Korean won

This page provides the etymology and history of the currency prior to 1945. For the South Korean currency, see South Korean won. For the North Korean currency, see North Korean won.

The won (圓) was the currency of Korea between 1902 and 1910. The won was subdivided into 100 chon (錢).

Etymology

Won (pronounced like the English adverb on) is a cognate of the Chinese yuan and Japanese yen.

History

The won was introduced in 1902, replacing the yang at a rate of 1 won = 5 yang. In 1909, the Bank of Korea (韓國銀行) was founded in Seoul as a central bank and began issuing currency of modern type. The won was equivalent to the Japanese yen and was replaced by the Korean yen in 1910. At the same time, Korean yen notes issued by Dai Ichi Ginko (First National Bank (of Japan), 株式會社第一銀行) also circulated.

After the won

After Korea lost her sovereignty to Japan in 1910, the Bank of Korea was renamed the Bank of Chosen (朝鮮銀行), until Korea's independence in 1945 at the end of World War II. The Bank of Chosen issued notes in units of yen and sen during this period.

Coins

Coins were minted in the denominations of ½ chon, 1 chon, 5 chon, 10 chon, 20 chon, ½ won, 5 won, 10 won, 20 won. Although the coins all carried the title of the "state", Daehan (대한; 大韓), and the Korean era name, Gwangmu (광무; 光武) and then Yunghui (융희;隆熙), the specifications were strikingly similar to Japanese yen, in physical sizes and in design.

Korean Won Coins
Denomination	Composition
½ chon	Bronze
1 chon	Bronze
5 chon	Cupronickel
10 chon	80% silver
20 chon
½ won
5 won	90% gold
10 won
20 won

Banknotes

No banknotes were issued

Won in popular culture

The primary unit of currency in the anime series Cowboy Bebop is the woolong, whose symbol (₩) is identical to that of the won.

References

Currencies of Korea | Modern obsolete currencies | Joseon Dynasty | Currency signs | Circulating currencies

Won | Won | Won | Won | 원 | Won | Won | ウォン | Won | Вона | Won | Won | Won

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