![]() The back of the 10,000 won bill is the 혼천시계 Honcheonsigye. Hangeul is essential to Korean society it even has its own holiday! If you haven’t heard of this 4 th king of the Joseon Dynasty, then consider this the first of many times that you will! He is the one responsible for introducing Hangeul into Korean society. ![]() The US dollar exchange rate of ₩5,000 (KRW) is roughly $4.07. This painting was made by Shin Saimdang (Yi I’s mother). The backside is another famous painting, 초충도 Chochungdo. He attained fame as a Confucian scholar and flew under the radar with his pen name Yulgok. Like Yi Hwang, Yi I (pronounced “yee-ee”) was also a mover and a shaker back in the 1500s. The US dollar exchange rate of ₩1,000 (KRW) is less than 1 USD, around $0.81. If you’ve ever visited present-day Andong in Korea, then you have been to Dosan Seowon! In addition to being an impressively long name for a painting, the backside of the 1,000 won bill also represents a painting of Yi Hwang in Dosan Seowon (area of Korea). The back of the ₩1,000 bill is the 계상정거도 Gyesangjeonggeodo. If you’re wondering who Toegye is, great question! That was his pen name. Yi Hwang was a famous Confucian scholar from the Joseon Dynasty (That’s the 500-year Confucian dynasty in Korea!) who was big into calligraphy and poetry. The front of the ₩1,000 bill features 퇴계이황 Toegye Yi Hwang (1501 – 1570). Note: You can use Google currency converter for more accurate conversions for updated exchange rates. If you can’t read Korean characters yet, you can learn them for free in about one hour here. Many of the names here are written in Hangeul, the Korean Alphabet. 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. There are four different Korean won bills issued by the Bank of Korea and used in South Korea. Let’s move on to talking about the Korean Bills and Coins, what they look like, and the exciting stories behind them. These are the 10-won coin, 50-won coin, 100-won coin, and the 500-won coin.Ĭan't read Korean yet? Click here to learn for free in about 60 minutes! These are the 50000 won bill, 10000 won bill, 5000 won bill, and 1000 won bill.Īs for the South Korean won coin denominations, there are currently four that are in circulation. How does Korean Money work?Ĭurrently, four South Korean banknotes or paper bills are in circulation in the country. It’s impressive that when learning more about South Korean Won, you can’t help but also learn about Korean history. ![]() The first South Korean Won bills were issued by the Bank of Joseon but later on, were issued by the Bank of Korea. In them are printed images of people who have made significant contributions to South Korea. Paper money, or 저화 (jeohwa) in Korean, was first used during the Joseon Dynasty.įast forward to the present day, Korean currency makes use of Korean bills and coins. During Joseon, Korean currency made use of coins made of bronze and iron, which are known as 통보 ( t’ongbo) and 정보 (jeongbo), respectively. Korean currency dates back hundreds of years to the Joseon Dynasty. This currency uses the symbol “₩.” History of the Korean Won The South Korean Won, or KRW is the currency of South Korea. The official currency of South Korea is the Korean Republic Won or simply the South Korean Won. In Korean, this currency is called 대한민국 원 (daehanminguk won). For instance, 1 KRW equals 0.10 Japanese Yen (JPY) and only 0.01 Chinese Yuan (CNY).Īnother way of looking at it would be that 1 US Dollar to South Korean Won would be 1,218.28 KRW, 6.36 CNY in Chinese Yuan, and 123.87 JPY in Japanese Yuan. The name “won” originated from a Hanja character similar to the Chinese Yuan and Japanese Yen.Īlthough this is where the Korean money’s name came from, their value is quite different. This became the official currency for both countries after being divided into two. The official name for Korean money is “Won.” This is the name used for both South Korean and North Korea. In this article, we’ll talk about the history of Korean money, the different Korean bills and coins, and why you should learn about Korean money. It’s fascinating to know that the South Korean economy and the South Korean currency have improved a lot after what the country has gone through, including what happened during World War II and the Korean War. Over the past decades, we’ve seen Korea evolve into one of the strongest economies in Asia. 7.1 How much is 1000 won in US Dollars?.
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