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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]
Therefore, 1,000 won issued in 1983 is series II (나) because it is the second design of all 1,000 won designs since the introduction of the South Korean won in 1962. In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea.
3 Recipients. 4 See also. 5 References. 6 External links. ... As of 2013, the cost to produce it was approximately 20 million won, or $19,000 USD. [3] Controversies
However, the won plummeted 96 percent against the U.S. dollar in the ensuing days after revaluation. [21] Authorities eventually raised the limit to 500,000 won, Chosun reported, and promised no probes into savings of up to one million won, and unlimited withdrawals if savings of more than one million were properly accounted for.
At the time of the 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 devaluated at 6,000 won = 1 dollar. Following that the hwan was introduced as the ...
The names of the Korean and Japanese currency units, won and yen respectively, are cognates of Mandarin yuán, also meaning "round" in the Korean and Japanese languages. The Japanese yen ( en ) was originally also written with the kanji (Chinese) character 圓 , which was simplified to 円 with the promulgation of the Tōyō kanji in 1946.
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 United States dollar (symbol: $; currency code: USD; also abbreviated US$ to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries.