South Korean won
ISO 4217
CodeKRW (numeric: 410)
Unit
Unitwon
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol₩‎
Denominations
Subunit
 1⁄100jeon (전/錢)
Theoretical (not used)
Banknotes
 Freq. used₩1,000, ₩5,000, ₩10,000, ₩50,000
 Rarely used₩2,000
Coins
 Freq. used₩10, ₩50, ₩100, ₩500
 Rarely used₩1, ₩5
Demographics
User(s)South Korea
Issuance
Central bankBank of Korea
 Websiteeng.bok.or.kr
PrinterKorea Minting and Security Printing Corporation
 Websiteenglish.komsco.com
MintKorea Minting and Security Printing Corporation
 Websiteenglish.komsco.com
Valuation
Inflation1.3% (Feb 2016, Year-on-Year % Change)
 SourceFebruary 2016[1]
South Korean won
Hangul
Hanja
Revised RomanizationDaehanmin(-)guk won
McCune–ReischauerTaehanmin'guk wŏn
The current won (원) does not officially have any hanja associated with it.[2][3]
South Korean inflation
  M2 money supply increases
  Inflation
  Inflation ex food and energy

The South Korean won (Symbol: ₩; Code: KRW; Korean: 대한민국 원) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and it appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul.

Etymology

The old "won" was a cognate of the Chinese yuan and Japanese yen, which were both derived from the Spanish-American silver dollar. It is derived from the hanja 圓 (원, won), meaning "round", which describes the shape of the silver dollar.

The won was subdivided into 100 jeon (Korean: 전; Hanja: 錢; MR: chŏn), itself a cognate of the Chinese unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.[2][3]

First South Korean won

History

The Korean won, Chinese yuan and Japanese yen were all derived from the Spanish-American silver dollar, a coin widely used for international trade between Asia and the Americas from the 16th to 19th centuries.

During the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese Yen.

After World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon.

The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:

Pegs for the first South Korean won
Date introducedValue of U.S. dollar in won
October, 194515
July 15, 194750
October 1, 1948450
June 14, 1949900 (non-government transactions only)
May 1, 19501,800
November 1, 19502,500
April 1, 19516,000

The first South Korean won was replaced by the hwan on February 15, 1953, at a rate of 1 hwan = 100 won.[4]

Banknotes

In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1,000 won notes.

A new central bank, the Bank of Korea, was established on 12 June 1950,[5] and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. The 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.

Second South Korean won

History

The won was reintroduced on June 10, 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 = US$1. The following pegs operated between 1962 and 1980:

Pegs for the second South Korean won
Date introducedValue of U.S. dollar in won
June 10, 1962125
May 3, 1964255
August 3, 1972400
December 7, 1974480
January 12, 1980580

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.[6] Shortly after, the won was devalued to almost half of its value, as part of the 1997 Asian financial crisis.

Coins

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.[7]

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 reduce currency production costs, new 5 and 10 won coins were issued in 1970, struck in brass. Cupronickel 100 won coins were also introduced that year, followed by cupronickel 50 won coins in 1972.[7]

1966–1982 issued coins[8][9] (in Korean)
ImageValueTechnical parametersDescriptionDate ofBOK series designation
ObverseReverseDiameterMassCompositionEdgeObverseReverseFirst mintingIssueIssue Suspended
₩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 1992 Series II (나)
₩5 20.4 mm 3.09 g Commercial bronze
88% copper
12% zinc		 Plain Geobukseon, value, bank title (hangul) Value (digit), bank title, year of minting 1966 August 16, 1966 1992 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 1992 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		 Reeded 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 millimetre. 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 was issued, using the same layout as the 500 won coins, but conserving the coins' old themes.[7]

1982–2006 issued coins[10][11]
ImageValueTechnical parametersDescriptionDate ofBOK series designation
ObverseReverseDiameterMassCompositionEdgeObverseReverseFirst mintingIssue
₩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)
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.
Current coins
ImageValueTechnical parametersDescriptionDate ofBOK series designation
ObverseReverseDiameterMassCompositionEdgeObverseReverseFirst mintingIssue
₩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 Series IV (라)
₩50 21.6 mm 4.16 g 70% copper
18% zinc
12% nickel		 Reeded 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 Red-crowned crane, value (hangul) 1982 June 12, 1982 Series I (가)
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

The Bank of Korea announced in early 2006 its intention to redesign the 10 won coin by the end of that year. With the increasing cost of production, then at 38 won per 10 won coin, and rumors that some people had been melting the coins to make jewelry, the redesign was needed to make the coin more cost-effective to produce.[12] The new coin is made of copper-coated aluminium with a reduced diameter of 18 mm, and a weight of 1.22 g. Its visual design is the same as the old coin.[13] The new coin was issued on December 18, 2006.[14][15]

The 1 and 5 won coins are rarely in circulation since 1992, and prices of consumer goods are rounded to the nearest 10 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets.[16] In 1998, the production costs per coin were: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won.[17]

Banknotes

The Bank of Korea designates banknote and coin series in a unique way. Instead of putting those of similar design and issue dates in the same series, it assigns series number X to the Xth design of a given denomination. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사. Therefore, ₩1,000 issued in 1983 is series II (나) because it is the second design of all ₩1,000 designs since the introduction of the South Korean won 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 was printed in the UK by Thomas De La Rue. 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 lithoprinting.[7]

1962 Thomas De La Rue Series[8] (in Korean)
ImageValueDimensionsMain colorDescriptionDate ofBOK series designation
ObverseReverseObverseReverseIssueIssue Suspended
₩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 (Dongnimmun) February 14, 1969
₩500 Grey Namdaemun February 3, 1967
1962–1969 KOMSCO Series[8] (in 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 Tapgol Park 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 pixel per millimetre. For table standards, see the banknote specification table.

With the economic development from the 1960s, the value of the 500 won notes fell, 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.[7] 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 5,000 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 intaglio printed. The release of 10,000 won notes was planned to be at the same time as the 5,000 won notes, but problems with the main theme delayed it by a year.[18] Newly designed 500 won notes were also released in 1973, and the need for a medium denomination resulted in the introduction of 1,000 won notes in 1975.

1972–1973 Series[9] (in Korean)
ImageValueDimensionsMain colorDescriptionDate ofBOK series designationPlate produced
ObverseReverseObverseReverseWatermarkIssueIssue Suspended
₩5,000 167 × 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[19]
₩10,000 171 × 81 mm Green Sejong the Great, Rose of Sharon Geunjeongjeon at Gyeongbok Palace June 12, 1973 November 10, 1981 Series I (가) In Japan[18]
1973–1979 Series[9] (in 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)
₩1,000 163 × 73 mm Purple Yi Hwang, Rose of Sharon Dosan Seowon (Dosan Confucian Academy) August 14, 1975 Series I (가) In Japan[20]
₩5,000 167 × 77 mm Orange Yi I Ojukheon in Gangneung June 1, 1977 May 12, 1993 Series II (나) In Japan[19]
₩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[18]
These images are to scale at 0.7 pixel per millimetre. 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. Some of the notes' 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.[7]

To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000 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 5,000 and 10,000 won notes 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 5,000 won notes were produced in Japan, while the ones for the 1,000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.[18][19][20]

1983–2002 Series[21] (in Korean)
ImageValueDimensionsMain ColorDescriptionDate of issueSuspended DateBOK series designationModification
ObverseReverseObverseReverseWatermark
₩1,000 151 × 76 mm Purple Yi Hwang Dosan Seowon (Dosan Confucian Academy) Reversed portrait June 11, 1983 June 1, 2016 Series II (나)
₩5,000 156 × 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 pixel per millimetre. For table standards, see the banknote specification table.

New security features

In 2006, it became a major concern that the South Korean won banknotes were being counterfeited/forged. This led the government to issue a new series of banknotes, with the 5,000 won note being the first one to be redesigned. Later in 2007, the 1,000 and 10,000 won notes were introduced.

On June 23, 2009, the Bank of Korea released the 50,000 won note. The obverse bears a portrait of Shin Saimdang, a prominent 16th-century artist, calligrapher, and mother of Korean scholar Yulgok, also known as Yi I, who is on the 5,000 won note. This note is the first Korean banknote to feature the portrait of a woman.[22] The release of the 50,000 won note stirred some controversy among shop owners and those with visual impairments due to its similarity in color and numerical denomination with the 5,000 won note.[23]

New 100,000 won notes were also announced, but their release was later cancelled due to the controversy over the banknote's planned image, featuring the Daedongyeojido map, and not including the disputed Dokdo islands.[24][25][26][27] Also of controversy was the appearance of Kim Ku on the note, who is controversial among the South Korean right.[28]

The banknotes include over 10 security features in each denomination. The 50,000 won note has 22 security features, the 10,000 won note 21, the 5,000 won note 17, the 2,000 won note 10 and the 1,000 won note 19. Many modern security features that can be also found in euros, pounds, Canadian dollars, and Japanese yen are included in the banknotes. Some security features inserted in won notes are:

  • Holograms with three-dimensional images that change colors within the metallic foil on the obverse side of the notes (except ₩1,000)
  • Watermark portraits of the effigy of the note are visible when held to the light in the white section of the note.
  • Intaglio printing on words and the effigy give off a raised feeling, different from ordinary paper
  • Security thread in the right side of the obverse side of the note with small lettering "한국은행 Bank of Korea" and its corresponding denomination
  • Color-shifting ink on the value number at the back of the note:

For the first time in the world, KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported to Europe, North America, etc.[29]

2006 Series[30] (in Korean)
ImageValueDimensionsMain colorDescriptionDate of issueBOK series designation
ObverseReverseObverseReverseWatermark
₩1,000 136 × 68 mm Blue Yi Hwang, Myeongryundang in Seonggyungwan, plum flowers "Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong Seon Reversed portrait and electrotype denomination (₩1,000 to ₩50,000) January 22, 2007 Series III (다)
₩5,000 142 × 68 mm Orange Yi I, Ojukheon in Gangneung, black bamboo "Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Shin 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 hangul Globe of Honcheonsigye, Cheonsang Yeolcha Bunyajido C14 star map and reflecting telescope at Bohyeonsan Observatory in the background January 22, 2007 Series VI (바)
₩50,000 154 × 68 mm Yellow Shin Saimdang with Chochungdo - a Folding Screen of Embroidered Plants and Insects (South Korean National Treasure No. 595) in the background Bamboo and a plum tree June 23, 2009 Series I (가)
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.
2017 Commemorative Series[31] (in Korean)
ImageValueDimensionsMain colorDescriptionDate of issueBOK series designation
ObverseReverseObverseReverseWatermark
 ₩2,000 140 x 75 mm Gray Seven winter sports events (Biathlon, Ice hockey, Curling, Speed skating, Ski jumping, Luge and Bobsled) Songhamaenghodo (a painting of a tiger and a pine tree by Joseon-era artist Kim Hong-do) Pyeongchang Olympic Stadium November 17, 2017 Series I (가)
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Future

Coinless trials

As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins by depositing change into prepaid cards.[32] As of 2019, however, public participation in this program has decreased.[33]

Redenomination proposals

There have been recurring proposals in the South Korean National Assembly to redenominate the won by introducing a new won or new unit, equal to 1,000 old won, and worth nearly one U.S. dollar. While proponents cite a more valuable currency unit better projects the strength of the nation's economy, a majority remain opposed to the idea. Reasons cited are: economic harm if done immediately, no issues on public confidence in the won and its inflation rate, limited cost savings, and the presence of more urgent economic issues.[34]

Currency production

The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins. The banknotes and coins are printed at the KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new banknotes and coins are printed/minted, they are bundled or rolled and shipped to the headquarters of the Bank of Korea. When delivered, they are deposited inside the bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

Current exchange rates

South Korean won exchange rate against U.S. dollar (from 1990) and Euro (from 1999).
Current KRW exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD

See also

References

  1. ↑ "archive.ph". Archived from the original on 21 April 2016. Retrieved 2022-03-16.
  2. 1 2 Bank of Korea. "화폐 < 홍보교육자료 < 우리나라 화폐단위 변경 | 한국은행 홈페이지. #1" (in Korean). Archived from the original on 2015-09-23. Retrieved 2012-11-24. 한글로만 표기" → Translation: "Spelling in hangul only
  3. 1 2 "Entry in Standard Korean Language Dictionary (표준국어대사전)". Archived from the original on 2018-05-08. Retrieved 2018-05-08.
  4. ↑ The Bank of Korea (23 January 2013). KOREAN CURRENCY: for better understanding of Korean currency. p. 10. Retrieved 3 May 2020.
  5. ↑ Linzmayer, Owen (2012). "South Korea". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  6. ↑ Kurt Schuler (29 February 2004). "Tables of modern monetary history: Asia". Currency Boards and Dollarization. Archived from the original on 2007-01-12. Retrieved 2006-11-16.
  7. 1 2 3 4 5 6 "Currency Issue System". Bank of Korea. Archived from the original on 2006-08-26. Retrieved 2006-11-09.
  8. 1 2 3 ":: The Bank of Korea ::". www.bok.or.kr. Archived from the original on 10 March 2007. Retrieved 17 January 2022.
  9. 1 2 3 ":: The Bank of Korea ::". www.bok.or.kr. Archived from the original on 10 March 2007. Retrieved 17 January 2022.
  10. ↑ "Currency < Currency in circulation < Introduction to Coins | THE BANK OF KOREA. #1". Archived from the original on 2014-12-31. Retrieved 2010-09-27.
  11. ↑ 부산본부 (12 December 2006). 새 10원 동전, 12. 18(월)부터 발행 (in Korean). Bank of Korea. Archived from the original (hwp) on March 12, 2007. Retrieved 2006-12-12.
  12. ↑ "New W10 Coin to Debut". The Korea Times. 13 January 2006. Archived from the original on January 15, 2006. Retrieved 2006-12-11.
  13. ↑ "New 10-won Coins to Debut". KBS Global. 10 August 2006. Archived from the original on March 21, 2008. Retrieved 2006-12-11.
  14. ↑ 1원짜리 만한 10원 동전 18일 나온다 (in Korean). Daum Media. 11 December 2006. Archived from the original on 16 October 2007. Retrieved 2006-12-11.
  15. ↑ "New 10-won Coins to Debut Next Week". KBS Global. 11 December 2006. Archived from the original on 18 June 2008. Retrieved 2006-12-12.
  16. ↑ Bank of Korea Mint Sets - 한국은행 민트 세트 Archived 2017-09-30 at the Wayback Machine Dokdo Research (dokdoresearch.com). Retrieved on 2017-07-05.
  17. ↑ "Coins Return to the Bank". The Chosun Ilbo. 19 February 1998. Archived from the original on September 9, 2004. Retrieved 2007-03-26.
  18. 1 2 3 4 "Brief History of current Korea notes in circulation; 10,000 won note". Bank of Korea. Archived from the original (Flash and HTML) on 2017-05-05. Retrieved 2016-01-13.
  19. 1 2 3 "Brief History of current Korea notes in circulation; 5,000-won note". Bank of Korea. Archived from the original (Flash and HTML) on 2007-09-27. Retrieved 2006-11-09.
  20. 1 2 "Brief History of current Korea notes in circulation; 1,000 won note". Bank of Korea. Archived from the original (Flash and HTML) on 2007-09-27. Retrieved 2006-11-09.
  21. ↑ ":: The Bank of Korea ::". www.bok.or.kr. Archived from the original on 11 April 2005. Retrieved 17 January 2022.
  22. ↑ "W50,000 Bill Unveiled". english.chosun.com. 2009-02-26. Archived from the original on March 1, 2009. Retrieved 2016-01-13.
  23. ↑ "ANN". Asianewsnet.net. Archived from the original on 2011-06-15. Retrieved 2013-07-26.
  24. ↑ "50,000-Won Banknote to Be Issued in May". Koreatimes.co.kr. 2009-01-27. Retrieved 2012-09-01.
  25. ↑ "50,000-Won Banknote to Be Issued in May". Koreatimes.co.kr. 2009-01-27. Retrieved 2014-02-09.
  26. ↑ "Debut of W100,000 Note Delayed Indefinitely". English.donga.com. 2009-01-01. Retrieved 2014-02-13.
  27. ↑ "SKorea shelves new banknote". News.asiaone.com. 2008-12-18. Archived from the original on February 23, 2014. Retrieved 2014-02-13.
  28. ↑ "10만원권 못 나온 이유는?… "김구 초상 쓰는 것에 반대 있었기 때문"". 조선일보 (in Korean). 2020-07-17. Retrieved 2024-01-08.
  29. ↑ http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp=tbl_FM0000000066_CA0000003607
  30. ↑ "Currency < Currency in circulation < Introduction to Banknotes | THE BANK OF KOREA. #2". Bok.or.kr. Archived from the original on 2015-09-23. Retrieved 2012-09-01.
  31. ↑ "| Commemorative Banknote | Currency | The bank of korea". www.bok.or.kr. Archived from the original on 2018-07-14.
  32. ↑ South Korea begins coinless society trial BBC (www.bbc.com). April 19, 2017. Retrieved on 2017-07-14.
  33. ↑ "'Coinless society' still full of coins". Koreajoongangdaily.joins.com. 2020-01-20. Retrieved 2022-03-16.
  34. ↑ "Redenomination: boon or bane?". Koreatimes.co.kr. 15 April 2019. Retrieved 2022-03-16.
Wikimedia Commons has media related to Money of South Korea.
Preceded by:
Korean yen
Ratio: at par		 Currency of South Korea
1945 – 1953		 Succeeded by:
South Korean hwan
Reason: inflation
Ratio: 1 hwan = 100 won
Preceded by:
South Korean hwan
Reason: inflation
Ratio: 1 won = 10 hwan		 Currency of South Korea
1962 –		 Succeeded by:
Current
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