South Korean won – Wikipedia

official currency of South Korea
This article is about the official currency of South Korea. For the official currency of North Korea ( ISO 4217 code KPW ), see north korean won not to be confused with the Korean won, the official currentness of the Korean Empire from 1902 to 1910 .

South Korean won
Hangul 대한민국 원
Hanja 大韓民國 원
Revised Romanization Daehanmin(-)guk won

McCune–Reischauer Taehanmin’guk wŏn
The current won (원) does not officially have any hanja associated with it.[2][3]

The South Korean won, officially the Korean Republic won ( symbol : ; Code : KRW ; korean : 대한민국 원 ) is the official currentness of South Korea. A single acquire is divided into 100 jeon, the monetary fractional monetary unit. The jeon is no longer used for everyday transactions, and it appears only in alien exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul .

etymology [edit ]

The previous “ won ” was a connate 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 gain was subdivided into 100 jeon ( korean : 전 ; Hanja : 錢 ; RR : jeon ; MR : chŏn ), itself a cognate of the chinese unit of weight mace and synonymous with money in general. The current acquire ( 1962 to present ) is written in hangul only and does not formally have any hanja associated with it. [ 2 ] [ 3 ]

First South Korean won [edit ]

history [edit ]

The Korean won, chinese yuan and japanese yen were all derived from the Spanish-American silver dollar, a mint widely used for international deal 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 gain, for the South and the North. Both the Southern won and the Northern won replaced the yen at equality. The first south korean south korean won was subdivided into 100 jeon. The confederacy korean won initially had a fasten exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the late ones, in part, due to the Korean War ( 1950–53 ). The peg were :

Pegs for the first South Korean won
Date introduced Value of U.S. dollar in won
October, 1945 15
July 15, 1947 50
October 1, 1948 450
June 14, 1949 900 (non-government transactions only)
May 1, 1950 1,800
November 1, 1950 2,500
April 1, 1951 6,000

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

Banknotes [edit ]

In 1946, the Bank of Joseon introduced 10 and 100 win notes. These were followed in 1949 by 5 and 1,000 win notes. A fresh cardinal 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 succeed. The 500 gain 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 [edit ]

history [edit ]

The north korean won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan. It became the sole legal attendant on March 22, 1975, with the withdrawal of the last go around hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the acquire in 1962, its value was pegged at 125 won = US $ 1. The adopt peg operated between 1962 and 1980 :

Pegs for the second South Korean won
Date introduced Value of U.S. dollar in won
June 10, 1962 125
May 3, 1964 255
August 3, 1972 400
December 7, 1974 480
January 12, 1980 580

On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The gain was ultimately allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund. [ 6 ] shortly after, the gain was devalued to about half of its respect, as part of the 1997 asian fiscal crisis .

Coins [edit ]

Until 1966, 10- and 50-hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in win, 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 administration and the 5 and 10 acquire in bronze. These were the first south korean coins to display the date in the common earned run average, 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, raw aluminum 1 won coins were issued to replace them. As an attempt to further reduce currency production costs, newly 5 and 10 won coins were issued in 1970, struck in brass section. Cupronickel 100 won coins were besides introduced that year, followed by cupronickel 50 won coins in 1972. [ 7 ]
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 function of standardizing the neologism, a new serial 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 ]
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-efficient to produce. [ 12 ] The newly coin is made of copper-coated aluminum with a shrink diameter of 18 millimeter, and a weight of 1.22 g. Its ocular design is the lapp as the old coin. [ 13 ] The new coin was issued on December 18, 2006. [ 14 ] [ 15 ] The 1 and 5 succeed coins are rarely in circulation since 1992, and prices of consumer goods are rounded to the nearest 10 win. however, they are even in product, minting limit 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 gain, and 500 won coins cost 77 win. [ 17 ]

Banknotes [edit ]

The Bank of Korea designates banknote and coin series in a unique manner. rather of putting those of similar blueprint 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 alphabetic 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 north korean won in 1962. In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 south korean won notes were introduced by the Bank of Korea. The first publish 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 return of 10 and 100 north korean won notes were printed domestically by the Korea Minting and Security Printing Corporation. In 1965, 100 gain notes ( serial III ) were printed using intaglio printing printing techniques, for the beginning time on domestically printed notes, to reduce counterfeiting. Replacements for the british 500 succeed notes followed in 1966, besides using intaglio printing print, and for the 50 won notes in 1969 using lithoprinting. [ 7 ]
With the economic development from the 1960s, the value of the 500 won notes fell, resulting in a greater use of teller ‘s checks with higher repair denominations as means of payment, angstrom well as an increased use of forge ones. [ 7 ] In 1970, the 100 south korean won notes were replaced by coins, with the like happen 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 water line, security system screw thread, and ultraviolet reaction fibres, and were intaglio printing printed. The publish of 10,000 acquire notes was planned to be at the like fourth dimension as the 5,000 win notes, but problems with the main subject delayed it by a year. [ 18 ] newly designed 500 won notes were besides released in 1973, and the motivation for a culture medium appellation resulted in the introduction of 1,000 gain notes in 1975 .
In 1982, the 500 won note was replaced by a coin. The pursue year, as character of its policy of rationalizing the currency arrangement, the Bank of Korea issued a fresh set of notes, deoxyadenosine monophosphate well as a fresh hardening of coins. Some of the notes ‘ most celebrated features were distinguishable marks for the blind under the watermark and the summation of machine-readable linguistic process in readiness for mechanization of cash handle. They were besides 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 succeed notes were released between 1994 and 2002 with versatile new security features, which included color-shifting ink, microprint, segmented metallic element ribbon, moiré, and EURion constellation. The latest version of the 5,000 and 10,000 south korean won notes are well 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 win notes were produced in Japan, while the ones for the 1,000 and 10,000 succeed notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio printing. [ 18 ] [ 19 ] [ 20 ] With the unblock of a fresh sic of notes, no plan has so far been made to withdraw these notes from circulation. [ 21 ]

1983–2002 Series[22] ( in Korean )
Image Value Dimensions Main Color Description Date of issue BOK series designation Modification
Obverse Reverse Obverse Reverse Watermark
1000 won serieII obverse.jpeg 1000 won serieII reverse.jpeg ₩1,000 151 × 76 mm Purple Yi Hwang Dosan Seowon (Dosan Confucian Academy) Reversed portrait June 11, 1983 Series II (

)

5000 won serieIII obverse.jpeg 5000 won serieIII reverse.jpeg ₩5,000 156 × 76 mm Orange Yi I Ojukheon in Gangneung June 11, 1983 Series III (

)

5000 won serieIV obverse.jpeg 5000 won serieIV reverse.jpeg June 12, 2002 Series IV (

)

Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription
10000 won serieIII obverse.jpeg 10000 won serieIII reverse.jpeg ₩10,000 161 × 76 mm Green Sejong the Great, Water clock Gyeonghoeru Pavilion at Gyeongbok Palace October 8, 1983 Series III (

)

10000 won serieIV obverse.jpeg 10000 won serieIV reverse.jpeg January 20, 1994 Series IV (

)

Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image
10000 won serieV obverse.jpeg 10000 won serieV reverse.jpeg Reversed portrait, Taeguk June 19, 2000 Series V (

)

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 series [edit ]

historical figures on the Korean Won and their importance in history [edit ]

Yi Hwang ( 이황 ) ~ ₩1,000 Yi Hwang, the man featured on the korean 1000 won bill, is regarded as one of Korea ’ s most big confucian scholars during the Joseon earned run average. His huge sexual love for cognition and literature made him known to many and a largely popular historical figure. He dedicated his life and to teaching numerous students. When people think of Yi Hwang now, the Dosanseowon Confucian Academy ( 안동 도산서원 ) constantly comes to mind. [ notional – think removing ] It was established in 1574 to honor Yi Hwang ( Toegye 퇴계 ). It was built about 6 years after his end. It was besides designated as a UNESCO World Heritage site. [ 23 ] [ 24 ] [ 25 ] An Interesting fact about how the diachronic figures on the 1000 acquire and 5000 acquire. Yi Hwang was the head teacher and taught the man on the 5000 succeed. His name was Yi Yulgok, he excessively besides became a celebrated confucian learner under Yi Hwangs guidance and was bestowed the significance of being featured on the 5000 won bill. [ 23 ] Yi I ( 이이 ) ~ ₩5,000 Yi Yulgok ( 1536-1584 ) was a Neo-Confucian thinker and is known to have like determine as Yi Hwang. Yulgok is creditworthy for establishing the Kiho school in Korea. He is the son of Shin Saimdang, who was a long-familiar poet and painter. Yulgok began studying with his mother, but when his mother died, he mourned her loss for 3 years. He then fled to a Buddhist temple in the mountains with the hope to become a monk ; however, after a year of studying scriptures, he changed his mind. Given the cognition he acquired in the Buddhist temple, he placed beginning in both the preliminary and final civil service examinations in 1564. He then became known as Lord First Candidate of the Nine Examinations. He served in respective offices within the metropolitan and peasant government. His official posts included appointments of curate of military affairs, curate of populace works, and minister of personnel until he died at age forty-nine. [ 26 ] Sejong the Great ( 세종대왕 ) ~ ₩10,000 Sejong the Great was a celebrated king during the Joseon earned run average. His bequest includes the universe of the Korean writing system, hangul ( 한글 ), which occurred in 1443 during the 12th calendar month of the lunar calendar. later in 1446, the book of Sejong Sillok ( 조선왕조실록 ) described the new speech of Joseon as Hunminjeongeum ( broad list ; 훈민정음 해례본, Hunminjeongeum Haeryebon ), was created and information on how to learn the new organization and the teachings were published all together in multiple parts. One of Sejong ’ s purposes for creating this new language system was to help common people read and write, many of which were differently illiterate. Hunminjeongeum was the master mention for Hangeul when it was foremost created back in the fifteenth century. The other sections of Hunminjeongeum ( 훈민정음 ) called Yeui ( 예의 ) was created to describe and teach the reader about each sound of the 28-letter alphabet. With the creation of this book, Hunminjeongeum ( 훈민정음 ), we can understand the truthful vision and concept Sejong the great had for creating this language and how to intelligibly grasp the rules and usage of it. The adjacent contribution of the ledger was called “ haerye ” ( 해례 ), which showed the theories involved with the inventions of the consonants and vowels and the ideas behind the initial, middle, and final voice of a syllable. [ 27 ] last another special differentiation related to the lyric was, Hunminjeongeum ( 훈민정음 ) became a national treasure recognized by the UN in 1997. It was listed in the UNESCO ’ south Memory of the World Register. It stated that this document created by Sejong was regarded highly for its linguistic, cultural, and ideological values. [ 27 ] Shin Saimdang ( 신사임당 ) ~ ₩50,000 Shin Saimdang ( 1504-1551 ) is a long-familiar historical visualize and is considered the representative visualize of the Korean woman and icon of the “ wise beget and good wife ” ( hyeonmoyangcheo, 현모양처 ). Shin Saimdang was an artist, writer calligrapher and poet of the Joseon earned run average. She became the first charwoman to appear on a fresh korean bill since 2009. [ 28 ] She is the mother of Yi I and was of great influence on him. She lived in a male-dominant society because of the big charm of Confucianism. For this reason, her real name is obscure and because she is a woman, her name didn ’ t make history. The only accounts of her origin fib were from her son Yi Yulgok, unofficial history books, anthologies and from postscripts written by confucian scholars. Her bequest and her artworks are remembered more than documents that portray her as a good wife and judicious mother. [ 29 ]

New security features [edit ]

In 2006, it became a major concern that the south korean won banknotes were being counterfeited/forged. This led the politics to issue a new series of banknotes, with the 5,000 won note being the inaugural one to be redesigned. Later in 2007, the 1,000 and 10,000 south korean won notes were introduced. On June 23, 2009, the Bank of Korea released the 50,000 won note. The obverse bears a portrayal of Shin Saimdang, a outstanding 16th-century artist, calligrapher, and mother of Korean learner Yulgok, besides known as lolo I, who is on the 5,000 won bill. This bill is the first base korean bill to feature the portrayal of a woman. [ 30 ] The liberation of the 50,000 won notice stirred some controversy among patronize owners and those with ocular impairments due to its similarity in discolor and numerical denomination with the 5,000 won note. [ 31 ] New 100,000 acquire notes were besides announced, but their release was late cancelled due to the controversy over the bill ‘s planned double, featuring the Daedongyeojido map, and not including the disputed Dokdo islands. [ 32 ] [ 33 ] [ 34 ] [ 35 ] The banknotes include over 10 security system features in each appellation. The 50,000 won note has 22 security features, the 10,000 won notice 21, the 5,000 won bill 17, the 2,000 won note 10 and the 1,000 won note 19. many modern security features that can be besides found in euro, pounds, canadian dollars, and japanese yen are included in the banknotes. Some security system 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 beginning time in the world, KOMSCO, the korean mint, inserted a new meaning in the notes to detect counterfeits. This technique is being exported to Europe, North America, etc. [ 36 ]

2017 Commemorative Series[38] ( in Korean )
Image Value Dimensions Main color Description Date of issue BOK series designation
Obverse Reverse Obverse Reverse Watermark
[2] [3] ₩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 December 11, 2017 Series I (

)

These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

future of the south korean north korean won [edit ]

Coinless trials [edit ]

As the south korean economy is evolving through the consumption of electronic payments, coins of the south korean acquire are becoming less used by consumers. The Bank of Korea began a trial which would result in the full cessation of the product of coins by depositing change into postpaid cards. [ 39 ] As of 2019, however, public engagement in this program has decreased. [ 40 ]

Redenomination proposals [edit ]

There have been recurring proposals in the south korean National Assembly to redenominate the succeed by introducing a fresh north korean won or new unit, equal to 1,000 old succeed, and worth about one U.S. dollar. While proponents cite a more valuable currency unit better projects the strength of the nation ‘s economy, a majority stay opposed to the idea. Reasons cited are : economic damage if done immediately, no issues on public confidence in the north korean won and its inflation rate, limited cost savings, and the presence of more pressing economic issues. [ 41 ]

currency output [edit ]

The Bank of Korea is the only institution in South Korea with the right field to print banknotes and mint coins. The banknotes and coins are printed at the KOMSCO, a government-owned pot, 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 depository financial institution ‘s vault, fix to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major korean holidays, the Bank of Korea distributes bombastic amounts of its currentness to most of the commercial banks in South Korea, which are then given to their customers upon request .

current substitute rates [edit ]

South Korean won exchange rate against U.S. dollar (from 1990) and Euro (from 1999).

See besides [edit ]

References [edit ]

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