South Korean won

South Korean won
대한민국 원 (Hangul) 大韓民國 圓1 (Hanja)
Currently circulating coins and banknotes
ISO 4217 Code	KRW
User(s)	Republic of Korea
Inflation	2.5%
Source	UPI, 2008 (National Statistical Office, S. Korea)
Method	CPI
Subunit
1/100	jeon (전/錢) Theoretical (not used)
Symbol	₩
Plural	The language(s) of this currency does not have a morphological plural distinction.
Coins	₩1, ₩5, ₩10, ₩50, ₩100, ₩500
Banknotes	₩1000, ₩5000, ₩10000, ₩50000
Central bank	Bank of Korea
Website	eng.bok.or.kr
Printer	Korea Minting and Security Printing Corporation
Website	english.komsco.com
Mint	Korea Minting and Security Printing Corporation
Website	english.komsco.com
The hanja for the old won was 圓, but is not used anymore.[1]

The won (원) (sign: ₩; code: KRW) is the 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 appears only in foreign exchange rates. One South Korean won (as of May 25, 2010) is equal to 0.114364 North Korean won^[2].

Contents 1 Etymology 2 First South Korean won 2.1 History 2.2 Banknotes 3 Second South Korean won 3.1 History 3.2 Coins 3.3 Banknotes 3.3.1 New series 3.3.1.1 50,000 won note 4 Currency production 5 See also 6 References 7 External links

Etymology

"Won" is a cognate of the Chinese yuan and Japanese yen. All three names derive from the Chinese character 圓(원), which means "round shape." The won was subdivided into 100 jeon (Hangul: 전; Hanja: 錢; RR: jeon; MR: chŏn), which means "money"; this word is also of Chinese origin and refers to the bronze and copper coins of old.

First South Korean won

History

The won has been in use for thousands of years. After the Japanese annexation in 1910 and subsequent occupation, the won was replaced at par by the yen, made up of the Japanese currency and banknotes of the Korean yen.

In 1945 after World War II, Korea became 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. Only banknotes were issued, initially circulating alongside banknotes of both the Japanese and Korean yen and Japanese coins.

The South Korean won was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean war. The pegs 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	1800
November 1, 1950	2500
April 1, 1951	6000

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

Banknotes

In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1000 won notes. The designs were similar to those of the yen notes from 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 five-petalled Rose of Sharon, South Korea's national flower. The clause referring to exchangeability with the Japanese yen was also removed.

A new central bank, the Bank of Korea, was established in 1950, and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, 100 and 1000 won. 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 9, 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 = 1 U.S. dollar. The following pegs 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 won was finally allowed to float on December 24, 1997 when an agreement was signed with the International Monetary Fund.^[3] Shortly after, the won was devalued to almost half of its value, as part of the East 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.^[4]

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 won and 10 won coins were issued in 1970, struck in brass. Cupro-nickel 100 won coins were also introduced that year, followed by Cupro-nickel 50 won in 1972.^[4]

1966-1982 issued coins [1] [2] (Korean)
Image		Value	Technical parameters			Description			Date of			BOK Series Designation
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse	first minting	issue	withdrawal
		₩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	Still circulating	Series II (나)
		₩5	20.4 mm	3.9 g	Commercial bronze 88% copper 12% zinc	Plain	Geobukseon, value, bank title (hangul)	Value (digit), bank title, year of minting	1966	August 16, 1966	Still circulating	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	Still circulating	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	Milled	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 millimeter. 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 were issued, using the same layout as the 500 won coins, but conserving the coins old themes.^[4]

1982-2006 issued coins [3][5]
Image		Value	Technical parameters			Description			Date of		BOK Series Designation
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse	first minting	issue
		₩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)
		₩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
		₩50	21.6 mm	4.16 g	70% copper 18% zinc 12% nickel	Milled	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 millimeter. 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 manufacturing price, 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.^[6] The new coin is made of copper-coated aluminum with a reduced diameter of 18 mm, and a weight of 1.22 g. Its visual design is the same as the old coin.^[7] The new coin was issued on December 18, 2006.^[8][9]

The 1 and 5 won coins are difficult to find in circulation today and prices of consumer goods are rounded to the nearest 10 won.

In 1998, the production costs per coin were are as follows: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won.^[10]

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, they assign series number X to the Xth design of for each individual value. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사. Therefore, ₩1000 issued in 1983 is series II (나) because it is the second design of all ₩1000 designs since the won introduction 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 were printed in the U.K. 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 litho-printing.^[4]

1962 Thomas De La Rue Series [4] (Korean)
Image		Value	Dimensions	Main color	Description		Date of		BOK Series Designation
Obverse	Reverse				Obverse	Reverse	issue	withdrawal
		₩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			February 14, 1969
		₩500		Grey	Namdaemun			February 3, 1967
1962-1969 KOMSCO Series [5] (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	Pagoda Gongweon 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 pixels per millimeter. For table standards, see the banknote specification table.

With the economic development from the 60s the value of the 500 won notes became lower, 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.^[4] 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 5000 won 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 inglio printed. The release of 10,000 won notes was planned to be at the same time as the 5000 won notes but problems with the main theme delayed it by a year.^[11] Newly designed 500 won notes were also released in 1973 and the need for a medium denomination resulted in the introduction of 1000 won notes in 1975.

1972-1973 Series [6] (Korean)
Image		Value	Dimensions	Main color	Description			Date of		BOK Series Designation	Plate produced
Obverse	Reverse				Obverse	Reverse	Watermark	issue	withdrawal
		₩5000	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[12]
		₩10 000	171 × 81 mm	Brown	Sejong the Great, Rose of Sharon	Geunjeongjeon at Gyeongbok Palace		June 12, 1973	November 10, 1981	Series I (가)	In Japan[11]
1973-1979 Series [7] (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)
		₩1000	163 × 73 mm	Purple	Yi Hwang, Rose of Sharon	Dosan Seowon (Dosan Confucian Academy)		August 14, 1975		Series I (가)	In Japan[13]
		₩5000	167 × 77 mm	Orange	Yi I	Ojukheon in Gangneung		June 1, 1977	May 12, 1993	Series II (나)	In Japan[12]
		₩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[11]
These images are to scale at 0.7 pixels per millimeter. 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 (see above). Some of the note's 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.^[4]

To cope with the deregulation of imports of color printer and the increasing use of computers and scanners, modified 5000 won 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 5000 and 10,000 won 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 5000 won notes were produced in Japan while the ones for the 1000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.^[11][12][13]

With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation.^[14]

1983-2002 Series [8] (Korean)
Image		Value	Dimensions	Main Color	Description			Date of issue	BOK Series Designation	Modification
Obverse	Reverse				Obverse	Reverse	Watermark
		₩1000	151 × 76 mm	Purple	Yi Hwang	Dosan Seowon (Dosan Confucian Academy)	Reversed portrait	June 11, 1983	Series II (나)
		₩5000	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 pixels per millimeter. For table standards, see the banknote specification table.

New series

In 2006, it became a major concern that the Korean won banknotes were being counterfeited/forged. Notably the 5000 won note (worth about US$5), over 50% of the notes were confiscated as counterfeit. This led the government to issue a new series of banknotes, with the 5000 won note being the first one to be redesigned. Later in 2007, the 1000 and the 10000 won note was introduced.

The banknotes include over 10 security features in each denomination. The 10000 won note has 21 security features, the 5000 won note 17, and the 1000 won note 19. Many modern security features that can be also found in Euros, Pound sterling, Canadian dollar, Japanese yen are included in the banknotes. Some security features inserted in won notes are:

• Holograms with 3D images that change colors within the metallic foil on the obverse side of the notes(exception of 1000 won)
• Watermark portraits of the effigy of the note is 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 than ordinary paper
• Security thread in the right side of the obverse side with small lettering "한국은행 Bank of Korea" and the denomination
• Color shifting ink on the value number at the back of the note

For the first time in the world, the KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported to Europe, North America, etc.^[15]

2006-2007 Series [9] (Korean)
Image		Value	Dimensions	Main Color	Description			Date of issue	BOK Series Designation
Obverse	Reverse				Obverse	Reverse	Watermark
		₩1000	136 × 68 mm	Blue	Yi Hwang, Myeongryundang in Seonggyungwan, plum flowers	"Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong Seon	Reversed portrait, value	January 22, 2007	Series III (다)
		₩5000	142 × 68 mm	Red and yellow	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 Korean	Globe of Honcheonsigye and Cheonsang Yeolcha Bunyajido in the background		January 22, 2007	Series VI (바)
		₩50 000	154 × 68 mm	Orange and 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 maesil tree		June 23, 2009	Series VI (바)
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.

50,000 won note

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 Confucian scholar Yulgok, also known as Yi I, who is on the 5,000 Won note. This note is the first Korean banknote that features the portrait of a woman.^[16] 100,000 won notes were also announced, but their release was later canceled.^[17] 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.^[18]

Currency production

The Bank of Korea is the only institution in South Korea that has the right to print banknotes and mint coins. The banknotes and coins are printed at KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new crisp banknotes and coins are printed/minted, they are bundled up in bundles/rolls and shipped to the Headquarters of the Bank of Korea. When delivered, the banknotes and coins 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 amount of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

Current KRW exchange rates
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From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD CNY
From OANDA.com:	AUD CAD CHF EUR GBP HKD JPY USD CNY

South Korean won to U.S. dollar exchange rate from January 1990 to January 2010.

South Korean won to euro exchange rate from January 1999 to 2008.

See also

References

External links

• "BOK Announces Smaller Banknotes". The Chosun Ilbo. 2005-07-21. http://english.chosun.com/w21data/html/news/200507/200507210018.html. Retrieved 2006-10-17. 
• "New W5,000 Ready for Release on Jan. 2". The Chosun Ilbo. 2005-12-13. http://english.chosun.com/w21data/html/news/200512/200512130005.html. Retrieved 2006-10-17. 
• "New W1,000 Note Unveiled". The Chosun Ilbo. 2006-01-17. http://english.chosun.com/w21data/html/news/200601/200601170021.html. Retrieved 2006-10-17. 
• "Dollar Plummets to Pre-Crisis Level Against Won". The Chosun Ilbo. 2006-01-25. http://english.chosun.com/w21data/html/news/200601/200601250030.html. Retrieved 2006-10-17. 
• "New W5,000 Bills Forgery- but not Water-Proof". The Chosun Ilbo. 2006-01-25. http://english.chosun.com/w21data/html/news/200601/200601250012.html. Retrieved 2006-10-17. 
• "New W10,000 Note Unveiled". The Chosun Ilbo. 2006-05-18. http://english.chosun.com/w21data/html/news/200605/200605180022.html. Retrieved 2006-10-17. 
• New Korea Notes, information page of BOK's new notes
• Pronunciation of Won at freedictionary.com

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

Economy of South Korea History Chaebol • 1997 Asian Financial Crisis • Four Asian Tigers • Five-year plans of South Korea • Heavy-Chemical Industry Drive • Miracle on the Han River • Japan–Korea Undersea Tunnel Currency Won (1945–1953) • Hwan (1953–1962) • Won (1962–) • Korea Minting and Security Printing Corporation • Bank of Korea Industry and business Automotive industry • Companies • Energy • Financial services • Fishing industry • Real estate • Rice production • Trade unions • Korea National Oil Corporation Government agencies Fair Trade Commission • Korea Forest Service • Financial Services Commission • Financial Supervisory Service • Korea Deposit Insurance Corporation • National Information & Credit Evaluation • Korea Investment Corporation • Korea Transportation Safety Authority Employment and tax Companies • Prostitution Infrastructure and transport Trans Korea Pipeline • South–North Pipeline Korea • Driving license Rankings International rankings • Regions by GDP Finance and banking Korea Stock Exchange • Banks • KOSDAQ • Korea Exchange • KOSPI Agreements Comprehensive Economic Partnership Agreement • European Union • United States Energy National RD&D Organisation for Hydrogen and Fuel Cell Programme • Nuclear power • Nuclear research programs Other European Union Chamber of Commerce in Korea • Korea Financial Investment Association • Kimchi bond • Korea Non-Life Insurance Association • Korea Oil & Petroleum Association See also: Economy of North Korea

Historical currencies of Korea Mun 1633–1892 Yang 1892–1902 Won 1902–1910 Yen 1902–1945 North Korean old won 1947–1959 North Korean new won 1959-2009 North Korean third won since 2009 South Korean old won 1945–1953 South Korean hwan 1953–1962 South Korean new won since 1962 Etymology and history of the Korean currencies

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