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{{short description|Official currency of South Korea}}
]
{{Use Oxford spelling |date=October 2024}}
{{Use mdy dates|date=October 2024}}
{{Infobox currency
| name = South Korean won
| local_name_lang1 = ko
| image_1 = Currency South Korea.jpg
| image_title_1 =
| iso_code = KRW
| using_countries = {{KOR}}
| 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>
| 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>
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = jeon ({{Korean|hangul=전|hanja=錢|labels=no}})
| subunit_inline_note_1 = Theoretical (not used)
| symbol = ]
| unit = won
| 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}}
| issuing_authority = ]
| issuing_authority_website = {{URL|eng.bok.or.kr}}
| printer = ]
| printer_website = {{URL|english.komsco.com}}
| mint = ]
| mint_website = {{URL|english.komsco.com}}
| footnotes =
}}
{{Infobox Korean name
| hangul = 대한민국 원
| hanja = 大韓民國 원
| rr = Daehanminguk won
| 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" />
}}
[[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''' (]: '''₩'''; ]: '''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 ].
The '''won''' (원) is the currency of ].


==History== ==Etymology==
{{main|Etymology of the Korean currencies}}
* ''See also ], ], ]''
{{see also|Korean won}}
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 &lt; 홍보교육자료 &lt; 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>
The ] was first used as ]'s currency between 1902 and 1910. During the ], the ] was used, and upon independence in 1945, the ] replaced the yen at par. In 1948, Korea was ], resulting in separate currencies of the same name for the South and the ].


==First South Korean won==
The original South Korean won was replaced by the ] (환) on ] ] at a rate of 1 hwan = 100 won. The won was reintroduced on ] ] at a rate of 1 won = 10 hwan. It became the sole legal tender on ] ]. Its ] code is KRW.
{{main|South Korean won (1945–1953)}}


==Exchange rates== ===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.
''Sampled on ], ]''
*] (EUR) = ₩1,232.82
*] (GBP) = ₩1,776.45
*] (USD) = ₩1,021.35


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''.
==Denominations==
]s currently in circulation are
*₩1 (], ])
*₩5 (], Turtle ship, 65% ], 35% ])
*₩10 (Dabotab, ], 65% copper, 35% zinc)
*₩50 (Stalk of ], 70% copper, 18% zinc, 12% ])
*₩100 (] ], 75% copper, 25% nickel)
*₩500 (], 75% copper, 25% nickel)
]s in circulation are
*₩1000 (], ], Reverse: ] (Dosan Confucian Academy))
*₩5000 (], ], Reverse: Yi I's birthplace)
*₩10,000 (] and ], Reverse: Gyeonghuiru pavillion)


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:
The ₩1 and ₩5 coins are difficult to find in circulation today, and prices of consumer goods are rounded to 10's. The highest valued bill, the ₩10,000 note, is worth only approximately ]10. Larger transactions are commonly handled by ₩100,000 bank checks, dispensed from ]s. South Koreans use electronic means of payment, intra-bank transfers, and credit cards, to a greater extent than even in the U.S.


{|class="wikitable"
===Notes===
|+Pegs for the first South Korean won
South Korea's ] issued its first notes during the ] (1950 - 1953). It also carried out currency reforms on three occasions during and after the Korean War. The first of these reforms was the replacement of the won with the ] in ]] at a factor of 100.
|-
!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 '']'' 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>
In 1962, as a part of the third currency reform, six new banknote denominations were issued: 1, 5, 10, 50, 100 and 500 Won, replacing the ''hwan'' at a factor of 10.


===Banknotes===
The Bank of Korea issued new 10 and 100 Won notes (series II) later that year to replace the England-printed notes with domestically printed ones. 10 Jeon and 50 Jeon notes were also issued for convenience in the settlement of change in petty transactions.
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 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 ].
The third series of 100 Won notes, the first by domestic intaglio printing, were issued in 1965 and the second series of 500 Won notes in 1966. Litho-printing was used for the third series of 50 Won notes issued in 1969.


==Second South Korean won==
The denomination of the then highest value notes, 500 Won, was low in comparison with the scale of transactions in the 1960's, resulting in a great demand for cash and counterfeit cashier's checks.
===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 = {{USD|1}}. The following pegs operated between 1962 and 1980:


{|class="wikitable"
Eventually, the Bank of Korea issued 5,000 Won notes (series I) in 1972 and 10,000 Won notes (series I) in 1973, with new design and security features, including watermark, security thread, and ultraviolet response fiber.
|+Pegs for the second South Korean won
|-
!Date introduced!!Value of U.S. dollar in won
|-
|June 10, 1962||125
|-
|May 3, 1964||255
|-
|August 3, 1972||400
|-
|December 7, 1974||480
|-
|January 12, 1980||580
|}


On February 27, 1980, efforts were initiated to lead to a ]. 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 ].
Newly-designed 500 Won (Series III) notes were released on September 1, 1973, and 1,000 Won notes (Series I) were issued on August 14, 1975.


===Coins===
In 1983, the Bank of Korea issued new 1,000 Won notes (Series II), revised 5,000 Won notes (Series III), and new 10,000 Won notes (Series III) as part of its policy of rationalizing the currency system. The most notable features were see-throughs, distinguishing marks for the blind and common machine readable language.
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 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 />
The Bank of Korea issued a new series of 10,000 Won notes incorporating enhanced security features on January 20, 1994, keeping the same design, and prevailing color but including windowed thread, micro lettering, moir and intaglio latent image.


{|class="wikitable" style="font-size: 90%"
In 1993, the Bank suspended the issue of Series III 500 Won notes, which were replaced by coins, and of Series I 1,000 Won, Series II 5,000 Won, and Series II 10,000 Won notes.
!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
|-
! Obverse !! Reverse !! Diameter !! Mass !! Composition !! Edge !! Obverse !! Reverse !! First minting !! Issue !! Issue Suspended
|- {{Coin-yellow-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ₩1
| 17.2&nbsp;mm
| 1.7 g
| ]<br />60% ]<br /> 40% ]
| Plain
| ], value, bank title (])
| Value (digit), bank title, year of minting
| 1966
| August 16, 1966
| December 1, 1980
| Series I ({{Korean|hangul=가|labels=no}})
|- {{Coin-silver-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ₩1
| 17.2&nbsp;mm
| 0.729 g
| 100% ]
| Plain
| ], value, bank title (hangul)
| Value (digit), bank title, year of minting
| 1968
| August 26, 1968
| 1992
| Series II ({{Korean|hangul=나|labels=no}})
|- {{Coin-copper-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ₩5
| 20.4&nbsp;mm
| 3.09 g
| ]<br />88% ]<br />12% ]
| Plain
| ], value, bank title (hangul)
| Value (digit), bank title, year of minting
| 1966
| August 16, 1966
| 1992
| Series I ({{Korean|hangul=가|labels=no}})
|- {{Coin-yellow-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ₩5
| 20.4&nbsp;mm
| 2.95 g
| ]<br />65% ]<br />35% ]
| Plain
| ], value, bank title (hangul)
| Value (digit), bank title, year of minting
| 1970
| July 16, 1970
| 1992
| Series II ({{Korean|hangul=나|labels=no}})
|- {{Coin-copper-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ₩10
| 22.86&nbsp;mm
| 4.22 g
| Commercial bronze<br />88% ]<br />12% ]
| Plain
| ], value, bank title (hangul)
| Value (digit), bank title, year of minting
| 1966
| August 16, 1966
| Still circulating
| Series I ({{Korean|hangul=가|labels=no}})
|- {{Coin-yellow-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ₩10
| 22.86&nbsp;mm
| 4.06 g
| ]<br />65% ]<br />35% ]
| Plain
| ], value, bank title (hangul)
| Value (digit), bank title, year of minting
| 1970
| July 16, 1970
| Still circulating
| Series II ({{Korean|hangul=나|labels=no}})
|- {{Coin-silver-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ₩50
| 21.6&nbsp;mm
| 4.16 g
| 70% ]<br />18% ]<br />12% ]
|rowspan="2"| Reeded
| Stalk of ], value (hangul)
| Value (digit), bank title (hangul), year of minting
| 1972
| December 1, 1972
|rowspan="2"| Still circulating
|rowspan="2"| Series I ({{Korean|hangul=가|labels=no}})
|- {{Coin-silver-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ₩100
| 24&nbsp;mm
| 5.42 g
| ]<br />75% ]<br />25% ]
| ], value, bank title (hangul)
| Value (digit), year of minting
| 1970
| November 30, 1970
|-
|colspan="13"|{{Standard coin table notice|standard_scale=0}}
|}


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 />
===Coins===

The Bank of Korea issued 1 Won, 5 Won and 10 Won coins on August 16, 1966 to substitute for the 10 Hwan and 50 Hwan coins that had circulated along with the newly-issued banknotes following the third currency reform in 1962 in accordance with the "Law Concerning Temporary Measures for the Circulation of Struck Coins" of August 27, 1962.
{|class="wikitable" style="font-size: 90%"
!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 &#124; 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
|-
! Obverse !! Reverse !! Diameter !! Mass !! Composition !! Edge !! Obverse !! Reverse !! First minting !! Issue
|- {{Coin-silver-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| {{ill|1 won coin|ko|1원 동전|lt=₩1}}
| 17.2&nbsp;mm
| 0.729 g
| 100% ]
| Plain
| ], value (hangul)
| Value (digit), bank title, year of minting
| 1983
| January 15, 1983
| Series III ({{Korean|hangul=다|labels=no}})
|- {{Coin-yellow-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| {{ill|5 won coin|ko|5원 동전|lt=₩5}}
| 20.4&nbsp;mm
| 2.95 g
|rowspan="2"| ]<br />65% ]<br />35% ]
|rowspan="2"| Plain
| ], value (hangul)
|rowspan="2"| Value (digit), bank title, year of minting
|rowspan="2"| 1983
|rowspan="2"| January 15, 1983
|rowspan="2"| Series III ({{Korean|hangul=다|labels=no}})
|- {{Coin-yellow-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ₩10
| 22.86&nbsp;mm
| 4.06 g
| Dabotap Pagoda, value (hangul)
|-
|colspan="12"|{{Standard coin table notice|standard_scale=0}}
|}

{|class="wikitable" style="font-size: 90%"
|-
!colspan="12"|Current coins
|-
!colspan="2"| Image !!rowspan="2"| Value !!colspan="3"| Technical parameters !!colspan="3"| Description !!colspan="2"| Date of !!rowspan="2"| BOK series designation
|-
! Obverse !! Reverse !! Diameter !! Mass !! Composition !! Edge !! Obverse !! Reverse !! First minting !! Issue
|- {{Coin-copper-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| {{ill|10 won coin|ko|10원 동전|lt=₩10}}
| 18&nbsp;mm
| 1.22 g
| ] aluminium<br />48% ]<br />52% aluminium
| Plain
| Dabotap pagoda, value (hangul)
| Value (digit), bank title, year of minting
| 2006
| December 18, 2006
| Series IV ({{Korean|hangul=라|labels=no}})
|- {{Coin-silver-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| {{ill|50 won coin|ko|50원 동전|lt=₩50}}
| 21.6&nbsp;mm
| 4.16 g
| 70% ]<br />18% ]<br />12% ]
|rowspan="3"| Reeded
| Stalk of ], value (hangul)
|rowspan="3"| Value (digit), bank title, year of minting
|rowspan="2"| 1983
|rowspan="2"| January 15, 1983
|rowspan="2"| Series II ({{Korean|hangul=나|labels=no}})
|- {{Coin-silver-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| {{ill|100 won coin|ko|100원 동전|lt=₩100}}
| 24&nbsp;mm
| 5.42 g
|rowspan="2"|Cupronickel<br />75% ]<br />25% ]
| ], value (hangul)
|- {{Coin-silver-color}}
| style="text-align:center; background:#fff;"| ]
| style="text-align:center; background:#fff;"| ]
| ]
| 26.5&nbsp;mm
| 7.7 g
| ], value (hangul)
| 1982
| June 12, 1982
| Series I ({{Korean|hangul=가|labels=no}})
|-
|colspan="12"|{{Standard coin table notice|standard_scale=0}}
|}

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 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 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===
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 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 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%"
!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
|-
! Obverse !! Reverse !! Obverse !! Reverse !! Issue !! Issue Suspended
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩1
|rowspan="2"| 94 × 50&nbsp;mm
| Pink
|rowspan="3"| Bank of Korea's symbol
|rowspan="3"| Value
|rowspan="6"| June 10, 1962
| May 20, 1970
|rowspan="2"| ''None''
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩5
| Blue
| May 1, 1969
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩10
| 108 × 54&nbsp;mm
| Green
| September 1, 1962
|rowspan="4"| Series I ({{Korean|hangul=가|labels=no}})
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩50
|rowspan="3"| 156 × 66&nbsp;mm
| Orange
| Haegeumgang near ]
|rowspan="3"| Torch, value
| May 20, 1970
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩100
| Green
| ]
| February 14, 1969
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩500
| Grey
| ]
| February 3, 1967
|-
!colspan="10"| 1962–1969 ] Series<ref name="autogenerated1"/> {{in lang|ko}}
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| 10 jeon
|rowspan="2"| 90 × 50&nbsp;mm
| Blue
|rowspan="2"|"Bank of Korea" and value (Korean)
|rowspan="2"|"Bank of Korea" and value (English)
|rowspan="2"| December 1, 1962
|rowspan="2"| December 1, 1980
|rowspan="2"| ''None''
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| 50 jeon
| Brown
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩10
| 140 × 63&nbsp;mm
| Purple
| ]
| ]
| September 21, 1962
|rowspan="3"| October 30, 1973
| Series II ({{Korean|hangul=나|labels=no}})
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩50
| 149 × 64&nbsp;mm
| Green and orange / blue
| Tapgol Park in ]
| ], Rose of Sharon
| March 21, 1969
| Series II ({{Korean|hangul=나|labels=no}})
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
|rowspan="2"| ₩100
|rowspan="2"| 156 × 66&nbsp;mm
|rowspan="2"| Green
| ]
| Gyeonghoeru Pavilion at ]
| November 1, 1962
| Series II ({{Korean|hangul=나|labels=no}})
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ]
| Main building of the Bank of Korea
| August 14, 1965
| December 1, 1980
| Series III ({{Korean|hangul=다|labels=no}})
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩500
| 165 × 73&nbsp;mm
| Brown
| ]
| Geobukseon
| August 16, 1966
| May 10, 1975
| Series II ({{Korean|hangul=나|labels=no}})
|-
|colspan="10"|{{Standard banknote table notice|standard_scale=0}}
|}

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 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%"
!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
|-
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark !! Issue !! Issue Suspended
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩5,000
| 167 × 77&nbsp;mm
| Brown
| ]
| Main building of the Bank of Korea
|
| July 1, 1972
| December 1, 1980
| 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=] | 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;"| ]
| ₩10,000
| 171 × 81&nbsp;mm <!--- The listed reference link gives the wrong dimensions for this note, instead see http://www.bok.or.kr/template/newbanknotes/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000003618 for dimensions confirmation --->
| Green
| ], Rose of Sharon
| Geunjeongjeon at Gyeongbok Palace
|
| June 12, 1973
| November 10, 1981
| Series I ({{Korean|hangul=가|labels=no}})
| In ]<ref name=10,000wonhis/>
|-
!colspan="12"| 1973–1979 Series<ref name="autogenerated2"/> {{in lang|ko}}
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩500
| 159 × 69&nbsp;mm
| Green and pink
| ], Geobukseon
| Yi Sun-sin's Shrine at Hyeonchungsa
| ''None''
| September 1, 1973
|rowspan="2"| May 12, 1993
| Series III ({{Korean|hangul=다|labels=no}})
|
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩1,000
| 163 × 73&nbsp;mm
| Purple
| ], Rose of Sharon
| ] (Dosan Confucian Academy)
|
| August 14, 1975
| 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=] | 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;"| ]
| ₩5,000
| 167 × 77&nbsp;mm
| Orange
| ]
| Ojukheon in ]
|
| June 1, 1977
| May 12, 1993
| Series II ({{Korean|hangul=나|labels=no}})
| In ]<ref name="5,000wonhis" />
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩10,000
| 171 × 81&nbsp;mm
| Green
| ], ]
| Gyeonghoeru Pavilion at Gyeongbok Palace, Rose of Sharon
|
| June 15, 1979
| May 12, 1993
| Series II ({{Korean|hangul=나|labels=no}})
| In ]<ref name=10,000wonhis/>
|-
|colspan="12"|{{Standard banknote table notice|standard_scale=0}}
|}

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 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 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/>

{|class="wikitable" style="font-size: 90%"
!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"| Suspended Date !!rowspan="2"| BOK series designation !!rowspan="2"| Modification
|-
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| ₩1,000
| 151 × 76&nbsp;mm
| Purple
| ]
| Dosan Seowon (Dosan Confucian Academy)
|rowspan="5"| Reversed portrait
| June 11, 1983
|rowspan="6"| June 1, 2016
| Series II ({{Korean|hangul=나|labels=no}})
|
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
|rowspan="2"| ₩5,000
|rowspan="2"| 156 × 76&nbsp;mm
|rowspan="2"| Orange
|rowspan="2"| ]
|rowspan="2"| Ojukheon in Gangneung
| June 11, 1983
| Series III ({{Korean|hangul=다|labels=no}})
|
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| June 12, 2002
| Series IV ({{Korean|hangul=라|labels=no}})
| Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
|rowspan="3"| ₩10,000
|rowspan="3"| 161 × 76&nbsp;mm
|rowspan="3"| Green
|rowspan="3"| Sejong the Great, Water clock
|rowspan="3"| Gyeonghoeru Pavilion at Gyeongbok Palace
| October 8, 1983
| Series III ({{Korean|hangul=다|labels=no}})
|
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| January 20, 1994
| Series IV ({{Korean|hangul=라|labels=no}})
| Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| Reversed portrait, ]
| June 19, 2000
| Series V ({{Korean|hangul=마|labels=no}})
| Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription
|-
|colspan="12"|{{Standard banknote table notice|standard_scale=0}}
|}

==New security features==
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 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 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 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:
* ] 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.
* 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 "{{Korean|hangul=한국은행|labels=no}} Bank of Korea" and its corresponding denomination
* ] 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, 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%"
!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 &#124; 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
|-
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| {{ill|1,000 won note|ko|1,000원 지폐|lt=₩1,000}}
| 136 × 68&nbsp;mm
| Blue
| ], Myeongryundang in ], ]
| "Gyesangjeonggeodo"; a painting Yi Hwang in ] by ]
|rowspan="4"| Reversed portrait and electrotype denomination (₩1,000 to ₩50,000)
| January 22, 2007
| Series III ({{Korean|hangul=다|labels=no}})
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| {{ill|5,000 won note|ko|5,000원 지폐|lt=₩5,000}}
| 142 × 68&nbsp;mm
| Orange
| ], ] in ], ]
| "Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Shin Saimdang
| January 2, 2006
| Series V ({{Korean|hangul=마|labels=no}})
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| {{ill|10,000 won note|ko|10,000원 지폐|lt=₩10,000}}
| 148 × 68&nbsp;mm
| Green
| ], ], 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
| January 22, 2007
| Series VI ({{Korean|hangul=바|labels=no}})
|-
| style="text-align:center; background:#000;"| ]
| style="text-align:center; background:#000;"| ]
| {{ill|50,000 won note|ko|50,000원 지폐|lt=₩50,000}}
| 154 × 68&nbsp;mm
| Yellow
| ] with Chochungdo - a Folding Screen of Embroidered Plants and Insects (South Korean National Treasure No. 595) in the background
|] and a plum tree
| June 23, 2009
| Series I ({{Korean|hangul=가|labels=no}})
|-
|colspan="10"|{{Standard banknote table notice|standard_scale=0}}
|}

{|class="wikitable" style="font-size: 90%"
!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}}
|-
!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
|-
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark
|-
|align="center" bgcolor="#000000"| ]
! align="center" bgcolor="#000000" |]
| ₩2,000
| 140 x 75&nbsp;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)
| ]
| November 17, 2017
| Series I ({{Korean|hangul=가|labels=no}})
|-
|colspan="10"|{{Standard banknote table notice|standard_scale=0}}
|}

==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.<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>

===Redenomination proposals===
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>

==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 ]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.


==Current exchange rates==
On August 26, 1968, as the intrinsic value of the 1 Won brass coins far surpassed their face value, new 1 Won (Series II) aluminum coins were issued to replace them. To facilitate small transactions and reduce currency production costs, new 10 Won (Series II) and 5 Won(Series II) coins were issued on July 16, 1970 ; 100 Won coins on November 30 of the same year ; and 50 Won coins on December 1, 1972.
{{multiple image
| align = center
| direction = horizontal
| width = 350
| footer_align = center
| footer = South Korean won exchange rate against ] (from 1990) and ] (from 1999).
| image1 = KRW-USD v2.svg
| alt1 =
| caption1 =
| image2 = KRW-EUR 1999-.svg
| alt2 =
| caption2 =
}}


==Ranking==
The Hwan coins were declared no longer legal tender from March 22, 1975 following the abrogation of the "Law Concerning Temporary Measures for Circulation of Struck Coins" in December 1974.
{{Most traded currencies}}
{{Reflist|group=lower-alpha}}
{{Exchange Rate|KRW|EUR|JPY|USD}}


==See also==
New 500 Won coins were issued from June 12, 1982 to replace the 500 Won note. The Bank of Korea eventually set up a standardized coin system by issuing new 100 Won (Series II), 50 Won (Series II), 10 Won (Series III), 5 Won (Series III), and 1 Won (Series III) coins on January 15, 1983.
{{columns-list|colwidth=30em|
* ]
* ]
* ]
*
}}


==Central bank== ==References==
{{Reflist|2}}
* (in English)
{{refbegin|2}}
* {{numis cite SCWC | date=2004}}
* {{numis cite SCWPM | date=2005}}
* {{numis cite SCWPM | date=1960.8}}
{{refend}}


==External links==
{{AsianCurrencies}}
{{Commons category|Money of South Korea}}
* {{cite news | title=BOK Announces Smaller Banknotes
| url=http://moneystuff.org
| 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/
| 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
| url=http://moneystuff.org/2017/10/06/5-passive-income-ideas-tips-to-make-money-as-you-sleep/
| 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
| url=http://english.chosun.com/w21data/html/news/200601/200601250030.html
| 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
| url=http://moneystuff.org/2017/10/01/3-tips-save-1000-quickly/
| 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
| url=http://english.chosun.com/w21data/html/news/200605/200605180022.html
| 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
*
* {{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}}


{{n-start}}
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{{n-before|currency=]|ratio=at par}}
{{n-currency|location=]|start=1945|end=1953}}
{{n-after|currency=]|ratio=1 hwan = 100 won|reason=inflation}}
{{n-before|currency=]|ratio=1 won = 10 hwan|reason=inflation}}
{{n-currency|location=]|start=1962}}
{{n-after}}
{{end}}
{{Economy of South Korea}}
{{Historical currencies of Korea}}
{{Currencies of Asia}}
{{Portal bar|Asia|Money|Numismatics|South Korea}}


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Latest revision as of 15:26, 24 December 2024

Official currency of South Korea

South Korean won
ISO 4217
CodeKRW (numeric: 410)
Unit
Unitwon
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol
Denominations
Subunit
 1⁄100jeon (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 bankBank of Korea
 Websiteeng.bok.or.kr
PrinterKorea Minting and Security Printing Corporation
 Websiteenglish.komsco.com
MintKorea Minting and Security Printing Corporation
 Websiteenglish.komsco.com
Valuation
Inflation2.4% (June 2024)
ValueExchange Rate
1 USD = 1,390 KRW
South Korean won
Hangul대한민국 원
Hanja大韓民國 원
Revised RomanizationDaehanminguk won
McCune–ReischauerTaehanmin'guk wŏn
The current won (원) does not officially have any hanja associated with it.
South Korean inflation   M2 money supply increases   Inflation   Inflation ex food and energy

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 won

The 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 (원, won), meaning "round", which describes the shape of the silver dollar.

The won was subdivided into 100 jeon (Korean: 전; Hanja: 錢; MRchŏn), 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:

Pegs for the first South Korean won
Date introduced Value of U.S. dollar in won
October 1945 15
July 15, 1947 50
October 1, 1948 450
June 14, 1949 900 (non-government transactions only)
May 1, 1950 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:

Pegs for the second South Korean won
Date introduced Value of U.S. dollar in won
June 10, 1962 125
May 3, 1964 255
August 3, 1972 400
December 7, 1974 480
January 12, 1980 580

On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund. 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

Most traded currencies by value
Currency distribution of global foreign exchange market turnover
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% Increase 0.2pp
Euro EUR 32.3% 30.5% Decrease 1.8pp
Japanese yen JPY ¥, 円 16.8% 16.7% Decrease 0.1pp
Sterling GBP £ 12.8% 12.9% Increase 0.1pp
Renminbi CNY ¥, 元 4.3% 7.0% Increase 2.7pp
Australian dollar AUD $, A$ 6.8% 6.4% Decrease 0.4pp
Canadian dollar CAD $, Can$ 5.0% 6.2% Increase 1.2pp
Swiss franc CHF Fr., fr. 4.9% 5.2% Increase 0.3pp
Hong Kong dollar HKD $, HK$, 元 3.5% 2.6% Decrease 0.9pp
Singapore dollar SGD $, S$ 1.8% 2.4% Increase 0.6pp
Swedish krona SEK kr, Skr 2.0% 2.2% Increase 0.2pp
South Korean won KRW ₩, 원 2.0% 1.9% Decrease 0.1pp
Norwegian krone NOK kr, Nkr 1.8% 1.7% Decrease 0.1pp
New Zealand dollar NZD $, $NZ 2.1% 1.7% Decrease 0.4pp
Indian rupee INR 1.7% 1.6% Decrease 0.1pp
Mexican peso MXN $, Mex$ 1.7% 1.5% Decrease 0.2pp
New Taiwan dollar TWD $‎, NT$, 圓 0.9% 1.1% Increase 0.2pp
South African rand ZAR R 1.1% 1.0% Decrease 0.1pp
Brazilian real BRL R$ 1.1% 0.9% Decrease 0.2pp
Danish krone DKK kr., DKr 0.6% 0.7% Increase 0.1pp
Polish złoty PLN zł‎, Zl 0.6% 0.7% Increase 0.1pp
Thai baht THB ฿, B 0.5% 0.4% Decrease 0.1pp
Israeli new shekel ILS ₪, NIS 0.3% 0.4% Increase 0.1pp
Indonesian rupiah IDR Rp 0.4% 0.4% Steady
Czech koruna CZK Kč, CZK 0.4% 0.4% Steady
UAE dirham AED د.إ, Dh(s) 0.2% 0.4% Increase 0.2pp
Turkish lira TRY ₺, TL 1.1% 0.4% Decrease 0.7pp
Hungarian forint HUF Ft 0.4% 0.3% Decrease 0.1pp
Chilean peso CLP $, Ch$ 0.3% 0.3% Steady
Saudi riyal SAR ﷼, SRl(s) 0.2% 0.2% Steady
Philippine peso PHP 0.3% 0.2% Decrease 0.1pp
Malaysian ringgit MYR RM 0.2% 0.2% Steady
Colombian peso COP $, Col$ 0.2% 0.2% Steady
Russian ruble RUB ₽, руб 1.1% 0.2% Decrease 0.9pp
Romanian leu RON —, leu 0.1% 0.1% Steady
Peruvian sol PEN S/ 0.1% 0.1% Steady
Other currencies 2.0% 2.4% Increase 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

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External links

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:
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