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What are Korean coins called?
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”.
How many Korean coins are there?
As of 2020, there are only four South Korean won coin denominations being minted – ₩10, ₩50, ₩100, and ₩500. The initial 1962 series of won banknotes came in values that overlapped the coin denominations up to ₩100, only adding a single higher denomination banknote of ₩500.
Are Korean coins made of silver?
The silver coloured 500 won coin from South Korea is made from copper-nickel.
What are Korean coins made of?
| Korean Won Coins | ||
|---|---|---|
| Denomination | Composition | Diameter (in millimeters) |
| ½ jeon (半錢) | 95% copper, 4% tin, 1% zinc | 21.9 (1906) 19.1 (1907–1910) |
| 1 jeon (一錢) | 98% copper, 1% tin, 1% zinc | 28 (1905–1906) 22.5 (1907–1910) |
| 5 jeon (五錢) | Cupronickel (75% copper and 25% nickel) | 20.8 |
Why is South Korean money so high?
Since the latter half of the 20th century, the South Korean won has performed well due to the stability and growth of the South Korean economy. South Korea is a developed, high-income country and is a member of the OECD.
What color is Korean money?
The South Korean won coins consist of six types: ₩1, ₩5, ₩10, ₩50, ₩100, ₩500. Similar to the US coins, all the coins share a silver color while the smallest valued coin is a copper color.
What is the highest currency in Korea?
…
| South Korean won | |
|---|---|
| Symbol | ₩ |
| Banknotes | |
| Freq. used | ₩1,000, ₩5,000, ₩10,000, |
| Rarely used | ₩2,000, ₩50,000 (For small trades) |
Which currency has the highest value?
The Kuwaiti dinar (KWD) is often the most valuable foreign currency and it does not rely on a peg. It floats freely. Substantial oil production has helped to augment Kuwait’s wealth and support the value of the Kuwaiti dinar.
How do I get North Korean coins?
How to get North Korean money? North Korean money can be obtained two ways. In Pyongyang you may visit the Kwangbok Department Store where you can exchange your foreign currency into new North Korean won currency and purchase items within the store. It is not possible to use this currency outside of the store.
What was old Korean currency?
The mun (Hanja: 文) was introduced as the main currency of Korea in 1625 and stayed in use until 1892. Prior to the mun, cash coins with the inscriptions tongbo (通寶) and jungbo (重寶) and silver vases called ŭnbyŏng were used as currency in the Goryeo Dynasty (918–1392), as well as imported Chinese currency.
Is there a 1 won coin?
They are currently still in circulation. The aluminium coin of 1 won from South Korea weighs less than a gram. It features the Rose of Sharon, the Republic of Korea’s national flower. One won coins are hardly found in circulation in Korea because of their low value.
How much is a 100 won coin worth in US dollars?
How much is ₩100.00 – the one hundred 🇰🇷 won is equal to $0.0765 (USD) or 💵 Zero dollars 8 cents as of 17:00PM UTC. We utilize mid-market currency rates to convert KRW to USD currency pair. The current exchange rate is 0.000765.
How can I understand Korean money?
There are four different Korean won bills issued by the Bank of Korea and used in South Korea. They are 50,000 won, 10,000 won, 5,000 won, and 1,000 won. The bills get larger as they go up. The 5,000 won bill is slightly larger than the 1,000 won bill, and the 10,000 won bill is somewhat larger than the 5,000 won bill.
Who is on the Korean 100 won coin?
The 100 South Korean won commemorative coin front design features the portrait of the portrait of Yi Hwang (1501–1570), who was a Korean philosopher and writer and regarded as one of the two most prominent Korean Confucian scholars of the Joseon Dynasty, and the denomination.
Which country has the highest currency?
Kuwaiti Dinar has been the highest currency in the world for a while now because of the oil-rich country’s economic stability. The economy of Kuwait is heavily dependent on oil exports as it has one of the largest global reserves.
How much is a Nyang?
…
Korean yang.
| An unissued 10 yang banknote. | |
| Korean name | |
|---|---|
| Hangul | 양 or 냥 |
| Hanja | 兩 |
| Revised Romanization | yang or nyang |
Which country has 500 coin?
| South Korea | |
| Value | 500 South Korean won |
| Mass | 7.70 g |
| Diameter | 26.5 mm |
| Obverse |
|---|
What is a Japanese Dollar called?
Is Korean currency higher than Indian?
100 Indian rupees is equivalent to 1592.50 vans in South Korean currency. The Indian rupee is valued at 10.94 against the Chilean currency, 2.72 against the Sri Lankan currency, 2.29 against the Pakistani currency, and 1.60 against the Nepalese currency.
Global Exchange Brazil
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”.
Origins and history of the South Korean won
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.
Banknotes and coins of the Philippine peso in use
The Bank of Korea, headquartered in Seoul, is responsible for coining the coins and issuing the banknotes.
Currently, 1, 5, 10, 50, 100 and 500 won coins and 1,000, 5,000, 10,000 and 50,000 won bills are in circulation.
South Korean Won (KRW)
South Korean Won (KRW) The currency of the nation of South Korea Written by CFI Team Updated February 12, 2022
What is the South Korean Won (KRW)?
The South Korean Won is the currency of the Republic of Korea – more commonly known as South Korea. The won is a decimalized currency, divided into 100 jeon. The jeon is no longer used for ordinary, everyday transactions. For practical purposes, the lowest denomination of South Korean currency in use is 1 won.
The symbol for the South Korean won is ₩. Thus, an amount of 5000 won is expressed as ₩5000. The foreign exchange market designation for the won is KRW (an acronym for Korean Republic Won). As of late 2020, the USD/KRW exchange rate is 1107.12 – approximately 1100 KRW = 1 USD. Although high, the exchange rate has been remarkably stable for the past decade, primarily fluctuating between 1100 and 1200.
The Republic of Korea’s central bank is the Bank of Korea. It authorizes and oversees the minting and printing of South Korean currency by the Korea Minting and Security Printing Corporation, a government entity that also does the printing of important government documents.
Both North Korea and South Korea refer to their currency as the won, and both use the same symbol – ₩, so it is important to clearly indicate which won you are talking about when discussing the currency. The foreign exchange designations are different – the North Korean won is designated as KPW.
Summary The South Korean won is the currency of the nation of South Korea.
Both North Korea and South Korea use a won currency with the symbol ₩; however, the two currencies are distinctly different in appearance.
With electronic payments on the rise and cash transactions in decline, South Korea’s central bank is considering phasing out coin production altogether.
History of South Korea and the Won
The won’s existed as currency in Korea in some form for centuries, although other currencies, such as the Mun and the Yang, also served as the country’s legal tender at various times. The modern version of the won dates back to 1902, when it was simply the Korean won since, at that time, the divisions of North Korea and South Korea did not exist.
From 1910 to 1945, Korea was under Japan’s control, and the won was replaced with the Korean yen, tied to the Japanese yen. At the end of the Second World War, following Japan’s surrender, the United States and the Soviet Union occupied the southern and northern parts of Korea, respectively. The entities of North Korea and South Korea were created in 1948, and a new South Korean won currency was issued in 1949.
The South Korean won was initially pegged to the US dollar at an exchange rate of 15 KRW = 1 USD. Unfortunately, the Korean War, which began in 1950, led to a succession of severe devaluations of the won, and by April 1951, the exchange rate with the US dollar was as high as 6000 KRW.
Between 1953 and 1962, the won was replaced with the hwan, but the won returned in 1962. As before, the won was pegged to the US dollar, this time with an initial exchange of 125:1. The peg rate was again adjusted several times upward during the ensuing years. Finally, in 1997, the Bank of Korea dropped the peg to the US dollar, allowing the South Korean won to float freely in the foreign exchange market.
With the increasing use of electronic payments in the country, the Bank of Korea is considering totally doing away with the production of won coins. However, the central bank has not taken official action in that regard as of 2020.
South Korean Won Coins and Banknotes
With the reintroduction of the won as South Korea’s currency in 1962, the Bank of Korea initially issued coins in denominations ranging from ₩1 to ₩100. However, over the years, inflation led to the ₩1 and ₩5 coins being withdrawn from circulation in 1992. Retailers adjusted prices to minimum price changes of 10 won. Additionally, new coins with a value of 500 won were introduced. As of 2020, there are only four South Korean won coin denominations being minted – ₩10, ₩50, ₩100, and ₩500.
The initial 1962 series of won banknotes came in values that overlapped the coin denominations up to ₩100, only adding a single higher denomination banknote of ₩500. Inflation eventually led to the creation of higher denomination banknotes in the early to mid-1970s – ₩1000, ₩5000, and ₩10,000.
To combat counterfeiting, various security features, such as color-shifting ink and microprint, were added to South Korean banknotes in the 1990s and into the 21st century. Further counterfeiting problems spurred the Bank of Korea to issue a new series of banknotes starting in 2006, with each denomination carrying up to 22 separate security features.
The current series of banknotes is printed in the following denominations: ₩1000, ₩2000, ₩5000, ₩10,000, and ₩50,000. The ₩500 banknote from the previous series was replaced with a ₩500 coin.
Related Resources
Thank you for reading CFI’s guide on South Korean Won (KRW). To keep advancing your career, the additional resources below will be useful:
Korean won
Official currency of the Korean Empire from 1902–1910
“Chŏn” redirects here. For other uses, see chon (disambiguation)
The Korean won ( ;[1] Korean: 원 (圓), Korean pronunciation: [wʌn]) or Korean Empire won (Korean: 대한제국 원), was the official currency of the Korean Empire between 1902 and 1910. It was subdivided into 100 jeon ( ;[2] Korean: 전 (錢), Korean pronunciation: [tɕʌn]).
Korean won Hunminjeongeum 원, 전 Hanja 圓, 錢 Revised Romanization won, jeon McCune–Reischauer wŏn, chŏn
Etymology [ edit ]
Won is 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.
History [ edit ]
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.
On May 22, 1901 the Korean Empire adopted the gold standard in response to many other countries doing the same.[3] The won was introduced in 1902, replacing the yang at a rate of 1 won = 10 yang. Units: 1 won = 100 jeon (錢), 1 jeon = 5 bun (分, “fun” ec. yesteryear spellings) of the preceding currency. Gold coins were produced in the denominations of 5, 10, and 20 won. All of these coins had a composition of 90% gold and 10% copper.[3] Another notable feature of these coins is that they, unlike the earlier yang coinage, contained no English inscriptions as they only contained Chinese and Hangul legends.[3]
As a part of the Russian influence in Korea at the time the Koreans introduced a small number of “Russified” coins between the years 1901 and 1902, but these coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.[4]
The disagreements between the Japanese and Russian Empires led to the Russo-Japanese War when Japan attacked Port Arthur in Russian Dalian and Incheon in Korea, the war ended in a Japanese victory, Japan occupied the Kwantung Leased Territory and the Korean peninsula.[4] The Japanese immediately took control over Korean financial matters. On October 16, 1904 the Koreans accepted Baron Megata Tanetarō from the Japanese Ministry of Finance as financial adviser to their government,[5][6][4] Megata was assigned to assume complete jurisdiction over Korea’s finances.[7] When Megata arrived in Korea, he told Sir John Newell Jordan, who was the British Minister-Resident in Korea at the time, that the Japanese protectorate over Korea was being modeled on British rule in Egypt.[8] One of the first recommendations by Baron Megata was to close all Korean Mints and commence a reform of the Korean currency. One of the primary policy he proposed was removing the cupronickel coins from circulation.[4]
After the Japanese had pressured the Korean Mint Bureau, which had been striking coins for 20 years, to close in November of the year 1904,[3] all gold coins of the won were produced at the Japan Mint in Osaka (日本大阪造幣局).[3] In 1905 the Japan Mint began to produce the Korean won’s new coinage, this entirely new series was modeled almost exactly on the patterns of contemporary Japanese coins and even used the same planchets.[4]
As the coins of the Korean won were being struck on the same planchets as the Japanese yen, when the Japanese would reduce the weight of the minor coinages of the yen in 1906, the weights and sizes of Korean coins were also reduced in 1907.[4] This was also because the Japanese and Korean coins were circulating as equivalents to each other in exchange at the time.[4]
In the year 1907 the imperial Korean government had designated the Japanese Dai-Ichi Bank to carry out the monetary reforms that were suggested by the Japanese adviser to Korea Baron Megata Tanetarō.[4] The Dai-Ichi Bank attempted to withdraw the cupronickel coinage, recall the yeopjeon, and help circulate the newly introduced coinage that was minted in Osaka. During this era Korean cash coins were still largely circulating in the regions of southern and north-eastern Korea.[4] The task of withdrawing the cupronickel coinage from circulation proved to not be an easy one because of the substantial number of counterfeit cupronickel coins that were circulating in Korea at the time, these counterfeit coins were redeemed by the Dai-Ichi Bank at reduced rates from the “official” cupronickel coins; during the exchange process, it was assumed by everybody that theirs cupronickel were “official” cupronickel coins and demanded the maximum exchange rate.[4] The withdrawal of copper-alloy Korean cash coins was made easier due to a global rise in the price of copper, during this era thousands of pounds of copper-alloy Korean cash coins were exported at a profit.[4]
In the year 1908, Korea was hit by a panic when the value of nickel dropped significantly, this led to the Korean public quickly exchanging their cupronickel at the banks.[9] A staggering amount of 266.480,000 of cupronickel coins were exchanged during this panic.[9] This panic would lead to the demonetisation of the Korean cupronickel coinage in November 1908.[9] In the year 1909 there were supposedly 4,000,000 of 5 jeon nickel coins that were struck at the Japan Mint, however, most were melted down due to their demonetised status.[9] Copper coins during this period were not affected by the panic exchange. Older coins collected by the banks from July 1905 to October 1907 resulted to be more than 375 tonnes. If it assumed that only cupronickel 5 fun coins of 7 grams were collected by the banks, more than 53,000,000 would have been collected from general circulation.[9]
After 1908, circulation of the old cupronickel coins was outlawed by the imperial Korean government, while the cast copper-alloy cash coins remained to be legal tender in Korea at a value of 0.2 jeon, which meant that they had a nominal value of 1⁄500 won.[4]
Prince Hirobumi Ito pointed out to the Korean government the anomalous situation of having a foreign (Japanese) commercial bank be the central bank of their government and recommended that the Koreans would create their own central bank in the same way that others nations have one,[4] in 1909, the Bank of Korea (한국은행; 韓國銀行) was founded in Seoul as a central bank and began issuing currency of a modern type.[4] And on 10 November 1909 many of the functions of the Dai-Ichi Bank were passed onto the newly established Bank of Korea.[4]
The Bank of Korea assumed responsibility for the banknotes issued by the Dai-Ichi Bank that were still in circulation (which totalled 12,000,000 yen), the Dai-Ichi Bank would further transfer to the Bank of Korea the 4,000,000 yen in specie reserves which backed its banknotes. The balance was converted by the Bank of Korea to an interest-free 20-year loan to the Dai-Ichi Bank.[4]
In the year 1910 the Japanese had formally annexed Korea, this meant that Korea’s native currency system would become an arm of the Japanese currency system.[4] As a part of the reforms of Korea during the colonial period Korean coinage was suspended;[4] Japanese coinage was then introduced to the peninsula to replace it, although the Japanese created no “crash” program of recall,[4] nine years later in 1919 as much as 25% of all Korean won coins remained in circulation as only 75% of the Korean coinage had been withdrawn by the Japanese.[4]
The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910 during the Colonial Era. In 1910, the Bank of Korea was renamed the Bank of Joseon (Korean: 조선은행; 朝鮮銀行), which issued notes denominated in yen and sen.
Coins [ edit ]
Korea 1907 20 gold Won
Korea 1905 ½ Won silver coin
Coins were minted in the denominations of ½, 1, 5, 10 and 20 jeon, ½, 5, 10 and 20 won.[3] The coins all carried the title of the “state”, Daehan (대한; 大韓),[3] 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.[3]
In 1906 Korea’s first gold coinage was created, in denominations of 5 won, 10 won, and 20 won.[4] These coins were also of identical weight and fineness to their Japanese counterparts, but used a dragon which was similar to the previous generation of Japanese yen gold coins in their designs.[4]
The dragon symbol was replaced by the phoenix on the ½ jeon, 1 jeon, and 5 jeon coins when these coins started being produced by the Japan Mint.[3]
List of coins of the Korean won:[3]
Korean Won Coins Obverse Reverse Denomination Composition Diameter
(in millimeters) Weight
(in grams) Thickness
(in millimeters) Years of production ½ jeon
(半錢)[10] 95% copper,
4% tin,
1% zinc 21.9
(1906)
19.1
(1907–1910) 3.4
(1906)
2.1
(1907–1910) 1.5
(1906)
1
(1907–1910) 1906–1910 1 jeon
(一錢) 98% copper,
1% tin,
1% zinc 28
(1905–1906)
22.5
(1907–1910) 7.1
(1905–1906)
4.1
(1907–1910) 1.5
(1905–1906)
1
(1907–1910) 1905–1910 5 jeon
(五錢) Cupronickel
(75% copper and 25% nickel) 20.8 4 2 1905, 1907, and 1909 10 jeon
(十錢)[11][12][13] 800‰ silver,
200‰ copper 17.6 2.5,
2.25
(1907 only) 1.5 1906–1910 20 jeon
(二十錢)[14][15][16] 22.8
(1905–1906)
20.3
(1907–1910) 5.4
(1905–1906)
4
(1907–1910) 1.5 1905–1910 ½ won
(半圜)[17][18][19] 31
(1905–1906)
27.5
(1907–1908) 13.5
(1905–1906)
10.13
(1907–1908) 2 1905–1908 5 won
(五圜)[20] 900‰ gold,
100‰ copper 17 4.1666 1 1908–1909 10 won
(十圜)[21][22] 21.2 8.3 1.5 1906 and 1909 20 won
(二十圜)[23][24] 28.8 16.667 2 1906, 1908, and 1909
Rare coins [ edit ]
There is some question as to whether or not any ½ jeon coins were minted in the year Gwangmu 11.[3]
The ½ jeon coins minted in the years 1907 (隆熙元年) and 1910 (隆熙四年) are known to be very scarce.[3]
In September 2011 a 5 jeon coin from 1909 was at auction for $138,000.[3]
The 5 won gold coins are dated to have been produced in the years 1908 (隆熙二年) and 1909 (隆熙三年).[3] Only two known pieces of the 1909 version of the 5 won are known to be extent, one of these pieces was sold at an auction for $460,000 in September 2011.[3]
The 10 won gold coins are dated to have been produced in the years 1906 (光武十年) and 1909 (隆熙三年).[3] Only two known pieces of the 1909 version of the coin are known to be extent with one specimen of this series being sold at an auction for $299,000 in September 2011.[3]
The 20 won gold coins are dated to have been produced in the years 1906 (光武十年), 1908 (隆熙二年), and 1909 (隆熙三年).[3] Only two specimens of the 1909 coin are known to be extent with one specimen of this series being sold at an auction for $632,500 in September 2011.[3]
Banknotes [ edit ]
A banknote of 1 yen “in gold or Nippon Ginko notes” issued by the Bank of Korea in the year 1909.
No banknotes were issued denominated in won. However, Korean yen notes were issued by Dai-Ichi Ginko (First National Bank (of Japan), 주식회사제일은행, 株式會社第一銀行). The Dai-Ichi Bank’s role as treasury bank for the imperial Korean government, its responsibility for recalling the old cupronickel and Korean cash coinage, and the fact that this bank issued the only banknotes that ever gained universal acceptance in Korea at the time emphasised the fact that the Dai-Ichi Bank held a status of being the de facto “Central Bank of Korea” until the founding of the Bank of Korea.[4]
Both local banks and quasi-governmental firms had tried to establish a paper money system in Korea during this era, but none of their issues seemed to have been readily accepted by the public.[4] The Dai-Ichi Bank had petitioned the imperial Japanese government to be granted permission to issue banknotes in Korea, to augment the demonetised Japanese yen coins that it was importing, this was because in the year 1885 the imperial government had monopolised the issuing of banknotes and prohibited banks from doing this in Japan.[4]
After the imperial Japanese government has granted this permission, the Dai-Ichi Bank released banknotes in the year 1902 that were printed by the Japanese Finance Ministry Printing Bureau.[4] In Southern Korea they were well received in the trade port cities, but faced rejection in the Russian influenced cities of Seoul and Incheon. This was because of the ongoing rivalry between Japan and Russia. In the year 1902 the Russians successfully petitioned the Korean government to ban all banknotes issued by the Dai-Ichi Bank, but this ban only lasted for a few months.[4]
The Dai-Ichi Bank had enough fiscal and economic strength to redeem every banknote that was presented to them when they were banned from circulating, later the Dai-Ichi Bank was able to withstand yet another run on its banknotes, this meant that public confidence in the issues of the Dai-Ichi Bank grew in Korea which helped the bank succeed.[4]
In the year 1905 the Dai-Ichi Bank had been designated the “treasury bank” for the Korean government, which meant that it served as the Korean government’s agent for depositories and disbursing finances.[4]
The Dai-Ichi Bank would issue fractional denomination banknotes (banknotes with denominations smaller than 1 yen) for the Imperial Japanese Army soldiers that were operating in northern Korea and Manchuria.[4] Since these banknotes were printed by the Japanese Ministry of Finance, they were almost identical to the banknotes issued by the imperial Japanese government themselves for these same soldiers.[4] The fractional banknotes issued by the Dai-Ichi Bank were seen as being very convenient, and were soon circulating all over the Korean peninsula.[4]
Following the establishment of the Bank of Korea, it would immediately begin to issue its own banknotes, these new banknotes were redeemable “in gold or Nippon Ginko notes.”[4] Most of the reserves held by the Bank of Korea at the time were banknotes issued by the Bank of Japan and commercial paper.[4]
Korean “Eagle” coins [ edit ]
Following the Japanese victory during the First Sino-Japanese War, the Qing dynasty’s influence over the Korean peninsula was replaced by that of the Japanese Empire.[3] Furthermore China’s weakened position during this era allowed for the interests of the Russian Empire in the Far East to expand significantly as well.[3] The Russian Empire sent Mr. Alexiev as the financial advisor to Korea. On March 1, 1898 the first branch of the Russo-Korean Bank in Asia was established.[3] In the year 1901, Alexiev authorised the minting of a new set of three coins, these were Korean “Eagle” coins were issued by the Russo-Korean Bank.[3]
These coins are known as the Korean “Eagle” coins because the fact that instead of having a Korean dragon or Korean phoenix in their design they have an crowned eagle based on the coat of arms of Russia.[3] All of the Korean “Eagle” coins were minted at the Yongsan Mint (龍山典局).[3] These coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.[4]
The Russo-Korean bank also created a set of experimental coins (or “trial coins”) that were produced but never saw any circulation. This unissued coin series included a copper 10 won (十圜), a copper 20 won (二十圜), and a silver “half dollar” (半圜, “half won”).[3] While all of these unissued Korean “Eagle” coins were reportedly minted in the year 1901, the coins display various other dates such as 1899, 1901, 1902, or 1903.[3]
Following the Japanese victory during the Russo-Japanese War and Korea becoming a Japanese protectorate under the Eulsa Treaty, the Japanese would confiscate and destroy almost all Korean “Eagle” coins.[3] Because of this, surviving Korean “Eagle” coins are extremely rare.[3]
List of issued Korean “Eagle” coins:[3]
Korean “Eagle” Coins Issued by the Russo-Korean Bank Obverse Reverse Denomination Composition Diameter
(in millimeters) Weight
(in grams) Thickness
(in millimeters) Years of production 1 jeon
(一錢)[25] 98% copper,
1% tin,
1% zinc 28 8 1902
(光武六年) 5 jeon
(五錢)[26] Cupronickel
(75% copper,
25% nickel) 20.5 5.4 1902
(光武六年) ½ won
(半圜)[27] 90% silver,
10% copper 30.9 13.5 2 1901
(光武五年)
List of unissued Korean “Eagle” pattern coins:[3]
Unissued Korean “Eagle” pattern coins created by the Russo-Korean Bank Obverse Reverse Denomination Composition Diameter
(in millimeters) Weight
(in grams) Thickness
(in millimeters) Dates on the coins 10 won
(十圜)[28] Copper 1903
(光武七年) 20 won
(二十圜)[29] Copper 1902
(光武六年)
Rare Korean “Eagle” coins [ edit ]
A specimen of a 1 jeon Korean “Eagle” coin dated 1902 (光武六年) sold at an auction for $149,500 in September 2011.[3]
A specimen of a 20 won Korean “Eagle” coin dated 1902 (光武六年) sold at the same auction as the coin above for $115,000 in September 2011.[3]
See also [ edit ]
References [ edit ]
Korean won
Official currency of the Korean Empire from 1902–1910
“Chŏn” redirects here. For other uses, see chon (disambiguation)
The Korean won ( ;[1] Korean: 원 (圓), Korean pronunciation: [wʌn]) or Korean Empire won (Korean: 대한제국 원), was the official currency of the Korean Empire between 1902 and 1910. It was subdivided into 100 jeon ( ;[2] Korean: 전 (錢), Korean pronunciation: [tɕʌn]).
Korean won Hunminjeongeum 원, 전 Hanja 圓, 錢 Revised Romanization won, jeon McCune–Reischauer wŏn, chŏn
Etymology [ edit ]
Won is 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.
History [ edit ]
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.
On May 22, 1901 the Korean Empire adopted the gold standard in response to many other countries doing the same.[3] The won was introduced in 1902, replacing the yang at a rate of 1 won = 10 yang. Units: 1 won = 100 jeon (錢), 1 jeon = 5 bun (分, “fun” ec. yesteryear spellings) of the preceding currency. Gold coins were produced in the denominations of 5, 10, and 20 won. All of these coins had a composition of 90% gold and 10% copper.[3] Another notable feature of these coins is that they, unlike the earlier yang coinage, contained no English inscriptions as they only contained Chinese and Hangul legends.[3]
As a part of the Russian influence in Korea at the time the Koreans introduced a small number of “Russified” coins between the years 1901 and 1902, but these coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.[4]
The disagreements between the Japanese and Russian Empires led to the Russo-Japanese War when Japan attacked Port Arthur in Russian Dalian and Incheon in Korea, the war ended in a Japanese victory, Japan occupied the Kwantung Leased Territory and the Korean peninsula.[4] The Japanese immediately took control over Korean financial matters. On October 16, 1904 the Koreans accepted Baron Megata Tanetarō from the Japanese Ministry of Finance as financial adviser to their government,[5][6][4] Megata was assigned to assume complete jurisdiction over Korea’s finances.[7] When Megata arrived in Korea, he told Sir John Newell Jordan, who was the British Minister-Resident in Korea at the time, that the Japanese protectorate over Korea was being modeled on British rule in Egypt.[8] One of the first recommendations by Baron Megata was to close all Korean Mints and commence a reform of the Korean currency. One of the primary policy he proposed was removing the cupronickel coins from circulation.[4]
After the Japanese had pressured the Korean Mint Bureau, which had been striking coins for 20 years, to close in November of the year 1904,[3] all gold coins of the won were produced at the Japan Mint in Osaka (日本大阪造幣局).[3] In 1905 the Japan Mint began to produce the Korean won’s new coinage, this entirely new series was modeled almost exactly on the patterns of contemporary Japanese coins and even used the same planchets.[4]
As the coins of the Korean won were being struck on the same planchets as the Japanese yen, when the Japanese would reduce the weight of the minor coinages of the yen in 1906, the weights and sizes of Korean coins were also reduced in 1907.[4] This was also because the Japanese and Korean coins were circulating as equivalents to each other in exchange at the time.[4]
In the year 1907 the imperial Korean government had designated the Japanese Dai-Ichi Bank to carry out the monetary reforms that were suggested by the Japanese adviser to Korea Baron Megata Tanetarō.[4] The Dai-Ichi Bank attempted to withdraw the cupronickel coinage, recall the yeopjeon, and help circulate the newly introduced coinage that was minted in Osaka. During this era Korean cash coins were still largely circulating in the regions of southern and north-eastern Korea.[4] The task of withdrawing the cupronickel coinage from circulation proved to not be an easy one because of the substantial number of counterfeit cupronickel coins that were circulating in Korea at the time, these counterfeit coins were redeemed by the Dai-Ichi Bank at reduced rates from the “official” cupronickel coins; during the exchange process, it was assumed by everybody that theirs cupronickel were “official” cupronickel coins and demanded the maximum exchange rate.[4] The withdrawal of copper-alloy Korean cash coins was made easier due to a global rise in the price of copper, during this era thousands of pounds of copper-alloy Korean cash coins were exported at a profit.[4]
In the year 1908, Korea was hit by a panic when the value of nickel dropped significantly, this led to the Korean public quickly exchanging their cupronickel at the banks.[9] A staggering amount of 266.480,000 of cupronickel coins were exchanged during this panic.[9] This panic would lead to the demonetisation of the Korean cupronickel coinage in November 1908.[9] In the year 1909 there were supposedly 4,000,000 of 5 jeon nickel coins that were struck at the Japan Mint, however, most were melted down due to their demonetised status.[9] Copper coins during this period were not affected by the panic exchange. Older coins collected by the banks from July 1905 to October 1907 resulted to be more than 375 tonnes. If it assumed that only cupronickel 5 fun coins of 7 grams were collected by the banks, more than 53,000,000 would have been collected from general circulation.[9]
After 1908, circulation of the old cupronickel coins was outlawed by the imperial Korean government, while the cast copper-alloy cash coins remained to be legal tender in Korea at a value of 0.2 jeon, which meant that they had a nominal value of 1⁄500 won.[4]
Prince Hirobumi Ito pointed out to the Korean government the anomalous situation of having a foreign (Japanese) commercial bank be the central bank of their government and recommended that the Koreans would create their own central bank in the same way that others nations have one,[4] in 1909, the Bank of Korea (한국은행; 韓國銀行) was founded in Seoul as a central bank and began issuing currency of a modern type.[4] And on 10 November 1909 many of the functions of the Dai-Ichi Bank were passed onto the newly established Bank of Korea.[4]
The Bank of Korea assumed responsibility for the banknotes issued by the Dai-Ichi Bank that were still in circulation (which totalled 12,000,000 yen), the Dai-Ichi Bank would further transfer to the Bank of Korea the 4,000,000 yen in specie reserves which backed its banknotes. The balance was converted by the Bank of Korea to an interest-free 20-year loan to the Dai-Ichi Bank.[4]
In the year 1910 the Japanese had formally annexed Korea, this meant that Korea’s native currency system would become an arm of the Japanese currency system.[4] As a part of the reforms of Korea during the colonial period Korean coinage was suspended;[4] Japanese coinage was then introduced to the peninsula to replace it, although the Japanese created no “crash” program of recall,[4] nine years later in 1919 as much as 25% of all Korean won coins remained in circulation as only 75% of the Korean coinage had been withdrawn by the Japanese.[4]
The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910 during the Colonial Era. In 1910, the Bank of Korea was renamed the Bank of Joseon (Korean: 조선은행; 朝鮮銀行), which issued notes denominated in yen and sen.
Coins [ edit ]
Korea 1907 20 gold Won
Korea 1905 ½ Won silver coin
Coins were minted in the denominations of ½, 1, 5, 10 and 20 jeon, ½, 5, 10 and 20 won.[3] The coins all carried the title of the “state”, Daehan (대한; 大韓),[3] 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.[3]
In 1906 Korea’s first gold coinage was created, in denominations of 5 won, 10 won, and 20 won.[4] These coins were also of identical weight and fineness to their Japanese counterparts, but used a dragon which was similar to the previous generation of Japanese yen gold coins in their designs.[4]
The dragon symbol was replaced by the phoenix on the ½ jeon, 1 jeon, and 5 jeon coins when these coins started being produced by the Japan Mint.[3]
List of coins of the Korean won:[3]
Korean Won Coins Obverse Reverse Denomination Composition Diameter
(in millimeters) Weight
(in grams) Thickness
(in millimeters) Years of production ½ jeon
(半錢)[10] 95% copper,
4% tin,
1% zinc 21.9
(1906)
19.1
(1907–1910) 3.4
(1906)
2.1
(1907–1910) 1.5
(1906)
1
(1907–1910) 1906–1910 1 jeon
(一錢) 98% copper,
1% tin,
1% zinc 28
(1905–1906)
22.5
(1907–1910) 7.1
(1905–1906)
4.1
(1907–1910) 1.5
(1905–1906)
1
(1907–1910) 1905–1910 5 jeon
(五錢) Cupronickel
(75% copper and 25% nickel) 20.8 4 2 1905, 1907, and 1909 10 jeon
(十錢)[11][12][13] 800‰ silver,
200‰ copper 17.6 2.5,
2.25
(1907 only) 1.5 1906–1910 20 jeon
(二十錢)[14][15][16] 22.8
(1905–1906)
20.3
(1907–1910) 5.4
(1905–1906)
4
(1907–1910) 1.5 1905–1910 ½ won
(半圜)[17][18][19] 31
(1905–1906)
27.5
(1907–1908) 13.5
(1905–1906)
10.13
(1907–1908) 2 1905–1908 5 won
(五圜)[20] 900‰ gold,
100‰ copper 17 4.1666 1 1908–1909 10 won
(十圜)[21][22] 21.2 8.3 1.5 1906 and 1909 20 won
(二十圜)[23][24] 28.8 16.667 2 1906, 1908, and 1909
Rare coins [ edit ]
There is some question as to whether or not any ½ jeon coins were minted in the year Gwangmu 11.[3]
The ½ jeon coins minted in the years 1907 (隆熙元年) and 1910 (隆熙四年) are known to be very scarce.[3]
In September 2011 a 5 jeon coin from 1909 was at auction for $138,000.[3]
The 5 won gold coins are dated to have been produced in the years 1908 (隆熙二年) and 1909 (隆熙三年).[3] Only two known pieces of the 1909 version of the 5 won are known to be extent, one of these pieces was sold at an auction for $460,000 in September 2011.[3]
The 10 won gold coins are dated to have been produced in the years 1906 (光武十年) and 1909 (隆熙三年).[3] Only two known pieces of the 1909 version of the coin are known to be extent with one specimen of this series being sold at an auction for $299,000 in September 2011.[3]
The 20 won gold coins are dated to have been produced in the years 1906 (光武十年), 1908 (隆熙二年), and 1909 (隆熙三年).[3] Only two specimens of the 1909 coin are known to be extent with one specimen of this series being sold at an auction for $632,500 in September 2011.[3]
Banknotes [ edit ]
A banknote of 1 yen “in gold or Nippon Ginko notes” issued by the Bank of Korea in the year 1909.
No banknotes were issued denominated in won. However, Korean yen notes were issued by Dai-Ichi Ginko (First National Bank (of Japan), 주식회사제일은행, 株式會社第一銀行). The Dai-Ichi Bank’s role as treasury bank for the imperial Korean government, its responsibility for recalling the old cupronickel and Korean cash coinage, and the fact that this bank issued the only banknotes that ever gained universal acceptance in Korea at the time emphasised the fact that the Dai-Ichi Bank held a status of being the de facto “Central Bank of Korea” until the founding of the Bank of Korea.[4]
Both local banks and quasi-governmental firms had tried to establish a paper money system in Korea during this era, but none of their issues seemed to have been readily accepted by the public.[4] The Dai-Ichi Bank had petitioned the imperial Japanese government to be granted permission to issue banknotes in Korea, to augment the demonetised Japanese yen coins that it was importing, this was because in the year 1885 the imperial government had monopolised the issuing of banknotes and prohibited banks from doing this in Japan.[4]
After the imperial Japanese government has granted this permission, the Dai-Ichi Bank released banknotes in the year 1902 that were printed by the Japanese Finance Ministry Printing Bureau.[4] In Southern Korea they were well received in the trade port cities, but faced rejection in the Russian influenced cities of Seoul and Incheon. This was because of the ongoing rivalry between Japan and Russia. In the year 1902 the Russians successfully petitioned the Korean government to ban all banknotes issued by the Dai-Ichi Bank, but this ban only lasted for a few months.[4]
The Dai-Ichi Bank had enough fiscal and economic strength to redeem every banknote that was presented to them when they were banned from circulating, later the Dai-Ichi Bank was able to withstand yet another run on its banknotes, this meant that public confidence in the issues of the Dai-Ichi Bank grew in Korea which helped the bank succeed.[4]
In the year 1905 the Dai-Ichi Bank had been designated the “treasury bank” for the Korean government, which meant that it served as the Korean government’s agent for depositories and disbursing finances.[4]
The Dai-Ichi Bank would issue fractional denomination banknotes (banknotes with denominations smaller than 1 yen) for the Imperial Japanese Army soldiers that were operating in northern Korea and Manchuria.[4] Since these banknotes were printed by the Japanese Ministry of Finance, they were almost identical to the banknotes issued by the imperial Japanese government themselves for these same soldiers.[4] The fractional banknotes issued by the Dai-Ichi Bank were seen as being very convenient, and were soon circulating all over the Korean peninsula.[4]
Following the establishment of the Bank of Korea, it would immediately begin to issue its own banknotes, these new banknotes were redeemable “in gold or Nippon Ginko notes.”[4] Most of the reserves held by the Bank of Korea at the time were banknotes issued by the Bank of Japan and commercial paper.[4]
Korean “Eagle” coins [ edit ]
Following the Japanese victory during the First Sino-Japanese War, the Qing dynasty’s influence over the Korean peninsula was replaced by that of the Japanese Empire.[3] Furthermore China’s weakened position during this era allowed for the interests of the Russian Empire in the Far East to expand significantly as well.[3] The Russian Empire sent Mr. Alexiev as the financial advisor to Korea. On March 1, 1898 the first branch of the Russo-Korean Bank in Asia was established.[3] In the year 1901, Alexiev authorised the minting of a new set of three coins, these were Korean “Eagle” coins were issued by the Russo-Korean Bank.[3]
These coins are known as the Korean “Eagle” coins because the fact that instead of having a Korean dragon or Korean phoenix in their design they have an crowned eagle based on the coat of arms of Russia.[3] All of the Korean “Eagle” coins were minted at the Yongsan Mint (龍山典局).[3] These coins would prove to be unsuccessful as they were swept away by the flood of cupronickel coins.[4]
The Russo-Korean bank also created a set of experimental coins (or “trial coins”) that were produced but never saw any circulation. This unissued coin series included a copper 10 won (十圜), a copper 20 won (二十圜), and a silver “half dollar” (半圜, “half won”).[3] While all of these unissued Korean “Eagle” coins were reportedly minted in the year 1901, the coins display various other dates such as 1899, 1901, 1902, or 1903.[3]
Following the Japanese victory during the Russo-Japanese War and Korea becoming a Japanese protectorate under the Eulsa Treaty, the Japanese would confiscate and destroy almost all Korean “Eagle” coins.[3] Because of this, surviving Korean “Eagle” coins are extremely rare.[3]
List of issued Korean “Eagle” coins:[3]
Korean “Eagle” Coins Issued by the Russo-Korean Bank Obverse Reverse Denomination Composition Diameter
(in millimeters) Weight
(in grams) Thickness
(in millimeters) Years of production 1 jeon
(一錢)[25] 98% copper,
1% tin,
1% zinc 28 8 1902
(光武六年) 5 jeon
(五錢)[26] Cupronickel
(75% copper,
25% nickel) 20.5 5.4 1902
(光武六年) ½ won
(半圜)[27] 90% silver,
10% copper 30.9 13.5 2 1901
(光武五年)
List of unissued Korean “Eagle” pattern coins:[3]
Unissued Korean “Eagle” pattern coins created by the Russo-Korean Bank Obverse Reverse Denomination Composition Diameter
(in millimeters) Weight
(in grams) Thickness
(in millimeters) Dates on the coins 10 won
(十圜)[28] Copper 1903
(光武七年) 20 won
(二十圜)[29] Copper 1902
(光武六年)
Rare Korean “Eagle” coins [ edit ]
A specimen of a 1 jeon Korean “Eagle” coin dated 1902 (光武六年) sold at an auction for $149,500 in September 2011.[3]
A specimen of a 20 won Korean “Eagle” coin dated 1902 (光武六年) sold at the same auction as the coin above for $115,000 in September 2011.[3]
See also [ edit ]
References [ edit ]
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