South Korean won (1945–1953): Difference between revisions
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==Etymology== |
==Etymology== |
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{{main|Etymology of the Korean currencies}} |
{{main|Etymology of the Korean currencies}} |
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'''Won''' is |
'''Won''' is a [[cognate]] of the [[Chinese yuan]] and [[Japanese yen]]. The won was subdivided into 100 jeon (전; 錢; [[McCune-Reischauer]]: ''chŏn''; [[Revised Romanization of Korea|revised]]: ''jeon''). |
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==History== |
==History== |
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{{Main|History of the Korean currencies}} |
{{Main|History of the Korean currencies}} |
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Following the end of the [[Korea under Japanese rule| |
Following the end of the [[Korea under Japanese rule|Colonial Era]] and the [[division of Korea]], the won was introduced to replace the [[Korean yen]]. The first banknotes were issued by the [[Bank of Joseon]] until 1950, when the currency management switched to the [[Bank of Korea]]. |
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At the time of the introduction in 1945 the won was [[Fixed exchange rate|pegged]] to the [[Japanese yen]] at a rate of ''1 won = 1 yen''. In October of the same year the [[anchor currency]] was changed to the [[US dollar]] at a rate of ''15 won = 1 dollar''. Toward the end of the [[Korean War]] the won was devalued at ''6000 won = 1 dollar''.<ref>{{cite web| url = http://users.erols.com/kurrency/asia.htm| title = Tables of modern monetary history: Asia| accessdate = December 7, 2006| author = Kurt Schuler| date = 2004-02-29| work = Currency Boards and Dollarization}}</ref> Following that the [[ |
At the time of the introduction in 1945 the won was [[Fixed exchange rate|pegged]] to the [[Japanese yen]] at a rate of ''1 won = 1 yen''. In October of the same year the [[anchor currency]] was changed to the [[US dollar]] at a rate of ''15 won = 1 dollar''. Toward the end of the [[Korean War]] the won was devalued at ''6000 won = 1 dollar''.<ref>{{cite web| url = http://users.erols.com/kurrency/asia.htm| title = Tables of modern monetary history: Asia| accessdate = December 7, 2006| author = Kurt Schuler| date = 2004-02-29| work = Currency Boards and Dollarization}}</ref> Following that the [[hwan]] was introduced as the new currency at a rate of ''1 hwan = 100 won''. |
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==Coin== |
==Coin== |
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The 1 jeon coin was the only coin in circulation in South Korea at the time. |
The 1 jeon coin was the only coin in circulation in South Korea at the time. It was not issued by the Bank of Joseon but by the Japanese government as subsidiary money. |
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<ref>{{cite web| url = http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000505| title = 우리나라의 화폐, 1950년~1953년| accessdate = December 4, 2006| author = Bank of Korea| authorlink = Bank of Korea| language = korean| quote = 한국은행은 설립 당시 통용되던 조선은행권 (...), 일본정부의 소액보조화폐(1錢 주화) 등을 승계하고..." → Translation: "''The then founded Bank of Korea took over the Bank of Joseon notes circulating at the time (...), as well as the Japanese government's small subsidiary currency (1 jeon coin), and...''}}</ref> |
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==Banknotes== |
==Banknotes== |
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===Bank of Joseon issed notes=== |
===Bank of Joseon issed notes=== |
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The won was subdivided into 100 ''jeon''. Only banknotes were issued. |
The won was subdivided into 100 ''jeon''. Only banknotes were issued. Initially, the won was issued by Bank of Joseon with a similar design to the older notes of the [[Korea under Japanese rule|Japanese occupation period]]. However, there were two subtle and important differences. The new notes replaced the [[paulownia]], the badge of the government of Japan, with the [[Hibiscus syriacus|Rose of Sharon]], South Korea's national flower; and the clause about exchangeability with the [[Japanese yen]] was removed. |
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|July 22, 1950 |
|July 22, 1950 |
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|rowspan="4"|February 17, 1953 |
|rowspan="4"|February 17, 1953 |
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|National Printing Bureau ( |
|[[Ministry of Finance (Japan)|National Printing Bureau]] (Japan) |
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|align="center" bgcolor="#000000"| [[Image:500 won 1952 obverse.jpg|102px]] |
|align="center" bgcolor="#000000"| [[Image:500 won 1952 obverse.jpg|102px]] |
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Revision as of 22:42, 16 February 2012
| 대한민국 원 Template:Ko icon 大韓民國圓 (Hanja) | |
|---|---|
| Unit | |
| Plural | The language(s) of this currency do(es) not have a morphological plural distinction. |
| Symbol | None, the currency was referred to by using the hanja character 圓 |
| Denominations | |
| Subunit | |
| 1/100 | jeon (전/錢) |
| Banknotes | 5, 10, 20, 50 jeon 1, 5, 10, 100, 500, 1000 won |
| Coins | 1 jeon Subsidiary coin issued by the Japanese government |
| Demographics | |
| User(s) | Republic of Korea |
| Issuance | |
| Central bank | Bank of Joseon (1945-1950) Bank of Korea (1950-1953) |
| Website | www.bok.or.kr |
| Printer | National Printing Bureau (~ 1951) Korea Minting and Security Printing Corporation (1951 ~) |
| Website | www.komsep.com |
| Valuation | |
| Pegged with | US dollar |
The won was the first South Korean currency and was in use from August 15, 1945 to February 15, 1953.
Etymology
Won is a cognate of the Chinese yuan and Japanese yen. The won was subdivided into 100 jeon (전; 錢; McCune-Reischauer: chŏn; revised: jeon).
History
Following the end of the Colonial Era and the division of Korea, the won was introduced to replace the Korean yen. The first banknotes were issued by the Bank of Joseon until 1950, when the currency management switched to the Bank of Korea.
At the time of the introduction in 1945 the won was pegged to the Japanese yen at a rate of 1 won = 1 yen. In October of the same year the anchor currency was changed to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War the won was devalued at 6000 won = 1 dollar.[1] Following that the hwan was introduced as the new currency at a rate of 1 hwan = 100 won.
Coin
The 1 jeon coin was the only coin in circulation in South Korea at the time. It was not issued by the Bank of Joseon but by the Japanese government as subsidiary money. [2]
Banknotes
Bank of Joseon issed notes
The won was subdivided into 100 jeon. Only banknotes were issued. Initially, the won was issued by Bank of Joseon with a similar design to the older notes of the Japanese occupation period. However, there were two subtle and important differences. The new notes replaced the paulownia, the badge of the government of Japan, with the Rose of Sharon, South Korea's national flower; and the clause about exchangeability with the Japanese yen was removed.
| Bank of Joseon issed notes |
|---|
| Value |
| 5 jeon |
| 10 jeon |
| 20 jeon |
| 50 jeon |
| 1 won |
| 5 won |
| 10 won |
| 100 won |
Bank of Korea issed notes
On June 12, 1950, the Bank of Korea was established and assumed the duties of Bank of Joseon. The Bank of Joseon's notes were still kept in circulation as not all denominations were replaced by the Bank of Korea's notes.
| Bank of Korea issed notes [1] Template:Ko icon | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main Color | Description | Date of | Printer | |||
| Obverse | Reverse | Obverse | Reverse | issue | withdrawal | ||||
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100 won | 158 × 78 mm | brown | Gwanghwamun | Value | July 22, 1950 | February 17, 1953 | National Printing Bureau (Japan) |
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500 won | 145 × 61 mm | blue | Lee Sung-man | Pagoda Gongweon in Seoul | October 10, 1952 | KOMSEP | |
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1000 won | 171 × 78 mm | green | Value | July 22, 1950 | National Printing Bureau | ||
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145 × 61 mm | blue | Pagoda Gongweon in Seoul | October 10, 1952 | KOMSEP | |||
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. | |||||||||
See also
References
- ^ Kurt Schuler (2004-02-29). "Tables of modern monetary history: Asia". Currency Boards and Dollarization. Retrieved December 7, 2006.
- ^ Bank of Korea. "우리나라의 화폐, 1950년~1953년" (in Korean). Retrieved December 4, 2006.
한국은행은 설립 당시 통용되던 조선은행권 (...), 일본정부의 소액보조화폐(1錢 주화) 등을 승계하고..." → Translation: "The then founded Bank of Korea took over the Bank of Joseon notes circulating at the time (...), as well as the Japanese government's small subsidiary currency (1 jeon coin), and...
External links
- Template:Ko icon Bank of Korea, 1950-1953 banknotes
- Bank of Korea, A Brief History of Korean Currency
- Bank of Korea, Currency Issue System
- National Printing Bureau
| Preceded by: Korean yen Reason: Division of Korea and moving toward a full sovereign nation from Allied occupation Ratio: at par |
Currency of South Korea 1945 – 1953 |
Succeeded by: South Korean hwan Reason: inflation Ratio: 1 hwan = 100 won |