The South Korean won is the official currency of South Korea, issued by the Bank of Korea. Banknotes range from 1000 to 50,000 won, and coins from 1 to 500 won. Jeon, once worth 1/100 of a won, are no longer used. The won was replaced by the Korean yen in 1910 but was reinstated after World War II when Korea was divided. Wars severely devalued the won. In 1945, 15 won equaled 1 US dollar, but by 1951, 1 dollar was worth 6000 won.