The South Korean won
The South Korean won is the currency in circulation in South Korea since 1945, although it would later be replaced, temporarily, by the Hwan. It is divided into 100 dollars, the amount of which there is no currency. The plural of "won" is "wones".
To talk about the origins of the South Korean won we must go back to the end of World War II. In 1945 Korea was divided into North and South. Each of these territories would have a different currency, although, in both cases, it would be called won and would replace the existing yen.
The South Korean won was initially set against the US dollar at a 15 won equals $1 rate. After this, the currency would suffer a series of devaluations, in part, by the Korean War.
The first South Korean won was replaced by the hwan on February 15, 1953 at a rate of 1 hwan equal to 100 won.
At that time, it was the Bank of Joseon that minted the coins and issued the notes and it was not until 1950 when the Bank of Korea was created. And with it, new banknote denominations were introduced. A year later a new series of bills denominated in won was introduced, although they were the first emissions of the hwan.
On June 9, 1962, the won was reintroduced with an exchange rate for which 10 hwan equaled 1 KRW and on March 22, 1975 it would become the only legal currency in South Korea. At the time of its introduction, 125 won equaled 1 US dollar.
On December 24, 1997 an agreement was signed with the International Monetary Fund to allow the free fluctuation of the won in the market. Shortly thereafter it was devalued to almost half its value as many other Asian currencies, due to the Asian financial crisis.
The Bank of Korea, headquartered in Seoul, is responsible for coining the coins and issuing the banknotes.
|Global Exchange||Your high-street bank|
|Variety of currencies||We have more than 60 currencies. We are specialists.||Only major currencies. Travel money is just a secondary business for banks.|
|Availability of currencies||Immediate availability of currencies in our branches. Click and collect.||If they can actually get your exotic currency, prepare for a couple of visits to your bank before you can have the money on your hands.|
|Expenses||We only charge the exchange rate, without commissions. If you book online you have the best price.||The bank sets its own margin plus a commission.|
|Different denominations available||At Global Exchange, you’ll get a variety of banknotes with different denominations, adapted to all your payment needs.||No. Prepare for refusals and complaints in foreign languages when paying with «big» banknotes abroad.|
|Delivery options||Order online to benefit from a price reduction and collect at the airport.||You will have to visit your bank twice: once to order your currency and wait for it to come. The second visit to collect it. |