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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)

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.

History

The first definitive record of currency use in Korea appears in the Goryeo period (918 - 1392). Early in that period, even though some imported Chinese currency was in circulation, commodity currency such as grain and linen continued in general circulation. In the 10th and 11th centuries, iron and copper coins along with silver vase-shaped coins were issued, but never widely circulated.

It was not until the beginning of the Joseon period (1392 - 1910) that copper coins were minted for wide circulation. Chohwa, which was made of standardized mulberry-bark paper early in the Joseon period, become the first legal paper money and was used as a medium of exchange in place of coins. From the 17th century until the end of the 19th century, Sang Pyong Tong Bo copper coins were the most widely circulated currency.

The mintage and circulation of modern currency began during the last years of the old Korean Empire as a result of contact with the West. Around the time of the trial adoption of the gold standard in 1901, gold and silver coins were in circulation along with some Japanese bank notes. In 1909, the Bank of Korea was founded in Seoul as a central bank and began issuing currency of modern type.

After Korea lost her sovereignty to Japan in 1910, the Bank of Korea was renamed the Bank of Chosun, until Korea's independence in 1945 at the end of World War II. The Bank of Korea started operations as a central bank on June 12, 1950 and adopted a managed currency system.

The Bank of Korea issued its first notes during the Korean War (1950 - 1953) to prevent the country being flooded by Bank of Chosun notes by North Korea. It also carried out currency reforms on three occasions after the Korean War.

Central Bank

• Bank of Korea (in English)

• Economy of South Korea