South Korean won (1945–1953)

South Korean won
대한민국 원 (Korean) ; 大韓民國圓 (Korean);
Plural	The language(s) of this currency do(es) not have a morphological plural distinction.
Symbol	None, the currency was referred to by using the hanja character 圓
Denominations
Subunit
1⁄100	jeon (전/錢)
Banknotes	5, 10, 20, 50 jeon; 1, 5, 10, 100, 500, 1000 won
Coins	Japanese 1 sen
Demographics
User(s)	Korea under American control; South Korea
Issuance
Central bank	Bank of Joseon (1945-1950); Bank of Korea (1950-1953)
Website	www.bok.or.kr
Printer	National Printing Bureau (~ 1951); Korea Minting and Security Printing Corporation (1951 ~)
Website	www.komsep.com
Valuation
Pegged with	US dollar
	This infobox shows the latest status before this currency was rendered obsolete.

The won was the first South Korean currency and was in use from August 15, 1945, to February 15, 1953.

Etymology

Won is a cognate of the Chinese yuan and Japanese yen. The won was subdivided into 100 jeon (전; 錢; McCune-Reischauer: chŏn; revised: jeon).

History

Following the end of the Colonial Era 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 its 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.^[1] Following that the hwan was introduced as the new currency at a rate of 1 hwan = 100 won.

Coins

No coins were issued by South Korea during this period; however, Japanese 1 sen coins continued to be used for small transactions until February 1953.^[2] South Korea would eventually introduce its first coins for circulation in 1959.

Banknotes

Bank of Joseon issued 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 period. 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.

Bank of Joseon issued notes
Value
5 jeon
10 jeon
20 jeon
50 jeon
1 won
5 won
10 won
100 won

Bank of Korea issued notes

On June 12, 1950, the Bank of Korea 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 issued notes [1] (in Korean)
Image		Value	Dimensions	Main Color	Description		Date of		Printer
Obverse	Reverse	Value	Dimensions	Main Color	Obverse	Reverse	issue	withdrawal	Printer
		100 won	158 × 78 mm	brown	Gwanghwamun	Value	July 22, 1950	February 17, 1953	National Printing Bureau (Japan)
		500 won	145 × 61 mm	blue	Syngman Rhee	Pagoda Gongweon in Seoul	October 10, 1952		KOMSEP
		1000 won	171 × 78 mm	green		Value	July 22, 1950		National Printing Bureau
		1000 won	145 × 61 mm	blue		Pagoda Gongweon in Seoul	October 10, 1952		KOMSEP
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

References

^ Kurt Schuler (2004-02-29). "Tables of modern monetary history: Asia". Currency Boards and Dollarization. Retrieved December 7, 2006.
^ Bank of Korea. 화폐연대자료, 1953년~1962년 (in Korean). Retrieved June 21, 2023. 1953년 2월 17일부터(...) 그 동안(...) 통용되어 오던(...) 일본정부의 소액보조화폐(1錢주화)의 유통도 전면 중지하고..." → Translation: "As of 17 February 1953, the 1 sen coin (a small-denomination coin issued by the Japanese government), which had been in use during this period, ceased to circulate... Note that the English version of this page erroneously translates 1 sen as "1-jeon", and omits the 17 February date.

External links

Preceded by: Korean yen Reason: Division of Korea and moving toward a full sovereign nation from Allied occupation Ratio: at par	Currency of South Korea 1945 – 1953	Succeeded by: South Korean hwan Reason: inflation Ratio: 1 hwan = 100 won

[1] Kurt Schuler (2004-02-29). "Tables of modern monetary history: Asia". Currency Boards and Dollarization. Retrieved December 7, 2006.

[2] Bank of Korea. 화폐연대자료, 1953년~1962년 (in Korean). Retrieved June 21, 2023. 1953년 2월 17일부터(...) 그 동안(...) 통용되어 오던(...) 일본정부의 소액보조화폐(1錢주화)의 유통도 전면 중지하고..." → Translation: "As of 17 February 1953, the 1 sen coin (a small-denomination coin issued by the Japanese government), which had been in use during this period, ceased to circulate... Note that the English version of this page erroneously translates 1 sen as "1-jeon", and omits the 17 February date.

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