Unfortunately, the Korean War, which began in 1950, led to a succession of severe devaluations of the won, and by April 1951, the exchange rate with the US dollar was as high as 6000 KRW.īetween 19, the won was replaced with the hwan, but the won returned in 1962. The South Korean won was initially pegged to the US dollar at an exchange rate of 15 KRW = 1 USD. The entities of North Korea and South Korea were created in 1948, and a new South Korean won currency was issued in 1949. At the end of the Second World War, following Japan’s surrender, the United States and the Soviet Union occupied the southern and northern parts of Korea, respectively. The modern version of the won dates back to 1902, when it was simply the Korean won since, at that time, the divisions of North Korea and South Korea did not exist.įrom 1910 to 1945, Korea was under Japan’s control, and the won was replaced with the Korean yen, tied to the Japanese yen. The won’s existed as currency in Korea in some form for centuries, although other currencies, such as the Mun and the Yang, also served as the country’s legal tender at various times. With electronic payments on the rise and cash transactions in decline, South Korea’s central bank is considering phasing out coin production altogether.Both North Korea and South Korea use a won currency with the symbol ₩ however, the two currencies are distinctly different in appearance.The South Korean won is the currency of the nation of South Korea.The foreign exchange designations are different – the North Korean won is designated as KPW. It authorizes and oversees the minting and printing of South Korean currency by the Korea Minting and Security Printing Corporation, a government entity that also does the printing of important government documents.īoth North Korea and South Korea refer to their currency as the won, and both use the same symbol – ₩, so it is important to clearly indicate which won you are talking about when discussing the currency. The Republic of Korea’s central bank is the Bank of Korea. Although high, the exchange rate has been remarkably stable for the past decade, primarily fluctuating between 11. As of late 2020, the USD/KRW exchange rate is 1107.12 – approximately 1100 KRW = 1 USD. The foreign exchange market designation for the won is KRW (an acronym for Korean Republic Won). Thus, an amount of 5000 won is expressed as ₩5000. The symbol for the South Korean won is ₩. For practical purposes, the lowest denomination of South Korean currency in use is 1 won. The jeon is no longer used for ordinary, everyday transactions. The won is a decimalized currency, divided into 100 jeon. The South Korean Won is the currency of the Republic of Korea – more commonly known as South Korea. The last 14 days currency values.Updated FebruWhat is the South Korean Won (KRW)?
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Looking to make a South Korean Won US Dollar international money transfer? Currency UK recommend TorFX as our preferred currency provider. Countries using this currency: American samoa, British indian ocean territory, Ecuador, El salvador, Guam, Haiti, Marshall islands, Northern mariana islands, Palau, Panama, Puerto rico, Timor-leste, Turks and caicos islands, United states, United states minor outlying islands, Virgin islands (british), Virgin islands (u.s.),