South Korean won

The South Korean won is the official currency of South Korea. One won is divided into one hundred jeon, although they are no longer in use. This currency is issued by the Bank of Korea. Banknotes in circulation are 1000, 2000, 5000, 10,000, and 50,000 won, while coins include 1, 5, 10, 50, 100, and 500 won denominations.

History of the South Korean Won

The won was the currency of South Korea until 1910, when it was replaced by the Korean yen, which was equal to the Japanese yen. After World War II and the division of Korea into two parts, the yen was replaced by the won once again.

Interesting Facts about the South Korean Won

Due to World War II and the Korean Civil War, the value of the won declined significantly. In 1945, 15 won were equal to 1 US dollar. By 1949, 1 US dollar equaled 900 won. In 1951, during an even greater economic downturn, 1 US dollar was worth 6000 won.