The South Korean Won (KRW) is the official currency of South Korea. It is denoted by the symbol ₩, and its ISO 4217 currency code is KRW. The won is subdivided into 100 jeon, although jeon coins are no longer used in daily transactions due to their low value. The currency is issued and managed by the Bank of Korea, the country's central bank.
The BOK is responsible for issuing and managing the South Korean Won (KRW).
The current South Korean won was introduced on June 10, 1962, replacing the first South Korean won at a rate of 1 new won = 10 old won. The first South Korean won was introduced in 1945 after the end of World War II and the subsequent liberation of Korea from Japanese rule. Before the won, the Korean yen, which was pegged to the Japanese yen, was the currency used in Korea.
The South Korean won's value has experienced fluctuations over time due to various economic and political factors. In the early years, the won was pegged to the US dollar at a fixed exchange rate. However, it transitioned to a floating exchange rate system in 1997 following the Asian financial crisis.
Today, South Korean won banknotes are available in denominations of 1,000, 5,000, 10,000, and 50,000 won, while coins are available in denominations of 1, 5, 10, 50, 100, and 500 won. The designs on the banknotes and coins feature prominent Korean historical figures, cultural symbols, and landmarks.
As one of the world's largest economies, South Korea relies heavily on international trade. The value of the won plays a significant role in the country's exports and imports, with a weaker won making South Korean goods more competitive in global markets.
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