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Revision as of 21:02, 25 September 2005

For the North Korean currency, see North Korean won.

The won is the currency of South Korea.

Exchange rates

Sampled on July 23, 2005

• Euro (EUR) = ₩1,232.82
• UK pound (GBP) = ₩1,776.45
• US dollar (USD) = ₩1,021.35

Denominations

Coins currently in circulation are

• 1 Won (Rose of Sharon, Aluminum)
• 5 Won (Kobukson, Turtle ship, 65% copper, 35% zinc)
• 10 Won (Dabotab, Pagoda, 65% copper, 35% zinc)
• 50 Won (Stalk of rice, 70% copper, 18% zinc, 12% nickel)
• 100 Won (Admiral Yi Sun-sin, 75% copper, 25% nickel)
• 500 Won (Crane, 75% copper, 25% nickel)

Banknotes in circulation are

• 1000 Won (Yi Hwang, scholar, Reverse: Dosan Seowon (Dosan Confucian Academy))
• 5000 Won (Yi I, scholar, Reverse: Yi I's birthplace)
• 10,000 Won (King Sejong the Great and water clock, Reverse: Gyeonghuiru pavillion)

Strangely enough, the numerical denominations of won bills and coins are almost exactly the same as those of the Japanese yen, even though the yen is worth about nine times as much as the won. But, although these ranges of denominations work just fine for the yen (in which case they're very similar to the denominations of the U.S. dollar in circulation), they seem rather undervalued for the won, especially to American servicemen and Japanese visitors. Thus, the highest valued bill, the 10,000 won note, is worth only $10, while the lowest valued coin is worth only 0.1 U.S. cent. This is a holdover from when the Japanese and South Korean currencies had similar values; however, they have sinced diverged, with the yen strengthening and the won weakening. South Koreans often use electronic means of payment and credit cards to get around this problem with their cash. Also, 100,000 won bank checks (supyo) are used for large purchases and are dispensed from many ATMs.

Central Bank

• Bank of Korea (in English)

• South Korea