South Korean hwan
Encyclopedia
The hwan was the currency of South Korea
between February 15, 1953 and June 9, 1962.
(from 15 won to the U.S. dollar in 1945 to 6000 won to the dollar in 1953), the hwan was introduced in 1953 at the rate of 1 hwan = 100 won. The hwan was nominally subdivided into 100 jeon but the lowest denomination issued was 1 hwan. The hwan also suffered from inflation and a series of devaluations occurred.
In 1962, the second South Korean won
was reintroduced at a rate of 1 won = 10 hwan, after which inflation finally slowed down.
.
The 10 and 50 hwan coins continued to circulate until March 22, 1975 but the 100 hwan coins were withdrawn on June 10, 1962.
and Hangul
as won. 500 hwan notes were introduced in 1956, followed by 1000 hwan in 1957 and 50 hwan in 1958.
. All Hanja
and Hangul
inscription on both the obverse and reverse sides of these notes are written right to left (traditional direction), instead of the modern (Westernized) left to right.
They have a few obvious defects. The term "hwan" is written in Hanja (圜) while "won" is written in Hangul (원) and English. Those problems were attributed to an urgent need for new banknotes and the change in currency name, as well as the decision to commission the new notes to be manufactured in the United States
. Unaware banknote catalog editors may erroneously categorize these notes as part of the old won
system, such as the Standard Catalog of World Paper Money by Albert Pick
.
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
between February 15, 1953 and June 9, 1962.
History
Due to the devaluation of the first South Korean wonSouth Korean won
The won is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates...
(from 15 won to the U.S. dollar in 1945 to 6000 won to the dollar in 1953), the hwan was introduced in 1953 at the rate of 1 hwan = 100 won. The hwan was nominally subdivided into 100 jeon but the lowest denomination issued was 1 hwan. The hwan also suffered from inflation and a series of devaluations occurred.
| Pegs for the South Korean hwan | |
|---|---|
| Date introduced | Value of U.S. dollar in hwan |
| February 15, 1953 | 60 |
| 15 December 1953 | 180 |
| August 15, 1955 | 500 |
| February 23, 1960 | 650 |
| January 1, 1961 | 1000 |
| February 2, 1961 | 1250 |
In 1962, the second South Korean won
South Korean won
The won is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates...
was reintroduced at a rate of 1 won = 10 hwan, after which inflation finally slowed down.
Coins
In 1959, coins were introduced in denominations of 10, 50 and 100 hwan. They were minted by the Philadelphia MintPhiladelphia Mint
The Philadelphia Mint was created from the need to establish a national identity and the needs of commerce in the United States. This led the Founding Fathers of the United States to make an establishment of a continental national mint a main priority after the ratification of the Constitution of...
.
| Hwan Coins http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000506 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Technical parameters | Description | Date of | ||||||
| Obverse | Reverse | Diameter | Mass | Composition | Obverse | Reverse | first minting | issue | withdrawal | |
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10 hwan | 19.1 mm | 2.46 g | Copper Copper Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish... 95% Zinc Zinc Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2... 5% |
Rose of Sharon Hibiscus syriacus Hibiscus syriacus is a widely cultivated ornamental shrub in the genus Hibiscus. Common names include Rose of Sharon , Shrub Althea and Rose Althea.-Growth:... , value, bank title (Hangul Hangul Hangul,Pronounced or ; Korean: 한글 Hangeul/Han'gŭl or 조선글 Chosŏn'gŭl/Joseongeul the Korean alphabet, is the native alphabet of the Korean language. It is a separate script from Hanja, the logographic Chinese characters which are also sometimes used to write Korean... ) |
Value (digit), "Republic of Korea", year of minting | 1959 (Korean calendar Korean calendar The traditional Korean calendar is a lunisolar calendar, like the traditional calendars of other East Asian countries. Dates are calculated from Korea's meridian, and observances and festivals are based in Korean culture.... 4292) |
October 20, 1959 | March 22, 1975 |
 |
 |
50 hwan | 22.86 mm | 3.69 g | Copper Copper Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish... 70% Zinc Zinc Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2... 18% Nickel Nickel Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile... 12% |
Geobukseon, value, bank title (Hangul) | Value (digit), "Republic of Korea", year of minting | 1959 (Korean calendar Korean calendar The traditional Korean calendar is a lunisolar calendar, like the traditional calendars of other East Asian countries. Dates are calculated from Korea's meridian, and observances and festivals are based in Korean culture.... 4292) |
October 20, 1959 | March 22, 1975 |
 |
 |
100 hwan | 26.0 mm | 6.74 g | Cupronickel Cupronickel Cupronickel or copper-nickel or "cupernickel" is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater... Copper Copper Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish... 75% Nickel Nickel Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile... 25% |
Lee Sung-man Syngman Rhee Syngman Rhee or Yi Seungman was the first president of South Korea. His presidency, from August 1948 to April 1960, remains controversial, affected by Cold War tensions on the Korean peninsula and elsewhere. Rhee was regarded as an anti-Communist and a strongman, and he led South Korea through the... , value, bank title (Hangul) |
October 30, 1959 | June 10, 1962 | ||
The 10 and 50 hwan coins continued to circulate until March 22, 1975 but the 100 hwan coins were withdrawn on June 10, 1962.
Banknotes
In 1953, banknotes were introduced in denominations of 1, 5, 10, 100 and 1000 hwan. Some of these notes were printed in the U.S.A. and gave the denomination in EnglishEnglish language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
and Hangul
Hangul
Hangul,Pronounced or ; Korean: 한글 Hangeul/Han'gŭl or 조선글 Chosŏn'gŭl/Joseongeul the Korean alphabet, is the native alphabet of the Korean language. It is a separate script from Hanja, the logographic Chinese characters which are also sometimes used to write Korean...
as won. 500 hwan notes were introduced in 1956, followed by 1000 hwan in 1957 and 50 hwan in 1958.
American printed notes
The first hwan notes were printed by the United States Government Printing OfficeUnited States Government Printing Office
The United States Government Printing Office is an agency of the legislative branch of the United States federal government. The office prints documents produced by and for the federal government, including the Supreme Court, the Congress, the Executive Office of the President, executive...
. All Hanja
Hanja
Hanja is the Korean name for the Chinese characters hanzi. More specifically, it refers to those Chinese characters borrowed from Chinese and incorporated into the Korean language with Korean pronunciation...
and Hangul
Hangul
Hangul,Pronounced or ; Korean: 한글 Hangeul/Han'gŭl or 조선글 Chosŏn'gŭl/Joseongeul the Korean alphabet, is the native alphabet of the Korean language. It is a separate script from Hanja, the logographic Chinese characters which are also sometimes used to write Korean...
inscription on both the obverse and reverse sides of these notes are written right to left (traditional direction), instead of the modern (Westernized) left to right.
They have a few obvious defects. The term "hwan" is written in Hanja (圜) while "won" is written in Hangul (원) and English. Those problems were attributed to an urgent need for new banknotes and the change in currency name, as well as the decision to commission the new notes to be manufactured in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. Unaware banknote catalog editors may erroneously categorize these notes as part of the old won
South Korean won
The won is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates...
system, such as the Standard Catalog of World Paper Money by Albert Pick
Albert Pick
Albert Pick is a retired German numismatist. An internationally acknowledged specialist author on the subject of paper money, Pick wrote the first modern catalog of banknotes in 1974, and is widely credited with establishing the modern face of banknote collecting.His Standard Catalog of World...
.
| American printed hwan notes http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000506 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main colour | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | issue | withdrawal | |||
 |
 |
1 hwan | 111 × 54 mm | Pink | Bank name (Hanja Hanja Hanja is the Korean name for the Chinese characters hanzi. More specifically, it refers to those Chinese characters borrowed from Chinese and incorporated into the Korean language with Korean pronunciation... ), value (Hangul Hangul Hangul,Pronounced or ; Korean: 한글 Hangeul/Han'gŭl or 조선글 Chosŏn'gŭl/Joseongeul the Korean alphabet, is the native alphabet of the Korean language. It is a separate script from Hanja, the logographic Chinese characters which are also sometimes used to write Korean... and Hanja) |
Bank of Korea Bank of Korea The Bank of Korea is the central bank of South Korea and issuer of South Korean won. It was established on June 12, 1950 at Seoul, South Korea.The Bank's primary purpose is price stability. For that, the Bank targets inflation... 's symbol |
February 17, 1953 | June 10, 1962 |
 |
 |
5 hwan | Red | |||||
 |
 |
10 hwan | 156 × 66 mm | Purple | Bank name (Hanja), value (Hangul and Hanja), Geobukseon | Bank of Korea Bank of Korea The Bank of Korea is the central bank of South Korea and issuer of South Korean won. It was established on June 12, 1950 at Seoul, South Korea.The Bank's primary purpose is price stability. For that, the Bank targets inflation... 's symbol |
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100 hwan | Green | |||||
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1000 hwan | Brown | |||||
Korean printed notes
| Korean printed hwan notes http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000506 | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | issue | withdrawal | ||
 |
 |
10 hwan | 156 × 66 mm | Namdaemun | Haegeumgang near Geoje Geoje Geoje is a city located in South Gyeongsang province, just off the coast of the port city of Busan, South Korea. Daewoo Shipbuilding & Marine Engineering in Okpo and Samsung Heavy Industries in Gohyeon are both located on Geoje Island. The city also offers a wide range of tourist sights... |
March 17, 1953 | June 10, 1962 |
 |
 |
December 15, 1953 | |||||
 |
 |
50 hwan | 149 × 66 mm | Independence Gate Independence Gate The Independence Gate is a memorial gate located in Seoul, South Korea. The gate was built following the first Sino-Japanese war to inspire a spirit of independence away from previous Korean arrangement as a Chinese protectorate... |
Yi Sun-sin Yi Sun-sin Yi Sun-shin was a Korean naval commander, famed for his victories against the Japanese navy during the Imjin war in the Joseon Dynasty, and is well-respected for his exemplary conduct on and off the battlefield not only by Koreans, but by Japanese Admirals as well... 's bronze statue, Geobukseon |
August 15, 1958 | |
 |
 |
100 hwan | 156 × 66 mm | Lee Sung-man Syngman Rhee Syngman Rhee or Yi Seungman was the first president of South Korea. His presidency, from August 1948 to April 1960, remains controversial, affected by Cold War tensions on the Korean peninsula and elsewhere. Rhee was regarded as an anti-Communist and a strongman, and he led South Korea through the... |
Independence Gate Independence Gate The Independence Gate is a memorial gate located in Seoul, South Korea. The gate was built following the first Sino-Japanese war to inspire a spirit of independence away from previous Korean arrangement as a Chinese protectorate... |
December 18, 1953 | |
 |
 |
February 1, 1954 | |||||
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 |
Value | March 26, 1957 | ||||
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 |
Mother and her child | Independence Gate Independence Gate The Independence Gate is a memorial gate located in Seoul, South Korea. The gate was built following the first Sino-Japanese war to inspire a spirit of independence away from previous Korean arrangement as a Chinese protectorate... |
May 16, 1962 | |||
 |
 |
500 hwan | 156 × 73 mm | Lee Sung-man Syngman Rhee Syngman Rhee or Yi Seungman was the first president of South Korea. His presidency, from August 1948 to April 1960, remains controversial, affected by Cold War tensions on the Korean peninsula and elsewhere. Rhee was regarded as an anti-Communist and a strongman, and he led South Korea through the... |
Value | March 26, 1956 | |
 |
 |
August 15, 1958 | |||||
 |
 |
Sejong the Great Sejong the Great of Joseon Sejong the Great was the fourth king of the Joseon Dynasty of Korea. During his regency, he reinforced Korean Confucian policies and executed major legal amendments . He also used the creation of Hangul and the advancement of technology to expand his territory... |
Main building of the Bank of Korea Bank of Korea The Bank of Korea is the central bank of South Korea and issuer of South Korean won. It was established on June 12, 1950 at Seoul, South Korea.The Bank's primary purpose is price stability. For that, the Bank targets inflation... |
April 19, 1961 | |||
 |
 |
1000 hwan | 166 × 73 mm | Lee Sung-man Syngman Rhee Syngman Rhee or Yi Seungman was the first president of South Korea. His presidency, from August 1948 to April 1960, remains controversial, affected by Cold War tensions on the Korean peninsula and elsewhere. Rhee was regarded as an anti-Communist and a strongman, and he led South Korea through the... |
Bank of Korea Bank of Korea The Bank of Korea is the central bank of South Korea and issuer of South Korean won. It was established on June 12, 1950 at Seoul, South Korea.The Bank's primary purpose is price stability. For that, the Bank targets inflation... 's symbol |
March 26, 1957 | |
 |
 |
165 × 73 mm | Sejong the Great Sejong the Great of Joseon Sejong the Great was the fourth king of the Joseon Dynasty of Korea. During his regency, he reinforced Korean Confucian policies and executed major legal amendments . He also used the creation of Hangul and the advancement of technology to expand his territory... |
Torch | August 15, 1960 | ||
See also
- List of Korea-related topics
- Economy of South KoreaEconomy of South KoreaSouth Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity , identifying it as one of the G-20 major economies. It is a high-income developed country, with a developed market, and is a member of OECD...
- History of South KoreaHistory of South KoreaThe history of South Korea formally begins with the establishment of South Korea on 15 August 1948, although Syngman Rhee had declared the establishment in Seoul on 13 August....