw these notes from circulation.^[16]

1983-2002 Series [8] (Korean)
Image		Value	Dimensions	Main Color	Description			Date of issue	BOK Series Designation	Modification
Obverse	Reverse				Obverse	Reverse	Watermark
		₩1000	151 × 76 mm	Purple	Yi Hwang	Dosan Seowon (Dosan Confucian Academy)	Reversed portrait	June 11, 1983	Series II (나)
		₩5000	156 × 76 mm	Orange	Yi I	Ojukheon in Gangneung		June 11, 1983	Series III (다)
								June 12, 2002	Series IV (라)	Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription
		₩10 000	161 × 76 mm	Green	Sejong the Great, Water clock	Gyeonghoeru Pavilion at Gyeongbok Palace		October 8, 1983	Series III (다)
								January 20, 1994	Series IV (라)	Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image
							Reversed portrait, Taeguk	June 19, 2000	Series V (마)	Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription
These images are to scale at 0.7 pixels per millimeter, a standard for world banknotes. For table standards, see the banknote specification table.

The Bank of Korea is releasing a set of smaller banknotes with a new design and improved security features starting in 2006. The decision was taken due to an increase of counterfeited notes detected of 50% every year between 1998 and 2004.^[17] The 5000 won notes were released on January 2, 2006, and the 1000 and 10,000 won notes were released on 22 January 2007. The 5000 won notes were released first because they were the most forged notes (2508 out of the 3153 forged notes detected in the 1st quarter of 2005, an increase of eighteenfold from the same time in the previous year) and they are circulating in a smaller volume (about 6% of all circulating notes).^[17] The portraits remained the same as the old notes, but the main color of the 1000 won notes was changed to make it easier to differentiate it from the 5000 won notes at night.^[17]It has been decided that higher denomination notes of 50000 and 100000 notes will be printed and be in ciculation around early 2009.

The new banknotes have more enhanced security features as this was the reason to print a new series.Korean banknotes all have different security features depending on the denomination of the note.The notes have:

• a hologram which shows 3-D images with changing colours
• watermark
• intaglio printing on the prtrait,denomination, 만원,한국은행,한국은행 총재,오천원
• watermark bars
• intaglio latent image
• colour shifting ink
• security thread
• microprint

Also,there are UV features,eurion constellation,etc.The 10000 note has a total of 21 security features, the 5000 note with 17, and the 1000 note with 19 but only 13 are revealed to the public.KOMSCO, the printer of the notes has put on the notes a security feature which is the first time being used on a note.^[18] The shape of the seal did not change when the Japanese left Korea. On the reverse side, the English name of the Bank also changed from "The Bank of Korea" to "Bank of Korea".

2006-2007 Series [9] (Korean)
Image		Value	Dimensions	Main Color	Description			Date of issue	BOK Series Designation
Obverse	Reverse				Obverse	Reverse	Watermark
		₩1000	136 × 68 mm	Blue	Yi Hwang, Myeongryundang in Seonggyungwan, ume flowers	"Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong Seon	Reversed portrait, value	January 22, 2007	Series III (다)
		₩5000	142 × 68 mm	Red and yellow	Yi I, Ojukheon in Gangneung, black bamboo	"Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Sin Saimdang		January 2, 2006	Series V (마)
		₩10 000	148 × 68 mm	Green	Sejong the Great, Irworobongdo, a folding screen for Joseon-era kings, and text from the second chapter of Yongbieocheonga, the first work of literature written in Korean	Globe of Honcheonsigye and Cheonsang Yeolcha Bunyajido in the background		January 22, 2007	Series VI (바)
These images are to scale at 0.7 pixels per millimeter, a standard for world banknotes. For table standards, see the banknote specification table.

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South Korean won to U.S. dollar exchange rate from January 1989 to July 2006.

Japanese yen to South Korean won exchange rate from January 1989 to July 2006.

• Economy of South Korea
• History of the Korean currencies
• Least valued currency unit

• Don's World Coin Gallery - Korea
• Ron Wise's World Paper Money - Korea, South ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Asia ^{Mirror site}
• The Global History of Currencies - Korea
• Global Financial Data currency histories table ( Microsoft Excel format)
• "BOK Announces Smaller Banknotes", The Chosun Ilbo, 2005-07-21. Retrieved on 2006-10-17. 
• "New W5,000 Ready for Release on Jan. 2", The Chosun Ilbo, 2005-12-13. Retrieved on 2006-10-17. 
• "New W1,000 Note Unveiled", The Chosun Ilbo, 2006-01-17. Retrieved on 2006-10-17. 
• "Dollar Plummets to Pre-Crisis Level Against Won", The Chosun Ilbo, 2006-01-25. Retrieved on 2006-10-17. 
• "New W5,000 Bills Forgery- but not Water-Proof", The Chosun Ilbo, 2006-01-25. Retrieved on 2006-10-17. 
• "New W10,000 Note Unveiled", The Chosun Ilbo, 2006-05-18. Retrieved on 2006-10-17. 
• New Korea Notes, information page of BOK's new notes
• Pronunciation of Won at freedictionary.com
• South Korean won on the Galbijim Wiki

Preceded by: South Korean hwan Reason: inflation Ratio: 1 won = 10 hwan

Currency of South Korea 1962 –

Succeeded by: Current

v • d • e Historical currencies of Korea
Mun 1633–1892 Yang 1892–1902 Won 1902–1910 Yen 1902–1945 N. old won 1947–1959 N. new won 1959–present S. old won 1945–1953 Hwan 1953–1962 S. new won 1962–present
See also: Etymology of the Korean currencies · History of the Korean currencies

v • d • e Currencies of Asia
Central	Afghan afghani · Kazakhstani tenge · Kyrgyzstani som · Mongolian tögrög · Russian ruble · Tajikistani somoni · Turkmenistani manat · Uzbekistani som
East	Chinese yuan · Hong Kong dollar · Japanese yen · Macanese pataca · North Korean won · New Taiwan dollar · South Korean won
South-East	Brunei dollar · Cambodian riel · Indonesian rupiah · Lao kip · Malaysian ringgit · Myanmar kyat · Philippine peso · Singapore dollar · Thai baht · U.S. dollar (East Timor) · Vietnamese đồng
South	Bangladeshi taka · Bhutanese ngultrum · Indian rupee · Maldivian rufiyaa · Nepalese rupee · Pakistani rupee · Sri Lankan rupee
West	Armenian dram · Azerbaijani manat · Bahraini dinar · Cypriot pound · Egyptian pound · Georgian lari · Iranian rial · Iraqi dinar · Israeli new sheqel · Jordanian dinar · Kuwaiti dinar · Lebanese lira · Omani rial · Qatari riyal · Saudi riyal · Syrian pound · Turkish new lira · UAE dirham · Yemeni rial