South Korean won
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
SymbolNone, the currency was referred to by using the hanja character 圓
Denominations
Subunit
 1⁄100jeon (전/錢)
Banknotes5, 10, 20, 50 jeon
1, 5, 10, 100, 500, 1000 won
CoinsJapanese 1 sen
Demographics
User(s) Korea under American control
 South Korea
Issuance
Central bankBank of Joseon (1945-1950)
Bank of Korea (1950-1953)
 Websitewww.bok.or.kr
PrinterNational Printing Bureau (~ 1951)
Korea Minting and Security Printing Corporation (1951 ~)
 Websitewww.komsep.com
Valuation
Pegged withUS dollar
This infobox shows the latest status before this currency was rendered obsolete.

The won was the first South Korean currency and was in use from August 15, 1945, to February 15, 1953.

Etymology

Won is a cognate of the Chinese yuan and Japanese yen. The won was subdivided into 100 jeon (전; 錢; McCune-Reischauer: chŏn; revised: jeon).

History

Following the end of the Colonial Era and the division of Korea, the won was introduced to replace the Korean yen. The first banknotes were issued by the Bank of Joseon until 1950, when the currency management switched to the Bank of Korea.

At the time of its introduction in 1945 the won was pegged to the Japanese yen at a rate of 1 won = 1 yen. In October of the same year the anchor currency was changed to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War the won was devalued at 6000 won = 1 dollar.[1] Following that the hwan was introduced as the new currency at a rate of 1 hwan = 100 won.

Coins

No coins were issued by South Korea during this period; however, Japanese 1 sen coins continued to be used for small transactions until February 1953.[2] South Korea would eventually introduce its first coins for circulation in 1959.

Banknotes

Bank of Joseon issued notes

The won was subdivided into 100 jeon. Only banknotes were issued. Initially, the won was issued by Bank of Joseon with a similar design to the older notes of 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 Rose of Sharon, South Korea's national flower; and the clause about exchangeability with the Japanese yen was removed.

Bank of Joseon issued notes
Value
5 jeon
10 jeon
20 jeon
50 jeon
1 won
5 won
10 won
100 won

Bank of Korea issued notes

On June 12, 1950, the Bank of Korea was established and assumed the duties of Bank of Joseon. The Bank of Joseon's notes were still kept in circulation as not all denominations were replaced by the Bank of Korea's notes.

Bank of Korea issued notes (in Korean)
ImageValueDimensionsMain ColorDescriptionDate ofPrinter
ObverseReverseObverseReverseissuewithdrawal
100 won 158 × 78 mm brown Gwanghwamun Value July 22, 1950 February 17, 1953 National Printing Bureau (Japan)
500 won 145 × 61 mm blue Lee Sung-man Pagoda Gongweon in Seoul October 10, 1952 KOMSEP
1000 won 171 × 78 mm green Value July 22, 1950 National Printing Bureau
145 × 61 mm blue Pagoda Gongweon in Seoul October 10, 1952 KOMSEP
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

See also

References

  1. ↑ Kurt Schuler (2004-02-29). "Tables of modern monetary history: Asia". Currency Boards and Dollarization. Retrieved December 7, 2006.
  2. ↑ Bank of Korea. 화폐연대자료, 1953년~1962년 (in Korean). Retrieved June 21, 2023. 1953년 2월 17일부터(...) 그 동안(...) 통용되어 오던(...) 일본정부의 소액보조화폐(1錢주화)의 유통도 전면 중지하고..." → Translation: "As of 17 February 1953, the 1 sen coin (a small-denomination coin issued by the Japanese government), which had been in use during this period, ceased to circulate... Note that the English version of this page erroneously translates 1 sen as "1-jeon", and omits the 17 February date.
Preceded by:
Korean yen
Reason: Division of Korea and moving toward a full sovereign nation from Allied occupation
Ratio: at par		 Currency of South Korea
1945 – 1953		 Succeeded by:
South Korean hwan
Reason: inflation
Ratio: 1 hwan = 100 won
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.