South Korean currency. Currency of Korea - history and modernity Currency South Korean won

South Korean won, the monetary unit of the Republic of Korea, the national currency of Korea since the beginning of the last century, one of the oldest currencies in the world

The concept of the Korean won, the history of the official currency of South Korea, banknotes and coins of the Korean won, features of the KRW currency circulation, the exchange rate regime of the won of the Republic of Korea, the exchange rate of the Korean won to the main currencies of the world, KRW in the forex market

Expand contents

Collapse content

Korean won - definition

Korean won is monetary national unit of the Republic of Korea. Korean won appeared in Korea at the beginning of the last century, but was then transferred to Korean yen, and then - hwanoo. And only in 1962 was it put into circulation again in South Korea. korean won. One korean won equal to 100 jeongam. But due to the specifics of the course chons are not used in everyday life, even coins in denominations of 1 and 5 are not used over there. The Central Bank of South Korea plans to carry out redenomination national currency, but for now this question is postponed. Well korean won is floating and is determined in accordance with supply and demand won on the international foreign exchange market.

Republic of Korea. The name won in Russian comes from the phrase 원화 (pronounced won(hoo)a), literally: currency Out. Banknotes in circulation are in denominations of 1000, 5000, 10000 and 50000 over there and coins in denominations of 1, 5, 10, 50, 100, 500 over there. Since coins are in 1 and 5 over there are rare, calculations are allowed to be rounded to 10 over there.

Korean won is a currency South Korea. 1 won formally equal to 100 jeongam, but due to the low exchange rate, such a division is not relevant. Banknotes in circulation are in denominations of 1000, 5000, 10000 and 50000 over there, as well as coins in denominations of 1, 5, 10, 50, 100, 500 over there(since coins are 1 and 5 over there are rare, calculations are usually rounded to 10 over there).

Korean won is national currency Republic of Korea, international currency code - KRW, denoted by the symbol - ₩ . Nominally 1 won contains 100 chonov, however due to inflation chons are not used, moreover, coins of 1 and 5 are practically never found over there, when calculating, the payment amount is rounded to 10.

South Korea

Korean won is a currency South Korea. Own currency South Korea was released only in 1950 after the liberation of Korea from Japan. Based on data banknotes a portrait of the first South Korean president, Syngman Rhee, who ruled at the time, was depicted. His image remained on Korean bills until April 1960, when Syngman Rhee was overthrown as a result of the “student revolution”. National currency period of the First Republic was distinguished by a large number of hieroglyphs. Chinese characters were used to write almost all texts in banknotes that time. Subsequently the texts on Korean banknotes were written in Korean, and from time to time there were inscriptions in English.

Korean won is KWR. In circulation throughout the country are bills denominations of 1000, 5000, 10000 and 50000 over there. There are also bank checks in circulation in denominations of 100,000 over there and more. When paying by check, you must write on the back of the check the owner's passport number, as well as the address and telephone number in Korea. National currency South Korea was not always designated by the term " won" In the period from 1953 to 1962 it was called " hwana».

Korean won is a currency Korea in 1902-1910, consisting of 100 chonov(Korean: 전, 錢). From an etymological point of view, the word " won"related" yuan"(modern monetary unit China) and " yen» ( monetary unit Japan), which come from the Chinese character 圓 (“round object”, “round coin”; in modern meaning “ currency»).

Korean won is a currency South Korea. Coins in circulation are 10, 50, 100, 500 over there. Paper won are issued in denominations of 1,000, 5,000 and 10,000. At the beginning of 2007, a new 10,000 was released into circulation. banknote, different from the previous ones in size - 13 mm narrower and 8 mm shorter (resembles the size of an American dollar). New ten thousandth banknote has additional protection against counterfeiting, and, like its predecessor, is made in pastel greenish tones. Changed and banknote at 1.000 over there, now it is blue, whereas the previous ones were light pink. Cash banknotes foreign countries can be exchanged only at specialized exchange offices and large hotels, but this is not profitable due to the large commission. In general, take cash to Korea unjustifiably, since foreign currency is not accepted anywhere, but virtual payments, in particular plastic cards, are developed everywhere.

Life in the Republic of Korea

Korean won is national monetary currency Republic of Korea, which consisted of 100 chonov, however, due to the fact that the rate won too low chons no longer used. South Korean won first appeared in circulation in 1962. Then its rate was artificially fixed to the US dollar rate with a ratio of 125 over there: 1 dollar. In the monetary circulation of the states of South Korea there are banknotes following denominations: 1000, 5000, 10000 and 50000 South Korean won, and coins in denominations of 1, 5, 10, 50, 100 and 500 South Korean won. Coins denominations of 1 and 5 won are very rare, so South Koreans often round up amounts when making calculations to the nearest 10 over there.

Korean won is official currency South Korea. In international symbolic designation South Korean won looks like KRW. In rotation are banknotes various series issued after 1962, in denominations from 10 chonov up to 10,000 over there. In circulation South Korean currency and comes in the form of 10,000 banknotes over there, 5000 over there, 1000 over there, 500 over there And coins at 5000 over there, 1000 over there, 500 over there, 100 over there, 50 over there, 10 over there, 5 over there and 1 won. Coins in denominations of 5 over there and 1 won are currently practically not used. It is planned to put it into circulation in the first half of 2009 bills with a face value of 50,000 over there and 100,000 over there.

Korean won concept

The Korean won (denoted KRW) is national currency of the Republic of Korea. One won is equal to 100 chon, but chon are not used for payments, since such small denominations are not used in South Korean currency. Korean won is freely convertible currency, included in the list CLS (Continuous Linked Settlement - a system of linked continuous settlements) is an international system for making settlements on conversion transactions, operating for member countries of the International Monetary Fund (IMF).

The issue of the Korean won is controlled by the Bank of Korea. The actual printing of banknotes and minting of coins is carried out by the Korea Minting and Security Printing Corporation. In circulation there are banknotes in denominations of 1,000, 5,000, 10,000 and 50,000 won, and coins in denominations of 1, 5, 10, 50, 100 and 500 won. Coins in denominations of 1 and 5 won are practically out of circulation; calculations are usually rounded to the nearest 10 won.

The exchange rate of the Korean won against other currencies is set during trading on the international foreign exchange market, depending on supply and demand. This method of determining the exchange rate is called free conversion. The decision to freely convert currencies was made by member countries of the International Monetary Fund (IMF) in the mid-seventies of the 20th century as one of the fundamental principles of the Jamaican monetary system. Its feature is freely floating exchange rates, the value of which is set depending on supply and demand in the foreign exchange market.

The Korean won was first introduced in 1902. In 1910, the won was replaced by the Korean yen due to the fact that Korea was occupied by Japan and incorporated under the name Joseon Province. Korean yens were exchanged for Japanese yens at a rate of 1:1. In 1945, after the liberation of Korea, the Joseon Bank, which served as an emission center, again put the won into circulation, although the occupation currency was used in South Korea until 1950. The won was pegged to the US dollar at a rate of 15 won per $1.

Occupation of Korea by Japan

Since 1953, the won has been replaced by the hwan as the won has depreciated against the US dollar by approximately four hundred times, falling to a ratio of 6,000:1. The replacement of one monetary unit with another was carried out simultaneously with the denomination at the rate of 100 won per hwan. However, the hwan was also subject to galloping inflation, so in 1962 it was abandoned and the won was returned as the national currency. The replacement of one monetary unit with another was again carried out with simultaneous denomination at the rate of 10 hwan per won.

The design of Korean banknotes in the period from 1945 to 1960 (the reign of the first President of the Republic of Korea, Syngman Rhee) differed sharply from the design of subsequent issues. Almost all the inscriptions were made in Chinese characters, and the dates were indicated according to the Korean calendar, which dates back to 2333 BC. Since 1962, inscriptions on banknotes and coins began to be written in the Korean alphabet - Hangeul, and the date was indicated in accordance with the generally accepted Gregorian calendar.

Korean won terminology

South Korean won is The national currency of the Republic of Korea, international currency code - KRW, is indicated by the symbol - ₩. Nominally, 1 won contains 100 chon, but due to inflation, chon are not used; moreover, coins of 1 and 5 won are practically never found; when calculating, the payment amount is rounded to 10. Etymologically, the Korean “won”, the Chinese “yuan” and the Japanese "yen" are related. They come from one Chinese character 圓, which originally simply meant “round object”, then “round coin”, and in modern reading - “currency”.

Chinese characters

In terms of etymology, the word "won" is related to "yuan" (the modern currency of China) and "yen" (the currency of Japan), which are derived from the Chinese character 圓 ("round object", "round coin"; in modern meaning - " currency"). The won was introduced in 1902, replacing the Korean yang (Korean 양?, 兩?) in a ratio of 1:5. In 1910, due to the transformation of Korea into a Japanese colony, the won was replaced by the Korean yen. It was issued only in the form of coins, banknotes were not issued. The traditional Chinese characters 圓 and 圆 or the Hangul syllable 원 were used to represent won. Currently, the name “won” is used by the national currencies of South (since 1950) and North (since 1947) Korea. The name won in Russian comes from the phrase 원화 (pronounced won(hoo)a), literally: won currency.

History of the Korean won

One of the main and ancient inventions of mankind for all centuries can be considered money - the eternal guide of the history of countries and spies of human dramas and passions. Created to serve, they have to some extent enslaved people, becoming the object of their hopes and dreams. The national currency in South Korea is the South Korean won. The division into North and South Korea occurred in 1945. Before this period, Korea was one country. The first paper money in Korea appeared only at the beginning of the 20th century.

Korea's first money

The history of South Korea is eventful, and this is reflected in the variety of banknotes used as a means of payment. No less than a thousand years have passed since the first money appeared in Korea. Their story is not simple. The names of monetary units changed frequently, and constant circulation could not be established until the 19th century. For a long time in this eastern country there was only natural exchange. Mainly fabrics and rice were used. And if a major transaction was planned, silver bars were used.

The first attempt to introduce money in Korea dates back to 996-998. At that time, China was one of the main cultural and economic centers. Coins existed there back in the 1st millennium BC. The appearance of money in Korea is nothing more than an adopted and adapted Chinese experience. These coins were not minted, but cast from a special copper alloy; they were very light. Each weighed about three grams. They cost exactly as much as the material from which they were made. And this was very little. In the center of the coins there was a square hole through which they were strung on a special thread. Sometimes such bundles reached several kilograms at once. Usually only hieroglyphs were placed on coins. They indicated in which country and under which ruler this money was made. The first attempt to establish a monetary system in the country was unsuccessful. After some time, the population returned to their usual barter.

Only in 1633 did they try to introduce money in Korea again. This time the experience was more successful. Since 1679, emissions have been carried out regularly. The use of money becomes so convenient that it is no longer possible to imagine life without it. At the end of the 19th century they received nominal value. Now money is not strung on a thread, not cast from copper, but minted. Already in the 1880s, the first Korean silver coin with an ornament was issued.

Variety of Korean money

But for a long time the monetary system could not settle. Alternately, new coins came to replace the old ones, which in turn also left circulation. The names of banknotes also changed continuously. The country borrowed Chinese, Japanese, and, oddly enough, even Mexican money. And at the beginning of the 20th century, coins with the image of an eagle, very similar to the Russian one, also came into circulation.

Introduction of the Korean won

In 1909, with the permission of the Japanese government, the Central Bank of Korea was created, and in 1910 the bank issued Korea's first paper money. These were 1 won notes. From August 22, 1910 to 1945, Korea was a colony of Japan. During this period, Japanese yen are used.

Film about South Korea

Korean yen period

Since 1905, Korea lost its independence and came under the protectorate of Japan. During the period of the colonial takeover of Korea by Japan from 1910 to 1945, the Japanese yen currency was used. In 1948, South Korea declares its independence. And just before the start of the Korean War, the Central Bank printed the first banknotes. For the first time in the country's history, they depict the South Korean president - dictator Rhee Syngman. However, during this period, Japanese money continued to be in circulation for some time. Gradually, the monetary system becomes more and more stable. The 1953 reform introduced the hwanu coin with inscriptions in Korean and English.

Doing Korean Hwana

In 1948, South Korea becomes an independent state. The first issue of money took place in 1950. The country's president, Syngman Rhee, was depicted on the banknotes. The money was called "khwana". As a result of high inflation and resulting depreciation, the hwan was abandoned and the won was reintroduced. This happened in 1962. The exchange took place at the rate of 10 hwan for 1 won. The won was pegged to the US dollar at the rate of 1 US dollar = 125 won.

KRW depreciation

By 1980, the won had depreciated to the rate of 1 US dollar = 580 won. In 1997, the won switched to a floating exchange rate. Modern South Korean banknotes are issued in denominations of 1000, 5000, 10,000 and 50,000 won. The exchange rate at the beginning of 2013 is 1 US dollar = 1090 won. Despite the significant devaluation of the currency, the government does not carry out redenomination. For everyday purchases, you have to deal with millions of won. Therefore, for convenience, bank checks are used.

Korean won today

The monetary system that exists in the Republic of Korea today was established in 1962. She introduced inscriptions exclusively in her native language, which have survived to this day. With this reform, money also returned its traditional Korean name - won. It came, like the Japanese yen, from a Chinese character created to denote a monetary unit. In fact, this is the same name, only pronounced differently in each country.

Republic of Korea today

From the last reform to the present, there have been no special changes in the monetary system of South Korea. True, inflation is doing its job. For example, 1 and 5 won coins are not used at all. The same fate, apparently, awaits the 10-won one after some time. Currently in circulation are coins of 50, 100, 500 won and bills of 1000, 5000, 10,000 won. Korean money depicts philosophers, educators, national heroes, and monuments of ancient architecture. In short, everything in this or that world is a symbol of the country.

Korean won banknotes

There are several series of South Korean won banknotes. The first issue was carried out in 1962 (until 1970 such banknotes were completely withdrawn). At that time, banknotes were issued in denominations of 1 won in pink, 5 in blue, and 10 in green with the image of the Bank of Korea symbol on the front side. Banknotes were also issued in 50 won (color - orange, on the obverse - Stone Island), 100 won (green, on the front side - Independence Gate), 500 won (color - gray, on the obverse - Namdzmun - an architectural monument in Seoul).

The next series is KOMSCO (circulation - 1962-1969, complete withdrawal - 1980). The appearance of the banknotes has been significantly modified. The sizes of banknotes, their color, images on the front and back sides have undergone changes. The 10 won notes became purple, the 50 won notes became green-orange, the 100 won notes remained green, and the 500 won notes became brown. At the same time, previously only the denomination and the image of a torch were indicated on the reverse side, and landmarks of South Korea began to be depicted on KOMSCO banknotes. Banknotes of 1 and 5 South Korean won ceased to be issued, but banknotes of 10 and 50 chon (blue and brown, respectively) were issued.

The next series (1972-1973) is notable for the release of large denomination banknotes (only 5,000 and 10,000 won), which is associated with a significant depreciation of the national currency. The banknotes were brown in color and depicted Li Yi and the main building of the Bank of Korea (5,000 won) and Sejong the Great, Rose of Sharon and Geunjeongjeong in Gyeongbokgung (10,000 won). In 1980-1981, banknotes were completely withdrawn from circulation. They were replaced by new banknotes (1973-1979), orange and green, respectively, with similar images on the front and back. Also in this series, banknotes of 500 and 1000 won were issued, in green, pink and purple colors, with images of Yi Sunsin (naval commander), Kobukseong (national symbol, turtle ship) and the Tomb of Yi Sunsin on 500 won, Yi Hwan, Rose of Sharon and Dosana at 1000 won.

In the 1983-2002 series, banknotes became smaller in size, the appearance did not change radically, but security elements were added - a watermark, a metallized stripe, microprinting, a special pattern, relief images, etc. These banknotes are still in circulation to this day. The latest series is 2006-2007 (1000, 5000 and 10000 won). The 1,000 won notes are now blue, the 5,000 won notes are red and yellow, and the 10,000 won notes are green. The size has also changed - they have become even smaller. South Korean won banknotes were not only issued by the Bank of Korea. Thomas De La Rue, an English company specializing in the issue of securities, took part in the issue of the first series. In the 1970s, banknotes were issued in Japan.

Korean won banknotes from 2007

The new South Korean won has explanatory inscriptions in Korean (obverse) and English (reverse), as well as images:

1,000 KWR, light blue/blue/violet, 136 x 68 mm. On the obverse there is a thinker and writer, theorist of Song Confucianism Lee Hwan, on the left are branches of a blossoming plum tree, and behind them is the lecture hall of Sungkyunkwan University (myeongnyundan). On the reverse is a landscape by the artist Jeong Seong;

5,000 KWR, pink/orange/brown, 143 x 68 mm, on the obverse is the scientist and statesman Yulgok Lee Yi, on the left, behind the black bamboo shoots, is the estate where he was born - Ojukheon in Gangneung. On the reverse is a painting by Sin Saimdan "Insects and Plants";

10,000 KWR, color light green/dark green, 148 x 68 mm, on the obverse - the fourth bath of the Lee Dynasty, the inventor of the Korean alphabet Sejong the Great, on the left is a Joseon era screen, text from the first work in Korean "Yongbieocheonga". On the reverse there is a star map, a telescope and a globe;

50,000 KWR, color bright yellow/orange/brown, 154 x 68 mm, on the obverse on the right is Yulgok's mother Li Yi - calligraphist, artist, poetess Sin Saimdan (16th century). This is the first and only South Korean banknote to contain a female image. On the left is a screen with embroidered insects and plants (National Treasure of Korea). On the reverse are branches of a blossoming plum and bamboo shoots.

Korean won banknotes 1983-2002

Korean won banknotes 1972-1973

Korean won banknotes 1962-1969

Korean won banknotes from 1962

Korean Hwan banknotes from 1953

Korean won banknotes 1950-1953

Korean won banknotes 1937-1944

Korean won coins

The first coins of South Korea date back to the 3rd century BC. e. and are associated with the reign of the Yan dynasty. In 108 BC. e. South Korea was captured by the Chinese Han Dynasty, which began to use its money. Own coins began to be issued in 1097. The first attempt to issue paper money was made in 1401, but it was unsuccessful, so Chinese coins continued to be used as money. The issuance of its own coins was established only in 1625 under the ruler Sejong of the Yi dynasty. Mass production of coins began in 1884, after South Korea gained independence from China.

In the twentieth century, regime changes occurred repeatedly, and each regime had its own currency. In 1902-1910, the country's currency was won, exchanged for chon. After them (from 1910 to 1945), Korean yens were in circulation, which was associated with the occupation of South Korea by Japanese troops, as a result of which South Korea was included in Japan under the name of Chosun Province. Since 1945, since the liberation of South Korea by US troops from Japanese occupation, South Korean money has been yang (1 yang = 100 fanam). Until 1962, the hwan was used as a monetary unit, which existed for nine years - from 1953 (the date of the end of the war between North and South Korea, which began in 1951). Hwans were exchanged for South Korean won at the rate of 10 hwan = 1 won.

Currently, the official currency of South Korea remains the South Korean won, introduced into circulation in 1962. The South Korean won was initially pegged to the dollar, but in 1980 attempts were made to move to a floating exchange rate. The reform was fully completed only in 1997.

Development of South Korea

Won coin series 1982-2006

In 1982, a new series of coins was released - 500 won coins were introduced, which featured a crane. 1, 5, 10, 50 and 100 won were also issued with similar sizes, alloys, images:

10 KWR, aluminum clad with copper, - Tabothap Pagoda of Many Treasures in Gyeongju, (8th century BC), on either side of the image is an explanatory inscription;

50 KWR, copper-zinc-nickel alloy, - rice stalk, explanatory inscription below;

100 KWR, copper-nickel alloy, - Korean national hero, Admiral Yi Sun-shin (16th century), creator of the turtle ship. Explanatory inscription - on both sides of the portrait;

500 KWR, copper-nickel alloy, - flying Manchurian crane, explanatory inscription below.

Won coin series 1966-1982

South Korean won coins began to be issued in 1966. At first these were coins of 10 and 50 hwan, equivalent to 1 and 5 won. Later, the won itself was issued - first 1 won, then 5 and 10, 50 and 100 won. All coins differ in weight and size - the larger the denomination, the greater these parameters. Coins are made from various metals. The most commonly used alloys are brass (1 won 1966), aluminum (1 won 1968), bronze (5 won), high-zinc brass (5 won 1966, 10 won 1970), copper-zinc-nickel alloy (50 won), copper-nickel alloy (100 won). Most coins have a smooth edge, while 100 won coins have a ribbed edge. The obverse depicts the national symbols of South Korea:

For 1 won - Rose of Sharon (a wild rose growing in the Korean mountains);

At 5 - kobukson (turtle ship);

At 10 - Tabothap (stone pagoda in Gyeongju);

At 50 - rice flower;

At 100 - Li Sunsin (famous naval commander of the 16th century).

The denomination, year of issue, and name of the issuer are minted on the reverse of the coins. All coins except the brass 1 won coins are still in circulation.

Old Korean won coins

Korea has long been heavily influenced by Chinese culture. Until the end of the 19th century in Korea, ancient Chinese was the official language, and coins were cast (and not minted, like European ones) according to the Chinese model. These were small round coins with a square hole in the middle, the shape of which was established in China back in the 3rd century. BC. Korea has long been heavily influenced by Chinese culture. Until the end of the 19th century in Korea, ancient Chinese was the official language, and coins were cast (and not minted, like European ones) according to the Chinese model. These were small round coins with a square hole in the middle, the shape of which was established in China back in the 3rd century. BC.

The main material for making coins was copper. A special attitude was maintained towards copper as the only metal whose value is always constant and does not depend on market conditions, as is the case with precious metals. The inscription on the obverse usually consisted of four characters: the first two, as a rule, constituted the motto of the reign of the Chinese emperor, and the other two - one of the self-names of the coin, for example, “walking jewel” (tongbo, 通寶), “heavy jewel” (chunbo , 重寶), etc. Sometimes, instead of the motto of the government, the name of the country was indicated on Korean coins, for example: Joseon, Haedong ("East Coastal Region", "Country East of the Sea"), Tonguk ("Eastern Country"), etc.

Beginning in the 17th century, sanpyeong tongbo (常平通寶) coins were also common. The characters "san" and "pyeong" are taken from the name of the price control agency, Sangpyeongcheon, and their combination is roughly equivalent in meaning to the word "stability." The coins were strung on a string, a bunch of coins, and served as a monetary unit. Bundles could be large or small, sometimes up to 500 and 1000 pieces. With a coin weighing 3.75 g, one such bunch weighed several kilograms.

At the end of the 19th century, European traditions came to Korean coinage. After purchasing minting equipment from Germany in 1883, German engineers produced the first Western-style coins. There were 15 varieties in total, but only three were in circulation: silver in denominations of 1 won and copper ones in denominations of 10 and 5 mun. The name of the Korean coin "won", like the Chinese "yuan" and the Japanese "yen", comes from different sounds of the same Chinese character. The design of the coins was exactly copied from the Japanese yen, which was introduced in Japan in 1870. On the obverse in the center there is an image of a dragon, along the edge - designations in Chinese characters of the year since the founding of the Joseon state (founded in 1392), for example, 495 corresponds to 1886, as well as the designation of the coin denomination in Korean and in English (in wonah - WARN, on munah - MUN). On the reverse, also very similar to the Japanese design, in the center there is a designation of dignity in Chinese characters, branches with flowers around the edge, and on top is the Korean Taegeuk emblem, which at that time was somewhat different from the one that now adorns the flag of the Republic of Korea.

In 1892, a reform took place, the ratio of 1 won = 1000 mun was replaced by 1 won = 5 nyan, 1 nyan = 100 phun (Korean reading of the names of the Chinese coins of the same name “liang” and “fen”). In English the designations were: won - WHAN, nyan - YANG, phun - FUN. Instead of the Taegeuk emblem, the coins featured an image of a flower, but otherwise their design changed little. Three silver coins were issued - 5 nyang, 1 won and 1 nyan, as well as a copper 5 phung, bronze 1 phung and copper-nickel coins with a face value of 2 ton 5 phung (1/4 nyan). In 1897, Korea was proclaimed an empire, on coins the hieroglyphic name of the country "Joseon" (朝鮮) or "Daechoseon" (Great Joseon, 大朝鮮) was changed to "Taehan" (Great Han, 大韓), this name is accepted in South Korea and in modern times, unlike North Korea, where the name "Joseon" remains. The characters of the reign era also changed; 1897 became the first year of the “Gwangmu” (光武) era.

In 1901, test coins were issued with a draft of a new coat of arms in the form of an imperial eagle: a silver one worth half a won, a copper one worth 5 chon and a bronze one worth 1 chon (there were four more coins, but their further fate is unknown). But the eagle, similar to both the German and Russian ones, did not take root in Korea, and soon the dragon returned to coins (the similarity with the Russian eagle is easily explained, since these coins were minted by the Russian-Korean Bank, which existed, however, for a very short time, a little more two months - editor's note). The issue of 1901, or 5 years of the Gwangmu era, has become a numismatic rarity, and only a few copies are now kept in Korean museums (although the coins were issued in 1901, the years on them are different, so that issue contained coins of 3, 5 and 6 years of the era Gwanmu, but the 3-year coins most likely have not survived).

In 1902, the gold standard was introduced, reform was carried out again, 1 won became equal to 100 chon. Gold coins were minted in 20, 10 and 5 won, silver in 1/2 won, 20 and 10 chon, copper-nickel in 5 chon and bronze in 1 and 1/2 chon. The fabulous phoenix bird appeared on the chonakh instead of dragons, and the inscriptions in English disappeared on the gold ones, otherwise the design did not change. Won in English was now denoted by WON, and chona by CHON. In 1907, Emperor Gojong abdicated the throne, his son Sunjong became emperor, and the “Yunhee” era (융희, 隆熙) appeared on coins instead of the Gwangmu era.

After the annexation of Korea by Japan in 1910, the Bank of Korea in Seoul was renamed Joseon Bank and until 1945. Korea's monetary system was under the control of the Japanese occupation authorities. Banknotes issued by the Joseon Bank, the Korean yen equal to 100 sen, and Japanese yen were in circulation. Korean yen were exchanged for Japanese yen in a ratio of 1:1. After the proclamation of the Republic of Korea, they continued to be used for some time. The first coins of the Republic of Korea, “hwan”, were issued only on February 15, 1953.

History of the development of the Korean economy

Foreign economic activity of Korea

It can be stated that today the Republic of Korea stands on the threshold of hope and serious trials. However, it must always be remembered that this country, despite the difficulties, is constantly working to create a new Korea, using a unique concept aimed at raising its political, economic, social and cultural potential to the level of developed nations. In all countries of the world, the foreign economic sphere is regulated by the state. The depth or severity of this regulation varies from country to country. However, one thing is common - the state protects its national economy, the economic interests of its exporters abroad, and creates conditions to mitigate the impact on the national economy of turbulent processes occurring in world markets.

Economy of South Korea

The basis of Korean foreign economic activity is a balanced approach to expanding the country's participation in foreign markets, internationalization and liberalization of the national economy, trade differentiation, and active multilateral cooperation. Since 1986, having achieved the first positive balance of foreign trade payments in the country's history, South Korea has pursued a consistent policy of liberalizing its markets.

Currently, the country is introducing the principle of free trade in export-import operations. Any restrictions in this area are kept to a minimum. Moreover, the government is constantly taking additional measures to achieve a reasonable balance between the production of goods for export and for domestic consumption. Another important point of South Korea's foreign trade policy is the diversification of Korean foreign markets and sources of raw materials to reduce dependence on its traditional trading partners, primarily the United States and Japan. On the one hand, South Korea owes much of its success in exporting goods and achieving a positive balance in bilateral trade to the American market.

In 2012, the Republic of Kazakhstan pursued a fairly active foreign trade and economic policy, which made it possible, despite the continuing impact of negative factors caused primarily by the ongoing global financial crisis, to achieve significant economic results. At the end of last year, the trade turnover of the Republic of Kazakhstan exceeded 1 trillion. US dollars. At the same time, the main trade and economic partners for the Republic of Kazakhstan are China, the USA, Japan and the European Union.

Trade turnover between the Republic of Kazakhstan and the People's Republic of China at the end of 2012 amounted to 215.1 billion US dollars, with exports of the Republic of Kazakhstan - 134.3 billion US dollars, imports of the Republic of Kazakhstan - 80.8 billion US dollars. The main items of South Korean export to China were liquid crystal devices and their parts, petroleum products (middle distillates), microcircuits, cyclic hydrocarbons (xylenes), telephones and car kits. In turn, the Republic of Kazakhstan imported from China microcircuits, portable digital computers, digital control panels, liquid crystal devices, ferrous metal structures, telephones, printed circuits and sets of wires used in motor vehicles.

The second foreign trade partner of the Republic of Kazakhstan was Japan, the trade turnover with which amounted to 103.2 billion US dollars (exports of the Republic of Kazakhstan - 38.8 billion US dollars, imports of the Republic of Kazakhstan - 64.4 billion US dollars). Japan is the only leading trading partner with which the Republic of Kazakhstan continues to maintain a significant trade deficit (in 2012 - 25.6 billion US dollars).

The Republic of Kazakhstan imports from Japan ferrous metal scrap, petroleum products (middle distillates), plates of polarizing material, xylenes, styrene, chemical products (petroleum sulfonates), cellulose acetate film, microcircuits and flat rolled products of unalloyed steel (less than 3 mm thick). South Korean petroleum products (medium and light distillates), telephone sets, raw silver, semiconductor photosensitive devices, microcircuits, and ferrous metal products are exported. The United States closes the top three leading trading partners of the Republic of Korea with a trade turnover of $101.9 billion (ROK exports - $58.5 billion, Kazakhstan imports - $43.4 billion).

The Republic of Kazakhstan supplies the United States with passenger cars with an engine cylinder capacity of 1000 cubic meters or more. see, telephone sets, petroleum products (middle distillates), auto components for industrial assembly, floating platforms, components for computer equipment and tires. The United States exports to the Republic of Kazakhstan microcircuits, civil aircraft with an empty weight of more than 15,000 kg, as well as spare parts for airplanes and helicopters, bituminous coal, soybeans, xylenes, ferrous metal scrap, and catalysts.

Other major foreign trade partners of the Republic of Kazakhstan include Saudi Arabia (bilateral trade turnover of 48.8 billion US dollars), Hong Kong (34.7 billion US dollars), Singapore (32.6 billion US dollars), Australia (32 .2 billion US dollars), Indonesia (29.6 billion US dollars), Taiwan (28.8 billion US dollars), Qatar (26.2 billion US dollars) and Germany (25.1 billion US dollars) billion US dollars).

Car production in Korea

Export of the Republic of Korea

The recession in the Eurozone countries, as well as the tendency towards a strengthening of the South Korean won that emerged in the second half of 2012, led to a decrease in the volume of South Korean exports, which decreased by 1.3%, or $7.1 billion, compared to the previous year. year and amounted to 548.1 billion US dollars. The rise of the South Korean won caused an increase in export prices and a general decrease in the competitiveness of South Korean producers. During 2012, the national currency rose in price against the US dollar by 7.6%, and against the Japanese yen by 19.6%.

At the same time, the strengthening of the won had a positive impact on the country's current balance of payments, which at the end of 2012 was in surplus, reaching the level of 43.25 billion US dollars. In addition to the strong currency, an increase in the volume of foreign orders received by South Korean construction companies played an important role. For the first time in 14 years, a surplus was also achieved in the services sector, exceeding $2.5 billion (in 2011, a deficit of about $6 billion was recorded). Under the influence of the low dollar exchange rate and the influx of capital from abroad, the foreign exchange reserves of the Republic of Kazakhstan at the end of 2012 reached another maximum, amounting to $326.97 billion.

USA (according to this indicator, the Republic of Korea currently ranks seventh in the world). Consumer activity increased by 1.8%, which is two times lower than the previous year. The unemployment rate at the end of 2012 was 2.9% (737 thousand people), having decreased by 0.2% compared to the previous year. Thus, the Trade Representation of the Russian Federation in the Republic of Korea notes that in 2012, the economy of the Republic of Korea developed against the backdrop of a deepening global crisis.

Cooperation between South Korea and Russia

At the same time, the trade and economic policy of the Republic of Kazakhstan continues to be aimed at comprehensive support for national exports, further integration into the world economy, strengthening and development of the domestic market, and weakening the country’s energy and raw materials dependence. The South Korean export volume in the metallurgical industry in 2012 increased by 7.5% compared to December 2011. The Republic of Korea is one of the leading countries in the world for the production of stainless steel products.

Import from the Republic of Korea

According to South Korean customs statistics, exports and imports of the Republic of Kazakhstan decreased for the first time since the crisis of 2009. Imports, under the influence of low domestic demand, decreased by 0.9% and amounted to 519.6 billion US dollars. Despite the noted decline, the volume of trade turnover exceeded the 1 trillion mark for the second year in a row. US dollars, amounting to 1.07 billion US dollars (a decrease of 7.1% compared to 2011).

Economic summit in South Korea

The agricultural sector of the Republic of Kazakhstan in 2012 retained the main development trends of recent years, among which it is necessary to note such trends as the gradual reduction of the population employed in the agricultural sector and increased competition from imported products (especially taking into account the existing free trade agreements with Chile, USA and ASEAN). When analyzing the dynamics of agricultural development, first of all, it should be noted a small increase in agricultural area compared to the previous year. At the same time, the area of dry fields increased by 2.8% compared to the area of fields suitable for growing rice, the main crop in South Korea.

Korea imports mainly raw materials and (which is not very publicized) technology. Korea completely lacks its own energy resources, so all oil and gas in the country are imported. Korea, despite its small size, is the world's fifth largest oil importer! In 2001, oil accounted for 15% of all Korean imports by value. After oil comes gas - approximately 3% of all imports. A significant portion of coal is also imported, including all coking coal, without which the Korean metallurgy cannot operate. Coking coal is the third most important import item. Finally, approximately half of the iron ore the country needs is imported into Korea, as well as timber and other types of raw materials.

From the point of view of foreign trade, 2001 was not the most successful year for Korea - in contrast to the very successful 2000. Last year, prices for some Korean export products - primarily steel and semiconductors - dropped significantly. A significant role here was played by the events of September 11, which negatively affected the economy of the United States, Korea's main trading partner, as well as the difficulties that the largest developed economies experienced in the second half of the year. Therefore, Korean exports in 2001 increased compared to 2000 by only 0.7% - the most modest result since 1989. A lot of problems for Korea were created by high oil prices, which have persisted for quite a long time (much to the delight of Russia). At the same time, the foreign trade balance, despite all the difficulties, remained positive, that is, exports exceeded imports: in 2001, Korea sold goods worth $8.4 billion. more than I bought.

Features of monetary circulation in Korea

Korean won is a very interesting currency in terms of exchange rate dynamics. It is a freely convertible government currency and has circulated freely in the world since 1997. Before this, its course was strictly regulated by the state. From the moment the currency was released to float freely in the financial market, its value decreased significantly, which was associated with the crisis that befell all eastern states in the late nineties and early two thousand. Until now, 1 Korean won in rubles is worth less than one (the rate at the end of 2013 was about 0.03).

Naturally, this ratio does not suit the Korean government. Currently, banknotes in denominations of up to 10 thousand won are in circulation in the Republic of Korea. High inflation leads to the fact that check books and bank cards have become the most popular methods of paying for goods and services in Korea. People are simply inconvenient to use the national currency, putting wads of bills in their pockets. However, the government is not going to carry out the denomination. Among the ways to solve this problem, it is proposed, first of all, to issue banknotes with a large denomination, which would reduce the number of banknotes in payments.

In relation to the ruble, the won is a fairly stable currency, the exchange rate of which depends largely on the value of the US dollar, but is not a complete copy of the behavior of the US national currency. At the end of 2013 and the beginning of 2014, the rate in the pair 1 ruble 1 Korean won fluctuated between 0.0308 - 0.0313. You can find out what exchange rate of the Korean won to the ruble is set by the Russian Central Bank today on this page. The table shows official data.

In circulation are banknotes of 50,000, 10,000, 5,000 and 1,000 won (often called simply "jeon", meaning "thousand") and coins of 500, 100, 50 and 10 won (coins of 5 and 1 won are now almost are not used and after the 2009 denomination are taken out of circulation). Banks are open on weekdays from 9.30 to 16.30, on Saturdays until 13.30. Closed on Sunday. ATMs are open from 9.30 to 22.00, and some are open 24 hours a day. Money can be exchanged in banks, specialized exchange offices and large hotels. US dollars are accepted in many small shops and markets on the same basis as local currency, but department stores and large stores do not accept dollars at all.

VISA, American Express, Diners Club, Master Card and JCB credit cards are accepted everywhere. Travel checks can only be cashed at banks or offices of large international transport and travel companies. Bank checks with denominations of 100 thousand won or more are also used, but when paying with them, you need to indicate your passport number, address and telephone number in Korea on the reverse side, so if you do not have a residence permit, payment by checks is almost impossible.

Value added tax (VAT, 10%) is included in the retail price of all goods and services. Many international hotels and some large restaurants automatically add VAT to the bill, and additional local taxes are also charged. At the same time, many essential items and souvenirs are sold tax-free.

What is value added tax?

When purchasing more than 30,000 KRW (approximately $27.0) in one store, you can receive a VAT refund in one day. To do this, you need to get a Tax-free Shopping Check from the store (a passport is required), according to which, when leaving the country, you must pay VAT at the bank at the airport or checkpoint, or get a stamp at customs. If it was not possible to receive money upon departure, after crossing the border or upon returning home, a stamped form must be sent by mail to receive a non-cash refund to the bank card you specified.

The influence of the Korean Central Bank on the Korean won

Over the past 30 years, banks have been forced by government pressure to lend for risky industrial projects, leading to a buildup of outstanding debt. According to the Central Bank of South Korea, the total amount of bad and doubtful loans from Korean banks at the end of 1997 was $51.2 billion, but in reality it may be four times higher, since loans issued in the mid-1980s and are not declared invalid, although they have not been fully returned. According to experts at Peregrine Bank, this figure reached $92 billion, or 30% of all issued loans.

While the government encouraged direct financing of large industrial groups in international markets, the government at the same time limited the size of the groups' borrowing from domestic banks, recommending the mobilization of capital in open financial markets to channel more funds to lending to small enterprises. All this made banks increasingly dependent on risky small businesses, which experienced a record number of bankruptcies.

In 1991, in the context of the deregulation of interest rates that began in the country, competition in the credit market increased and the interest margin of banks decreased. Therefore, in order to increase their income, banks began to engage in securities trading: the share of the latter in the total assets of Korean banks increased by mid-1995 to 13.7% compared to 8.2% in 1991. In general, despite certain costs of the transition period, the direction of the process of changes in the South Korean banking system on the eve of the crisis can be defined as progressive. The banking system was universalized, and there was a trend towards reducing government intervention, which should have allowed banks to make decisions based mainly on the possibility of extracting market profits.

Korean currency appeared almost a thousand years ago. The country was greatly influenced by China, one of the main centers of the monetary economy of the ancient world. The first money in Korea was cast from copper and was a classic Chinese coin with a square hole in the middle. The hole was intended for a cord on which coins were strung according to Chinese custom.

However, the monetary unit did not receive much support from the Koreans. They preferred natural exchange until the 17th century. Regular minting of coins resumed in 1679. From that time on, money gradually replaced rice and scrolls of cloth, which until now had served as the main means of exchange. The coins had the same appearance as many years ago. The traditions of coinage in Asia have remained virtually unchanged since the 10th century.

Fundamental changes appeared on the Korean Peninsula with the arrival of the colonialists. They brought many innovations to the lives of Koreans. Since 1880, the Korean monetary unit has changed a lot, “lost” its characteristic hole and acquired a nominal value. Before this, the price of a coin was determined by the value of the metal from which it was made. At the beginning of the 20th century, the first paper money appeared in Korea.

After Japan colonized Korea in 1910, the Korean financial system was eliminated. During the period of occupation, the yen became the currency of Korea.

New life won

The revival of the Korean financial system occurred in 1945. After de-occupation, two zones of influence appeared on the Korean Peninsula - American and Soviet. In the territory controlled by the USSR, Korean won (military issue) printed in the Soviet Union were used. The need to issue them was due to the location of the Korean national Joseon Bank in Seoul, located in a zone controlled by the United States. However, colonial money was used for some time in both the north and south of Korea. In 1947, the circulation of Japanese currency was finally banned in North Korea.

In 1948, South Korea declared its independence and in 1950 began issuing its own currency. The Korean War, which began that same year, quickly devalued the Korean won. In 1953, Korea finally split into two states, and the hot stage of the conflict ended. But both countries are still technically at war. In North Korea (DPRK), monetary reform occurred in 1959. North Korea's new currency was exchanged for military won at a ratio of 100:1.

Currency reform in South Korea was carried out immediately after the end of the Korean War, in 1953. At this point, the name of the local currency was temporarily changed. The Korean won has been temporarily replaced by the Korean hwan. 100 won was exchanged for 1 hwan, and 100 hwan was equivalent to 1 US dollar. Until 1959, khwans were issued only in the form of banknotes. This monetary unit was not in circulation for long. During its existence, hwan greatly depreciated in value. In 1961, 1300 hvans were already given for 1 US dollar.

On June 10, 1962, a year after the overthrow of President Syngman Rhee, the Korean won returned. From that moment on, South Korea had a monetary system that still exists today. The South Korean currency was first strictly tied to the American currency. In 1962, its exchange rate to 1 US dollar was 125 South Korean won. Until 1980, the national currency of South Korea weakened by more than 4 times. From that moment on, the South Korean authorities began to make attempts to make the national currency floating. This was only achieved in 1997.

The Asian economic crisis that soon followed again significantly devalued the national money of the Republic.

South Korean currency today

The South Korean won is the official currency of the Republic of Korea. Its international standard code is ISO 4217-KRW 410. Banknotes in circulation are 50,000, 10,000, 5,000 and 1,000 won. They are also called "chon", which means "thousand". Money in denominations of 500, 100, 50 and 10 won are used in the form of coins. There are still 5 and 1 won coins in circulation, but they have been withdrawn from use since 2009. In trading, calculations are allowed to be rounded to the nearest 10 won.

In South Korea, bank checks are available in denominations of 100,000 won and above. But in order to pay by check, you need to provide your personal information (passport number, address and telephone number in the Republic of Korea). For those who do not have a residence permit, the use of checks becomes almost impossible. Foreign currency can be exchanged at banks, large hotels, and exchange offices. US dollars will be accepted in small shops, markets and small stores. But for shopping in large shopping centers you will have to get won. But everywhere you can easily pay using Master Card, VISA, Diners Club, American Express and JCB plastic cards. Cash can be easily withdrawn from ATMs, of which there are many throughout the country.

VAT is included in the price of all South Korean goods and services. However, if you make purchases in one store in one day for an amount exceeding 30,000 KRW, VAT can be refunded when crossing the border. In the store you need to ask for a Tax Free Shopping Check (it will be issued after presenting your passport) and later show it at customs. If the money is not returned immediately, they will put a stamp on the check. The stamped document must be sent to the Republic of Korea after returning home. The money will be transferred to your bank card.

For two years now, the country has had a VAT refund system for hotel stays from 3 to 29 days. Refunds are made on the basis of certificates of occupancy issued by the hotel. They must be presented when crossing the border at points with a Tax Refund sign. Unfortunately, not all hotels in the country are connected to the refund program.

Travel checks can only be exchanged for local currency at large banks and tourist centers. The exchange rate for 1000 KRW is approximately 0.86 USD and 0.76 EUR. 1000 KRW can be exchanged for 59 Russian rubles.

KRW and code 410. The name of the South Korean won comes from a union of hieroglyphs, which is pronounced won(hu)a and translated means won currency.

History of the South Korean currency

The history of the won dates back to 1950 after Korea's secession from Japan and the creation of two new states on this territory: the Republic of Korea in the south and the Democratic People's Republic of Korea in the north. The first won banknotes featured a portrait of the first President of the Republic of Korea, Lee Seung-Mann, who at that time was the current leader of the state. His image remained on the won banknotes until April 1960. That is, until the very moment when he was overthrown during the “student revolution”.

The Korean won of the First Republic period is distinguished by the presence of a significant amount of hieroglyphics on banknotes. Chinese characters were mainly used to write words on banknotes of that time. Over time, inscriptions in Korean began to appear on banknotes. At the same time, from time to time, texts in English could be found on South Korean money.

South Korean coins

The coins in circulation are in denominations of one, five, ten, fifty and one hundred won. The first two are quite rare, so when making trading transactions, rounding the calculation to the nearest ten won is allowed.

On June 12, 1982, 500 won coins were introduced into circulation. There were two reasons for this decision. Firstly, the high level of inflation, and secondly, the rapid spread and growth in popularity of vending machines. Just six months later, in January 1983, a new series of coins saw the light: one, five, ten, fifty and one hundred won. These coins were made in the same style as the five hundred won coin, but retained the theme of the obverse and reverse of the old coins. This move allowed the South Korean coinage system to be standardized.

South Korean banknotes

The Korean won is in denominations of one thousand, five thousand, ten thousand and fifty thousand. In addition to banknotes, bank checks of one hundred thousand won or more are used for transactions. It should be emphasized that when using such a check, the owner's passport number, as well as an address and telephone number in the Republic of Korea, must be indicated on its reverse side.

regarding the won and its exchange rate

The foreign exchange policy of the South Korean leadership led to the need to switch to a floating exchange rate of the Korean won. These aspirations started on February 27, 1980, and the final transition to the free value of the South Korean currency took place on December 24, 1997. On this day, an agreement was reached between the leadership of the Republic of Korea and the International Monetary Fund. However, some time later, a major financial crisis occurred in Asia, as a result of which the Korean won was devalued by almost half.

The Bank of Korea is responsible for issuing currency in the republic. Interestingly, one of the main problems of this country's main financial regulator is the high level of counterfeiting. So, in 2006, this scourge acquired alarming proportions. For example, 50% of the five thousand won bills (the exchange rate of the Korean won to the dollar was then approximately 1000 to 1) were counterfeit.

This state of affairs forced the state government to introduce a new series of paper money into circulation. First of all, it was the most “popular” five thousand won banknote that was changed. In 2007, banknotes in denominations of one thousand won and ten thousand won were additionally introduced into circulation. These new banknotes have ten security mechanisms. The updated Korean won contains the same anti-counterfeiting features as some other British pound sterling, and

On June 23, 2009, the Bank of Korea introduced the fifty thousand won banknote into circulation. On the obverse of the banknote you can see the image of the famous 16th century Korean artist Sin Saimdang, who was also the mother of the Confucian scholar Yi Yi, who became known under the fictitious name Yulgok. The fifty thousand won banknote is the first South Korean banknote to include the image of a woman. In addition, to select the person who will be awarded this honor, a sociological survey was conducted among the country's population.

At the moment, the Republic of Korea has the 11th GDP in the world in nominal terms. In recent years, the national currency of this country has been quite stable. The Korean won to ruble exchange rate is 19.46 to 1.

The South Korean won has been the national currency of South Korea since 1962. In Russian, the hieroglyphs denoting this currency are translated as “Won Currency” and sound like “Wonhwa”.

South Korean won denomination

The monetary equivalent of Korea is as follows:

Paper banknotes;
Coins.

Banknotes are issued in 1000, 5000, 10,000 and 50,000 won. Coins are presented in the form of 1, 5, 10, 50, 100, and 500 won.

1 and 5 won coins are considered rare. To solve the problem, South Korea allows you to round up to the nearest 10 won. Soon these won will go out of circulation altogether, since they are no longer needed. And they only interfere with calculations.

South Korean money. Story

Until the 19th century, barter in kind prevailed in Korean markets. Banknotes appeared and disappeared. Rice and pieces of fabric were used for barter.

During large trade transactions, eastern merchants paid in silver. For convenience, they used silver bars. Afterwards, this state adopted the experience of its Chinese neighbors, because in China coins have been in circulation since the first millennium BC.

Coins in South Korea were originally copper and three-gram coins. They had a square hole in the middle. On the sides there were hieroglyphs indicating belonging to the country. These coins cost the same as they weighed. For transportation, they were strung on a thread, and when calculated, beads made from coins weighed quite impressively.

The people of Korea did not appreciate the innovation. Soon, all townspeople and villagers returned to their usual natural exchange. In 1633, coins were reintroduced, but now they were minted from silver, giving the products real value.

Despite the fact that the new money took root in society, it was still constantly changed. South Korea has a long history of borrowing money from Mexico, Japan and China.

In the 20th century, money with an eagle engraving was in circulation. They were often compared to Russian rubles. After the end of Japan's colonial takeover, the Korean central bank printed the first banknotes featuring the current president, Syngman Rhee.

After the reform in 1953, people used coins with English and Korean symbols to pay. They were called "khwans". Then in 1962 the entire currency was converted into the current current format. Now it only has inscriptions in Korean. The name “won” itself originates from ancient Chinese characters for money. The same sign is pronounced differently in China and South Korea.

What is depicted on Korean money today?

On banknotes you can see images of famous philosophers, heroes of the nation, great educators. There are also architectural monuments depicted there. Banknotes are identified with the national symbols of the country.

Where can I exchange Korean money?

There are exchange offices in all megacities that accept clients from 9 a.m. to 5 p.m. They change won in hotels and large stores. The best rate can be found in the exchange office, and less favorable offers in all other places.

They are more willing to exchange dollars, but other currencies are also converted into won. In Korea, changing money is not a problem. But outside of it, doing this is quite problematic. Therefore, tourists are advised to change the won back before heading home.

South Korean money: exchange rate to ruble

At the end of 2017 The exchange rate of the South Korean won to the Russian ruble is 0.052 rubles per 1 won or 1000 won for 52.4 rubles. For comparison, one US dollar is equal to 1,115 won.

History of money South Korea

Korean won

These banknotes are still in circulation today. The latest series is 2006-2007 (1000, 5000 and 10000 won). The 1,000 won notes are now blue, the 5,000 won notes are red and yellow, and the 10,000 won notes are green. The size has also changed - they have become even smaller.

What currency is used in Korea

The Republic of Korea, in fact, is a fairly advanced state that has its own national currency - the South Korean won.

History of the South Korean currency

State currency units were introduced into free circulation in 1950, immediately after the creation of the Republican Bank. More than one financial republic befell their fate, as a result of which the currency was replaced by the yen, and then by the hwana. And already in 1962, the won again appeared before the people as the state currency of South Korea.

Description of coins

Today, the South Korean bank provides 6 monetary units in the form of coins. There are coins in circulation in denominations of 1, 5, 10, 50, 100 and 500. However, most local residents claim that denomination coins of 1 and 5 are rarely encountered and are practically not used in everyday life. They are gradually being phased out, and all prices are rounded up to a maximum of 10 won.

Description of banknotes

To date, banknotes in denominations of 1000, 5000, 10000 and 50000 have been officially put into circulation in the country. The smallest one is blue in color and has the image of Lee Hwan. The 5000 denomination features Li Yi, the 10,000 denomination features Sejong the Great, and the largest denomination features the beautiful Sin Saimdan.

Features of currency exchange

The national currency in Korea is in demand only within the country, so you should take care to purchase it before your trip. But exchanging any money here is not a problem at all. Exchange is carried out in all banks, bank stores and even in markets. Exchange offices are located almost everywhere here, and many of them work around the clock.

Many stores freely accept the US dollar as payment. But there are also retail outlets that are strictly prohibited from accepting the American dollar, so it is worth asking the local population or sellers in advance. Any foreign money in Korea is subject to exchange, since the country is extremely interested in financial turnover, which brings great benefits to the state. Bank debit and credit cards are also freely accepted here, but it is worth asking your bank in advance about the conditions for withdrawal and payment abroad.

Exchange rates to dollar, ruble

The current exchange rate of the South Korean won to the ruble (09/24/2018) is: 1 RUB = 16.19 KRW. As a rule, this indicator is stable, since it is not characterized by sharp ups and downs. If we talk about the American dollar, then its current exchange rate is: 1 KRW = 0.00089 USD.

Korean won (KRW) is

What money to take to Korea

When planning a trip to this country, there is no need to worry about the peculiarities of the Korean currency. By and large, you can easily come here with absolutely any currency and make a fairly profitable exchange for won in denominations of 1000, 5000, 10000 or 50000. Tourists from Russia, America, Europe and other regions can safely bring the money they have on hand and exchange it on the spot. Moreover, it is quite problematic to find exchange offices in your country that convert in the opposite direction. Therefore, if you plan to visit South Korea again in the future, it is definitely recommended to stock up on South Korean won, which can partially be classified as curiosities or rare things.

Home / Coins / South Korea

South Korea coins, history of money

Currency: Won (W, KRW)

Rate: 1 RUB = 38.67 KRW, 100 KRW = 2.59 RUB, 1 USD = 1111.10 KRW, 10000 KRW = 9.00 USD

100 won 1986 South Korea

History of money South Korea

In circulation there are banknotes of 10,000, 5,000, 1,000, 500 won and coins of 5,000, 1,000, 500, 100, 50, 10, 5 and 1 won (coins of 5 and 1 won are practically not used at present). In the first half of 2009, it is planned to introduce banknotes in denominations of 50,000 and 100,000 won.

The history of South Korea is eventful, and this is reflected in the variety of banknotes used as a means of payment.

The very first coins of South Korea date back to the 3rd century BC. e. and are associated with the reign of the Yan dynasty. In 108 BC. e. South Korea was captured by the Chinese Han Dynasty, which began to use its money. Own coins began to be issued in 1097. The first attempt to issue paper money was made in 1401, but it was unsuccessful, so Chinese coins continued to be used as money. The issuance of its own coins was established only in 1625 under the ruler Sejong of the Yi dynasty. Mass production of coins began in 1884, after South Korea gained independence from China.

Today's Korean won to ruble exchange rate is KRW/RUB

They were replaced by new banknotes (1973-1979), orange and green, respectively, with similar images on the front and back. Also in this series, banknotes of 500 and 1000 won were issued, in green, pink and purple colors, with images of Yi Sunsin (naval commander), Kobukseong (national symbol, turtle ship) and the Tomb of Yi Sunsin on 500 won, Yi Hwan, Rose of Sharon and Dosana at 1000 won.

In the 1983-2002 series, banknotes became smaller in size, the appearance did not change fundamentally, but security elements were added - a watermark, a metallized stripe, microprinting, a special pattern, relief images, etc. These banknotes are still in circulation to this day. The latest series is 2006-2007 (1000, 5000 and 10000 won). The 1,000 won notes are now blue, the 5,000 won notes are red and yellow, and the 10,000 won notes are green. The size has also changed - they have become even smaller.

North Korean banknotes

20 chon 1947

50 chon 1947

5 won 1978

10 cheon 1988

1 won 1988

5 won 2002

10 won 2002

50 won 2002

10,000 won 2003

200 won 2005

1000 won 2006

5000 won 2006

500 won 2007

North Korean won. 1 won equals 100 jeon. North Korean money began printing in 1947. For a long time, the won exchange rate was tied to the USSR ruble exchange rate. In 1988, different paper money was printed for tourists from capitalist countries and for tourists from socialist countries.

The monetary unit of Korea is the won.

In 1992, a portrait of Kim Il Sung appeared on banknotes. Until today, several reforms have been carried out to replace banknotes for various reasons. Today, denominated North Korean banknotes from 2009 are in circulation in denominations of 5, 10, 50, 100, 200, 500, 1000, 2000 and 5000 won.

Denomination Price,$ 20 chon 1947 0,7 50 chon 1947 0,7 5 won 1978 0,8 10 cheon 1988 1,0 1 won 1988 1,2 5 won 2002 0,5 10 won 2002 0,5 50 won 2002 0,8 10,000 won 2003 2,2 200 won 2005 0,8 1000 won 2006 0,7 5000 won 2006 0,7 500 won 2007 0,7

The won is a Korean currency with a rich history.

North Korean banknotes

20 chon 1947

50 chon 1947

5 won 1978

10 cheon 1988

1 won 1988

5 won 2002

10 won 2002

50 won 2002

10,000 won 2003

200 won 2005

1000 won 2006

5000 won 2006

500 won 2007

The official currency of North Korea is North Korean won. 1 won equals 100 jeon. North Korean money began printing in 1947. For a long time, the won exchange rate was tied to the USSR ruble exchange rate. In 1988, different paper money was printed for tourists from capitalist countries and for tourists from socialist countries. In 1992, a portrait of Kim Il Sung appeared on banknotes. Until today, several reforms have been carried out to replace banknotes for various reasons. Today, denominated North Korean banknotes from 2009 are in circulation in denominations of 5, 10, 50, 100, 200, 500, 1000, 2000 and 5000 won.
Average value of North Korean banknotes

Denomination	Price,$
20 chon 1947	0,7
50 chon 1947	0,7
5 won 1978	0,8
10 cheon 1988	1,0
1 won 1988	1,2
5 won 2002	0,5
10 won 2002	0,5
50 won 2002	0,8
10,000 won 2003	2,2
200 won 2005	0,8
1000 won 2006	0,7
5000 won 2006	0,7
500 won 2007	0,7

South Korean won

The currency of South Korea is the won. South Korea's own currency was only issued in 1950 after Korea's liberation from Japan. These bills depicted a portrait of the first South Korean president, Syngman Rhee, who ruled at that time.

Korean won exchange rate today

His image remained on Korean banknotes until April 1960, when Syngman Rhee was overthrown in the "student revolution". The national currency of the First Republic period was distinguished by a large number of hieroglyphs. Chinese characters were used to write almost all texts on banknotes of that time. Subsequently, texts on Korean banknotes were written in Korean, and from time to time there were also inscriptions in English.

The symbol for won is KWR. Banknotes in denominations of 1000, 5000, 10000 and 50000 won are in circulation throughout the country. Bank checks in denominations of 100,000 won or more are also in circulation. When paying by check, you must write on the back of the check the owner's passport number, as well as the address and telephone number in Korea.

In 2006, counterfeit banknotes became one of the main problems of the Bank of Korea. For example, a 5,000 won note (equivalent to 5 US dollars) is counterfeit 50% of the time. This forced the government to introduce a new series of banknotes, with changes primarily to the 5,000 won banknote. Later, in 2007, 1,000 and 10,000 won notes were issued. The banknotes include more than 10 security features in each denomination. Many of the modern security features found in the Euro, Pound Sterling, Canadian Dollar, and Japanese Yen are used in Korean banknotes.

On June 23, 2009, the Bank of Korea issued the 50,000 won banknote. The obverse features a portrait of Shin Saimdang, a famous 16th-century artist, calligrapher, and mother of Korean scholar Yulgok, which appears on the 5,000 won banknote. This is the first Korean banknote to feature a portrait of a woman.

Updated 04.2012