Korean won
Encyclopedia
The won was the currency of Korea
between 1902 and 1910. It was subdivided into 100 chon (錢).
of the Chinese yuan
and Japanese yen
.
at a rate of 1 won = 5 yang. 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. 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
(조선은행; 朝鮮銀行), which issued notes denominated in yen
and sen.
, Gwangmu (광무; 光武) and then Yunghui
(융희;隆熙), whilst the specifications were equivalent to the coins of the Japanese yen
.
notes were issued by Dai Ichi Ginko (First National Bank (of Japan), 주식회사제일은행, 株式會社第一銀行).
Korea
Korea ) is an East Asian geographic region that is currently divided into two separate sovereign states — North Korea and South Korea. Located on the Korean Peninsula, Korea is bordered by the People's Republic of China to the northwest, Russia to the northeast, and is separated from Japan to the...
between 1902 and 1910. It was subdivided into 100 chon (錢).
Etymology
Won is a cognateCognate
In linguistics, cognates are words that have a common etymological origin. This learned term derives from the Latin cognatus . Cognates within the same language are called doublets. Strictly speaking, loanwords from another language are usually not meant by the term, e.g...
of the Chinese yuan
Chinese yuan
The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo...
and Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
.
History
The won was introduced in 1902, replacing the yangKorean yang
The yang was the currency of Korea between 1892 and 1902. It was subdivided into 10 jeon , 100 bun and 5 yang = 1 hwan .-Etymology:The word yang is a cognate of the Chinese "tael"...
at a rate of 1 won = 5 yang. In 1909, the Bank of Korea (한국은행; 韓國銀行) was founded in Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
as a central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
and began issuing currency of a modern type. The won was equivalent to the Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
and was replaced by the Korean yen
Korean yen
The Korean yen was the currency of Korea between 1910 and 1945. It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. The yen was subdivided into 100 sen...
in 1910 during the Colonial Era
Korea under Japanese rule
Korea was under Japanese rule as part of Japan's 35-year imperialist expansion . Japanese rule ended in 1945 shortly after the Japanese defeat in World War II....
. In 1910, the Bank of Korea was renamed the Bank of Joseon
Bank of Joseon
The Bank of Joseon or Bank of Chosen was the central bank of Korea under Japanese rule, and of South Korea under American occupation. The bank issued the Korean yen from 1910 to 1945 and the won from 1945 to 1950.-History and background:...
(조선은행; 朝鮮銀行), which issued notes denominated in yen
Korean yen
The Korean yen was the currency of Korea between 1910 and 1945. It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. The yen was subdivided into 100 sen...
and sen.
Coins
Coins were minted in the denominations of ½, 1, 5, 10 and 20 chon, ½, 5, 10 and 20 won. The coins all carried the title of the "state", Daehan (대한; 大韓), and the Korean era nameKorean era name
Korean era names were used during the period of Silla, Goguryeo, Balhae, Taebong, Goryeo, Joseon, and the Korean Empire. Dangun-giwon, the era name originating from the foundation of Gojoseon is also widely used in Korea as an indication of long civilisation of Korea.-Goguryeo:#Yeongnak Korean era...
, Gwangmu (광무; 光武) and then Yunghui
Sunjong of Korea
Sunjong, the Yunghui Emperor was the last emperor of the Joseon Dynasty and Korean Empire in Korea, ruling from 1907 until 1910.He was the fourth son of Emperor Gwangmu. Crown Prince Yi Cheok was made Emperor Yung-hui when the Japanese forced the abdication of Emperor Gwangmu and his reign ended...
(융희;隆熙), whilst the specifications were equivalent to the coins of the Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
.
| Korean Won Coins | |
|---|---|
| Denomination | Composition |
| ½ chon | Bronze Bronze Bronze is a metal alloy consisting primarily of copper, usually with tin as the main additive. It is hard and brittle, and it was particularly significant in antiquity, so much so that the Bronze Age was named after the metal... |
| 1 chon | |
| 5 chon | Cupronickel Cupronickel Cupronickel or copper-nickel or "cupernickel" is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. Cupronickel is highly resistant to corrosion in seawater, because its electrode potential is adjusted to be neutral with regard to seawater... |
| 10 chon | 800‰ silver Silver Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal... |
| 20 chon | |
| ½ won | |
| 5 won | 900‰ gold Gold Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a... |
| 10 won | |
| 20 won |
Banknotes
No banknotes were issued denominated in won. However, Korean yenKorean yen
The Korean yen was the currency of Korea between 1910 and 1945. It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. The yen was subdivided into 100 sen...
notes were issued by Dai Ichi Ginko (First National Bank (of Japan), 주식회사제일은행, 株式會社第一銀行).