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South Korean Won

Currency Name:South Korean won
Central Bank:Bank of Korea
Number of Country & Territory Using South Korean Won:1 Countries.
Country & Territory Officially Using South Korean Won:South Korea.
Banknotes:Banknotes: ₩1,000, ₩5,000, ₩10,000, ₩50,000, (rarely used ₩2,000)
Coins: ₩10, ₩50, ₩100, ₩500, (rarely used: ₩1, ₩5)

The South Korean won (symbol: ₩; code: KRW) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city of Seoul.

Prior to 1910, the won was the currency. During the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese Yen. After World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon. The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53).