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In 2006, it became a major concern that the South Korean won banknotes were being counterfeited. This led the government to issue a new series of banknotes, with the 5,000 won note being the first one to be redesigned. Later in 2007, the 1,000 and 10,000 won notes were introduced. On June 23, 2009, the Bank of Korea released the 50,000 won note.
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.
Ojukheon in Gangneung, Gangwon Province, South Korea, is where the most prominent Korean Confucian scholar of the Joseon Dynasty Yi I (whose image is on the South Korean 5,000 won note) and his mother Shin Saimdang (whose image is on the 50,000 won note) were born. The background of the South Korean 5,000 won note is Ojukheon. [1]
The Korean People's won, more commonly known as the North Korean won (Symbol: ₩; Code: KPW; Korean: 조선 원) and sometimes known as the Democratic People's Republic of Korea won (Korean: 조선민주주의인민공화국 원), is the official currency of North Korea. It is subdivided into 100 chon.
Once upon a time, though, $500, $1,000, $5,000, $10,000 and $100,000 bills were in circulation. After the last printing of those denominations in 1945, the Treasury Department and the Federal ...
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.
The 300-member parliament voted 183-94 to pass a 673.3 trillion won ($470.60 billion) budget for 2025, which was cut by the Democratic Party from the government's proposed 677.4 trillion won ...
Unlike other bills, the illustrations on the back of this bill were illustrated vertically. On May 5, The Bank of Korea announced that they selected Shin Saimdang as the main character of 50,000 won because she is "a representative female artist in the middle of the Joseon period" and "a person who has accomplished a remarkable achievement in ...