South Korean won

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South Korean won

Etymology

"Won" is a cognateCognate

Cognate means: "related by blood, having a common ancestor, or related by an analogous nature, character, or function"....
of the Chinese yuanFacts About Chinese yuan

The yuan is, in the Chinese language, the base unit of a currency; for example, the US dollar is Meiyuan....
and Japanese yenJapanese yen

The yen or en is the currency of Japan....
. All three names derive from the Chinese characterChinese character

A Chinese character is a logogram used in writing Chinese, Japanese, Korean, and formerly Vietnamese....
(?), which means "round shape." The won was subdivided into 100 jeon , which means "money."

First South Korean won

Second South Korean won

History

The won was reintroduced on June 9, 1962 at a rate of 1 won = 10 hwan. It became the sole legal tender on March 22, 1975 with the withdrawal of the last circulating hwan coins. Its ISO 4217ISO 4217 Overview

ISO 4217 is the international standard describing three letter codes to define the names of currencies established by the I...
code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = 1 U.S. dollar. The following pegs operated between 1962 and 1980.

Pegs for the second South Korean won
Date introduced	Value of U.S. dollar in won
June 10, 1962	125
May 3, 1964	255
August 3, 1972	400
December 7, 1974	480
January 12, 1980	580

On February 27, 1980, efforts were initiated to lead to a floating exchange rateFloating exchange rate

A floating exchange rate or a flexible exchange rate is a type of exchange rate regime wherein a currency's value is allowed...
. The won was finally allowed to float on December 24, 1997 when an agreement was signed with the International Monetary FundInternational Monetary Fund

The International Monetary Fund is an international organization that oversees the global financial system by observing ex...
. Shortly after, the won was devalued to almost half of its value, as part of the East Asian financial crisisEast Asian financial crisis

The East Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock ...
.

Coins

Until 1966, 10 and 50 hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of KoreaFacts About Bank of Korea

Bank of Korea is the national central bank of the Republic of Korea....
on August 16, 1966 in denominations of 1, 5 and 10 won, with the 1 won struck in brassBrass

Brass is the term used for alloys of copper and zinc in a solid solution....
and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the Common eraCommon Era

The Common Era , sometimes known as the Current Era or as the Christian Era, is the period of measured time begi...
, earlier coins having used the Korean calendarKorean calendar

The traditional Korean calendar is directly derived from the Chinese calendar....
. The 10 and 50 hwan coins were demonetized on March 22, 1975.

In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. As an attempt to further reduce currency production costs, new 5 won and 10 won coins were issued in 1970, struck in brass. Cupro-nickel 100 won coins were also introduced that year, followed by Cupro-nickel 50 won in 1972.

1966-1982 issued coins
Image		Value	Technical parameters			Description			Date of			BOKBank of Korea Bank of Korea is the national central bank of the Republic of Korea.... Series Designation
Obverse	Reverse	Value	Diameter	Mass	Composition	Edge	Obverse	Reverse	first minting	issue	withdrawal
		?1	17.2 mm	1.7 g	BrassBrass Brass is the term used for alloys of copper and zinc in a solid solution.... 60% copperCopper Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 40% zincZinc Zinc is a chemical element in the periodic table that has the symbol Zn and atomic number 30....	Plain	Rose of SharonHibiscus syriacus *Hibiscus syriacus*, the common garden Hibiscus, is also confusingly called Rose of Sharon in some areas, a name originall... , value, bank title	Value (digit), bank title, year of minting	1966	August 16, 1966	December 1, 1980	Series I (?)
		?1	17.2 mm	0.729 g	100% aluminiumAluminium Aluminium or aluminum is the chemical element in the periodic table that has the symbol Al and atomic number 13...	Plain	Rose of SharonHibiscus syriacus *Hibiscus syriacus*, the common garden Hibiscus, is also confusingly called Rose of Sharon in some areas, a name originall... , value, bank title (hangul)	Value (digit), bank title, year of minting	1968	August 26, 1968	Still circulating	Series II (?)
		?5	20.4 mm	3.9 g	Commercial bronzeBronze Bronze refers to a broad range of copper alloys, usually with tin as the main additive, but sometimes with other elements su... 88% copperCopper Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 12% zincZinc Zinc is a chemical element in the periodic table that has the symbol Zn and atomic number 30....	Plain	GeobukseonTurtle ship The turtle ship was a large warship belonging to panokseon class in Korea under the Joseon Dynasty between the 15th century ... , value, bank title (hangul)	Value (digit), bank title, year of minting	1966	August 16, 1966	Still circulating	Series I (?)
		?5	20.4 mm	2.95 g	High brassBrass Overview Brass is the term used for alloys of copper and zinc in a solid solution.... 65% copperCopper Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 35% zincZinc Zinc is a chemical element in the periodic table that has the symbol Zn and atomic number 30....	Plain	GeobukseonTurtle ship The turtle ship was a large warship belonging to panokseon class in Korea under the Joseon Dynasty between the 15th century ... , value, bank title (hangul)	Value (digit), bank title, year of minting	1970	July 16, 1970	Still circulating	Series II (?)
		?10	22.86 mm	4.22 g	Commercial bronzeBronze Bronze refers to a broad range of copper alloys, usually with tin as the main additive, but sometimes with other elements su... 88% copperCopper Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 12% zincZinc Zinc is a chemical element in the periodic table that has the symbol Zn and atomic number 30....	Plain	Dabotap PagodaDabotap The stone pagoda Dabotap, also known as pagoda of many treasures, is located in the temple of Bulguksa in Gyeongju, Sout... , value, bank title (hangul)	Value (digit), bank title, year of minting	1966	August 16, 1966	Still circulating	Series I (?)
		?10	22.86 mm	4.06 g	High brassBrass Brass is the term used for alloys of copper and zinc in a solid solution.... 65% copperCopper Summary Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 35% zincZinc Zinc is a chemical element in the periodic table that has the symbol Zn and atomic number 30....	Plain	Dabotap PagodaDabotap The stone pagoda Dabotap, also known as pagoda of many treasures, is located in the temple of Bulguksa in Gyeongju, Sout... , value, bank title (hangul)	Value (digit), bank title, year of minting	1970	July 16, 1970	Still circulating	Series II (?)
		?50	21.6 mm	4.16 g	70% copperCopper Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 18% zincZinc Zinc is a chemical element in the periodic table that has the symbol Zn and atomic number 30.... 12% nickelNickel Nickel is a metallic chemical element in the periodic table that has the symbol Ni and atomic number 28....	Milled	Stalk of riceRice Rice refers to two species of grass, native to tropical and subtropical southern & southeastern Asia and to Africa, which t... , value (hangul)	Value (digit), bank title (hangul), year of minting	1972	December 1, 1972	Still circulating	Series I (?)
		?100	24 mm	5.42 g	CupronickelCupronickel Cupronickel is an alloy of copper, nickel and strengthening impurities, such as iron and manganese.... 75% copperCopper Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 25% nickelNickel Nickel is a metallic chemical element in the periodic table that has the symbol Ni and atomic number 28....	Milled	Yi Sun-sinYi Sun-sin Yi Sun-sin, also commonly transliterated Yi Sun-shin or Yi Soon Shin, was a Korean naval leader noted for his vi... , value, bank title (hangul)	Value (digit), year of minting	1970	November 30, 1970	Still circulating	Series I (?)

In 1982, with inflation and the increasing popularity of vending machineVending machine

A vending machine is a machine that dispenses merchandise when a customer deposits sufficient money into a slot or vent to p...
s, 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 were 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	Value	Diameter	Mass	Composition	Edge	Obverse	Reverse	first minting	issue	BOK Series Designation
		?1	17.2 mm	0.729 g	100% aluminiumAluminium Overview Aluminium or aluminum is the chemical element in the periodic table that has the symbol Al and atomic number 13...	Plain	Rose of SharonHibiscus syriacus *Hibiscus syriacus*, the common garden Hibiscus, is also confusingly called Rose of Sharon in some areas, a name originall... , value (hangul)	Value (digit), bank title, year of minting	1983	January 15, 1983	Series III (?)
		?5	20.4 mm	2.95 g	High brassBrass Brass is the term used for alloys of copper and zinc in a solid solution.... 65% copperCopper Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 35% zincZinc Zinc is a chemical element in the periodic table that has the symbol Zn and atomic number 30....	Plain	GeobukseonTurtle ship The turtle ship was a large warship belonging to panokseon class in Korea under the Joseon Dynasty between the 15th century ... , value (hangul)	Value (digit), bank title, year of minting	1983	January 15, 1983	Series III (?)
		?10	22.86 mm	4.06 g		Plain	Dabotap PagodaDabotap The stone pagoda Dabotap, also known as pagoda of many treasures, is located in the temple of Bulguksa in Gyeongju, Sout... , value (hangul)	Value (digit), bank title, year of minting	1983	January 15, 1983	Series III (?)
		?10	18 mm	1.22 g	Copper platedCopper plating Copper plating is the process in which a layer of copper is deposited on the item to be plated by using an electric current.... aluminium 48% copperCopper Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 52% aluminiumAluminium Aluminium or aluminum is the chemical element in the periodic table that has the symbol Al and atomic number 13...	Plain	Dabotap pagodaDabotap The stone pagoda Dabotap, also known as pagoda of many treasures, is located in the temple of Bulguksa in Gyeongju, Sout... , value (hangul)	Value (digit), bank title, year of minting	2006	December 18, 2006
		?50	21.6 mm	4.16 g	70% copperCopper Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 18% zincZinc Zinc is a chemical element in the periodic table that has the symbol Zn and atomic number 30.... 12% nickelNickel Overview Nickel is a metallic chemical element in the periodic table that has the symbol Ni and atomic number 28....	Milled	Stalk of riceRice Rice refers to two species of grass, native to tropical and subtropical southern & southeastern Asia and to Africa, which t... , value (hangul)	Value (digit), bank title, year of minting	1983	January 15, 1983	Series II (?)
		?100	24 mm	5.42 g	CupronickelCupronickel Cupronickel is an alloy of copper, nickel and strengthening impurities, such as iron and manganese.... 75% copperCopper Overview Copper is a chemical element in the periodic table that has the symbol Cu and atomic number 29.... 25% nickelNickel Nickel is a metallic chemical element in the periodic table that has the symbol Ni and atomic number 28....		Yi Sun-sinFacts About Yi Sun-sin Yi Sun-sin, also commonly transliterated Yi Sun-shin or Yi Soon Shin, was a Korean naval leader noted for his vi... , value (hangul)		1983	January 15, 1983	Series II (?)
		?500	26.5 mm	7.7 g			CraneCrane (bird) Cranes are large, long-legged and long-necked birds of the order Gruiformes, and family Gruidae.... , value (hangul)		1982	June 12, 1982	Series I (?)

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 manufacturing price, 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 aluminum 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 difficult to find in circulation today and prices of consumer goods are rounded to the nearest 10 won.

In 1998, the production costs per coin were are as follows: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won.

South Korean won

Etymology

First South Korean won

Second South Korean won

History

Coins

See also