South Korean Won (KRW) Exchange Rates

ISO 4217 Code

KRW

Central Bank

Bank of Korea

Website

eng.bok.or.kr

Official users

South Korea

Sub-unit

1/100 Jeon

Plural

Won

Coins in use

1, 5, 10, 50, 100, 500 Won

Banknotes in use

1,000, 5,000, 10,000, 50,000 Won

Mint

Korea Minting and Security Printing Corporation

Website

www.komsco.com

The Won is the official currency of the Republic of Korea. A single Won is divided by 100 Jeon, however the Jeon is no longer used in transactions except for in the foreign exchange market.

The name ‘Won’ is a derivative of the Chinese word Hanja which translates as ‘round shape’ in English. The Won was replaced by the Yen after the Japanese empire conquered the peninsula in 1910.

Prior to the Second World War Korea was one country (rather than North and South) and used a currency known as the Korean Yen. After the war and the sub sequential Korean War – fought between the communist North and capitalist forces of the South backed by the United Nations – the country’s currency became the Hwan. It wasn’t until 1962 that the Won officially became the sole currency of the South and it was pegged to the US Dollar.

Despite Korea being divided in two, both of the nations re-adopted the Won as their currency. The Democratic People’s Republic of North Korea uses the North Korean Won and the Republic of South Korea uses the South Korean Won.

Like many Asian currencies the Won is valued in thousands rather than single digits.