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It is derived from the hanja 圓 (원, won), meaning "round", which describes the shape of the silver dollar. The won was subdivided into 100 jeon (Korean: 전; Hanja: 錢; MR: chŏn), itself a cognate of the East Asian unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does ...
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.
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 ...
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
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In 1987, 1 won coins featuring the Grand People's Study House were introduced, but did not fully replace the 1 won note which remained legal tender. When the historic 2.16 peg to the dollar was abandoned in 2001 to allow for greater convertibility the coins began to lose value. After 2003, these coins were rarely seen in circulation but were ...
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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]