Currency of Korea: photo and history. Money in Korea Money in South Korea

The Republic of Korea, in fact, is a fairly advanced state that has its own national currency -.

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 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 accepting the American dollar, so it is 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 are also freely accepted here, but 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.

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 your country that 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.

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 cloth 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 were often compared to Russian rubles. After the end of Japan's colonial takeover, the Korean central bank printed the first banknotes featuring the current president, Syngman Rhee.

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 the won both in hotels and in big stores. The best rate can be found in the exchange office, and less favorable offers 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.

Korean currency appeared almost a thousand years ago. The country was greatly influenced by China, one of the main centers of the monetary economy. ancient world. The first money in Korea was cast from copper and was a classic Chinese coin with a square hole in the middle. The hole was intended for a cord on which coins were strung according to Chinese custom.

However, the monetary unit did not receive much support from the Koreans. They preferred natural exchange until the 17th century. Regular minting of coins resumed in 1679. From that time on, money gradually replaced rice and scrolls of cloth, which until now had served as the main means of exchange. The coins had the same appearance as many years ago. The traditions of coinage in Asia have remained virtually unchanged since the 10th century.

Fundamental changes appeared on the Korean Peninsula with the arrival of the colonialists. They brought many innovations to the lives of Koreans. Since 1880, the Korean monetary unit has changed a lot, “lost” its characteristic hole and acquired a nominal value. Before this, the price of a coin was determined by the value of the metal from which it was made. At the beginning of the 20th century, the first paper money appeared in Korea.

After Japan colonized Korea in 1910, the Korean financial system was eliminated. During the period of occupation, the yen became the currency of Korea.

New life won

The revival of the Korean financial system occurred in 1945. After de-occupation, two zones of influence appeared on the Korean Peninsula - American and Soviet. In the territory controlled by the USSR, Korean won (military issue) printed in the Soviet Union were used. The need to issue them was due to the location of the Korean national Joseon Bank in Seoul, located in a zone controlled by the United States. However, colonial money was used for some time in both the north and south of Korea. In 1947 walking Japanese currency was finally banned in North Korea.

In 1948, South Korea declared its independence and in 1950 began issuing its own currency. The Korean War, which began that same year, quickly devalued the Korean won. In 1953, Korea finally split into two states, and the hot stage of the conflict ended. But both countries are still technically at war. In North Korea (DPRK), monetary reform occurred in 1959. North Korea's new currency was exchanged for military won at a ratio of 100:1.

Currency reform in South Korea was carried out immediately after the end of the Korean War, in 1953. At this point, the name of the local currency was temporarily changed. The Korean won has been temporarily replaced by the Korean hwan. 100 won was exchanged for 1 hwan, and 100 hwan was equal to 1 US dollar. Until 1959, khwans were issued only in the form of banknotes. This monetary unit was not in circulation for long. During its existence, hwan greatly depreciated in value. In 1961, 1300 hvans were already given for 1 US dollar.

On June 10, 1962, a year after the overthrow of President Syngman Rhee, the Korean won returned. From this moment on, South Korea has monetary system, which still exists today. The South Korean currency was first strictly tied to the American currency. In 1962, its exchange rate to 1 US dollar was 125 South Korean won. Before 1980 national currency South Korea weakened by more than 4 times. From that moment on, the South Korean authorities began to make attempts to make the national currency floating. This was only achieved in 1997.

Asian soon followed economic crisis again significantly devalued the national money of the Republic.

South Korean currency today

The South Korean won is the official currency of the Republic of Korea. Its international standard code is ISO 4217-KRW 410. Banknotes in circulation are 50,000, 10,000, 5,000 and 1,000 won. They are also called "chon", which means "thousand". Money in denominations of 500, 100, 50 and 10 won are used in the form of coins. There are still 5 and 1 won coins in circulation, but they have been withdrawn from use since 2009. In trading, calculations are allowed to be rounded to the nearest 10 won.

In South Korea, bank checks are available in denominations of 100,000 won and above. But in order to pay by check, you need to provide your personal information (passport number, address and telephone number in the Republic of Korea). For those who do not have a residence permit, the use of checks becomes almost impossible. Foreign currency can be exchanged at banks, large hotels, and exchange offices. US dollars will be accepted in small shops, markets and small shops. But for purchases in large shopping centers I'll have to get some wons. But everywhere you can easily pay using plastic cards Master Card, VISA, Diners Club, American Express and JCB. Cash can be easily withdrawn from ATMs, of which there are many throughout the country.

VAT is included in the price of all South Korean goods and services. However, if you make purchases in one store in one day for an amount exceeding 30,000 KRW, VAT can be refunded when crossing the border. In the store you need to ask for a receipt Tax Free Shopping Check (it will be issued upon presentation of your passport) and later show it at customs. If the money is not returned immediately, they will put a stamp on the check. The stamped document must be sent to the Republic of Korea after returning home. The money will be transferred to your bank card.

For two years now, the country has had a VAT refund system for hotel stays from 3 to 29 days. Refunds are made on the basis of certificates of occupancy issued by the hotel. They must be presented when crossing the border at points with a Tax Refund sign. Unfortunately, not all hotels in the country are connected to the refund program.

Travel checks can only be exchanged for local currency in large banks and tourist centers. The exchange rate for 1000 KRW is approximately 0.86 USD and 0.76 EUR. 1000 KRW can be exchanged for 59 Russian rubles.

The won is the currency of both North and South Korea. It has come a long way of development, being replaced by other money, and constantly changing its name. Her story is quite interesting, and it is useful for everyone to know about it.

Unlike the Republic, North Korea does not want to open its economy to the rest of the world. Thus, the North Korean currency is extremely protected from market influences and is regulated under the dictatorial “shoulder”. The exchange rate of the won is controlled by the Central Bank, and only unilaterally.

Historically, North Korea's economy has not been strong and, unfortunately, not stable. Difficult relationships with other countries forced the government to ban the use of any foreign money within the state. The currency of South Korea is also prohibited. The country's economy is developing poorly, and trade is at a low level. This is due to the fact that the DPRK has a terrible reputation in the world. Strange, however, although the North Korean won does not go beyond the borders of its country, it still has a market designation - KPW.

Since the Northern Republic is quite poor, not every wealthy person has computers. This means that electronic manipulations with money will not be possible. You won't find any terminals here at all.

The emergence of money in Korea

The use of money began during the period of Goryeo (918-1392). Then Chinese coins, Korean money, fabrics and grain (usually rice) were used. Copper signs were not used until the Joseon era. The first paper money appeared, which was made from standard paper.

Korean Young

The name "yang" comes from the Chinese word for a unit of mass. Such money was used from 1892 to 1902. Banknotes were not issued; only coins were present in the life of Koreans. They were made of copper and bronze. Korea's domestic currency and its Chinese counterpart were used simultaneously. However, neither won nor yang received much widespread attention. This is due to the fact that the people at that time were not adapted to monetary payments. It was more convenient for everyone to use natural exchange.

Korean yen

Many people are interested in the question: “What currency was used in Korea during the Japanese economy?” Then, when the peninsula was overtaken by colonial rule (1910-1945), the main currency in the state changed to the yen. Until 1910, it was widely used in the country, and on a par with the won. It was printed by the Bank of Japan. When Country rising sun achieved the annexation of the peninsula, the place where money was stored was renamed Daesan Bank, and banknotes were produced there.

South Korean hwan

Hwang - the currency of South Korea in 1953-1962. When it first came into use, replacing the traditional won, its ratio was 1 hwan = 100 won. Until 1959, new banknotes applied only to banknotes, but over time the government began to issue coins. At the time of registration of the currency on the territory of the Republic, the official exchange rate to the dollar was 1 dollar = 100 hwan. However, very quickly the money began to depreciate. By 1961, the cost of one American banknote reached a huge figure - 1300. Because of this, the following year the won came back into use again.

South Korean won

As mentioned above, the currency of Korea is the won. It was established in South Korea in 1962. But it remained the only currency only in 1972, when hwans completely went out of circulation. Its international code is KRW. During the renewal of the means of payment, the exchange rate to the dollar was artificially created: 125 won = 1 dollar. However, by 1980 the cost had almost quadrupled - 580 KRW for $1.

The coins did not change their denominations for a long time - 1, 2, 10, 50 and 100, but due to the depreciation of the currency and constant inflation, a banknote with a denomination of 500 won began to be minted.

Won in North Korea

The official currency of Korea is the won. However, it was not always like this. When Japan annexed the peninsula, the North came under the influence of the dominant power, due to which the money that entered the life of the people was called yen. What banknotes and coins would be issued and in what denomination were decided by the National Bank of the Land of the Rising Sun. In 1945, the Soviet Union decided to print money for its army in North Korea. However, after the monetary reform, the supply of won for the Slavs stopped.

A complete ban on the use of foreign money was introduced in 2010. Since 2014, new banknotes no longer bear the image of Ir Sena. Instead, they began printing the leader's house and a museum with gifts.

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 making trading transactions, rounding the calculation to the nearest ten won is allowed.

On June 12, 1982, 500 won coins were introduced into circulation. There were two reasons for this decision. Firstly, the high level of 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, the owner's passport number, as well as an address and telephone number in the Republic of Korea, must be indicated on its reverse side.

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, some time later, a major financial crisis occurred in Asia, 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 a new series of paper money into circulation. First of all, it was the most “popular” five thousand won banknote that was changed. In 2007, banknotes in denominations of one thousand won and ten thousand won were additionally introduced into circulation. These new banknotes have ten security mechanisms. The updated Korean won contains the same anti-counterfeiting features as some other British 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 at the moment The Republic of Korea has the 11th GDP in the world in nominal terms. In recent years, the national currency of this country has been quite stable. The Korean won to ruble exchange rate is 19.46 to 1.