South Korean won (1945–1953)
{{Short description|Currency of South Korea}}
{{About|a past currency of South Korea|the currency currently in use|South Korean won}}
{{Infobox currency
|local_name =
| local_name1 = 대한민국 원
| local_name_lang1 = ko
| local_name_lang2 = ko
| local_name2=大韓民國圓
|using_countries= {{flagdeco|United States|1912}} Southern Korea under U.S. control
{{flag|First Republic of Korea|name=South Korea}}
|subunit_ratio_1={{frac|1|100}}
|subunit_name_1=jeon (전/錢)
|no_plural = Y
|pegged_with = US dollar
|symbol =
|symbol_comment = None, the currency was referred to by using the hanja character {{lang|ko|圓}}
|used_banknotes=5, 10, 20, 50 jeon
1, 5, 10, 100, 500, 1000 won
|used_coins=Japanese 1 sen
|issuing_authority=Bank of Joseon (1945-1950)
Bank of Korea (1950-1953)
|issuing_authority_website= {{url|www.bok.or.kr}}
|printer = National Printing Bureau (~ 1951)
Korea Minting and Security Printing Corporation (1951 ~)
|printer_website = {{url|www.komsep.com}}
|obsolete = yes
}}
The won ({{Korean|hangul=원}}) was the first South Korean currency and was in use from August 15, 1945, to February 15, 1953.
Etymology
{{main|Etymology of the Korean currencies}}
Won is a cognate of the Chinese yuan and Japanese yen. The won was subdivided into 100 jeon (전; 錢; McCune-Reischauer: chŏn; revised: jeon).
History
{{Main|History of the Korean currencies}}
Following the end of the Colonial Era and the division of Korea, the won was introduced to replace the Korean yen. The first banknotes were issued by the Bank of Joseon until 1950, when the currency management switched to the Bank of Korea.
At the time of its introduction in 1945 the won was pegged to the Japanese yen at a rate of 1 won = 1 yen. In October of the same year the anchor currency was changed to the US dollar at a rate of 15 won = 1 dollar. Toward the end of the Korean War the won was devalued at 6000 won = 1 dollar.{{cite web| url = http://users.erols.com/kurrency/asia.htm| title = Tables of modern monetary history: Asia| accessdate = December 7, 2006| author = Kurt Schuler| date = 2004-02-29| work = Currency Boards and Dollarization| archive-date = 2007-01-12| archive-url = https://web.archive.org/web/20070112132244/http://users.erols.com/kurrency/asia.htm| url-status = dead}} Following that the hwan was introduced as the new currency at a rate of 1 hwan = 100 won.
Coins
No coins were issued by South Korea during this period; however, Japanese 1 sen coins continued to be used for small transactions until February 1953.{{cite web| url = https://www.bok.or.kr/portal/main/contents.do?menuNo=200380| script-title = ko:화폐연대자료, 1953년~1962년| access-date = June 21, 2023| author = Bank of Korea| authorlink = Bank of Korea| language = korean| quote = 1953년 2월 17일부터(...) 그 동안(...) 통용되어 오던(...) 일본정부의 소액보조화폐(1錢주화)의 유통도 전면 중지하고..." → Translation: "As of 17 February 1953, the 1 sen coin (a small-denomination coin issued by the Japanese government), which had been in use during this period, ceased to circulate...}} Note that the [https://www.bok.or.kr/eng/main/contents.do?menuNo=400117 English version of this page] erroneously translates 1 sen as "1-jeon", and omits the 17 February date. South Korea would eventually introduce its first coins for circulation in 1959.
Banknotes
=Bank of Joseon issued notes=
The won was subdivided into 100 jeon. Only banknotes were issued. Initially, the won was issued by Bank of Joseon with a similar design to the older notes of the Japanese occupation period. However, there were two subtle and important differences. The new notes replaced the paulownia, the badge of the government of Japan, with the Rose of Sharon, South Korea's national flower; and the clause about exchangeability with the Japanese yen was removed.
| class="wikitable" style="font-size: 90%"
!colspan="1"| Bank of Joseon issued notes |
| Value |
|---|
| 5 jeon |
| 10 jeon |
| 20 jeon |
| 50 jeon |
| 1 won |
| 5 won |
| 10 won |
| 100 won |
=Bank of Korea issued notes=
On June 12, 1950, the Bank of Korea was established and assumed the duties of Bank of Joseon. The Bank of Joseon's notes were still kept in circulation as not all denominations were replaced by the Bank of Korea's notes.
| class="wikitable" style="font-size: 90%"
!colspan="10"| Bank of Korea issued notes [https://web.archive.org/web/20070316000043/http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000505] {{in lang|ko}} | ||||||
| colspan="2"| Image | rowspan="2"| Value | rowspan="2"| Dimensions | rowspan="2"| Main Color | colspan="2"| Description | colspan="2"| Date of | rowspan="2"|Printer |
|---|---|---|---|---|---|---|
| Obverse | Reverse | Obverse | Reverse | issue | withdrawal | |
| align="center" bgcolor="#000000"| 111px
|align="center" bgcolor="#000000"| 111px |100 won |158 × 78 mm |brown |Value |July 22, 1950 |rowspan="4"|February 17, 1953 |National Printing Bureau (Japan) | ||||||
| align="center" bgcolor="#000000"| 102px
|align="center" bgcolor="#000000"| 102px |500 won |145 × 61 mm |blue |rowspan="3"|Syngman Rhee |Pagoda Gongweon in Seoul |October 10, 1952 | ||||||
| align="center" bgcolor="#000000"| 120px
|align="center" bgcolor="#000000"| 120px |rowspan="2"|1000 won |171 × 78 mm |green |Value |July 22, 1950 |National Printing Bureau | ||||||
| align="center" bgcolor="#000000"| 102px
|align="center" bgcolor="#000000"| 102px |145 × 61 mm |blue |Pagoda Gongweon in Seoul |October 10, 1952 |KOMSEP | ||||||
| colspan="10"|{{Standard banknote table notice|standard_scale=0}} |
See also
{{Portal|Money|Numismatics|South Korea}}
References
External links
- {{in lang|ko}} [https://web.archive.org/web/20070316000043/http://www.bok.or.kr/template/main/html/index.jsp?tbl=tbl_FM0000000066_CA0000000505 Bank of Korea, 1950-1953 banknotes]
- [https://web.archive.org/web/20060826172659/http://www.bok.or.kr/template/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000001019 Bank of Korea, A Brief History of Korean Currency]
- [https://web.archive.org/web/20060826081444/http://www.bok.or.kr/template/eng/html/index.jsp?tbl=tbl_FM0000000066_CA0000001020 Bank of Korea, Currency Issue System]
- [https://web.archive.org/web/20061207023022/http://www.npb.go.jp/eng/index.html National Printing Bureau]
{{n-start}}
{{n-before|currency=Korean yen|reason=Division of Korea and moving toward a full sovereign nation from Allied occupation|ratio=at par}}
{{n-currency|location=South Korea|start=1945|end=1953}}
{{n-after|currency=South Korean hwan|ratio=1 hwan = 100 won|reason=inflation}}
{{n-end}}
{{Historical currencies of Korea}}
{{Economy of South Korea}}
{{DEFAULTSORT:South Korean won (1945-1953)}}
Category:Currencies of South Korea
Category:Modern obsolete currencies
Category:1945 establishments in Korea