South Korean Won Currency

Introduction

Won is a currency unit serving countries namely, Democratic People's Republic of Korea and the Republic of Korea that are known as North and South Korea. "Won" this word had been originated from "yuan" in Chinese language and "yen" from Japanese language, both of them meaning "round shape".

The currency of the South Korean version is South Korean Won and is the official currency since 1962. South Korean Won is divided into 100 parts and the subunit is known as ‘jeon’, but is not in use any more.

This unit of currency is depicted with "₩" symbol. The South Korean Won currency code is KRW and the numeric code is 410 as per ISO standards.

Current market

South Korea in Asia is the largest economy and ranks 3rd in the continent with highest GDP. The country has shown stunning improvement in the 50 odd years after the Korean War. This war made the country the poorest nations, but the structure of the economy has been changed completely from an agricultural economy to service based oriented economy. The South Korea has proved to be promising as well as futuristic state of affairs.

The economy has matured recently and is the fastest developing nations. The South Korean currency was introduced in 1962 and was pegged to US$. In 1997, the country floated the currency and its value was devalued, but has recovered now.
Structure

The currency in South Korea is coinage for lesser denominations.

The banknotes are in 3 denominations, but the currency coins are in 6 denominations. However, 2 currency coins out them are rarely used. The Bank of Korea regulates the currency flow and ensures price stability, besides issuing banknotes and coins. The Korea Minting and Security Printing Corporation is the mint for paper and coins.

The banknotes are in 3 denominations 1000, 5000 and 10000 won. The notes belong to 1983-2002 series as well as 2006-07 series in circulation. The latter series is smaller in size and has improved security features and this was issued owing to the hype in the counterfeited notes numbers.

They have images and face value.