Korean won

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This page provides the etymology and history of the currency prior to 1945. For the South Korean currency, see South Korean won. For the North Korean currency, see North Korean won.

The won (圓) was the currency of Korea between 1902 and 1910. The won was subdivided into 100 chon (錢).

Contents 1 Etymology 2 History 2.1 After the won 3 Coins 4 Banknotes 5 Won in popular culture 6 See also 7 References

[edit] Etymology

Korean won
Hangul:	원, 전
Hanja:	圓, 錢
Revised Romanization:	Won, Chŏn
McCune-Reischauer:	Wŏn, Jeon

Main article: Etymology of the Korean currencies

Won (pronounced like the English word of the same spelling) is a cognate of the Chinese yuan and Japanese yen.

[edit] History

The won was introduced in 1902, replacing the yang at a rate of 1 won = 5 yang. In 1909, the Bank of Korea (韓國銀行) was founded in Seoul as a central bank and began issuing currency of modern type. The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910. At the same time, Korean yen notes issued by Dai Ichi Ginko (First National Bank (of Japan), 株式會社第一銀行) also circulated.

[edit] After the won

After Korea lost her sovereignty to Japan in 1910, the Bank of Korea was renamed the Bank of Joseon (朝鮮銀行), until Korea's independence in 1945 at the end of World War II. The Bank of Joseon issued notes in units of yen and sen during this period.

[edit] Coins

Coins were minted in the denominations of ½ chon, 1 chon, 5 chon, 10 chon, 20 chon, ½ won, 5 won, 10 won, 20 won. Although the coins all carried the title of the "state", Daehan (대한; 大韓), and the Korean era name, Gwangmu (광무; 光武) and then Yunghui (융희;隆熙), the specifications were strikingly similar to Japanese yen, in physical sizes and in design.

Korean Won Coins
Denomination	Composition
½ chon	Bronze
1 chon
5 chon	Cupronickel
10 chon	800‰ silver
20 chon
½ won
5 won	900‰ gold
10 won
20 won

[edit] Banknotes

No banknotes were issued

[edit] Won in popular culture

The primary unit of currency in the anime series Cowboy Bebop is the woolong, whose symbol (₩) is identical to that of the won.

[edit] See also

• Names of Korea
• Economy of South Korea
• Economy of North Korea

[edit] References

• (2003) Chester L. Krause, Cliffor Mischler, Colin R. Bruce II, et al. (editors): 2004 Standard Catalog of World Coins: 1901-present, 31st ed., Krause Publications. ISBN 0-87349-593-4.
• (2004) Chester L. Krause, Cliffor Mischler, Colin R. Bruce II, et al. (editors): Standard Catalog of World Coins: 19th Century 1801-1900, 4th ed., KP Books. ISBN 0-87349-798-8.

Preceded by: Korean yang Reason: heavier influence by Japan Ratio: 1 won = 5 yang

Currency of Korea 1902 – 1910 Concurrent with: Korean yen

Succeeded by: Korean yen Reason: complete annexation by Japan Ratio: at par

v • d • e Historical currencies of Korea
Mun –1892 Yang 1892–1902 Won 1902–1910 Yen 1902–1945 N. old won 1945–1959 N. new won 1959–present S. old won 1945–1953 Hwan 1953–1962 S. new won 1962–present See also Etymology of the Korean currencies