South Korean won (1945)

Infobox Currency
currency_name_in_local = _ko. 대한민국 원 ko icon _ko. 大韓民國圓 (Hanja)
using_countries=Republic of Korea
subunit_ratio_1=1/100
subunit_name_1=jeon (전/錢)
no_plural = Y
pegged_with = US dollar
symbol = None, the currency was referred to by using the hanja character _ko.
used_banknotes=5, 10, 20, 50 jeon
1, 5, 10, 100, 500, 1000 won
used_coins=1 jeon
Subsidiary coin issued by the Japanese government
issuing_authority=Bank of Joseon (1945-1950)
Bank of Korea (1950-1953)
issuing_authority_website=www.bok.or.kr
printer = National Printing Bureau (~ 1951)
Korea Minting and Security Printing Corporation (1951 ~)
printer_website = www.komsep.com
obsolete_notice = YThe 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 Japanese occupation and the division of Korea the won was introducted 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 devaluated at "6000 won = 1 dollar". [cite web| url = http://users.erols.com/kurrency/asia.htm| title = Tables of modern monetary history: Asia| accessmonthday = December 7| accessyear = 2006| author = Kurt Schuler| date = 2004-02-29| work = Currency Boards and Dollarization] Following that the hwan 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 issed by the Bank of Joseon but by the Japanese government as subsidiary money. [cite web| url = http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000505| title = 우리나라의 화폐, 1950년~1953년| accessmonthday = December 4| accessyear = 2006| author = Bank of Korea| authorlink = Bank of Korea| language = korean| quote = 한국은행은 설립 당시 통용되던 조선은행권 (...), 일본정부의 소액보조화폐(1錢 주화) 등을 승계하고..." → Translation: "The then founded Bank of Korea took over the Bank of Joseon notes circulating at the time (...), as well as the Japanese government's small subsidiary currency (1 jeon coin), and..."]

Banknotes

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 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 Korea issed 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.

ee also

*List of Korea-related topics
*Economy of South Korea
*History of South Korea

References

External links

*ko icon [http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000505 Bank of Korea, "1950-1953 banknotes"]
* [http://www.bok.or.kr/template/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000001019 Bank of Korea, "A Brief History of Korean Currency"]
* [http://www.bok.or.kr/template/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000001020 Bank of Korea, "Currency Issue System"]
* [http://www.npb.go.jp/eng/index.html National Printing Bureau]