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These were the first South Korean coins to display the date in the Gregorian calendar, earlier coins having used the Korean calendar. The 10 and 50 hwan coins were demonetized on March 22, 1975. [8] In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. As an ...
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. [1] Following that the hwan was introduced as the new currency at a rate of 1 hwan = 100 won.
Due to the devaluation of the first South Korean won (from 15 won to the U.S. dollar in 1945 to 6000 won to the dollar in 1953), the hwan was introduced in 1953 at the rate of 1 hwan = 100 won. The hwan was nominally subdivided into 100 jeon but the lowest denomination issued was 1 hwan. The hwan also suffered from inflation and a series of ...
A magnolia adorns the 1 won coin. [18] Initially struck in 2002, the coins were intended for use shortly after the dollar peg was removed from the currency. The 50 chon and 1 won coins were smaller than the previous designs, while the new 10 chon coin was the same size as the old.
1, 5, 10, 100 won: Coins: Not issued: Demographics; Date of introduction: 3 September 1945: Date of withdrawal: 6 December 1947: Replaced by: North Korean won: User(s) Korea under Soviet control North Korea: Issuance; Central bank: Command of the Red Army in Korea: This infobox shows the latest status before this currency was rendered obsolete.
The country then had to switch over to a new currency unit named "hwan" replacing won at 1 hwan = 100 won. Like South Korean won, this currency unit was also issued in banknotes initially but in 1959, coins denominated in hwan were also issued and were the first circulating coins in South Korea.
Your old coins aren't the only items that could make you rich now -- Find out what your old baseball cards could be worth: Related Articles. AOL.
Korean won = 500 mun (from 1908) ... This was because the intrinsic value of the 100 mun coin was only five to six times as much as 5 mun coins, ...