South Korean won

Prior to 1910, the won was the currency.

During the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese Yen.

After World War II ended in 1945, Korea was 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 initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:

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

In 1946, the Bank of Joseon introduced 10- and 100-won notes. These were followed in 1949 by 5- and 1,000-won notes.

A new central bank, the Bank of Korea, was established on 12 June 1950,[4] and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. The 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.

The won was reintroduced on June 10, 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 = US$1. The following pegs operated between 1962 and 1980:

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.[5] Shortly after, the won was devalued to almost half of its value, as part of the 1997 Asian financial crisis.

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.[6]

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- and 10-won coins were issued in 1970, struck in brass. Cupronickel 100-won coins were also introduced that year, followed by cupronickel 50 won in 1972.[6]

1966–1982 issued coins[7][8] (in Korean)
Image		Value	Technical parameters			Description			Date of			BOK series designation
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse	First minting	Issue	Withdrawal
		₩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	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	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	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	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	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	21.6 mm	4.16 g	70% copper 18% zinc 12% nickel	Reeded	Stalk of rice, value (hangul)	Value (digit), bank title (hangul), year of minting	1972	December 1, 1972	Still circulating	Series I (가)
		₩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 millimetre. 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 was issued, using the same layout as the 500-won coins, but conserving the coins' old themes.[6]

1982–2006 issued coins[9][10]
Image		Value	Technical parameters			Description			Date of		BOK series designation
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse	First minting	Issue
		₩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	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	22.86 mm	4.06 g			Dabotap Pagoda, value (hangul)
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Current coins
Image		Value	Technical parameters			Description			Date of		BOK series designation
Obverse	Reverse		Diameter	Mass	Composition	Edge	Obverse	Reverse	First minting	Issue
		₩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	21.6 mm	4.16 g	70% copper 18% zinc 12% nickel	Reeded	Stalk of rice, value (hangul)	Value (digit), bank title, year of minting	1983	January 15, 1983	Series II (나)
		₩100	24 mm	5.42 g	Cupronickel 75% copper 25% nickel		Yi Sun-sin, value (hangul)
		₩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 millimetre. 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 cost of production, 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.[11] 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.[12] The new coin was issued on December 18, 2006.[13][14]

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. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets.[15] In 1998, the production costs per coin were: 10-won coins each cost 35 won to produce, 100-won coins cost 58 won, and 500 won coins cost 77 won.[16]

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, ₩1,000 issued in 1983 is series II (나) because it is the second design of all ₩1,000 designs since the introduction of the South Korean won 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 was printed in the UK 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 lithoprinting.[6]

1962 Thomas De La Rue Series[7] (in Korean)
Image		Value	Dimensions	Main color	Description		Date of		BOK series designation
Obverse	Reverse				Obverse	Reverse	Issue	Withdrawal
		₩1	94 × 50 mm	Pink	Bank of Korea's symbol	Value	June 10, 1962	May 20, 1970	None
		₩5		Blue				May 1, 1969
		₩10	108 × 54 mm	Green				September 1, 1962	Series I (가)
		₩50	156 × 66 mm	Orange	Haegeumgang near Geoje	Torch, value		May 20, 1970
		₩100		Green	Independence Gate (Dongnimmun)			February 14, 1969
		₩500		Grey	Namdaemun			February 3, 1967
1962–1969 KOMSCO Series[7] (in Korean)
		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		Brown
		₩10	140 × 63 mm	Purple	Cheomseongdae	Geobukseon	September 21, 1962	October 30, 1973	Series II (나)
		₩50	149 × 64 mm	Green and orange / blue	Tapgol Park in Seoul	Beacon, Rose of Sharon	March 21, 1969		Series II (나)
		₩100	156 × 66 mm	Green	Independence Gate	Gyeonghoeru Pavilion at Gyeongbok Palace	November 1, 1962		Series II (나)
					Sejong the Great	Main building of the Bank of Korea	August 14, 1965	December 1, 1980	Series III (다)
		₩500	165 × 73 mm	Brown	Namdaemun	Geobukseon	August 16, 1966	May 10, 1975	Series II (나)
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

With the economic development from the 1960s, the value of the 500-won notes fell, 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.[6] 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 5,000 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 intaglio printed. The release of 10,000-won notes was planned to be at the same time as the 5,000-won notes, but problems with the main theme delayed it by a year.[17] Newly designed 500-won notes were also released in 1973, and the need for a medium denomination resulted in the introduction of 1,000-won notes in 1975.

1972–1973 Series[8] (in Korean)
Image		Value	Dimensions	Main color	Description			Date of		BOK series designation	Plate produced
Obverse	Reverse				Obverse	Reverse	Watermark	Issue	Withdrawal
		₩5,000	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[18]
		₩10,000	171 × 81 mm	Green	Sejong the Great, Rose of Sharon	Geunjeongjeon at Gyeongbok Palace		June 12, 1973	November 10, 1981	Series I (가)	In Japan[17]
1973–1979 Series[8] (in Korean)
		₩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)
		₩1,000	163 × 73 mm	Purple	Yi Hwang, Rose of Sharon	Dosan Seowon (Dosan Confucian Academy)		August 14, 1975		Series I (가)	In Japan[19]
		₩5,000	167 × 77 mm	Orange	Yi I	Ojukheon in Gangneung		June 1, 1977	May 12, 1993	Series II (나)	In Japan[18]
		₩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[17]
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

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. Some of the notes' 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.[6]

To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000- 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 5,000- and 10,000-won notes 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 5,000-won notes were produced in Japan, while the ones for the 1,000- and 10,000-won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.[17][18][19]

With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation.[20]

1983–2002 Series[21] (in Korean)
Image		Value	Dimensions	Main Color	Description			Date of issue	BOK series designation	Modification
Obverse	Reverse				Obverse	Reverse	Watermark
		₩1,000	151 × 76 mm	Purple	Yi Hwang	Dosan Seowon (Dosan Confucian Academy)	Reversed portrait	June 11, 1983	Series II (나)
		₩5,000	156 × 76 mm	Orange	Yi I	Ojukheon in Gangneung		June 11, 1983	Series III (다)
								June 12, 2002	Series IV (라)	Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription
		₩10,000	161 × 76 mm	Green	Sejong the Great, Water clock	Gyeonghoeru Pavilion at Gyeongbok Palace		October 8, 1983	Series III (다)
								January 20, 1994	Series IV (라)	Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image
							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 pixel per millimetre. For table standards, see the banknote specification table.

1. Intaglio latent image: From the position of eyes, if one looks askance at the note, "WON" appears, due 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: Because of special ink, which is mixed with different material having different reflection to the light, the color of face-value number changes from green to blue.
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 combine to make a completed taegeuk.
5. Microlettering: Difficult to see with the naked eye, it 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 nonimage space on the left side of the obverse, due 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, the fluorescent fibers can be seen scattered throughout.
10. Endless pattern: A printing method interlinking 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.

1. Hologram (optically variable device): Changing designs are seen 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 (5,000) on the reverse changes between gold and green.
3. Intaglio latent image: From the position of eyes, "WON" appears due to intaglio printing.
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.
6. Microlettering: Difficult to see, it appears 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 nonimage space on the left side of the obverse, due 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, due to the variation in thickness within each note.
10. Intaglio printing
11. Fluorescent security fiber
12. Endless pattern
13. Rainbow printing

1. Hologram: 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 (10,000) on the reverse changes between gold and green.
3. Intaglio latent image
4. Security thread
5. See-through register
6. Microlettering
7. Watermark
8. Special press and soldering
9. Watermark bar
10. Intaglio printing
11. Fluorescent security fiber
12. Endless pattern
13. Rainbow printing

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, 50,000, 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 (50,000) 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. Special press and soldering: A kind of watermark, it isproduced using the maximized thickness variations in the note paper. It is located on the right bottom of the watermark and if one holds the banknote up to a light source or looks 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 microletters "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
12. Rainbow printing
13. Fluorescent security ink and 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, the hidden face value number "50000" is seen in the nonimage area of the reverse.
15. Microlettering: Intaglio-printed microletters (consonants of Korean alphabets and "BANK OF KOREA") and offset-printed microletters ("50000") can be discerned with a magnifying glass.