Korean Money

South Korean money is the medium of exchange for goods and services in South Korea. The official currency of South Korea is Korean Won, commonly abbreviated as KRW and sometimes written as W.

South Korean Money

The currency of South Korea is Korean Won (KRW), which comprises of 100 chon.

History and evolution of South Korean Money

At a previous time, Korean Won was subdivided into 100 jeon. Jeon means "money."During the period from 1902 to 1910, Won was used as the currency of Korea.

After division, in 1945, South and North Korea began to use separate currencies but both were called won and the first South Korean won was subdivided into 100 jeon.

Coins in South Korea were first introduced in 1966, those were made of brass with face values of 1, 5 and 10 Won. These replaced the equivalent bank notes in South Korea used at that time. In the subsequent years, coins of higher denominations came into existence in the market.
In 1962, six more bank note denominations were introduced, that were 1, 5, 50, 100 and 500 won.

Currency exchange rates

• 1 South-Korean Won is equal to 0.000818 US Dollar and 1 US Dollar (USD) is equal to 1222.494 South-Korean Won (KRW) as on June 14, 2010.
• 1 Euro is equal to 1489.73 Korean Won(KRW), 1 Hong Kong Dollar (HKD) is equal to156.88 KRW, 1 Indian Rupee (INR) is equal to 26.24 KRW, 1 Japanese Yen (JPY) is equal to 13.29 KRW and 1 Danish Krone (DKK) is equal to 200.27 KRW as on 14 June 2010.