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South Korean won (1945)
Encyclopedia
The won was the first South Korea
n currency and was in use from August 15, 1945 to February 15, 1953.
of the Chinese yuan
and Japanese yen
. The won was subdivided into 100 jeon (전; 錢; McCune-Reischauer
: chŏn; revised: jeon).
and the division of Korea
, the won was introduced to replace the Korean yen
. The first banknotes were issued by the Bank of Joseon
until 1950, when the currency management switched to the Bank of Korea
.
At the time of the introduction in 1945 the won was pegged
to the Japanese yen
at a rate of 1 won = 1 yen. In October of the same year the anchor currency was changed to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War
the won was devalued at 6000 won = 1 dollar. Following that the hwan
was introduced as the new currency at a rate of 1 hwan = 100 won.
. However, there were two subtle and important differences. The new notes replaced the paulownia
, the badge of the government of Japan, with the Rose of Sharon
, South Korea's national flower; and the clause about exchangeability with the Japanese yen
was removed.
was established and assumed the duties of Bank of Joseon. The Bank of Joseon's notes were still kept in circulation as not all denominations were replaced by the Bank of Korea's notes.
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...
n currency and was in use from August 15, 1945 to February 15, 1953.
Etymology
Won is a cognateCognate
In linguistics, cognates are words that have a common etymological origin. This learned term derives from the Latin cognatus . Cognates within the same language are called doublets. Strictly speaking, loanwords from another language are usually not meant by the term, e.g...
of the Chinese yuan
Chinese yuan
The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo...
and Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
. The won was subdivided into 100 jeon (전; 錢; McCune-Reischauer
McCune-Reischauer
McCune–Reischauer romanization is one of the two most widely used Korean language romanization systems, along with the Revised Romanization of Korean, which replaced McCune–Reischauer as the official romanization system in South Korea in 2000...
: chŏn; revised: jeon).
History
Following the end of the Colonial EraKorea under Japanese rule
Korea was under Japanese rule as part of Japan's 35-year imperialist expansion . Japanese rule ended in 1945 shortly after the Japanese defeat in World War II....
and the division of Korea
Division of Korea
The division of Korea into North Korea and South Korea stems from the 1945 Allied victory in World War II, ending Japan's 35-year colonial rule of Korea. In a proposal opposed by nearly all Koreans, the United States and the Soviet Union agreed to temporarily occupy the country as a trusteeship...
, the won was introduced to replace the Korean yen
Korean yen
The Korean yen was the currency of Korea between 1910 and 1945. It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. The yen was subdivided into 100 sen...
. The first banknotes were issued by the Bank of Joseon
Bank of Joseon
The Bank of Joseon or Bank of Chosen was the central bank of Korea under Japanese rule, and of South Korea under American occupation. The bank issued the Korean yen from 1910 to 1945 and the won from 1945 to 1950.-History and background:...
until 1950, when the currency management switched to 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...
.
At the time of the introduction in 1945 the won was pegged
Fixed exchange rate
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...
to the Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
at a rate of 1 won = 1 yen. In October of the same year the anchor currency was changed to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War
Korean War
The Korean War was a conventional war between South Korea, supported by the United Nations, and North Korea, supported by the People's Republic of China , with military material aid from the Soviet Union...
the won was devalued at 6000 won = 1 dollar. Following that the hwan
Hwan
Hwan can refer to:* South Korean hwan, a defunct currency* Hwan-guk, a mythical Korean nation...
was introduced as the new currency at a rate of 1 hwan = 100 won.
Coin
The 1 jeon coin was the only coin in circulation in South Korea at the time. It was not issued by the Bank of Joseon but by the Japanese government as subsidiary money.Bank of Joseon issed notes
The won was subdivided into 100 jeon. Only banknotes were issued. Initially, the won was issued by Bank of Joseon with a similar design to the older notes of the Japanese occupation periodKorea under Japanese rule
Korea was under Japanese rule as part of Japan's 35-year imperialist expansion . Japanese rule ended in 1945 shortly after the Japanese defeat in World War II....
. However, there were two subtle and important differences. The new notes replaced the paulownia
Paulownia
Paulownia is a genus of from 6 to 17 species of plants in the monogeneric family Paulowniaceae, related to and sometimes included in the Scrophulariaceae. They are native to much of China, south to northern Laos and Vietnam, and long cultivated elsewhere in eastern Asia, notably in Japan and Korea...
, the badge of the government of Japan, with the 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:...
, South Korea's national flower; and the clause about exchangeability with the Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
was removed.
| Bank of Joseon issed notes |
|---|
| Value |
| 5 jeon |
| 10 jeon |
| 20 jeon |
| 50 jeon |
| 1 won |
| 5 won |
| 10 won |
| 100 won |
Bank of Korea issed notes
On June 12, 1950, the Bank of KoreaBank 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...
was established and assumed the duties of Bank of Joseon. The Bank of Joseon's notes were still kept in circulation as not all denominations were replaced by the Bank of Korea's notes.
| Bank of Korea issed notes http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000505 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main Color | Description | Date of | 
|  |
100 won | 158 × 78 mm | brown | Gwanghwamun Gwanghwamun Gwanghwamun is the main and largest gate of Gyeongbokgung Palace, located in Seoul, South Korea. As a landmark and symbol of Seoul's long history as the capital city during the Joseon Dynasty, the gate has gone through multiple periods of destruction and disrepair... |
Value | July 22, 1950 | February 17, 1953 | National Printing Bureau Ministry of Finance (Japan) The ' is one of cabinet-level ministries of the Japanese government. The ministry was once named Ōkura-shō . The Ministry is headed by the Minister of Finance , who is a member of the Cabinet and is typically chosen from members of the Diet by the Prime Minister.The Ministry's origin was back in... (Japan) |
|||
 |
 |
500 won | 145 × 61 mm | blue | 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... |
Pagoda Gongweon in Seoul | October 10, 1952 | KOMSEP Korea Minting and Security Printing Corporation Korea Minting and Security Printing Corporation is a government-owned corporation which is responsible to print and mint the banknotes and coins and other government documents. Its headquarters are located in Daejeon, South Korea... |
||||||||||
 |
 |
1000 won | 171 × 78 mm | green | Value | July 22, 1950 | National Printing Bureau | |||||||||||
 |
 |
145 × 61 mm | blue | Pagoda Gongweon in Seoul | October 10, 1952 | KOMSEP | ||||||||||||
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....