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South Korean won (1945)

South Korean won
대한민국 원 (Korean)
大韓民國圓 (Hanja)
Denominations
Subunit
 1/100 jeon (전/錢)
Plural The language(s) of this currency does not have a morphological plural distinction.
Symbol None, the currency was referred to by using the hanja character
Banknotes 5, 10, 20, 50 jeon
1, 5, 10, 100, 500, 1000 won
Coins 1 jeon
Subsidiary coin issued by the Japanese government
Demographics
User(s) Republic of 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.

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).

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 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.

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.

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.


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