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South Korean won

대한민국 원 (Korean)
ISO 4217
Code	KRW (numeric: 410)
Unit
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
Freq. used	₩1,000, ₩5,000, ₩10,000, ₩50,000
Rarely used	₩2,000
Coins
Freq. used	₩100, ₩500
Rarely used	₩1, ₩5, ₩10, ₩50
Demographics
User(s)	South Korea
Issuance
Central bank	Bank of Korea
Website	eng.bok.or.kr
Printer	Korea Minting and Security Printing Corporation
Website	english.komsco.com
Mint	Korea Minting and Security Printing Corporation
Website	english.komsco.com
Valuation
Inflation	1.3% (Feb 2016, Year-on-Year % Change)
Source	, February 2016

{{Infobox Korean name | hangul = 대한민국 원 | hanja = 大韓民國 원 | rr = Daehanmin(-)guk won | mr = Taehanmin'guk wŏn | | Rose of Sharon, value, bank title (hangul) | Value (digit), bank title, year of minting | 1968 | August 26, 1968 | 1992 | Series II (나) |- style="background-color:#e0954f;" | style="text-align:center; background:#fff;"| | style="text-align:center; background:#fff;"| | ₩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) |- style="background-color:#ffe550;" | style="text-align:center; background:#fff;"| | style="text-align:center; background:#fff;"| | ₩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) |- style="background-color:#e0954f;" | style="text-align:center; background:#fff;"| | style="text-align:center; background:#fff;"| | ₩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) |- style="background-color:#ffe550;" | style="text-align:center; background:#fff;"| | style="text-align:center; background:#fff;"| | ₩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) |- style="background-color:#dcdcdc;" | style="text-align:center; background:#fff;"| | style="text-align:center; background:#fff;"| | ₩50 | 21.6 mm | 4.16 g | 70% copper
18% zinc
12% nickel |rowspan="2"| Reeded | Stalk of rice, value (hangul) | Value (digit), bank title (hangul), year of minting | 1972 | December 1, 1972 |rowspan="2"| Still circulating |rowspan="2"| Series I (가) |- style="background-color:#dcdcdc;" | style="text-align:center; background:#fff;"| | style="text-align:center; background:#fff;"| | ₩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 |- |colspan="13"|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 mm, and a weight of 1.22 g. 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 issued in 1983 is series II (나) because it is the second design of all ₩1,000 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	Withdrawal
		₩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 Gyeongbok Palace	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	Withdrawal
		₩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.

With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation.

1983–2002 Series (in Korean)
Image		Value	Dimensions	Main Color	Description			Date of issue	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	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 series

Historical figures on the Korean Won and their importance in history

Yi Hwang (이황) ~ ₩1,000

Yi Hwang, the man featured on the Korean 1000 won bill, is regarded as one of Korea’s most prominent Confucian scholars during the Joseon era. His vast love for knowledge and literature made him known to many and a largely popular historical figure. He dedicated his life and to teaching numerous students. When people think of Yi Hwang now, the Dosanseowon Confucian Academy(안동 도산서원) always comes to mind. It was established in 1574 to honor Yi Hwang (Toegye 퇴계). It was built about 6 years after his death. It was also designated as a UNESCO World Heritage site.

An Interesting fact about how the historical figures on the 1000 won and 5000 won. Yi Hwang was the head teacher and taught the man on the 5000 won. His name was Yi Yulgok, he too also became a famous Confucian scholar under Yi Hwangs guidance and was bestowed the significance of being featured on the 5000 won banknote.

Yi I (이이) ~ ₩5,000

Yi Yulgok (1536-1584) was a Neo-Confucian thinker and is known to have similar influence as Yi Hwang. Yulgok is responsible for establishing the Kiho school in Korea. He is the son of Shin Saimdang, who was a well-known poet and painter. Yulgok began studying with his mother, but when his mother died, he mourned her loss for 3 years. He then fled to a Buddhist temple in the mountains with the desire to become a monk; however, after a year of studying scriptures, he changed his mind. Given the knowledge he acquired in the Buddhist temple, he placed first in both the preliminary and final civil service examinations in 1564. He then became known as Lord First Candidate of the Nine Examinations. He served in several offices within the metropolitan and provincial government. His official posts included appointments of minister of military affairs, minister of public works, and minister of personnel until he died at age forty-nine.

Sejong the Great (세종대왕) ~ ₩10,000

Sejong the Great was a famous king during the Joseon era. His legacy includes the creation of the Korean writing system, hangul (한글), which occurred in 1443 during the 12th month of the lunar calendar. Later in 1446, the book of Sejong Sillok (조선왕조실록) described the new language of Joseon as Hunminjeongeum (full name;훈민정음 해례본, Hunminjeongeum Haeryebon), was created and information on how to learn the new system and the teachings were published all together in multiple parts. One of Sejong’s purposes for creating this new language system was to help common people read and write, many of which were otherwise illiterate. Hunminjeongeum was the original name for Hangeul when it was first created back in the 15th century. The other sections of Hunminjeongeum(훈민정음) called Yeui(예의) was created to describe and teach the reader about each sound of the 28-letter alphabet. With the creation of this book, Hunminjeongeum(훈민정음), we can understand the true vision and concept Sejong the great had for creating this language and how to clearly grasp the rules and usage of it. The next part of the book was called “haerye”(해례), which showed the theories involved with the inventions of the consonants and vowels and the ideas behind the initial, middle, and final sound of a syllable.

Lastly another special distinction related to the language was, Hunminjeongeum(훈민정음) became a national treasure recognized by the UN in 1997. It was listed in the UNESCO’s Memory of the World Register. It stated that this document created by Sejong was regarded highly for its linguistic, cultural, and ideological values.

Shin Saimdang (신사임당) ~ ₩50,000

Shin Saimdang (1504-1551) is a well-known historical figure and is considered the representative image of the Korean woman and icon of the “wise mother and good wife” (hyeonmoyangcheo,현모양처). Shin Saimdang was an artist, writer calligraphist and poet of the Joseon era. She became the first woman to appear on a new Korean banknote since 2009. She is the mother of Yi I and was of great influence on him. She lived in a male-dominant society because of the great influence of Confucianism. For this reason, her real name is unknown and because she is a woman, her name didn’t make history. The only accounts of her origin story were from her son Yi Yulgok, unofficial history books, anthologies and from postscripts written by Confucian scholars. Her legacy and her artworks are remembered more than documents that portray her as a good wife and wise mother.

New security features

In 2006, it became a major concern that the South Korean won banknotes were being counterfeited/forged. 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.

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 to Europe, North America, etc.

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.

Future of the South Korean won

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 printed/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

See also

• Economy of South Korea
• Korean currency
• North Korean won

References

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31. "Currency < Currency in circulation < Introduction to Banknotes | THE BANK OF KOREA. #2". Bok.or.kr. Archived from the original on 2015-09-23. Retrieved 2012-09-01.
32. https://www.bok.or.kr/eng/main/contents.do?menuNo=400358
33. South Korea begins coinless society trial BBC (www.bbc.com). April 19, 2017. Retrieved on 2017-07-14.
34. https://koreajoongangdaily.joins.com/2019/10/13/finance/Coinless-society-still-full-of-coins/3068992.html
35. https://www.koreatimes.co.kr/www/biz/2019/04/488_267185.html

• 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. 2005-07-21. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
• "New W5,000 Ready for Release on Jan. 2". The Chosun Ilbo. 2005-12-13. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
• "New W1,000 Note Unveiled". The Chosun Ilbo. 2006-01-17. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
• "Dollar Plummets to Pre-Crisis Level Against Won". The Chosun Ilbo. 2006-01-25. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
• "New W5,000 Bills Forgery- but not Water-Proof". The Chosun Ilbo. 2006-01-25. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
• "New W10,000 Note Unveiled". The Chosun Ilbo. 2006-05-18. Archived from the original on 2006-07-09. Retrieved 2006-10-17.
• 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 2018-10-21.

• Asia
• Money
• Numismatics
• South Korea

• Currencies with ISO 4217 code
• 1962 in South Korea
• 1962 establishments in South Korea
• Currencies of South Korea
• Government of South Korea
• Cultural depictions of Yi Sun-sin