#CURRENCY CONVERTER USD TO KOREAN WON SERIES#

#CURRENCY CONVERTER USD TO KOREAN WON SERIES#

The Bank of Korea designates banknote and coin series in a unique way. In 1998, the production costs per coin were: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets. The 1 and 5 won coins are rarely in circulation since 1992, and prices of consumer goods are rounded to the nearest 10 won. The new coin was issued on December 18, 2006. Its visual design is the same as the old coin. The new coin is made of copper-coated aluminium with a reduced diameter of 18 mm, and a weight of 1.22 g. With the increasing cost of production, then at 38 won per 10 won coin, and rumors that some people had been melting the coins to make jewelry, the redesign was needed to make the coin more cost-effective to produce. The Bank of Korea announced in early 2006 its intention to redesign the 10 won coin by the end of that year. In January 1983, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 won coins was issued, using the same layout as the 500 won coins, but conserving the coins' old themes. In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982. For table standards, see the coin specification table. These images are to scale at 2.5 pixels per millimetre. Value (digit), bank title (hangul), year of minting Rose of Sharon, value, bank title (hangul)ĭabotap Pagoda, value, bank title (hangul) Value (digit), bank title, year of minting Rose of Sharon, value, bank title ( hangul)

Cupronickel 100 won coins were also introduced that year, followed by cupronickel 50 won coins in 1972. As an attempt to further reduce currency production costs, new 5 and 10 won coins were issued in 1970, struck in brass. In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. The 10- and 50-hwan coins were demonetized on March 22, 1975. These were the first South Korean coins to display the date in the common era, earlier coins having used the Korean calendar.

New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966, in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. Until 1966, 10- and 50-hwan coins, revalued as 1 and 5 won, were the only coins in circulation. Shortly after, the won was devalued to almost half of its value, as part of the 1997 Asian financial crisis.

The won was finally allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund. On February 27, 1980, efforts were initiated to lead to a floating exchange rate. At the reintroduction of the won in 1962, its value was pegged at 125 won = US$1. It became the sole legal tender on March 22, 1975, with the withdrawal of the last circulating hwan coins.

The won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan. The 500 won notes were introduced in 1952. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. These were followed in 1949 by 5 and 1,000 won notes.Ī new central bank, the Bank of Korea, was established on 12 June 1950, and assumed the duties of Bank of Joseon. In 1946, the Bank of Joseon introduced 10 and 100 won notes. The first South Korean won was replaced by the hwan on Februat a rate of 1 hwan = 100 won. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The South Korean won initially had a fixed exchange rate to the U.S. The first South Korean won was subdivided into 100 jeon. Both the Southern won and the Northern won replaced the yen at par. The Korean won, Chinese yuan and Japanese yen were all derived from the Spanish-American silver dollar, a coin widely used for international trade between Asia and the Americas from the 16th to 19th centuries.ĭuring the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese Yen.Īfter World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called won, for the South and the North. Main article: South Korean won (1945–53) History

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