South Korea the, Miracle on the Hangang River, is a country whose chief exports consist of both raw materials such as oil and manufactured goods. Cut off from the mainland of China, its sits on the Korean Peninsula in the Yellow, Korea and East Seas, across from China and near Japan. Its currency is the won. It consists of 100 jeon. The symbol for it on the international markets is KRW.
History
Chinese coinage began to trickle into South Korea during the time of the Kingdom of Silla – a small state on the southeast Korean Peninsula. From 57 B.C. to A.D. 935, the amount of Chinese currency began to increase. The rulers of Silla used Chinese support to help take over the various nearby kingdoms to expand their territory. This unification of Korea lasted until 1945.
After the Silla, the Koryo Kingdom reigned, issuing coins in the Chinese style of the Tang Dynasty. The coins copied the Chinese design without any original flourishes. This remained the case until the late 11th century. At this point, 3 new coins emerged with original Korean designs.
Korea’s next coinage was cast by King Sejong of the Yi dynasty (1392-1910). During this period, several attempts were made to introduce paper money. The first failed in 1401. The new coins, modeled after the latest Chinese money, also did not succeed. It was not until 1625 that coins, with the same designs, but different calligraphy, began to make inroads. The coinage was so successful, the government released a second issue in 1633. The money became known, because of its inscription, as “stabilization money.” Cast in Seoul, it retained this reputation for the next 200 years.
Stabilization money went off the rails in 1888 after, among other things, trouble with the silver content. By this time, the Koreans had a machine minting section in their mints. After each strike, the coinage came back with the intent for further revisions for the next issue. There were currency revisions in 1888, 1892, 1893 and 1907. The last alteration occurred 3 years before the Japanese take-over in 1910.
The King of Korea abdicated in 1910. The Japanese took over. They remained in control until the end of WWII in 1945. This also marked the division of Korea into North and South. South Korea obtained its first coinage in 1959 consisting of 10, 50 and 100 hwan. Prior to this, the American Military and the Bank of Korea had circulated paper money. By 1966, the Bank of Korea was making its coinage of won coins with 1 won equal to 1 hwan. New designs followed in 1966 and 1983. Security features became more significant in the later 20th century for the banknotes instituting further alterations. Today, the coins circulating include denominations of 1, 5, 10, 50, 100 and 500 won while the banknotes come in 1,000, 5,000 and 10,000 won.
Obtaining South Korean Won
You can obtain local currency from the banks. Chartered banks and exchange houses will provide you with the necessary won. Banks and other places usually have ATMs or ABMs. These are good for cash advances.
Protecting Your Currency
Crime is low in South Korea. You should not travel alone at nights. Use public transportation whenever possible or official taxis. Take the usual precautions to protect your money and other valuables.
Using Your South Korean Won
The South Korean won comes in handy in many ways during your visit to the country. You require it for the many vending machines. You need local currency to make purchases from the street hawkers and sellers. Won is the necessary currency for buying gifts and souvenirs from sellers in street and flea markets. Purchase some of South Korea’s famous poteery from any of the pottery villages. Choose from “cheongja”, “backja”, “buncheongsagi’ and “onggi” types. You can also buy pieces during pottery festivals. If you do not want pottery, consider bamboo articles, wicker baskets and bamboo products.
Travel Tips and Warnings
- Weather can be a factor in the timing of any visit.
- Drive and walk carefully. The rate of deaths due to traffic accidents is very high in spite of the heavy penalties.
- Go to Seoul for the markets, the shopping and the royal palaces.
- Be sure to visit Gyeongju, the country’s former capital. Here, you can find 5th century tombs and burial mounds as well as a 7th century stone observatory and the Royal Pleasure Gardens of Anapaji.
- If you want to get as close as possible to the border between North and South Korea, head to the village of Panmunjeom.
- The Korean Folk village is a reconstruction of a typical 19th century Korean community.
- Make a pilgrimage to the island of Jeju-do to see the statues similar to those of Easter Island or to climb to the summit of Hall-san, the country’s highest volcano.
Overview
South
Korea is a country in North East Asia. In spite of its problems with
the totalitarian state of North Korea, South Korea continues to make
strides in its economic development.
For factual information and data, go to www.korea.net.
Currency Summary
Current currency: Won
100 jeon equal 1 Won
Coins: 1, 5, 10, 50, 100 and 500 Won
Banknotes: 1,000, 5,000 and 10,000 Won