South Korean hwan

From Wikipedia, the free encyclopedia
Jump to: navigation, search
South Korean hwan
대한민국 환 (Korean)
大韓民國圜 (Hanja)
Central bank Bank of Korea
 Website www.bok.or.kr
User(s) Republic of Korea
Subunit
 1/100 jeon (전/錢)
Never used
Plural The language(s) of this currency does not have a morphological plural distinction.
Coins 10, 50, 100 hwan
Banknotes 1, 5, 10, 50, 100, 500, 1000 hwan
Printer Korea Minting and Security Printing Corporation
 Website http://english.komsco.com/
Mint Philadelphia Mint
This infobox shows the latest status before this currency was rendered obsolete.

The hwan (圜, 환) was the currency of South Korea between February 15, 1953 and June 9, 1962.

History[edit]

Due to the devaluation of the first South Korean won (from 15 won to the U.S. dollar in 1945 to 6000 won to the dollar in 1953), the hwan was introduced in 1953 at the rate of 1 hwan = 100 won. The hwan was nominally subdivided into 100 jeon but the lowest denomination issued was 1 hwan. The hwan also suffered from inflation and a series of devaluations occurred.

Pegs for the South Korean hwan
Date introduced Value of U.S. dollar in hwan
February 15, 1953 60
15 December 1953 180
August 15, 1955 500
February 23, 1960 650
January 1, 1961 1000
February 2, 1961 1250

In 1962, the second South Korean won was reintroduced at a rate of 1 won = 10 hwan, after which inflation finally slowed down.

Coins[edit]

In 1959, coins were introduced in denominations of 10, 50 and 100 hwan. They were minted by the Philadelphia Mint.

Hwan Coins [1] (Korean)
Image Value Technical parameters Description Date of
Obverse Reverse Diameter Mass Composition Obverse Reverse first minting issue withdrawal
10 hwan coin obverse.jpeg 10 hwan coin reverse.jpeg 10 hwan 19.1 mm 2.46 g Copper 95%
Zinc 5%
Rose of Sharon, value, bank title (Hangul) Value (digit), "Republic of Korea", year of minting 1959 (Korean calendar 4292) October 20, 1959 March 22, 1975
50 hwan coin obverse.jpeg 50 hwan coin reverse.jpeg 50 hwan 22.86 mm 3.69 g Copper 70%
Zinc 18%
Nickel 12%
Geobukseon, value, bank title (Hangul) Value (digit), "Republic of Korea", year of minting 1959 (Korean calendar 4292) October 20, 1959 March 22, 1975
100 hwan coin obverse.jpeg 100 hwan coin reverse.jpeg 100 hwan 26.0 mm 6.74 g Cupronickel
Copper 75%
Nickel 25%
Lee Sung-man, value, bank title (Hangul) October 30, 1959 June 10, 1962
These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table.


The 10 and 50 hwan coins continued to circulate until March 22, 1975 but the 100 hwan coins were withdrawn on June 10, 1962.

Banknotes[edit]

In 1953, banknotes were introduced in denominations of 1, 5, 10, 100 and 1000 hwan. Some of these notes were printed in the U.S.A. and gave the denomination in English and Hangul as won. 500 hwan notes were introduced in 1956, followed by 1000 hwan in 1957 and 50 hwan in 1958.

American printed notes[edit]

The first hwan notes were printed by the United States Government Printing Office. All Hanja and Hangul inscription on both the obverse and reverse sides of these notes are written right to left (traditional direction), instead of the modern (Westernized) left to right.

They have a few obvious defects. The term "hwan" is written in Hanja (圜) while "won" is written in Hangul (원) and English. Those problems were attributed to an urgent need for new banknotes and the change in currency name, as well as the decision to commission the new notes to be manufactured in the United States.[1] Unaware banknote catalog editors may erroneously categorize these notes as part of the old won system, such as the Standard Catalog of World Paper Money by Albert Pick.

American printed hwan notes [2] (Korean)
Image Value Dimensions Main colour Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
1 hwan 530217 obverse.jpg 1 hwan 530217 reverse.jpg 1 hwan 111 × 54 mm Pink Bank name (Hanja), value (Hangul and Hanja) Bank of Korea's symbol February 17, 1953 June 10, 1962
5 hwan 530217 obverse.jpg 5 hwan 530217 reverse.jpg 5 hwan Red
10 hwan 530217 obverse.jpg 10 hwan 530217 reverse.jpg 10 hwan 156 × 66 mm Purple Bank name (Hanja), value (Hangul and Hanja), Geobukseon Bank of Korea's symbol
100 hwan 530217 obverse.jpg 100 hwan 530217 reverse.jpg 100 hwan Green
1000 hwan 530217 obverse.jpg 1000 hwan 530217 reverse.jpg 1000 hwan Brown
These images are to scale at 0.7 pixels per millimeter.

Korean printed notes[edit]

Korean printed hwan notes [3] (Korean)
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
10 hwan 530317 obverse.jpg 10 hwan 530317 reverse.jpg 10 hwan 156 × 66 mm Namdaemun Haegeumgang near Geoje March 17, 1953 June 10, 1962
10 hwan 531215 obverse.jpg 10 hwan 531215 reverse.jpg December 15, 1953
50 hwan 580815 obverse.jpg 50 hwan 580815 reverse.jpg 50 hwan 149 × 66 mm Independence Gate Yi Sun-sin's bronze statue, Geobukseon August 15, 1958
100 hwan 531218 obverse.jpg 100 hwan 531218 reverse.jpg 100 hwan 156 × 66 mm Lee Sung-man Independence Gate December 18, 1953
100 hwan 540201 obverse.jpg 100 hwan 540201 reverse.jpg February 1, 1954
100 hwan 570326 obverse.jpg 100 hwan 570326 reverse.jpg Value March 26, 1957
100 hwan 620516 obverse.jpg 100 hwan 620516 reverse.jpg Mother and her child Independence Gate May 16, 1962
500 hwan 560326 obverse.jpg 500 hwan 560326 reverse.jpg 500 hwan 156 × 73 mm Lee Sung-man Value March 26, 1956
500 hwan 580815 obverse.jpg 500 hwan 580815 reverse.jpg August 15, 1958
500 hwan 610419 obverse.jpg 500 hwan 610419 reverse.jpg Sejong the Great Main building of the Bank of Korea April 19, 1961
1000 hwan 570326 obverse.jpg 1000 hwan 570326 reverse.jpg 1000 hwan 166 × 73 mm Lee Sung-man Bank of Korea's symbol March 26, 1957
1000 hwan 600815 obverse.jpg 1000 hwan 600815 reverse.jpg 165 × 73 mm Sejong the Great Torch August 15, 1960
These images are to scale at 0.7 pixels per millimeter.

See also[edit]

References[edit]

  1. ^ Bank of Korea. "우리나라의 화폐, 1953년~1962년" (in korean). Retrieved December 4, 2006. "긴급통화조치로 화폐단위가 圓에서 圜으로 바뀌었음에도 이 당시 은행권은 圜을 '원'으로 표기하고 있는데 이는 동 은행권이 긴급통화조치의 결정 이전에 다른 용도로 미국연방인쇄국에서 제조된 것이기 때문." → Translation: "With the Emergency Currency Measures, and also the exchange of currency from the won to the hwan, at the time "won" was inscribed for "hwan" on the new banknotes; and that's because, as a result of a previous Emergency Currency Measure's decision, these new notes to be issued were to be manufactured by the US Government Printing Office." 

External links[edit]

Preceded by:
South Korean won (1945)
Reason: inflation
Ratio: 1 hwan = 100 won
Currency of South Korea
1953 – 1962
Succeeded by:
South Korean won
Reason: inflation
Ratio: 1 won = 10 hwan