Origins and history of the South Korean won
The South Korean won has a fascinating history. Following the conclusion of World War II in 1945, Korea was divided into North and South, each with its own currency known as won. Initially, the South Korean won was valued at 15 won to $1 USD, but it experienced several devaluations, partially attributed to the Korean War.
In 1953, the first South Korean won was replaced by the hwan at a rate of 1 hwan to 100 won. Initially, coins were minted and notes were issued by the Bank of Joseon, but in 1950, the Bank of Korea took over. New banknote denominations were later introduced.
Introduction of South Korean won
The won was reintroduced on June 9, 1962, with an exchange rate of 10 hwan to 1 won, and it became the sole legal currency in South Korea on March 22, 1975, at an exchange rate of 125 won to 1 US dollar.
In 1997, an agreement was reached with the International Monetary Fund to permit the free fluctuation of the won in the market. This resulted in a devaluation of the won, along with many other Asian currencies, due to the Asian financial crisis.
The aftermath of World War II and the division of North Korea and South Korea led to the emergence of two separate currencies, both named the currency. Initially, they were pegged to the USD at 15 won to one dollar. However, the Korean War, with its profound economic implications, triggered several devaluations of the Korean won, underscoring the currency’s susceptibility to geopolitical events. Buy South Korean Won Counterfeit fake notes at cheaper prices near me and cash out easily
Moreover, The (KRW) is South Korea’s national currency. Its symbol is “₩,” denoted as “₩1,000.” The Bank of Korea has administered the won since 1950. The won is a fully convertible currency and is frequently exchanged with other major global currencies, including the U.S. dollar (USD), the Japanese yen (JPY), and the euro (EUR). It is divided into 100 subunits called “jeon.” South Korean Won Counterfeit fake notes is available for sale without any hassle.
Did you know?
The word “won” is a term derived from the Chinese yuan and the Japanese yen, coins that share the same Chinese symbol denoting the round shape.
The term “jeon” means “money.” In 1946, the Bank of Joseon introduced 10 and 100 won notes, followed by 5 and 1000 won denominations in 1949. These designs were similar to the Japanese notes from the period of the Japanese invasion, with two differences: the rose from Syria, the Korean national flower, replaced the paulownia, which was the emblem of the Japanese government, and the reference to the interchangeability of the won with the Japanese yen was removed.
In 1968, the cost of the brass used to make the 1 won coin exceeded its face value, so it was replaced by aluminum.
In 2006, there were many counterfeit banknotes in circulation, including the 5000 won note, which prompted the government to introduce a new series of banknotes with security measures such as 3D holograms and watermarks with portraits.
On June 23, 2009, the Bank of Korea announced the issuance of 100,000 won notes, but their introduction was canceled at the last moment.
