Etymology of the Korean currencies

Won is the currency of both North and South Korea. Won is a cognate of the Chinese currency unit, yuan and the Japanese currency unit, yen, meaning "round object". The won is subdivided into 100 jeon (전; 錢; McCune-Reischauer: chŏn; Revised Romanization: jeon).

Yang is a former Korean currency. It is a cognate of the Chinese tael (pronounced "liǎng" in Chinese). The yang was subdivided into 100 fun (pronounced "pun" but spelt with an "f" on the coins). Fun (푼) is a cognate of the Chinese word fen (分 fēn), referring to 1/100 of a Chinese yuan in modern context.

Contents

History

Due to interchanging Chinese influences, changing Romanization methods, and the use of both hanja (Sino-Korean characters) and hangul scripts, the etymology can be hard to understand. The table below summarizes the language used on the modern circulating and historical Korean currencies.

Period Subunit Main unit Super unit Note
English Hanja Hangul Ratio English Hanja Hangul English Hanja Hangul Ratio
1892-1902 fun 1/100 yang hwan 5
1902-1910 chon 1/100 won None 1 won = 5 yang of the previous period
1902-1945 sen N/A 1/100 yen N/A None 1 yen = 1 won = 5 yang
Due to Colonial era, the English transliterations were based on Japanese pronunciation of the Chinese characters.
North Korea
1945-present
chon 1/100 won None 1 won = 1 yen in 1945
1 new won = 1 old won in 1959.
Use of Hanja disappeared after 1959
South Korea
1945-1953
chon 1/100 won None 1 won = 1 yen
South Korea
1953-1962
chon 1/100 hwan None 1 hwan = 100 won of the previous perioud
South Korea
1962-present
jeon 1/100 won None 1 won = 10 hwan of the previous period
Bold = what was actually printed on the notes/engraved on the coins

In the brief period when the yang was used, 1 hwan/won (圜 = 圓 in Chinese) = 5 yang (兩), while in the Chinese monetary system of that time, 1 yuan (圓) = 0.72 tael (兩).

Use in the Western World

The word jeon is also used in Korean to translate the word "cent," and in this context is associated with bul (불, 弗), meaning "dollar." (The hanja character resembles the symbol "$".) These two words are used by Koreans living in the Western hemisphere when referring to dollar currencies.

Sign and computing

The won sign ("₩", a capital W with a horizontal stroke) is represented in Unicode at the code point 20A9 (8361 in decimal).

See also