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South Korean Won (KRW) Users
The South Korean won is the currency of South Korea, officially known as the Republic of Korea, located in the southern part of the Korean Peninsula.
The history of South Korea formally begins with its establishment in August 1948. South Korea, along with Singapore, Taiwan, and Hong Kong, is considered one of the "Four Asian Tigers" due to its high-speed economic growth between the early 1960s and 1990s.
South Korean Won History
The currently circulating South Korean won (KRW) was reintroduced and replaced the South Korean hwan at a rate of 1 won = 10 hwan. However, the 10 and 50 hwan coins continued to circulate until March 22, 1975, when the South Korean won became the sole legal tender.
When the South Korean won was reintroduced in 1962, it was essentially pegged to the U.S. dollar at a rate of 1 USD = 125 KRW. Over time, the pegging rate changed, with 1 USD = 255 KRW in 1964, 1 USD = 400 KRW in 1972, 1 USD = 480 KRW in 1974, and 1 USD = 580 KRW in 1980.
The South Korean won was considered to be floated since 1980 and was finally allowed to float freely on December 24, 1997.
| Currencies | Used between | Notes |
|---|---|---|
| South Korean won (원) (2nd) | June 9, 1962- present | 1. The South Korean won was reintroduced on June 9,1962 at a rate of 1 won= 10 hwan. However the 10 and 50 hwan coins continued to circulate until March 22, 1975 when South Korean won (KRW) became the sole legal tender. 2. It is subdivided into 100 jeon (전/錢) but not used. |
| South Korean hwan (圜, 환) | February 15, 1953- June 9, 1962 | 1. The South Korean hwan was introduced on February 15, 1953 and replaced the 1st South Korean won at a rate of 1 hwan = 100 won (1st). 2. The hwan was nominally subdivided into 100 jeon but not used. |
| South Korean won (원) (1st) | 1945- February 15, 1953 | 1. The first South Korean won was introduced in 1945 and replaced the replaced the Korean yen at par. It was essentially introduced pegging with the U.S. dollar at a rate of 15 won = 1 dollar but following the series devaluation in the coming years. 2. The first South Korean won was subdivided into 100 jeon. |
| Korean yen | 1910- 1945 | The Korean yen was introduced in 1910 and replaced the Korean won at par. It was equivalent to the Japanese yen. 2. The Korean yen was subdivided into 100 sen. |
| Korean won (圓) | 1902- 1910 | 1. The Korean won was introduced in 1902 and replaced the Korean yang at a rate of 1 won = 5 yang. 2. The Korean won was subdivided into 100 chon (錢). |
| Korean yang (양/兩) | 1892- 1902 | 1. The Korean yang was used in Korea (later seperated to North Korea and south Korea in 1945). 2. The Korean yang was subdivided into 10 jeon (전/錢), 100 bun (분/分) and 5 yang = 1 hwan (환/圜). |
South Korean won coins and banknotes
The South Korean won is subdivided into 100 jeon which is no longer for daily circulating use but only appears on foreign exchange rates.
Currently in circulation coins are in denominations of 1, 5, 10, 50, 100, 500 won, and banknotes are in denominations of 1000, 5000, 10000, 50000 won.