Currency - South Korean won

Currency  >  South Korean won

South Korean won

The won (원, ; symbol: ₩; code: KRW) or the Korean Won is the 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 appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city of Seoul.

The old "won" was a cognate of the Chinese yuan and Japanese yen. It is derived from the hanja 圓 (원), meaning "currency" or "coin." The won was subdivided into 100 jeon, itself a cognate of the Chinese character 錢 (qián) which means "money" and also used as a unit of money in ancient times. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.

Prior to 1910, the won was the currency.

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:

The first South Korean won was replaced by the hwan on February 15, 1953 at a rate of 1 hwan = 100 won. Republic of Korea Banknotes 5th Edition

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 12 June 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.

Country

South Korea

South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and lying to the east of the Asian mainland. The name Korea is derived from Goguryeo which was one of the great powers in East Asia during its time, ruling most of the Korean Peninsula, Manchuria, parts of the Russian Far East and Inner Mongolia, under Gwanggaeto the Great. South Korea lies in the north temperate zone and has a predominantly mountainous terrain. It comprises an estimated 51.4 million residents distributed over 100,363 km2. Its capital and largest city is Seoul, with a population of around 10 million.

Archaeology indicates that the Korean Peninsula was inhabited by early humans starting from the Lower Paleolithic period (2.6 Ma–300 Ka). The history of Korea begins with the foundation of Gojoseon in 2333 BCE by the mythic king Dangun, but no archaeological evidence and writing was found from this period. The Gija Joseon was purportedly founded in 11th century BCE, and its existence and role has been controversial in the modern era. The written historical record on Gojoseon (Old Joseon) was first mentioned in Chinese records in the early 7th century BCE. Following the unification of the Three Kingdoms of Korea under Unified Silla in CE 668, Korea was subsequently ruled by the Goryeo dynasty (918–1392) and the Joseon dynasty (1392–1910). It was annexed by the Empire of Japan in 1910. At the end of World War II, Korea was divided into Soviet and U.S. zones of occupations. A separate election was held in the U.S. zone in 1948 which led to the creation of the Republic of Korea (ROK), while the Democratic People's Republic of Korea (DPRK) was established in the Soviet zone. The United Nations at the time passed a resolution declaring the ROK to be the only lawful government in Korea.

Language

South Korean won (English)  Won sudcoreano (Italiano)  Zuid-Koreaanse won (Nederlands)  Won sud-coréen (Français)  Südkoreanischer Won (Deutsch)  Won sul-coreano (Português)  Южнокорейская вона (Русский)  Won surcoreano (Español)  Won południowokoreański (Polski)  韓圓 (中文)  Sydkoreansk won (Svenska)  Won sud-coreean (Română)  大韓民国ウォン (日本語)  Південнокорейська вона (Українська)  Южнокорейски вон (Български)  대한민국 원 (한국어)  Etelä-Korean won (Suomi)  Won Korea Selatan (Bahasa Indonesia)  Pietų Korėjos vonas (Lietuvių)  Sydkoreanske won (Dansk)  Jihokorejský won (Česky)  Güney Kore wonu (Türkçe)  Јужнокорејски вон (Српски / Srpski)  Lõuna-Korea vonn (Eesti)  Dél-koreai von (Magyar)  Južnokorejski von (Hrvatski)  วอน (ไทย)  Won Hàn Quốc (Tiếng Việt) 
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