South Korean won

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South Korean won
대한민국 원 (Hangul)
大韓民國 원1 (Hanja)
Currency South Korea.jpg
Currently circulating coins and banknotes of the South Korean won.
ISO 4217 code KRW
Central bank Bank of Korea
 Website eng.bok.or.kr
User(s)  South Korea
Inflation 1.1%
 Source [7], January 2014
Subunit
 1/100 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, ₩5000, ₩10,000, ₩50,000
Printer Korea Minting and Security Printing Corporation
 Website english.komsco.com
Mint Korea Minting and Security Printing Corporation
 Website english.komsco.com
1 The hanja for the old won was , but is not used anymore. The current won is written in hangul only.[1]
South Korean won
Hangul 대한민국 원
Hanja 大韓民國 원
Revised Romanization Daehanmin(-)guk won
McCune–Reischauer Taehanmin'guk wŏn

The won () (symbol: ; code: KRW) 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, Seoul. The official currency of North Korea, issued by the Central Bank of the Democratic People's Republic of Korea which is based in its capital city, Pyongyang, is divided into the same number of units, and is known as the North Korean won.

Etymology[edit]

The old "won" was a cognate of the Chinese yuan and Japanese yen. It is derived from the Hanja (원), itself a cognate of the Chinese character 圓 (yuan) which means "round shape." The won was subdivided into 100 jeon (Hangul: ; hanja: ; RR: jeon; MR: chŏn), itself a cognate of the Chinese character 錢 (qian) which means "money" and also used as a unit of money in the ancient times. The current won (1962 to present) is written in hangul only.[1]

First South Korean won[edit]

History[edit]

During the Colonial era, the won was replaced at par by the yen, made up of the Korean yen.

In 1945 after World War II, Korea became 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 was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean War. 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 1800
November 1, 1950 2500
April 1, 1951 6000

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

Banknotes[edit]

In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1000 won notes.

A new central bank, the Bank of Korea, was established on 12 June 1950,[2] and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, 100 and 1000 won. 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[edit]

History[edit]

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 4217 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 rate. The won was finally allowed to float on December 24, 1997 when an agreement was signed with the International Monetary Fund.[3] Shortly after, the won was devalued to almost half of its value, as part of the East Asian financial crisis.

Coins[edit]

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 Common era, earlier coins having used the Korean calendar. The 10 and 50 hwan coins were demonetized on March 22, 1975.[4]

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.[4]

1966–1982 issued coins [5][6] (Korean)
Image Value Technical parameters Description Date of BOK Series Designation
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse first minting issue withdrawal
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 (가)
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 (나)
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 (가)
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 (나)
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 (가)
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 (나)
50 won 1972 obverse.jpeg 50 won 1972 reverse.jpeg ₩50 21.6 mm 4.16 g 70% copper
18% zinc
12% nickel
Milled Stalk of rice, value (hangul) Value (digit), bank title (hangul), year of minting 1972 December 1, 1972 Still circulating Series I (가)
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 millimeter. 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 were issued, using the same layout as the 500 won coins, but conserving the coins old themes.[4]

1982–2006 issued coins [7][8]
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 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 (다)
5 won 1983 obverse.jpeg 5 won 1983 reverse.jpeg ₩5 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 (다)
10 won 1983 obverse.jpeg 10 won 1983 reverse.jpeg ₩10 22.86 mm 4.06 g Dabotap Pagoda, value (hangul)
10 won 2006 obverse.jpeg 10 won 2006 reverse.jpeg ₩10 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 (라)
50 won 1983 obverse.jpeg 50 won 1983 reverse.jpeg ₩50 21.6 mm 4.16 g 70% copper
18% zinc
12% nickel
Milled Stalk of rice, value (hangul) Value (digit), bank title, year of minting 1983 January 15, 1983 Series II (나)
100 won 1983 obverse.jpeg 100 won 1983 reverse.jpeg ₩100 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 (가)
These images are to scale at 2.5 pixels per millimeter. 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 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.[9] 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.[10] The new coin was issued on December 18, 2006.[11][12]

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.[13]

The 100 won coins have exactly the same shape as the U.S. quarter.[14]

Banknotes[edit]

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. 가, 나, 다, 라, 마, 바, 사. Therefore, ₩1000 issued in 1983 is series II (나) because it is the second design of all ₩1000 designs since the won introduction 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 were printed in the U.K. 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 litho-printing.[4]

1962 Thomas De La Rue Series [5] (Korean)
Image Value Dimensions Main color Description Date of BOK Series Designation
Obverse Reverse Obverse Reverse issue withdrawal
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 (가)
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 [5] (Korean)
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 (나)
50 won serieII obverse.jpeg 50 won serieII reverse.jpeg ₩50 149 × 64 mm Green and orange / Blue Pagoda Gongweon in Seoul Beacon, Rose of Sharon March 21, 1969 Series II (나)
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 (나)
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 (다)
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 (나)
These images are to scale at 0.7 pixels per millimeter.

With the economic development from the 1960s the value of the 500 won notes became lower, 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.[4] 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 5000 won 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 inglio printed. The release of 10,000 won notes was planned to be at the same time as the 5000 won notes but problems with the main theme delayed it by a year.[15] Newly designed 500 won notes were also released in 1973 and the need for a medium denomination resulted in the introduction of 1000 won notes in 1975.

1972–1973 Series [6] (Korean)
Image Value Dimensions Main color Description Date of BOK Series Designation Plate produced
Obverse Reverse Obverse Reverse Watermark issue withdrawal
5000 won serieI obverse.jpeg 5000 won serieI reverse.jpeg ₩5000 167 × 77 mm Brown Yi I Main building of the Bank of Korea July 1, 1972 December 1, 1980 Series I (가) By Thomas de la Rue[16]
10000 won serieI obverse.jpeg 10000 won serieI reverse.jpeg ₩10 000 171 × 81 mm Brown Sejong the Great, Rose of Sharon Geunjeongjeon at Gyeongbok Palace June 12, 1973 November 10, 1981 Series I (가) In Japan[15]
1973–1979 Series [6] (Korean)
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 (다)
1000 won serieI obverse.jpeg 1000 won serieI reverse.jpeg ₩1000 163 × 73 mm Purple Yi Hwang, Rose of Sharon Dosan Seowon (Dosan Confucian Academy) August 14, 1975 Series I (가) In Japan[17]
5000 won serieII obverse.jpeg 5000 won serieII reverse.jpeg ₩5000 167 × 77 mm Orange Yi I Ojukheon in Gangneung June 1, 1977 May 12, 1993 Series II (나) In Japan[16]
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 (나) In Japan[15]
These images are to scale at 0.7 pixels per millimeter.

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 (see above). Some of the note's 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.[4]

To cope with the deregulation of imports of color printer and the increasing use of computers and scanners, modified 5000 won 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 5000 and 10,000 won are easily identifiable by the copyright information inscribed under the watermark: "© 한국은행" and year of issue on the obverse, "© The Bank of Korea" and year of issue on the reverse.

The plates for the 5000 won notes were produced in Japan while the ones for the 1000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.[15][16][17]

With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation.[18]

1983–2002 Series [19] (Korean)
Image Value Dimensions Main Color Description Date of issue BOK Series Designation Modification
Obverse Reverse Obverse Reverse Watermark
1000 won serieII obverse.jpeg 1000 won serieII reverse.jpeg ₩1000 151 × 76 mm Purple Yi Hwang Dosan Seowon (Dosan Confucian Academy) Reversed portrait June 11, 1983 Series II (나)
5000 won serieIII obverse.jpeg 5000 won serieIII reverse.jpeg ₩5000 156 × 76 mm Orange Yi I Ojukheon in Gangneung June 11, 1983 Series III (다)
5000 won serieIV obverse.jpeg 5000 won serieIV reverse.jpeg June 12, 2002 Series IV (라) 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 (다)
10000 won serieIV obverse.jpeg 10000 won serieIV reverse.jpeg January 20, 1994 Series IV (라) 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 (마) Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription
These images are to scale at 0.7 pixels per millimeter.

New series[edit]

In 2006, it became a major concern that the Korean won banknotes were being counterfeited/forged. Notably, around 50% of 5000 won notes (worth about US$5) were confiscated as counterfeit.[citation needed] This led the government to issue a new series of banknotes, with the 5000 won note being the first one to be redesigned. Later in 2007, the 1000 and the 10,000 won note was introduced.

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 5000 won note 17; and the 1000 won note 19. Many modern security features that can be also found in Euros, Pound sterling, Canadian dollar, and Japanese yen are included in the banknotes. Some security features inserted in won notes are:

  • Holograms with 3D images that change colors within the metallic foil on the obverse side of the notes (except ₩1000)
  • Watermark portraits of the effigy of the note is 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 with small lettering "한국은행 Bank of Korea" and the denomination
  • Color shifting ink on the value number at the back of the note

For the first time in the world, the KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported to Europe, North America, etc.[20]

2006–2007 Series [21] (Korean)
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 ₩1000 136 × 68 mm Blue Yi Hwang, Myeongryundang in Seonggyungwan, plum flowers "Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong Seon Reversed portrait, value January 22, 2007 Series III (다)
5000 won serieV obverse.jpeg 5000 won serieV reverse.jpeg ₩5000 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 (마)
10000 won serieVI obverse.jpeg 10000 won serieVI reverse.jpeg ₩10 000 148 × 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 and Cheonsang Yeolcha Bunyajido in the background January 22, 2007 Series VI (바)
50000 KRW 2009 ob.jpg 50000 KRW 2009 rev.jpg ₩50 000 154 × 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 (가)
These images are to scale at 0.7 pixels per millimeter.

1000 won security features[22][edit]

  1. Intaglio Latent Image: From the position of, if we look askance at the note, "WON" appears, thanks to a special intaglio printing method.
  2. Windowed Security Thread: The security thread is a plastic film with hologram letters. It is exposed at the left side of the portrait on the obverse regularly.
  3. Color-shifting Ink:
  4. See-through Register: Patterns are printed in the same place on both sides of the note. Holding the note up to the light, the shapes on the obverse and reverse will combine to make a completed Taegeuk.
  5. Micro Lettering: Difficult to see the in the naked eye, but can be discerned with a magnifier. It appears as a line or dotted line when forged by color printer or color copier.
  6. Watermark: Held up to the light, a hidden reverse image portrait appears in the non-image space on the left side of the obverse, thanks to the variation in thickness within each note.
  7. Special Press and Soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness.
  8. Intaglio Printing: A special method applying ink to a concave plate. The slightly raised figures produced can be felt.
  9. Fluorescent Security Fiber: Fluorescent fibers are inserted into the paper. Under ultraviolet light, it is possible to see the fluorescent fibers scattered throughout.
  10. Endless Pattern: A printing method inter-linking the pattern between top and bottom, right and left around the edge of the note.
  11. Rainbow Printing: A printing method whereby color gradients give a rainbow-like effect.

5000 won note security features[23][edit]

  1. Hologram (OVD: Optically Variable Device): Changing designs at different angles. At different angles, "map of Korea," "face value number and Taegeuk (the Great Absolute)," and "Four signs of divination" can be seen.
  2. Color Shifting Ink: Depending on the angle, the value (5000) on the reverse changes between gold and green.
  3. Intaglio latent image: From the position of eyes, if we look askance at the note, "WON" appears, thanks to a special intaglio printing method.
  4. Security Thread: Held up to the light, the banknote shows microletters within a thin fluorescent plastic film.
  5. See-through Register: Patterns are printed in the same place on both sides of the note. Holding the note up to the light, the shapes on the obverse and reverse will combine to make a completed Taegeuk.
  6. Micro Lettering: Difficult to see with the naked eye, but can be discerned with a magnifier. It is appeared as a line or dotted line when forged by color printer or color copier.
  7. Watermark: Held up to the light, a hidden reverse image portrait appears in the non-image space on the left side of the obverse, thanks to the variation in thickness within each note.
  8. Special Press and Soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness.
  9. Watermark Bar: Held up to the light, three horizontal dark bars and two bright bars appear in turn, thanks to the variation in thickness within each note.
  10. Intaglio Printing: A special method applying ink to a concave plate. The slightly raised figures produced can be felt.
  11. Fluorescent Security Fiber: Fluorescent fibers are inserted into the paper. Under ultraviolet light, it is possible to see the fluorescent fibers scattered throughout.
  12. Endless Pattern: A printing method inter-linking the pattern between top and bottom, right and left around the edge of the note.
  13. Rainbow Printing: A printing method whereby color gradients give a rainbow-like effect.

10,000 won security features[24][edit]

  1. Hologram (OVD: Optically Variable Device): Changing designs at different angles. At different angles, "map of Korea," "face value number and Taegeuk (the Great Absolute)," and "Four signs of divination" can be seen.
  2. Color Shifting Ink: Depending on the angle, the value (10000) on the reverse changes between gold and green.
  3. Intaglio Latent Image: From the position of eyes, if we look askance at the note, "WON" appears, thanks to a special intaglio printing method.
  4. Security Thread: Held up to the light, the banknote shows microletters within a thin fluorescent plastic film.
  5. See-through Register: Patterns are printed in the same place on both sides of the note. Holding the note up to the light, the shapes on the obverse and reverse will combine to make a completed Taegeuk.
  6. Micro Lettering: Difficult to see with the naked eye, but can be discerned with a magnifier. It is appeared as a line or dotted line when forged by color printer or color copier.
  7. Watermark: Held up to the light, a hidden reverse image portrait appears in the non-image space on the left side of the obverse, thanks to the variation in thickness within each note.
  8. Special Press and Soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness.
  9. Watermark Bar: Held up to the light, three horizontal dark bars and two bright bars appear in turn, thanks to the variation in thickness within each note.
  10. Intaglio Printing: A special method applying ink to a concave plate. The slightly raised figures produced can be felt.
  11. Fluorescent Security Fiber: Fluorescent fibers are inserted into the paper. Under ultraviolet light, it is possible to see the fluorescent fibers scattered throughout.
  12. Endless Pattern: A printing method inter-linking the pattern between top and bottom, right and left around the edge of the note.
  13. Rainbow Printing: A printing method whereby color gradients give a rainbow-like effect.

50,000 won security features[25][edit]

  1. Holographic strip (Optically Variable Device): The holographic strip is a special film applied on the left end of the obverse. On the top, middle and bottom of the strip, are three sets of changing images: "map of Korea," "taegeuk (two comma roundel)," and "the four trigrams." When the banknote is tilted, each of them appears in turn. Between the sets of changing images, the denomination, 50000, is printed vertically on the strip. On the left top and bottom of the holographic strip, against a background of geometric guilloche, the words "BANK OF KOREA 50000" are printed vertically. A line of a Korean traditional lattice pattern is embossed on the strip's right end.
  2. Moving image security thread ("Motion"): The 50,000 won note has a special blue and gray film with numerous Taegeuk patterns all over it. Taegeuk patterns move to the left and right when the note is tilted up and down, while moving up and down when the note is tilted to the left and right. When the note is held up to the light, the movement of the Taegeuk patterns appears more clearly.
  3. Novel numbering: The sizes of the digits (numbers and letters) used in the serial number increase gradually from left to right.
  4. Color-shifting ink: The color of the face value number (50000) on the top right of the reverse changes between green and magenta when the note is tilted.
  5. Watermark: Held up to the light, a hidden portrait (of Shin Saimdang), produced by using the variation in thickness of the note paper, appears in the non-image area on the left side of the obverse.
  6. SPAS: Special Press and Soldering: SPAS is a kind of watermark, produced using the maximized thickness variations in the note paper. It is located on the right bottom of the watermark and if you hold the banknote up to a light source or look at it with the naked eye, the number "5" appears within the pentagon.
  7. Intaglio Latent Image: If the note is held horizontally and tilted at eye level, the number "5" appears within the intaglio-printed pentagon.
  8. Security thread: If the note is held up to the light, the micro letters "한국은행 BANK OF KOREA 50000" are printed within a special film hidden on the right side of the portrait.
  9. Intaglio Printing: Granular texture can be felt when touching the portrait of Shin Saimdang, the Wolmaedo painting, letters, five lines of tactile marks and denomination numbers.
  10. See Through Register: When the note is held up to the light, the round images on the obverse and reverse are combined, appearing as a two-comma roundel (Taegeuk).
  11. Endless Pattern: Exact identical patterns are printed at the same places in the top and bottom and to the right and left, around the edges of the note. If the banknote is folded and connected to the top and bottom or to the right and left, the patterns overlap.
  12. Rainbow Printing: To heighten the counterfeiting deterrent effect, a special printing method for mixing colors naturally in areas shared by two different colors is employed.
  13. Fluorescent Security Ink, Fluorescent Security Fiber: When the note is illuminated with ultraviolet light, fluorescent green (security ink) on the grape painting and short fluorescent red, blue and green lines (fluorescent security fibers) show all over the banknote.
  14. Filter Through Latent Image: Through a specially produced filter, we can observe the hidden face value number "50000" in the non-image area of the reverse.
  15. Micro Lettering: Intaglio-printed micro letters (consonants of Korean alphabets and "BANK OF KOREA") and offset-printed micro letters ("50000") can be discerned with a magnifying glass.
50,000 won note[edit]

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 that features the portrait of a woman.[26]

100,000 won note[edit]

100,000 won notes were also announced, but their release was later canceled due to the controversy over the banknote planned image, featuring the Daedongyeojido map, not including the disputed Dokdo islands.[27][28][29][30] 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.[31]

Currency production[edit]

The Bank of Korea is the only institution in South Korea that has the right to print banknotes and mint coins. The banknotes and coins are printed at KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new crisp banknotes and coins are printed/minted, they are bundled up in bundles/rolls and shipped to the Headquarters of the Bank of Korea. When delivered, the banknotes and coins 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 amount of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

Current exchange rates[edit]

Current KRW exchange rates
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From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
South Korean won to U.S. dollar exchange rate
South Korean won to euro exchange rate

See also[edit]

References[edit]

  1. ^ a b Bank of Korea. "화폐 < 홍보교육자료 < 우리나라 화폐단위 변경 | 한국은행 홈페이지. #1" (in Korean). Retrieved 2012-11-24. 한글로만 표기" → Translation: "Spelling in hangul only 
  2. ^ Linzmayer, Owen (2012). "South Korea". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. 
  3. ^ Kurt Schuler (29 February 2004). "Tables of modern monetary history: Asia". Currency Boards and Dollarization. Archived from the original on 2007-01-12. Retrieved 2006-11-16. 
  4. ^ a b c d e f "Currency Issue System". Bank of Korea. Retrieved 2006-11-09. [dead link]
  5. ^ a b c [1][dead link]
  6. ^ a b c [2][dead link]
  7. ^ [3]
  8. ^ 부산본부 (12 December 2006). 새 10원 동전, 12. 18(월)부터 발행 (hwp) (in Korean). Bank of Korea. Retrieved 2006-12-12. [dead link]
  9. ^ "New W10 Coin to Debut". The Korea Times. 13 January 2006. Retrieved 2006-12-11. [dead link]
  10. ^ "New 10-won Coins to Debut". KBS Global. 10 August 2006. Retrieved 2006-12-11. [dead link]
  11. ^ 1원짜리 만한 10원 동전 18일 나온다 (in Korean). Daum Media. 11 December 2006. Retrieved 2006-12-11. 
  12. ^ "New 10-won Coins to Debut Next Week". KBS Global. 11 December 2006. Retrieved 2006-12-12. [dead link]
  13. ^ "Coins Return to the Bank". The Chosun Ilbo. 19 February 1998. Retrieved 2007-03-26. [dead link]
  14. ^ "Won - Quando 100 é menor que 0.25". Thiago Correra. 14 November 2010. Retrieved 2011-08-20. 
  15. ^ a b c d "Brief History of current Korea notes in circulation; 10,000 won note" (Flash and HTML). Bank of Korea. Retrieved 2006-11-09. [dead link]
  16. ^ a b c "Brief History of current Korea notes in circulation; 5,000 won note" (Flash and HTML). Bank of Korea. Retrieved 2006-11-09. [dead link]
  17. ^ a b "Brief History of current Korea notes in circulation; 1,000 won note" (Flash and HTML). Bank of Korea. Retrieved 2006-11-09. [dead link]
  18. ^ Bank of Korea (26 July 2006). "Issue of New 10,000-won Notes and 1,000-won Notes on January 22, 2007" (PDF). Retrieved 2006-10-17. [dead link]
  19. ^ [4][dead link]
  20. ^ [5][dead link]
  21. ^ "Currency < Currency in circulation < Introduction to Banknotes | THE BANK OF KOREA. #2". Bok.or.kr. Retrieved 2012-09-01. 
  22. ^ Security features of the 1000 won banknote The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25.
  23. ^ Security features of the 5000 won banknote The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25.
  24. ^ Security features of the 10,000 won banknote The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25.
  25. ^ Security features of the 50,000 won banknote The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25
  26. ^ [6][dead link]
  27. ^ "50,000-Won Banknote to Be Issued in May". Koreatimes.co.kr. 2009-01-27. Retrieved 2012-09-01. 
  28. ^ "50,000-Won Banknote to Be Issued in May". Koreatimes.co.kr. 2009-01-27. Retrieved 2014-02-09. 
  29. ^ "Debut of W100,000 Note Delayed Indefinitely". English.donga.com. 2009-01-01. Retrieved 2014-02-13. 
  30. ^ "SKorea shelves new banknote". News.asiaone.com. 2008-12-18. Retrieved 2014-02-13. 
  31. ^ "ANN". Asianewsnet.net. Retrieved 2013-07-26. 

External links[edit]

Preceded by:
Korean yen
Ratio: at par
Currency of South Korea
1945 – 1953
Succeeded by:
South Korean hwan
Reason: inflation
Ratio: 1 hwan = 100 won
Preceded by:
South Korean hwan
Reason: inflation
Ratio: 1 won = 10 hwan
Currency of South Korea
1962 –
Succeeded by:
Current