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Counterfeiting of the 5,000-won note was such a big problem that it prompted the government to introduce a new series of banknotes with better security measures. Both the coins and banknotes are very hard to counterfeit.īy 2006, many won banknotes in circulation were being falsified. On the Korean won note, the Bank of Joseon replaced the paulownia tree, an emblem of the government of Japan, with the rose of Sharon, the Korean national flower. However, the Bank of Joseon made sure to distinguish Korean currency. When the Bank of Joseon initially released its designs for Korean currency, it modeled Korean currency after the Japanese yen because of the Japanese occupation of Korea. This includes the writer Yi Hwang on the 1,000-won note, writer Yi I on the 5,000-won note, and King Sejong on the 10,000-won note. The banknotes feature the early Yi dynasty figures on the back of the bill. Banknotes feature famous Yi dynasty figures. In fact, the word “ jeon ” means “money” in Korean, which sounds similar to the Chinese “yuan.” 2.

South Korea blended the Chinese “yuan” and the Japanese “yen” to create the word “won.” This is understandable, given that both China and Japan have occupied Korea in the past - and both country’s currencies use the same symbol ( ¥), too. 6 interesting facts about the Korean wonĭo you love to learn about currency? Take a look at these interesting facts about the Korean won. Coins come in values of 1, 10, 50, 100, and 500 won. Jeon are subunits of the won and equal 1/100th of a won. The currency code for the won is KRW, and the official symbol for the South Korean won is a capital “W” with two parallel lines across it (₩).

The Bank of Korea has the exclusive authority to issue banknotes and coins for South Korea. The plural of “won” is “wones,” and the Republic of Korea is the only country that uses the Korean won as its national currency. Seoul is the largest city in South Korea and also serves as its capital. South Korea is a sovereign state in East Asia on the southern portion of the Korean Peninsula. The won, also spelled hwan, is the official currency of South Korea. Further reading What is the South Korean won ?