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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:
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 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]
Bank of Korea issued notes (in Korean) Image Value Dimensions Main Color Description Date of Printer Obverse Reverse Obverse Reverse issue withdrawal 100 won 158 × 78 mm brown Gwanghwamun: Value July 22, 1950 February 17, 1953 National Printing Bureau (Japan) 500 won 145 × 61 mm blue Syngman Rhee: Pagoda Gongweon in Seoul October 10, 1952 ...
The new Dangojeon coin, which was first circulated by the Korean government between the years 1883 and 1884, was partially to blame for a major increase in the inflation as its nominal value was 5 times that of an average yeopjeon, while in reality its true purchasing power was only twice as much due to the fact that the market accepted the ...
The main job of KOMSCO is printing and minting the South Korean currency. Currently the 1000, 5000, 10,000, 50,000 KRW banknotes and the 1, 5, 10, 50, 100, 500 KRW coins are minted and printed by the currency plant of KOMSCO. Also, they produce all South Korean cheques, stamps, and passports.