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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 ...
In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982. In January 1983, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 won coins was issued, using the same layout as the 500 won coins, but conserving the coins' old themes. [8]
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]
Due to the devaluation of the first South Korean won (from 15 won to the U.S. dollar in 1945 to 6000 won to the dollar in 1953), the hwan was introduced in 1953 at the rate of 1 hwan = 100 won. The hwan was nominally subdivided into 100 jeon but the lowest denomination issued was 1 hwan.
Japanese 500 yen coin (left) next to a similar South Korean 500 won coin (right) When the 500 yen coin debuted it was the highest nominally valued coin in the world. [21] In comparison the coin's purchase power was about double that of a two-pound coin (UK) in 2012. [21] These reasons have made 500 yen coins a prime choice for counterfeiters ...
The introduction of the 100 mun coin happened concurrent with the Tenpō Tsūhō 100 mon coin issued by the Tokugawa shogunate in 1835 (in reaction to government deficit), [33] the 100 wén coin by the Qing dynasty in 1853 (in reaction to the Taiping rebellion), [34] the Ryukyuan 100 mon [35] [36] and half Shu cash coins, [37] [38] [39] and the ...