Korean won

This page provides the history of the currency prior to 1945. For the later South and North Korean currencies, see South Korean won and North Korean won. For the former online gaming service, see World Opponent Network.

The won (圓) was the currency of Korea between 1902 and 1910. It was subdivided into 100 chon (錢).

Etymology

Won is a cognate of the Chinese yuan and Japanese yen.

History

The won was introduced in 1902, replacing the yang at a rate of 1 won = 5 yang. In 1909, the Bank of Korea (韓國銀行) was founded in Seoul as a central bank and began issuing currency of a modern type. The won was equivalent to the Japanese yen and was replaced by the Japanese currency and the Korean yen in 1910 when Korea lost its sovereignty to Japan. In 1910, the Bank of Korea was renamed the Bank of Joseon (朝鮮銀行), which issued notes denominated in yen and sen.

Coins

Coins were minted in the denominations of ½, 1, 5, 10 and 20 chon, ½, 5, 10 and 20 won. The coins all carried the title of the "state", Daehan (대한; 大韓), and the Korean era name, Gwangmu (광무; 光武) and then Yunghui (융희;隆熙), whilst the specifications were equivalent to the coins of the Japanese yen.

Banknotes

No banknotes were issued denominated in won. However, Korean yen notes were issued by Dai Ichi Ginko (First National Bank (of Japan), 株式會社第一銀行).

See also

• Names of Korea
• Economy of South Korea
• Economy of North Korea

References