South Korean won

South Korean won
Currency name	South Korean won
Iso code	KRW
Iso number	410
Image title	Bank of Korea
Issuing authority	Bank of Korea
Issuing authority website	www.bok.or.kr
Mint	Korea Minting and Security Printing Corporation
Subunit ratio 1	1/100
Subunit name 1	jeon (전)
Frequently used coins	₩10, ₩50, ₩100, ₩500
Frequently used banknotes	₩1000, ₩5000, ₩10000, ₩50000

South Korean won. The official currency of the Republic of Korea, it is issued by the Bank of Korea and minted by the Korea Minting and Security Printing Corporation. The modern won was introduced in 1962, replacing the Korean hwan during a period of significant economic reform. It is a key component of the Miracle on the Han River, symbolizing the nation's rapid industrialization and emergence as a major global economy.

History

The won's name originates from the Korean Empire's yang and the earlier Korean won (1902–1910), which was replaced by the Korean yen during the Japanese occupation of Korea. After World War II and the division of Korea, the South Korean won was first introduced in 1945, but severe hyperinflation during the Korean War led to its replacement by the Korean hwan in 1953. The current won was re-established in 1962 under the military government of Park Chung-hee, as part of sweeping economic reforms advised by the International Monetary Fund. Decimalization was introduced, with the theoretical subunit of one jeon, though it is no longer used. The currency has since stabilized, aided by South Korea's entry into the Organisation for Economic Co-operation and Development and its status as a member of the G20.

Coins

Modern coinage, introduced in 1966, is produced by the Korea Minting and Security Printing Corporation. Current denominations include the brass ₩10, featuring the Dabotap pagoda; the cupronickel ₩50; the cupronickel ₩100, depicting Admiral Yi Sun-sin; and the nickel-brass ₩500, showcasing the red-crowned crane. Earlier coin series featured symbols like the Rose of Sharon, the national flower. The ₩1 and ₩5 coins, once common, have been phased out of general circulation due to low purchasing power. Commemorative coins are occasionally issued for events such as the 1988 Summer Olympics in Seoul and the 2018 Winter Olympics in Pyeongchang.

Banknotes

Banknotes are issued in denominations of ₩1000, ₩5000, ₩10000, and ₩50000. The notes prominently feature historical Korean figures and cultural artifacts. The ₩1000 note honors the scholar Yi Hwang of the Joseon Dynasty and his Dosan Seowon academy. The ₩5000 note features another Joseon scholar, Yi I, and his birthplace, Ojukheon. The ₩10000 note depicts King Sejong the Great, creator of Hangul, and includes an image of the Cheonsang Yeolcha Bunyajido star map. The highest denomination, the ₩50000 note introduced in 2009, portrays the artist Shin Saimdang and her paintings. All notes are printed on specialized polymer or cotton paper by the Korea Minting and Security Printing Corporation.

Exchange rates and value

The won operates under a floating exchange rate regime, managed by the Bank of Korea against a basket of currencies. Its value is significantly influenced by South Korea's major export sectors, including semiconductors, automobiles from companies like Hyundai Motor Group, and shipbuilding. Key exchange rate pairs include the United States dollar (USD/KRW) and the Japanese yen (JPY/KRW). The currency experienced a severe crisis during the 1997 Asian financial crisis, leading to a rescue package from the International Monetary Fund. It is considered a major currency in East Asia and is frequently traded on the foreign exchange market.

Security features

Banknotes incorporate advanced security technologies to prevent counterfeiting. These include intaglio printing, watermarks depicting the featured portrait, color-shifting ink on the denomination numeral, and EURion constellation patterns. The ₩50000 note was the first to use a hologram stripe. Other features include microprinting, security threads, and ultraviolet fluorescent ink that glows under a black light. The Korea Minting and Security Printing Corporation continuously updates these features, collaborating with international security printing firms like Giesecke+Devrient.

In popular culture

The won frequently appears in South Korean cinema and television dramas, often symbolizing wealth, ambition, or social conflict in shows like *Squid Game* and *Itaewon Class*. It is a central theme in films about economic upheaval, such as *Default*, which dramatizes the 1997 Asian financial crisis. References to large sums of won are common in the lyrics of K-pop music, and the currency is a staple in Korean video games involving in-game economies. The design and iconography of the banknotes are also celebrated as symbols of national heritage and pride.

Category:Economy of South Korea Category:Currencies of Asia