KRW and code 410. The name of the South Korean won comes from a union of hieroglyphs, which is pronounced won(hu)a and translated means won currency.
History of the South Korean currency
The history of the won dates back to 1950 after Korea's secession from Japan and the creation of two new states on this territory: the Republic of Korea in the south and the Democratic People's Republic of Korea in the north. The first won banknotes featured a portrait of the first President of the Republic of Korea, Lee Seung-Mann, who at that time was the current leader of the state. His image remained on the won banknotes until April 1960. That is, until the very moment when he was overthrown during the “student revolution”.
The Korean won of the First Republic period is distinguished by the presence of a significant amount of hieroglyphics on banknotes. Chinese characters were mainly used to write words on banknotes of that time. Over time, inscriptions in Korean began to appear on banknotes. At the same time, from time to time, texts in English could be found on South Korean money.
South Korean coins
The coins in circulation are in denominations of one, five, ten, fifty and one hundred won. The first two are quite rare, so when committing trading operations Calculation may be rounded to the nearest ten won.
On June 12, 1982, 500 won coins were introduced into circulation. There were two reasons for this decision. Firstly, high level inflation, and secondly, the rapid spread and growth in popularity of vending machines. Just six months later, in January 1983, a new series of coins saw the light: one, five, ten, fifty and one hundred won. These coins were made in the same style as the five hundred won coin, but retained the theme of the obverse and reverse of the old coins. This move allowed the South Korean coinage system to be standardized.
South Korean banknotes
The Korean won is in denominations of one thousand, five thousand, ten thousand and fifty thousand. In addition to banknotes, bank checks of one hundred thousand won or more are used for transactions. It should be emphasized that when using such a check for his back side The owner's passport number, address and telephone number in the Republic of Korea are required.
regarding the won and its exchange rate
The foreign exchange policy of the South Korean leadership led to the need to switch to a floating exchange rate of the Korean won. These aspirations started on February 27, 1980, and the final transition to the free value of the South Korean currency took place on December 24, 1997. On this day, an agreement was reached between the leadership of the Republic of Korea and the International Monetary Fund. However, after some time, a major financial crisis, as a result of which the Korean won was devalued by almost half.
The Bank of Korea is responsible for issuing currency in the republic. Interestingly, one of the main problems of this country's main financial regulator is the high level of counterfeiting. So, in 2006, this scourge acquired alarming proportions. For example, 50% of the five thousand won bills (the exchange rate of the Korean won to the dollar was then approximately 1000 to 1) were counterfeit.
This state of affairs forced the state government to introduce new series paper money. First of all, it was the most “popular” five thousand won banknote that was changed. In 2007, they were additionally launched in money turnover One thousand won and ten thousand won bills. These new banknotes have ten security mechanisms. The updated Korean won contains the same anti-counterfeiting features as some others english pound sterling, and
On June 23, 2009, the Bank of Korea introduced the fifty thousand won banknote into circulation. On the obverse of the banknote you can see the image of the famous 16th century Korean artist Sin Saimdang, who was also the mother of the Confucian scholar Yi Yi, who became known under the fictitious name Yulgok. The fifty thousand won banknote is the first South Korean banknote to include the image of a woman. In addition, to select the person who will be awarded this honor, a sociological survey was conducted among the country's population.
On this moment The Republic of Korea has the 11th GDP in the world in nominal terms. Last years The national currency of this country is quite stable. The Korean won to ruble exchange rate is 19.46 to 1.
South Korean won– currency of the Republic of Korea. Bank code– KRW 1 won is equal to 10 hwan, but currency units smaller than 1 won have been withdrawn from circulation. The denominations of current banknotes are 50 thousand, 10 thousand, 5 thousand and 1 thousand won. Coins: 500, 100, 50, 10, 5 and 1 won.
There are two versions of the spelling and pronunciation of the currency of South Korea: “won” in the feminine gender, as prescribed by the Spelling Dictionary of the Russian Language of the Russian Academy of Sciences, edited by V.V. Lopatin, and “won” in the masculine gender, as the Bank of Russia writes in its daily quotes. This is due to the complexity of translation from oriental languages.
The front side of South Korea's 1,000 won banknotes features a portrait of a 16th-century philosopher and thinker. Lee Hwan, myeonnyundan (traditional Confucian class hall at Sungkyunkwan University), and olive flower. On the back is a coastal landscape of a rocky sea coast. For 5 thousand won - one of the most prominent Confucian scholars of the 16th century, Li Yi, against the backdrop of the Ojukhon Museum complex in Gangneung, as well as black bamboo and a reproduction of the work of Li Yi's mother by the artist Sin Saimdan "Insects and Plants". The 10 thousand won depicts the fourth ruler of the 15th century Korean dynasty, Lee Sejoi the Great, under whom a cultural upsurge took place in the country, and an ancient Korean globe of the 17th century. On 50 thousand won is the artist, poet, calligrapher of the 16th century Shin Saimdan, and on the back is bamboo and a Japanese plum.
On the reverse of all South Korean coins is written the denomination, the name of the issuing bank - Bank of Korea - and the year. And the obverses of the coins are different. On the 1st won is the symbol of the country, the Syrian hibiscus flower. At 5 won - kobukseon - literally translated as a turtle ship, a medieval Korean military sailing ship. At 10 won is the stone pagoda at Bulguksa Monastery called Tabothap, or the Pagoda of Many Treasures. For 50 won you get a rice flower. On 100 won is Li Sunsin, the legendary naval commander of the 15th century, who won a number of victories over Japan. The largest South Korean 500 won coin features a crane.
The history of Korean currency begins in the 3rd century BC with the first banknotes, which were coins in the form of knives, as well as grain. The latter existed until the 11th century, when the transition to the coinage of steel means of payment took place. In the 11th-12th centuries, copper and silver coins were also produced, but their circulation was limited.
In 1392, the Goryeo dynasty was replaced by the Chosen dynasty, under which several attempts at reform were made monetary system countries. In the 17th century, 24 mints were opened, which began minting copper and bronze coins. In 1633, the mun became the official currency. In 1892, the yang replaced the mun - the first currency in Korea to have a decimal system (1 yang was equal to 100 fans). And in 1902, a denomination was carried out in the country, as a result of which a won appeared, equal to 5 yang. In 1909, the Bank of Korea was created, which assumed the functions of an issuing bank.
Soon after World War II, the hwan became the currency and was exchanged at 15 hwan per US dollar. In 1948, Korea was divided into two independent states - North and South Korea. In fact, there was a civil war in the country - not without the participation of external forces: the USA, China, the USSR. At the same time, the Korean hwan experienced a series of devaluations: in 1947 it was 50 hwan per US dollar, in 1948 - 450, 1949 - 900, 1950 - 1.8 thousand, and in 1951 - already 6 thousand
In 1962, the country carried out a currency reform, in which 10 hwan were exchanged for new currency– South Korean won. At this time, the exchange rate was 125 won per US dollar. Until 1980, the Bank of Korea fixed exchange rate towards American currency. Moreover, by May 1964 it was 255, in 1972 – 400, and in 1980 – 500 won per US dollar.
Since the 80s of the last century, South Korea has taken a course towards liberalization foreign exchange market. And in 1997, the won, in agreement with the International Monetary Fund, became a freely convertible currency, the prices of which are determined by supply and demand.
The last devaluation of the South Korean won occurred as a result of the Asia-Pacific crisis - then it fell in price by half.
In the spring of 2012, the won exchange rate fluctuates between 1,125 - 1,140 per US dollar, 1,480-1,510 per euro. In relation to our currency, 100 won is worth approximately 2.57 Russian rubles.
The South Korean won is one of the instruments Forex market. In addition, it may be of interest to investors: the country has demonstrated stable growth for decades (with the exception of periods of global crises). South Korea has a developed high-tech industry that is export-oriented.
Despite the liberal currency laws of South Korea, those traveling to this country need to know certain rules. Import foreign currency possible in any quantity, but for an amount exceeding 10 thousand US dollars, a declaration is required, which will have to be kept until the end of the trip. Upon entry, undeclared currency or checks for total amount more than 10 thousand dollars can be confiscated and the violator fined.
Exporting foreign currency is permitted within the limits stated in the entry declaration. South Korean won can be taken out up to 8 million. Unspent won can be exchanged back upon presentation of an exchange certificate issued by a local bank. If you don't have one, you can exchange no more than $100.
History of money South Korea
The next series (1972-1973) is notable for the release of large denomination banknotes (only 5,000 and 10,000 won), which is associated with a significant depreciation of the national currency. The banknotes were brown in color and depicted Li Yi and the main building of the Bank of Korea (5,000 won) and Sejong the Great, Rose of Sharon and Geunjeongjeong in Gyeongbokgung (10,000 won). In 1980-1981, banknotes were completely withdrawn from circulation. They were replaced by new banknotes (1973-1979), orange and green, respectively, with similar images on the front and back side. Also in this series were 500 and 1000 won banknotes, green, pink and purple, with images of Yi Sun-sin (naval commander), Kobuksong (national symbol, turtle ship) and the Tomb of Yi Sun-sin on 500 won, Yi Hwan, Rose of Sharon and Dosana at 1000 won.
In the 1983-2002 series, banknotes became smaller in size, appearance has not changed fundamentally, but protective elements have been added - a watermark, a metallized strip, microprinting, a special pattern, relief images, etc.
Korean won
These banknotes are still in circulation today. The latest series is 2006-2007 (1000, 5000 and 10000 won). The 1,000 won notes are now blue, the 5,000 won notes are red and yellow, and the 10,000 won notes are green. The size has also changed - they have become even smaller.
What currency is used in Korea
The Republic of Korea, in fact, is a fairly advanced state with its own national currency- South Korean won.
History of the South Korean currency
State currency units were introduced into free circulation in 1950, immediately after the creation of the Republican Bank. More than one financial republic befell their fate, as a result of which the currency was replaced by the yen, and then by the hwana. And already in 1962, the won again appeared before the people as the state currency of South Korea.
Description of coins
Today, the South Korean bank provides 6 monetary units in the form of coins. Coins in circulation are in denominations of 1, 5, 10, 50, 100 and 500. However, most local residents states that denomination coins 1 and 5 come into hand quite rarely and are practically not used in Everyday life. They are gradually being phased out, and all prices are rounded up to a maximum of 10 won.
Description of banknotes
To date, banknotes in denominations of 1000, 5000, 10000 and 50000 have been officially put into circulation in the country. The smallest one is blue in color and has the image of Lee Hwan. The 5000 denomination features Li Yi, the 10,000 denomination features Sejong the Great, and the largest denomination features the beautiful Sin Saimdan.
Features of currency exchange
The national currency in Korea is in demand only within the country, so you should take care to purchase it before your trip. But exchanging any money here is not a problem at all. Exchange is carried out in all banks, bank stores and even in markets. Exchange offices are located almost everywhere here, and many of them work around the clock.
Many stores freely accept the US dollar as payment. But there are also retail outlets that are strictly prohibited from taking U.S. $, so it’s worth asking the local population or sellers in advance. Any foreign money in Korea is subject to exchange, since the country is extremely interested in financial turnover, which brings great benefits to the state. Bank debit and credit cards, however, it is worth asking your bank in advance about the conditions for withdrawal and payment abroad.
Exchange rates to dollar, ruble
The current exchange rate of the South Korean won to the ruble (09/24/2018) is: 1 RUB = 16.19 KRW. As a rule, this indicator is stable, since it is not characterized by sharp ups and downs. If we talk about the American dollar, then its current exchange rate is: 1 KRW = 0.00089 USD.
Korean won (KRW) is
What money to take to Korea
When planning a trip to this country, there is no need to worry about the peculiarities of the Korean currency. By and large, you can easily come here with absolutely any currency and make a fairly profitable exchange for won in denominations of 1000, 5000, 10000 or 50000. Tourists from Russia, America, Europe and other regions can safely bring the money they have on hand and exchange it on the spot. Moreover, it is quite problematic to find exchange offices in their country, which convert in the opposite direction. Therefore, if you plan to visit South Korea again in the future, it is definitely recommended to stock up on South Korean won, which can partially be classified as curiosities or rare things.
Home / Coins / South Korea
South Korea coins, history of money
|
Currency: Won (W, KRW) Rate: 1 RUB = 38.67 KRW, 100 KRW = 2.59 RUB, 1 USD = 1111.10 KRW, 10000 KRW = 9.00 USD |
 |
 |
100 won 1986 South Korea |
History of money South Korea
In circulation there are banknotes of 10,000, 5,000, 1,000, 500 won and coins of 5,000, 1,000, 500, 100, 50, 10, 5 and 1 won (coins of 5 and 1 won are practically not used at present). In the first half of 2009, it is planned to introduce banknotes in denominations of 50,000 and 100,000 won.
The history of South Korea is eventful, and this is reflected in the variety of banknotes used as a means of payment.
The very first coins of South Korea date back to the 3rd century BC. e. and are associated with the reign of the Yan dynasty. In 108 BC. e. South Korea was captured by the Chinese Han Dynasty, which began to use its money. Own coins began to be issued in 1097. The first attempt to issue paper money was made in 1401, but it was unsuccessful, so Chinese coins continued to be used as money. The issuance of its own coins was established only in 1625 under the ruler Sejong of the Yi dynasty. Mass production of coins began in 1884, after South Korea gained independence from China.
In the twentieth century, regime changes occurred repeatedly, and each regime had its own currency. In 1902-1910, the country's currency was won, exchanged for chon. After them (from 1910 to 1945), Korean yens were in circulation, which was associated with the occupation of South Korea by Japanese troops, as a result of which South Korea was included in Japan under the name of Chosun Province. Since 1945, since the liberation of South Korea by US troops from Japanese occupation, South Korean money has been yang (1 yang = 100 fanam). Until 1962, the hwan was used as a monetary unit, which existed for nine years - from 1953 (the date of the end of the war between North and South Korea, which began in 1951). Hwans were exchanged for South Korean won at the rate of 10 hwan = 1 won.
Currently official currency South Korea retains the South Korean won, introduced in 1962. The South Korean won was initially pegged to the dollar, but in 1980 attempts were made to move to a floating exchange rate. The reform was fully completed only in 1997.
There are several series of South Korean won banknotes. The first issue was carried out in 1962 (until 1970 such banknotes were completely withdrawn). At that time, banknotes were issued in denominations of 1 won in pink, 5 in blue, and 10 in green with the image of the Bank of Korea symbol on the front side. 50 won banknotes were also issued (color - orange, on the obverse - Stone Island), 100 won (green, on the front side - Independence Gate), 500 won (gray, on the obverse depicting Namjumun - an architectural monument in Seoul).
The next series is KOMSCO (circulation - 1962-1969, complete withdrawal - 1980). The appearance of the banknotes has been significantly modified. The sizes of banknotes, their color, images on the front and back sides have undergone changes. The 10 won notes became purple, the 50 won notes became green-orange, the 100 won notes remained green, and the 500 won notes became brown. At the same time, previously only the denomination and the image of a torch were indicated on the reverse side, and landmarks of South Korea began to be depicted on KOMSCO banknotes. Banknotes of 1 and 5 South Korean won ceased to be issued, but banknotes of 10 and 50 chon (blue and brown, respectively) were issued.
The next series (1972-1973) is notable for the release of large denomination banknotes (only 5,000 and 10,000 won), which is associated with a significant depreciation of the national currency. The banknotes were brown in color and depicted Li Yi and the main building of the Bank of Korea (5,000 won) and Sejong the Great, Rose of Sharon and Geunjeongjeong in Gyeongbokgung (10,000 won). In 1980-1981, banknotes were completely withdrawn from circulation.
Today's Korean won to ruble exchange rate is KRW/RUB
They were replaced by new banknotes (1973-1979), orange and green, respectively, with similar images on the front and back. Also in this series, banknotes of 500 and 1000 won were issued, in green, pink and purple colors, with images of Yi Sunsin (naval commander), Kobukseong (national symbol, turtle ship) and the Tomb of Yi Sunsin on 500 won, Yi Hwan, Rose of Sharon and Dosana at 1000 won.
In the 1983-2002 series, banknotes became smaller in size, the appearance did not change fundamentally, but security elements were added - a watermark, a metallized stripe, microprinting, a special pattern, relief images, etc. These banknotes are still in circulation to this day. The latest series is 2006-2007 (1000, 5000 and 10000 won). The 1,000 won notes are now blue, the 5,000 won notes are red and yellow, and the 10,000 won notes are green. The size has also changed - they have become even smaller.
North Korean banknotes |
20 chon 1947 |
|
 |
 |
50 chon 1947 |
|
 |
 |
5 won 1978 |
|
 |
 |
10 cheon 1988 |
|
 |
 |
1 won 1988 |
|
 |
 |
5 won 2002 |
|
 |
 |
10 won 2002 |
|
 |
 |
50 won 2002 |
|
 |
 |
10,000 won 2003 |
|
 |
 |
200 won 2005 |
|
 |
 |
1000 won 2006 |
|
 |
 |
5000 won 2006 |
|
 |
 |
500 won 2007 |
|
 |
 |
| North Korean won. 1 won equals 100 jeon. North Korean money began printing in 1947. For a long time, the won exchange rate was tied to the USSR ruble exchange rate. In 1988, different paper money was printed for tourists from capitalist countries and for tourists from socialist countries. | |
The monetary unit of Korea is the won.
In 1992, a portrait of Kim Il Sung appeared on banknotes. Before today Several reforms were introduced to replace banknotes for various reasons. Today, denominated North Korean banknotes from 2009 are in circulation in denominations of 5, 10, 50, 100, 200, 500, 1000, 2000 and 5000 won.
The won is a Korean currency with a rich history.
North Korean banknotes |
20 chon 1947 |
|
|
|
50 chon 1947 |
|
|
|
5 won 1978 |
|
|
|
10 cheon 1988 |
|
|
|
1 won 1988 |
|
|
|
5 won 2002 |
|
|
|
10 won 2002 |
|
|
|
50 won 2002 |
|
|
|
10,000 won 2003 |
|
|
|
200 won 2005 |
|
|
|
1000 won 2006 |
|
|
|
5000 won 2006 |
|
|
|
500 won 2007 |
|
|
|
| Official currency unit North Korea - North Korean won. 1 won equals 100 jeon. North Korean money began printing in 1947. For a long time, the won exchange rate was tied to the USSR ruble exchange rate. In 1988, different paper money was printed for tourists from capitalist countries and for tourists from socialist countries. In 1992, a portrait of Kim Il Sung appeared on banknotes. Until today, several reforms have been carried out to replace banknotes for various reasons. Today, denominated North Korean banknotes from 2009 are in circulation in denominations of 5, 10, 50, 100, 200, 500, 1000, 2000 and 5000 won. | |
|
|
| Denomination | Price,$ |
| 20 chon 1947 | 0,7 |
| 50 chon 1947 | 0,7 |
| 5 won 1978 | 0,8 |
| 10 cheon 1988 | 1,0 |
| 1 won 1988 | 1,2 |
| 5 won 2002 | 0,5 |
| 10 won 2002 | 0,5 |
| 50 won 2002 | 0,8 |
| 10,000 won 2003 | 2,2 |
| 200 won 2005 | 0,8 |
| 1000 won 2006 | 0,7 |
| 5000 won 2006 | 0,7 |
| 500 won 2007 | 0,7 |
South Korean won
The currency of South Korea is the won. South Korea's own currency was only issued in 1950 after Korea's liberation from Japan. These bills depicted a portrait of the first South Korean president, Syngman Rhee, who ruled at that time.
Korean won exchange rate today
His image remained on Korean banknotes until April 1960, when Syngman Rhee was overthrown in the "student revolution". The national currency of the First Republic period was distinguished by a large number of hieroglyphs. Chinese characters were used to write almost all texts on banknotes of that time. Subsequently, texts on Korean banknotes were written in Korean, and from time to time there were also inscriptions in English.
The symbol for won is KWR. Banknotes in denominations of 1000, 5000, 10000 and 50000 won are in circulation throughout the country. Bank checks in denominations of 100,000 won or more are also in circulation. When paying by check, you must write on the back of the check the owner's passport number, as well as the address and telephone number in Korea.
In 2006, counterfeit banknotes became one of the main problems of the Bank of Korea. For example, a 5,000 won note (equivalent to 5 US dollars) is counterfeit 50% of the time. This forced the government to introduce a new series of banknotes, with changes primarily to the 5,000 won banknote. Later, in 2007, 1,000 and 10,000 won notes were issued. The banknotes include more than 10 security features in each denomination. Many modern features protections that can be found in the euro, pound sterling, Canadian dollar, Japanese yen are used in Korean banknotes.
On June 23, 2009, the Bank of Korea issued the 50,000 won banknote. The obverse features a portrait of Shin Saimdang, a famous 16th-century artist, calligrapher, and mother of Korean scholar Yulgok, which appears on the 5,000 won banknote. This is the first Korean banknote to feature a portrait of a woman.
Updated 04.2012
Coins of South Korea
In South Korea, the local won is used as the currency. The Korean currency in the international classification is designated KRW and consists of ten hwan. It should be noted that units with a denomination of less than one won are currently not included in the money turnover. Among the current banknotes we can see banknotes in denominations of 50 thousand, 10 thousand, 5 thousand and 1 thousand won. In addition, coins are used in denominations of 500, 100, 50, 10, 5 and 1 won.
The emergence of the South Korean won
The history of Korean currency dates back to the 3rd century BC. At that time, banknotes were products in the form of knives. In addition, grain-shaped coins were used as payment instruments. Korean banknotes circulated in this form until the 11th century AD. After this, the transition to the production of steel coins was made. In the next two centuries, silver and copper were also used to make monetary units, although their quantity was limited.
In the 4th century, the Chosen dynasty replaced the Goryeo family. This happened in 1392. During her reign, a number of attempts were made to reform the monetary structure of Korea. In the 17th century, 24 mints were opened on the territory of the state, the function of which was to produce coins from copper and bronze. The official currency in Korea appears in 1633. It becomes the moon. IN late XIX century, its place is taken by the yang, which becomes the first Korean currency related to the decimal monetary system. So, one yang consisted of 100 phungs.
In 1902, Korea underwent a denomination, as a result of which the won became the official Korean currency. It was equal to five yangs. In 1909, the Bank of Korea was opened, which was entrusted with the responsibility of issuing won. Unfortunately, Korea was unable to defend its independence, and in 1910 the territory of the country was annexed by Japan. The won was withdrawn from circulation and replaced by the Korean yen at a ratio of 1 to 1.
Money in Korea after World War II
After Japan's surrender in World War II, the hwan became the official currency in Korea. The exchange rate of the American dollar at that time was 15 hwan per dollar. In 1948, as a result of the conflict on the Korean Peninsula, the country was divided into two different states - South and North Korea. The first was in the zone of influence of the United States, and the second - of the USSR and China.
It should be noted that even before the division of Korea, the hwan collapsed several times. Thus, in 1947, the Korean currency exchange rate was 50 hwan per US dollar. A year later it depreciated another 10 times. One dollar was already worth 450 Korean hwan. In 1949, another round of devaluation occurred - 900 hwan per US dollar. In 1950 - 1800 for 1 dollar. And in 1951, the US currency was already valued at 6,000 hwan.
Return of the won to circulation
In 1962, a reorganization of the monetary system was carried out in South Korea. The updated won was returned to circulation, which was exchanged for hwan in a ratio of 1 to 10. Immediately after the end monetary reform One American dollar cost 125 won. Until 1980, the Bank of Korea set the official value of the Korean currency. At the same time, the won did not escape a series of devaluations. So, in the spring of 1964, the US dollar exchange rate was 255 won per 1 dollar. In 1972, one American dollar was already worth 400 won. And in the already mentioned 1980 - 500 local currency units.
It should be noted that back in 1997, the South Korean leadership agreed with the IMF to transform the won into a freely convertible currency. From now on, the value of South Korean money is determined solely by the relationship between supply and demand. It should also be emphasized that the latest depreciation has resulted in the won being halved in value. The reason for this was the Asian financial crisis in the late 90s of the last century.
South Korean currency on the Forex market. What is the won to ruble exchange rate?
It would be appropriate to say that the South Korean won is one of the popular instruments of the Forex currency market and, moreover, not without reason, is an interesting object for investors. The Korean currency against the ruble is traded at the ratio of 1 RUB = 19.13 KRW.
The key to the won's success on the currency exchanges has been the rapid development of the South Korean economy over the past three decades. Local production shows constant growth, and at the same time, thanks to the developed industry high technology, export-oriented.
The South Korean won has been the national currency of South Korea since 1962. In Russian, the hieroglyphs denoting this currency are translated as “Won Currency” and sound like “Wonhwa”.
South Korean won denomination
The monetary equivalent of Korea is as follows:
- Paper banknotes;
- Coins.
Banknotes are issued in 1000, 5000, 10,000 and 50,000 won. Coins are presented in the form of 1, 5, 10, 50, 100, and 500 won.
1 and 5 won coins are considered rare. To solve the problem, South Korea allows you to round up to the nearest 10 won. Soon these won will go out of circulation altogether, since they are no longer needed. And they only interfere with calculations.
South Korean money. Story
Until the 19th century, barter in kind prevailed in Korean markets. Banknotes appeared and disappeared. Rice and pieces of fabric were used for barter.
During large trade transactions, eastern merchants paid in silver. For convenience, they used silver bars. Afterwards, this state adopted the experience of its Chinese neighbors, because in China coins have been in circulation since the first millennium BC.
Coins in South Korea were originally copper and three-gram coins. They had a square hole in the middle. On the sides there were hieroglyphs indicating belonging to the country. These coins cost the same as they weighed. For transportation, they were strung on a thread, and when calculated, beads made from coins weighed quite impressively.
The people of Korea did not appreciate the innovation. Soon, all townspeople and villagers returned to their usual natural exchange. In 1633, coins were reintroduced, but now they were minted from silver, giving the products real value.
Despite the fact that the new money took root in society, it was still constantly changed. South Korea has a long history of borrowing money from Mexico, Japan and China.
In the 20th century, money with an eagle engraving was in circulation. They have often been compared to Russian rubles. After the end of the colonial takeover by Japan, central bank Korea printed the first banknotes with the image of the current President Rhee Syngman.
After the reform in 1953, people used coins with English and Korean symbols to pay. They were called "khwans". Then in 1962 the entire currency was converted into the current current format. Now it only has inscriptions in Korean. The name “won” itself originates from ancient Chinese characters for money. The same sign is pronounced differently in China and South Korea.
What is depicted on Korean money today?
On banknotes you can see images of famous philosophers, heroes of the nation, great educators. There are also architectural monuments depicted there. Banknotes are identified with the national symbols of the country.
Where can I exchange Korean money?
There are exchange offices in all megacities that accept clients from 9 a.m. to 5 p.m. They change won in hotels and large stores. Best course can be found in an exchanger, but less profitable offer in all other places.
They are more willing to exchange dollars, but other currencies are also converted into won. In Korea, changing money is not a problem. But outside of it, doing this is quite problematic. Therefore, tourists are advised to change the won back before heading home.
South Korean money: exchange rate to ruble
At the end of 2017 The exchange rate of the South Korean won to the Russian ruble is 0.052 rubles per 1 won or 1000 won for 52.4 rubles. For comparison, one US dollar is equal to 1,115 won.