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5000 South Korea Won

The South Korean won, officially the Korean Republic won (Symbol: ₩; Code: KRW; Korean: 대한민국 원) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and it appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul.

The old “won” was a cognate of the Chinese yuan and Japanese yen, which were both derived from the Spanish-American silver dollar. 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; RR: jeon; MR: chŏn), itself a cognate of the Chinese unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.

First South Korean won (1945–53) – 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.

During the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese Yen.

Second South Korean won – The won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan. It became the sole legal tender on March 22, 1975, with the withdrawal of the last circulating hwan coins. Its ISO 4217 code is KRW.

At the reintroduction of the won in 1962, its value was pegged at 125 won = US$1. The following pegs operated between 1962 and 1980

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