At the reintroduction of the won in 1962, its value was pegged at 125 won = US$1. It became the sole legal tender on March 22, 1975, with the withdrawal of the last circulating hwan coins. The won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan.
#Exchange rate korean won to usd series
In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan. The 500 won notes were introduced in 1952. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. These were followed in 1949 by 5 and 1,000 won notes.Ī new central bank, the Bank of Korea, was established on 12 June 1950, and assumed the duties of Bank of Joseon. In 1946, the Bank of Joseon introduced 10 and 100 won notes. The first South Korean won was replaced by the hwan on February 15, 1953, at a rate of 1 hwan = 100 won. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The South Korean won initially had a fixed exchange rate to the U.S. The first South Korean won was subdivided into 100 jeon. Both the Southern won and the Northern won replaced the yen at par. The Korean won, Chinese yuan and Japanese yen were all derived from the Spanish-American silver dollar, a coin widely used for international trade between Asia and the Americas from the 16th to 19th centuries.ĭuring the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese Yen.Īfter World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called won, for the South and the North. Main article: South Korean won (1945–1953) History
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