South Korean won (old)

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This article is about a past currency of South Korea. For the currency currently in use, see South Korean won.

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

Contents 1 Etymology 2 History 3 Coin 4 Banknotes 4.1 Bank of Joseon issed notes 4.2 Bank of Korea issed notes 5 See also 6 Reference 7 External links

[edit] Etymology

Main article: Etymology of the Korean currencies

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).

[edit] History

Following the end of the Japanese occupation and the division of Korea the won was introducted 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 the 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 got change to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War the won was devaluated at 6000 won = 1 dollar.^[1] Following that the hwan was introduced as the new currency at a rate of 1 hwan = 100 won.

[edit] Coin

The 1 jeon coin was the only coin in circulation in South Korea at the time. It was not issed by the Bank of Joseon but by the Japanese government as subsidiary money. ^[2]

[edit] Banknotes

[edit] Bank of Joseon issed 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 issed notes
Value
5 jeon
10 jeon
20 jeon
50 jeon
1 won
5 won
10 won
100 won

[edit] Bank of Korea issed 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 issed notes [1] (Korean)
Image		Value	Dimensions	Main colour	Description		Date of		Printer
Obverse	Reverse				Obverse	Reverse	issue	withdrawal
		100 won	158 × 78 mm	brown	Gwanghwa Gate in Seoul	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 pixels per millimeter, a standard for world banknotes. For table standards, see the banknote specification table.

[edit] See also

• List of Korea-related topics
• Economy of South Korea
• History of South Korea

[edit] Reference

1. ^ Kurt Schuler (2004-02-29). Tables of modern monetary history: Asia. Currency Boards and Dollarization. Retrieved on December 7, 2006.
2. ^ Bank of Korea. 우리나라의 화폐, 1950년~1953년 (korean). Retrieved on December 4, 2006. “한국은행은 설립 당시 통용되던 조선은행권 (...), 일본정부의 소액보조화폐(1錢 주화) 등을 승계하고..." → Translation: "The then founded Bank of Korea took over the Bank of Joseon notes circulating at the time (...), as well as the Japanese government's small subsidiary currency (1 jeon coin), and...”

[edit] External links

• (Korean) Bank of Korea, 1950-1953 banknotes
• Bank of Korea, A Brief History of Korean Currency
• Bank of Korea, Currency Issue System
• National Printing Bureau

Old won

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

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 This box: view • talk • edit