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South Korean won facts for kids

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South Korean won
Currency South Korea.jpg
ISO 4217 Code KRW
User(s) South Korea
Inflation 2.4% (June 2024)
Subunit
1100 jeon (전/錢)
Theoretical (not used)
Symbol
Plural The language(s) of this currency does not have a morphological plural distinction.
Coins 1, 5, 10, 50, 100, 500
Banknotes 1000, 2000, 5000, 10000, 50000
Printer Korea Minting and Security Printing Corporation
South Korean won
Hangul 대한민국
Hanja 大韓民國
Revised Romanization Daehanmin(-)guk won
McCune–Reischauer Taehanmin'guk wŏn
The current won (원) does not officially have any hanja associated with it.

The South Korean won (Symbol: ; Code: KRW; Hangul: 대한민국 원) is the official 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 it appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul.

Etymology

The old "won" was a cognate of the Chinese yuan and Japanese yen, which were both derived from the Spanish-American silver dollar. It is derived from the hanja (, won), meaning "round", which describes the shape of the silver dollar.

The won was subdivided into 100 jeon (Hangul: ; Hanja: ; MR: chŏn), itself a cognate of the Chinese unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.

First South Korean won

History

The Korean won, Chinese yuan and Japanese yen were all derived from the Spanish-American silver dollar, a coin widely used for international trade between Asia and the Americas from the 16th to 19th centuries.

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:

Pegs for the first South Korean won
Date introduced Value of U.S. dollar in won
October, 1945 15
July 15, 1947 50
October 1, 1948 450
June 14, 1949 900 (non-government transactions only)
May 1, 1950 1,800
November 1, 1950 2,500
April 1, 1951 6,000

The first South Korean won was replaced by the hwan on February 15, 1953, at a rate of 1 hwan = 100 won.

Banknotes

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.

Second South Korean won

History

The won was reintroduced on June 10, 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 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = US$1. 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 rate. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund. Shortly after, the won was devalued to almost half of its value, as part of the 1997 Asian financial crisis.

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 Korea on August 16, 1966, in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the Gregorian calendar, earlier coins having used the Korean 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 and 10 won coins were issued in 1970, struck in brass. Cupronickel 100 won coins were also introduced that year, followed by cupronickel 50 won coins in 1972.

1966–1982 issued coins
Image Value Technical parameters Description Date of BOK series designation
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse First minting Issue Issue Suspended
1 won 1966 obverse.jpeg 1 won 1966 reverse.jpeg ₩1 17.2 mm 1.7 g Brass
60% copper
40% zinc
Plain Rose of Sharon, value, bank title (hangul) Value (digit), bank title, year of minting 1966 August 16, 1966 December 1, 1980 Series I (Hangul: )
1 won 1968 obverse.jpeg 1 won 1968 reverse.jpeg ₩1 17.2 mm 0.729 g 100% aluminium Plain Rose of Sharon, value, bank title (hangul) Value (digit), bank title, year of minting 1968 August 26, 1968 1992 Series II (Hangul: )
5 won 1966 obverse.jpeg 5 won 1966 reverse.jpeg ₩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 (Hangul: )
5 won 1970 obverse.jpeg 5 won 1970 reverse.jpeg ₩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 (Hangul: )
10 won 1966 obverse.jpeg 10 won 1966 reverse.jpeg ₩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 (Hangul: )
10 won 1970 obverse.jpeg 10 won 1970 reverse.jpeg ₩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 (Hangul: )
50 won 1972 obverse.jpeg 50 won 1972 reverse.jpeg ₩50 21.6 mm 4.16 g 70% copper
18% zinc
12% nickel
Reeded Stalk of rice, value (hangul) Value (digit), bank title (hangul), year of minting 1972 December 1, 1972 Still circulating Series I (Hangul: )
100 won 1970 obverse.jpeg 100 won 1970 reverse.jpeg ₩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
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 won 1983 obverse.jpeg 1 won 1983 reverse.jpeg ₩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 (Hangul: )
5 won 1983 obverse.jpeg 5 won 1983 reverse.jpeg ₩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 (Hangul: )
10 won 1983 obverse.jpeg 10 won 1983 reverse.jpeg ₩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 won 2006 obverse.jpeg 10 won 2006 reverse.jpeg ₩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 (Hangul: )
50 won 1983 obverse.jpeg 50 won 1983 reverse.jpeg ₩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 (Hangul: )
100 won 1983 obverse.jpeg 100 won 1983 reverse.jpeg ₩100 [ko] 24 mm 5.42 g Cupronickel
75% copper
25% nickel
Yi Sun-sin, value (hangul)
500 won 1982 obverse.jpeg 500 won 1982 reverse.jpeg ₩500 26.5 mm 7.7 g Red-crowned crane, value (hangul) 1982 June 12, 1982 Series I (Hangul: )
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. Hangul: 가, 나, 다, 라, 마, 바, 사. Therefore, 1,000 won issued in 1983 is series II (Hangul: ) because it is the second design of all 1,000 won 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
Image Value Dimensions Main color Description Date of BOK series designation
Obverse Reverse Obverse Reverse Issue Issue Suspended
1 won obverse.jpeg 1 won reverse.jpeg ₩1 94 × 50 mm Pink Bank of Korea's symbol Value June 10, 1962 May 20, 1970 None
5 won obverse.jpeg 5 won reverse.jpeg ₩5 Blue May 1, 1969
10 won serieI obverse.jpeg 10 won serieI reverse.jpeg ₩10 108 × 54 mm Green September 1, 1962 Series I (Hangul: )
50 won serieI obverse.jpeg 50 won serieI reverse.jpeg ₩50 156 × 66 mm Orange Haegeumgang near Geoje Torch, value May 20, 1970
100 won serieI obverse.jpeg 100 won serieI reverse.jpeg ₩100 Green Independence Gate (Dongnimmun) February 14, 1969
500 won serieI obverse.jpeg 500 won serieI reverse.jpeg ₩500 Grey Namdaemun February 3, 1967
1962–1969 KOMSCO Series
10 jeon obverse.jpeg 10 jeon reverse.jpeg 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 obverse.jpeg 50 jeon reverse.jpeg 50 jeon Brown
10 won serieII obverse.jpeg 10 won serieII reverse.jpeg ₩10 140 × 63 mm Purple Cheomseongdae Geobukseon September 21, 1962 October 30, 1973 Series II (Hangul: )
50 won serieII obverse.jpeg 50 won serieII reverse.jpeg ₩50 149 × 64 mm Green and orange / blue Tapgol Park in Seoul Beacon, Rose of Sharon March 21, 1969 Series II (Hangul: )
100 won serieII obverse.jpeg 100 won serieII reverse.jpeg ₩100 156 × 66 mm Green Independence Gate Gyeonghoeru Pavilion at Gyeongbok Palace November 1, 1962 Series II (Hangul: )
100 won serieIII obverse.jpeg 100 won serieIII reverse.jpeg Sejong the Great Main building of the Bank of Korea August 14, 1965 December 1, 1980 Series III (Hangul: )
500 won serieII obverse.jpeg 500 won serieII reverse.jpeg ₩500 165 × 73 mm Brown Namdaemun Geobukseon August 16, 1966 May 10, 1975 Series II (Hangul: )
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
Image Value Dimensions Main color Description Date of BOK series designation Plate produced
Obverse Reverse Obverse Reverse Watermark Issue Issue Suspended
5000 won serieI obverse.jpeg 5000 won serieI reverse.jpeg ₩5,000 167 × 77 mm Brown Yi I Main building of the Bank of Korea July 1, 1972 December 1, 1980 Series I (Hangul: ) By Thomas de la Rue
10000 won serieI obverse.jpeg 10000 won serieI reverse.jpeg ₩10,000 171 × 81 mm Green Sejong the Great, Rose of Sharon Geunjeongjeon at Gyeongbok Palace June 12, 1973 November 10, 1981 Series I (Hangul: ) In Japan
1973–1979 Series
500 won serieIII obverse.jpeg 500 won serieIII reverse.jpeg ₩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 (Hangul: )
1000 won serieI obverse.jpeg 1000 won serieI reverse.jpeg ₩1,000 163 × 73 mm Purple Yi Hwang, Rose of Sharon Dosan Seowon (Dosan Confucian Academy) August 14, 1975 Series I (Hangul: ) In Japan
5000 won serieII obverse.jpeg 5000 won serieII reverse.jpeg ₩5,000 167 × 77 mm Orange Yi I Ojukheon in Gangneung June 1, 1977 May 12, 1993 Series II (Hangul: ) In Japan
10000 won serieII obverse.jpeg 10000 won serieII reverse.jpeg ₩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 (Hangul: ) 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: "Hangul: © 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.

1983–2002 Series
Image Value Dimensions Main Color Description Date of issue Suspended Date BOK series designation Modification
Obverse Reverse Obverse Reverse Watermark
1000 won serieII obverse.jpeg 1000 won serieII reverse.jpeg ₩1,000 151 × 76 mm Purple Yi Hwang Dosan Seowon (Dosan Confucian Academy) Reversed portrait June 11, 1983 June 1, 2016 Series II (Hangul: )
5000 won serieIII obverse.jpeg 5000 won serieIII reverse.jpeg ₩5,000 156 × 76 mm Orange Yi I Ojukheon in Gangneung June 11, 1983 Series III (Hangul: )
5000 won serieIV obverse.jpeg 5000 won serieIV reverse.jpeg June 12, 2002 Series IV (Hangul: ) Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription
10000 won serieIII obverse.jpeg 10000 won serieIII reverse.jpeg ₩10,000 161 × 76 mm Green Sejong the Great, Water clock Gyeonghoeru Pavilion at Gyeongbok Palace October 8, 1983 Series III (Hangul: )
10000 won serieIV obverse.jpeg 10000 won serieIV reverse.jpeg January 20, 1994 Series IV (Hangul: ) Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image
10000 won serieV obverse.jpeg 10000 won serieV reverse.jpeg Reversed portrait, Taeguk June 19, 2000 Series V (Hangul: ) 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 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. Also of controversy was the appearance of Kim Ku on the note, who is controversial among the South Korean right.

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 "Hangul: 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
Image Value Dimensions Main color Description Date of issue BOK series designation
Obverse Reverse Obverse Reverse Watermark
1000 won serieIII obverse.jpeg 1000 won serieIII reverse.jpeg ₩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 (Hangul: )
5000 won serieV obverse.jpeg 5000 won serieV reverse.jpeg ₩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 (Hangul: )
10000 won serieVI obverse.jpeg 10000 won serieVI reverse.jpeg ₩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 (Hangul: )
50000 KRW 2009 ob.jpg 50000 KRW 2009 rev.jpg ₩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 (Hangul: )
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.
2017 Commemorative Series
Image Value Dimensions Main color Description Date of issue BOK series designation
Obverse Reverse Obverse Reverse Watermark
Products-16574.jpg
Products-16575.jpg ₩2,000 140 x 75 mm Gray Seven winter sports events (Biathlon, Ice hockey, Curling, Speed skating, Ski jumping, Luge and Bobsled) Songhamaenghodo (a painting of a tiger and a pine tree by Joseon-era artist Kim Hong-do) Pyeongchang Olympic Stadium November 17, 2017 Series I (Hangul: )
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Future

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

South Korean won exchange rate against U.S. dollar (from 1990) and Euro (from 1999).

Ranking

Most traded currencies by value
Currency distribution of global foreign exchange market turnover
Rank Currency ISO 4217 code
(symbol)
 % daily share
(April 2016)
1
United States dollar
USD ($)
87.6%
2
Euro
EUR (€)
31.4%
3
Japanese yen
JPY (¥)
21.6%
4
Pound sterling
GBP (£)
12.8%
5
Australian dollar
AUD ($)
6.9%
6
Canadian dollar
CAD ($)
5.1%
7
Swiss franc
CHF (Fr)
4.8%
8
Chinese yuan
CNY (¥)
4.0%
9
Swedish krona
SEK (kr)
2.2%
10
New Zealand dollar
NZD ($)
2.1%
11
Mexican peso
MXN ($)
1.9%
12
Singapore dollar
SGD ($)
1.8%
13
Hong Kong dollar
HKD ($)
1.7%
14
Norwegian krone
NOK (kr)
1.7%
15
South Korean won
KRW (₩)
1.7%
16
Turkish lira
TRY (₺)
1.4%
17
Russian ruble
RUB (₽)
1.1%
18
Indian rupee
INR (₹)
1.1%
19
Brazilian real
BRL (R$)
1.0%
20
South African rand
ZAR (R)
1.0%
Other 7.1%
Total
Most traded currencies by value
Currency distribution of global foreign exchange market turnover
Rank Currency ISO 4217
code
Symbol or
abbreviation
Proportion of
daily volume,
April 2019
Proportion of
daily volume,
April 2022
1
U.S. dollar
USD
US$
88.3% 88.5%
2
Euro
EUR
32.3% 30.5%
3
Japanese yen
JPY
¥ / 円
16.8% 16.7%
4
Sterling
GBP
£
12.8% 12.9%
5
Renminbi
CNY
¥ / 元
4.3% 7.0%
6
Australian dollar
AUD
A$
6.8% 6.4%
7
Canadian dollar
CAD
C$
5.0% 6.2%
8
Swiss franc
CHF
CHF
5.0% 5.2%
9
Hong Kong dollar
HKD
HK$
3.5% 2.6%
10
Singapore dollar
SGD
S$
1.8% 2.4%
11
Swedish krona
SEK
kr
2.0% 2.2%
12
South Korean won
KRW
₩ / 원
2.0% 1.9%
13
Norwegian krone
NOK
kr
1.8% 1.7%
14
New Zealand dollar
NZD
NZ$
2.1% 1.7%
15
Indian rupee
INR
1.7% 1.6%
16
Mexican peso
MXN
$
1.7% 1.5%
17
New Taiwan dollar
TWD
NT$
0.9% 1.1%
18
South African rand
ZAR
R
1.1% 1.0%
19
Brazilian real
BRL
R$
1.1% 0.9%
20
Danish krone
DKK
kr
0.6% 0.7%
21
Polish złoty
PLN
0.6% 0.7%
22
Thai baht
THB
฿
0.5% 0.4%
23
Israeli new shekel
ILS
0.3% 0.4%
24
Indonesian rupiah
IDR
Rp
0.4% 0.4%
25
Czech koruna
CZK
0.4% 0.4%
26
UAE dirham
AED
د.إ
0.2% 0.4%
27
Turkish lira
TRY
1.1% 0.4%
28
Hungarian forint
HUF
Ft
0.4% 0.3%
29
Chilean peso
CLP
CLP$
0.3% 0.3%
30
Saudi riyal
SAR
0.2% 0.2%
31
Philippine peso
PHP
0.3% 0.2%
32
Malaysian ringgit
MYR
RM
0.1% 0.2%
33
Colombian peso
COP
COL$
0.2% 0.2%
34
Russian ruble
RUB
1.1% 0.2%
35
Romanian leu
RON
L
0.1% 0.1%
Other 2.2% 2.5%
Total 200.0% 200.0%
|| style="text-align:right;" | 200.0%
Current KRW exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD EUR JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD EUR JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD EUR JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD EUR JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD EUR JPY USD

See also

  • Economy of South Korea
  • Korean currency
  • North Korean won
  • All Banknotes issued in Korea
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