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| *10,000 Won (] and ], Reverse: Gyeonghuiru pavillion) | *10,000 Won (] and ], Reverse: Gyeonghuiru pavillion) | ||
| The 1 won and 5 won 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 won note, is worth only approximately $10. Larger transactions are commonly handled by 100,000 won 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. | |||
| Strangely enough, the numerical denominations of won bills and coins are almost exactly the same as those of the ], 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 ] 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 ]s. | |||
| ==Central Bank== | ==Central Bank== | ||
Revision as of 17:22, 8 October 2005
- For the North Korean currency, see North Korean won.
The won is the currency of South Korea.
Exchange rates
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)
The 1 won and 5 won 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 won note, is worth only approximately $10. Larger transactions are commonly handled by 100,000 won bank checks, dispensed from ATMs. South Koreans use electronic means of payment, intra-bank transfers, and credit cards, to a greater extent than even in the U.S.
Central Bank
- Bank of Korea (in English)
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