South Korean won (1945–1953)
| 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 |
| Printer | National Printing Bureau (~ 1951) Korea Minting and Security Printing Corporation (1951 ~) |
| Website | www |
| 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
[edit]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
[edit]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
[edit]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
[edit]Bank of Joseon issued notes
[edit]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
[edit]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 | Obverse | Reverse | issue | withdrawal | ||||
 |  | 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 | ||
 |  | 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. | |||||||||
See also
[edit]
References
[edit]- ^ 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
[edit]- (in Korean) Bank of Korea, 1950-1953 banknotes
- Bank of Korea, A Brief History of Korean Currency
- Bank of Korea, Currency Issue System
- National Printing Bureau
| 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 |