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The first South Korean won was subdivided into 100 jeon. The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:
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.
The history of Korean currency dates back to around the 3rd century BC, when first coins in the form of knife coins, also known in Korean literature as "Myeongdojun(명도전,in chinese mingdaoqian,明刀錢, meaning Ming Knives)" originally belonging to the Chinese state of Yan but also was used in trade with Korean state Gojoseon; which were said to have been circulated. [1]
Pegs for the South Korean hwan Date introduced Value of U.S. dollar in hwan February 15, 1953 ... respectively. The 100 hwan coins were withdrawn on June 10, 1962 ...
On January 15, 1983, the Bank of Korea issued a 1 won coin, 5 won coin, 10 won coin, 50 won coin and 100 won coin that modified the design form to match the 500 won coin. [6] The Bank of Korea originally planned to issue about 56,000,000 500 won coins in 1998, but canceled them after a campaign to collect coins took place in various regions of ...
North Korean won, the present currency of North Korea; It can also refer to these historical currencies: Korean Empire won, 1900–1910 currency in the Korean Empire; Won of the Red Army Command, 1945–1947 currency in northern Korea under the Soviet Civil Administration; South Korean won (1945–1953) South Korean hwan, 1953–1962 currency