The South Korean Won (KRW) is the official currency of South Korea, a country located on the Korean Peninsula in East Asia.

The currency is managed by the Bank of Korea, which is responsible for issuing and managing the nation’s money supply.

The currency code for the South Korean Won is KRW, and the symbol commonly used is “₩“.

History of the South Korean Won

The South Korean Won was first introduced in 1945, replacing the Korean Yen, which was in circulation during the Japanese colonial rule of Korea.

The currency underwent several changes and reforms, with the most significant one occurring in 1962, when the second South Korean Won was introduced to replace the first one at a rate of 10 to 1.

This reform aimed to stabilize the currency and boost economic growth.

Denominations and Subdivisions

The South Korean Won is divided into 100 smaller units called jeon. However, jeon is no longer in practical use due to its low value.

Coins are issued in denominations of 1, 5, 10, 50, 100, and 500 Won, while banknotes are available in denominations of 1,000, 5,000, 10,000, and 50,000 Won.

The designs on the South Korean Won coins and banknotes often depict important historical figures, cultural symbols, and significant events, reflecting the nation’s rich heritage and history.

Exchange Rates and Economy

The exchange rate of the South Korean Won can fluctuate based on various factors, such as the nation’s economic performance, inflation, and supply and demand for the currency in international markets.

To find the current exchange rate between the South Korean Won and other currencies, you can consult financial sources or use currency converter tools.

The South Korean economy is the 10th largest in the world and is considered a developed, high-income economy.

The country has experienced rapid economic growth and industrialization since the 1960s, which has been dubbed the “Miracle on the Han River.”

The economy is primarily driven by exports, with major industries including electronics, automobiles, shipbuilding, and petrochemicals.

Summary

The South Korean Won is the official currency of South Korea and is managed by the Bank of Korea. It was first introduced in 1945, with significant reforms taking place in 1962.

The currency is subdivided into 100 jeon, with coins and banknotes issued in various denominations.

The South Korean economy is the 10th largest in the world, driven primarily by exports and major industries such as electronics, automobiles, shipbuilding, and petrochemicals.