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{{ |
{{short description|Official currency of South Korea}} | ||
{{Use Oxford spelling |date=October 2024}} | |||
{{distinguish|text = the ], the official currency of the ]}} | |||
{{Use mdy dates|date=October 2024}} | |||
{{short description|Official currency of the Republic of Korea}} | |||
{{Infobox currency | {{Infobox currency | ||
| name = South Korean won | |||
| currency_name_in_local = {{native name|ko|대한민국 원|italics=off}} | |||
| local_name_lang1 = ko | |||
| image_1 = Currency South Korea.jpg | | image_1 = Currency South Korea.jpg | ||
| image_title_1 = |
| image_title_1 = | ||
| iso_code = KRW | | iso_code = KRW | ||
| using_countries = {{KOR}} | |||
| iso_number = 410 | |||
| inflation_rate = 2.4% (June 2024)<ref>{{cite web |url=https://kostat.go.kr/synap/skin/doc.html?fn=35b9abd9cd66ef83a2281571e98a21e21b99bb99e7288563212b8dac2fda1f1e&rs=/synap/preview/board/11751/ | title=Document Viewer }}</ref> | |||
| iso_exponent = 0 | |||
| value = Exchange Rate <br /> 1 USD = 1,390 KRW<ref>{{cite web|url=http://www.smbs.biz/Eng/ExRate/TodayExRate.jsp|title=Seoul Money Brokerage}}</ref> | |||
| using_countries = {{flagcountry|KOR}} | |||
| subunit_ratio_1 = {{frac|1|100}} | |||
| inflation_rate = 1.3% (Feb 2016, Year-on-Year % Change) | |||
| subunit_name_1 = jeon ({{Korean|hangul=전|hanja=錢|labels=no}}) | |||
| inflation_source_date = '''', February 2016 | |||
| subunit_ratio_1 = {{Frac|100}} | |||
| subunit_name_1 = jeon ({{lang|ko|전/錢}}) | |||
| subunit_inline_note_1 = Theoretical (not used) | | subunit_inline_note_1 = Theoretical (not used) | ||
| symbol = ] | | symbol = ] | ||
| unit = won | |||
| no_plural = Y | | no_plural = Y | ||
| |
| used_coins = ₩1, ₩5, ₩10, ₩50, ₩100, ₩500 | ||
| used_banknotes = {{KRW|1,000}}, {{KRW|2,000}}, {{KRW|5,000}}, {{KRW|10,000}}, {{KRW|50,000}} | |||
| rarely_used_coins = ₩1, ₩5 | |||
| frequently_used_banknotes = ₩1,000, ₩5,000, ₩10,000, ₩50,000 | |||
| commemorative_banknotes = ₩2,000 | |||
| issuing_authority = ] | | issuing_authority = ] | ||
| issuing_authority_website = {{URL|eng.bok.or.kr}} | | issuing_authority_website = {{URL|eng.bok.or.kr}} | ||
Line 32: | Line 30: | ||
| hangul = 대한민국 원 | | hangul = 대한민국 원 | ||
| hanja = 大韓民國 원 | | hanja = 大韓民國 원 | ||
| rr = |
| rr = Daehanminguk won | ||
| mr = Taehanmin'guk wŏn | | mr = Taehanmin'guk wŏn | ||
| text = The current won ({{Korean|hangul=원|labels=no}}) does not officially have any hanja associated with it.<ref name="hangulonly1" /><ref name="hangulonly2" /> | |||
| text = The current won (원) does not officially have any hanja associated with it.<ref name="hangulonly1">{{cite web | author=Bank of Korea | title=화폐 < 홍보교육자료 < 우리나라 화폐단위 변경 {{!}} 한국은행 홈페이지. #1 | url=http://www.bok.or.kr/broadcast.action?menuNaviId=2074 | archive-url=https://web.archive.org/web/20150923193330/http://www.bok.or.kr/broadcast.action?menuNaviId=2074 | dead-url=yes | archive-date=2015-09-23 | language=Korean | accessdate=2012-11-24 | quote=한글로만 표기" → Translation: "''Spelling in hangul only'' }}</ref><ref name="hangulonly2"></ref> | |||
}} | }} | ||
[[File:South Korean inflation.webp|thumb|right|South Korean inflation | |||
{{legend-line|#000000 solid 3px|M2 ] increases}} | |||
{{legend|#FF644E|Inflation}} | |||
{{legend-line|#00A2FF solid 3px|Inflation ex food and energy}} | |||
]] | |||
The '''South Korean won''' ( |
The '''South Korean won''' (]: '''₩'''; ]: '''KRW'''; {{Korean|hangul=대한민국 원}}) is the official currency of ]. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and it appears only in foreign exchange rates. The currency is issued by the ], based in the capital city of ]. | ||
==Etymology== | ==Etymology== | ||
{{main |
{{main|Etymology of the Korean currencies}} | ||
{{see also|Korean won}} | |||
The old "won" was a ] of the ] and ]. It is derived from the ] {{lang|ko|]}} ({{lang|ko|원}}), meaning "round". The won was subdivided into 100 ''jeon'' ({{ko-hhrm|hangul=전|hanja=錢|mr=chŏn|rr=jeon}}), itself a cognate of the Chinese unit of weight ] and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.<ref name="hangulonly1" /><ref name="hangulonly2" /> | |||
The old "won" was a ] of the ] and ], which were both derived from the ]. It is derived from the ] {{lang|ko|]}} ({{lang|ko|원}}, {{Transliteration|ko|rr|won}}), meaning "round", which describes the shape of the silver dollar. | |||
The won was subdivided into 100 {{Transliteration|ko|rr|jeon}} ({{korean|hangul=전|hanja=錢|mr=chŏn}}), itself a cognate of the Chinese unit of weight ] and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.<ref name="hangulonly1">{{cite web | author=Bank of Korea | script-title=ko:화폐 < 홍보교육자료 < 우리나라 화폐단위 변경 {{!}} 한국은행 홈페이지. #1 | url=http://www.bok.or.kr/broadcast.action?menuNaviId=2074 | archive-url=https://web.archive.org/web/20150923193330/http://www.bok.or.kr/broadcast.action?menuNaviId=2074 | url-status=dead | archive-date=September 23, 2015 | language=ko | access-date=November 24, 2012 | quote=한글로만 표기" → Translation: "''Spelling in hangul only'' }}</ref><ref name="hangulonly2">{{Cite web |url=http://stdweb2.korean.go.kr/search/View.jsp?idx=465171 |title=Entry in Standard Korean Language Dictionary |access-date=May 8, 2018 |archive-date=May 8, 2018 |archive-url=https://web.archive.org/web/20180508121726/http://stdweb2.korean.go.kr/search/View.jsp?idx=465171 |website=] |url-status=dead }}</ref> | |||
==First South Korean won== | ==First South Korean won== | ||
{{main |
{{main|South Korean won (1945–1953)}} | ||
===History=== | ===History=== | ||
The ], ] and ] were all derived from the ], a coin widely used for international trade between Asia and the Americas from the 16th to 19th centuries. | |||
Prior to 1910, the won was the currency. | |||
During the ] ( |
During the ] (1910–45), the won was replaced by the ] which was ] with the Japanese yen. | ||
After ] ended in 1945, ], resulting in two separate currencies, both called won, for the South and the ]. Both the ] and the ] replaced the yen at par. The first South Korean won was subdivided into 100 ''jeon''. | After ] ended in 1945, ], resulting in two separate currencies, both called won, for the South and the ]. Both the ] and the ] replaced the yen at par. The first South Korean won was subdivided into 100 ''jeon''. | ||
The South Korean won initially had ] to the ] at a rate of 15 won to 1 dollar. A series of ]s followed, the later ones, in part, due to the ] ( |
The South Korean won initially had ] to the ] at a rate of 15 won to 1 dollar. A series of ]s followed, the later ones, in part, due to the ] (1950–53). The pegs were: | ||
{|class="wikitable" | {|class="wikitable" | ||
|+Pegs for the first South Korean won | |||
|- | |||
!colspan="2"|Pegs for the first South Korean won | |||
|- | |- | ||
!Date introduced!!Value of U.S. dollar in won | !Date introduced!!Value of U.S. dollar in won | ||
|- | |- | ||
|October |
|October 1945||15 | ||
|- | |- | ||
|July 15, 1947||50 | |July 15, 1947||50 | ||
Line 76: | Line 81: | ||
|} | |} | ||
The first South Korean won was replaced by the '']'' on February 15, 1953 at a rate of 1 hwan = 100 won. | The first South Korean won was replaced by the '']'' on February 15, 1953, at a rate of 1 hwan = 100 won.<ref>{{cite book |author1=The Bank of Korea |title=KOREAN CURRENCY: for better understanding of Korean currency |date=January 23, 2013 |page=10 |url=https://books.google.com/books?id=6cFuBgAAQBAJ&pg=PA10 |access-date=May 3, 2020}}</ref> | ||
===Banknotes=== | ===Banknotes=== | ||
In 1946, the ] introduced 10 |
In 1946, the ] introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1,000 won notes. | ||
A new central bank, the ], was established on |
A new central bank, the ], was established on June 12, 1950,<ref>{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = South Korea | publisher = banknotenews.com | year = 2012 | location = San Francisco, CA | url = http://www.banknotebook.com/ | access-date = August 17, 2012 | archive-date = August 29, 2012 | archive-url = https://web.archive.org/web/20120829063428/http://www.banknotebook.com/ | url-status = live }}</ref> 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 won. The 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in ] in won, were, in fact, the first issues of the ]. | ||
==Second South Korean won== | ==Second South Korean won== | ||
===History=== | ===History=== | ||
The won was reintroduced on June 10, 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 ] code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = |
The won was reintroduced on June 10, 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 ] code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = {{USD|1}}. The following pegs operated between 1962 and 1980: | ||
{|class="wikitable" | {|class="wikitable" | ||
|+Pegs for the second South Korean won | |||
|- | |||
!colspan="2"|Pegs for the second South Korean won | |||
|- | |- | ||
!Date introduced!!Value of U.S. dollar in won | !Date introduced!!Value of U.S. dollar in won | ||
Line 105: | Line 108: | ||
|} | |} | ||
On February 27, 1980, efforts were initiated to lead to a ]. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the ].<ref>{{cite web| url=http://users.erols.com/kurrency/asia.htm| title=Tables of modern monetary history: Asia| |
On February 27, 1980, efforts were initiated to lead to a ]. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the ].<ref>{{cite web| url=http://users.erols.com/kurrency/asia.htm| title=Tables of modern monetary history: Asia| access-date=November 16, 2006| author=Kurt Schuler| date=February 29, 2004| work=Currency Boards and Dollarization |archive-url = https://web.archive.org/web/20070112132244/http://users.erols.com/kurrency/asia.htm <!-- Bot retrieved archive --> |archive-date = January 12, 2007}}</ref> Shortly after, the won was devalued to almost half of its value, as part of the ]. | ||
===Coins=== | ===Coins=== | ||
Until 1966, 10 |
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 ] and the 5 and 10 won in ]. These were the first South Korean coins to display the date in the ], earlier coins having used the ]. The 10 and 50 hwan coins were demonetized on March 22, 1975.<ref name=issue>{{cite web |url=http://www.bok.or.kr/template/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000001020 |title=Currency Issue System |access-date=November 9, 2006 |publisher=] |archive-url=https://web.archive.org/web/20060826081444/http://www.bok.or.kr/template/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000001020 |archive-date=August 26, 2006 |url-status=dead }}</ref> | ||
In 1968, as the intrinsic value of the brass 1 |
In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new ] 1 won coins were issued to replace them. As an attempt to further reduce currency production costs, new 5 and 10 won coins were issued in 1970, struck in brass. ] 100 won coins were also introduced that year, followed by cupronickel 50 won coins in 1972.<ref name=issue /> | ||
{|class="wikitable" style="font-size: 90%" | {|class="wikitable" style="font-size: 90%" | ||
!colspan="13"| 1966–1982 issued coins<ref name="autogenerated1"></ref><ref name="autogenerated2"></ref> {{ |
!colspan="13"| 1966–1982 issued coins<ref name="autogenerated1">{{cite web |url=http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000507 |title=The Bank of Korea |website=] |access-date=January 17, 2022 |archive-url=https://web.archive.org/web/20070310203841/http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000507 |archive-date=March 10, 2007 |url-status=dead}}</ref><ref name="autogenerated2">{{cite web |url=http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000508 |title=The Bank of Korea|website=] |access-date=January 17, 2022 |archive-url=https://web.archive.org/web/20070310184105/http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000508 |archive-date=March 10, 2007 |url-status=dead}}</ref> {{in lang|ko}} | ||
|- | |- | ||
!colspan="2"| Image !!rowspan="2"| Value !!colspan="3"| Technical parameters !!colspan="3"| Description !!colspan="3"| Date of !! rowspan="2"| ] series designation | !colspan="2"| Image !!rowspan="2"| Value !!colspan="3"| Technical parameters !!colspan="3"| Description !!colspan="3"| Date of !! rowspan="2"| ] series designation | ||
|- | |- | ||
! Obverse !! Reverse !! Diameter !! Mass !! Composition !! Edge !! Obverse !! Reverse !! First minting !! Issue !! |
! Obverse !! Reverse !! Diameter !! Mass !! Composition !! Edge !! Obverse !! Reverse !! First minting !! Issue !! Issue Suspended | ||
|- {{Coin-yellow-color}} | |- {{Coin-yellow-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
Line 124: | Line 127: | ||
| 17.2 mm | | 17.2 mm | ||
| 1.7 g | | 1.7 g | ||
| ]<br>60% ]<br> 40% ] | | ]<br />60% ]<br /> 40% ] | ||
| Plain | | Plain | ||
| ], value, bank title (]) | | ], value, bank title (]) | ||
Line 131: | Line 134: | ||
| August 16, 1966 | | August 16, 1966 | ||
| December 1, 1980 | | December 1, 1980 | ||
| Series I ({{ |
| Series I ({{Korean|hangul=가|labels=no}}) | ||
|- {{Coin-silver-color}} | |- {{Coin-silver-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
Line 145: | Line 148: | ||
| August 26, 1968 | | August 26, 1968 | ||
| 1992 | | 1992 | ||
| Series II ({{ |
| Series II ({{Korean|hangul=나|labels=no}}) | ||
|- {{Coin-copper-color}} | |- {{Coin-copper-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
Line 152: | Line 155: | ||
| 20.4 mm | | 20.4 mm | ||
| 3.09 g | | 3.09 g | ||
| ]<br>88% ]<br/>12% ] | | ]<br />88% ]<br />12% ] | ||
| Plain | | Plain | ||
| ], value, bank title (hangul) | | ], value, bank title (hangul) | ||
Line 159: | Line 162: | ||
| August 16, 1966 | | August 16, 1966 | ||
| 1992 | | 1992 | ||
| Series I ({{ |
| Series I ({{Korean|hangul=가|labels=no}}) | ||
|- {{Coin-yellow-color}} | |- {{Coin-yellow-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
Line 166: | Line 169: | ||
| 20.4 mm | | 20.4 mm | ||
| 2.95 g | | 2.95 g | ||
| ]<br>65% ]<br/>35% ] | | ]<br />65% ]<br />35% ] | ||
| Plain | | Plain | ||
| ], value, bank title (hangul) | | ], value, bank title (hangul) | ||
Line 173: | Line 176: | ||
| July 16, 1970 | | July 16, 1970 | ||
| 1992 | | 1992 | ||
| Series II ({{ |
| Series II ({{Korean|hangul=나|labels=no}}) | ||
|- {{Coin-copper-color}} | |- {{Coin-copper-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
Line 180: | Line 183: | ||
| 22.86 mm | | 22.86 mm | ||
| 4.22 g | | 4.22 g | ||
| Commercial bronze<br>88% ]<br/>12% ] | | Commercial bronze<br />88% ]<br />12% ] | ||
| Plain | | Plain | ||
| ], value, bank title (hangul) | | ], value, bank title (hangul) | ||
Line 187: | Line 190: | ||
| August 16, 1966 | | August 16, 1966 | ||
| Still circulating | | Still circulating | ||
| Series I ({{ |
| Series I ({{Korean|hangul=가|labels=no}}) | ||
|- {{Coin-yellow-color}} | |- {{Coin-yellow-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
Line 194: | Line 197: | ||
| 22.86 mm | | 22.86 mm | ||
| 4.06 g | | 4.06 g | ||
| ]<br>65% ]<br/>35% ] | | ]<br />65% ]<br />35% ] | ||
| Plain | | Plain | ||
| ], value, bank title (hangul) | | ], value, bank title (hangul) | ||
Line 201: | Line 204: | ||
| July 16, 1970 | | July 16, 1970 | ||
| Still circulating | | Still circulating | ||
| Series II ({{ |
| Series II ({{Korean|hangul=나|labels=no}}) | ||
|- {{Coin-silver-color}} | |- {{Coin-silver-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
Line 208: | Line 211: | ||
| 21.6 mm | | 21.6 mm | ||
| 4.16 g | | 4.16 g | ||
| 70% ]<br/>18% ]<br/>12% ] | | 70% ]<br />18% ]<br />12% ] | ||
|rowspan="2"| Reeded | |rowspan="2"| Reeded | ||
| Stalk of ], value (hangul) | | Stalk of ], value (hangul) | ||
Line 215: | Line 218: | ||
| December 1, 1972 | | December 1, 1972 | ||
|rowspan="2"| Still circulating | |rowspan="2"| Still circulating | ||
|rowspan="2"| Series I ({{ |
|rowspan="2"| Series I ({{Korean|hangul=가|labels=no}}) | ||
|- {{Coin-silver-color}} | |- {{Coin-silver-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
Line 222: | Line 225: | ||
| 24 mm | | 24 mm | ||
| 5.42 g | | 5.42 g | ||
| ]<br/>75% ]<br/>25% ] | | ]<br />75% ]<br />25% ] | ||
| ], value, bank title (hangul) | | ], value, bank title (hangul) | ||
| Value (digit), year of minting | | Value (digit), year of minting | ||
Line 231: | Line 234: | ||
|} | |} | ||
In 1982, with inflation and the increasing popularity of ]s, 500 |
In 1982, with inflation and the increasing popularity of ]s, 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 was issued, using the same layout as the 500 won coins, but conserving the coins' old themes.<ref name=issue /> | ||
{|class="wikitable" style="font-size: 90%" | {|class="wikitable" style="font-size: 90%" | ||
!colspan="12"|1982–2006 issued coins<ref>{{ |
!colspan="12"|1982–2006 issued coins<ref>{{cite web |url=http://eng.bok.or.kr/broadcast.action?menuNaviId=1708 |title=Currency < Currency in circulation < Introduction to Coins | THE BANK OF KOREA. #1 |access-date=September 27, 2010 |archive-url=https://web.archive.org/web/20141231024941/http://eng.bok.or.kr/broadcast.action?menuNaviId=1708 |archive-date=December 31, 2014 |url-status=dead }}</ref><ref>{{cite web|url=http://210.104.132.11/contents_admin/info_admin/main/region/busan/information/localinfo01/info/200612121.hwp |author=부산본부 |script-title=ko:새 10원 동전, 12. 18(월)부터 발행 |access-date=December 12, 2006 |date=December 12, 2006 |publisher=] |format=hwp |language=ko |url-status=dead |archive-url=https://web.archive.org/web/20070312060825/http://210.104.132.11/contents_admin/info_admin/main/region/busan/information/localinfo01/info/200612121.hwp |archive-date=March 12, 2007 }}</ref> | ||
|- | |- | ||
!colspan="2"| Image !!rowspan="2"| Value !!colspan="3"| Technical parameters !!colspan="3"| Description !!colspan="2"| Date of !!rowspan="2"| BOK series designation | !colspan="2"| Image !!rowspan="2"| Value !!colspan="3"| Technical parameters !!colspan="3"| Description !!colspan="2"| Date of !!rowspan="2"| BOK series designation | ||
Line 242: | Line 245: | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| {{ill|1 won coin|ko|1원 동전|lt=₩1}} | |||
| ₩1 | |||
| 17.2 mm | | 17.2 mm | ||
| 0.729 g | | 0.729 g | ||
Line 251: | Line 254: | ||
| 1983 | | 1983 | ||
| January 15, 1983 | | January 15, 1983 | ||
| Series III ({{ |
| Series III ({{Korean|hangul=다|labels=no}}) | ||
|- {{Coin-yellow-color}} | |- {{Coin-yellow-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| {{ill|5 won coin|ko|5원 동전|lt=₩5}} | |||
| ₩5 | |||
| 20.4 mm | | 20.4 mm | ||
| 2.95 g | | 2.95 g | ||
|rowspan="2"| ]<br>65% ]<br/>35% ] | |rowspan="2"| ]<br />65% ]<br />35% ] | ||
|rowspan="2"| Plain | |rowspan="2"| Plain | ||
| ], value (hangul) | | ], value (hangul) | ||
Line 264: | Line 267: | ||
|rowspan="2"| 1983 | |rowspan="2"| 1983 | ||
|rowspan="2"| January 15, 1983 | |rowspan="2"| January 15, 1983 | ||
|rowspan="2"| Series III ({{ |
|rowspan="2"| Series III ({{Korean|hangul=다|labels=no}}) | ||
|- {{Coin-yellow-color}} | |- {{Coin-yellow-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
Line 277: | Line 280: | ||
{|class="wikitable" style="font-size: 90%" | {|class="wikitable" style="font-size: 90%" | ||
|- | |||
!colspan="12"|Current coins | !colspan="12"|Current coins | ||
|- | |- | ||
Line 285: | Line 289: | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| {{ill|10 won coin|ko|10원 동전|lt=₩10}} | |||
| ₩10 | |||
| 18 mm | | 18 mm | ||
| 1.22 g | | 1.22 g | ||
| ] aluminium<br>48% ]<br>52% aluminium | | ] aluminium<br />48% ]<br />52% aluminium | ||
| Plain | | Plain | ||
| Dabotap pagoda, value (hangul) | | Dabotap pagoda, value (hangul) | ||
Line 294: | Line 298: | ||
| 2006 | | 2006 | ||
| December 18, 2006 | | December 18, 2006 | ||
| Series IV ({{ |
| Series IV ({{Korean|hangul=라|labels=no}}) | ||
|- {{Coin-silver-color}} | |- {{Coin-silver-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| {{ill|50 won coin|ko|50원 동전|lt=₩50}} | |||
| ₩50 | |||
| 21.6 mm | | 21.6 mm | ||
| 4.16 g | | 4.16 g | ||
| 70% ]<br/>18% ]<br/>12% ] | | 70% ]<br />18% ]<br />12% ] | ||
|rowspan="3"| Reeded | |rowspan="3"| Reeded | ||
| Stalk of ], value (hangul) | | Stalk of ], value (hangul) | ||
Line 307: | Line 311: | ||
|rowspan="2"| 1983 | |rowspan="2"| 1983 | ||
|rowspan="2"| January 15, 1983 | |rowspan="2"| January 15, 1983 | ||
|rowspan="2"| Series II ({{ |
|rowspan="2"| Series II ({{Korean|hangul=나|labels=no}}) | ||
|- {{Coin-silver-color}} | |- {{Coin-silver-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| {{ill|100 won coin|ko|100원 동전|lt=₩100}} | |||
| ₩100 | |||
| 24 mm | | 24 mm | ||
| 5.42 g | | 5.42 g | ||
|rowspan="2"|Cupronickel<br/>75% ]<br/>25% ] | |rowspan="2"|Cupronickel<br />75% ]<br />25% ] | ||
| ], value (hangul) | | ], value (hangul) | ||
|- {{Coin-silver-color}} | |- {{Coin-silver-color}} | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| style="text-align:center; background:#fff;"| ] | | style="text-align:center; background:#fff;"| ] | ||
| ₩500 | | ] | ||
| 26.5 mm | | 26.5 mm | ||
| 7.7 g | | 7.7 g | ||
Line 325: | Line 329: | ||
| 1982 | | 1982 | ||
| June 12, 1982 | | June 12, 1982 | ||
| Series I ({{ |
| Series I ({{Korean|hangul=가|labels=no}}) | ||
|- | |- | ||
|colspan="12"|{{Standard coin table notice|standard_scale=0}} | |colspan="12"|{{Standard coin table notice|standard_scale=0}} | ||
|} | |} | ||
The Bank of Korea announced in early 2006 its intention to redesign the 10 |
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-effective to produce.<ref>{{cite news|url=http://times.hankooki.com/lpage/biz/200601/kt2006011318125411870.htm |title=New W10 Coin to Debut |access-date=December 11, 2006 |date=January 13, 2006 |publisher=] |url-status=dead |archive-url=https://web.archive.org/web/20060115054525/http://times.hankooki.com/lpage/biz/200601/kt2006011318125411870.htm |archive-date=January 15, 2006 }}</ref> The new coin is made of copper-coated aluminium with a reduced diameter of {{convert|18|mm}}, and a weight of {{convert|1.22|g}}. Its visual design is the same as the old coin.<ref>{{cite news|url=http://english.kbs.co.kr/news/newsview_sub.php?menu=3&key=2006081017 |title=New 10-won Coins to Debut |access-date=December 11, 2006 |date=August 10, 2006 |publisher=] |url-status=dead |archive-url=https://web.archive.org/web/20080321123629/http://english.kbs.co.kr/news/newsview_sub.php?menu=3&key=2006081017 |archive-date=March 21, 2008 }}</ref> The new coin was issued on December 18, 2006.<ref>{{cite news| url = http://news.media.daum.net/economic/industry/200612/11/Edaily/v15007706.html| script-title = ko:1원짜리 만한 10원 동전 18일 나온다| access-date = December 11, 2006| date = December 11, 2006| publisher = ]| language = ko| url-status = dead| archive-url = https://web.archive.org/web/20071016190305/http://news.media.daum.net/economic/industry/200612/11/Edaily/v15007706.html| archive-date = October 16, 2007}}</ref><ref>{{cite news| url = http://english.kbs.co.kr/news/newsview_sub.php?menu=3&key=2006121114| title = New 10-won Coins to Debut Next Week| access-date = December 12, 2006| date = December 11, 2006| publisher = ]| url-status = dead| archive-url = https://web.archive.org/web/20080618185306/http://english.kbs.co.kr/news/newsview_sub.php?menu=3&key=2006121114| archive-date = June 18, 2008}}</ref> | ||
The 1 |
The 1 and 5 won coins are ] since 1992, and prices of consumer goods are rounded to the nearest 10 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets.<ref> {{Webarchive|url=https://web.archive.org/web/20170930152344/http://dokdo-research.com/bankofkoreamintsets.html |date=September 30, 2017 }} Dokdo Research (dokdoresearch.com). Retrieved on July 5, 2017.</ref> | ||
In 1998, the production costs per coin were: 10 |
In 1998, the production costs per coin were: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won.<ref>{{cite news|url=http://english.chosun.com/w21data/html/news/199802/199802190510.html |title=Coins Return to the Bank |access-date=March 26, 2007 |date=February 19, 1998 |publisher=] |url-status=dead |archive-url=https://web.archive.org/web/20040909001646/http://english.chosun.com/w21data/html/news/199802/199802190510.html |archive-date=September 9, 2004 }}</ref> | ||
===Banknotes=== | ===Banknotes=== | ||
The ] designates banknote and coin series in a unique way. Instead of putting those of similar design 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 ] used in alphabetical order, e.g. {{ |
The ] designates banknote and coin series in a unique way. Instead of putting those of similar design 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 ] used in alphabetical order, e.g. {{Korean|labels=no|hangul=가, 나, 다, 라, 마, 바, 사}}. Therefore, 1,000 won issued in 1983 is series II ({{Korean|hangul=나|labels=no}}) because it is the second design of all 1,000 won designs since the introduction of the South Korean won in 1962. | ||
In 1962, 10 |
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 was printed in the ] by ]. The jeon notes together with a second issue of 10 and 100 won notes were printed domestically by the ]. | ||
In 1965, 100 |
In 1965, 100 won notes (series III) were printed using ] 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 ].<ref name=issue /> | ||
{|class="wikitable" style="font-size: 90%" | {|class="wikitable" style="font-size: 90%" | ||
!colspan="10"| 1962 ] Series<ref name="autogenerated1"/> {{ |
!colspan="10"| 1962 ] Series<ref name="autogenerated1"/> {{in lang|ko}} | ||
|- | |- | ||
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main color !!colspan="2"| Description !!colspan="2"| Date of !!rowspan="2"| BOK series designation | !colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main color !!colspan="2"| Description !!colspan="2"| Date of !!rowspan="2"| BOK series designation | ||
|- | |- | ||
! Obverse !! Reverse !! Obverse !! Reverse !! Issue !! |
! Obverse !! Reverse !! Obverse !! Reverse !! Issue !! Issue Suspended | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 372: | Line 376: | ||
| Green | | Green | ||
| September 1, 1962 | | September 1, 1962 | ||
|rowspan="4"| Series I ({{ |
|rowspan="4"| Series I ({{Korean|hangul=가|labels=no}}) | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 397: | Line 401: | ||
| February 3, 1967 | | February 3, 1967 | ||
|- | |- | ||
!colspan="10"| 1962–1969 ] Series<ref name="autogenerated1"/> {{ |
!colspan="10"| 1962–1969 ] Series<ref name="autogenerated1"/> {{in lang|ko}} | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 424: | Line 428: | ||
| September 21, 1962 | | September 21, 1962 | ||
|rowspan="3"| October 30, 1973 | |rowspan="3"| October 30, 1973 | ||
| Series II ({{ |
| Series II ({{Korean|hangul=나|labels=no}}) | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 434: | Line 438: | ||
| ], Rose of Sharon | | ], Rose of Sharon | ||
| March 21, 1969 | | March 21, 1969 | ||
| Series II ({{ |
| Series II ({{Korean|hangul=나|labels=no}}) | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 442: | Line 446: | ||
|rowspan="2"| Green | |rowspan="2"| Green | ||
| ] | | ] | ||
| Gyeonghoeru Pavilion at ] | | Gyeonghoeru Pavilion at ] | ||
| November 1, 1962 | | November 1, 1962 | ||
| Series II ({{ |
| Series II ({{Korean|hangul=나|labels=no}}) | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 452: | Line 456: | ||
| August 14, 1965 | | August 14, 1965 | ||
| December 1, 1980 | | December 1, 1980 | ||
| Series III ({{ |
| Series III ({{Korean|hangul=다|labels=no}}) | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 463: | Line 467: | ||
| August 16, 1966 | | August 16, 1966 | ||
| May 10, 1975 | | May 10, 1975 | ||
| Series II ({{ |
| Series II ({{Korean|hangul=나|labels=no}}) | ||
|- | |- | ||
|colspan="10"|{{Standard banknote table notice|standard_scale=0}} | |colspan="10"|{{Standard banknote table notice|standard_scale=0}} | ||
|} | |} | ||
With the economic development from the 1960s, the value of the 500 |
With the economic development from the 1960s, the value of the 500 won notes fell, 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.<ref name=issue /> 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 5,000 and 10,000 won were introduced in 1972 and 1973, respectively. The notes incorporated new security features, including ], ], and ultraviolet response fibres, and were intaglio printed. The release of 10,000 |
Higher-denomination notes of 5,000 and 10,000 won were introduced in 1972 and 1973, respectively. The notes incorporated new security features, including ], ], and ultraviolet response fibres, and were intaglio printed. The release of 10,000 won notes was planned to be at the same time as the 5,000 won notes, but problems with the main theme delayed it by a year.<ref name=10,000wonhis>{{cite web | title=Brief History of current Korea notes in circulation; 10,000 won note | publisher=] | url=http://www.bok.or.kr/broadcast.action?menuNaviId=1693 | archive-url=https://web.archive.org/web/20170505104334/http://www.bok.or.kr/broadcast.action?menuNaviId=1693 | url-status=dead | archive-date=May 5, 2017 | format=Flash and HTML | access-date=January 13, 2016 }}</ref> Newly designed 500 won notes were also released in 1973, and the need for a medium denomination resulted in the introduction of 1,000 won notes in 1975. | ||
{|class="wikitable" style="font-size: 90%" | {|class="wikitable" style="font-size: 90%" | ||
!colspan="12"| 1972–1973 Series<ref name="autogenerated2"/> {{ |
!colspan="12"| 1972–1973 Series<ref name="autogenerated2"/> {{in lang|ko}} | ||
|- | |- | ||
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main color !!colspan="3"| Description !!colspan="2"| Date of !!rowspan="2"| BOK series designation !!rowspan="2"| Plate produced | !colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main color !!colspan="3"| Description !!colspan="2"| Date of !!rowspan="2"| BOK series designation !!rowspan="2"| Plate produced | ||
|- | |- | ||
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark !! Issue !! |
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark !! Issue !! Issue Suspended | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 489: | Line 493: | ||
| July 1, 1972 | | July 1, 1972 | ||
| December 1, 1980 | | December 1, 1980 | ||
| Series I ({{ |
| Series I ({{Korean|hangul=가|labels=no}}) | ||
| By Thomas de la Rue<ref name=5,000wonhis>{{cite web | title=Brief History of current Korea notes in circulation; 5,000-won note | publisher=Bank of Korea | url=http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003619 | archive-url=https://web.archive.org/web/20070927004027/http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003619 | |
| By Thomas de la Rue<ref name=5,000wonhis>{{cite web | title=Brief History of current Korea notes in circulation; 5,000-won note | publisher=] | url=http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003619 | archive-url=https://web.archive.org/web/20070927004027/http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003619 | url-status=dead | archive-date=September 27, 2007 | format=Flash and HTML | access-date=November 9, 2006 }}</ref> | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 502: | Line 506: | ||
| June 12, 1973 | | June 12, 1973 | ||
| November 10, 1981 | | November 10, 1981 | ||
| Series I ({{ |
| Series I ({{Korean|hangul=가|labels=no}}) | ||
| In ]<ref name=10,000wonhis/> | | In ]<ref name=10,000wonhis/> | ||
|- | |- | ||
!colspan="12"| 1973–1979 Series<ref name="autogenerated2"/> {{ |
!colspan="12"| 1973–1979 Series<ref name="autogenerated2"/> {{in lang|ko}} | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 517: | Line 521: | ||
| September 1, 1973 | | September 1, 1973 | ||
|rowspan="2"| May 12, 1993 | |rowspan="2"| May 12, 1993 | ||
| Series III ({{ |
| Series III ({{Korean|hangul=다|labels=no}}) | ||
| | | | ||
|- | |- | ||
Line 529: | Line 533: | ||
| | | | ||
| August 14, 1975 | | August 14, 1975 | ||
| Series I ({{ |
| Series I ({{Korean|hangul=가|labels=no}}) | ||
| In ]<ref name=1000wonhis>{{cite web | title=Brief History of current Korea notes in circulation; 1,000 won note | publisher=Bank of Korea | url=http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003620 | archive-url=https://web.archive.org/web/20070927003849/http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003620 | |
| In ]<ref name=1000wonhis>{{cite web | title=Brief History of current Korea notes in circulation; 1,000 won note | publisher=] | url=http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003620 | archive-url=https://web.archive.org/web/20070927003849/http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003620 | url-status=dead | archive-date=September 27, 2007 | format=Flash and HTML |access-date=November 9, 2006 }}</ref> | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
Line 542: | Line 546: | ||
| June 1, 1977 | | June 1, 1977 | ||
| May 12, 1993 | | May 12, 1993 | ||
| Series II ({{ |
| Series II ({{Korean|hangul=나|labels=no}}) | ||
| In ]<ref name="5,000wonhis" /> | | In ]<ref name="5,000wonhis" /> | ||
|- | |- | ||
Line 555: | Line 559: | ||
| June 15, 1979 | | June 15, 1979 | ||
| May 12, 1993 | | May 12, 1993 | ||
| Series II ({{ |
| Series II ({{Korean|hangul=나|labels=no}}) | ||
| In ]<ref name=10,000wonhis/> | | In ]<ref name=10,000wonhis/> | ||
|- | |- | ||
Line 561: | Line 565: | ||
|} | |} | ||
In 1982, the 500 |
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. Some of the notes' 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.<ref name=issue /> | ||
To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000 |
To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000 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, ], and ]. The latest version of the 5,000 and 10,000 won notes are easily identifiable by the copyright information inscribed under the watermark: "{{Korean|labels=no|hangul=© 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 |
The plates for the 5,000 won notes were produced in Japan, while the ones for the 1,000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.<ref name=10,000wonhis/><ref name="5,000wonhis" /><ref name=1000wonhis/> | ||
With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation.<ref name=issuenewnotes>{{cite web | url=http://www.bok.or.kr/contents_admin/info_admin/eng/home/press/pressre/info/issue_of_new_notes.pdf | archive-url=https://wayback.archive-it.org/all/20070614140319/http://www.bok.or.kr/contents_admin/info_admin/eng/home/press/pressre/info/issue_of_new_notes.pdf | dead-url=yes | archive-date=14 June 2007 | title=Issue of New 10,000-won Notes and 1,000-won Notes on January 22, 2007 | accessdate=2006-10-17 | author=Bank of Korea | date=26 July 2006 | format=PDF | df= }}</ref> | |||
{|class="wikitable" style="font-size: 90%" | {|class="wikitable" style="font-size: 90%" | ||
!colspan=" |
!colspan="12"|1983–2002 Series<ref>{{cite web |url=http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000509 |title=:: The Bank of Korea :: |website=] |access-date=January 17, 2022 |archive-url=https://web.archive.org/web/20050411082027/http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000509 |archive-date=April 11, 2005 |url-status=dead}}</ref> {{in lang|ko}} | ||
|- | |- | ||
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="3"| Description !!rowspan="2"| Date of issue !!rowspan="2"| BOK series designation !!rowspan="2"| Modification | !colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main Color !!colspan="3"| Description !!rowspan="2"| Date of issue !!rowspan="2"| Suspended Date !!rowspan="2"| BOK series designation !!rowspan="2"| Modification | ||
|- | |- | ||
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark | ! Obverse !! Reverse !! Obverse !! Reverse !! Watermark | ||
Line 585: | Line 587: | ||
|rowspan="5"| Reversed portrait | |rowspan="5"| Reversed portrait | ||
| June 11, 1983 | | June 11, 1983 | ||
|rowspan="6"| June 1, 2016 | |||
| Series II ({{lang|ko|나}}) | |||
| Series II ({{Korean|hangul=나|labels=no}}) | |||
| | | | ||
|- | |- | ||
Line 596: | Line 599: | ||
|rowspan="2"| Ojukheon in Gangneung | |rowspan="2"| Ojukheon in Gangneung | ||
| June 11, 1983 | | June 11, 1983 | ||
| Series III ({{ |
| Series III ({{Korean|hangul=다|labels=no}}) | ||
| | | | ||
|- | |- | ||
Line 602: | Line 605: | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| June 12, 2002 | | June 12, 2002 | ||
| Series IV ({{ |
| Series IV ({{Korean|hangul=라|labels=no}}) | ||
| Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription | | Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription | ||
|- | |- | ||
Line 613: | Line 616: | ||
|rowspan="3"| Gyeonghoeru Pavilion at Gyeongbok Palace | |rowspan="3"| Gyeonghoeru Pavilion at Gyeongbok Palace | ||
| October 8, 1983 | | October 8, 1983 | ||
| Series III ({{ |
| Series III ({{Korean|hangul=다|labels=no}}) | ||
| | | | ||
|- | |- | ||
Line 619: | Line 622: | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| January 20, 1994 | | January 20, 1994 | ||
| Series IV ({{ |
| Series IV ({{Korean|hangul=라|labels=no}}) | ||
| Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image | | Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image | ||
|- | |- | ||
Line 626: | Line 629: | ||
| Reversed portrait, ] | | Reversed portrait, ] | ||
| June 19, 2000 | | June 19, 2000 | ||
| Series V ({{ |
| Series V ({{Korean|hangul=마|labels=no}}) | ||
| Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription | | Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription | ||
|- | |- | ||
|colspan=" |
|colspan="12"|{{Standard banknote table notice|standard_scale=0}} | ||
|} | |} | ||
==New |
==New security features== | ||
In 2006, it became a major concern that the Korean won banknotes were being counterfeited |
In 2006, it became a major concern that the South Korean won banknotes were being ]. This led the government to issue a new series of banknotes, with the 5,000 won note being the first one to be redesigned. Later in 2007, the 1,000 and 10,000 won notes were introduced. | ||
On June 23, 2009, the Bank of Korea released the 50,000 |
On June 23, 2009, the Bank of Korea released the 50,000 won note. The obverse bears a portrait of ], a prominent 16th-century artist, calligrapher, and mother of Korean scholar ], also known as Yi I, who is on the 5,000 won note. This note is the first Korean banknote to feature the portrait of a woman.<ref>{{cite web|url=http://english.chosun.com/w21data/html/news/200902/200902260003.html |title=W50,000 Bill Unveiled |publisher=] |date=February 26, 2009 |access-date=January 13, 2016 |url-status=dead |archive-url=https://web.archive.org/web/20090301095424/http://english.chosun.com/w21data/html/news/200902/200902260003.html |archive-date=March 1, 2009 }}</ref> 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.<ref>{{cite web |url=http://www.asianewsnet.net/news.php?sec=2&id=6534 |archive-url=https://web.archive.org/web/20110615162029/http://www.asianewsnet.net/news.php?sec=2&id=6534 |url-status=dead |archive-date=June 15, 2011 |title=ANN |publisher=Asianewsnet.net |access-date=July 26, 2013 }}</ref> | ||
New 100,000 |
New 100,000 won notes were also announced, but their release was later cancelled due to the controversy over the banknote's planned image, featuring the ] map, and not including the disputed ] islands.<ref>{{cite web |url=https://www.koreatimes.co.kr/www/news/biz/2009/01/123_38457.html |title=50,000-Won Banknote to Be Issued in May |publisher=] |date=January 27, 2009 |access-date=September 1, 2012 |archive-date=May 23, 2022 |archive-url=https://web.archive.org/web/20220523031042/https://www.koreatimes.co.kr/www/news/biz/2009/01/123_38457.html |url-status=live }}</ref><ref>{{cite web |url=https://www.koreatimes.co.kr/www/news/biz/2009/01/123_38457.html |title=50,000-Won Banknote to Be Issued in May |publisher=] |date=January 27, 2009 |access-date=February 9, 2014 |archive-date=May 23, 2022 |archive-url=https://web.archive.org/web/20220523031042/https://www.koreatimes.co.kr/www/news/biz/2009/01/123_38457.html |url-status=live }}</ref><ref>{{cite web |url=http://english.donga.com/srv/service.php3?biid=2009010147518 |title=Debut of W100,000 Note Delayed Indefinitely |publisher=English.donga.com |date=January 1, 2009 |access-date=February 13, 2014 |archive-date=January 5, 2016 |archive-url=https://web.archive.org/web/20160105175600/http://english.donga.com/srv/service.php3?biid=2009010147518 |url-status=live }}</ref><ref>{{cite web|url=http://news.asiaone.com/News/Latest%2BNews/Asia/Story/A1Story20081218-108820.html |archive-url=https://web.archive.org/web/20140223005846/http://news.asiaone.com/News/Latest%2BNews/Asia/Story/A1Story20081218-108820.html |url-status=dead |archive-date=February 23, 2014 |title=SKorea shelves new banknote |publisher=News.asiaone.com |date=December 18, 2008 |access-date=February 13, 2014}}</ref> Also of controversy was the appearance of ] on the note, who is controversial among the South Korean right.<ref>{{Cite web |last= |date=July 17, 2020 |title=10만원권 못 나온 이유는?… "김구 초상 쓰는 것에 반대 있었기 때문" |url=https://www.chosun.com/site/data/html_dir/2019/06/07/2019060701529.html |access-date=January 8, 2024 |website=] |language=ko |archive-date=January 8, 2024 |archive-url=https://web.archive.org/web/20240108093436/https://www.chosun.com/site/data/html_dir/2019/06/07/2019060701529.html |url-status=live }}</ref> | ||
The banknotes include over 10 security features in each denomination. The 50,000 |
The banknotes include over 10 security features in each denomination. The 50,000 won note has 22 security features, the 10,000 won note 21, the 5,000 won note 17, the 2,000 won note 10 and the 1,000 won note 19. Many modern security features that can be also found in ]s, ], ]s, and ] are included in the banknotes. | ||
Some security features inserted in won notes are: | Some security features inserted in won notes are: | ||
* ] with three-dimensional images that change colors within the metallic foil on the obverse side of the notes (except ₩1,000) | * ] with three-dimensional images that change colors within the metallic foil on the obverse side of the notes (except ₩1,000) | ||
* ] portraits of the effigy of the note are visible when held to the light in the white section of the note. | * ] 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 | * Intaglio printing on words and the effigy give off a raised feeling, different from ordinary paper | ||
* ] in the right side of the obverse side of the note with small lettering "{{ |
* ] in the right side of the obverse side of the note with small lettering "{{Korean|hangul=한국은행|labels=no}} Bank of Korea" and its corresponding denomination | ||
* ] on the value number at the back of the note: | * ] on the value number at the back of the note: | ||
For the first time in the world, ], the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported to Europe |
For the first time in the world, ], the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported, such as to Europe and North America.<ref>http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp=tbl_FM0000000066_CA0000003607 {{dead link|date=September 2012}}</ref> | ||
{|class="wikitable" style="font-size: 90%" | {|class="wikitable" style="font-size: 90%" | ||
!colspan="10"| |
!colspan="10"|2006 Series<ref>{{cite web |url=http://www.bok.or.kr/broadcast.action?menuNaviId=1692 |title=Currency < Currency in circulation < Introduction to Banknotes | THE BANK OF KOREA. #2 |publisher=] |access-date=September 1, 2012 |archive-url=https://web.archive.org/web/20150923193302/http://www.bok.or.kr/broadcast.action?menuNaviId=1692 |archive-date=September 23, 2015 |url-status=dead }}</ref> {{in lang|ko}} | ||
|- | |- | ||
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main color !!colspan="3"| Description !!rowspan="2"| Date of issue !!rowspan="2"| BOK series designation | !colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main color !!colspan="3"| Description !!rowspan="2"| Date of issue !!rowspan="2"| BOK series designation | ||
Line 657: | Line 660: | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| {{ill|1,000 won note|ko|1,000원 지폐|lt=₩1,000}} | |||
| ₩1,000 | |||
| 136 × 68 mm | | 136 × 68 mm | ||
| Blue | | Blue | ||
| ], Myeongryundang in ], ] | | ], Myeongryundang in ], ] | ||
| "Gyesangjeonggeodo"; a painting Yi Hwang in ] by ] | | "Gyesangjeonggeodo"; a painting Yi Hwang in ] by ] | ||
|rowspan=" |
|rowspan="4"| Reversed portrait and electrotype denomination (₩1,000 to ₩50,000) | ||
| January 22, 2007 | | January 22, 2007 | ||
| Series III ({{ |
| Series III ({{Korean|hangul=다|labels=no}}) | ||
|- | |||
| style="text-align:center; background:#000;"| | |||
| style="text-align:center; background:#000;"| | |||
| ₩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) | |||
| December 11, 2017 | |||
| Series I ({{lang|ko|가}}) | |||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| {{ill|5,000 won note|ko|5,000원 지폐|lt=₩5,000}} | |||
| ₩5,000 | |||
| 142 × 68 mm | | 142 × 68 mm | ||
| Orange | | Orange | ||
Line 684: | Line 677: | ||
| "Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Shin Saimdang | | "Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Shin Saimdang | ||
| January 2, 2006 | | January 2, 2006 | ||
| Series V ({{ |
| Series V ({{Korean|hangul=마|labels=no}}) | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| {{ill|10,000 won note|ko|10,000원 지폐|lt=₩10,000}} | |||
| ₩10,000 | |||
| 148 × 68 mm | | 148 × 68 mm | ||
| Green | | Green | ||
| ], ], a folding screen for ]-era kings, and text from the second chapter of '']'', the first work of literature written in hangul | | ], ], a folding screen for ]-era kings, and text from the second chapter of '']'', the first work of literature written in hangul | ||
| Globe of ], ] C14 star map and reflecting telescope at Bohyeonsan Observatory in the background | | Globe of ], ] C14 star map and reflecting telescope at Bohyeonsan Observatory in the background | ||
| January 22, 2007 | | January 22, 2007 | ||
| Series VI ({{ |
| Series VI ({{Korean|hangul=바|labels=no}}) | ||
|- | |- | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| style="text-align:center; background:#000;"| ] | | style="text-align:center; background:#000;"| ] | ||
| {{ill|50,000 won note|ko|50,000원 지폐|lt=₩50,000}} | |||
| ₩50,000 | |||
| 154 × 68 mm | | 154 × 68 mm | ||
| Yellow | | Yellow | ||
Line 704: | Line 697: | ||
|] and a plum tree | |] and a plum tree | ||
| June 23, 2009 | | June 23, 2009 | ||
| Series I ({{ |
| Series I ({{Korean|hangul=가|labels=no}}) | ||
|- | |- | ||
|colspan="10"|{{Standard banknote table notice|standard_scale=0}} | |colspan="10"|{{Standard banknote table notice|standard_scale=0}} | ||
|} | |} | ||
{|class="wikitable" style="font-size: 90%" | |||
====The 1,000-won note security features<ref> {{Webarchive|url=https://web.archive.org/web/20150923193317/http://www.bok.or.kr/broadcast.action?menuNaviId=1701 |date=2015-09-23 }} The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25.</ref>==== | |||
!colspan="10"|2017 Commemorative Series<ref>{{cite web |url=https://www.bok.or.kr/eng/main/contents.do?menuNo=400358 |title= Commemorative Banknote {{!}} Currency {{!}} The bank of korea |website=] |url-status=dead |archive-url=https://web.archive.org/web/20180714175332/http://www.bok.or.kr/eng/main/contents.do?menuNo=400358 |archive-date=July 14, 2018}}</ref> {{in lang|ko}} | |||
# Intaglio latent image: From the position of eyes, if one looks askance at the note, "WON" appears, due to a special intaglio printing method. | |||
|- | |||
# Windowed security thread: The security thread is a plastic film with hologram letters. It is exposed at the left side of the portrait on the obverse regularly. | |||
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main color !!colspan="3"| Description !!rowspan="2"| Date of issue !!rowspan="2"| BOK series designation | |||
# Color-shifting ink: Because of special ink, which is mixed with different material having different reflection to the light, the color of face-value number changes from green to blue. | |||
|- | |||
# See-through register: Patterns are printed in the same place on both sides of the note. Holding the note up to the light, the shapes on the obverse and reverse combine to make a completed ''taegeuk''. | |||
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark | |||
# Microlettering: Difficult to see with the naked eye, it can be discerned with a magnifier. It appears as a line or dotted line when forged by color printer or color copier. | |||
|- | |||
# Watermark: Held up to the light, a hidden reverse image portrait appears in the nonimage space on the left side of the obverse, due to the variation in thickness within each note. | |||
|align="center" bgcolor="#000000"| ] | |||
# Special press and soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness. | |||
! align="center" bgcolor="#000000" |] | |||
# Intaglio printing: A special method applying ink to a concave plate, the slightly raised figures produced can be felt. | |||
| ₩2,000 | |||
# Fluorescent security fiber: Fluorescent fibers are inserted into the paper. Under ultraviolet light, the fluorescent fibers can be seen scattered throughout. | |||
| 140 x 75 mm | |||
# Endless pattern: A printing method interlinking the pattern between top and bottom, right and left around the edge of the note | |||
| Gray | |||
# Rainbow printing: A printing method whereby color gradients give a rainbow-like effect. | |||
| 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) | |||
====The 5,000-won note security features<ref> {{Webarchive|url=https://web.archive.org/web/20150923193315/http://www.bok.or.kr/broadcast.action?menuNaviId=1700 |date=2015-09-23 }} The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25.</ref>==== | |||
| ] | |||
# Hologram (optically variable device): Changing designs are seen at different angles. At different angles, "map of Korea", "face value number, and "Taegeuk" (the Great Absolute), and "Four signs of divination" can be seen. | |||
| November 17, 2017 | |||
# Color-shifting ink: Depending on the angle, the value (5,000) on the reverse changes between gold and green. | |||
| Series I ({{Korean|hangul=가|labels=no}}) | |||
# Intaglio latent image: From the position of eyes, "WON" appears due to intaglio printing. | |||
|- | |||
# Security thread: Held up to the light, the banknote shows microletters within a thin fluorescent plastic film. | |||
|colspan="10"|{{Standard banknote table notice|standard_scale=0}} | |||
# See-through register: Patterns are printed in the same place on both sides of the note. | |||
|} | |||
# Microlettering: Difficult to see, it appears as a line or dotted line when forged by color printer or color copier. | |||
# Watermark: Held up to the light, a hidden reverse image portrait appears in the nonimage space on the left side of the obverse, due to the variation in thickness within each note. | |||
# Special press and soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness. | |||
# Watermark bar: Held up to the light, three horizontal dark bars and two bright bars appear, in turn, due to the variation in thickness within each note. | |||
# Intaglio printing | |||
# Fluorescent security fiber | |||
# Endless pattern | |||
# Rainbow printing | |||
==Future== | |||
====The 10,000-won note security features<ref> {{Webarchive|url=https://web.archive.org/web/20150923193313/http://www.bok.or.kr/broadcast.action?menuNaviId=1699 |date=2015-09-23 }} The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25.</ref>==== | |||
# Hologram: At different angles, "map of Korea," "face value number" and "Taegeuk "(the Great Absolute)," and "Four signs of divination" can be seen. | |||
# Color shifting ink: Depending on the angle, the value (10,000) on the reverse changes between gold and green. | |||
# Intaglio latent image | |||
# Security thread | |||
# See-through register | |||
# Microlettering | |||
# Watermark | |||
# Special press and soldering | |||
# Watermark bar | |||
# Intaglio printing | |||
# Fluorescent security fiber | |||
# Endless pattern | |||
# Rainbow printing | |||
===Coinless trials=== | |||
====The 50,000-won note security features<ref> {{Webarchive|url=https://web.archive.org/web/20150923193311/http://www.bok.or.kr/broadcast.action?menuNaviId=1698 |date=2015-09-23 }} The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25</ref>==== | |||
As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins by depositing change into prepaid cards.<ref> {{Webarchive|url=https://web.archive.org/web/20180508075521/http://www.bbc.com/news/blogs-news-from-elsewhere-39639226 |date=May 8, 2018 }} ] (www.bbc.com). April 19, 2017. Retrieved on July 14, 2017.</ref> As of 2019, however, public participation in this program has decreased.<ref>{{cite web |url=https://koreajoongangdaily.joins.com/2019/10/13/finance/Coinless-society-still-full-of-coins/3068992.html |title='Coinless society' still full of coins |publisher=] |date=January 20, 2020 |accessdate=March 16, 2022 |archive-date=February 11, 2022 |archive-url=https://web.archive.org/web/20220211101731/https://koreajoongangdaily.joins.com/2019/10/13/finance/Coinless-society-still-full-of-coins/3068992.html |url-status=live }}</ref> | |||
# Holographic strip (optically variable device): The holographic strip is a special film applied on the left end of the obverse. On the top, middle and bottom of the strip, are three sets of changing images: "map of Korea," "taegeuk (two comma roundel)," and "the four trigrams." When the banknote is tilted, each of them appears in turn. Between the sets of changing images, the denomination, 50,000, is printed vertically on the strip. On the left top and bottom of the holographic strip, against a background of geometric guilloche, the words "BANK OF KOREA 50000" are printed vertically. A line of a Korean traditional lattice pattern is embossed on the strip's right end. | |||
# Moving image security thread ("Motion"): The 50,000 won note has a special blue and gray film with numerous Taegeuk patterns all over it. Taegeuk patterns move to the left and right when the note is tilted up and down, while moving up and down when the note is tilted to the left and right. When the note is held up to the light, the movement of the Taegeuk patterns appears more clearly. | |||
# Novel numbering: The sizes of the digits (numbers and letters) used in the serial number increase gradually from left to right. | |||
# Color-shifting ink: The color of the face value number (50,000) on the top right of the reverse changes between green and magenta when the note is tilted. | |||
# Watermark: Held up to the light, a hidden portrait (of Shin Saimdang), produced by using the variation in thickness of the note paper, appears in the non-image area on the left side of the obverse. | |||
# Special press and soldering: A kind of watermark, it isproduced using the maximized thickness variations in the note paper. It is located on the right bottom of the watermark and if one holds the banknote up to a light source or looks at it with the naked eye, the number "5" appears within the pentagon. | |||
# Intaglio latent image: If the note is held horizontally and tilted at eye level, the number "5" appears within the intaglio-printed pentagon. | |||
# Security thread: If the note is held up to the light, the microletters "{{lang|ko|한국은행}} BANK OF KOREA 50000" are printed within a special film hidden on the right side of the portrait. | |||
# Intaglio printing: Granular texture can be felt when touching the portrait of Shin Saimdang, the Wolmaedo painting, letters, five lines of tactile marks and denomination numbers. | |||
# See-through register: When the note is held up to the light, the round images on the obverse and reverse are combined, appearing as a two-comma roundel (Taegeuk). | |||
# Endless pattern | |||
# Rainbow printing | |||
# Fluorescent security ink and fiber: When the note is illuminated with ultraviolet light, fluorescent green (security ink) on the grape painting and short fluorescent red, blue and green lines (fluorescent security fibers) show all over the banknote. | |||
# Filter through latent image: Through a specially produced filter, the hidden face value number "50000" is seen in the nonimage area of the reverse. | |||
# Microlettering: Intaglio-printed microletters (consonants of Korean alphabets and "BANK OF KOREA") and offset-printed microletters ("50000") can be discerned with a magnifying glass. | |||
===Redenomination proposals=== | |||
==Future of the South Korean won== | |||
There have been recurring proposals in the ] to redenominate the won by introducing a new won or new unit, equal to 1,000 old won, and worth nearly one ]. While proponents cite a more valuable currency unit better projects the strength of the nation's economy, a majority remain opposed to the idea. Reasons cited are: economic harm if done immediately, no issues on public confidence in the won and its inflation rate, limited cost savings, and the presence of more urgent economic issues.<ref>{{cite web |url=https://www.koreatimes.co.kr/www/biz/2019/04/488_267185.html |title=Redenomination: boon or bane? |publisher=] |date=April 15, 2019 |accessdate=March 16, 2022 |archive-date=April 16, 2022 |archive-url=https://web.archive.org/web/20220416001922/https://www.koreatimes.co.kr/www/biz/2019/04/488_267185.html |url-status=live }}</ref> | |||
As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins of the South Korean won.<ref> ] (www.bbc.com). April 19, 2017. Retrieved on 2017-07-14.</ref> | |||
==Currency production== | ==Currency production== | ||
The Bank of Korea is the only institution in South Korea with 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. | The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins. The banknotes and coins are printed at the KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. | ||
After the new banknotes and coins are |
After the new banknotes and coins are ]ed, they are bundled or rolled and shipped to the headquarters of the Bank of Korea. When delivered, they are deposited inside the bank's vault, ready to be distributed to commercial banks when requested. | ||
Every year, around ] and ], two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request. | Every year, around ] and ], two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request. | ||
Line 782: | Line 741: | ||
| direction = horizontal | | direction = horizontal | ||
| width = 350 | | width = 350 | ||
| footer_align = center | |||
| footer = <center>South Korean won exchange rate against ] (from 1990) and ] (from 1999).</center> | |||
| footer = South Korean won exchange rate against ] (from 1990) and ] (from 1999). | |||
| image1 = KRW-USD v2.svg | | image1 = KRW-USD v2.svg | ||
| alt1 = | | alt1 = | ||
Line 791: | Line 751: | ||
}} | }} | ||
==Ranking== | |||
{{Exchange Rate|KRW|CNY|INR}} | |||
{{Most traded currencies}} | |||
{{Reflist|group=lower-alpha}} | |||
{{Exchange Rate|KRW|EUR|JPY|USD}} | |||
==See also== | ==See also== | ||
{{Portal|Money|South Korea|Numismatics}} | |||
{{columns-list|colwidth=30em| | {{columns-list|colwidth=30em| | ||
* ] | * ] | ||
* ] | * ] | ||
* ] | * ] | ||
* | |||
}} | }} | ||
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* {{cite news | title=BOK Announces Smaller Banknotes | * {{cite news | title=BOK Announces Smaller Banknotes | ||
| url=http://moneystuff.org | | url=http://moneystuff.org | ||
| publisher=] | date= |
| publisher=] | date=July 21, 2005 | access-date=October 17, 2006 |archive-url = https://web.archive.org/web/20061026031515/http://english.chosun.com/w21data/html/news/200507/200507210018.html <!-- Bot retrieved archive --> |archive-date = October 26, 2006}} | ||
* {{cite news | title=New W5,000 Ready for Release on Jan. 2 | url=http://moneystuff.org/2017/10/08/investment-books/ | * {{cite news | title=New W5,000 Ready for Release on Jan. 2 | url=http://moneystuff.org/2017/10/08/investment-books/ | ||
| publisher=] | date= |
| publisher=] | date=December 13, 2005 | access-date=October 17, 2006 |archive-url = https://web.archive.org/web/20061026031455/http://english.chosun.com/w21data/html/news/200512/200512130005.html <!-- Bot retrieved archive --> |archive-date = October 26, 2006}} | ||
* {{cite news | title=New W1,000 Note Unveiled | * {{cite news | title=New W1,000 Note Unveiled | ||
| url=http://moneystuff.org/2017/10/06/5-passive-income-ideas-tips-to-make-money-as-you-sleep/ | | url=http://moneystuff.org/2017/10/06/5-passive-income-ideas-tips-to-make-money-as-you-sleep/ | ||
| publisher=] | date= |
| publisher=] | date=January 17, 2006 | access-date=October 17, 2006 |archive-url = https://web.archive.org/web/20061026031404/http://english.chosun.com/w21data/html/news/200601/200601170021.html <!-- Bot retrieved archive --> |archive-date = October 26, 2006}} | ||
* {{cite news | title=Dollar Plummets to Pre-Crisis Level Against Won | * {{cite news | title=Dollar Plummets to Pre-Crisis Level Against Won | ||
| url=http://english.chosun.com/w21data/html/news/200601/200601250030.html | | url=http://english.chosun.com/w21data/html/news/200601/200601250030.html | ||
| publisher=] | date= |
| publisher=] | date=January 25, 2006 | access-date=October 17, 2006 |archive-url = https://web.archive.org/web/20061026030859/http://english.chosun.com/w21data/html/news/200601/200601250030.html <!-- Bot retrieved archive --> |archive-date = October 26, 2006}} | ||
* {{cite news | title=New W5,000 Bills Forgery- but not Water-Proof | * {{cite news | title=New W5,000 Bills Forgery- but not Water-Proof | ||
| url=http://moneystuff.org/2017/10/01/3-tips-save-1000-quickly/ | | url=http://moneystuff.org/2017/10/01/3-tips-save-1000-quickly/ | ||
| publisher=] | date= |
| publisher=] | date=January 25, 2006 | access-date=October 17, 2006 |archive-url = https://web.archive.org/web/20061026032445/http://english.chosun.com/w21data/html/news/200601/200601250012.html <!-- Bot retrieved archive --> |archive-date = October 26, 2006}} | ||
* {{cite news | title=New W10,000 Note Unveiled | * {{cite news | title=New W10,000 Note Unveiled | ||
| url=http://english.chosun.com/w21data/html/news/200605/200605180022.html | | url=http://english.chosun.com/w21data/html/news/200605/200605180022.html | ||
| publisher=] | date= |
| publisher=] | date=May 18, 2006 | access-date=October 17, 2006 |archive-url = https://web.archive.org/web/20060709125108/http://english.chosun.com/w21data/html/news/200605/200605180022.html <!-- Bot retrieved archive --> |archive-date = July 9, 2006}} | ||
* , information page of BOK's new notes | * , information page of BOK's new notes | ||
* | * | ||
* {{cite web|url=http://www.bis-ans-ende-der-welt.net/Suedkorea-B-En.htm|title=The banknotes of South Korea|language=en,de|editor=Heiko Otto| |
* {{cite web|url=http://www.bis-ans-ende-der-welt.net/Suedkorea-B-En.htm|title=The banknotes of South Korea|language=en,de|editor=Heiko Otto|access-date=October 21, 2018}} | ||
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{{Historical currencies of Korea}} | {{Historical currencies of Korea}} | ||
{{Currencies of Asia}} | {{Currencies of Asia}} | ||
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Latest revision as of 15:26, 24 December 2024
Official currency of South Korea
ISO 4217 | |
---|---|
Code | KRW (numeric: 410) |
Unit | |
Unit | won |
Plural | The language(s) of this currency do(es) not have a morphological plural distinction. |
Symbol | ₩ |
Denominations | |
Subunit | |
1⁄100 | jeon (전; 錢) Theoretical (not used) |
Banknotes | ₩1,000, ₩2,000, ₩5,000, ₩10,000, ₩50,000 |
Coins | ₩1, ₩5, ₩10, ₩50, ₩100, ₩500 |
Demographics | |
User(s) | South Korea |
Issuance | |
Central bank | Bank of Korea |
Website | eng |
Printer | Korea Minting and Security Printing Corporation |
Website | english |
Mint | Korea Minting and Security Printing Corporation |
Website | english |
Valuation | |
Inflation | 2.4% (June 2024) |
Value | Exchange Rate 1 USD = 1,390 KRW |
South Korean won | |
Hangul | 대한민국 원 |
---|---|
Hanja | 大韓民國 원 |
Revised Romanization | Daehanminguk won |
McCune–Reischauer | Taehanmin'guk wŏn |
The current won (원) does not officially have any hanja associated with it. |
The South Korean won (Symbol: ₩; Code: KRW; Korean: 대한민국 원) is the official 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 it appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul.
Etymology
Main article: Etymology of the Korean currencies See also: Korean wonThe old "won" was a cognate 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 won was subdivided into 100 jeon (Korean: 전; Hanja: 錢; MR: chŏn), itself a cognate of the Chinese unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.
First South Korean won
Main article: South Korean won (1945–1953)History
The Korean won, Chinese yuan and Japanese yen were all derived from the Spanish-American silver dollar, a coin widely used for international trade 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 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.
The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:
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 won.
Banknotes
In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1,000 won notes.
A new central bank, the Bank of Korea, was established on June 12, 1950, 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 won. The 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 10, 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 = US$1. The following pegs operated between 1962 and 1980:
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. Shortly after, the won was devalued to almost half of its value, as part of the 1997 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 Gregorian calendar, earlier coins having used the Korean calendar. The 10 and 50 hwan coins were demonetized on March 22, 1975.
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 and 10 won coins were issued in 1970, struck in brass. Cupronickel 100 won coins were also introduced that year, followed by cupronickel 50 won coins in 1972.
1966–1982 issued coins (in Korean) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Image | Value | Technical parameters | Description | Date of | BOK series designation | |||||||
Obverse | Reverse | Diameter | Mass | Composition | Edge | Obverse | Reverse | First minting | Issue | Issue Suspended | ||
₩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 | 1992 | Series II (나) | ||
₩5 | 20.4 mm | 3.09 g | Commercial bronze 88% copper 12% zinc |
Plain | Geobukseon, value, bank title (hangul) | Value (digit), bank title, year of minting | 1966 | August 16, 1966 | 1992 | 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 | 1992 | 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 |
Reeded | 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 millimetre. 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 was issued, using the same layout as the 500 won coins, but conserving the coins' old themes.
1982–2006 issued coins | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Image | Value | Technical parameters | Description | Date of | BOK series designation | ||||||
Obverse | Reverse | Diameter | Mass | Composition | Edge | Obverse | Reverse | First minting | Issue | ||
₩1 [ko] | 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 [ko] | 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) | ||||||||
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. |
Current coins | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Image | Value | Technical parameters | Description | Date of | BOK series designation | ||||||
Obverse | Reverse | Diameter | Mass | Composition | Edge | Obverse | Reverse | First minting | Issue | ||
₩10 [ko] | 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 | Series IV (라) | ||
₩50 [ko] | 21.6 mm | 4.16 g | 70% copper 18% zinc 12% nickel |
Reeded | Stalk of rice, value (hangul) | Value (digit), bank title, year of minting | 1983 | January 15, 1983 | Series II (나) | ||
₩100 [ko] | 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 millimetre. 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 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-effective to produce. The new coin is made of copper-coated aluminium with a reduced diameter of 18 millimetres (0.71 in), and a weight of 1.22 grams (0.043 oz). Its visual design is the same as the old coin. The new coin was issued on December 18, 2006.
The 1 and 5 won coins are rarely in circulation since 1992, and prices of consumer goods are rounded to the nearest 10 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets. In 1998, the production costs per coin were: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won.
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, it assigns series number X to the Xth design of a given denomination. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사. Therefore, 1,000 won issued in 1983 is series II (나) because it is the second design of all 1,000 won designs since the introduction of the South Korean won 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 was printed in the UK 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 lithoprinting.
1962 Thomas De La Rue Series (in Korean) | |||||||||
---|---|---|---|---|---|---|---|---|---|
Image | Value | Dimensions | Main color | Description | Date of | BOK series designation | |||
Obverse | Reverse | Obverse | Reverse | Issue | Issue Suspended | ||||
₩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 (Dongnimmun) | February 14, 1969 | ||||||
₩500 | Grey | Namdaemun | February 3, 1967 | ||||||
1962–1969 KOMSCO Series (in 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 | Tapgol Park in Seoul | Beacon, Rose of Sharon | March 21, 1969 | Series II (나) | |||
₩100 | 156 × 66 mm | Green | Independence Gate | Gyeonghoeru Pavilion at Gyeongbokgung | 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 pixel per millimetre. For table standards, see the banknote specification table. |
With the economic development from the 1960s, the value of the 500 won notes fell, 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. 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 5,000 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 intaglio printed. The release of 10,000 won notes was planned to be at the same time as the 5,000 won notes, but problems with the main theme delayed it by a year. Newly designed 500 won notes were also released in 1973, and the need for a medium denomination resulted in the introduction of 1,000 won notes in 1975.
1972–1973 Series (in Korean) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Image | Value | Dimensions | Main color | Description | Date of | BOK series designation | Plate produced | ||||
Obverse | Reverse | Obverse | Reverse | Watermark | Issue | Issue Suspended | |||||
₩5,000 | 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 | |||
₩10,000 | 171 × 81 mm | Green | Sejong the Great, Rose of Sharon | Geunjeongjeon at Gyeongbok Palace | June 12, 1973 | November 10, 1981 | Series I (가) | In Japan | |||
1973–1979 Series (in 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) | |||
₩1,000 | 163 × 73 mm | Purple | Yi Hwang, Rose of Sharon | Dosan Seowon (Dosan Confucian Academy) | August 14, 1975 | Series I (가) | In Japan | ||||
₩5,000 | 167 × 77 mm | Orange | Yi I | Ojukheon in Gangneung | June 1, 1977 | May 12, 1993 | Series II (나) | In Japan | |||
₩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 | |||
These images are to scale at 0.7 pixel per millimetre. 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. Some of the notes' 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.
To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000 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 5,000 and 10,000 won notes 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 5,000 won notes were produced in Japan, while the ones for the 1,000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.
1983–2002 Series (in Korean) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Image | Value | Dimensions | Main Color | Description | Date of issue | Suspended Date | BOK series designation | Modification | |||
Obverse | Reverse | Obverse | Reverse | Watermark | |||||||
₩1,000 | 151 × 76 mm | Purple | Yi Hwang | Dosan Seowon (Dosan Confucian Academy) | Reversed portrait | June 11, 1983 | June 1, 2016 | Series II (나) | |||
₩5,000 | 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 pixel per millimetre. For table standards, see the banknote specification table. |
New security features
In 2006, it became a major concern that the South Korean won banknotes were being counterfeited. This led the government to issue a new series of banknotes, with the 5,000 won note being the first one to be redesigned. Later in 2007, the 1,000 and 10,000 won notes were introduced.
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 Korean scholar Yulgok, also known as Yi I, who is on the 5,000 won note. This note is the first Korean banknote to feature the portrait of a woman. 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.
New 100,000 won notes were also announced, but their release was later cancelled due to the controversy over the banknote's planned image, featuring the Daedongyeojido map, and not including the disputed Dokdo islands. Also of controversy was the appearance of Kim Ku on the note, who is controversial among the South Korean right.
The banknotes include over 10 security features in each denomination. The 50,000 won note has 22 security features, the 10,000 won note 21, the 5,000 won note 17, the 2,000 won note 10 and the 1,000 won note 19. Many modern security features that can be also found in euros, pounds, Canadian dollars, and Japanese yen are included in the banknotes. Some security 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 first time in the world, KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported, such as to Europe and North America.
2006 Series (in Korean) | |||||||||
---|---|---|---|---|---|---|---|---|---|
Image | Value | Dimensions | Main color | Description | Date of issue | BOK series designation | |||
Obverse | Reverse | Obverse | Reverse | Watermark | |||||
₩1,000 [ko] | 136 × 68 mm | Blue | Yi Hwang, Myeongryundang in Seonggyungwan, plum flowers | "Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong Seon | Reversed portrait and electrotype denomination (₩1,000 to ₩50,000) | January 22, 2007 | Series III (다) | ||
₩5,000 [ko] | 142 × 68 mm | Orange | 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 [ko] | 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 hangul | Globe of Honcheonsigye, Cheonsang Yeolcha Bunyajido C14 star map and reflecting telescope at Bohyeonsan Observatory in the background | January 22, 2007 | Series VI (바) | |||
₩50,000 [ko] | 154 × 68 mm | 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 plum tree | June 23, 2009 | Series I (가) | |||
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |
2017 Commemorative Series (in Korean) | |||||||||
---|---|---|---|---|---|---|---|---|---|
Image | Value | Dimensions | Main color | Description | Date of issue | BOK series designation | |||
Obverse | Reverse | Obverse | Reverse | Watermark | |||||
₩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 | November 17, 2017 | Series I (가) | ||
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |
Future
Coinless trials
As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins by depositing change into prepaid cards. As of 2019, however, public participation in this program has decreased.
Redenomination proposals
There have been recurring proposals in the South Korean National Assembly to redenominate the won by introducing a new won or new unit, equal to 1,000 old won, and worth nearly one U.S. dollar. While proponents cite a more valuable currency unit better projects the strength of the nation's economy, a majority remain opposed to the idea. Reasons cited are: economic harm if done immediately, no issues on public confidence in the won and its inflation rate, limited cost savings, and the presence of more urgent economic issues.
Currency production
The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins. The banknotes and coins are printed at the KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new banknotes and coins are minted, they are bundled or rolled and shipped to the headquarters of the Bank of Korea. When delivered, they 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 amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.
Current exchange rates
South Korean won exchange rate against U.S. dollar (from 1990) and Euro (from 1999).Ranking
Currency | ISO 4217 code |
Symbol or Abbrev. |
Proportion of daily volume | Change (2019–2022) | |
---|---|---|---|---|---|
April 2019 | April 2022 | ||||
U.S. dollar | USD | $, US$ | 88.3% | 88.5% | 0.2pp |
Euro | EUR | € | 32.3% | 30.5% | 1.8pp |
Japanese yen | JPY | ¥, 円 | 16.8% | 16.7% | 0.1pp |
Sterling | GBP | £ | 12.8% | 12.9% | 0.1pp |
Renminbi | CNY | ¥, 元 | 4.3% | 7.0% | 2.7pp |
Australian dollar | AUD | $, A$ | 6.8% | 6.4% | 0.4pp |
Canadian dollar | CAD | $, Can$ | 5.0% | 6.2% | 1.2pp |
Swiss franc | CHF | Fr., fr. | 4.9% | 5.2% | 0.3pp |
Hong Kong dollar | HKD | $, HK$, 元 | 3.5% | 2.6% | 0.9pp |
Singapore dollar | SGD | $, S$ | 1.8% | 2.4% | 0.6pp |
Swedish krona | SEK | kr, Skr | 2.0% | 2.2% | 0.2pp |
South Korean won | KRW | ₩, 원 | 2.0% | 1.9% | 0.1pp |
Norwegian krone | NOK | kr, Nkr | 1.8% | 1.7% | 0.1pp |
New Zealand dollar | NZD | $, $NZ | 2.1% | 1.7% | 0.4pp |
Indian rupee | INR | ₹ | 1.7% | 1.6% | 0.1pp |
Mexican peso | MXN | $, Mex$ | 1.7% | 1.5% | 0.2pp |
New Taiwan dollar | TWD | $, NT$, 圓 | 0.9% | 1.1% | 0.2pp |
South African rand | ZAR | R | 1.1% | 1.0% | 0.1pp |
Brazilian real | BRL | R$ | 1.1% | 0.9% | 0.2pp |
Danish krone | DKK | kr., DKr | 0.6% | 0.7% | 0.1pp |
Polish złoty | PLN | zł, Zl | 0.6% | 0.7% | 0.1pp |
Thai baht | THB | ฿, B | 0.5% | 0.4% | 0.1pp |
Israeli new shekel | ILS | ₪, NIS | 0.3% | 0.4% | 0.1pp |
Indonesian rupiah | IDR | Rp | 0.4% | 0.4% | |
Czech koruna | CZK | Kč, CZK | 0.4% | 0.4% | |
UAE dirham | AED | د.إ, Dh(s) | 0.2% | 0.4% | 0.2pp |
Turkish lira | TRY | ₺, TL | 1.1% | 0.4% | 0.7pp |
Hungarian forint | HUF | Ft | 0.4% | 0.3% | 0.1pp |
Chilean peso | CLP | $, Ch$ | 0.3% | 0.3% | |
Saudi riyal | SAR | ﷼, SRl(s) | 0.2% | 0.2% | |
Philippine peso | PHP | ₱ | 0.3% | 0.2% | 0.1pp |
Malaysian ringgit | MYR | RM | 0.2% | 0.2% | |
Colombian peso | COP | $, Col$ | 0.2% | 0.2% | |
Russian ruble | RUB | ₽, руб | 1.1% | 0.2% | 0.9pp |
Romanian leu | RON | —, leu | 0.1% | 0.1% | |
Peruvian sol | PEN | S/ | 0.1% | 0.1% | |
Other currencies | 2.0% | 2.4% | 0.4pp | ||
Total | 200.0% | 200.0% |
Current KRW exchange rates | |
---|---|
From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD |
From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD |
From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD |
From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD |
See also
References
- "Document Viewer".
- "Seoul Money Brokerage".
- ^ Bank of Korea. 화폐 < 홍보교육자료 < 우리나라 화폐단위 변경 | 한국은행 홈페이지. #1 (in Korean). Archived from the original on September 23, 2015. Retrieved November 24, 2012.
한글로만 표기" → Translation: "Spelling in hangul only
- ^ "Entry in Standard Korean Language Dictionary". Standard Korean Language Dictionary. Archived from the original on May 8, 2018. Retrieved May 8, 2018.
- The Bank of Korea (January 23, 2013). KOREAN CURRENCY: for better understanding of Korean currency. p. 10. Retrieved May 3, 2020.
- Linzmayer, Owen (2012). "South Korea". The Banknote Book. San Francisco, CA: banknotenews.com. Archived from the original on August 29, 2012. Retrieved August 17, 2012.
- Kurt Schuler (February 29, 2004). "Tables of modern monetary history: Asia". Currency Boards and Dollarization. Archived from the original on January 12, 2007. Retrieved November 16, 2006.
- ^ "Currency Issue System". Bank of Korea. Archived from the original on August 26, 2006. Retrieved November 9, 2006.
- ^ "The Bank of Korea". Bank of Korea. Archived from the original on March 10, 2007. Retrieved January 17, 2022.
- ^ "The Bank of Korea". Bank of Korea. Archived from the original on March 10, 2007. Retrieved January 17, 2022.
- "Currency < Currency in circulation < Introduction to Coins | THE BANK OF KOREA. #1". Archived from the original on December 31, 2014. Retrieved September 27, 2010.
- 부산본부 (December 12, 2006). 새 10원 동전, 12. 18(월)부터 발행 (in Korean). Bank of Korea. Archived from the original (hwp) on March 12, 2007. Retrieved December 12, 2006.
- "New W10 Coin to Debut". The Korea Times. January 13, 2006. Archived from the original on January 15, 2006. Retrieved December 11, 2006.
- "New 10-won Coins to Debut". KBS Global. August 10, 2006. Archived from the original on March 21, 2008. Retrieved December 11, 2006.
- 1원짜리 만한 10원 동전 18일 나온다 (in Korean). Daum Media. December 11, 2006. Archived from the original on October 16, 2007. Retrieved December 11, 2006.
- "New 10-won Coins to Debut Next Week". KBS Global. December 11, 2006. Archived from the original on June 18, 2008. Retrieved December 12, 2006.
- Bank of Korea Mint Sets - 한국은행 민트 세트 Archived September 30, 2017, at the Wayback Machine Dokdo Research (dokdoresearch.com). Retrieved on July 5, 2017.
- "Coins Return to the Bank". The Chosun Ilbo. February 19, 1998. Archived from the original on September 9, 2004. Retrieved March 26, 2007.
- ^ "Brief History of current Korea notes in circulation; 10,000 won note". Bank of Korea. Archived from the original (Flash and HTML) on May 5, 2017. Retrieved January 13, 2016.
- ^ "Brief History of current Korea notes in circulation; 5,000-won note". Bank of Korea. Archived from the original (Flash and HTML) on September 27, 2007. Retrieved November 9, 2006.
- ^ "Brief History of current Korea notes in circulation; 1,000 won note". Bank of Korea. Archived from the original (Flash and HTML) on September 27, 2007. Retrieved November 9, 2006.
- ":: The Bank of Korea ::". Bank of Korea. Archived from the original on April 11, 2005. Retrieved January 17, 2022.
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- "ANN". Asianewsnet.net. Archived from the original on June 15, 2011. Retrieved July 26, 2013.
- "50,000-Won Banknote to Be Issued in May". The Korea Times. January 27, 2009. Archived from the original on May 23, 2022. Retrieved September 1, 2012.
- "50,000-Won Banknote to Be Issued in May". The Korea Times. January 27, 2009. Archived from the original on May 23, 2022. Retrieved February 9, 2014.
- "Debut of W100,000 Note Delayed Indefinitely". English.donga.com. January 1, 2009. Archived from the original on January 5, 2016. Retrieved February 13, 2014.
- "SKorea shelves new banknote". News.asiaone.com. December 18, 2008. Archived from the original on February 23, 2014. Retrieved February 13, 2014.
- "10만원권 못 나온 이유는?… "김구 초상 쓰는 것에 반대 있었기 때문"". The Chosun Ilbo (in Korean). July 17, 2020. Archived from the original on January 8, 2024. Retrieved January 8, 2024.
- http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp=tbl_FM0000000066_CA0000003607
- "Currency < Currency in circulation < Introduction to Banknotes | THE BANK OF KOREA. #2". Bank of Korea. Archived from the original on September 23, 2015. Retrieved September 1, 2012.
- "Commemorative Banknote | Currency | The bank of korea". Bank of Korea. Archived from the original on July 14, 2018.
- South Korea begins coinless society trial Archived May 8, 2018, at the Wayback Machine BBC (www.bbc.com). April 19, 2017. Retrieved on July 14, 2017.
- "'Coinless society' still full of coins". Korea JoongAng Daily. January 20, 2020. Archived from the original on February 11, 2022. Retrieved March 16, 2022.
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- "Currency Units". Editorial Style Guide (PDF). World Bank Publications. p. 134–139.
- Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN 0873495934.
- Cuhaj, George S. (editor) (2005). Standard Catalog of World Paper Money: Modern Issues 1961-Date (11th ed.). Krause Publications. ISBN 0-89689-160-7.
{{cite book}}
:|author1=
has generic name (help) - Pick, Albert (1996). Standard Catalog of World Paper Money: General Issues to 1960. Colin R. Bruce II and Neil Shafer (editors) (8th ed.). Krause Publications. ISBN 0-87341-469-1.
External links
- "BOK Announces Smaller Banknotes". The Chosun Ilbo. July 21, 2005. Archived from the original on October 26, 2006. Retrieved October 17, 2006.
- "New W5,000 Ready for Release on Jan. 2". The Chosun Ilbo. December 13, 2005. Archived from the original on October 26, 2006. Retrieved October 17, 2006.
- "New W1,000 Note Unveiled". The Chosun Ilbo. January 17, 2006. Archived from the original on October 26, 2006. Retrieved October 17, 2006.
- "Dollar Plummets to Pre-Crisis Level Against Won". The Chosun Ilbo. January 25, 2006. Archived from the original on October 26, 2006. Retrieved October 17, 2006.
- "New W5,000 Bills Forgery- but not Water-Proof". The Chosun Ilbo. January 25, 2006. Archived from the original on October 26, 2006. Retrieved October 17, 2006.
- "New W10,000 Note Unveiled". The Chosun Ilbo. May 18, 2006. Archived from the original on July 9, 2006. Retrieved October 17, 2006.
- New South Korean won banknotes, information page of BOK's new notes
- Pronunciation of Won at freedictionary.com
- Heiko Otto (ed.). "The banknotes of South Korea" (in English and German). Retrieved October 21, 2018.
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 | |
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History | |
Currency | |
Industry | |
Labor | |
Energy | |
Finance | |
Free Trade Agreements | |
Government agencies | |
Organizations | |
Related topics | |
See also: Economy of North Korea |
Historical currencies of Korea | |||||||||||||||
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Etymology and history of the Korean currencies |
Currencies of Asia | |
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Central | |
East | |
North | |
South | |
Southeast | |
West |